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Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with our consolidated financial statements, the related
Notes contained in this Annual Report on Form 10
-K and the information contained herein in Item 7, Management’
s Discussion and Analysis of
Financial Condition and Results of Operations. Historical results are not necessarily indicative of future results. All share numbers and per share
amounts have been retroactively restated to reflect our May 2006 two-for-one stock split effected in the form of a stock dividend.
Cash Dividends
No cash dividends were paid for the years presented.
Year Ended December 31,
2010
2009
2008
2007
2006
(In thousands except share and per share amounts)
Statement of Operations Data:
Revenues
$
255,394
$
245,571
$
241,513
$
220,697
$
181,079
Cost of revenues
44,086
44,730
46,250
43,987
36,723
Gross profit
211,308
200,841
195,263
176,710
144,356
Operating expenses:
Sales and marketing
46,332
37,006
41,270
38,768
30,792
Research, development and engineering
12,827
11,657
12,031
11,833
8,773
General and administrative
48,226
45,275
44,028
39,683
38,754
Loss on disposal of long-lived asset
—
2,442
—
—
—
Total operating expenses
107,385
96,380
97,329
90,284
78,319
Operating earnings
103,923
104,461
97,934
86,426
66,037
Other income and expenses:
Other
-
than
-
temporary impairment losses
—
(
9,343
)
—
—
—
Interest and other income
6,818
3,100
4,778
9,272
7,269
Interest and other expense
(104
)
(439
)
(559
)
(237
)
(74
)
Total other income and expenses
6,714
(6,682
)
4,219
9,035
7,195
Earnings before income taxes
110,637
97,779
102,153
95,461
73,232
Income tax expense
27,590
30,952
29,591
27,000
20,101
Net earnings
$
83,047
$
66,827
$
72,562
$
68,461
$
53,131
Net earnings per common share:
Basic
$
1.86
$
1.52
$
1.63
$
1.40
$
1.08
Diluted
$
1.81
$
1.48
$
1.58
$
1.35
$
1.04
Weighted average shares outstanding:
Basic
44,578,036
43,936,194
44,609,174
48,953,483
49,209,129
Diluted
45,941,843
45,138,001
45,937,506
50,762,007
51,048,995
December 31,
2010
2009
2008
2007
2006
(In thousands)
Balance Sheet Data:
Cash and cash equivalents
$
64,752
$
197,411
$
150,780
$
154,220
$
95,605
Working capital
57,610
227,538
142,123
193,794
165,207
Total assets
532,623
414,001
322,040
350,409
288,160
Other long
-
term liabilities
3,302
2,094
1,022
59
—
Total stockholders
’
equity
431,745
336,172
249,980
282,614
254,741
-
21
-