| Quarterly Results (Unaudited) |
QUARTERLY RESULTS (UNAUDITED)
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Quarter Ended |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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(a) |
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(b) |
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(c)(d) |
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(In thousands, except per share data) |
Year Ended December 31, 2012 |
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Net sales |
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$ |
737,908 |
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$ |
767,187 |
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$ |
778,769 |
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$ |
982,875 |
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Gross profit |
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266,914 |
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293,448 |
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285,516 |
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337,846 |
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Operating income |
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51,259 |
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65,342 |
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49,312 |
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92,832 |
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Income from continuing operations |
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27,288 |
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35,611 |
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17,558 |
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56,041 |
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(Loss) income from discontinued operations, net of tax |
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(1,118 |
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(4,864 |
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128 |
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32 |
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Net income |
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26,170 |
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30,747 |
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17,686 |
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56,073 |
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Income from continuing operations per share: |
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Basic |
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$ |
0.47 |
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$ |
0.63 |
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$ |
0.32 |
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$ |
1.03 |
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Diluted |
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$ |
0.45 |
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$ |
0.61 |
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$ |
0.31 |
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$ |
1.00 |
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Net income per share: |
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Basic |
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$ |
0.45 |
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$ |
0.54 |
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$ |
0.32 |
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$ |
1.03 |
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Diluted |
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$ |
0.44 |
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$ |
0.53 |
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$ |
0.31 |
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$ |
1.00 |
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Dividends declared per common share |
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$ |
0.125 |
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$ |
0.125 |
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$ |
0.125 |
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$ |
0.18 |
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Year Ended December 31, 2011 |
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Net sales |
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$ |
699,214 |
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$ |
721,064 |
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$ |
727,110 |
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$ |
921,968 |
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Gross profit |
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242,867 |
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273,984 |
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261,722 |
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321,689 |
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Operating income |
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42,848 |
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60,718 |
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49,248 |
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86,228 |
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Income from continuing operations |
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21,300 |
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32,557 |
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25,628 |
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48,167 |
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Loss from discontinued operations, net of tax |
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(1,019 |
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(590 |
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(1,324 |
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(1,649 |
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Net income |
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20,281 |
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31,967 |
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24,304 |
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46,518 |
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Income from continuing operations per share: |
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Basic |
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$ |
0.37 |
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$ |
0.56 |
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$ |
0.44 |
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$ |
0.82 |
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Diluted |
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$ |
0.35 |
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$ |
0.54 |
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$ |
0.42 |
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$ |
0.79 |
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Net income per share: |
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Basic |
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$ |
0.35 |
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$ |
0.55 |
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$ |
0.41 |
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$ |
0.79 |
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Diluted |
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$ |
0.34 |
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$ |
0.53 |
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$ |
0.40 |
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$ |
0.76 |
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Dividends declared per common share |
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$ |
— |
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$ |
— |
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$ |
0.125 |
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$ |
— |
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(a) |
The second quarter of 2012 includes a loss of $6.0 million, or $3.8 million net of taxes, related to the sales of Smith+Noble and The Territory Ahead, two brands formerly included in the Cornerstone portfolio, and is included in the line item "Loss from discontinued operations, net of tax." This loss decreased diluted earnings per share by $0.06.
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(b) |
The third quarter of 2012 includes a sales tax settlement of $7.8 million, or $4.8 million net of taxes, and costs associated with the redemption of Senior Notes of $18.3 million, or $11.4 million net of taxes. These charges decreased diluted earnings per share by $0.28.
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(c) |
Cornerstone has a 4-4-5 week accounting cycle with the fiscal year ending on the Saturday on or immediately preceding December 31. The fourth quarter of 2011 included an extra week compared to the other quarters in 2012 and 2011. |
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(d) |
The fourth quarter of 2011 includes $3.0 million of asset impairment charges, and a related $1.1 million tax benefit, related to indefinite-lived intangible assets and long-lived assets of The Territory Ahead, and is included in the line item "Loss from discontinued operations, net of tax." These charges decreased diluted earnings per share by $0.03.
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