Polaris 2010 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2010 Polaris annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
2010 2009 2008
For the Years Ended December 31,
Sales ............................................... $1,991,139 $1,565,887 $1,948,254
Cost of sales ......................................... 1,460,926 1,172,668 1,502,546
Gross profit ........................................ 530,213 393,219 445,708
Operating expenses:
Selling and marketing ................................. 142,353 111,137 137,035
Research and development ............................. 84,940 62,999 77,472
General and administrative ............................. 99,055 71,184 69,607
Total operating expenses ............................. 326,348 245,320 284,114
Income from financial services ............................ 16,856 17,071 21,205
Operating Income .................................. 220,721 164,970 182,799
Non-operating expense (Income):
Interest expense ..................................... 2,680 4,111 9,618
Gain (Loss) on securities available for sale ................. (825) 8,952 —
Other expense (income), net ............................ 325 733 (3,881)
Income before income taxes .......................... 218,541 151,174 177,062
Provision for income taxes ............................... 71,403 50,157 59,667
Net Income ....................................... $ 147,138 $ 101,017 $ 117,395
Basic Net Income per share ........................... $ 4.40 $ 3.12 $ 3.58
Diluted Net Income per share ......................... $ 4.28 $ 3.05 $ 3.50
Weighted average shares outstanding:
Basic ........................................... 33,450 32,399 32,770
Diluted .......................................... 34,382 33,074 33,564
The accompanying footnotes are an integral part of these consolidated statements.
42