Nautilus 2003 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2003 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

Table of Contents
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 4 of
the Notes to Consolidated Financial Statements. Also, certain amounts from previous years have been reclassified to conform to the 2003
presentation with no effect on previously reported consolidated net income or stockholders’ equity.
-
21
-
In Thousands (except per share amounts)
2003
2002
2001
2000
1999
Statement of Operations Data
Net sales
$
498,836
$
584,650
$
363,862
$
223,927
$
133,079
Cost of sales
252,690
252,083
140,699
75,573
46,483
Gross profit
246,146
332,567
223,163
148,354
86,596
Operating expenses:
Selling and marketing
149,245
145,258
99,813
73,510
44,630
General and administrative
37,098
26,017
15,574
8,804
4,237
Royalties
7,987
10,108
7,363
4,979
2,897
Litigation settlement
—
—
—
—
4,000
Total operating expenses
194,330
181,383
122,750
87,293
55,764
Operating income
51,816
151,184
100,413
61,061
30,832
Other income:
Interest income
839
1,561
4,024
3,632
1,003
Other
-
net
1,098
202
381
347
3
Total other income
-
net
1,937
1,763
4,405
3,979
1,006
Income before income taxes
53,753
152,947
104,818
65,040
31,838
Income tax expense
19,351
55,060
38,235
23,414
11,495
Net income
$
34,402
$
97,887
$
66,583
$
41,626
$
20,343
Basic earnings per share *
$
1.06
$
2.84
$
1.89
$
1.18
$
0.59
Diluted earnings per share*
$
1.04
$
2.79
$
1.85
$
1.16
$
0.58
Cash dividends per share
$
0.40
$
—
$
—
$
—
$
—
Basic shares outstanding *
32,580
34,499
35,184
35,288
34,309
Diluted shares outstanding *
33,019
35,143
35,966
35,997
35,185
Balance Sheet Data
Cash, cash equivalents, and short
-
term investments
$
72,634
$
49,297
$
51,709
$
77,181
$
35,703
Working capital
138,711
109,023
84,366
72,520
38,209
Total assets
311,935
276,653
193,905
117,126
67,310
Stockholders
’
equity
226,128
202,423
147,414
92,867
53,031
*
Reflects the three
-
for
-
two stock splits effective August 2000, January 2001, and August 2001