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Table of Contents
91
Quarterly Operating Results (Unaudited)
Quarterly operating results for the last two years are shown in the table below. As discussed in the “Advertising” section in
the Significant Accounting Policies, on an interim basis, certain advertising costs are deferred and recognized approximately in
proportion to revenue over the year and are not deferred beyond the calendar year-end. Full year results are not affected.
2015
First Second Third Fourth
(in millions, except per share data) Quarter Quarter Quarter Quarter Year
Operating Revenue $ 571 $ 716 $ 706 $ 601 $ 2,594
Gross Profit 268 351 338 261 1,219
Income from Continuing Operations(1) 28 67 50 17 162
Loss from Discontinued Operations, net of income taxes — — (1) — (2)
N
et Income(1) 28 67 49 17 160
Basic earnings (loss) per share:
Income from Continuing Operations 0.21 0.50 0.37 0.13 1.20
Loss from Discontinued Operations, net of income taxes — — (0.01) — (0.01)
Net Income 0.21 0.49 0.37 0.12 1.19
Diluted earnings (loss) per share:
Income from Continuing Operations 0.21 0.49 0.37 0.12 1.19
Loss from Discontinued Operations, net of income taxes — — (0.01) — (0.01)
Net Income 0.20 0.49 0.36 0.12 1.17
2014
First Second Third Fourth
(in millions, except per share data) Quarter Quarter Quarter Quarter Year
Operating Revenue $ 533 $ 683 $ 664 $ 577 $ 2,457
Gross Profit 245 332 320 262 1,159
(Loss) Income from Continuing Operations(1) (18) 42 (3) 22 43
Loss from Discontinued Operations, net of income taxes(2) (95) (2) (1) (2) (100)
N
et (Loss) Income(1)(2) (113) 40 (4) 20 (57)
Basic (loss) earnings per share:
(Loss) Income from Continuing Operations (0.20) 0.46 (0.02) 0.16 0.38
Loss from Discontinued Operations, net of income taxes (1.03) (0.02) (0.01) (0.01) (0.88)
Net (Loss) Income (1.23) 0.44 (0.03) 0.15 (0.50)
Diluted (loss) earnings per share:
(Loss) Income from Continuing Operations (0.20) 0.46 (0.02) 0.16 0.38
Loss from Discontinued Operations, net of income taxes (1.03) (0.02) (0.01) (0.01) (0.88)
Net (Loss) Income (1.23) 0.44 (0.03) 0.15 (0.50)
2015 Annual Report 107