2003 FINANCIAL REVIEW (Dollars in Thousands,  Except Per Share Amounts) Years Ended July 31, 1993 through 2003 2003 2002 2001 2000 1999 1998 OPERATING DATA Net sales  . . . . . . . . . . . . . . . . . . . . . $554,866 $516,962 $545,944 $550,664 $479,025 $463,235 Operating expenses: Cost of products sold . . . . . . . . . . . . 274,593 256,186 257,313 245,587 216,060 212,980 Research and development . . . . . . . . . 18,873 17,271 20,329 20,555 17,116 20,287 Selling, general and administrative . . . 219,662 199,282 214,220 215,231 182,688 178,648 Restructuring charge - net . . . . . . . . . 9,589 2,720 9,560 — (611) 5,390 Total operating expenses . . . . . . . . 522,717 475,459 501,422 481,373 415,253 417,305 Operating income  . . . . . . . . . . . . . . . 32,149 41,503 44,522 69,291 63,772 45,930 Other income and (expense): Investment and other income – net . . . 427 1,714 686 7,418 1,455 638 Interest expense . . . . . . . . . . . . . . . (121) (82) (418) (578) (445) (403) Net other income . . . . . . . . . . . . . 306 1,632 268 6,840 1,010 235 Income before income taxes and  cumulative effect of changes in  accounting principles . . . . . . . . . . . . 32,455 43,135 44,790 76,131 64,782 46,165 Income taxes  . . . . . . . . . . . . . . . . . . 11,035 14,882 17,244 28,930 25,198 18,129 Net income  . . . . . . . . . . . . . . . . . . . . $21,420 $ 28,253 $ 27,546 $ 47,201 $ 39,584 $ 28,036 Net income per Common Share (Diluted): Class A Nonvoting . . . . . . . . . . . . . . $0.91 $ 1.20 $ 1.18 $ 2.05 $ 1.73 $ 1.23 Class B Voting . . . . . . . . . . . . . . . . . $0.88 $ 1.17 $ 1.15 $ 2.02 $ 1.70 $ 1.20 Cash dividends on: Class A Common Stock . . . . . . . . . . . $0.80 $ .76 $ .72 $ .68 $ .64 $ .60 Class B Common Stock . . . . . . . . . . . $0.77 $ .73 $ .69 $ .65 $ .61 $ .57 BALANCE SHEET  (at year end) Working capital . . . . . . . . . . . . . . . . 123,878 $135,764 $123,830 $116,084 $129,884 $125,386 Total assets . . . . . . . . . . . . . . . . . . 449,519 420,525 393,592 398,134 351,120 311,824 Long-term obligations, less  current maturities . . . . . . . . . . . . . 568 3,751  4,144 4,157 1,402 3,716 Stockholders’ investment . . . . . . . . . 338,961 324,242 302,579 291,224 260,564 233,373