| Unaudited Quarterly Financial Data |
19. Unaudited Quarterly Financial Data
The following tables summarize the consolidated quarterly results of operations for 2014 and 2013 (in thousands, except per share amounts):
|
|
|
2014 |
|
|
|
|
First Quarter |
|
|
Second Quarter |
|
|
Third Quarter |
|
|
Fourth Quarter |
|
|
Net sales |
|
$ |
345,909 |
|
|
$ |
426,543 |
|
|
$ |
434,907 |
|
|
$ |
396,737 |
|
|
Gross margin |
|
|
74,915 |
|
|
|
93,799 |
|
|
|
97,647 |
|
|
|
90,636 |
|
|
Income (loss) from continuing operations |
|
|
(3,312 |
)(1) |
|
|
10,620 |
(2) |
|
|
8,739 |
(3) |
|
|
2,511 |
(4) |
|
Loss from discontinued operations, net of tax |
|
|
(72 |
) |
|
|
(11 |
) |
|
|
(235 |
) |
|
|
(90 |
) |
|
Net income (loss) |
|
|
(3,384 |
) |
|
|
10,609 |
|
|
|
8,504 |
|
|
|
2,421 |
|
|
Basic net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.03 |
)(1) |
|
$ |
0.11 |
(2) |
|
$ |
0.09 |
(3) |
|
$ |
0.02 |
(4) |
|
Loss from discontinued operations |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
Net income (loss) |
|
$ |
(0.03 |
) |
|
$ |
0.11 |
|
|
$ |
0.09 |
|
|
$ |
0.02 |
|
|
Diluted net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.03 |
)(1) |
|
$ |
0.09 |
(2) |
|
$ |
0.07 |
(3) |
|
$ |
0.02 |
(4) |
|
Loss from discontinued operations |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
Net income (loss) |
|
$ |
(0.03 |
) |
|
$ |
0.09 |
|
|
$ |
0.07 |
|
|
$ |
0.02 |
|
|
|
|
2013 |
|
|
|
|
First Quarter |
|
|
Second Quarter |
|
|
Third Quarter |
|
|
Fourth Quarter |
|
|
Net sales |
|
$ |
319,702 |
|
|
$ |
398,148 |
|
|
$ |
402,931 |
|
|
$ |
369,111 |
|
|
Gross margin |
|
|
62,347 |
|
|
|
82,232 |
|
|
|
92,494 |
|
|
|
82,847 |
|
|
Income (loss) from continuing operations |
|
|
(11,605 |
)(5) |
|
|
(48,289 |
)(6) |
|
|
12,952 |
(7) |
|
|
4,577 |
(8) |
|
Income (loss) from discontinued operations, net of tax |
|
|
(203 |
) |
|
|
83 |
|
|
|
(158 |
) |
|
|
(48 |
) |
|
Net income (loss) |
|
|
(11,808 |
) |
|
|
(48,206 |
) |
|
|
12,794 |
|
|
|
4529 |
|
|
Basic and diluted net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.12 |
)(5) |
|
$ |
(0.50 |
)(6) |
|
$ |
0.13 |
(7) |
|
$ |
0.05 |
(8) |
|
Income (loss) from discontinued operations |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
Net income (loss) |
|
$ |
(0.12 |
) |
|
$ |
(0.50 |
) |
|
$ |
0.13 |
|
|
$ |
0.05 |
|
|
(1) |
Includes fair value adjustments for the warrants of $1.2 million as discussed in Note 9 and a valuation allowance of $1.0 million as discussed in Note 12. |
|
(2) |
Includes fair value adjustments for the warrants of $(1.2) million as discussed in Note 9, and a valuation allowance of $(4.1) million as discussed in Note 12. |
|
(3) |
Includes fair value adjustments for the warrants of $(1.3) million as discussed in Note 9, facility closure costs of $0.1 million as discussed in Note 11, and a valuation allowance of $(3.3) million as discussed in Note 12. |
|
(4) |
Includes fair value adjustments for the warrants of $0.9 million as discussed in Note 9, facility closure costs of $0.2 million as discussed in Note 11, and a valuation allowance of $(0.9) million as discussed in Note 12. |
|
(5) |
Includes fair value adjustments for the warrants of $0.4 million as discussed in Note 9 and a valuation allowance of $4.4 million as discussed in Note 12. |
|
(6) |
Includes a pre-payment premium on the term loan of $39.5 million as discussed in Note 9, debt discount write-off of $6.8 million as discussed in Note 9, debt issuance cost write-off of $2.1 million as discussed in Note 9, fair value adjustments for the warrants of $0.3 million as discussed in Note 9, and a valuation allowance of $17.0 million as discussed in Note 12. |
|
(7) |
Includes fair value adjustments for the warrants of $(0.2) million as discussed in Note 9, facility closure costs of $(0.2) million as discussed in Note 11, and a valuation allowance of $(3.4) million as discussed in Note 12. |
|
(8) |
Includes fair value adjustments for the warrants of $0.9 million as discussed in Note 9, facility closure costs of $0.1 million as discussed in Note 11, and a valuation allowance of $(2.6) million as discussed in Note 12. |
Earnings per share is computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the annual earnings per share.
|