Nautilus 2002 Annual Report Download - page 24

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1999, and 1998 and the statement of operations data for the years ended December 31, 1999 and 1998 have been derived from our audited
financial statements not included in this document. The data presented below should be read in conjunction with our financial statements and
notes thereto and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Comparability of
financial results is affected by the acquisition of Schwinn Fitness in September 2001 and StairMaster in February 2002. For further discussion
of financial information related to the acquisitions of Schwinn Fitness and StairMaster, see Note 3 of the Notes to Consolidated Financial
Statements.
In Thousands (except per share amounts) 2002 2001 2000 1999 1998
---- ---- ---- ---- ----
STATEMENT OF OPERATIONS DATA
Net sales $584,650 $363,862 $223,927 $133,079 $ 63,171
Cost of sales 252,336 140,699 75,573 46,483 18,316
-------- -------- -------- -------- --------
Gross profit 332,314 223,163 148,354 86,596 44,855
Operating expenses:
Selling and marketing 145,258 99,813 73,510 44,630 22,643
General and administrative 25,893 15,574 8,804 4,237 1,701
Royalties 10,108 7,363 4,979 2,897 1,623
Litigation settlement - - - 4,000 -
-------- -------- -------- -------- --------
Total operating expenses 181,259 122,750 87,293 55,764 25,967
-------- -------- -------- -------- --------
Operating income 151,055 100,413 61,061 30,832 18,888
Other income (expense):
Interest income 1,561 4,024 3,632 1,003 527
Other - net 331 381 347 3 (222)
-------- -------- -------- -------- --------
Total other income 1,892 4,405 3,979 1,006 305
-------- -------- -------- -------- --------
Income before income taxes 152,947 104,818 65,040 31,838 19,193
Income tax expense 55,060 38,235 23,414 11,495 6,708
-------- -------- -------- -------- --------
Net income $ 97,887 $ 66,583 $ 41,626 $ 20,343 $ 12,485
======== ======== ======== ======== ========
Basic earnings per share * $ 2.84 $ 1.89 $ 1.18 $ 0.59 $ 0.40
Diluted earnings per share* $ 2.79 $ 1.85 $ 1.16 $ 0.58 $ 0.38
Basic shares outstanding * 34,499 35,184 35,288 34,309 31,511
Diluted shares outstanding * 35,143 35,966 35,997 35,185 32,825
BALANCE SHEET DATA
Cash and short-term investments $ 49,297 $ 51,709 $ 77,181 $ 35,703 $ 18,911
Working capital 109,023 84,366 72,520 38,209 15,682
Total assets 276,653 193,905 117,126 67,310 24,373
Stockholders' equity 202,423 147,414 92,867 53,031 17,651
* Reflects the three-for-two stock splits effective August 2000, January 2001, and August 2001
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