Home Shopping Network 2011 Annual Report Download - page 49

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HSN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2010
HSN Cornerstone Total
Adjusted EBITDA ............................................. $213,612 $44,011 $257,623
Stock-based compensation expense ................................. (13,507) (7,725) (21,232)
Depreciation and amortization ..................................... (30,183) (8,849) (39,032)
Loss on disposition of fixed assets .................................. (1,198) (74) (1,272)
Operating income .............................................. $168,724 $27,363 196,087
Other expense, net .............................................. (32,523)
Income before income taxes ....................................... 163,564
Income tax provision ............................................ (65,041)
Net income .................................................... $ 98,523
Year Ended December 31, 2009
HSN Cornerstone Total
Adjusted EBITDA ............................................. $196,139 $ 9,998 $206,137
Stock-based compensation expense ................................. (9,041) (2,223) (11,264)
Depreciation and amortization ..................................... (29,228) (9,309) (38,537)
Loss on disposition of fixed assets .................................. (637) (45) (682)
Operating income (loss) ......................................... $157,233 $(1,579) 155,654
Other expense, net .............................................. (35,030)
Income before income taxes ....................................... 120,624
Income tax provision ............................................ (48,136)
Net income .................................................... $ 72,488
Financial information by segment is as follows (thousands):
Year Ended December 31,
2011 2010 2009
Net sales:
HSN...................................................... $2,160,341 $2,115,918 $2,007,897
Cornerstone ................................................ 1,016,813 880,862 741,712
Total ................................................. $3,177,154 $2,996,780 $2,749,609
Identifiable assets:
HSN...................................................... $1,178,565 $1,138,024 $1,035,233
Cornerstone ................................................ 216,408 207,719 183,417
Total ................................................. 1,394,973 1,345,743 1,218,650
Capital expenditures:
HSN...................................................... $ 30,155 $ 29,152 $ 35,216
Cornerstone ................................................ 12,164 8,356 6,162
Total ................................................. $ 42,319 $ 37,508 $ 41,378
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