Annual report pursuant to Section 13 and 15(d)

SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED (Tables)

v3.6.0.2
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED (Tables)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Schedule of the Company's unaudited summary of quarterly operations
The following tables presents the Company’s unaudited summary of quarterly operations during 2016 and 2015 for each of three month periods ended March 31, June 30, September 30, and December 31 (dollar amounts in thousands, except per share information).
 
For the Quarter Ended
 
March 31,
2016
 
June 30,
2016
 
September 30,
2016
 
December 31,
2016
Net sales
$
82,402

 
$
89,366

 
$
85,441

 
$
83,950

Cost of sales
(22,020
)
 
(23,078
)
 
(21,512
)
 
(24,327
)
Gross profit
60,382

 
66,288

 
63,929

 
59,623

 
 
 
 
 
 
 
 
Volume incentives
29,877

 
30,791

 
29,684

 
29,558

Selling, general and administrative
28,385

 
31,249

 
29,187

 
31,452

Operating income (loss)
2,120

 
4,248

 
5,058

 
(1,387
)
Other income (expense)
1,559

 
(622
)
 
20

 
(1,730
)
Income (loss) from continuing operations before income taxes
3,679

 
3,626

 
5,078

 
(3,117
)
Provision for income taxes
1,890

 
1,260

 
1,136

 
4,305

Net income (loss)
1,789

 
2,366

 
3,942

 
(7,422
)
Net loss attributable to noncontrolling interests
(280
)
 
(202
)
 
(213
)
 
(769
)
Net income (loss) attributable to common shareholders
$
2,069

 
$
2,568

 
$
4,155

 
$
(6,653
)
 
 
 
 
 
 
 
 
Basic and diluted net income per common share
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to common shareholders:
 

 
 

 
 

 
 

Net income (loss) attributable to common shareholders
$
0.11

 
$
0.14

 
$
0.22

 
$
(0.35
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to common shareholders:
 

 
 

 
 

 
 

Net income (loss) attributable to common shareholders
$
0.11

 
$
0.14

 
$
0.22

 
$
(0.35
)
 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.10

 
$
0.10

 
$
0.10

 
$
0.10


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.

During the fourth quarter of 2016, the Company's provision for income taxes was affected by an addition of valuation allowances on U.S. foreign tax credits, in addition to the impact of current year foreign losses that will not provide tax benefit. The Company’s provision for income taxes is discussed in further detail in Note 11.


 
For the Quarter Ended
 
March 31,
2015
 
June 30,
2015
 
September 30,
2015
 
December 31,
2015
Net sales
$
83,878

 
$
81,247

 
$
79,586

 
$
79,994

Cost of sales
(21,881
)
 
(21,068
)
 
(20,643
)
 
(21,753
)
Gross profit
61,997

 
60,179

 
58,943

 
58,241

 
 
 
 
 
 
 
 
Volume incentives
30,337

 
29,603

 
28,690

 
29,156

Selling, general and administrative
26,330

 
27,392

 
27,115

 
26,865

Operating income
5,330

 
3,184

 
3,138

 
2,220

Other income (expense)
(318
)
 
(2
)
 
(247
)
 
(25
)
Income from continuing operations before income taxes
5,012

 
3,182

 
2,891

 
2,195

Provision (benefit) for income taxes
809

 
787

 
1,284

 
(1,140
)
Net income from continuing operations
4,203

 
2,395

 
1,607

 
3,335

Loss from discontinued operations
1,312

 

 
804

 

Net income
5,515

 
2,395

 
2,411

 
3,335

Net loss attributable to noncontrolling interests
(152
)
 
(166
)
 
(355
)
 
(358
)
Net income attributable to common shareholders
$
5,667

 
$
2,561

 
$
2,766

 
$
3,693

 
 
 
 
 
 
 
 
Basic and diluted net income per common share
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
Basic earnings per share attributable to common shareholders:
 

 
 

 
 

 
 

Net income from continuing operations
$
0.23

 
$
0.14

 
$
0.10

 
$
0.20

Income from discontinued operations
$
0.07

 
$

 
$
0.04

 
$

Net income attributable to common shareholders
$
0.30

 
$
0.14

 
$
0.15

 
$
0.20

 
 
 
 
 
 
 
 
Diluted earnings per share attributable to common shareholders:
 

 
 

 
 

 
 

Net income from continuing operations
$
0.23

 
$
0.13

 
$
0.10

 
$
0.19

Income from discontinued operations
$
0.07

 
$

 
$
0.04

 
$

Net income attributable to common shareholders
$
0.30

 
$
0.13

 
$
0.14

 
$
0.19

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.10

 
$
0.10

 
$
0.10

 
$
0.10