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Table of Contents
HSN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Financial information by segment is as follows (thousands):
HSNi does not report revenue from external customers for each product or each group of similar products as it is impracticable to do so.
HSNi maintains operations principally in the United States with no long-lived assets and insignificant net sales in all other countries.
54
Year Ended December 31, 2008
HSN
Cornerstone
Total
Adjusted EBITDA
$
160,279
$
(1,375
)
$
158,904
Stock
-
based compensation expense
(14,197
)
(6,089
)
(20,286
)
Amortization of non
-
cash marketing
(8,022
)
—
(
8,022
)
Amortization of intangible assets
(568
)
(6,897
)
(7,465
)
Asset impairments
(2,441,594
)
(745,056
)
(3,186,650
)
Depreciation
(27,348
)
(10,090
)
(37,438
)
Loss on disposition of fixed assets
(1,339
)
(15
)
(1,354
)
Operating loss
$
(2,332,789
)
$
(769,522
)
(3,102,311
)
Other expense, net
(15,940
)
Loss from continuing operations before income taxes
(3,118,251
)
Income tax benefit
730,773
Loss from continuing operations
(2,387,478
)
Loss from discontinued operations, net of tax
(3,410
)
Net loss
$
(2,390,888
)
Year Ended December 31,
2010
2009
2008
(In thousands)
Net sales:
HSN
$
2,115,918
$
2,007,897
$
1,956,871
Cornerstone
880,862
741,712
866,722
Total
$
2,996,780
$
2,749,609
$
2,823,593
Identifiable assets:
HSN
$
1,138,024
$
1,035,233
$
940,515
Cornerstone
207,719
183,417
210,949
Discontinued operations
—
—
993
Total
$
1,345,743
$
1,218,650
$
1,152,457
Capital expenditures:
HSN
$
29,152
$
35,216
$
33,367
Cornerstone
8,356
6,162
6,295
Total
$
37,508
$
41,378
$
39,662