Summary of the Unaudited Quarterly Results of Operations |
The following is a summary of the unaudited quarterly results of operations for fiscal years 2013, 2012 and 2011 (dollars in thousands, except per share amounts): | | First | | Second | | Third | | Fourth | | | | Quarter | | Quarter | | Quarter | | Quarter | | 2013 | | | | | | | | | | | | | | Net sales | | $ | 324,229 | | $ | 413,126 | | $ | 439,977 | | $ | 458,354 | | Gross profit | | | 42,186 | | | 58,853 | | | 61,497 | | | 52,587 | | Net income(1) | | | 5,735 | | | 14,135 | | | 16,236 | | | 10,423 | | Basic net income per share | | | 0.08 | | | 0.20 | | | 0.24 | | | 0.15 | | Diluted net income per share(3) | | | 0.08 | | | 0.20 | | | 0.23 | | | 0.15 | | 2012 | | | | | | | | | | | | | | Net sales | | $ | 277,682 | | $ | 362,408 | | $ | 405,917 | | $ | 415,847 | | Gross profit | | | 19,729 | | | 39,681 | | | 50,074 | | | 54,339 | | Net income(1)(2) | | | 5,064 | | | 1,942 | | | 18,441 | | | 80,184 | | Basic and diluted net income per share(3) | | | 0.07 | | | 0.03 | | | 0.27 | | | 1.16 | | 2011 | | | | | | | | | | | | | | Net sales | | $ | 221,984 | | $ | 287,095 | | $ | 336,433 | | $ | 341,732 | | Gross profit | | | 16,501 | | | 16,240 | | | 13,320 | | | 20,659 | | Net income | | | 3,197 | | | 3,302 | | | 1,092 | | | 7,451 | | Basic and diluted net income per share(3) | | | 0.05 | | | 0.05 | | | 0.02 | | | 0.11 | | | (1) | Net income includes pre-tax charges of $1.7 million, $13.6 million, $2.4 million and $0.5 million for the first, second, third and fourth quarters of 2012, respectively, and $0.6 million, $0.2 million and less than $0.1 million for the first, second and third quarters of 2013, respectively, in connection with acquisition related charges associated with the Company’s acquisition of Walker as well as the purchase of certain assets of Beall. | | (2) | Net income for the fourth quarter of 2012 includes an income tax benefit of $59.0 million primarily related to the reversal of a U.S. valuation allowance against its deferred tax assets. | | (3) | Basic and diluted net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may differ from annual net income per share due to rounding. | |