TESSCO TECHNOLOGIES

 

TESSCO TECHNOLOGIES 2003

 

Annual Report

TABLE OF CONTENTS:  




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Item 8. Consolidated Financial Statements and Supplementary Data.

Consolidated Statements of Income


FISCAL YEARS ENDED

 

MARCH 30, 2003

 

MARCH 31, 2002

 

APRIL 1, 2001

Revenues

 

$ 273,913,400  

 

$ 248,915,100  

 

$ 258,769,800  
Cost of goods sold

 

202,598,700  

 

180,432,600  

 

188,271,200  

        Gross profit

 

71,314,700  

 

68,482,500  

 

70,498,600  

Selling, general and administrative expenses

 

66,264,800  

 

60,596,500  

 

59,953,000  
Benefit from insurance proceeds

 

(1,212,500) 

 

---  

 

---  

        Income from operations

 

6,262,400  

 

7,886,000  

 

10,545,600  
Interest and other expense, net

 

1,303,600  

 

1,496,100  

 

2,039,100  

        Income before provision for income taxes

 

4,958,800  

 

6,389,900  

 

8,506,500  
Provision for income taxes

 

1,910,200  

 

2,484,000  

 

3,232,500  

        Net income

 

$     3,048,600  

 

$     3,905,900  

 

$      5,274,000  

Basic earnings per share

 

$               0.68  

 

$               0.87  

 

$                1.17  

Diluted earnings per share

 

$               0.67  

 

$               0.85  

 

$                1.13  

Basic weighted average shares outstanding

 

4,514,500  

 

4,500,800  

 

4,494,800  

Diluted weighted average shares outstanding

 

4,525,600  

 

4,575,900  

 

4,682,600  


The accompanying Notes to these Consolidated Financial Statements are an integral part of these consolidated statements.




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