Nautilus 2003 Annual Report Download - page 44
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Table of Contents
THE NAUTILUS GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
(In Thousands, Except Share and Per Share Data)
See notes to consolidated financial statements.
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43
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2003
2002
2001
NET SALES
$
498,836
$
584,650
$
363,862
COST OF SALES
252,690
252,083
140,699
Gross profit
246,146
332,567
223,163
OPERATING EXPENSES:
Selling and marketing
149,245
145,258
99,813
General and administrative
37,098
26,017
15,574
Related
-
party royalties
6,556
9,089
6,786
Third
-
party royalties
1,431
1,019
577
Total operating expenses
194,330
181,383
122,750
OPERATING INCOME
51,816
151,184
100,413
OTHER INCOME:
Interest income
839
1,561
4,024
Other, net
1,098
202
381
Total other income
-
net
1,937
1,763
4,405
INCOME BEFORE INCOME TAXES
53,753
152,947
104,818
INCOME TAX EXPENSE
19,351
55,060
38,235
NET INCOME
$
34,402
$
97,887
$
66,583
BASIC EARNINGS PER SHARE
$
1.06
$
2.84
$
1.89
DILUTED EARNINGS PER SHARE
$
1.04
$
2.79
$
1.85
Weighted average shares outstanding:
Basic shares outstanding
32,579,533
34,499,482
35,183,632
Diluted shares outstanding
33,018,694
35,142,794
35,966,038