The Company incurred restructuring charges related to continuing operations in the fourth quarter of 2012 of $7.6 million after-tax, principally related to severance costs in the North America/HME and Asia/Pacific segments, as well as asset write-downs related to facility closures in the Europe and Asia/Pacific segments, compared to restructuring charges related to continuing operations of $8.9 million after-tax in 2011, principally related to severance and other facility closure costs. These restructuring charges are excluded from adjusted earnings per share (a).
Net loss per share on a GAAP basis for the fiscal year 2012 was $0.26 ($8.3 million net loss) as compared to the net loss per share for 2011 of $0.58 ($18.5 million net loss). The net loss for the year ended December 31, 2012 was negatively impacted by incremental regulatory and compliance costs related to quality system improvements of $0.72 per share ($22.8 million after-tax expense), a discrete 2012 tax expense related to prior years of $0.30 per share ($9.3 million tax expense) which is a non-cash charge in the current year for a matter that is under audit and being contested by the Company, charges related to restructuring from continuing operations of $0.36 per share ($11.3 million after-tax expense), $0.01 per share ($0.3 million after-tax expense) for early debt extinguishment charges and positively impacted by $0.18 ($5.8 million tax benefit) resulting from an intraperiod tax allocation associated with discontinued operations. The net loss for 2011 included asset write-downs related to goodwill and intangible assets of $1.52 per share ($48.7 million after-tax expense), an expense of $0.76 per share ($24.2 million after-tax expense) for early debt extinguishment charges, and restructuring charges from continuing operations of $0.32 per share ($10.3 million after-tax expense). The net loss for 2011 was positively impacted by $0.15 per share ($4.9 million tax benefit) as a result of a tax settlement in Germany.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV