Under Armour 2005 Annual Report Download - page 45

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Under Armour, Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share amounts)
Year Ended December 31,
2005 2004 2003
Net revenues .................................................... $281,053 $205,181 $115,419
Cost of goods sold ............................................... 145,203 109,748 64,757
Gross profit ................................................. 135,850 95,433 50,662
Operating expenses
Selling, general and administrative expenses ........................... 99,961 70,053 40,709
Income from operations ........................................... 35,889 25,380 9,953
Other expenses
Interest expense, net .......................................... 2,915 1,284 2,214
Income before income taxes ........................................ 32,974 24,096 7,739
Provision for income taxes ......................................... 13,255 7,774 1,991
Net income ................................................. 19,719 16,322 5,748
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
Net income available per common share
Basic .......................................................... $ 0.39 $ 0.41 $ 0.16
Diluted ........................................................ $ 0.36 $ 0.39 $ 0.15
Weighted average common shares outstanding
Basic .......................................................... 37,199 35,124 32,106
Diluted ........................................................ 39,686 36,774 34,146
See accompanying notes.
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