Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 3 Months Ended
Mar. 31, 2012
Discontinued Operations [Abstract]  
Discontinued Operations

NOTE 10—DISCONTINUED OPERATIONS

In the first quarter of 2012, Cornerstone initiated a formal plan to sell Smith+Noble, a business specializing in window treatments, as it was determined that the business was no longer consistent with Cornerstone's long-term strategic objectives. HSNi does not expect to have any significant involvement or continuing cash flows from Smith+Noble after it is sold. Based upon these factors, HSNi concluded that it has met the criteria for presenting Smith+Noble as held for sale and as discontinued operations. Accordingly, the operating results for Smith+Noble are presented separately as "loss from discontinued operations, net of tax" in the consolidated statements of operations for all periods presented, and the cash flows from Smith+Noble are presented separately as discontinued operations in the consolidated statements of cash flows for all periods presented. The assets and liabilities of Smith+Noble are not material, and are included within the assets and liabilities of continuing operations in the consolidated balance sheets.

 

The following table reflects the results of Smith+Noble that are reported as discontinued operations for all periods presented (in thousands):

     Three Months Ended
March 31,		  
     2012     2011  

Net sales

    $ 12,606      $ 13,421   
  

 

 

    

 

 

  

Loss before income taxes

    $ (198 )    $ (146 ) 

Income tax benefit

      75        55   
  

 

 

    

 

 

  

Net loss

    $ (123 )    $ (91 )