Nautilus 2002 Annual Report Download - page 40

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THE NAUTILUS GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
(In Thousands, Except Share and Per Share Data)
-----------------------------------------------------------------------------------------------------------
2002 2001 2000
----------- ----------- -----------
NET SALES $ 584,650 $ 363,862 $ 223,927
COST OF SALES 252,336 140,699 75,573
----------- ----------- -----------
Gross profit 332,314 223,163 148,354
OPERATING EXPENSES:
Selling and marketing 145,258 99,813 73,510
General and administrative 25,893 15,574 8,804
Related-party royalties 9,089 6,786 4,837
Third-party royalties 1,019 577 142
----------- ----------- -----------
Total operating expenses 181,259 122,750 87,293
----------- ----------- -----------
OPERATING INCOME 151,055 100,413 61,061
OTHER INCOME:
Interest income 1,561 4,024 3,632
Other, net 331 381 347
----------- ----------- -----------
Total other income - net 1,892 4,405 3,979
----------- ----------- -----------
INCOME BEFORE INCOME TAXES 152,947 104,818 65,040
INCOME TAX EXPENSE 55,060 38,235 23,414
----------- ----------- -----------
NET INCOME $ 97,887 $ 66,583 $ 41,626
=========== =========== ===========
BASIC EARNINGS PER SHARE $ 2.84 $ 1.89 $ 1.18
=========== =========== ===========
DILUTED EARNINGS PER SHARE $ 2.79 $ 1.85 $ 1.16
=========== =========== ===========
Weighted average shares outstanding:
Basic shares outstanding 34,499,482 35,183,632 35,287,604
Diluted shares outstanding 35,142,794 35,966,038 35,997,366
See notes to consolidated financial statements.
-40-
2003. EDGAR Online, Inc.