Nautilus 2014 Annual Report Download - page 24

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RESULTS OF OPERATIONS
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,
2014 2013 Change % Change
Net sales
$
274,447
$
218,803
$
55,644
25.4
%
Cost of sales
133,872
112,326
21,546
19.2
%
Gross profit
140,575
106,477
34,098
32.0
%
Operating expenses:
Selling and marketing
81,059
66,486
14,573
21.9
%
General and administrative
22,131
18,705
3,426
18.3
%
Research and development
7,231
5,562
1,669
30.0
%
Total operating expenses
110,421
90,753
19,668
21.7
%
Operating income
30,154
15,724
14,430
91.8
%
Other income (expense):
Interest income
63
14
49
Interest expense
(25
)
(36
)
11
Other
32
337
(305
)
Total other income (expense), net
70
315
(245
)
Income before income taxes
30,224
16,039
14,185
Income tax provision (benefit)
9,841
(32,085
)
41,926
Income from continuing operations
20,383
48,124
(27,741
)
Loss from discontinued operations, net of income taxes
(1,588
)
(170
)
(1,418
)
Net income
$
18,795
$
47,954
$
(29,159
)
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
48.5
%
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