| 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) |
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(d)(e) |
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(In thousands, except per share data) |
Year Ended December 31, 2015 |
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Net sales |
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$ |
841,887 |
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$ |
885,642 |
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$ |
864,868 |
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$ |
1,098,178 |
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Gross profit |
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300,206 |
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336,537 |
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306,274 |
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371,546 |
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Operating income |
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57,009 |
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70,703 |
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57,833 |
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98,488 |
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Net income |
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33,689 |
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41,632 |
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34,208 |
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59,710 |
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Net income per share: |
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Basic |
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$ |
0.64 |
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$ |
0.79 |
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$ |
0.65 |
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$ |
1.14 |
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Diluted |
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$ |
0.63 |
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$ |
0.78 |
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$ |
0.64 |
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$ |
1.12 |
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Dividends declared per common share |
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$ |
10.35 |
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$ |
0.35 |
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$ |
0.35 |
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$ |
0.35 |
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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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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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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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(a) |
The first quarter of 2014 includes $3.1 million, or $0.06 per diluted share, for a settlement with the CPSC.
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(b) |
The second quarter of 2015 includes $3.0 million, or $0.03 per diluted share, for certain costs associated with the planned closure of one of HSN's distribution centers as part of its supply chain optimization initiative.
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(c) |
The third quarter of 2015 includes a non-cash charge of $5.0 million, or $0.06 per diluted share, at Cornerstone for impairment of intangible assets related to Chasing Fireflies.
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(d) |
The fourth quarter of 2015 includes $2.0 million, or $0.02 per diluted share, of severance costs associated with a reorganization at HSN.
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(e) |
The fourth quarter of 2014 includes $5.0 million of revenue, or $0.06 per diluted share, related to the breakage of certain unused customer credits.
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