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RESULTS OF OPERATIONS
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.
Results of operations information was as follows (in thousands):
Year Ended December 31,
2013 2012 Change % Change
Net sales
$
218,803
$
193,926
$
24,877
12.8
%
Cost of sales
112,326
102,889
9,437
9.2
%
Gross profit
106,477
91,037
15,440
17.0
%
Operating expenses:
Selling and marketing
66,486
58,617
7,869
13.4
%
General and administrative
18,705
17,669
1,036
5.9
%
Research and development
5,562
4,163
1,399
33.6
%
Total operating expenses
90,753
80,449
10,304
12.8
%
Operating income
15,724
10,588
5,136
Other income (expense):
Interest income
14
18
(4
)
Interest expense
(36
)
56
(92
)
Other
337
(246
)
583
Total other income (expense), net
315
(172
)
487
Income before income taxes
16,039
10,416
5,623
Income tax benefit
(32,085
)
(226
)
(31,859
)
Income from continuing operations
48,124
10,642
37,482
Income (loss) from discontinued operations, net of income taxes
(170
)
6,241
(6,411
)
Net income
$
47,954
$
16,883
$
31,071
Year Ended December 31,
2012 2011 Change % Change
Net sales
$
193,926
$
180,412
$
13,514
7.5
%
Cost of sales
102,889
101,953
936
0.9
%
Gross profit
91,037
78,459
12,578
16.0
%
Operating expenses:
Selling and marketing
58,617
54,494
4,123
7.6
%
General and administrative
17,669
17,143
526
3.1
%
Research and development
4,163
3,223
940
29.2
%
Total operating expenses
80,449
74,860
5,589
7.5
%
Operating income
10,588
3,599
6,989
Other income (expense):
Interest income
18
65
(47
)
Interest expense
56
(466
)
522
Other
(246
)
(11
)
(235
)
Total other expense, net
(172
)
(412
)
240
Income before income taxes
10,416
3,187
7,229
Income tax (benefit) expense
(226
)
686
(912
)
Income from continuing operations
10,642
2,501
8,141
Income (loss) from discontinued operations, net of income taxes
6,241
(1,081
)
7,322
Net income
$
16,883
$
1,420
$
15,463