Nautilus 2000 Annual Report Download - page 28

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DIRECT FOCUS,INC.
CONSOLIDATED STATEMENTS OF INCOME
Three years ended December31, 2000
1998 1999 2000
NET SALES $
63,171,376 $ 133,078,513 $
223,927,365
COST OF SALES 18,316,803 46,482,613 75,573,619
Gross profit 44,854,573 86,595,900 148,353,746
EXPENSES:
Selling and marketing 22,642,885 44,629,825 73,509,675
General and administrative 1,700,956 4,236,804 8,804,446
Royalties 1,622,726 2,897,278 4,979,287
Litigation settlement — 4,000,000 —
Total operating expenses 25,966,567 55,763,907 87,293,408
INCOME FROM OPERATIONS 18,888,006 30,831,993 61,060,338
OTHER INCOME (EXPENSE):
Interest income 526,961 1,003,586 3,631,993
Other, net (221,889 ) 2,737 347,175
Total other income, net 305,072 1,006,323 3,979,168
INCOME BEFORE INCOME TAXES 19,193,078 31,838,316 65,039,506
INCOME TAX EXPENSE 6,707,584 11,495,425 23,413,412
NET INCOME $
12,485,494 $ 20,342,891 $
41,626,094
BASIC EARNINGS PER SHARE $
0.59 $ 0.89 $
1.77
DILUTED EARNINGS PER SHARE $
0.57 $ 0.87 $
1.73
Basic shares outstanding 21,007,181 22,872,638 23,525,069
Diluted shares outstanding 21,883,406 23,456,718 23,998,244
See notes to consolidated financial statements.
27
2002. EDGAR Online, Inc.