CONSOLIDATED STATEMENTS OF INCOME
8
FOR THE YEAR ENDED DECEMBER 31,
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001
Revenues $ 62,803 $ 59,533 $ 57,605
Cost of Goods Sold 40,564 39,236 35,777
Gross Profit 22,239 20,297 21,828
Operating Expenses:
Selling 5,594 5,343 6,248
General and administrative 7,576 6,992 7,849
Research and development 2,146 2,180 1,911
15,316 14,515 16,008
Operating Income 6,923 5,782 5,820
Interest Income 69 78 77
Interest Expense (195) (432) (300)
Other Income (Expense), net (26) 40 468
Income from Continuing Operations before Provision for Income Taxes 6,771 5,468 6,065
Income Tax Provision (1,879) (1,403) (1,803)
Income from Continuing Operations 4,892 4,065 4,262
Gain on Disposal of Discontinued Operations, net of tax 165 165 5,492
Cumulative Effect of Accounting Change, net of tax — (1,641) —
Net Income $ 5,057 $ 2,589 $ 9,754
Income Per Basic Share:
Continuing operations $ 2.86 $ 2.37 $ 2.10
Discontinued operations .10 .10 2.70
Cumulative effect of accounting change — (.96) —
Net Income Per Basic Share $ 2.96 $ 1.51 $ 4.80
Weighted Average Basic Shares Outstanding 1,711 1,711 2,033
Income Per Diluted Share:
Continuing operations $ 2.66 $ 2.18 $ 1.88
Discontinued operations .09 .09 2.42
Cumulative effect of accounting change — (.88) —
Net Income Per Diluted Share $ 2.75 $ 1.39 $ 4.30
Weighted Average Diluted Shares Outstanding 1,839 1,863 2,272
The accompanying notes are an integral part of these statements.