Quarterly Financial Data

12 Months Ended

Mar. 31, 2012

Quarterly Financial Data [Abstract]

Quarterly Financial Data

20. QUARTERLY FINANCIAL DATA (UNAUDITED)

     The following table contains unaudited quarterly financial data for fiscal years 2012 and 2011. Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.

						FiscalYearEnded March 31, 2012											FiscalYear EndedMarch 31, 2011
		First				Second			Third			Fourth			First			Second			Third			Fourth
												(Inthousands, except per share amounts)
Net sales(1)	$	7,506,204			$	8,019,217		$	7,479,823		$	6,382,412		$	6,546,874		$	7,382,211		$	7,771,159		$	6,788,774
Gross profit (1)		400,778				372,577			385,179			358,807			370,181			401,427			434,880			379,481
Income fromcontinuingoperations
netof taxes		135,407				130,069			103,747			141,422			120,066			149,598			201,994			134,687
Income (loss) fromdiscontinued operations,
netof taxes		(3,432		)		(189	)		(1,570	)		(16,689	)		(1,888	)		(5,182	)		(3,704	)		648
Net income		131,975				129,880			102,177			124,733			118,178			144,416			198,290			135,335
Earnings(loss)per share:
Incomefrom continuingoperations:
Basic		$	0.18		$	0.18		$	0.15		$	0.21		$	0.15		$	0.19		$	0.26		$	0.18
Diluted		$	0.18		$	0.18		$	0.14		$	0.20		$	0.15		$	0.19		$	0.26		$	0.17
Incomefrom discontinuedoperations:
Basic		$	0.00		$	0.00		$	0.00		$	(0.02	)	$	0.00		$	(0.01	)	$	0.00		$	0.00
Diluted		$	0.00		$	0.00		$	0.00		$	(0.02	)	$	0.00		$	(0.01	)	$	0.00		$	0.00
Netincome:
Basic		$	0.18		$	0.18		$	0.14		$	0.18		$	0.15		$	0.19		$	0.26		$	0.18
Diluted		$	0.17		$	0.18		$	0.14		$	0.18		$	0.14		$	0.18		$	0.26		$	0.17

(1)      As discussed in note 18 to the financial statements, "Discontinued Operations", the Company is reporting the operating results of its Visa Point Technologies camera module business as discontinued operations. Accordingly net sales and gross profit data above have been adjusted to exclude net revenue and gross profit (loss) pertaining to our camera module business.

     As of March 31, 2012, the Company identified certain accounting errors in the statutory to US GAAP adjustments at one of its foreign sites that originated in prior interim and annual periods. Management conducted additional procedures and concluded that these errors were isolated to that location. These errors, which primarily understated cost of sales, totaled $0.8 million in the first nine months of fiscal 2012 and $10.4 million and $8.0 million for the fiscal years ended March 31, 2011 and 2010, and were corrected by the Company as an out-of-period adjustment in the fourth quarter of fiscal 2012. This fourth quarter adjustment was partially offset by the correction of an error identified in the fourth quarter of fiscal 2012 amounting to $4.2 million related to the provisions for income taxes in the prior fiscal 2012 interim periods. Management believes the impact of these items, both individually and in the aggregate, to the fiscal year ended March 31, 2012 and to prior fiscal and interim periods presented was not material. As a result of recording these adjustments in the fourth quarter, net income for the quarter and year ended March 31, 2012 were reduced by $21.5 million ($0.03 per share) and $24.9 million ($0.03 per share), respectively.

During the fourth quarter of fiscal 2012, the Company recognized certain charges in relation to a distressed customer. Refer to note 19 "Subsequent Event" for further details.