Polaris 2014 Annual Report Download - page 73

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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
For the Years Ended December 31,
2014 2013 2012
Sales ................................................. $4,479,648 $3,777,068 $3,209,782
Cost of sales ........................................... 3,160,470 2,656,189 2,284,485
Gross profit ............................................ 1,319,178 1,120,879 925,297
Operating expenses:
Selling and marketing ................................. 314,449 270,266 210,367
Research and development ............................. 148,458 139,193 127,361
General and administrative ............................. 203,248 179,407 143,064
Total operating expenses .................................. 666,155 588,866 480,792
Income from financial services .............................. 61,667 45,901 33,920
Operating income ....................................... 714,690 577,914 478,425
Non-operating expense (income):
Interest expense ..................................... 11,239 6,210 5,932
Equity in loss of other affiliates .......................... 4,124 2,414 179
Other expense (income), net ............................ 10 (5,139) (7,529)
Income before income taxes ................................ 699,317 574,429 479,843
Provision for income taxes ................................. 245,288 193,360 167,533
Net income from continuing operations ........................ 454,029 381,069 312,310
Loss from discontinued operations, net of tax ................... — (3,777) —
Net income ............................................ $ 454,029 $ 377,292 $ 312,310
Basic net income per share:
Continuing operations ................................. $ 6.86 $ 5.56 $ 4.54
Loss from discontinued operations ........................ — (0.05) —
Basic net income per share ............................. $ 6.86 $ 5.51 $ 4.54
Diluted net income per share:
Continuing operations ................................. $ 6.65 $ 5.40 $ 4.40
Loss from discontinued operations ........................ — (0.05) —
Diluted net income per share ........................... $ 6.65 $ 5.35 $ 4.40
Weighted average shares outstanding:
Basic ............................................. 66,175 68,535 68,849
Diluted ............................................ 68,229 70,546 71,005
The accompanying footnotes are an integral part of these consolidated statements.
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