In the first quarter of 2012, the company had a net loss of $27.2 million, or $0.43 per share, compared to net income of $2.8 million, or $0.04 per share in the first quarter of 2011. The results in the first quarter of 2012 include a loss on early extinguishment of debt, net of $10.6 million related to our recent debt refinancing and restructuring, impairment and other charges of $14.0 million as a result of a print plant closure and other cost savings actions executed in the first quarter of 2012, while the results in the first quarter of 2011 included a preliminary bargain purchase gain of $10.5 million related to the EPG acquisition and restructuring, impairment and other charges of $3.8 million. On a Non-GAAP basis, income from continuing operations was $3.3 million, or $0.04 per share, in the first quarter of 2012 as compared to $1.1 million, or $0.02 per share, in the first quarter of 2012. Non-GAAP income (loss) from continuing operations excludes integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, gain on bargain purchase, loss on early extinguishment of debt, net and adjusts income taxes to reflect an estimated cash tax rate. A reconciliation of (loss) income from continuing operations to Non-GAAP income from continuing operations is presented in the attached tables.
- People:
- Robert G. Burton, Sr.
- Places:
- Stamford, Connecticut