BASIS OF PRESENTATION
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3 Months Ended |
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Jul. 02, 2011
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BASIS OF PRESENTATION | 1.
BASIS OF PRESENTATION
Our
accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting
principles (“GAAP”) in the United States for interim
financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by GAAP for
complete financial statements. In the opinion of our management,
all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
All significant intercompany transactions have been eliminated.
Certain reclassifications were made to prior year balances to
conform with the presentation of the financial statements for the
three months ended July 2, 2011. Operating results for the
three month period ended July 2, 2011 are not necessarily
indicative of the results that may be expected for the full fiscal
year ending March 31, 2012, or any other interim period. These
unaudited consolidated financial statements should be read in
conjunction with our audited consolidated financial statements and
footnotes included in our annual report on Form 10-K for the fiscal
year ended April 2, 2011.
The
Company considers events or transactions that occur after the
balance sheet date but prior to the issuance of the financial
statements to provide additional evidence relative to certain
estimates or to identify matters that require additional
disclosure. Subsequent events have been evaluated, and these
financial statements reflect those material items that arose after
the balance sheet date but prior to the issuance of the financial
statements that would be considered recognized subsequent events.
There were no material recognized subsequent events recorded in the
July 2, 2011 consolidated financial statements.
Our
fiscal year ends on the Saturday closest to the last day of March.
Fiscal year 2012 and 2011 include 52 weeks with all four
quarters each having 13 weeks.
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