Quarterly Financial Data (Unaudited)
The following financial information reflects all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for the years ended December 28, 2014 and December 27, 2015, is as follows (in millions, except per share data):
| | | | | | | | | | | | | | | | | | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Fiscal year 2014 | | | | | | | | | Revenues | | $ | 174.6 |
| | $ | 205.5 |
| | $ | 190.8 |
| | $ | 192.1 |
| Gross profit | | 43.8 |
| | 48.1 |
| | 42.4 |
| | 45.1 |
| Operating income (loss) from continuing operations | | 0.4 |
| | 2.3 |
| | (3.0 | ) | | 5.6 |
| Provision (benefit) for income taxes | | 2.1 |
| | 1.2 |
| | (0.2 | ) | | 0.8 |
| Loss from continuing operations | | (13.4 | ) | | (48.2 | ) | | (11.3 | ) | | (2.8 | ) | Income (loss) from discontinued operations | | (1.6 | ) | | (1.7 | ) | | 0.4 |
| | 0.6 |
| Net loss | | $ | (15.0 | ) | | $ | (49.9 | ) | | $ | (10.9 | ) | | $ | (2.2 | ) | Basic and diluted income (loss) per common share: | | | | | | | | | Loss from continuing operations | | $ | (0.23 | ) | | $ | (0.84 | ) | | $ | (0.20 | ) | | $ | (0.05 | ) | Income (loss) from discontinued operations | | $ | (0.03 | ) | | $ | (0.03 | ) | | $ | 0.01 |
| | $ | 0.01 |
| Net loss per common share | | $ | (0.26 | ) | | $ | (0.87 | ) | | $ | (0.19 | ) | | $ | (0.04 | ) |
In the second quarter of 2014, a $39.1 million loss on extinguishment of debt was recorded to reflect the refinance of the Company’s $625.0 million 10% Senior Secured Notes Due 2017 with the $625.0 million 7% Senior Secured Notes Due 2019. | | | | | | | | | | | | | | | | | | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Fiscal year 2015 | | | | | | | | | Revenues | | $ | 157.1 |
| | $ | 160.8 |
| | $ | 161.7 |
| | $ | 177.5 |
| Gross profit | | 38.3 |
| | 40.9 |
| | 40.4 |
| | 42.2 |
| Operating income (loss) from continuing operations | | (3.9 | ) | | (3.7 | ) | | 1.6 |
| | 1.5 |
| Provision (benefit) for income taxes | | 1.9 |
| | 2.3 |
| | (15.3 | ) | | (0.3 | ) | Income (loss) from continuing operations | | (14.5 | ) | | (16.0 | ) | | 4.3 |
| | (7.0 | ) | Income (loss) from discontinued operations | | (1.7 | ) | | 0.9 |
| | 50.8 |
| | 3.0 |
| Net income (loss) | | $ | (16.2 | ) | | $ | (15.1 | ) | | $ | 55.1 |
| | $ | (4.0 | ) | Basic income (loss) per common share: | | | | | | | | | Income (loss) from continuing operations | | $ | (0.25 | ) | | $ | (0.27 | ) | | $ | 0.07 |
| | $ | (0.12 | ) | Income (loss) from discontinued operations | | $ | (0.03 | ) | | $ | 0.02 |
| | $ | 0.86 |
| | $ | 0.05 |
| Net income (loss) per common share | | $ | (0.28 | ) | | $ | (0.25 | ) | | $ | 0.93 |
| | $ | (0.07 | ) | Diluted income (loss) per common share: | | | | | | | | | Income (loss) from continuing operations | | $ | (0.25 | ) | | $ | (0.27 | ) | | $ | 0.07 |
| | $ | (0.12 | ) | Income (loss) from discontinued operations | | $ | (0.03 | ) | | $ | 0.02 |
| | $ | 0.85 |
| | $ | 0.05 |
| Net income (loss) per common share | | $ | (0.28 | ) | | $ | (0.25 | ) | | $ | 0.92 |
| | $ | (0.07 | ) |
In the third quarter of 2015, the Company completed the sale of the U.S. and U.K. operations of its Electronic Products Division, which resulted in income from discontinued operations of $50.8 million. The tax benefit for the third quarter reflects the intra-period tax allocation rules under which a tax benefit is provided in continuing operations to offset a tax provision recorded in discontinued operations related to the sale. |