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Unaudited Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
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.