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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 2005, 2004, and 2003:
Statement of Operations Data
Statement of Operations Data
30
Year Ended December 31,
2005
2004
2003
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales
55.8
53.3
49.5
Gross profit
44.2
46.7
50.5
Operating expenses:
Selling and marketing
28.4
29.9
29.9
General and administrative
7.7
5.9
7.4
Research and development
1.8
1.3
1.2
Royalties
0.9
1.1
1.6
Total operating expenses
38.8
38.2
40.1
Operating income
5.4
8.5
10.4
Other income
-
net
0.2
0.2
0.4
Income before income taxes
5.6
8.7
10.8
Income tax expense
2.0
3.0
3.9
Net income
3.6
%
5.7
%
6.9
%
Year Ended December 31,
2005-2004
2004-2003
(In Thousands)
2005
2004
2003
$ change
% change
$ change
% change
Net sales
$
631,310
$
523,837
$
498,836
$
107,473
20.5
%
$
25,001
5.0
%
Cost of sales
352,496
279,043
247,020
73,453
26.3
%
32,023
13.0
%
Gross profit
278,814
244,794
251,816
34,020
13.9
%
(7,022
)
-
2.8
%
Operating expenses:
Selling and marketing
179,656
156,577
149,245
23,079
14.7
%
7,332
4.9
%
General and administrative
48,826
31,033
37,098
17,793
57.3
%
(6,065
)
-
16.3
%
Research and development
11,160
6,754
5,670
4,406
65.2
%
1,084
19.1
%
Royalties
5,368
5,968
7,987
(600
)
-
10.1
%
(2,019
)
-
25.3
%
Total operating expenses
245,010
200,332
200,000
44,678
22.3
%
332
0.2
%
Operating income
33,804
44,462
51,816
(10,658
)
-
24.0
%
(7,354
)
-
14.2
%
Other income
-
net
1,489
1,185
1,937
304
25.7
%
(752
)
-
38.8
%
Income before income taxes
35,293
45,647
53,753
(10,354
)
-
22.7
%
(8,106
)
-
15.1
%
Income tax expense
12,293
15,662
19,351
(3,369
)
-
21.5
%
(3,689
)
-
19.1
%
Net income
$
23,000
$
29,985
$
34,402
$
(6,985
)
-
23.3
%
$
(4,417
)
-
12.8
%