| 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, 2014 |
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Net sales |
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$ |
777,420 |
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$ |
855,204 |
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$ |
837,477 |
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$ |
1,117,894 |
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Gross profit |
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275,774 |
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313,135 |
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302,415 |
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381,737 |
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Operating income |
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41,868 |
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67,367 |
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65,968 |
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109,406 |
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Income from continuing operations |
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24,182 |
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40,940 |
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39,531 |
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68,331 |
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Loss from discontinued operations, net of tax |
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— |
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— |
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— |
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— |
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Net income |
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24,182 |
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40,940 |
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39,531 |
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68,331 |
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Income from continuing operations per share: |
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Basic |
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$ |
0.45 |
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$ |
0.77 |
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$ |
0.75 |
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$ |
1.30 |
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Diluted |
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$ |
0.45 |
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$ |
0.76 |
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$ |
0.74 |
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$ |
1.28 |
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Net income per share: |
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Basic |
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$ |
0.45 |
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$ |
0.77 |
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$ |
0.75 |
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$ |
1.30 |
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Diluted |
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$ |
0.45 |
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$ |
0.76 |
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$ |
0.74 |
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$ |
1.28 |
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Dividends declared per common share |
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$ |
0.25 |
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$ |
0.25 |
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$ |
0.25 |
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$ |
0.35 |
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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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(a) |
The first quarter of 2014 includes a $3.1 million settlement with the Consumer Product Safety Commission.
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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 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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(d) |
The fourth quarter of 2014 includes $5.0 million of revenue, or $3.1 million of income, net of taxes, related to the cumulative reversal of liabilities for certain unused merchandise credits ("breakage") which increased diluted earnings per share by $0.06.
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