Annual report pursuant to Section 13 and 15(d)

SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED

v2.4.0.6
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED
 12 Months Ended
Dec. 31, 2012
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED  
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED

NOTE 18:  SUMMARY OF QUARTERLY OPERATIONS — UNAUDITED

 

As discussed in Note 2, during the year ended December 31, 2012, the Company changed its method of accounting to present shipping and handling costs related to the sale of the Company’s products together with the cost of sales in the consolidated statement of operations. These shipping and handling costs have previously been presented by the Company as part of selling, general and administrative expenses. This change has been made retrospectively to all periods presented in the Company’s financial statements. The impact of the change in accounting principle in the three months ended December 31, 2012 was to increase cost of sales and decrease selling, general and administrative expenses by $5,281. The total amount of shipping and handling costs reclassified by the Company from selling, general and administrative expense to cost of sales in its consolidated statements of operations for the three months ended September 30, 2012, June 30, 2012, and March 31, 2012 is $5,431, $5,524, and $5,369, respectively. The total amount of shipping and handling costs reclassified by the Company from selling, general and administrative expense to cost of sales in its consolidated statements of operations for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, and March 31, 2011 is $5,061, $5,078, $4,911 and $4,949, respectively.

 

The following tables presents the Company’s unaudited summary of quarterly operations during 2012 and 2011 for each of three month periods ended March 31, June 30, September 30, and December 31.

 

 

 

For the Quarter Ended

 

 

 

March 31,
2012

 

June 30,
2012

 

September
30, 2012

 

December
31, 2012

 

Net sales revenue

 

$

92,868

 

$

92,991

 

$

91,232

 

$

90,377

 

Cost of sales

 

(23,729

)

(22,610

)

(23,144

)

(23,841

)

Gross profit

 

69,139

 

70,381

 

68,088

 

66,536

 

 

 

 

 

 

 

 

 

 

 

Volume incentives

 

33,581

 

33,540

 

33,155

 

32,991

 

Selling, general and administrative

 

26,384

 

26,530

 

26,228

 

27,719

 

Operating income

 

9,174

 

10,311

 

8,705

 

5,826

 

Other income (expense)

 

(110

)

165

 

(214

)

1,639

 

Income before income taxes

 

9,064

 

10,476

 

8,491

 

7,465

 

Tax provision

 

1,836

 

3,190

 

2,121

 

2,969

 

Net income

 

$

7,228

 

$

7,286

 

$

6,370

 

$

4,496

 

Basic and diluted net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

0.46

 

$

0.47

 

$

0.41

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

0.46

 

$

0.46

 

$

0.40

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

—

 

$

0.05

 

$

0.05

 

$

0.05

 

 

 

 

For the Quarter Ended

 

 

 

March 31,
2011

 

June 30,
2011

 

September
30, 2011

 

December
31, 2011

 

Net sales revenue

 

$

92,844

 

$

91,811

 

$

91,102

 

$

92,056

 

Cost of sales

 

(23,501

)

(22,040

)

(21,957

)

(21,911

)

Gross profit

 

69,343

 

69,771

 

69,145

 

70,145

 

 

 

 

 

 

 

 

 

 

 

Volume incentives

 

34,298

 

33,390

 

32,733

 

33,462

 

Selling, general and administrative

 

27,424

 

28,329

 

26,767

 

27,086

 

Contract termination costs

 

—

 

—

 

14,750

 

—

 

Operating income (loss)

 

7,621

 

8,052

 

(5,105

)

9,597

 

Other income (expense)

 

265

 

(420

)

1,204

 

798

 

Income (loss) before income taxes

 

7,886

 

7,632

 

(3,901

)

10,395

 

Tax provision (benefit)

 

1,264

 

2,018

 

(1,645

)

2,774

 

Net income (loss)

 

$

6,622

 

$

5,614

 

$

(2,256

)

$

7,621

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

0.43

 

$

0.36

 

$

(0.14

)

$

0.49

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

0.43

 

$

0.36

 

$

(0.14

)

$

0.48

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

—

 

$

—

 

$

—

 

$

—

 

 

Basic and diluted income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net loss per share may not equal the total computed for the year.