Home Shopping Network 2012 Annual Report Download - page 37

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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.
33
Years Ended
December 31,
2012
2011
2010
Net sales
$
3,266,739
$
3,069,356
$
2,884,308
Cost of sales
2,083,015
1,969,094
1,878,498
Gross profit
1,183,724
1,100,262
1,005,810
Operating expenses:
Selling and marketing
662,322
616,416
572,303
General and administrative
224,653
208,982
197,158
Depreciation and amortization
38,005
35,822
37,546
Total operating expenses
924,980
861,220
807,007
Operating income
258,744
239,042
198,803
Other income (expense):
Interest income
564
679
900
Interest expense
(20,811
)
(31,963
)
(33,085
)
Loss on debt extinguishment
(18,627
)
—
—
Total other expense, net
(38,874
)
(31,284
)
(32,185
)
Income from continuing operations before income taxes
219,870
207,758
166,618
Income tax provision
(83,373
)
(80,106
)
(66,177
)
Income from continuing operations
136,497
127,652
100,441
Loss from discontinued operations, net of tax
(5,822
)
(4,582
)
(1,918
)
Net income
$
130,675
$
123,070
$
98,523
Income from continuing operations per share:
Basic
$
2.42
$
2.18
$
1.75
Diluted
$
2.36
$
2.10
$
1.69
Net income per share:
Basic
$
2.32
$
2.10
$
1.72
Diluted
$
2.25
$
2.03
$
1.65
Shares used in computing earnings per share:
Basic
56,314
58,636
57,414
Diluted
57,956
60,689
59,546
Dividends declared per common share
$
0.555
$
0.125
$
—