| Quarterly Results of Operations (Unaudited) |
14. Quarterly Results of
Operations (Unaudited)
The following tables set
forth our unaudited results of operations for each of the quarters
in 2012 and 2011. Since RSOL was not deconsolidated until
December 31, 2011, for better comparison purposes, we have
presented the 2011 quarters both on a pro forma basis assuming RSOL
instead had been deconsolidated on January 1, 2011 (RSOL
Deconsolidated) and on a US GAAP basis with RSOL
deconsolidated on December 31, 2011 (RSOL Consolidated). In
our opinion, this unaudited financial information includes all
adjustments, consisting solely of normal recurring accruals and
adjustments, necessary for a fair presentation of the results of
operations for the quarters presented. Additionally, we have made
pro forma adjustments based on currently available information,
estimates and assumptions that we believe are reasonable in order
to reflect, on a pro forma basis, the impact of this
deconsolidation on our historical financial information.
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RSOL
Deconsolidated |
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Year 2012 Quarters Ended |
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(in thousands, except per share data)
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March 31 |
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June 30 |
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September 30 (a) |
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December 31 |
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Net revenue
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$ |
47,333 |
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$ |
45,446 |
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$ |
42,983 |
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$ |
66,713 |
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Gross profit
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27,106 |
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28,011 |
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24,071 |
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36,916 |
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Loss from equity method
investment
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(696 |
) |
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(944 |
) |
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(15,940 |
) |
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(830 |
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Income (loss) before income
taxes and noncontrolling interests
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(1,935 |
) |
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(3,033 |
) |
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(16,303 |
) |
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3,019 |
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Net income
(loss)
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(1,298 |
) |
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(2,109 |
) |
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(10,926 |
) |
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1,756 |
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Net income (loss)
attributable to Gaiam, Inc.
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(1,219 |
) |
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(2,053 |
) |
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(11,157 |
) |
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1,547 |
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Diluted net income (loss)
per share attributable to Gaiam, Inc. common
shareholders
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$ |
(0.05 |
) |
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$ |
(0.09 |
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$ |
(0.49 |
) |
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$ |
0.07 |
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Weighted average shares
outstanding-diluted
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22,698 |
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22,702 |
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22,704 |
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22,706 |
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RSOL
Deconsolidated |
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Year 2011 Quarters Ended |
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(in thousands, except per share data)
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March 31 |
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June 30 |
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September 30 |
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December 31 (b) |
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Net revenue
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$ |
37,387 |
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$ |
30,755 |
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$ |
41,747 |
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$ |
55,627 |
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Gross profit
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20,831 |
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17,242 |
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24,061 |
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26,867 |
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Loss before income taxes
and noncontrolling interests
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(1,563 |
) |
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(5,821 |
) |
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(1,095 |
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(21,151 |
) |
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Net loss
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(964 |
) |
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(3,994 |
) |
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(890 |
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(20,834 |
) |
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Net loss attributable to
Gaiam, Inc.
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(1,006 |
) |
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(3,868 |
) |
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(1,142 |
) |
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(21,120 |
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Diluted net loss per share
attributable to Gaiam, Inc. common shareholders
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$ |
(0.04 |
) |
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$ |
(0.17 |
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$ |
(0.05 |
) |
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$ |
(0.93 |
) |
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Weighted average shares
outstanding-diluted
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23,301 |
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23,314 |
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23,205 |
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22,691 |
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RSOL
Consolidated |
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Year 2011 Quarters Ended |
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(in thousands, except per share data)
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March 31 |
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June 30 |
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September 30 |
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December 31 (b) |
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Net revenue
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$ |
54,812 |
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$ |
50,709 |
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$ |
73,333 |
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$ |
95,919 |
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Gross profit
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25,860 |
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22,602 |
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31,914 |
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36,485 |
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Loss before income taxes
and noncontrolling interests
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(1,509 |
) |
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(7,113 |
) |
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(1,655 |
) |
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(25,650 |
) |
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Net loss
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(941 |
) |
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(4,978 |
) |
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(1,189 |
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(18,162 |
) |
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Net loss attributable to
Gaiam, Inc.
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(1,000 |
) |
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(4,141 |
) |
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(1,229 |
) |
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(18,502 |
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Diluted net loss per share
attributable to Gaiam, Inc. common shareholders
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$ |
(0.04 |
) |
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$ |
(0.18 |
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$ |
(0.05 |
) |
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$ |
(0.82 |
) |
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Weighted average shares
outstanding-diluted
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23,301 |
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23,314 |
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23,205 |
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22,691 |
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| (a) |
During the quarter ended
September 30, 2012, we recorded a noncash loss from our equity
method investment in RSOL of $15.9 million and related income tax
benefits of $5.7 million. See Note 3. Equity Method Investment and
Receivable From Investee. |
| (b) |
During the quarter ended
December 31, 2011, we recorded a noncash, goodwill impairment
charge of $22.5 million, a noncash loss on deconsolidation of
subsidiary of $4.5 million, and an income tax benefit of $7.1
million related to the remeasurement to fair value of our equity
method investment in Real Goods Solar. See Notes 3 and 6 to our
consolidated financial statements for 2011. |
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