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part ii
ANNUAL RESULTS OF OPERATIONS
The following tables set forth, for the periods indicated, the consolidated statements of operations data
and data by segment. The financial information and the ensuing discussion should be read in conjunction
with the accompanying condensed consolidated financial statements and notes thereto.
Fiscal Year Ended March 31,
($ in thousands) 2004 2005 2006
Net revenues $416,965 100.0% $559,995 100.0% $750,394 100.0%
Cost of revenues 200,995 48.2% 271,537 48.5% 424,140 56.5%
Gross profit 215,970 51.8% 288,458 51.5% 326,254 43.5%
Operating expense:
Research, development and
engineering 35,460 8.5% 45,216 8.1% 62,798 8.4%
Selling, general and
administrative 95,756 23.0% 116,621 20.8% 153,094 20.4%
Total operating expenses 131,216 31.5% 161,837 28.9% 215,892 28.8%
Operating income 84,754 20.3% 126,621 22.6% 110,362 14.7%
Interest and other income
(expense), net 1,745 0.4% 3,739 0.7% 2,192 0.3%
Income before income taxes 86,499 20.7% 130,360 23.3% 112,554 15.0%
Income tax expense 24,220 5.8% 32,840 5.9% 31,404 4.2%
Net income $ 62,279 14.9% $ 97,520 17.4% $ 81,150 10.8%
Audio Communications Group
Fiscal Year Ended March 31,
($ in thousands) 2004 2005 2006
Net revenues $416,965 100.0% $559,995 100.0% $629,725 100.0%
Cost of revenues 200,995 48.2% 271,537 48.5% 340,437 54.1%
Gross profit 215,970 51.8% 288,458 51.5% 289,288 45.9%
Operating expense:
Research, development and
engineering 35,460 8.5% 45,216 8.1% 56,570 8.9%
Selling, general and
administrative 95,756 23.0% 116,621 20.8% 132,867 21.1%
Total operating expenses 131,216 31.5% 161,837 28.9% 189,437 30.0%
Operating income $ 84,754 20.3% $126,621 22.6% $ 99,851 15.9%
AR 2006 ⯗47