H O N I N D U S T R I E S 2 0 0 3 F I N A N C I A L H I G H L I G H T S  (In thousands, except for per share data)  2003 2002 Change I N C O M E S T A T E M E N T D A T A Net sales  $ 1,755,728  $ 1,692,622 3.7% Gross profit  639,215 599,879 6.6% Gross profit as a % of:  Net sales  36.4% 35.4%  — Selling and administrative expenses  480,744  454,189 5.8% Restructuring related charges  8,510 3,000 183.7% Operating income  149,961 142,690 5.1% Net income  98,105 91,360 7.4% Net income as a % of:  Net sales  5.6% 5.4%  — Average shareholders’ equity  14.5% 14.7%  — Per common share:  Net income – basic  $  1.69  $  1.55 9.0% Net income – diluted  1.68 1.55 8.4% Book value – basic  12.19 11.08 10.0% Cash dividends  0.52  0.50 4.0% B A L A N C E S H E E T D A T A Current assets   $ 462,122   $ 405,054 14.1% Total assets  1,021,826   1,020,552 0.1% Current liabilities  245,816 298,680 (17.7%) Current ratio  1.88  1.36 — Long-term debt and capital lease obligations  $  4,126   $  9,837 (58.1%) Debt/capitalization ratio  0.6% 1.5%  — Shareholders’ equity   $ 709,889   $ 646,893 9.7% Average shareholders’ equity  678,391  619,787 9.5% Working capital  216,306 106,374 103.3% O T H E R D A T A Capital expenditures   $  34,842   $  25,885 34.6% Cash flow from operations  141,274 202,391 (30.2%) Weighted-average shares outstanding during year – basic  58,178,739 58,789,851 (1.0%) Price/earnings ratio at year-end  26 18 — Number of shareholders at year-end  6,416  6,777 (5.3%) Members (employees) at year-end  8,926  8,828 1.1% 15