Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Sep. 30, 2014

Quarterly Financial Data (unaudited)

Summary Of Unaudited Quarterly Financial Data

Summarized unaudited quarterly financial data for 2013 and 2014 is as follows.

	2013(1)(2)
(in thousands, except per-share amounts)	First quarter			Second quarter			Third quarter		Fourth quarter		Full year
Net revenue	$	149,573		$	140,988		$	197,030	$	214,985	$	702,576
Gross profit		37,245			32,411			58,505		64,321		192,482
Net income (loss)(3)		(5,872	)		(8,260	)		11,016		10,253		7,137
Basic and diluted earnings (loss) per share(4)		(0.09	)		(0.11	)		0.15		0.14		0.10

	2014(1)(2)
(in thousands, except per-share amounts)	First quarter			Second quarter			Third quarter		Fourth quarter		Full year
Net revenue	$	165,615		$	156,512		$	223,399	$	245,921	$	791,447
Gross profit		40,893			38,551			67,672		78,577		225,693
Net income (loss)(3)		(1,434	)		(10,082	)		10,893		16,681		16,058
Basic and diluted earnings (loss) per share(4)		(0.02	)		(0.14	)		0.14		0.22		0.20

(1)	Headwaters' revenue is seasonal, with higher revenues typically occurring in the third and fourth quarters of the fiscal year than in the first and second quarters. As a result, profitability is also usually higher in the last half of the fiscal year than in the first half of the year.
(2)	As described in Note 4, Headwaters acquired several businesses during 2013 and 2014 and these acquisitions have affected to a certain extent the comparability of the above information.
(3)	In both 2013 and 2014, Headwaters recorded a full valuation allowance on its net amortizable deferred tax assets and recorded income tax expense in both years, primarily from the combination of recognizing benefit for deferred tax assets only to the extent of projected fiscal year earnings, plus state income taxes in certain state jurisdictions (see Note 10).
(4)	In accordance with ASC Topic 260 Earnings Per Share, EPS is computed independently for each of the four fiscal quarters in a year. The basic and diluted EPS computed for certain years may not equal the sum of the four quarterly computations due to the combination of profitable quarters and loss quarters and / or rounding conventions.