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16. QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly data for fiscal years 2012 and 2011 follows:
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Quarter Ended |
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September 30 |
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December 31 |
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March 31 |
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June 30 |
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Year Ended |
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(Dollars in thousands, except per share amounts)
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2012 |
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Revenues |
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$ |
568,749 |
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$ |
563,278 |
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$ |
573,584 |
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$ |
568,168 |
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$ |
2,273,779 |
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Gross margin, excluding royalties and depreciation |
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252,627 |
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247,697 |
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249,010 |
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249,027 |
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998,361 |
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Operating income (loss)(a) |
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13,072 |
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(61,617 |
) |
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25,200 |
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(43,968 |
) |
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(67,313 |
) |
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Income (loss) from continuing operations(a)(b) |
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8,337 |
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(57,427 |
) |
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(2,468 |
) |
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(63,634 |
) |
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(115,192 |
) |
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Income (loss) from discontinued operations(c) |
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— |
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— |
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1,099 |
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— |
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1,099 |
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Net income (loss)(a)(b) |
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8,337 |
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(57,427 |
) |
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(1,369 |
) |
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(63,634 |
) |
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(114,093 |
) |
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Income (loss) from continuing operations per share, basic |
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0.15 |
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(1.01 |
) |
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(0.04 |
) |
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(1.11 |
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(2.02 |
) |
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Income from discontinued operations per share, basic |
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— |
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— |
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0.02 |
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— |
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0.02 |
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Net income (loss) per basic share(f) |
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0.15 |
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(1.01 |
) |
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(0.02 |
) |
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(1.11 |
) |
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(2.00 |
) |
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Income (loss) from continuing operations per share, diluted |
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0.15 |
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(1.01 |
) |
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(0.04 |
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(1.11 |
) |
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(2.02 |
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Income (loss) from discontinued operations per share, diluted |
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— |
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— |
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0.02 |
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— |
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0.02 |
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Net income (loss) per diluted share(f) |
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0.15 |
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(1.01 |
) |
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(0.02 |
) |
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(1.11 |
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(2.00 |
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Dividends declared per share |
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0.06 |
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0.06 |
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0.06 |
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0.06 |
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0.24 |
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Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 6 in this Form 10-K for explanations of items, which impacted fiscal year 2012 revenues, operating and net income (loss).
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Quarter Ended |
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September 30 |
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December 31 |
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March 31 |
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June 30 |
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Year Ended |
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(Dollars in thousands, except per share amounts)
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2011 |
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Revenues |
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$ |
578,245 |
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$ |
574,372 |
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$ |
581,267 |
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$ |
591,985 |
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$ |
2,325,869 |
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Gross margin, excluding royalties and depreciation |
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257,558 |
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251,132 |
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253,017 |
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261,614 |
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1,023,321 |
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Operating income (loss)(a)(d) |
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33,434 |
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22,864 |
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(59,504 |
) |
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7,154 |
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3,948 |
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Income (loss) from continuing operations(a)(d)(e) |
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18,320 |
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14,505 |
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(25,335 |
) |
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(16,395 |
) |
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(8,905 |
) |
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Net income (loss)(a)(d)(e) |
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18,320 |
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14,505 |
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(25,335 |
) |
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(16,395 |
) |
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(8,905 |
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Income (loss) from continuing operations per share, basic |
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0.32 |
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0.26 |
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(0.45 |
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(0.29 |
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(0.16 |
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Net income (loss) per basic share |
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0.32 |
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0.26 |
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(0.45 |
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(0.29 |
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(0.16 |
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Income (loss) from continuing operations per share, diluted |
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0.30 |
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0.24 |
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(0.45 |
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(0.29 |
) |
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(0.16 |
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Net income (loss) per diluted share |
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0.30 |
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0.24 |
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(0.45 |
) |
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(0.29 |
) |
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(0.16 |
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Dividends declared per share |
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0.04 |
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0.04 |
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0.06 |
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0.06 |
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0.20 |
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Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 6 in this Form 10-K for explanations of items, which impacted fiscal year 2011 revenues, operating and net income.
- (a)
- Expense of $67.7 million ($55.2 million net of tax) was recorded in the fourth quarter ended June 30, 2012 related to our Regis salon concept goodwill impairment. Expense of $78.4 million ($72.6 million net of tax) was recorded in the second quarter ended December 31, 2011 related to our Hair Restoration Centers reporting unit goodwill impairment. Expense of $74.1 million ($50.8 million net of tax) was recorded in the third quarter ended March 31, 2011 related to our Promenade salon concept goodwill impairment due to recent performance challenges in that concept.
- (b)
- Expense of $17.2 million was recorded during fiscal year 2012 related to the impairment of our investment in Provalliance as a result of the Company entering into a Share Purchase Agreement to sell the Company's 46.7 percent equity interest in Provalliance for a purchase price of €80 million. Expense of $19.4 million was recorded during fiscal year 2012 related to the impairment of our investment in EEG.
- (c)
- During the third quarter ended March 31, 2012, the Company recorded a $1.1 million tax benefit in discontinued operations related to the release of tax reserves associated with the disposition of the Trade Secret salon concept.
- (d)
- Operating income and net income decreased $31.2 million ($19.2 million net of tax) as a result of a valuation reserve on a note receivable with the purchase of Trade Secret that was recorded in the third quarter ($9.0 million) and fourth quarter ($22.2 million) of fiscal year 2011.
- (e)
- Income (loss) from continuing operations and net income decreased as a result of $9.2 million that was recorded in the third quarter ($8.7 million) and in the fourth quarter ($0.5 million) as a result of an other than temporary impairment on an investment in preferred shares of Yamano and a premium paid at the time of an initial investment in MY Style.
- (f)
- Total is a recalculation; line items calculated individually may not sum to total.
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