Selling and administrative expenses (operating expenses) decreased 3% to $103.5 million in the third quarter of 2012 compared to the same period in 2011. Base business operating expenses were down 6% compared to the third quarter of 2011, as lower employee incentive costs, the impact of currency fluctuations on expenses, the impact of one less selling day and lower bad debt expense more than offset higher professional fees and inflationary increases in other costs.The Company performed an interim goodwill impairment analysis for its United Kingdom reporting unit during the third quarter and recorded a non-cash goodwill impairment charge equal to the total current goodwill carrying amount of $6.9 million, which had a $0.14 negative impact on diluted EPS for the three and nine months ended September 30, 2012. Adjusted operating income, adjusted net income and adjusted diluted EPS for all periods exclude goodwill impairment and are provided in this release because the company believes these amounts are useful to investors in assessing year-over-year operating performance.
Pool Corporation Reports Record Results And Updates 2012 Earnings Guidance Range
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