Some numbers for IPGP

              All numbers in Thousands except EPS and percentages
IPGP             2011              2012                 2013
Revenue          $474,482          $562,528             $648,034
Cogs             $217,227          $257,801             $308,136
Gross Profit     $257,255          $304,727             $339,898
Gross Margin     54%               54%                  52%
Net Income       $121,009          $147,744             $155,780
Profit Margin    26%               26%                  24%
EPS              $2.41             $2.81                $2.97
Shares           48,685            51,536               52,375
Cash             $205,685          $384,053             $448,776
Debt             $8,670            $3,947               $4,629
Cash flow        $34,344           $107,092             $48,448

Profit Margins in the 20% range are unusual.

Andy
Long IPGP

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