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part ii
39A R 2 0 0 7
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 consolidated financial statements and notes thereto.
Consolidated
Fiscal Year Ended March 31,
($ in thousands) 2005 2006 2007
Net revenues $559,995 100.0% $750,394 100.0% $800,154 100.0%
Cost of revenues 271,537 48.5% 424,140 56.5% 491,339 61.4%
Gross profit 288,458 51.5% 326,254 43.5% 308,815 38.6%
Operating expense:
Research, development and
engineering 45,216 8.1% 62,798 8.4% 71,895 9.0%
Selling, general and administrative 116,621 20.8% 153,094 20.4% 182,108 22.8%
Gain on sale of land — 0.0% — 0.0% (2,637) (0.3)%
Total operating expenses 161,837 28.9% 215,892 28.8% 251,366 31.4%
Operating income 126,621 22.6% 110,362 14.7% 57,449 7.2%
Interest and other income (expense), net 3,739 0.7% 2,192 0.3% 4,089 0.5%
Income before income taxes 130,360 23.3% 112,554 15.0% 61,538 7.7%
Income tax expense 32,840 5.9% 31,404 4.2% 11,395 1.4%
Net income $ 97,520 17.4% $ 81,150 10.8% $ 50,143 6.3%
Audio Communications Group
Fiscal Year Ended March 31,
($ in thousands) 2005 2006 2007
Net revenues $559,995 100.0% $629,725 100.0% $676,514 100.0%
Cost of revenues 271,537 48.5% 340,437 54.1% 381,034 56.3%
Gross profit 288,458 51.5% 289,288 45.9% 295,480 43.7%
Operating expense:
Research, development and
engineering 45,216 8.1% 56,570 9.0% 61,583 9.1%
Selling, general and administrative 116,621 20.8% 132,867 21.1% 151,857 22.4%
Gain on sale of land — 0.0% — 0.0% (2,637) (0.4)%
Total operating expenses 161,837 28.9% 189,437 30.1% 210,803 31.2%
Operating income $126,621 22.6% $ 99,851 15.9% $ 84,677 12.5%