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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
For the Years Ended December 31,
2013 2012 2011
Sales ................................................. $3,777,068 $3,209,782 $2,656,949
Cost of sales ........................................... 2,656,189 2,284,485 1,916,366
Gross profit ............................................ 1,120,879 925,297 740,583
Operating expenses:
Selling and marketing ................................. 270,266 210,367 178,725
Research and development ............................. 139,193 127,361 105,631
General and administrative ............................. 179,407 143,064 130,395
Total operating expenses .................................. 588,866 480,792 414,751
Income from financial services .............................. 45,901 33,920 24,092
Operating income ....................................... 577,914 478,425 349,924
Non-operating expense (income):
Interest expense ..................................... 6,210 5,932 3,987
Equity in loss of other affiliates .......................... 2,414 179 —
Other (income), net .................................. (5,139) (7,529) (689)
Income before income taxes ................................ 574,429 479,843 346,626
Provision for income taxes ................................. 193,360 167,533 119,051
Net income from continuing operations ........................ 381,069 312,310 227,575
Loss from discontinued operations, net of tax ................... (3,777) — —
Net income ............................................ $ 377,292 $ 312,310 $ 227,575
Basic net income per share:
Continuing operations ................................. $ 5.56 $ 4.54 $ 3.31
Loss from discontinued operations ........................ (0.05) — —
Basic net income per share ............................. $ 5.51 $ 4.54 $ 3.31
Diluted net income per share:
Continuing operations ................................. $ 5.40 $ 4.40 $ 3.20
Loss from discontinued operations ........................ (0.05) — —
Diluted net income per share ........................... $ 5.35 $ 4.40 $ 3.20
Weighted average shares outstanding:
Basic ............................................. 68,535 68,849 68,792
Diluted ............................................ 70,546 71,005 71,057
The accompanying footnotes are an integral part of these consolidated statements.
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