Under Armour 2006 Annual Report Download - page 51

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Under Armour, Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share amounts)
Year Ended December 31,
2006 2005 2004
Net revenues .................................................... $430,689 $281,053 $205,181
Cost of goods sold ............................................... 215,089 145,203 109,748
Gross profit ............................................. 215,600 135,850 95,433
Operating expenses
Selling, general and administrative expenses ....................... 158,323 99,961 70,053
Income from operations ................................... 57,277 35,889 25,380
Other income (expense), net ........................................ 1,810 (2,915) (1,284)
Income before income taxes ................................ 59,087 32,974 24,096
Provision for income taxes ......................................... 20,108 13,255 7,774
Net income ............................................. 38,979 19,719 16,322
Accretion of and cumulative preferred dividends on Series A Preferred
Stock ........................................................ — 5,307 1,994
Net income available to common stockholders ................. $ 38,979 $ 14,412 $ 14,328
Net income available per common share
Basic .......................................................... $ 0.83 $ 0.39 $ 0.41
Diluted ........................................................ $ 0.79 $ 0.36 $ 0.39
Weighted average common shares outstanding
Basic .......................................................... 46,983 37,199 35,124
Diluted ........................................................ 49,587 39,686 36,774
See accompanying notes.
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