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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 21—QUARTERLY RESULTS (UNAUDITED)
_______________________________________________________________________________
83
Quarter Ended
March 31
(a)
Quarter Ended
June 30
Quarter
Ended
September 30
Quarter Ended
December 31
(In thousands, except per share data)
Year Ended December 31, 2013
Revenue
$
742,249
$
799,411
$
756,872
$
724,455
Cost of revenue
255,849
272,822
248,856
222,574
Operating income
84,551
106,696
122,004
112,952
Earnings from continuing operations
52,709
58,540
91,721
78,829
(Loss) earnings from discontinued operations, net of tax
(944
)
(1,068
)
3,914
24
Net earnings
51,765
57,472
95,635
78,853
Net earnings attributable to IAC shareholders
53,637
58,290
96,940
76,917
Per share information attributable to IAC shareholders:
Basic earnings per share from continuing operations
(c)
$
0.65
$
0.71
$
1.12
$
0.93
Diluted earnings per share from continuing operations
(c)
$
0.62
$
0.69
$
1.08
$
0.88
Basic earnings per share
(c)
$
0.64
$
0.70
$
1.17
$
0.93
Diluted earnings per share
(c)
$
0.61
$
0.67
$
1.13
$
0.88
Quarter Ended
March 31
(a)
Quarter Ended
June 30
(a)(b)
Quarter
Ended
September 30
(a)
Quarter Ended
December 31
(In thousands, except per share data)
Year Ended December 31, 2012
Revenue
$
640,600
$
680,612
$
714,470
$
765,251
Cost of revenue
223,300
237,304
262,275
267,918
Operating income
62,765
97,476
78,033
85,294
Earnings from continuing operations
31,153
48,101
46,185
44,408
Earnings (loss) from discontinued operations, net of tax
3,684
(4,641
)
(5,624
)
(2,470
)
Net earnings
34,837
43,460
40,561
41,938
Net earnings attributable to IAC shareholders
34,478
43,332
40,717
40,739
Per share information attributable to IAC shareholders:
Basic earnings per share from continuing operations
(c)
$
0.37
$
0.56
$
0.52
$
0.49
Diluted earnings per share from continuing operations
(c)
$
0.34
$
0.52
$
0.49
$
0.46
Basic earnings per share
(c)
$
0.42
$
0.50
$
0.46
$
0.46
Diluted earnings per share
(c)
$
0.38
$
0.47
$
0.43
$
0.43
(a) During the second quarter of 2013, certain expenses were reclassified between cost of revenue, selling and marketing expense, general and administrative expense and
product development expense. Accordingly, cost of revenue presented above for periods prior to the second quarter of 2013 differs from the amounts reflected in the
Company’s quarterly reports on Form 10-Q for the first quarter of 2013 and the second and third quarters of 2012.
(b) The second quarter of 2012 includes an after-tax non-cash charge of $16.2 million related to the re-measurement of the carrying value of our equity method investment in
News_Beast to fair value in connection with our acquisition of a controlling interest in June 2012.
(c)
Quarterly per share amounts may not add to the related annual per share amount because of differences in the average common shares outstanding during each period.