| Quarterly Financial Data |
The following
tables set forth our unaudited results of operations for each of
the quarters in 2013 and 2012. During 2013, we sold our non-branded
entertainment media distribution operations and discontinued our
DRTV operations. We now report these businesses as discontinued
operations, and, accordingly, we have reclassified their results of
operations for all periods presented to reflect them as such. 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.
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Year 2013 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 (a) |
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Net revenue
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$ |
36,679 |
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$ |
31,897 |
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$ |
36,128 |
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$ |
50,759 |
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Gross profit
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15,750 |
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13,314 |
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14,693 |
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21,551 |
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Gain on sale of
investment
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— |
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16,429 |
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1,975 |
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6,692 |
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Income (loss) from
continuing operations
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(2,203 |
) |
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8,112 |
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(699 |
) |
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(25,308 |
) |
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Income from discontinued
operations
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1,981 |
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(129 |
) |
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1,004 |
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(4,851 |
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Net income
(loss)
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(222 |
) |
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7,983 |
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305 |
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(30,159 |
) |
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Net income (loss)
attributable to Gaiam, Inc.
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(277 |
) |
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7,848 |
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120 |
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(30,443 |
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Net income (loss) per
share attributable to Gaiam, Inc. common shareholders –
diluted:
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From continuing
operations
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$ |
(0.10 |
) |
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$ |
0.36 |
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$ |
(0.03 |
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$ |
(1.08 |
) |
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From discontinued
operations
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0.09 |
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(0.01 |
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0.04 |
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(0.21 |
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Diluted net income (loss)
per share attributable to Gaiam, Inc.
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$ |
(0.01 |
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$ |
0.35 |
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$ |
0.01 |
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$ |
(1.29 |
) |
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Weighted average shares
outstanding-diluted
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22,732 |
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22,741 |
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22,765 |
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23,668 |
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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 (b) |
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December 31 |
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Net revenue
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$ |
28,589 |
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$ |
24,531 |
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$ |
28,537 |
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$ |
45,586 |
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Gross profit
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13,995 |
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10,585 |
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12,601 |
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19,338 |
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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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Loss from continuing
operations
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(1,977 |
) |
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(4,756 |
) |
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(11,923 |
) |
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(569 |
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Income from discontinued
operations
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679 |
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2,647 |
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997 |
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2,325 |
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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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Net income (loss) per
share attributable to Gaiam, Inc. common shareholders –
diluted:
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From continuing
operations
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$ |
(0.08 |
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$ |
(0.21 |
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$ |
(0.53 |
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$ |
(0.03 |
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From discontinued
operations
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0.03 |
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0.12 |
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0.04 |
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0.10 |
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Diluted net income (loss)
per share attributable to Gaiam, Inc.
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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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| (a) |
We reported gains of
$16.4 million, $2.0 million and $6.7 million in the second, third
and fourth quarters of 2013 on the sale of our Real Goods Solar
stock, the carrying value for which had previously been reduced to
zero through the recognition of our portion of RSOL’s net
losses. We recorded a charge of $11.0 million to exit certain
businesses, to restructure certain operations, and a net loss of
$2.0 million after selling GVE and closing DRTV in the fourth
quarter. We also recorded a $23.2 million valuation allowance for
our deferred tax assets in the fourth quarter of 2013. |
| (b) |
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. |
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