Plantronics 1999 Annual Report Download - page 12
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page 10 PLANTRONICS ANNUAL REPORT 1999
Consolidated statements of operations
FISCAL YEAR ENDED MARCH 31,
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE) 1997 1998 199 9
Net sales $195,307 $236,112 $286,261
Cost of sales 90,567 108,514 125,698
Gross profit 104,740 127,598 160,563
Operating expenses:
Research, development and engineering 14,503 17,543 19,521
Selling, general and administrative 39,898 47,682 57,528
Total operating expenses 54,401 65,225 77,049
Operating income 50,339 62,373 83,514
Interest expense, including amortization
of debt issuance costs 7,104 6,984 5,785
Interest income and other income, net (1,722) (2,243) (3,525)
Income before income taxes 44,957 57,632 81,254
Income tax expense 15,286 18,443 26,001
Income before extraordinary item 29,671 39,189 55,253
Extraordinary item—retirement of debt,
net of taxes (note 4) — — 1,049
Net income $ 29,671 $ 39,189 $ 54,204
Net income per share: basic
Income before extraordinary item $ 1.75 $ 2.38 $ 3.33
Extraordinary item — — 0.06
Basic earnings per common share $ 1.75 $ 2.38 $ 3.27
Shares used in basic per share calculations 17,003 16,481 16,574
Net income per share: diluted
Income before extraordinary item $ 1.67 $ 2.15 $ 3.02
Extraordinary item — — 0.06
Diluted earnings per common share $ 1.67 $ 2.15 $ 2.96
Shares used in diluted per share calculations 17,792 18,223 18,282
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.