Nautilus 2006 Annual Report Download - page 35

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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004
(In Thousands, Except Per Share Amounts)
See notes to consolidated financial statements.
33
2006
2005
2004
NET SALES
$
680,295
$
631,310
$
523,837
COST OF SALES
381,693
352,496
279,043
Gross profit
298,602
278,814
244,794
OPERATING EXPENSES:
Selling and marketing
186,617
179,656
156,577
General and administrative
54,120
48,826
31,033
Research and development
11,179
11,160
6,754
Royalties
5,607
5,368
5,968
Total operating expenses
257,523
245,010
200,332
OPERATING INCOME
41,079
33,804
44,462
OTHER INCOME (EXPENSE):
Interest income
732
1,592
1,357
Interest expense
(2,847
)
(564
)
—
Other income (expense), net
1,705
461
(172
)
Total other income (expense), net
(410
)
1,489
1,185
INCOME BEFORE INCOME TAXES
40,669
35,293
45,647
INCOME TAX EXPENSE
11,569
12,293
15,662
NET INCOME
$
29,100
$
23,000
$
29,985
EARNINGS PER SHARE:
BASIC
$
0.90
$
0.69
$
0.92
DILUTED
$
0.90
$
0.68
$
0.90
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC
32,300
33,303
32,757
DILUTED
32,457
33,857
33,394