Harbinger Group Inc.
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SEC Filings

8-K
HRG GROUP, INC. filed this Form 8-K on 05/09/2016
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HRG GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
 
Three months ended March 31,
 
Six months ended March 31,
 
2016
 
2015
 
2016
 
2015
 
(Unaudited)
 
(Unaudited)
Revenues:
 
 
 
 
 
 
 
Net consumer and other product sales
$
1,209.6

 
$
1,086.5

 
$
2,428.4

 
$
2,175.3

Oil and natural gas
9.5

 
26.0

 
26.3

 
60.3

Net investment income
15.5

 
19.5

 
37.0

 
43.9

Net investment gains
33.1

 
9.7

 
7.2

 
4.8

Insurance and investment product fees and other
1.8

 
2.1

 
4.1

 
3.2

Total revenues
1,269.5

 
1,143.8

 
2,503.0

 
2,287.5

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of consumer products and other goods sold
746.8

 
707.0

 
1,524.9

 
1,419.0

Oil and natural gas direct operating costs
9.2

 
23.3

 
26.3

 
43.8

Benefits and other changes in policy reserves
35.7

 
30.6

 
43.8

 
50.3

Selling, acquisition, operating and general expenses
311.0

 
324.2

 
619.1

 
660.4

Impairments and bad debt expense
27.6

 
214.6

 
90.8

 
464.4

Amortization of intangibles
23.4

 
21.2

 
47.0

 
41.7

Total operating costs and expenses
1,153.7

 
1,320.9

 
2,351.9

 
2,679.6

Operating income (loss)
115.8

 
(177.1
)
 
151.1

 
(392.1
)
Interest expense
(95.8
)
 
(81.1
)
 
(193.3
)
 
(157.5
)
Gain on sale of oil and gas properties
 
 
 
 
105.6

 

Gain upon gaining control of equity method investment

 

 

 
141.2

Other income, net
0.5

 
14.1

 
1.6

 
46.9

Income (loss) from continuing operations before income taxes
20.5

 
(244.1
)
 
65.0

 
(361.5
)
Income tax expense (benefit)
8.9

 
(0.8
)
 
10.8

 
5.2

Net income (loss) from continuing operations
11.6

 
(243.3
)
 
54.2

 
(366.7
)
(Loss) income from discontinued operations, net of tax
(13.1
)
 
5.8

 
(48.7
)
 
22.8

Net (loss) income
(1.5
)
 
(237.5
)
 
5.5

 
(343.9
)
Less: Net income (loss) attributable to noncontrolling interest
33.3

 
(9.2
)
 
74.2

 
(5.8
)
Net loss attributable to controlling interest
$
(34.8
)
 
$
(228.3
)
 
$
(68.7
)
 
$
(338.1
)
 
 
 
 
 
 
 
 
Amounts attributable to controlling interest:
 
 
 
 
 
 
 
Net loss from continuing operations
$
45.0

 
$
(123.5
)
 
$
(8.8
)
 
$
(360.4
)
Net (loss) income from discontinued operations
(45.0
)
 
13.7

 
(59.9
)
 
22.3

Net loss attributable to controlling interest
$
(34.8
)
 
$
(228.3
)
 
$
(68.7
)
 
$
(338.1
)
 
 
 
 
 
 
 
 
Net loss per common share attributable to controlling interest:
 
 
 
 
 
 
 
Basic loss from continuing operation
$
(0.10
)
 
$
(1.20
)
 
$
(0.05
)
 
$
(1.82
)
Basic (loss) income from discontinued operations
(0.08
)
 
0.04

 
(0.30
)
 
0.11

Basic
$
(0.18
)
 
$
(1.16
)
 
$
(0.35
)
 
$
(1.71
)
 
 
 
 
 
 
 
 
Diluted loss from continuing operation
$
(0.10
)
 
$
(1.20
)
 
$
(0.05
)
 
$
(1.82
)
Diluted (loss) income from discontinued operations
(0.08
)
 
0.04

 
(0.30
)
 
0.11

Diluted
$
(0.18
)
 
$
(1.16
)
 
$
(0.35
)
 
$
(1.71
)



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