Polaris 2008 Annual Report Download - page 56

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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
2008 2007 2006
For the Years Ended December 31,
Sales ............................................... $1,948,254 $1,780,009 $1,656,518
Cost of sales ......................................... 1,502,546 1,386,989 1,297,159
Gross profit ........................................ 445,708 393,020 359,359
Operating expenses
Selling and marketing ................................. 137,035 123,897 108,890
Research and development ............................. 77,472 73,587 73,889
General and administrative ............................. 69,607 64,785 55,584
Total operating expenses ............................. 284,114 262,269 238,363
Income from financial services ............................ 21,205 45,285 47,061
Operating Income .................................. 182,799 176,036 168,057
Non-operating Expense (Income):
Interest expense ..................................... 9,618 15,101 9,773
Loss (Income) from manufacturing affiliates ................ 156 (471) (3,642)
(Gain) on sale of manufacturing affiliate shares .............. — (6,222) —
Other expense (income), net ............................ (4,037) (2,708) (1,853)
Income before income taxes .......................... 177,062 170,336 163,779
Provision for Income Taxes............................... 59,667 57,738 50,988
Net Income from continuing operations .................. $ 117,395 $ 112,598 $ 112,791
Loss from discontinued operations, net of tax .............. — $ (948) $ (812)
Loss on disposal of discontinued operations, net of tax . . . .... — — (5,401)
Cumulative effect of accounting change, net of tax.......... — — 407
Net Income ....................................... $ 117,395 $ 111,650 $ 106,985
Basic Net Income per share
Continuing operations ............................... $ 3.58 $ 3.20 $ 2.80
Loss from discontinued operations ...................... — (0.03) (0.02)
Loss on disposal of discontinued operations ............... — — (0.13)
Cumulative effect of accounting change .................. — — 0.01
Net Income ....................................... $ 3.58 $ 3.17 $ 2.65
Diluted Net Income per share
Continuing operations ............................... $ 3.50 $ 3.10 $ 2.72
Loss from discontinued operations ...................... — (0.03) (0.02)
Loss on disposal of discontinued operations ............... — — (0.13)
Cumulative effect of accounting change .................. — — 0.01
Net Income ....................................... $ 3.50 $ 3.07 $ 2.58
Weighted average shares outstanding:
Basic ........................................... 32,770 35,236 40,324
Diluted .......................................... 33,564 36,324 41,451
All periods presented reflect the classification of the marine division’s financial results as discontinued
operations.
The accompanying footnotes are an integral part of these consolidated statements.
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