Quarterly Financial Data (Unaudited) (Notes)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

The following quarterly financial data are unaudited, but in the opinion of management include all necessary adjustments, of a normal and recurring nature, for a fair statement of the interim results. The company’s results are subject to significant seasonal variations and interim results are not indicative of the results of operations for the full fiscal year. The company’s results during the third and fourth quarters are generally weaker than in the first half of the year due to increased availability of competing fruits and resulting lower banana prices, as well as seasonally lower consumption of salads in the fourth quarter.

Per share results include the effect, if dilutive, of the assumed conversion of the Convertible Notes, options and other stock awards into common stock during the period presented. The effects of assumed conversions are determined independently for each respective quarter and year and may not be dilutive during every period due to variations in net income (loss) and average stock price. Therefore, the sum of quarterly per share results will not necessarily equal the per share results for the full year. For the quarters ended December 31, 2013 and September 30, 2013, the shares used to calculate diluted EPS would have been 47.7 million and 47.9 million, respectively, if the company had generated net income. For the quarters ended December 31, 2012, September 30, 2012 and March 31, 2012, the shares used to calculate diluted EPS would have been 47.0 million, 46.6 million and 46.5 million , respectively, if the company had generated net income.

The company recorded out of period adjustments for income tax benefit (expense) in the second and fourth quarters of 2013 of $3 million and $(2) million, respectively, and $(3) million and $(2) million in the first and fourth quarters of 2012, respectively. Adjustments in 2013 relate to 2012, 2011 and prior periods while the adjustments in 2012 relate primarily to 2011. In the fourth quarter of 2012, the company also recorded an out of period for $3 million of sales rebates that were primarily related to the second quarter of 2012. These collective corrections had an insignificant effect on all affected annual and quarterly periods and line items based on a quantitative and qualitative evaluation.

2013 (In thousands, except per share amounts)	March 31		June 30		Sept. 30			Dec. 31
Net sales	$	774,252	$	812,171	$	723,062		$	747,997
Cost of sales	679,151		693,346		645,170			690,761
Gross profit	95,101		118,825		77,892			57,236
Operating income (loss)	25,138		40,576		1,153			(17,022		)
Net income (loss)	2,377		31,100		(17,814		)	(31,478		)
Net income (loss) per common share — basic
Continuing Operations	0.05		0.67		(0.38		)	(0.67		)
Discontinued Operations	—		—		—			—
	0.05		0.67		(0.38		)	(0.67		)
Net income (loss) per common share — diluted
Continuing Operations	0.05		0.66		(0.38		)	(0.67		)
Discontinued Operations	—		—		—			—
	0.05		0.66		(0.38		)	(0.67		)
Common stock market price:
High	$	8.25	$	11.05	$	13.57		$	12.90
Low	6.10		7.05		11.03			9.41

2012 (In thousands, except per share amounts)	March 31			June 30		Sept. 30			Dec. 31
Net sales	$	793,484		$	833,165	$	714,167		$	737,521
Cost of sales	704,971			727,607		643,578			666,884
Gross profit	88,513			105,558		70,589			70,637
Operating income (loss)	(434		)	17,597		(66,104		)	(204,893		)
Net income (loss)	(11,142		)	5,508		(66,754		)	(332,629		)
Net income (loss) per common share — basic
Continuing Operations	(0.24		)	0.12		(1.45		)	(7.14		)
Discontinued Operations	—			—		—			(0.04		)
	(0.24		)	0.12		(1.45		)	(7.18		)
Net income (loss) per common share — diluted
Continuing Operations	(0.24		)	0.12		(1.45		)	(7.14		)
Discontinued Operations	—			—		—			(0.04		)
	(0.24		)	0.12		(1.45		)	(7.18		)
Common stock market price:
High	$	10.37		$	8.96	$	7.96		$	8.39
Low	8.04			4.66		4.75			6.61