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Table of Contents
COMPARISON OF THE YEARS ENDED DECEMBER 31, 2011 AND 2010
The discussion that follows should be read in conjunction with our consolidated financial statements and the related notes in this report. All
comparisons to prior year results are in reference to continuing operations only in each period, unless otherwise indicated.
The following table compares selected financial information in our consolidated statements of operations for the years ended December 31, 2011
and 2010 (in thousands):
The following table compares the net sales and gross margins of our business segments for the years ended December 31, 2011 and 2010 (in
thousands):
21
Year Ended December 31,
2011 2010 Change % Change
Net sales
$
180,412
$
168,450
$
11,962
7.1
%
Cost of sales
101,953
91,704
10,249
11.2
%
Gross profit
78,459
76,746
1,713
2.2
%
Operating expenses:
Selling and marketing
54,494
64,039
(9,545
)
(14.9
)%
General and administrative
17,143
19,371
(2,228
)
(11.5
)%
Research and development
3,223
2,905
318
10.9
%
Total operating expenses
74,860
86,315
(11,455
)
(13.3
)%
Operating income (loss)
3,599
(9,569
)
13,168
Other income (expense):
Interest income
65
15
50
Interest expense
(466
)
(140
)
(326
)
Other
(11
)
464
(475
)
Total other income (expense)
(412
)
339
(751
)
Income (loss) before income taxes
3,187
(9,230
)
12,417
Income tax expense
686
588
98
Income (loss) from continuing operations
2,501
(9,818
)
12,319
Loss from discontinued operation, net of income taxes
(1,081
)
(13,023
)
11,942
Net income (loss)
$
1,420
$
(22,841
)
$
24,261
Year Ended December 31,
2011 2010 Change % Change
Net sales:
Direct
$
107,061
$
96,668
$
10,393
10.8
%
Retail
68,591
67,789
802
1.2
%
Royalty income
4,760
3,993
767
19.2
%
Total net sales
$
180,412
$
168,450
$
11,962
7.1
%
Gross profit:
Direct
$
57,655
$
54,041
$
3,614
6.7
%
Retail
16,044
18,711
(2,667
)
(14.3
)%
Royalty income
4,760
3,994
766
19.2
%
Total gross profit
$
78,459
$
76,746
$
1,713
2.2
%
Gross margin:
Direct
53.9
%
55.9
%
(200
)
basis points
Retail
23.4
%
27.6
%
(420
)
basis points