Logitech 2003 Annual Report Download - page 61
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F-4
LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
2003 2002 2001
Net sales......................................................................................... 1,100,288$ 943,546$ 735,549$
Cost of goods sold.......................................................................... 735,784 627,998 502,290
Gross profit.................................................................................... 364,504 315,548 233,259
Operating expenses:
Marketing and selling.............................................................. 141,194 130,060 105,140
Research and development...................................................... 56,195 50,531 36,686
General and administrative...................................................... 43,233 37,739 33,484
Purchased in-process research and development..................... - - 3,275
Total operating expenses............................................................ 240,622 218,330 178,585
Operating income........................................................................... 123,882 97,218 54,674
Interest expense, net....................................................................... (1,196) (1,956) (148)
Other income (expense), net.......................................................... 866 (1,567) 2,628
Income before income taxes........................................................... 123,552 93,695 57,154
Provision for income taxes............................................................. 24,709 18,739 12,086
Net income..................................................................................... 98,843$ 74,956$ 45,068$
Net income per share and ADS:
Basic........................................................................................... 2.15 $ 1.67 $ 1.07 $
Diluted........................................................................................ 1.97 $ 1.50 $ .96 $
Shares used to compute net income per share and ADS:
Basic........................................................................................... 45,988,766 44,928,853 42,226,240
Diluted........................................................................................ 51,409,464 50,939,060 46,940,170
Year ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.