| SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED |
SUMMARY OF QUARTERLY OPERATIONS — UNAUDITED
The following tables presents our unaudited summary of quarterly operations during 2020 and 2019 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,
2020 |
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June 30,
2020 |
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September 30,
2020 |
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December 31,
2020 |
| Net sales |
$ |
95,926 |
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$ |
87,286 |
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$ |
100,250 |
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$ |
101,743 |
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| Cost of sales |
(24,681) |
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(23,017) |
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(27,175) |
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(26,403) |
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| Gross profit |
71,245 |
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64,269 |
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73,075 |
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75,340 |
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| Volume incentives |
33,018 |
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29,165 |
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34,310 |
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34,657 |
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| Selling, general and administrative |
31,065 |
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28,504 |
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33,294 |
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38,434 |
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| Operating income |
7,162 |
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6,600 |
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5,471 |
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2,249 |
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| Other income (expense) |
(2,410) |
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1,509 |
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671 |
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1,569 |
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| Income before income taxes |
4,752 |
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8,109 |
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6,142 |
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3,818 |
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| Provision (benefit) for income taxes |
1,746 |
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1,976 |
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(1,027) |
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(2,832) |
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| Net income |
3,006 |
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6,133 |
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7,169 |
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6,650 |
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| Net income attributable to noncontrolling interests |
44 |
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379 |
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414 |
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|
784 |
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| Net income attributable to common shareholders |
$ |
2,962 |
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$ |
5,754 |
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$ |
6,755 |
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$ |
5,866 |
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| Basic and diluted net income per common share: |
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| Basic earnings per share attributable to common shareholders: |
$ |
0.15 |
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$ |
0.30 |
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$ |
0.35 |
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$ |
0.30 |
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| Diluted earnings per share attributable to common shareholders: |
$ |
0.15 |
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$ |
0.29 |
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$ |
0.34 |
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$ |
0.29 |
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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 income per share may not equal the total computed for the year.
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For the Quarter Ended |
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March 31,
2019 |
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June 30,
2019 |
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September 30,
2019 |
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December 31,
2019 |
| Net sales |
$ |
91,272 |
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$ |
90,724 |
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$ |
88,524 |
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$ |
91,695 |
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| Cost of sales |
(23,429) |
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(23,865) |
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(22,784) |
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(23,862) |
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| Gross profit |
67,843 |
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66,859 |
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65,740 |
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67,833 |
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| Volume incentives |
31,013 |
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31,302 |
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29,862 |
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31,233 |
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| Selling, general and administrative |
33,852 |
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31,019 |
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31,177 |
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32,692 |
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| Operating income |
2,978 |
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4,538 |
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4,701 |
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3,908 |
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| Other income (expense), net |
(48) |
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306 |
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(1,243) |
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502 |
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| Income before income taxes |
2,930 |
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4,844 |
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3,458 |
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4,410 |
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| Provision for income taxes |
1,201 |
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2,215 |
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2,107 |
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3,190 |
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| Net income |
1,729 |
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2,629 |
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1,351 |
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1,220 |
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| Net income (loss) attributable to noncontrolling interests |
(28) |
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(60) |
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34 |
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218 |
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| Net income attributable to common shareholders |
$ |
1,757 |
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$ |
2,689 |
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$ |
1,317 |
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$ |
1,002 |
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| Basic and diluted net income per common share: |
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| Basic earnings per share attributable to common shareholders: |
$ |
0.09 |
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$ |
0.14 |
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$ |
0.07 |
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$ |
0.05 |
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| Diluted earnings per share attributable to common shareholders: |
$ |
0.09 |
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$ |
0.14 |
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$ |
0.07 |
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$ |
0.05 |
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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 income per share may not equal the total computed for the year.
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