| SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED |
SUMMARY OF QUARTERLY OPERATIONS — UNAUDITED
The following tables presents the Company’s unaudited summary of quarterly operations during 2015 and 2014 for each of three month periods ended March 31, June 30, September 30, and December 31 (dollar amounts in thousands, except per share information).
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For the Quarter Ended |
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March 31,
2015 |
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June 30,
2015 |
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September
30, 2015 |
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December
31, 2015 |
Net sales revenue |
$ |
83,878 |
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|
$ |
81,247 |
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|
$ |
79,586 |
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|
$ |
79,994 |
|
Cost of sales |
(21,881 |
) |
|
(21,068 |
) |
|
(20,643 |
) |
|
(21,753 |
) |
Gross profit |
61,997 |
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|
60,179 |
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|
58,943 |
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|
58,241 |
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Volume incentives |
30,337 |
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|
29,603 |
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|
28,690 |
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|
29,156 |
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Selling, general and administrative |
26,330 |
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|
27,392 |
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|
27,115 |
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|
26,865 |
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Operating income |
5,330 |
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|
3,184 |
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|
3,138 |
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|
2,220 |
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Other expense |
(318 |
) |
|
(2 |
) |
|
(247 |
) |
|
(25 |
) |
Income from continuing operations before income taxes |
5,012 |
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|
3,182 |
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|
2,891 |
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|
2,195 |
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Provision (benefit) for income taxes |
809 |
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|
787 |
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|
1,284 |
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|
(1,140 |
) |
Net income from continuing operations |
4,203 |
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|
2,395 |
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|
1,607 |
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|
3,335 |
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Income from discontinued operations |
1,312 |
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— |
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|
804 |
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|
— |
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Net income |
5,515 |
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|
2,395 |
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|
2,411 |
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|
3,335 |
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Net loss attributable to noncontrolling interests |
(152 |
) |
|
(166 |
) |
|
(355 |
) |
|
(358 |
) |
Net income attributable to common shareholders |
$ |
5,667 |
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|
$ |
2,561 |
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|
$ |
2,766 |
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$ |
3,693 |
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Basic and diluted net income per common share |
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Basic earnings per share attributable to common shareholders: |
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Net income from continuing operations |
$ |
0.23 |
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$ |
0.14 |
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$ |
0.10 |
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$ |
0.20 |
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Income from discontinued operations |
$ |
0.07 |
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|
$ |
— |
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|
$ |
0.04 |
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|
$ |
— |
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Net income attributable to common shareholders |
$ |
0.30 |
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$ |
0.14 |
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$ |
0.15 |
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$ |
0.20 |
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Diluted earnings per share attributable to common shareholders: |
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Net income from continuing operations |
$ |
0.23 |
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$ |
0.13 |
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$ |
0.10 |
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$ |
0.19 |
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Income from discontinued operations |
$ |
0.07 |
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$ |
— |
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$ |
0.04 |
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|
$ |
— |
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Net income attributable to common shareholders |
$ |
0.30 |
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$ |
0.13 |
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$ |
0.14 |
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$ |
0.19 |
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Dividends declared per common share |
$ |
0.10 |
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$ |
0.10 |
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$ |
0.10 |
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$ |
0.10 |
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For the Quarter Ended |
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March 31,
2014 |
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June 30,
2014 |
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September 30,
2014 |
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December 31,
2014 |
Net sales revenue |
$ |
93,467 |
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|
$ |
92,831 |
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$ |
93,406 |
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$ |
86,663 |
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Cost of sales |
(22,581 |
) |
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(22,793 |
) |
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(22,742 |
) |
|
(23,468 |
) |
Gross profit |
70,886 |
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|
70,038 |
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|
70,664 |
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|
63,195 |
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Volume incentives |
34,893 |
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|
34,270 |
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|
34,918 |
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|
31,727 |
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Selling, general and administrative |
29,152 |
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|
29,941 |
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|
30,200 |
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|
30,634 |
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Operating income |
6,841 |
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|
5,827 |
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|
5,546 |
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|
834 |
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Other income (expense) |
(262 |
) |
|
(79 |
) |
|
(42 |
) |
|
349 |
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Income from continuing operations before income taxes |
6,579 |
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|
5,748 |
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|
5,504 |
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|
1,183 |
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Provision (benefit) for income taxes |
(3,657 |
) |
|
2,198 |
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|
407 |
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|
309 |
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Net income from continuing operations |
10,236 |
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|
3,550 |
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|
5,097 |
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|
874 |
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Loss from discontinued operations |
(571 |
) |
|
(316 |
) |
|
(4,106 |
) |
|
(4,964 |
) |
Net income (loss) |
9,665 |
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|
3,234 |
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|
991 |
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|
(4,090 |
) |
Net loss attributable to noncontrolling interests |
— |
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|
— |
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|
(26 |
) |
|
(193 |
) |
Net income (loss) attributable to common shareholders |
$ |
9,665 |
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$ |
3,234 |
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$ |
1,017 |
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$ |
(3,897 |
) |
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Basic and diluted net income per common share |
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Basic earnings per share attributable to common shareholders: |
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Net income from continuing operations |
$ |
0.63 |
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$ |
0.22 |
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$ |
0.30 |
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$ |
0.05 |
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Loss from discontinued operations |
$ |
(0.03 |
) |
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$ |
(0.02 |
) |
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$ |
(0.24 |
) |
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$ |
(0.26 |
) |
Net income (loss) attributable to common shareholders |
$ |
0.60 |
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$ |
0.20 |
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$ |
0.06 |
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$ |
(0.21 |
) |
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Diluted earnings per share attributable to common shareholders: |
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Net income from continuing operations |
$ |
0.61 |
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$ |
0.22 |
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$ |
0.29 |
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$ |
0.05 |
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Income (loss) from discontinued operations |
$ |
(0.03 |
) |
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$ |
(0.02 |
) |
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$ |
(0.23 |
) |
|
$ |
(0.25 |
) |
Net income (loss) attributable to common shareholders |
$ |
0.58 |
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$ |
0.20 |
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$ |
0.06 |
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$ |
(0.20 |
) |
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Dividends declared per common share |
$ |
0.10 |
|
|
$ |
0.10 |
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$ |
1.60 |
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$ |
0.10 |
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Basic and diluted income 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.
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