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Table of Contents
December 31, 2004 and 2003 and the statement of operations data for each of the years in the three year period ended December 31, 2004 have
been derived from our audited financial statements included herein. The balance sheet data as of December 31, 2002, 2001, and 2000 and the
statement of operations data for the years ended December 31, 2001 and 2000 have been derived from our audited financial statements not
included in this document. The data presented below should be read in conjunction with our financial statements and notes thereto and Item 7,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Comparability of financial results is affected by
the acquisition of Schwinn Fitness in September 2001 and StairMaster in February 2002. For further discussion of financial information related
to the acquisition of StairMaster, see Note 4 of the Notes to Consolidated Financial Statements. Also, certain amounts from previous years have
been reclassified to conform to the 2004 presentation with no effect on previously reported consolidated net income or stockholders’ equity.
17
In Thousands (except per share amounts)
2004
2003
2002
2001
2000
Statement of Operations Data
Net sales
$
523,837
$
498,836
$
584,650
$
363,862
$
223,927
Cost of sales
279,043
247,020
247,598
138,470
74,387
Gross profit
244,794
251,816
337,052
225,392
149,540
Operating expenses:
Selling and marketing
156,577
149,245
145,258
99,813
73,510
General and administrative
31,033
37,098
26,017
15,574
8,804
Research and development
6,754
5,670
4,485
2,229
1,186
Royalties
5,968
7,987
10,108
7,363
4,979
Total operating expenses
200,332
200,000
185,868
124,979
88,479
Operating income
44,462
51,816
151,184
100,413
61,061
Other income:
Interest income
1,357
839
1,561
4,024
3,632
Other
-
net
(172
)
1,098
202
381
347
Total other income
-
net
1,185
1,937
1,763
4,405
3,979
Income before income taxes
45,647
53,753
152,947
104,818
65,040
Income tax expense
15,662
19,351
55,060
38,235
23,414
Net income
$
29,985
$
34,402
$
97,887
$
66,583
$
41,626
Basic earnings per share *
$
0.92
$
1.06
$
2.84
$
1.89
$
1.18
Diluted earnings per share*
$
0.90
$
1.04
$
2.79
$
1.85
$
1.16
Cash dividends per share
$
0.40
$
0.40
$
—
$
—
$
—
Basic shares outstanding *
32,757
32,580
34,499
35,184
35,288
Diluted shares outstanding *
33,394
33,019
35,143
35,966
35,997
Balance Sheet Data
Cash, cash equivalents, and short
-
term investments
$
104,585
$
72,634
$
49,297
$
51,709
$
77,181
Working capital
169,549
138,711
109,023
84,366
72,520
Total assets
359,641
311,935
276,653
193,905
117,126
Stockholders
’
equity
252,036
226,128
202,423
147,414
92,867
*
Reflects three
-
for
-
two stock splits effective August 2000, January 2001, and August 2001