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Quarterly Financial Information (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information

 

The following tables contain selected unaudited statements of operations for each quarter of 2020 and 2019. As further discussed in Note 1, our results from continuing operations do not include the results of Nutrisystem, which we sold effective December 9, 2020.

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2020

 

First

 

 

Second

 

 

Third

 

 

Fourth (1)

 

Revenues

 

$

159,692

 

 

$

81,923

 

 

$

95,481

 

 

$

100,617

 

Gross margin

 

 

42,713

 

 

 

45,879

 

 

 

45,382

 

 

 

44,168

 

Income before income taxes

 

 

11,411

 

 

 

23,959

 

 

 

23,236

 

 

 

15,793

 

Income from continuing operations

 

 

8,275

 

 

 

17,202

 

 

 

16,750

 

 

 

14,642

 

Income (loss) from discontinued operations,

   net of income tax

 

 

(206,381

)

 

 

11,309

 

 

 

(59,168

)

 

 

(26,260

)

Net income (loss)

 

 

(198,106

)

 

 

28,511

 

 

 

(42,418

)

 

 

(11,618

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

0.17

 

 

$

0.35

 

 

$

0.34

 

 

$

0.30

 

Discontinued operations (2)

 

$

(4.25

)

 

$

0.23

 

 

$

(1.21

)

 

$

(0.54

)

Net income (loss) (2) (3)

 

$

(4.08

)

 

$

0.59

 

 

$

(0.87

)

 

$

(0.24

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

0.17

 

 

$

0.35

 

 

$

0.34

 

 

$

0.29

 

Discontinued operations (2)

 

$

(4.22

)

 

$

0.23

 

 

$

(1.20

)

 

$

(0.53

)

Net income (loss) (2) (3)

 

$

(4.05

)

 

$

0.58

 

 

$

(0.86

)

 

$

(0.23

)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2019

 

First (4)

 

 

Second

 

 

Third

 

 

Fourth (5)

 

Revenues

 

$

156,527

 

 

$

157,480

 

 

$

159,979

 

 

$

159,080

 

Gross margin

 

 

42,303

 

 

 

44,903

 

 

 

46,852

 

 

 

47,271

 

Income before income taxes

 

 

3,486

 

 

 

15,743

 

 

 

22,864

 

 

 

23,417

 

Income (loss) from continuing operations

 

 

(161

)

 

 

10,837

 

 

 

16,688

 

 

 

17,853

 

Income (loss) from discontinued operations,

   net of income tax

 

 

4,375

 

 

 

7,299

 

 

 

(2,769

)

 

 

(340,943

)

Net income (loss)

 

 

4,214

 

 

 

18,136

 

 

 

13,919

 

 

 

(323,090

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

—

 

 

$

0.23

 

 

$

0.35

 

 

$

0.37

 

Discontinued operations (2)

 

$

0.10

 

 

$

0.15

 

 

$

(0.06

)

 

$

(7.06

)

Net income (loss) (2)

 

$

0.10

 

 

$

0.38

 

 

$

0.29

 

 

$

(6.69

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

—

 

 

$

0.22

 

 

$

0.34

 

 

$

0.37

 

Discontinued operations (2)

 

$

0.10

 

 

$

0.15

 

 

$

(0.06

)

 

$

(6.97

)

Net income (loss) (2) (3)

 

$

0.10

 

 

$

0.37

 

 

$

0.29

 

 

$

(6.61

)

 

 

(1)

Income from continuing operations for the fourth quarter of 2020 includes strategic project costs, CEO transition costs, and acquisition and integration costs of $2.3 million, $1.0 million, and $0.6 million, respectively, each of which were primarily recorded to selling, general, and administrative expenses.

 

 

(2)

We calculated earnings per share for each of the quarters based on the weighted average number of shares and dilutive securities outstanding for each period. Accordingly, the sum of the quarters may not necessarily be equal to the full year income per share.  

 

 

(3)

Figures may not add due to rounding.

 

 

(4)

The impact of potentially dilutive securities for the three months ended March 31, 2019 was not considered because the impact on continuing operations would be anti-dilutive.

 

 

(5)

Income from continuing operations for the fourth quarter of 2019 includes acquisition, integration, and project costs totaling $4.3 million, which were primarily recorded to selling, general, and administrative expenses.