QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

The following is a summary of the unaudited quarterly results of operations:



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter			Full Year
	(In millions, except per share data)
FISCAL 2016
Net sales	$	194.5		$	1,245.2		$	994.1	$	402.3		$	2,836.1
Gross profit	16.7			521.6			357.4		99.7			995.4
Income (loss) from continuing operations	(79.3		)	225.8			127.0		(20.2		)	253.3
Income (loss) from discontinued operations, net of tax	(1.5		)	(16.0		)	85.7		(6.7		)	61.5
Net income (loss)	(80.8		)	209.8			212.7		(26.9		)	314.8
Income (loss) attributable to controlling interest	(81.3		)	210.1			213.1		(26.6		)	315.3
Basic income (loss) per Common Share:
Income (loss) from continuing operations	$	(1.30	)	$	3.68		$	2.09	$	(0.33	)	$	4.15
Income (loss) from discontinued operations, net of tax	(0.02		)	(0.26		)	1.40		(0.11		)	1.01
Basic net income (loss) per Common Share	$	(1.32	)	$	3.42		$	3.49	$	(0.44	)	$	5.16
Common Shares used in basic EPS calculation	61.5			61.4			61.1		60.6			61.1
Diluted income (loss) per Common Share:
Income (loss) from continuing operations	$	(1.30	)	$	3.64		$	2.06	$	(0.33	)	$	4.09
Income (loss) from discontinued operations, net of tax	(0.02		)	(0.26		)	1.38		(0.11		)	1.00
Diluted net income (loss) per Common Share	$	(1.32	)	$	3.38		$	3.44	$	(0.44	)	$	5.09
Common Shares and dilutive potential Common Shares used in diluted EPS calculation	61.5			62.2			61.9		60.6			62.0
FISCAL 2015
Net sales	$	169.5		$	1,071.8		$	1,111.3	$	375.4		$	2,728.0
Gross profit	6.6			424.8			385.8		90.8			908.0
Income (loss) from continuing operations	(74.6		)	138.6			115.1		(41.3		)	137.8
Income (loss) from discontinued operations, net of tax	0.6			(14.3		)	17.9		16.7			20.9
Net income (loss)	(74.0		)	124.3			133.0		(24.6		)	158.7
Income (loss) attributable to controlling interest	(74.6		)	124.6			133.4		(23.6		)	159.8
Basic income (loss) per Common Share:
Income (loss) from continuing operations	$	(1.24	)	$	2.28		$	1.89	$	(0.65	)	$	2.27
Income (loss) from discontinued operations	0.01			(0.23		)	0.29		0.27			0.35
Basic net income (loss) per Common Share	$	(1.23	)	$	2.05		$	2.18	$	(0.38	)	$	2.62
Common Shares used in basic EPS calculation	60.8			60.9			61.3		61.4			61.1
Diluted income (loss) per Common Share:
Income (loss) from continuing operations	$	(1.24	)	$	2.24		$	1.85	$	(0.65	)	$	2.23
Income (loss) from discontinued operations	0.01			(0.23		)	0.29		0.27			0.34
Diluted net income (loss) per Common Share	$	(1.23	)	$	2.01		$	2.14	$	(0.38	)	$	2.57
Common Shares and dilutive potential Common Shares used in diluted EPS calculation	60.8			62.1			62.3		61.4			62.2

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.

Significant impairment, restructuring and other charges / recoveries reflected in the quarterly financial information during fiscal 2016 are as follows: first quarter restructuring costs of $9.3 million including $5.4 million in costs related to consumer complaints and claims related to the reformulated Bonus^® S fertilizer product sold in the southeastern United States during fiscal 2015, $2.8 million in transaction related costs associated with the divestiture of the SLS Business and costs of $0.9 million related to other transaction activity associated with Project Focus; second quarter net recoveries of $36.5 million including insurance reimbursement recoveries of $50.0 million related to Bonus^® S insurance reimbursements, a charge of $9.0 million for the resolution of a prior SLS Business litigation matter, $1.6 million in transaction related costs associated with the divestiture of the SLS Business and costs of $1.7 million related to other transaction activity associated with Project Focus; third quarter net recoveries of $5.4 million related to Bonus^® S insurance reimbursements; and fourth quarter restructuring costs of $6.7 million associated with Project Focus including costs of $5.4 million related to termination benefits for U.S. and international employees and costs of $2.3 million related to other transaction activity.

Significant impairment, restructuring and other charges reflected in the quarterly financial information during fiscal 2015 are as follows: first quarter restructuring costs of $9.6 million related to termination benefits for U.S. and international employees; second quarter restructuring costs of $5.1 million related to termination benefits for U.S. and international employees; third quarter restructuring costs of $6.6 million related to termination benefits for U.S. and international employees and the liquidation and exit from the U.K. Solus business, and $37.7 million in costs related to consumer complaints and claims related to the reformulated Bonus^® S fertilizer product sold in the southeastern United States during fiscal 2015; and fourth quarter restructuring costs of $0.9 million related to termination benefits for U.S. and international employees, and $24.7 million in charges related to Bonus^® S insurance reimbursements.