Logitech 2004 Annual Report Download - page 101
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LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year ended March 31,
2004 2003 2002
Net sales .................................................... $1,268,470 $1,100,288 $943,546
Cost of goods sold ............................................ 859,548 735,784 627,998
Grossprofit.................................................. 408,922 364,504 315,548
Operating expenses:
Marketing and selling ...................................... 156,793 141,194 130,060
Research and development .................................. 61,289 56,195 50,531
General and administrative ................................. 45,286 43,233 37,739
Total operating expenses ............................... 263,368 240,622 218,330
Operating income ............................................. 145,554 123,882 97,218
Interest expense, net ........................................... (1,858) (1,196) (1,956)
Other income (expense), net ..................................... 1,973 866 (1,567)
Incomebeforeincometaxes..................................... 145,669 123,552 93,695
Provision for income taxes ...................................... 13,516 24,709 18,739
Netincome .................................................. $ 132,153 $ 98,843 $ 74,956
Net income per share and ADS:
Basic ................................................... $ 2.91 $ 2.15 $ 1.67
Diluted ................................................. $ 2.69 $ 1.97 $ 1.50
Shares used to compute net income per share and ADS:
Basic ................................................... 45,346 45,989 44,929
Diluted ................................................. 50,160 51,409 50,939
The accompanying notes are an integral part of these consolidated financial statements.
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