| 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)(c) |
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(d) |
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(In thousands, except per share data) |
Year Ended December 31, 2013 |
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Net sales |
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$ |
772,651 |
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$ |
812,606 |
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$ |
798,890 |
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$ |
1,019,835 |
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Gross profit |
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280,147 |
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308,777 |
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288,590 |
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352,300 |
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Operating income |
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52,518 |
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71,299 |
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61,085 |
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97,752 |
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Income from continuing operations |
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31,553 |
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43,271 |
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42,052 |
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61,573 |
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(Loss) income from discontinued operations, net of tax |
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(9 |
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9 |
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— |
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— |
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Net income |
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31,544 |
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43,280 |
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42,052 |
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61,573 |
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Income from continuing operations per share: |
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Basic |
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$ |
0.58 |
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$ |
0.81 |
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$ |
0.79 |
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$ |
1.16 |
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Diluted |
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$ |
0.56 |
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$ |
0.79 |
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$ |
0.77 |
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$ |
1.14 |
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Net income per share: |
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Basic |
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$ |
0.58 |
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$ |
0.81 |
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$ |
0.79 |
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$ |
1.16 |
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Diluted |
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$ |
0.56 |
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$ |
0.79 |
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$ |
0.77 |
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$ |
1.14 |
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Dividends declared per common share |
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$ |
0.18 |
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$ |
0.18 |
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$ |
0.18 |
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$ |
0.25 |
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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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(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) income 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 2013 includes discrete tax benefits of $3.7 million which increased diluted earnings per share by $0.07.
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(c) |
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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(d) |
The fourth quarter of 2013 includes a $3.6 million reduction to a previously recorded contingent consideration obligation and a $3.0 million impairment charge of intangible assets related to a 2012 acquisition resulting in a net expense reduction of $0.6 million, or $1.7 million net of taxes. These fair value adjustments increased diluted earnings per share by $0.03.
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