| Quarterly Financial Data | Note 19. Quarterly Financial Data (Unaudited)
Quarterly financial data for fiscal 2011 and fiscal 2010 is as follows:
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Year Ended August 31, 2011 |
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First |
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Second |
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Third |
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Fourth |
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Total |
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Net sales |
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$ |
318,412 |
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$ |
330,698 |
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$ |
392,777 |
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$ |
403,436 |
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$ |
1,445,323 |
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Gross profit |
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121,853 |
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125,027 |
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154,038 |
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154,981 |
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555,899 |
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Restructuring charges |
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462 |
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358 |
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862 |
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628 |
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2,310 |
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Earnings from continuing operations |
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26,661 |
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22,142 |
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38,360 |
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37,333 |
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124,496 |
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Earnings (loss) from discontinued operations |
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(771 |
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(14,213 |
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(2,002 |
) |
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4,049 |
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(12,937 |
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Net earnings |
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25,890 |
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7,929 |
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36,358 |
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41,382 |
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111,559 |
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Earnings from continuing operations per share: |
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Basic |
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$ |
0.39 |
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$ |
0.32 |
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$ |
0.56 |
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$ |
0.55 |
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$ |
1.82 |
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Diluted |
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0.36 |
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0.30 |
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0.51 |
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0.50 |
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1.68 |
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Earnings (loss) from discontinued operations per share: |
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Basic |
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$ |
(0.01 |
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$ |
(0.20 |
) |
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$ |
(0.03 |
) |
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$ |
0.06 |
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$ |
(0.19 |
) |
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Diluted |
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(0.01 |
) |
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(0.19 |
) |
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(0.02 |
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0.05 |
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(0.18 |
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Net Earnings per share |
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Basic |
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$ |
0.38 |
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$ |
0.12 |
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$ |
0.53 |
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$ |
0.61 |
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$ |
1.63 |
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Diluted |
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0.35 |
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0.11 |
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0.49 |
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0.55 |
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1.50 |
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Year Ended August 31, 2010 |
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First |
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Second |
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Third |
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Fourth |
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Total |
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Net sales |
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$ |
272,640 |
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$ |
267,438 |
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$ |
310,068 |
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$ |
310,362 |
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$ |
1,160,508 |
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Gross profit |
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100,123 |
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96,363 |
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116,186 |
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114,580 |
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427,252 |
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Restructuring charges |
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2,831 |
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9,968 |
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1,448 |
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2,447 |
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16,694 |
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Earnings from continuing operations |
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13,260 |
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7,895 |
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28,293 |
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20,909 |
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70,356 |
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Loss from discontinued operations |
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(1,406 |
) |
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(738 |
) |
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(6,458 |
) |
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(37,723 |
) |
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(46,325 |
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Net earnings (loss) |
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11,854 |
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7,157 |
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21,835 |
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(16,814 |
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24,031 |
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Earnings from continuing operations per share: |
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Basic |
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$ |
0.20 |
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$ |
0.12 |
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$ |
0.42 |
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$ |
0.31 |
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$ |
1.04 |
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Diluted |
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0.19 |
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0.11 |
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0.39 |
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0.29 |
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0.97 |
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Loss from discontinued operations per share: |
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Basic |
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$ |
(0.02 |
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$ |
(0.01 |
) |
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$ |
(0.10 |
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$ |
(0.56 |
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$ |
(0.68 |
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Diluted |
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(0.02 |
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(0.01 |
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(0.09 |
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(0.51 |
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(0.62 |
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Net earnings (loss) per share |
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Basic |
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$ |
0.18 |
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$ |
0.11 |
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$ |
0.32 |
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$ |
(0.25 |
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$ |
0.36 |
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Diluted |
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0.17 |
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0.10 |
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0.30 |
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(0.22 |
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0.35 |
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The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding during the year.
Approximately $1.1 million of expense and $4.1 million of income related to discontinued operations were recorded in the third and fourth quarters of fiscal 2011, respectively, to correct immaterial errors that should have been recorded in the second quarter of fiscal 2011.
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