Under Armour 2005 Annual Report Download - page 28

The offering terminated after the sale of all of the shares registered on the registration statement. The gross
proceeds from the shares of Class A Common Stock sold by us were $123.5 million. The net proceeds to us from
the offering were approximately $112.7 million, after deducting an aggregate of $8.6 million in underwriting
discounts and commissions paid to the underwriters and $2.2 million in other expenses incurred in connection
with the offering. We used $49.2 million of these proceeds to:
• redeem all outstanding shares of our Series A Preferred Stock for an aggregate redemption price of
$12.0 million; and
• repay approximately $25.0 million of term debt and $12.2 million outstanding under our revolving
credit facility.
We intend to use the remaining proceeds, or $63.5 million, for general corporate purposes including capital
investments and working capital.
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data is qualified by reference to, and should be read in conjunction with,
the consolidated financial statements, including the notes thereto, and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included elsewhere in this Form 10-K.
Year Ended December 31,
(In thousands, except per share amounts) 2005 2004 2003 2002 2001
Statements of Income data:
Net revenues ................................... $281,053 $205,181 $115,419 $49,550 $19,732
Cost of goods sold .............................. 145,203 109,748 64,757 26,329 9,348
Gross profit .................................... 135,850 95,433 50,662 23,221 10,384
Selling, general and administrative expenses .......... 99,961 70,053 40,709 18,908 7,035
Income from operations .......................... 35,889 25,380 9,953 4,313 3,349
Interest expense, net ............................. 2,915 1,284 2,214 894 305
Income before income taxes ....................... 32,974 24,096 7,739 3,419 3,044
Provision for income taxes(1) ..................... 13,255 7,774 1,991 653 36
Net income .................................... 19,719 16,322 5,748 2,766 3,008
Accretion of and cumulative preferred dividends on
Series A preferred stock ........................ 5,307 1,994 475 — —
Net income available to common stockholders ........ $ 14,412 $ 14,328 $ 5,273 $ 2,766 $ 3,008
Net income per share:
Basic ..................................... $ 0.39 $ 0.41 $ 0.16 $ 0.09 $ 0.13
Diluted ................................... $ 0.36 $ 0.39 $ 0.15 $ 0.08 $ 0.12
Weighted average common shares outstanding:
Basic ..................................... 37,199 35,124 32,106 31,200 23,160
Diluted ................................... 39,686 36,774 34,146 32,967 24,483
Dividends declared .............................. $ — $ 5,000 $ 3,640 $ 2,826 $ 872
At December 31,
2005 2004 2003 2002 2001
Balance Sheet Data:
Cash & cash equivalents ......................... $ 62,977 $ 1,085 $ 667 $ 794 $ 297
Working capital(2) .............................. 134,118 16,690 13,822 5,296 4,981
Inventories .................................... 53,607 48,055 21,849 13,905 4,419
Total assets .................................... 203,687 110,977 54,725 29,524 9,539
Total debt and capital lease obligations, including
current maturities ............................. 8,391 45,133 22,018 16,976 4,388
Mandatorily redeemable preferred stock ............. — 6,692 4,698 — —
Total stockholders’ equity ........................ $150,830 $ 21,237 $ 11,865 $ 2,827 $ 2,822
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