Radio Shack 2013 Annual Report Download - page 67

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65
Three Months Ended
March 31,
June 30, September 30,
December 31,
(In millions, except per share amounts) 2012 2012 2012 2012
Net sales and operating revenues
(1)
$ 913.3 $ 848.6
$
898.0
$
1,171.4
Cost of products sold 543.2 508.4
557.2 752.1
Gross profit 370.1 340.2
340.8 419.3
Operating expenses:
Selling, general and administrative
(2) (3)
345.3 337.0
354.0 383.5
Depreciation and amortization 17.2 16.3
16.0 16.4
Impairment of long
-
lived assets and goodwill
(4)
0.5 1.0
4.8 3.4
Total operating expenses 363.0 354.3
374.8 403.3
Operating income (loss) 7.1
(14.1)
(34.0) 16.0
Interest income 0.5 0.3
0.5 0.6
Interest expense (13.1)
(12.9)
(13.2) (15.3)
Other loss --
--
(0.6) --
(Loss) income from continuing operations before income taxes (5.5)
(26.7)
(47.3) 1.3
Income tax (benefit) expense
(5)
(0.8)
(10.5)
(15.9) 59.8
Loss from continuing operations (4.7)
(16.2)
(31.4) (58.5)
Discontinued operations, net of income taxes (3.3)
(4.8)
(15.7) (4.8)
Net loss $ (8.0) $
(21.0)
$
(47.1)
$
(63.3)
Basic and diluted net loss per share:
Loss per share from continuing operations $ (0.05) $
(0.16)
$
(0.31)
$
(0.58)
Loss per share from discontinued operations (0.03)
(0.05)
(0.16) (0.05)
Net loss per share $ (0.08) $
(0.21)
$
(0.47)
$
(0.63)
Shares used in computing net loss per share:
Basic and diluted 99.8 100.1
100.1 100.2
Comprehensive loss $ (2.4) $
(23.9)
$
(44.6)
$
(64.1)
(1) The third quarter includes $3.0 million of franchise fee revenue related to the opening of our first franchised stores in Southeast Asia.
(2) The third quarter includes severance costs of $8.5 million related to the departure of our CEO and headcount reductions.
(3) The fourth quarter includes an adjustment to reduce occupancy expense by $1.4 million.
(4) The third quarter includes a goodwill impairment charge of $3.0 million for our U.S. RadioShack company-operated stores reporting unit.
(5) The fourth quarter includes an increase to income tax expense of $60.9 million related to a valuation allowance with respect to our U.S. federal
deferred tax assets and our remaining state deferred tax assets.
The sum of the quarterly net income per share amounts may not total to each full year amount because these computations
are made independently for each quarter and for the full year and take into account the weighted-average number of common
stock equivalent shares outstanding for each period, including the effect of dilutive securities for that period.