Results of Operations
Fiscal 2016 Quarter Compared to the Fiscal 2015 Quarter
Presented below is a table that summarizes our results of operations and compares the amount of the change between the fiscal periods (in millions):
|
| | | | | | | | | | | | |
| | Fiscal Quarter |
| | 2016 | | 2015 | | Increase / (Decrease) |
Revenues: | | | | | | |
Consumer Products | | $ | 1,218.8 |
| | $ | 1,067.8 |
| | $ | 151.0 |
|
Insurance | | (10.0 | ) | | 34.5 |
| | (44.5 | ) |
Energy | | 16.8 |
| | 34.3 |
| | (17.5 | ) |
Asset Management | | 6.0 |
| | 8.0 |
| | (2.0 | ) |
Intersegment elimination | | (5.4 | ) | | (23.8 | ) | | 18.4 |
|
Consolidated segment revenues | | 1,226.2 |
| | 1,120.8 |
| | 105.4 |
|
Corporate and Other | | — |
| | 21.0 |
| | (21.0 | ) |
Total revenues | | $ | 1,226.2 |
| | $ | 1,141.8 |
| | $ | 84.4 |
|
Operating income (loss): | | | | | | |
Consumer Products | | $ | 142.5 |
| | $ | 115.6 |
| | $ | 26.9 |
|
Insurance | | — |
| | 5.6 |
| | (5.6 | ) |
Energy | | (64.5 | ) | | (195.0 | ) | | 130.5 |
|
Asset Management | | (9.1 | ) | | (1.2 | ) | | (7.9 | ) |
Intersegment elimination | | (19.0 | ) | | (16.2 | ) | | (2.8 | ) |
Total segment operating income (loss) | | 49.9 |
| | (91.2 | ) | | 141.1 |
|
Corporate and Other and eliminations | | (14.6 | ) | | (123.8 | ) | | 109.2 |
|
Consolidated operating income (loss) | | 35.3 |
| | (215.0 | ) | | 250.3 |
|
Interest expense | | (97.5 | ) | | (76.4 | ) | | (21.1 | ) |
Gain on sale of oil and gas properties | | 105.6 |
| | — |
| | 105.6 |
|
Gain upon gaining control of equity method investment | | — |
| | 141.2 |
| | (141.2 | ) |
Other income, net | | 1.1 |
| | 32.8 |
| | (31.7 | ) |
Income (loss) from continuing operations before income taxes | | 44.5 |
| | (117.4 | ) | | 161.9 |
|
Income tax expense | | 1.9 |
| | 6.0 |
| | (4.1 | ) |
Net income (loss) from continuing operations | | 42.6 |
| | (123.4 | ) | | 166.0 |
|
(Loss) income from discontinued operations, net of tax | | (35.6 | ) | | 17.0 |
| | (52.6 | ) |
Net income (loss) | | 7.0 |
| | (106.4 | ) | | 113.4 |
|
Less: Net income attributable to noncontrolling interest | | 40.9 |
| | 3.4 |
| | 37.5 |
|
Net loss attributable to controlling interest | | $ | (33.9 | ) | | $ | (109.8 | ) | | $ | 75.9 |
|
Revenues. Revenues for the Fiscal 2016 Quarter increased $84.4 million, or 7.4%, to $1,226.2 million from $1,141.8 million for the Fiscal 2015 Quarter. The increase was primarily due to growth from acquisitions and organic sales from our Consumer Products segment, partially offset by (i) unrealized losses on the funds withheld receivables in the Insurance segment for the Fiscal 2016 Quarter; (ii) negative impact of foreign exchange in the Consumer Product segment; and (iii) lower sales in the Energy segment as a result of the decrease in oil and natural gas prices.
Consolidated operating income (loss). Consolidated operating income for the Fiscal 2016 Quarter increased $250.3 million, or 116.4%, to $35.3 million from an operating loss of $215.0 million for the Fiscal 2015 Quarter. The increase was primarily due to increased profitability in our Consumer Product segment as a result of acquisitions and lower ceiling test impairments in the Energy segment.
Interest Expense. Interest expense increased $21.1 million to $97.5 million for the Fiscal 2016 Quarter from $76.4 million for the Fiscal 2015 Quarter. The increase was primarily due to higher overall debt levels in the Consumer Products segment and Corporate and Other segment.
Gain on sale of oil and gas properties. The Compass Asset Sale resulted in a gain on sale of oil and gas properties of $105.6 million for the Fiscal 2016 Quarter.
