Nautilus 2002 Annual Report Download - page 54

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6. GOODWILL AND OTHER ASSETS, net
Details of other assets are summarized as follows at December 31:
Estimated
Useful Life
(in years) 2002 2001
Indefinite life trademarks N/A $ 10,465 $ 4,350
Definite life trademarks 20 6,800 6,800
Other assets 1-17 797 549
-------- --------
Total other assets 18,062 11,699
Accumulated amortization (1,195)
(834)
-------- --------
Other assets, net $ 16,867 $ 10,865
======== ========
The Company evaluates goodwill and intangible assets with indefinite lives for impairment annually or more frequently if events or changes in
circumstance indicate that such assets might be impaired. Intangible assets with finite useful lives are tested for impairment whenever events or
changes in circumstance indicate that such assets might be impaired. The remaining useful lives of intangible assets with finite useful lives are
evaluated annually to determine whether events or circumstances warrant changes in the estimated useful lives of such assets.
Goodwill associated with the Schwinn Fitness acquisition is reported within the commercial/retail segment. The change in goodwill of $130 for
the year ended December 31, 2002 is attributed entirely to the effect of foreign currency exchange rate changes.
As discussed in Note 1, the Company adopted SFAS No. 142 on January 1, 2002. In accordance with SFAS No. 142, the effect of this
statement, which ceased the amortization of the Nautilus trademark, is reflected prospectively. Supplemental comparative disclosure as if the
change had been retroactively applied to the year ended December 31, 2001 is as follows:
Year Ended
December 31,
-------------------------------------
2002 2001 2000
Reported net income $ 97,887 $ 66,583 $
41,626
Amortization expense, net of tax -- 139
139
--------- ---------
---------
Adjusted net income $ 97,887 $ 66,722 $
41,765
========= =========
=========
Basic earnings per share:
Reported net income $ 2.84 $ 1.89 $
1.18
Adjusted net income $ 2.84 $ 1.90 $
1.18
Diluted earnings per share:
Reported net income $ 2.79 $ 1.85 $
1.16
Adjusted net income $ 2.79 $ 1.86 $
1.16
2003. EDGAR Online, Inc.