Another monster quarter! 85cts/share... DFXI proved
much too much conservative in their guidance to Wall Street
last quarter... Here are the numbers:
DIRECT FOCUS, INC.
Statements of Operations
Three months ended March 31
2000 1999
NET SALES 42,906,865 26,112,530
COST OF SALES 10,758,296 7,389,196
Gross profit 32,148,569 18,723,334
EXPENSES:
Selling and marketing 15,816,575 10,088,754
General and administrative 1,959,368 1,101,372
Royalty expense 1,013,987 625,921
Total operating expenses 18,789,930 11,816,047
INCOME FROM OPERATIONS 13,358,639 6,907,287
OTHER INCOME (EXPENSE):
Interest income 615,517 61,923
State business tax and other - net (39,147) (78,114)
Total other income (expense) - net 576,370 (16,191)
INCOME BEFORE INCOME TAXES 13,935,009 6,891,096
INCOME TAX EXPENSE 5,016,567 2,411,883
NET INCOME 8,918,442 4,479,213
BASIC EARNINGS PER SHARE 0.85 0.47
DILUTED EARNINGS PER SHARE 0.83 0.45
Basic shares outstanding 10,491,001 9,517,579
Diluted shares outstanding 10,738,102 9,902,037
DIRECT FOCUS, INC.
Balance Sheets
March 31 December 31
2000 1999
ASSETS
CURRENT ASSETS
Cash 46,127,947 35,703,457
Trade receivables 2,921,649 4,744,213
Inventories 10,469,642 9,167,554
Prepaid expenses and other assets 2,057,854 1,863,951
Deferred income taxes 87,051 820,789
Total current assets 61,664,143 52,299,964
PROPERTY, PLANT, AND EQUIPMENT 10,994,511 10,644,838
LONG-TERM DEFERRED TAX ASSET 670,213 -
OTHER ASSETS 4,309,916 4,364,963
TOTAL ASSETS 77,638,783 67,309,765
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Trade Payables 6,919,347 5,871,369
Income taxes payable 5,327,755 2,177,236
Accrued liabilities 3,948,282 4,051,541
Royalty payable to stockholders 1,002,574 893,563
Customer deposits 1,231,435 1,097,748
Total current liabilities 18,429,393 14,091,457
LONG-TERM DEFERRED INCOME TAXES - 187,484
STOCKHOLDERS' EQUITY
Common stock 15,862,543 18,602,420
Retained earnings 43,346,847 34,428,405
Total stockholders' equity 59,209,390 53,030,825
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY 77,638,783 67,309,766
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Contact:
Direct Focus, Inc.
Rod Rice, 800/371-3363
or
StreetConnect
Michael Newman, 206/320-1231 |
