QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Mar. 31, 2013

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

20. QUARTERLY FINANCIAL DATA (UNAUDITED)

        The following table contains unaudited quarterly financial data for fiscal years 2013 and 2012. 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.

	Fiscal Year Ended March 31, 2013												Fiscal Year Ended March 31, 2012
	First			Second			Third			Fourth			First			Second			Third			Fourth
	(In thousands, except per share amounts)
Net sales(1)	$	5,975,995		$	6,174,841		$	6,123,321		$	5,295,318		$	7,495,288		$	8,008,428		$	7,469,347		$	6,369,966
Gross profit(1)		357,357			366,772			246,462			195,657			400,776			372,518			385,747			358,909
Income (loss) from continuing operations, net of taxes		136,769			160,453			54,596			(49,316	)		137,305			133,949			106,206			143,310
Loss from discontinued operations, net of taxes		(8,297	)		(9,906	)		(7,248	)		—			(5,330	)		(4,069	)		(4,029	)		(18,577	)
Net income (loss)		128,472			150,547			47,348			(49,316	)		131,975			129,880			102,177			124,733
Earnings (loss) per share:
Income (loss) from continuing operations:
Basic	$	0.20		$	0.24		$	0.08		$	(0.07	)	$	0.18		$	0.19		$	0.15		$	0.21
Diluted	$	0.20		$	0.24		$	0.08		$	(0.07	)	$	0.18		$	0.18		$	0.15		$	0.20
Loss from discontinued operations:
Basic	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	—		$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.03	)
Diluted	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	—		$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.03	)
Net income (loss):
Basic	$	0.19		$	0.23		$	0.07		$	(0.07	)	$	0.18		$	0.18		$	0.14		$	0.18
Diluted	$	0.19		$	0.22		$	0.07		$	(0.07	)	$	0.17		$	0.18		$	0.14		$	0.18

(1)

As discussed in note 18 to the financial statements, "Discontinued Operations", during fiscal 2013 the Company finalized the sale of two of its non-core businesses, and is reporting the operating results of these non-core businesses as discontinued operations. Accordingly net sales and gross profit data above have been adjusted to exclude net revenue and gross profit (loss) pertaining to these non-core businesses.

        The Company recorded restructuring charges during the third and fourth quarters of fiscal year 2013. The Company classified approximately $98.3 million and $117.5 million of these charges as a component of cost of sales during the third and fourth quarters of fiscal year 2013, respectively, and approximately $4.4 million and $7.2 million of these charges as a component of selling, general and administrative expenses during the third and fourth quarters of fiscal year 2013, respectively.

        The Company recognized a $23.0 million gain as a component of other charges (income), net in the three-month period ended September 28, 2012 for the cumulative fair value adjustment of the Company's warrants to purchase common shares of a supplier. These fully-vested warrants, which are derivative instruments, are to be fair valued at each reporting date with gains or losses from changes in fair value recognized in the statements of operations. The gain from changes in fair value recognized in the three-month period ended September 28, 2012 includes an out-of-period adjustment of $12.8 million and for the year ended March 31, 2013 includes an out-of-period adjustment of $5.7 million. Management believes the impact of the error is not material to current or prior fiscal periods.

        During the fourth quarter of fiscal 2013, the Company recorded certain purchase accounting adjustments as further discussed in note 15 to the consolidated financial statements which resulted in the release of $22.3 million related to the valuation allowances for deferred tax assets in the fourth quarter of fiscal 2013. In accordance with the accounting guidance applicable to business combinations, the Company has re-casted the operating results for the quarter ended December 31, 2012 in the table above to reflect the release of the valuation allowance for deferred tax assets.

        During the fourth quarter of fiscal 2013, the Company recognized an income tax benefit of $9.3 million that related to prior fiscal years, of which $6.1 million related to the fiscal year ended March 31, 2012 and $3.2 million related to years prior to fiscal 2012. Management believes the impact of this error is not material to current or prior fiscal periods.

        During the fourth quarter of fiscal 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.