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Quarterly Data - Unaudited, in Thousands, except Per Share Data (Tables)
12 Months Ended
Dec. 25, 2011
Schedule of Quarterly Select Financial Data
Our quarterly select financial data is as follows:
 
   
Quarter
 
2011
 
1st
   
2nd
   
3rd
   
4th
 
   
(As Restated)
   
(As Restated)
   
(As Restated)
   
(As Restated)
 
                         
Total revenues (a)
  $ 312,467     $ 293,534     $ 305,668     $ 306,213  
Operating income (a)
    27,211       19,155       16,958       23,693  
Net income
    15,976       12,068       10,800       15,891 (b)
Basic earnings per common share
  $ 0.63     $ 0.47     $ 0.43     $ 0.66  
Earnings per common share - assuming dilution
  $ 0.62     $ 0.47     $ 0.43     $ 0.65  
                                 
   
Quarter
 
2010
 
1st
   
2nd
   
3rd
   
4th
 
   
(As Restated)
   
(As Restated)
   
(As Restated)
   
(As Restated)
 
                         
Total revenues (a)
  $ 285,786     $ 280,647     $ 273,126     $ 286,838  
Operating income (a), (c)
    27,942       22,799       13,783       22,220  
Net income (c)
    17,194       13,260       7,904       14,220 (d)
Basic earnings per common share (c)
  $ 0.64     $ 0.50     $ 0.30     $ 0.56 (d)
Earnings per common share - assuming dilution (c)
  $ 0.63     $ 0.49     $ 0.30     $ 0.55 (d)
                                 
 
(a)
The restatement as described in Note 1 had no impact on revenues or operating income.
(b)
Net income previously reported in the 2011 Unaudited Quarterly Data table was $15,981.
(c)
During 2010, we recorded pre-tax income of $3.5 million ($2.2 million after tax or $0.08 per diluted share) in the first quarter, pre-tax income of $2.7 million ($1.7 million after tax or $0.06 per diluted share) in the second quarter, pre-tax losses of $658,000 ($417,000 after tax or $0.02 per diluted share) in the third quarter and pre-tax income of $1.3 million ($843,000 after tax or $0.04 per diluted share) in the fourth quarter upon consolidation of BIBP. BIBP’s total pre-tax income, excluding the reduction in BIBP’s cost of sales of $14.2 million associated with PJFS’s agreement to pay to BIBP for past cheese purchases an amount equal to its accumulated deficit, for 2010 was $6.8 million ($4.3 million after tax or $0.16 per diluted share).
(d)
Amounts previously reported in the 2010 Unaudited Quarterly Data table were as follows: Net income - $14,025, Basic earnings per common share - $0.55, and Earnings per common share – assuming dilution - $0.55.
Schedule of Previously Reported and Restated Amounts as a Result of the Errors Associated with the Accounting for our Joint Venture Arrangements
The following tables present amounts previously reported and restated as a result of the errors associated with the accounting for our joint venture arrangements (in thousands, except per share data). See Notes 1 and 2 for additional information.
 
   
As of and For The
 
   
Three Months Ended
 
   
March 27, 2011
 
   
As Previously
Reported
   
As Restated
 
Condensed Consolidated Balance Sheet
           
Noncurrent deferred income tax liabilities (assets)
  $ 1,138     $ (1,030 )
Other long-term liabilities
    12,219       22,677  
Redeemable noncontrolling interests
    -       3,146  
Retained earnings
    259,579       256,042  
Noncontrolling interests in subsidiaries
    7,899       -  
Total stockholders' equity
    223,416       211,980  
Condensed Consolidated Statement of Comprehensive Income
               
Interest expense
  $ 608     $ 1,335  
Income before income taxes
    26,780       26,053  
Income tax expense
    9,231       8,955  
Net income, including noncontrolling interests
    17,549       17,098  
Net income, net of noncontrolling interests
    16,427       15,976  
Comprehensive income, including noncontrolling interests
    18,822       18,371  
Basic earnings per common share
    0.64       0.63  
Earnings per common share - assuming dilution
    0.64       0.62  
Consolidated Statement of Cash Flows
               
Net income, including noncontrolling interests
  $ 17,549     $ 17,098  
Deferred income taxes
    2,664       2,388  
Other
    43       770  
Net cash provided by operating activities
    26,687       26,687  
 
   
As of and For The
   
As of and For The
 
   
Three Months Ended
   
Six Months Ended
 
   
June 26, 2011
   
June 26, 2011
 
   
As
Previously
Reported
   
As Restated
   
As
Previously
Reported
   
As Restated
 
Condensed Consolidated Balance Sheet
                       
Noncurrent deferred income tax liabilities
  $ 3,485     $ 1,283     $ 3,485     $ 1,283  
Other long-term liabilities
    12,478       23,153       12,478       23,153  
Redeemable noncontrolling interests
    -       3,648       -       3,648  
Retained earnings
    271,703       268,110       271,703       268,110  
Noncontrolling interests in subsidiaries
    8,528       -       8,528       -  
Total stockholders' equity
    223,801       211,680       223,801       211,680  
Condensed Consolidated Statement of Comprehensive Income
                         
Interest expense
  $ 293     $ 383     $ 901     $ 1,718  
Income before income taxes
    19,067       18,977       45,847       45,030  
Income tax expense
    6,014       5,980       15,245       14,935  
Net income, including noncontrolling interests
    13,053       12,997       30,602       30,095  
Net income, net of noncontrolling interests
    12,124       12,068       28,551       28,044  
Comprehensive income, including noncontrolling interests
    12,539       12,483       31,361       30,854  
Basic earnings per common share
    0.48       0.47       1.12       1.10  
Earnings per common share - assuming dilution
    0.47       0.47       1.11       1.09  
Consolidated Statement of Cash Flows
                               
Net income, including noncontrolling interests
                  $ 30,602     $ 30,095  
Deferred income taxes
                    4,332       4,022  
Other
                    316       1,133  
Net cash provided by operating activities
                    52,925       52,925  
 
   
As of and For The
   
As of and For The
 
   
Three Months Ended
   
Nine Months Ended
 
   
September 25, 2011
   
September 25, 2011
 
   
As
Previously
Reported
   
As
Restated
   
As
Previously
Reported
   
As
Restated
 
Condensed Consolidated Balance Sheet
                       
Noncurrent deferred income tax liabilities
  $ 7,110     $ 4,710     $ 7,110     $ 4,710  
Other long-term liabilities
    11,542       22,545       11,542       22,545  
Redeemable noncontrolling interests
    -       3,558       -       3,558  
Retained earnings
    282,826       278,910       282,826       278,910  
Noncontrolling interests in subsidiaries
    8,245       -       8,245       -  
Total stockholders' equity
    212,554       200,393       212,554       200,393  
Condensed Consolidated Statement of Comprehensive Income
                               
Interest expense
  $ 282     $ 804     $ 1,183     $ 2,522  
Income before income taxes
    16,846       16,324       62,693       61,354  
Income tax expense
    4,906       4,707       20,151       19,642  
Net income, including noncontrolling interests
    11,940       11,617       42,542       41,712  
Net income, net of noncontrolling interests
    11,123       10,800       39,674       38,844  
Comprehensive income, including noncontrolling interests
    11,687       11,364       43,048       42,218  
Basic earnings per common share
    0.45       0.43       1.57       1.54  
Earnings per common share - assuming dilution
    0.44       0.43       1.55       1.52  
Consolidated Statement of Cash Flows
                               
Net income, including noncontrolling interests
                  $ 42,542     $ 41,712  
Deferred income taxes
                    5,219       4,710  
Other
                    1,272       2,611  
Net cash provided by operating activities
                    87,216       87,216  
 
   
As of and For The
 
   
Three Months Ended
 
   
March 28, 2010
 
   
As Previously
Reported
   
As Restated
 
Condensed Consolidated Balance Sheet
           
Noncurrent deferred income tax assets
  $ 4,817     $ 6,904  
Other long-term liabilities
    13,744       24,407  
Redeemable noncontrolling interests
    -       3,906  
Retained earnings
    208,087       204,682  
Noncontrolling interests in subsidiaries
    9,077       -  
Total stockholders' equity
    204,100       191,618  
Condensed Consolidated Statement of Comprehensive Income
               
Interest expense
  $ 1,244     $ 730  
Income before income taxes
    26,929       27,443  
Income tax expense
    8,965       9,160  
Net income, including noncontrolling interests
    17,964       18,283  
Net income, net of noncontrolling interests
    16,875       17,194  
Comprehensive income, including noncontrolling interests
    16,704       17,023  
Basic earnings per common share
    0.62       0.64  
Earnings per common share - assuming dilution
    0.62       0.63  
Consolidated Statement of Cash Flows
               
Net income, including noncontrolling interests *
  $ 17,964     $ 18,283  
Deferred income taxes
    1,901       2,096  
Other
    330       (184 )
Net cash provided by operating activities *
    27,102       27,102  
                 
*Amounts have been reclassified to conform to the current year presentation.
         
 
   
As of and For The
   
As of and For The
 
   
Three Months Ended
   
Six Months Ended
 
   
June 27, 2010
   
June 27, 2010
 
   
As
Previously
Reported
   
As Restated
   
As
Previously
Reported
   
As Restated
 
Condensed Consolidated Balance Sheet
                       
Noncurrent deferred income tax assets
  $ 5,920     $ 7,965     $ 5,920     $ 7,965  
Other long-term liabilities
    12,729       22,978       12,729       22,978  
Redeemable noncontrolling interests
    -       4,431       -       4,431  
Retained earnings
    221,279       217,942       221,279       217,942  
Noncontrolling interests in subsidiaries
    9,298       -       9,298       -  
Total stockholders' equity
    202,498       189,863       202,498       189,863  
Condensed Consolidated Statement of Comprehensive Income
                         
Interest expense
  $ 1,333     $ 1,223     $ 2,577     $ 1,953  
Income before income taxes
    21,663       21,773       48,592       49,216  
Income tax expense
    7,560       7,602       16,525       16,762  
Net income, including noncontrolling interests
    14,103       14,171       32,067       32,454  
Net income, net of noncontrolling interests
    13,192       13,260       30,067       30,454  
Comprehensive income, including noncontrolling interests
    15,075       15,143       31,779       32,166  
Basic earnings per common share
    0.49       0.50       1.12       1.13  
Earnings per common share - assuming dilution
    0.49       0.49       1.11       1.13  
Consolidated Statement of Cash Flows
                               
Net income, including noncontrolling interests *
                  $ 32,067     $ 32,454  
Deferred income taxes
                    (250 )     (13 )
Other
                    368       (256 )
Net cash provided by operating activities *
                    47,686       47,686  
                                 
*Amounts have been reclassified to conform to the current year presentation.
                 
 
   
As of and For The
   
As of and For The
 
   
Three Months Ended
   
Nine Months Ended
 
   
September 26, 2010
   
September 26, 2010
 
   
As
Previously
Reported
   
As Restated
   
As
Previously
Reported
   
As Restated
 
Condensed Consolidated Balance Sheet
                       
Noncurrent deferred income tax assets
  $ 5,557     $ 7,568     $ 5,557     $ 7,568  
Other long-term liabilities
    12,854       22,937       12,854       22,937  
Redeemable noncontrolling interests
    -       3,142       -       3,142  
Retained earnings
    229,127       225,846       229,127       225,846  
Noncontrolling interests in subsidiaries
    7,933       -       7,933       -  
Total stockholders' equity
    193,262       182,048       193,262       182,048  
Condensed Consolidated Statement of Comprehensive Income
                         
Interest expense
  $ 1,416     $ 1,326     $ 3,993     $ 3,279  
Income before income taxes
    12,540       12,630       61,132       61,846  
Income tax expense
    4,020       4,054       20,545       20,816  
Net income, including noncontrolling interests
    8,520       8,576       40,587       41,030  
Net income, net of noncontrolling interests
    7,848       7,904       37,915       38,358  
Comprehensive income, including noncontrolling interests
    10,572       10,628       42,351       42,794  
Basic earnings per common share
    0.30       0.30       1.43       1.44  
Earnings per common share - assuming dilution
    0.30       0.30       1.42       1.43  
Consolidated Statement of Cash Flows
                               
Net income, including noncontrolling interests *
                  $ 40,587     $ 41,030  
Deferred income taxes
                    (850 )     (579 )
Other
                    303       (411 )
Net cash provided by operating activities *
                    64,831       64,831  
                                 
*Amounts have been reclassified to conform to the current year presentation.