(in thousands, except per share data)  1998  1999  2000  2001  2002  2003  2004 Net sales $60,121 $78,245 $116,079 $ 93,210 $115,821 $136,905 $185,703  Gross profit  15,402 20,948 37,427 14,179 26,710 36,528 60,735  Selling, general and administrative  expenses  11,016 13,670 18,814 13,711 16,228 19,586 23,503  Research and development expenses  –  – 141 592 1,472 2,049 3,422  Non-reoccurring expenses  –  – – 8 43 1,037 14  Total operating expenses  11,016  13,670  18,955  14,311 17,743  22,672  26,939  Income (loss) from operations 4,386 7,278 18,472 (132) 8,967 13,856 33,796  Interest expense, net  281 292 940 2,074 1,183 860 637  Other income (expense)  93  182  501  785  67 (5)  (418) Income (loss) before taxes and minority interest  4,198 7,168 18,033 (1,421)  7,851 12,991 32,741  Income tax benefit (provision)  (1,511) (1,380)  (2,496)  1,769 (1,729) (2,460)  (6,514) Minority interest  (14) (219)  (642)  (224) (320) (436)  (676) Net income 2,673 5,569 14,895 124 5,802 10,095 25,551  Earnings per share: [1] Basic   $ 0.24 $ 0.49  $ 1.23 $ 0.01 $ 0.47 $ 0.79 $ 1.91  Diluted  0.22  0.45  1.08  0.01 0.44  0.70 1.65  Number of shares:  $^{[1]}$  Basic  11,315  11,438  12,107  12,216 12,277  12,731 13,404  Diluted   12,085  12,306  13,833  13,322 13,297  14,406 15,471  Total assets   $45,389 $62,407  $112,950 $103,258 $105,010 $123,795 $167,801  Working capital  16,639 15,903 17,291 19,798 20,831 27,154 49,571  Long-term debt  8,102 6,984 30,857 29,497 18,417 12,583 11,347  Stockholders’ equity  27,460 34,973 51,253 51,124 57,678 71,450 112,148  Return on assets  6.4% 10.3% 17.0% 0.1% 5.6% 8.8% 17.5% Return on equity  10.3% 17.8% 34.5% 0.2% 10.7% 15.6% 27.8% [1] Adjusted for the effect of 3-for-2 stock splits in July 2000 and November 2003. STOCKHOLDERS’ EQUITY (in millions) NET SALES (in millions)  98  99  00  01  02  03  04 $60.1 $78.2 $116.1 $93.2 $115.8 $136.9 $185.7 EARNINGS PER SHARE 1 (diluted)  98  99  00  01  02  03  04 $0.22 $0.45 $1.08 $0.01 $0.44 $0.70 $1.65  98  99  00  01  02  03  04 $27.5 $35.0 $51.2 $51.1 $57.7 $71.4 $112.1 Diodes Incorporated and Subsidiaries financial highlights