Callaway 1997 Annual Report Download - page 13

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14
C
O N S O L I D AT E D
S
TAT E M E N TO F
I
N C O M E
(in thousands, except per share data) Year ended December 31,
1 9 9 7 1 9 9 6 1 9 9 5
Net sales $842,927100% $678,512100% $553,287100%
Cost of goods sold 400,127 47% 317,353 47% 270,125 49%
Gross profit 442,800 53% 361,159 53% 283,162 51%
Selling expenses 120,589 14% 80,701 12% 64,310 12%
General and administrative expenses 70,724 8% 74,476 11% 55,891 10%
Research and development costs 30,298 4% 16,154 2% 8,577 2%
Litigation settlement 12,000 1%
Income from operations 209,189 25% 189,828 28% 154,384 28%
Interest and other income, net 4,576 5,767 4,017
Income before income taxes 213,765 25% 195,595 29% 158,401 29%
Provision for income taxes 81,061 73,258 60,665
Net income $132,704 16% $122,337 18% $97,736 18%
Earnings per common share
Basic $1.94 $1.83 $1.47
Diluted $1.85 $1.73 $1.40
Common equivalent shares
Basic 68,407 66,832 66,641
Diluted 71,698 70,661 69,855
See accompanying notes to consolidated financial statements.