| SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED |
SUMMARY OF QUARTERLY OPERATIONS — UNAUDITED
The following tables presents the Company’s unaudited summary of quarterly operations during 2017 and 2016 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,
2017 |
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June 30,
2017 |
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September 30,
2017 |
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December 31,
2017 |
Net sales |
$ |
83,098 |
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$ |
81,344 |
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$ |
89,301 |
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$ |
88,286 |
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Cost of sales |
(21,728 |
) |
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(21,197 |
) |
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(23,505 |
) |
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(24,607 |
) |
Gross profit |
61,370 |
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|
60,147 |
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|
65,796 |
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63,679 |
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Volume incentives |
28,983 |
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28,288 |
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30,716 |
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31,983 |
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Selling, general and administrative |
30,336 |
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31,836 |
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32,926 |
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34,537 |
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Operating income (loss) |
2,051 |
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23 |
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2,154 |
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(2,841 |
) |
Other income (expense) |
1,275 |
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|
441 |
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193 |
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(74 |
) |
Income (loss) before income taxes |
3,326 |
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464 |
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2,347 |
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(2,915 |
) |
Provision (benefit) for income taxes |
1,463 |
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|
884 |
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(1 |
) |
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14,693 |
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Net income (loss) |
1,863 |
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(420 |
) |
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2,348 |
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(17,608 |
) |
Net loss attributable to noncontrolling interests |
(297 |
) |
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(233 |
) |
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(95 |
) |
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(250 |
) |
Net income (loss) attributable to common shareholders |
$ |
2,160 |
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$ |
(187 |
) |
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$ |
2,443 |
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$ |
(17,358 |
) |
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Basic and diluted net income (loss) per common share: |
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Basic earnings (loss) per share attributable to common shareholders: |
$ |
0.11 |
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$ |
(0.01 |
) |
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$ |
0.13 |
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$ |
(0.92 |
) |
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Diluted earnings (loss) per share attributable to common shareholders: |
$ |
0.11 |
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$ |
(0.01 |
) |
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$ |
0.13 |
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$ |
(0.92 |
) |
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Dividends declared per common share |
$ |
0.10 |
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$ |
— |
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$ |
— |
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$ |
— |
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Basic and diluted income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) per share may not equal the total computed for the year.
During the fourth quarter of 2017, the Company's provision for income taxes was affected by an addition of valuation allowances on U.S. foreign tax credits as a result of the Tax Reform Act, re-measurement of deferred tax assets and liabilities from 35 percent to 21 percent, and 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.
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For the Quarter Ended |
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March 31,
2016 |
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June 30,
2016 |
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September 30,
2016 |
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December 31,
2016 |
Net sales |
$ |
82,402 |
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$ |
89,366 |
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$ |
85,441 |
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$ |
83,950 |
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Cost of sales |
(22,020 |
) |
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(23,078 |
) |
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(21,512 |
) |
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(24,327 |
) |
Gross profit |
60,382 |
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66,288 |
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63,929 |
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59,623 |
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Volume incentives |
29,877 |
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30,791 |
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29,684 |
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29,558 |
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Selling, general and administrative |
28,385 |
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31,249 |
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29,187 |
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31,452 |
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Operating income (loss) |
2,120 |
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4,248 |
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5,058 |
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(1,387 |
) |
Other income (expense), net |
1,559 |
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(622 |
) |
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20 |
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(1,730 |
) |
Income (loss) before income taxes |
3,679 |
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|
3,626 |
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5,078 |
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(3,117 |
) |
Provision for income taxes |
1,890 |
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1,260 |
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1,136 |
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|
4,305 |
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Net income (loss) |
1,789 |
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2,366 |
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3,942 |
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(7,422 |
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Net loss attributable to noncontrolling interests |
(280 |
) |
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(202 |
) |
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(213 |
) |
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(769 |
) |
Net income (loss) attributable to common shareholders |
$ |
2,069 |
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$ |
2,568 |
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$ |
4,155 |
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$ |
(6,653 |
) |
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Basic and diluted net income (loss) per common share: |
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Basic earnings (loss) per share attributable to common shareholders: |
$ |
0.11 |
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$ |
0.14 |
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$ |
0.22 |
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$ |
(0.35 |
) |
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Diluted earnings (loss) per share attributable to common shareholders: |
$ |
0.11 |
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$ |
0.14 |
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$ |
0.22 |
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$ |
(0.35 |
) |
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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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Basic and diluted income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (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.
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