| QUARTERLY RESULTS (UNAUDITED) |
QUARTERLY RESULTS (UNAUDITED)
17.
QUARTERLY RESULTS
(UNAUDITED)
Because quarterly reporting of per share data is used independently for each reporting period, the
sum of per share amounts for the four quarters in the fiscal year will not necessarily equal annual per share amounts. GAAP prohibits retroactive adjustment of quarterly per share amounts so that the sum of those amounts equals amounts for the full
year.
Prior to the sale of TSG, we traditionally had experienced a seasonal increase in sales during our fiscal third quarter
ending December 31. The HSG and RSG operating units have traditionally experienced a seasonal decrease in revenue during our fiscal first quarter ending June 30. Although we are unable to predict whether uneven sales patterns will continue
over the long term, we believe this particular pattern is moderating as a result of exiting the TSG business. For example, third-quarter revenue from continuing operations was 25%, 29% and 31% of annual revenue for fiscal years 2012, 2011 and 2010,
respectively. In addition, occasionally the timing of large one-time orders such as those associated with substantial retail product rollouts will create volatility in our quarterly results.
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Year ended March 31, 2012 |
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| (In thousand except per share data) |
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First
quarter |
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Second
quarter |
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Third
quarter |
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Fourth
Quarter |
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Year |
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Net revenue
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$ |
52,591 |
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$ |
52,674 |
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$ |
51,582 |
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$ |
52,042 |
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$ |
208,889 |
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Gross profit
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18,088 |
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20,988 |
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19,932 |
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20,828 |
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79,836 |
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Asset impairments and related charges
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— |
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— |
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— |
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9,681 |
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9,681 |
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Restructuring and related charges
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2,346 |
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3,688 |
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4,558 |
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5,261 |
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15,853 |
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Loss from continuing operations
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(6,880 |
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(3,554 |
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(5,774 |
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(18,031 |
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(34,239 |
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Income (loss) from discontinued operations
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651 |
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10,487 |
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(735 |
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1,053 |
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11,456 |
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Net (loss) income
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$ |
(6,229 |
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$ |
6,933 |
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$ |
(6,509 |
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$ |
(16,978 |
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$ |
(22,783 |
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Per share data:
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Basic:
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Loss from continuing operations
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$ |
(0.30 |
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$ |
(0.16 |
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$ |
(0.26 |
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$ |
(0.83 |
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$ |
(1.53 |
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Income (loss) from discontinued operations
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$ |
0.03 |
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$ |
0.46 |
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$ |
(0.03 |
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$ |
0.05 |
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$ |
0.51 |
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Net (loss) income
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$ |
(0.27 |
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$ |
0.30 |
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$ |
(0.29 |
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$ |
(0.78 |
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$ |
(1.02 |
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Year ended March 31, 2011 |
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| (In thousands exept per share data) |
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First
quarter |
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Second
quarter |
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Third
quarter |
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Fourth
Quarter |
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Year |
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Net revenue
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$ |
47,090 |
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$ |
49,638 |
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$ |
58,997 |
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$ |
46,956 |
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$ |
202,681 |
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Gross profit
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18,957 |
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17,763 |
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19,141 |
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19,778 |
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75,639 |
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Asset impairments and related charges
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— |
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59 |
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— |
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900 |
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959 |
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Restructuring and related charges
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393 |
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9 |
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3 |
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— |
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405 |
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Loss from continuing operations
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(8,292 |
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(4,916 |
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(2,290 |
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(7,477 |
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(22,975 |
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Income (loss) from discontinued operations
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(1,960 |
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2,702 |
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4,288 |
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(37,530 |
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(32,500 |
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Net (loss) income
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$ |
(10,252 |
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$ |
(2,214 |
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$ |
1,998 |
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$ |
(45,007 |
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$ |
(55,475 |
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Per share data:
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Basic and diluted:
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Loss from continuing operations
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$ |
(0.36 |
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$ |
(0.22 |
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$ |
(0.10 |
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$ |
(0.33 |
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$ |
(1.01 |
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(Loss) income from discontinued operations
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$ |
(0.09 |
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$ |
0.12 |
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$ |
0.19 |
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$ |
(1.65 |
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$ |
(1.43 |
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Net (loss) income
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$ |
(0.45 |
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$ |
(0.10 |
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$ |
0.09 |
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$ |
(1.97 |
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$ |
(2.44 |
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