Plantronics 1998 Annual Report Download - page 11

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Consolidated STATEMENTS OF OPERATIONS
FISCAL YEAR ENDED MARCH ,
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)1996 1997 1998
Net sales $182,959 $195,307 $236,112
Cost of sales 86,887 90,567 108,514
Gross profit 96,072 104,740 127,598
Operating expenses:
Research, development and engineering 13,718 14,503 17,543
Selling, general and administrative 34,845 39,898 47,682
Total operating expenses 48,563 54,401 65,225
Operating income 47,509 50,339 62,373
Interest expense, including amortization of debt issuance costs 7,140 7,104 6,984
Interest income and other income, net (1,385) (1,722) (2,243)
Income before income taxes 41,754 44,957 57,632
Income tax expense 16,284 15,286 18,443
Net income $ 25,470 $ 29,671 $ 39,189
Basic earnings per common share $ 1.53 $ 1.75 $ 2.38
Shares used in basic per share calculations 16,593 17,003 16,481
Diluted earnings per common share $ 1.42 $ 1.67 $ 2.15
Shares used in diluted per share calculations 17,964 17,792 18,223
The accompanying notes are an integral part of these consolidated financial statements.
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PLANTRONICS
ANNUAL REPORT . 199 8