Note 19 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 29, 2012

Quarterly Financial Information [Text Block]

19. Selected Quarterly Financial Data (Unaudited)

The quarterly periods listed in the table below for 2012 are for the 13-weeks ending December 29, 2012, September 29, 2012, June 30, 2012 and March 31, 2012, respectively. The quarterly periods for 2011 are for the 13-weeks ending December 31, 2011, October 1, 2011, July 2, 2011 and April 2, 2011, respectively.

(In thousands, except per share data)

	2012											2011
	4Qa		3Qb				2	Q	1Qc			4Qd		3Qe			2	Q	1Qf
Net sales	$	158,794	$	172,688		$	175,853		$	160,578		$	147,193	$	173,987	$	176,615		$	167,160
Gross profit		59,407		68,636			69,562			60,862			53,526		68,471		69,994			64,703
Operating income		18,019		30,931			32,096			25,824			18,121		29,574		35,291			30,918
Net income (as previously reported)		9,841		23,998			23,604			17,889			15,238		24,939		25,269			21,578
Equity method loss adjustments(g)		2,188		(1,220	)		(641	)		(326	)		—		—		—			—
Net income (restated)		12,029		22,778			22,963			17,563			15,238		24,939		25,269			21,578
Net income per share (as reported):
Basic	$	0.45	$	1.09		$	1.08		$	0.83		$	0.71	$	1.13	$	1.13		$	0.98
Diluted	$	0.44	$	1.08		$	1.07		$	0.81		$	0.70	$	1.12	$	1.11		$	0.96
Impact of equity method loss adjustments:
Basic	$	0.10	$	(0.05	)	$	(0.03	)	$	(0.02	)	$	—	$	—	$	—		$	—
Diluted	$	0.09	$	(0.05	)	$	(0.03	)	$	(0.01	)	$	—	$	—	$	—		$	—
Net income per share (as restated):
Basic	$	0.55	$	1.04		$	1.05		$	0.81		$	0.71	$	1.13	$	1.13		$	0.98
Diluted	$	0.53	$	1.03		$	1.04		$	0.80		$	0.70	$	1.12	$	1.11		$	0.96

a– In the fourth quarter of 2012, the company recorded a $7.3 million charge related to the impairment and equity method losses of Shocking Technologies. (See Note 6). The company also recorded a $5.1 million charge related to a pension settlement. (See Note 13).

b– In the third quarter of 2012, the company recorded $0.5 million charge related to the impairment of the Dünsen, Germany property. (See Note 12). The company also recorded $0.6 million in acquisition charges related to the Accel and Terra Power acquisitions and $0.4 million of non-cash charges related to the step-up of inventory from the Accel acquisition (See Note 2).

c– In the first quarter of 2012, the company recorded a $0.2 million non-cash charge related to the step-up of inventory from the Selco acquisition (See Note 2).

d– In the fourth quarter of 2011, the company recorded $0.5 million of non-cash charges related to the step-up of inventory from the Selco A/S acquisition. (See Note 2). The company also recorded a $1.7 million decrease to income tax expense related to a deferred tax asset write-up due to an increase in the statutory rate in China.

e– In the third quarter of 2011, the company recorded a $2.3 million charge related to asset impairments in Europe.

f– In the first quarter of 2011, the company recorded $3.7 million of non-cash charges related to the step-up of inventory from the Cole Hersee acquisition. (See Note 2).

g– Equity method loss adjustments reflects the impact of recording Shocking Technologies results for each of the quarters of 2012 on a retroactive basis. (See Note 6).