Nautilus 2005 Annual Report Download - page 42

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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
(In Thousands, Except Share and Per Share Data)
See notes to consolidated financial statements.
41
2005
2004
2003
NET SALES
$
631,310
$
523,837
$
498,836
COST OF SALES
352,496
279,043
247,020
Gross profit
278,814
244,794
251,816
OPERATING EXPENSES:
Selling and marketing
179,656
156,577
149,245
General and administrative
48,826
31,033
37,098
Research and development
11,160
6,754
5,670
Related
-
party royalties
—
1,843
6,556
Third
-
party royalties
5,368
4,125
1,431
Total operating expenses
245,010
200,332
200,000
OPERATING INCOME
33,804
44,462
51,816
OTHER INCOME (EXPENSE):
Interest income, net
1,179
1,357
839
Other, net
310
(172
)
1,098
Total other income
-
net
1,489
1,185
1,937
INCOME BEFORE INCOME TAXES
35,293
45,647
53,753
INCOME TAX EXPENSE
12,293
15,662
19,351
NET INCOME
$
23,000
$
29,985
$
34,402
BASIC EARNINGS PER SHARE
$
0.69
$
0.92
$
1.06
DILUTED EARNINGS PER SHARE
$
0.68
$
0.90
$
1.04
Weighted average shares outstanding:
Basic shares outstanding
33,303,383
32,756,766
32,579,533
Diluted shares outstanding
33,856,896
33,394,160
33,018,694