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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Quarterly Results
The following table sets forth selected unaudited quarterly results for the eight quarters commencing January 1, 2011 and ending December 31, 2012 (in thousands):
 
 
2012 Quarter Ended
 
2011 Quarter Ended
 
 
Dec. 31(1)
 
Sept. 30
 
Jun. 30(2)
 
Mar. 31(3)
 
Dec. 31(4)
 
Sept. 30(5)
 
Jun. 30
 
Mar. 31
Revenue
 
$
418,192

 
$
433,613

 
$
438,372

 
$
409,465

 
$
368,998

 
$
385,135

 
$
376,105

 
$
355,123

Gross profit
 
$
81,807

 
$
99,181

 
$
100,607

 
$
93,379

 
$
71,710

 
$
90,137

 
$
96,832

 
$
79,778

Operating (loss) income
 
$
(83,553
)
 
$
61,186

 
$
61,498

 
$
53,805

 
$
14,197

 
$
57,841

 
$
70,109

 
$
53,506

Net (loss) income
 
$
(57,025
)
 
$
35,642

 
$
35,778

 
$
36,321

 
$
(2,060
)
 
$
31,359

 
$
40,065

 
$
30,496

Net (loss) income attributable to VCA Antech, Inc
 
$
(58,051
)
 
$
34,037

 
$
34,320

 
$
35,245

 
$
(3,215
)
 
$
30,169

 
$
39,612

 
$
28,839

Basic (loss) earnings per common share
 
$
(0.66
)
 
$
0.39

 
$
0.39

 
$
0.41

 
$
(0.04
)
 
$
0.35

 
$
0.46

 
$
0.33

Diluted (loss) earnings per common share
 
$
(0.66
)
 
$
0.38

 
$
0.39

 
$
0.40

 
$
(0.04
)
 
$
0.35

 
$
0.45

 
$
0.33


 
(1) 
Included in fourth quarter operating income is a $123.6 million, non-cash goodwill and long-lived asset impairment charge, or $0.90 per diluted share. The charge is primarily related to our Vetstreet reporting unit, see Note 5, Goodwill.
(2) 
Included in second quarter gross profit is a $3.1 million depreciation expense adjustment, or $0.02 per diluted share, related to acquired capital leases.
(3) 
Included in first quarter net income is a $5.7 million business combination adjustment gain, or $0.06 per diluted share, related to the acquisition of AVC, see Note 4, Acquisitions.
(4) 
Included in fourth quarter operating income is a $21.3 million non-cash goodwill impairment charge, or $0.25 per diluted share, related to our medical technology business.
(5) 
Included in third quarter net income is $2.8 million, or $0.02 per diluted share, related to costs incurred in conjunction with the refinance of our senior credit facility, see Note 7, Long-Term Obligations.
Although not readily detectable because of the impact of acquisitions, our operations are subject to seasonal fluctuation. In particular, our Animal Hospital and Laboratory revenue historically has been greater in the second and third quarters than in the first and fourth quarters.
The demand for our veterinary services is significantly higher during warmer months because pets spend a greater amount of time outdoors, where they are more likely to be injured and are more susceptible to disease and parasites. In

VCA Antech, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Continued)

16.
Selected Quarterly Financial Data (Unaudited), continued
addition, use of veterinary services may be affected by levels of infestation of fleas, heartworms and ticks, and the number of daylight hours. A substantial portion of our costs for our veterinary services are fixed and do not vary with the level of demand. Consequently, our operating income and operating margins generally have been higher for the second and third quarters than that experienced in the first and fourth quarters.