With that, let me go into the details.
Moving to Slide 4 of the presentation for a discussion of the second quarter 2012 and first half 2012 consolidated results. We reported net income of $428 million for the second quarter of 2012 -- I'm sorry, we reported net sales of $428 million for the second quarter of 2012, an increase of 18% from the sales reported for the second quarter of 2011. In the second quarter of 2012, we reported a net loss of $37 million or $0.27 per diluted share. We reported a $52 million pretax charge associated with the early debt extinguishment. This represents the make whole provision for the debt which was tendered but associated the deferred cost.
In the second quarter of 2011, we reported a net loss of $33 million or $0.25 per diluted share and the $362 million of net sales. The adjusted income from continuing operations for the quarter is $3 million, or $0.02 per share, based upon a normalized tax rate of 35% compared to a loss of $26 million or $0.19 per share in the second quarter of 2011.
Adjusted EBITDA from continuing operations was $37 million in the second quarter, compared to negative EBITDA of $4 million in the second quarter of 2011. Another solid improvement quarter-over-quarter with a $65 million increase in net sales and higher adjusted EBITDA of $40 million, compared to the second quarter of 2011.On a year-to-date basis, we recorded $789 million in net sales, a $48 million net loss, and a loss per share of $0.35 as compared to net sales of $694 million and net loss of $56 million and a loss per share of $0.43 in the first half of 2011.On a non-GAAP basis, we recorded adjusted operating income of $17 million, a loss per share of $0.05 and adjusted EBITDA of $58 million for the first 6 months of 2012, a significant improvement over the first 6 months of 2011 when we recorded a loss of $35 million, a loss per share of $0.32 and adjusted EBITDA of $10 million.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV