First Quarter GAAP Results - Continuing Operations:
Net revenues from continuing operations in the first quarter of 2013 increased 3.2%, 3.8% on a constant dollar basis, to $148.8 million from $144.2 million in the first quarter of 2012. Gross profit margins were 36.2% compared with 36.8% in the 2012 first quarter.
Selling, general and administrative (SG&A) expenses of $55.3 million decreased by $10.3 million, or 15.7% compared with the same period last year, driven by $9.6 million of additional cost reductions from the global restructuring programs, as well as continued tight expense control.
The operating loss of $1.3 million improved $18.2 million from the same period last year. The 2013 loss included restructuring expenses and acquisition costs offset by the reversal of a litigation settlement reserve associated with a patent infringement lawsuit.
The acquisition costs are due to legal costs incurred in connection with ongoing arbitration of an EBITDA contingent payment related to the acquisition of the Shore to Shore businesses in May 2011. The 2012 loss included restructuring expenses, legal and forensic costs that resulted from the investigation of fraud in our Canadian subsidiary, and acquisition costs.
Net loss from continuing operations was $0.09 per diluted share compared with a loss of $0.26 per diluted share in the same period last year.
First Quarter Adjusted non-GAAP Operating Income and Earnings per Share - Continuing Operations:
Adjusted non-GAAP operating loss from continuing operations was $5.7 million in the first quarter of 2013, compared with a loss of $17.0 million in the same period last year. Adjusted non-GAAP net loss from continuing operations was $0.21 per share compared with a net loss from continuing operations of $0.21 per share in the first quarter of 2012.
The 2013 results exclude the impact of restructuring expenses, acquisition costs, and the reversal of a litigation settlement reserve. The 2012 results exclude the impact of restructuring expenses, legal and forensic costs that resulted from the investigation of fraud in our Canadian subsidiary, and acquisition costs.
Unlike the first quarter of 2012, first quarter 2013 results do not include the tax benefit on losses from U.S. operations due to a change in tax accounting methodology that we first began to apply in the second quarter of 2012.
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