Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Earnings and Comprehensive Income

v3.7.0.1
Consolidated Statements of Earnings and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2015
Net sales $ 563,003 $ 499,023 $ 452,246
Cost of sales 188,462 [1] 162,364 144,969
Gross margin 374,541 336,659 307,277
Operating expenses:      
Selling, general and administrative 200,443 140,879 119,401
Research and development 53,514 45,187 40,853
Total operating expenses 253,957 186,066 160,254
Operating income 120,584 150,593 147,023
Other income (expense):      
Interest expense (7,361) (1,748) (1,544)
Interest income 304 249 634
Other non-operating income (expense), net (1,566) (1,613) 8,049
Total other income (expense) (8,623) (3,112) 7,139
Earnings before income taxes 111,961 147,481 154,162
Income taxes 35,875 43,005 46,427
Net earnings 76,086 [1] 104,476 107,735
Other comprehensive income (loss):      
Foreign currency translation adjustments (3,061) (19,888) (36,513)
Unrealized gains (losses) on available-for-sale investments, net of tax of $(6,501), $3,794, and $(3,895), respectively 24,531 (19,924) 11,308
Other comprehensive income (loss) 21,470 (39,812) (25,205)
Comprehensive income $ 97,556 $ 64,664 $ 82,530
Earnings per share:      
Basic (in dollars per share) $ 2.04 [1] $ 2.81 $ 2.90
Diluted (in dollars per share) 2.03 [1] 2.80 2.89
Cash dividends per common share: (in dollars per share) $ 1.28 $ 1.28 $ 1.27
Weighted average common shares outstanding:      
Basic (in shares) 37,313 37,194 37,096
Diluted (in shares) 37,500 37,326 37,231
[1] During the fourth quarter, management identified certain errors related to purchase accounting items for the ACD acquisition recorded during the first quarter of fiscal year 2017. These items impact the cost recognized upon the sale of acquired inventory, other acquisition related costs recorded within selling, general and administrative costs, and income taxes and resulted in a favorable impact to previously reported quarterly results as outlined in the table below.