Similarly, freight costs related to such shipping operations have been reclassified from shipping and warehousing expense to cost of goods sold. These reclassifications had no impact on reported net income for 2004 or any other prior period, but resulted in a small reduction in gross margin and a small reduction in the company's operating expense ratio for each period subject to the reclassification.
Non-GAAP Financial Measures This release makes reference to gross sales and components thereof, each of which may be a non-GAAP financial measure. The company believes that use of this financial measure allows management and investors to evaluate and compare the company's operating results in a more meaningful and consistent manner. A reconciliation of these measures is included in the accompanying financial schedules.
Oakley is a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading, premium sunglasses, the company also offers performance apparel and accessories, prescription eyewear, footwear, watches and electronics to consumers in more than 100 countries. Trailing-12-month net sales through March 31, 2005 totaled $598.6 million and generated net income of $44.7 million.
marketing@alchempro.com
