QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
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Sep. 30, 2014
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QUARTERLY CONSOLIDATED FINANCIAL INFORMATION | QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) The following is a summary of the unaudited quarterly results of operations.
Common share equivalents, such as share-based awards, are excluded from the diluted loss per common share calculation in periods where there is a loss from continuing operations because the effect of their inclusion would be anti-dilutive. The Company’s business is highly seasonal, with approximately 75% of net sales occurring in the second and third fiscal quarters. Unusual items during fiscal 2014 consisted of impairment, restructuring and other charges. These items are reflected in the quarterly financial information as follows: first quarter restructuring costs of $0.3 million related to termination benefits; second quarter restructuring costs of $4.1 million related to termination benefits for U.S. and international employees, $2.0 million in additional ongoing monitoring and remediation costs for the Company's turfgrass biotechnology program and $10.7 million in costs related to refinancing; third quarter restructuring costs of $5.5 million related to termination benefits primarily for U.S. employees and impairment charges of $33.7 million related to the Ortho® brand; fourth quarter restructuring costs of $5.4 million related to termination benefits for U.S. and international employees. In March 2014, the Company completed the sale of its U.S. and Canadian wild bird food business, including intangible assets, certain on-hand inventory and fixed assets, for $4.1 million in cash and an estimated $1.0 million in future earn-out payments. In addition, in the third quarter of fiscal 2014, the Company received $3.1 million for the sale of the remaining wild bird food manufacturing facilities resulting in a gain of $1.2 million. Unusual items during fiscal 2013 consisted of impairment, restructuring and other charges. These items are reflected in the quarterly financial information as follows: first quarter impairment, restructuring and other charges of $(0.4) million; second quarter impairment, restructuring and other charges of $0.1 million in cost of sales and $0.1 million in SG&A; third quarter impairment, restructuring and other charges of $1.5 million in cost of sales and $7.0 million in SG&A; and fourth quarter impairment, restructuring and other charges of $0.6 million in cost of sales and $11.4 million in SG&A. |