Note 19 – Quarterly results of operations (unaudited):
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Quarter ended |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
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(In millions, except per share data) |
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|
Year ended December 31, 2014 |
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Net sales |
$ |
420.1 |
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|
$ |
443.5 |
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|
$ |
414.8 |
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|
$ |
373.5 |
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Gross margin |
|
80.5 |
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|
93.8 |
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|
95.7 |
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|
|
79.7 |
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Net income |
|
14.3 |
|
|
|
33.1 |
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|
|
31.9 |
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|
|
19.9 |
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|
Basic and diluted income per share |
$ |
.12 |
|
|
$ |
.29 |
|
|
$ |
.28 |
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|
$ |
.17 |
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Year ended December 31, 2015 |
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Net sales |
$ |
365.1 |
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|
$ |
360.2 |
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|
$ |
336.5 |
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|
$ |
287.0 |
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Gross margin |
|
77.4 |
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|
|
46.5 |
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|
|
43.2 |
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|
25.2 |
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Net income (loss) |
|
18.4 |
|
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|
(159.8 |
) |
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(11.8 |
) |
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|
(20.4 |
) |
|
Basic and diluted income (loss) per share |
$ |
.16 |
|
|
$ |
(1.38 |
) |
|
$ |
(.10 |
) |
|
$ |
(.18 |
) |
In 2014 we recognized a non-cash income tax benefit of $5.7 million in the second quarter of 2014 related to a net reduction in our reserve for uncertain tax positions.
We recognized the following amounts during 2015:
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· |
pretax charges of $21.1 million, $.4 million and $.2 million in the second, third and fourth quarters, respectively, in workforce reduction charges (see Note 17), |
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· |
a $12.0 million non-cash pretax impairment charge in the third quarter due to other-than-temporary impairment on our investment in a marketable security held for sale (see Note 6), and |
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· |
non-cash deferred income tax expense of $150.3 million, $2.3 million and $6.4 million in the second, third and fourth quarters, respectively, related to the recognition of a deferred income tax asset valuation allowance related to our German and Belgium operations (see Note 10). |
The sum of the quarterly per share amounts may not equal the annual per share amounts due to relative changes in the weighted average number of shares used in the per share computations.
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