Nautilus 2003 Annual Report Download - page 28

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Table of Contents
The following tables present certain consolidated financial data as a percentage of net sales and statement of operations data comparing results
for 2003, 2002, and 2001:
Statement of Operations Data
Statement of Operations Data
-
27
-
Year Ended December 31,
2003
2002
2001
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales
50.7
43.2
38.7
Gross profit
49.3
56.8
61.3
Operating expenses:
Selling and marketing
29.9
24.8
27.4
General and administrative
7.4
4.5
4.3
Royalties
1.6
1.7
2.0
Total operating expenses
38.9
31.0
33.7
Operating income
10.4
25.8
27.6
Other income
-
net
0.4
0.3
1.2
Income before income taxes
10.8
26.1
28.8
Income tax expense
3.9
9.4
10.5
Net income
6.9
%
16.7
%
18.3
%
Year Ended December 31,
(In Thousands)
2003
2002
$ change
% change
2001
$ change
% change
Net sales
$
498,836
$
584,650
$
(85,814
)
-
14.7
%
$
363,862
$
220,788
60.7
%
Cost of sales
252,690
252,083
607
0.2
%
140,699
111,384
79.2
%
Gross profit
246,146
332,567
(86,421
)
-
26.0
%
223,163
109,404
49.0
%
Operating expenses:
Selling and marketing
149,245
145,258
3,987
2.7
%
99,813
45,445
45.5
%
General and administrative
37,098
26,017
11,081
42.6
%
15,574
10,443
67.1
%
Royalties
7,987
10,108
(2,121
)
-
21.0
%
7,363
2,745
37.3
%
Total operating
expenses
194,330
181,383
12,947
7.1
%
122,750
58,633
47.8
%
Operating income
51,816
151,184
(99,368
)
-
65.7
%
100,413
50,771
50.6
%
Other income
-
net
1,937
1,763
174
9.9
%
4,405
(2,642
)
-
60.0
%
Income before income taxes
53,753
152,947
(99,194
)
-
64.9
%
104,818
48,129
45.9
%
Income tax expense
19,351
55,060
(35,709
)
-
64.9
%
38,235
16,825
44.0
%
Net income
$
34,402
$
97,887
$
(63,485
)
-
64.9
%
$
66,583
$
31,304
47.0
%