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62
NOTE 19—QUARTERLY RESULTS (UNAUDITED)
Quarter Ended
March 31, June 30, September 30, December 31,
(a) (b)(c) (d)
(In thousands, except per share data)
Year Ended December 31, 2013
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 772,651 $ 812,606 $ 798,890 $ 1,019,835
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,147 308,777 288,590 352,300
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,518 71,299 61,085 97,752
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . 31,553 43,271 42,052 61,573
(Loss) income from discontinued operations, net of tax . . . . . . . . . (9)9——
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,544 43,280 42,052 61,573
Income from continuing operations per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.58 $ 0.81 $ 0.79 $ 1.16
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.56 $ 0.79 $ 0.77 $ 1.14
Net income per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.58 $ 0.81 $ 0.79 $ 1.16
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.56 $ 0.79 $ 0.77 $ 1.14
Dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . $ 0.18 $ 0.18 $ 0.18 $ 0.25
Year Ended December 31, 2012
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 737,908 $ 767,187 $ 778,769 $ 982,875
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,914 293,448 285,516 337,846
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,259 65,342 49,312 92,832
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . 27,288 35,611 17,558 56,041
(Loss) income from discontinued operations, net of tax . . . . . . . . . (1,118) (4,864) 128 32
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,170 30,747 17,686 56,073
Income from continuing operations per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.47 $ 0.63 $ 0.32 $ 1.03
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.45 $ 0.61 $ 0.31 $ 1.00
Net income per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.45 $ 0.54 $ 0.32 $ 1.03
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.44 $ 0.53 $ 0.31 $ 1.00
Dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . $ 0.125 $ 0.125 $ 0.125 $ 0.18
(a) The second quarter of 2012 includes a loss of $6.0 million, or $3.8 million net of taxes, related to the sales of Smith
+Noble and The Territory Ahead, two brands formerly included in the Cornerstone portfolio, and is included in the line
item "(Loss) income from discontinued operations, net of tax." This loss decreased diluted earnings per share by $0.06.
(b) The third quarter of 2013 includes discrete tax benefits of $3.7 million which increased diluted earnings per share by
$0.07.
(c) The third quarter of 2012 includes a sales tax settlement of $7.8 million, or $4.8 million net of taxes, and costs
associated with the redemption of Senior Notes of $18.3 million, or $11.4 million net of taxes. These charges decreased
diluted earnings per share by $0.28.
(d) The fourth quarter of 2013 includes a $3.6 million reduction to a previously recorded contingent consideration
obligation and a $3.0 million impairment charge of intangible assets related to a 2012 acquisition resulting in a net
expense reduction of $0.6 million, or $1.7 million net of taxes. These fair value adjustments increased diluted earnings
per share by $0.03.