14 15
H O N  I N D U S T R I E S  2 0 0 3
 (In thousands, except for per share data)  2003                                 2002                             Change
I N C O M E  S T A T E M E N T  D A T A   
Net sales   $ 1,755,728   $ 1,692,622   3.7%
Gross profit  639,215   599,879   6.6%
Gross profit as a % of:   
 Net sales  36.4%  35.4%  —
 Selling and administrative expenses  480,744   454,189   5.8%
Restructuring related charges  8,510   3,000   183.7%
Operating income  149,961   142,690   5.1%
Net income  98,105   91,360   7.4%
Net income as a % of:   
 Net sales  5.6%  5.4%  —
 Average shareholders’ equity  14.5%  14.7%  —
Per common share:   
 Net income – basic  $ 1.69   $ 1.55   9.0%
 Net income – diluted  1.68   1.55   8.4%
 Book value – basic  12.19   11.08   10.0%
 Cash dividends  0.52   0.50   4.0%
B A L A N C E  S H E E T  D A T A   
Current assets  $  462,122   $  405,054   14.1%
Total assets  1,021,826   1,020,552   0.1%
Current liabilities  245,816   298,680   (17.7%)
Current ratio  1.88   1.36   —
Long-term debt and capital lease obligations  $ 4,126   $ 9,837   (58.1%)
Debt/capitalization ratio  0.6%  1.5%  —
Shareholders’ equity  $  709,889   $  646,893   9.7%
Average shareholders’ equity  678,391   619,787   9.5%
Working capital  216,306   106,374   103.3%
O T H E R  D A T A   
Capital expenditures  $ 34,842   $ 25,885   34.6%
Cash flow from operations  141,274   202,391   (30.2%)
Weighted-average shares outstanding during year – basic  58,178,739   58,789,851   (1.0%)
Price/earnings ratio at year-end  26   18   —
Number of shareholders at year-end  6,416   6,777   (5.3%)
Members (employees) at year-end  8,926   8,828   1.1%
F I N A N C I A L  H I G H L I G H T S