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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/22/2016
Entire Document
 
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)

Note 16:  Results by Quarter (Unaudited) 
 
Three Months Ended
March 31,
 
Three Months Ended
June 30,
 
Three Months Ended
September 30,
 
Three Months Ended
December 31,
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Revenue
$
1,676.0

 
$
1,637.5

 
$
1,876.1

 
$
1,851.4

 
$
1,865.5

 
$
1,841.1

 
$
2,196.2

 
$
2,207.1

Salaries and related expenses
1,215.2

 
1,188.6

 
1,205.2

 
1,170.2

 
1,202.2

 
1,195.2

 
1,235.1

 
1,266.4

Office and general expenses
453.1

 
461.1

 
455.1

 
484.7

 
472.1

 
474.7

 
504.7

 
507.6

Restructuring and other reorganization-related (reversals) charges, net
(0.1
)
 
(0.5
)
 
0.0

 
0.7

 
(0.7
)
 
(0.1
)
 
0.0

 
0.1

Operating income (loss)
7.8

 
(11.7
)
 
215.8

 
195.8

 
191.9

 
171.3

 
456.4

 
433.0

Other income (expense), net 1
0.3

 
1.7

 
0.5

 
(11.2
)
 
(37.2
)
 
(0.6
)
 
(10.3
)
 
(0.1
)
Total (expenses) and other income 1
(13.4
)
 
(12.3
)
 
(14.8
)
 
(27.2
)
 
(52.9
)
 
(13.8
)
 
(28.6
)
 
(14.4
)
(Benefit of) provision for income taxes 2
(1.4
)
 
(1.7
)
 
77.7

 
65.3

 
61.1

 
65.0

 
145.4

 
87.9

Net (loss) income
(4.2
)
 
(22.4
)
 
123.8

 
103.7

 
78.0

 
92.8

 
282.9

 
331.3

Net (loss) income available to IPG common stockholders 2
$
(1.8
)
 
$
(20.9
)
 
$
121.2

 
$
99.4

 
$
74.9

 
$
89.7

 
$
260.3

 
$
308.9

(Loss) earnings per share available to IPG common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.00

 
$
(0.05
)
 
$
0.30

 
$
0.24

 
$
0.18

 
$
0.21

 
$
0.65

 
$
0.75

Diluted
$
0.00

 
$
(0.05
)
 
$
0.29

 
$
0.23

 
$
0.18

 
$
0.21

 
$
0.63

 
$
0.73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common stock
$
0.120

 
$
0.095

 
$
0.120

 
$
0.095

 
$
0.120

 
$
0.095

 
$
0.120

 
$
0.095

 
1
The three months ended December 31, 2015 included pre-tax losses of $12.0 on sales of businesses. The three months ended September 30, 2015 included pre-tax losses of $38.0 on sales of businesses. The three months ended June 30, 2014 included a pre-tax loss of $10.4 related to our early extinguishment of debt.
2
The three months ended December 31, 2014 included a tax benefit of $67.6 due to the net reversal of valuation allowances on deferred tax assets in Continental Europe.

Note 17:  Subsequent Events
In February 2016, we announced that our Board had approved a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2016 Share Repurchase Program"). The authorization for repurchases under the 2016 Share Repurchase Program is in addition to any amounts remaining for repurchase under the 2015 Share Repurchase Program. See Note 5 for further information on the 2015 Share Repurchase Program. There is no expiration date associated with the share repurchase programs. We may effect such repurchases through open market purchases, trading plans established in accordance with SEC rules, derivative transactions or other means. We expect to continue to repurchase our common stock in future periods, although the timing and amount of the repurchases will depend on market conditions and other funding requirements.
We also announced in February 2016 that our Board had declared a common stock cash dividend of $0.15 per share, payable on March 15, 2016 to holders of record as of the close of business on March 1, 2016.


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