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P A G E 1 6
Years Ended December 31,
In฀thousands,฀except฀per฀share฀amounts 2003 2002 2001 2000 1999
OPERATING฀DATA:
฀ Net฀sales฀ $฀114,811฀฀ $฀135,840฀฀ $฀150,031฀฀ $฀143,204฀฀ $฀118,693฀
฀ Gross฀profit฀ ฀ 30,655฀฀ ฀ 34,277฀฀ ฀ 38,989฀฀ ฀ 39,421฀฀ ฀ 30,152฀
฀ Selling,฀general฀and
฀ ฀ administrative฀expense฀ ฀ 27,515฀฀ ฀ 31,074฀฀ ฀ 28,404฀฀ ฀ 26,600฀฀ ฀ 23,540฀
฀ Expenses฀for฀the฀terminated
฀ ฀ Lowrance฀acquisition฀ ฀ –฀฀ ฀ –฀฀ ฀ 1,402฀฀ ฀ –฀฀ ฀ –฀
฀ Operating฀income฀ ฀ 3,140฀฀ ฀ 3,203฀฀ ฀ 9,183฀฀ ฀ 12,821฀฀ ฀ 6,612
฀ Tax฀provision฀ ฀ 1,302฀฀ ฀ 1,346฀฀ ฀ 3,594฀฀ ฀ 4,132฀฀ ฀ 1,744
฀ Net฀income฀ ฀ 1,841฀฀ ฀ 1,720฀฀ ฀ 4,685฀฀ ฀ 7,189฀฀ ฀ 3,983
฀ Net฀income฀per฀share:
฀ ฀ Basic฀ ฀ 0.29฀฀ ฀ 0.27฀฀ ฀ 0.75฀฀ ฀ 1.17฀฀ ฀ 0.66
฀ ฀ Diluted฀ ฀ 0.28฀฀ ฀ 0.26฀฀ ฀ 0.73฀฀ ฀ 1.12฀฀ ฀ 0.65
฀
AS฀OF฀DECEMBER฀31:
฀ Total฀assets฀ ฀ 76,233฀฀ ฀ 74,782฀฀ ฀ 89,592฀฀ ฀ 77,761฀฀ ฀ 59,579
฀ Short-term฀debt฀ ฀ –฀฀ ฀ –฀฀ ฀ –฀฀ ฀ 13,376฀฀ ฀ 4,083
฀ Long-term฀debt฀ ฀ –฀฀ ฀ –฀฀ ฀ 15,378฀฀ ฀ –฀฀ ฀ –฀
฀ Shareholders’฀equity฀ ฀ 57,701฀฀ ฀ 55,879฀฀ ฀ 53,972฀฀ ฀ 48,626฀฀ ฀ 41,572
฀ Book฀value฀per฀share฀ ฀ 8.99฀฀ ฀ 8.70฀฀ ฀ 8.56฀฀ ฀ 7.89฀฀ ฀ 6.80
฀ Shares฀outstanding฀ ฀ 6,420฀฀ ฀ 6,420฀฀ ฀ 6,303฀฀ ฀ 6,166฀฀ ฀ 6,118
The financial statements and selected financial data included herein have not been audited. The information
was derived from the full consolidated financial statements for the year ended December 31, 2003, which
were presented in accordance with accounting principles generally accepted in the United States of
America and which were audited by Grant Thornton LLP in accordance with auditing standards generally
accepted in the United States of America. Copies of the full consolidated financial statements and of
the independent auditors’ report that expressed an unqualified opinion (dated February 18, 2004) are
included in the Company’s Proxy Statement and in its Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission, both of which are available on request.
F I V E Y E A R F I N A N C I A L S U M M A R Y