Annual report pursuant to Section 13 and 15(d)

SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED

v3.3.1.900
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED
12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
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).
 
For the Quarter Ended
 
March 31,
2015
 
June 30,
2015
 
September
30, 2015
 
December
31, 2015
Net sales revenue
$
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 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

Income 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


 
For the Quarter Ended
 
March 31,
2014
 
June 30,
2014
 
September 30,
2014
 
December 31,
2014
Net sales revenue
$
93,467

 
$
92,831

 
$
93,406

 
$
86,663

Cost of sales
(22,581
)
 
(22,793
)
 
(22,742
)
 
(23,468
)
Gross profit
70,886

 
70,038

 
70,664

 
63,195

 
 
 
 
 
 
 
 
Volume incentives
34,893

 
34,270

 
34,918

 
31,727

Selling, general and administrative
29,152

 
29,941

 
30,200

 
30,634

Operating income
6,841

 
5,827

 
5,546

 
834

Other income (expense)
(262
)
 
(79
)
 
(42
)
 
349

Income from continuing operations before income taxes
6,579

 
5,748

 
5,504

 
1,183

Provision (benefit) for income taxes
(3,657
)
 
2,198

 
407

 
309

Net income from continuing operations
10,236

 
3,550

 
5,097

 
874

Loss from discontinued operations
(571
)
 
(316
)
 
(4,106
)
 
(4,964
)
Net income (loss)
9,665

 
3,234

 
991

 
(4,090
)
Net loss attributable to noncontrolling interests

 

 
(26
)
 
(193
)
Net income (loss) attributable to common shareholders
$
9,665

 
$
3,234

 
$
1,017

 
$
(3,897
)
 
 
 
 
 
 
 
 
Basic and diluted net income per common share
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
Basic earnings per share attributable to common shareholders:
 

 
 

 
 

 
 

Net income from continuing operations
$
0.63

 
$
0.22

 
$
0.30

 
$
0.05

Loss from discontinued operations
$
(0.03
)
 
$
(0.02
)
 
$
(0.24
)
 
$
(0.26
)
Net income (loss) attributable to common shareholders
$
0.60

 
$
0.20

 
$
0.06

 
$
(0.21
)
 
 
 
 
 
 
 
 
Diluted earnings per share attributable to common shareholders:
 

 
 

 
 

 
 

Net income from continuing operations
$
0.61

 
$
0.22

 
$
0.29

 
$
0.05

Income (loss) from discontinued operations
$
(0.03
)
 
$
(0.02
)
 
$
(0.23
)
 
$
(0.25
)
Net income (loss) attributable to common shareholders
$
0.58

 
$
0.20

 
$
0.06

 
$
(0.20
)
 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.10

 
$
0.10

 
$
1.60

 
$
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.