Sales 82,059

Cost of products sold 27,556

Gross Profit 54,503

Selling, marketing and administrative expenses 22,178

Research and development expense 12,245

Other expense 2,486

Restructuring 266

Operating Income before taxes $ 17,328

Income Tax Expense 2,209

Net Income 15,119

2019 2018

Assets

Current assets

Cash and cash equivalents (Notes 1 and 2) $ 17,305 18,107

Marketable securities (Notes 1 and 2) 1,982 1,580

Accounts receivable less allowances $226 (2018, $248) 14,481 14,098

Inventories (Notes 1 and 3) 9,020 8,599

Prepaid expenses and other receivables 2,486 3,649

Total current assets 45,274 46,033

Property, plant and equipment, net (Notes 1 and 4) 17,658 17,035

Intangible assets, net (Notes 1 and 5) 47,643 47,611

Goodwill (Notes 1 and 5) 33,639 30,453

Other assets 13,514 11,822

Total assets $ 157,728 152,954

Liabilities and Shareholders' Equity

Current liabilities

Loans and notes payable (Note 7) $ 1,202 2,796

Accounts payable 8,544 7,537

Accrued liabilities 9,715 7,601

Accrued rebates, returns and promotions 10,883 9,380

Accrued compensation and employee related obligations 3,354 3,098

Accrued taxes on income (Note 8) 2,266 818

Total current liabilities 35,964 31,230

Long-term debt (Note 7) 26,494 27,684

Employee related obligations (Notes 9 and 10) 10,663 9,951

Long-term taxes payable (Note 8) 13,402 15,748

Other liabilities 11,734 8,589

Total liabilities 98,257 93,202

Commitments and Contingencies (Note 21)

Shareholders' equity

Capital Stock 3,120 3,120

Retained earnings 56,351 56,632

Total shareholders' equity 59,471 59,752

Total liabilities and shareholders' equity $ 157,728 152,954

WHAT IS THE GROSS PROFIT MARGIN?