Avon 2015 Annual Report Download - page 136

Download and view the complete annual report

Please find page 136 of the 2015 Avon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18. Results of Operations by Quarter (Unaudited)
2015 First Second Third Fourth Year
Total revenue $1,552.1 $1,564.9 $1,436.2 $1,607.3 $ 6,160.5
Gross profit 940.4 953.9 877.2 943.6 3,715.1
Operating (loss) profit(1) (32.9) 89.7 45.3 62.9 165.0
(Loss) income from continuing operations, before taxes(2) (76.7) 61.2 31.0 7.2 22.7
(Loss) income from continuing operations, net of tax(3) (142.6) 28.9 (668.0) (14.8) (796.5)
(Loss) income from discontinued operations, net of tax (3.8) .8 (29.0) (317.1) (349.1)
Net income attributable to noncontrolling interests (.9) (.9) – (1.5) (3.3)
Net (loss) income attributable to Avon $ (147.3) $ 28.8 $ (697.0) $ (333.4) $(1,148.9)
(Loss) earnings per common share from continuing operations
Basic $ (.33) $ .06 $ (1.51) $ (.04) $ (1.81)(4)
Diluted (.33) .06 (1.51) (.04) (1.81)(4)
2014 First Second Third Fourth Year
Total revenue $1,887.9 $1,884.5 $1,861.5 $2,014.1 $7,648.0
Gross profit 1,048.5 1,189.8 1,165.0 1,237.8 4,641.1
Operating (loss) profit(1) (47.4) 110.7 196.2 174.8 434.3
(Loss) income from continuing operations, before taxes(2) (136.8) 83.3 153.4 100.9 200.8
(Loss) income from continuing operations, net of tax(3) (165.5) 29.4 97.0 (305.4) (344.5)
Loss from discontinued operations, net of tax (1.7) (9.5) (5.0) (24.2) (40.4)
Net income attributable to noncontrolling interests (1.1) (.9) (.6) (1.1) (3.7)
Net (loss) income attributable to Avon $ (168.3) $ 19.0 $ 91.4 $ (330.7) $ (388.6)
(Loss) earnings per common share from continuing operations
Basic $ (.38) $ .07 $ .22 $ (.70) $ (.79)(4)
Diluted (.38) .07 .22 (.70) (.79)(4)
(1) Operating (loss) profit was impacted by the following:
2015 First Second Third Fourth Year
Costs to implement restructuring initiatives:
Cost of sales $ – $ – $ – $ – $ –
Selling, general and administrative expenses 27.2 2.9 (1.9) 20.9 49.1
Total costs to implement restructuring initiatives $ 27.2 $ 2.9 $(1.9) $20.9 $ 49.1
Venezuelan special items $106.4 $ 6.2 $ 5.7 $ 1.9 $120.2
Pension settlement charge $ – $ – $ 6.2 $ 1.1 $ 7.3
Other items $ – $ – $ – $ 3.1 $ 3.1
Asset impairment and other charges $ – $ – $ – $ 6.9 $ 6.9
2014 First Second Third Fourth Year
Costs to implement restructuring initiatives:
Cost of sales $ – $ – $ – $ – $ –
Selling, general and administrative expenses 17.2 41.5 .8 27.1 86.6
Total costs to implement restructuring initiatives $ 17.2 $41.5 $ .8 $27.1 $ 86.6
Venezuelan special items $115.7 $18.0 $ 2.0 $ 1.4 $137.1
FCPA accrual $ 46.0 $ – $ – $ – $ 46.0
Pension settlement charge $ – $ 6.1 $ 1.4 $ 2.0 $ 9.5
7553_fin.pdf 126