Tecumseh Products 2012 Annual Report Download - page 38

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37
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31,
(in millions, except share and per share data) 2012 2011 2010
Net sales..................................................................................................... $ 854.7 $ 864.4 $ 933.8
Cost of sales........................................................................................ (790.0)(826.5)(849.5)
Gross profit ................................................................................................ 64.7 37.9 84.3
Selling and administrative expenses................................................... (107.7)(108.1)(114.1)
Other income (expense), net ............................................................... 22.3 14.7 14.3
Impairments, restructuring charges, and other items.......................... 40.6 (8.5)(50.3)
Operating income (loss)............................................................................. 19.9 (64.0)(65.8)
Interest expense .................................................................................. (10.2)(10.5)(10.6)
Interest income.................................................................................... 3.2 2.3 1.2
Income (loss) from continuing operations before taxes............................. 12.9 (72.2)(75.2)
Tax benefit .......................................................................................... 10.2 0.9 16.6
Income (loss) from continuing operations ................................................. 23.1 (71.3)(58.6)
(Loss) income from discontinued operations, net of tax .................... (0.5)(1.9) 1.8
Net income (loss) ....................................................................................... $ 22.6 $ (73.2)$ (56.8)
Basic and diluted income (loss) per share (a):
Income (loss) from continuing operations.......................................... $ 1.25 $ (3.86)$ (3.17)
(Loss) income from discontinued operations, net of tax .................... (0.03)(0.10) 0.10
Net income (loss) per share........................................................................ $ 1.22 $ (3.96)$ (3.07)
Weighted average shares, basic and diluted (in thousands)....................... 18,480 18,480 18,480
Cash dividends declared per share............................................................. $ — $ — $ —
(a) A warrant issued to a lender in 2007 expired on April 9, 2012. This warrant was not included in diluted earnings per share
information for 2011 and 2010, as the effect would be antidilutive.
The accompanying notes are an integral part of these Consolidated Financial Statements.