Tecumseh Products 2014 Annual Report Download - page 41

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39
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31,
(in millions, except share and per share data) 2014 2013 2012
Net sales $ 724.4 $ 823.6 $ 854.7
Cost of sales (653.7)(745.5)(790.0)
Gross profit 70.7 78.1 64.7
Selling and administrative expenses (92.2)(104.9)(107.7)
Other income (expense), net 9.3 21.4 22.3
Impairments, restructuring charges, and other items (8.8)(13.6) 40.6
Operating (loss) income (21.0)(19.0) 19.9
Interest expense (10.0)(9.2)(10.2)
Interest income 3.2 1.5 3.2
(Loss) income from continuing operations before taxes (27.8)(26.7) 12.9
Tax (expense) benefit (0.5)(7.7) 10.2
(Loss) income from continuing operations (28.3)(34.4) 23.1
(Loss) from discontinued operations, net of tax (4.4)(3.1)(0.5)
Net (loss) income $ (32.7)$ (37.5) $ 22.6
Basic and diluted (loss) income per share (a):
(Loss) income from continuing operations $ (1.53)$ (1.86) $ 1.25
Loss from discontinued operations (0.24)(0.17)(0.03)
Net (loss) income per share $ (1.77)$ (2.03) $ 1.22
Weighted average shares, basic and diluted (in thousands) 18,480 18,480 18,480
Cash dividends declared per share $ — $ — $ —
(a) During 2014, we have granted Restricted Stock Units ("RSUs") to our non-employee directors and our Chief Executive
Officer. Also during 2014, we granted non-qualified stock options to our officers. These RSUs and options are not included
in diluted earnings per share information for 2014, as the effect would be antidilutive.
The accompanying notes are an integral part of these Consolidated Financial Statements.