Creative 1999 Annual Report Download - page 21

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19
Consolidated Statements of Operations
(In US$’000, except per share data)
Years ended June 30
1999 1998 1997
Sales, net $ 1,296,537 $ 1,234,208 $ 1,232,957
Cost of goods sold 944,499 848,305 893,432
Gross profit 352,038 385,903 339,525
Operating expenses:
Selling, general and administrative 209,668 162,464 135,644
Research and development 46,725 41,723 35,164
Other charges (Notes 12 and 14) – 68,568 –
Operating income 95,645 113,148 168,717
Interest income and other, net 29,669 39,652 18,382
Income before income taxes and minority interest 125,314 152,800 187,099
Provision for income taxes (9,920) (19,805) (20,073)
Minority interest in (income) loss (312) 1,779 20
Net income $ 115,082 $ 134,774 $ 167,046
Basic earnings per share $ 1.28 $ 1.49 $ 1.89
Average ordinary shares outstanding (’000) 89,818 90,654 88,422
Diluted earnings per share $ 1.25 $ 1.42 $ 1.84
Average ordinary shares and equivalents outstanding (’000) 92,241 94,964 90,763
The accompanying notes are an integral part of these consolidated financial statements.