Home Shopping Network 2015 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 2015 Home Shopping Network annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

19
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.
Year Ended December 31,
2015 2014 2013 2012 2011
(In thousands, except per share data)
Statement of Operations Data:
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,690,575 $ 3,587,995 $ 3,403,983 $ 3,266,739 $ 3,069,356
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284,034 284,609 282,654 258,744 239,042
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . 169,239 172,984 178,449 136,497 127,652
Net income (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,239 172,984 178,449 130,675 123,070
Income from continuing operations per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.22 $ 3.28 $ 3.33 $ 2.42 $ 2.18
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.16 $ 3.23 $ 3.25 $ 2.36 $ 2.10
Net income per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.22 $ 3.28 $ 3.33 $ 2.32 $ 2.10
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.16 $ 3.23 $ 3.25 $ 2.25 $ 2.03
Shares used in computing earnings per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,627 52,736 53,640 56,314 58,636
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,505 53,633 54,857 57,956 60,689
Dividends declared per common share . . . . . . . . . . . . . . . . . . . . . $ 11.40 $ 1.10 $ 0.79 $ 0.555 $ 0.125
Balance Sheet Data (end of period) (b):
Working capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 329,182 $ 407,654 $ 361,386 $ 357,265 $ 481,599
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341,463 1,399,526 1,308,162 1,304,349 1,370,671
Total debt, including current maturities. . . . . . . . . . . . . . . . . . . . . 640,000 228,126 240,625 250,000 239,111
Other long-term liabilities, including deferred income taxes . . . . 65,155 72,698 74,845 67,385 77,645
(a) Loss from discontinued operations for the periods presented includes the income and losses for The Territory Ahead and Smith+Noble, two brands sold
by Cornerstone in 2012.
(b) In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred
Taxes (ASU 2015-17), which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as
noncurrent on the balance sheet. In 2015, we adopted this standard retrospectively and reclassified all of our current deferred tax assets to noncurrent
deferred tax assets on our consolidated balance sheet data for all periods presented. As a result of the reclassifications, current deferred tax assets were
netted with noncurrent deferred tax liabilities for all periods presented.