DIRECT FOCUS, INC.
Consolidated Statements of Operations
Three months Twelve months
ended December 31, ended December 31,
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2000 1999 2000 1999
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NET SALES 70,629,117 41,588,689 223,927,365 133,078,513
COST OF SALES 24,677,260 14,580,651 75,573,619 46,482,613
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Gross profit 45,951,857 27,008,038 148,353,746 86,595,900
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EXPENSES:
Selling and
marketing 22,239,255 11,590,956 73,509,675 44,629,825
General and
administrative 2,562,823 684,661 8,804,446 4,236,804
Royalty expense 1,525,163 905,337 4,979,287 2,897,278
Litigation
expense -- -- -- 4,000,000
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Total operating
expenses 26,327,241 13,180,954 87,293,408 55,763,907
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INCOME FROM
OPERATIONS 19,624,616 13,827,084 61,060,338 30,831,993
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OTHER INCOME:
Interest income 1,222,409 422,688 3,631,993 1,003,586
Other - net 178,278 125,638 347,175 2,737
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Total other
income - net 1,400,687 548,326 3,979,168 1,006,323
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INCOME BEFORE
INCOME TAXES 21,025,303 14,375,410 65,039,506 31,838,316
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INCOME TAX EXPENSE 7,568,298 5,406,112 23,413,412 11,495,425
NET INCOME 13,457,005 8,969,298 41,626,094 20,342,891
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BASIC EARNINGS
PER SHARE 0.86 0.57 2.65 1.33
DILUTED EARNINGS
PER SHARE 0.83 0.56 2.60 1.30
Basic shares
outstanding 15,693,732 15,644,619 15,683,379 15,248,426
Diluted shares
outstanding 16,137,031 16,081,169 15,998,829 15,637,812
DIRECT FOCUS, INC.
Consolidated Balance Sheets
December 31, December 31,
2000 1999
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ASSETS
CURRENT ASSETS
Cash 77,181,064 35,703,457
Trade receivables 4,941,286 4,744,213
Inventories 12,653,117 9,167,554
Prepaid expenses and other assets 591,453 1,863,951
Deferred income taxes 950,363 820,789
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Total current assets 96,317,283 52,299,964
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PROPERTY, PLANT, AND EQUIPMENT 16,668,884 10,644,838
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OTHER ASSETS 4,140,277 4,364,963
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TOTAL ASSETS 117,126,444 67,309,765
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LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade Payables 12,335,776 5,871,369
Accrued liabilities 5,344,225 4,051,540
Income taxes payable 2,542,967 2,177,236
Royalty payable to stockholders 1,481,886 893,563
Customer deposits 2,092,611 1,097,748
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Total current liabilities 23,797,465 14,091,456
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LONG-TERM DEFERRED INCOME TAXES 462,004 187,484
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STOCKHOLDERS' EQUITY
Common stock 16,812,476 18,602,420
Retained earnings 76,054,499 34,428,405
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Total stockholders' equity 92,866,975 53,030,825
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 117,126,444 67,309,765
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