Garmin 2005 Annual Report Download - page 80

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50
Fiscal Year Ended
December 31, December 25, December 27,
2005 2004 2003
Net sales $1,027,773 $762,549 $572,989
Cost of goods sold 492,703 351,310 242,448
Gross profit 535,070 411,239 330,541
Selling, general and administrative expenses 122,021 78,991 59,835
Research and development expense 74,879 61,580 43,706
196,900 140,571 103,541
Operating income 338,170 270,668 227,000
Other income (expense):
Interest income 19,586 9,419 7,473
Interest expense (48) (38) (534)
Foreign currency 15,265 (24,819) (6,699)
Other (373) (19) (1,297)
34,430 (15,457) (1,057)
Income before income taxes 372,600 255,211 225,943
Income tax provision (benefit):
Current 52,548 57,462 51,514
Deferred 8,833 (7,951) (4,205)
61,381 49,511 47,309
Net income $311,219 $205,700 $178,634
Basic net income per share (Note 10) $2.88 $1.90 $1.65
Diluted net income per share (Note 10) $2.85 $1.89 $1.64
See accompanying notes.
Garmin Ltd. And Subsidiaries
Consolidated Statements of Income
(In Thousands, Except Per Share Information)