Home Shopping Network 2008 Annual Report Download - page 41

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38
HSN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Net sales
$ 2,823,593 $ 2,908,242 $ 2,877,954
Cost of sales
1,838,163 1,820,048 1,765,203
Gross profit
985,430 1,088,194 1,112,751
Operating expenses:
Selling and marketing 567,305 595,911 584,997
General and administrative 220,644 211,955 186,261
Production and programming 60,217 59,051 56,800
Amortization of non-cash marketing 8,022 4,442 -
Amortization of intangible assets 7,465 12,681 34,224
Depreciation 37,438 34,363 37,273
Asset impairments 3,186,650 - -
Total operating expenses 4,087,741 918,403 899,555
Operating (loss) income (3,102,311) 169,791 213,196
Other income (expense):
Interest income 480 252 586
Interest expense (16,420) - -
Other expense - (256) (1,040)
Total other expense, net (15,940) (4) (454)
(Loss) income from continuing operations before income taxes (3,118,251) 169,787 212,742
Income tax benefit (provision) 730,773 (64,554) (79,210)
(Loss) income from continuing operations (2,387,478) 105,233 133,532
Gain on sale of discontinued operations, net of tax - 30,572 -
(Loss) income from discontinued operations, net of tax (3,410) 28,999 (10,715)
Net (loss) income $ (2,390,888) $ 164,804 $ 122,817
(Loss) income from continuing operations per share:
Basic $ (42.48) $ 1.87 $ 2.38
Diluted
$ (42.48)
$ 1.86
$ 2.36
Net (loss) income per share:
Basic
$ (42.54)
$ 2.93
$ 2.19
Diluted $ (42.54) $ 2.91 $ 2.17
Shares used in computing earnings per share:
Basic
56,208
56,206
56,206
Diluted 56,208 56,649 56,649
Years Ended
December 31,
2008 2007 2006
The accompanying notes are an integral part of these consolidated financial statements.