Home Shopping Network 2010 Annual Report Download - page 39

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Table of Contents
HSN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
The accompanying notes are an integral part of these consolidated financial statements.
40
Years Ended
December 31,
2010
2009
2008
Net sales
$
2,996,780
$
2,749,609
$
2,823,593
Cost of sales
1,935,766
1,768,295
1,838,163
Gross profit
1,061,014
981,314
985,430
Operating expenses:
Selling and marketing
538,689
507,569
567,305
General and administrative
226,971
222,464
220,644
Production and programming
60,235
57,090
60,217
Amortization of non
-
cash marketing
—
—
8,022
Amortization of intangible assets
561
562
7,465
Depreciation
38,471
37,975
37,438
Asset impairments
—
—
3,186,650
Total operating expenses
864,927
825,660
4,087,741
Operating income (loss)
196,087
155,654
(3,102,311
)
Other income (expense):
Interest income
601
343
480
Interest expense
(33,085
)
(35,283
)
(16,420
)
Total other expense, net
(32,484
)
(34,940
)
(15,940
)
Income (loss) from continuing operations before income taxes
163,603
120,714
(3,118,251
)
Income tax (provision) benefit
(65,041
)
(48,136
)
730,773
Income (loss) from continuing operations
98,562
72,578
(2,387,478
)
Loss from discontinued operations, net of tax
(39
)
(90
)
(3,410
)
Net income (loss)
$
98,523
$
72,488
$
(2,390,888
)
Income (loss) from continuing operations per share:
Basic
$
1.72
$
1.29
$
(42.48
)
Diluted
$
1.66
$
1.27
$
(42.48
)
Net income (loss) per share:
Basic
$
1.72
$
1.29
$
(42.54
)
Diluted
$
1.65
$
1.26
$
(42.54
)
Shares used in computing income (loss) per share:
Basic
57,414
56,383
56,208
Diluted
59,546
57,330
56,208