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ITEM 6. SELECTED FINANCIAL DATA
The following table presents selected consolidated financial data for HSNi. The information in this table is
not necessarily indicative of future performance and should be read in conjunction with “Management's
Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated
financial statements and related notes included herein. Our consolidated financial statements present our results
of operations, financial position, shareholders’ equity and comprehensive income and cash flows on a combined
basis up through the Spin-off on August 20, 2008, and on a consolidated basis thereafter. However, this financial
information does not necessarily reflect what the historical financial position and results of operations of HSNi
would have been had HSNi been a stand-alone company during the periods presented prior to the Spin-off.
For information about the shares used in computing earnings per share, see Note 9 of Notes to Consolidated
Financial Statements.
Year Ended December 31,
2011 2010 2009 2008 2007
As adjusted (1) As adjusted (1)
(In thousands, except per share data)
Statement of Operations Data:
Net sales .......................... $3,177,154 $2,996,780 $2,749,609 $ 2,823,593 $2,908,242
Asset impairments (2) ............... 2,976 — — 3,186,650 —
Operating income (loss) .............. 231,999 196,087 155,654 (3,102,311) 169,791
Income (loss) from continuing
operations ....................... 123,070 98,523 72,488 (2,124,024) 105,233
Net income (loss) (3) ................ 123,070 98,523 72,488 (2,127,434) 164,804
Income (loss) from continuing operations
per share:
Basic ......................... $ 2.10 $ 1.72 $ 1.29 $ (37.79) $ 1.87
Diluted ....................... $ 2.03 $ 1.65 $ 1.26 $ (37.79) $ 1.86
Net income (loss) per share:
Basic ......................... $ 2.10 $ 1.72 $ 1.29 $ (37.85) $ 2.93
Diluted ....................... $ 2.03 $ 1.65 $ 1.26 $ (37.85) $ 2.91
Shares used in computing earnings per
share:
Basic ......................... 58,636 57,414 56,383 56,208 56,206
Diluted ....................... 60,689 59,546 57,330 56,208 56,649
Dividends per common share .......... $ 0.125 $ — $ — $ — $ —
Balance Sheet Data (end of period):
Working capital .................... $ 505,901 $ 451,406 $ 332,964 $ 306,354 $ 147,185
Total assets ........................ 1,394,973 1,345,743 1,218,650 1,152,457 4,220,631
Total debt, including current
maturities ....................... 239,111 308,758 338,722 408,528 —
Other long-term liabilities, including
deferred income taxes ............. 101,947 100,107 90,372 96,392 1,092,356
(1) Previously reported results for the year ended December 31, 2008 have been restated. Other long-term
liabilities, including deferred income taxes, as of December 31, 2007 have also been adjusted. See Note 1 of
Notes to Consolidated Financial Statements under the subheading “Restatement of Previously Issued
Financial Information” for further discussion.
(2) The asset impairment charges in 2011 related to certain intangible and fixed assets of one of the Cornerstone
brands. See Note 3 and 4 of Notes to Consolidated Financial Statements for discussion of these charges. The
asset impairment charges in 2008 related to HSN and Cornerstone goodwill and intangible assets.
(3) Loss from discontinued operations for the periods presented includes the income and losses for HSNi’s
international subsidiaries that previously conducted business in Belgium and Mexico.
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