QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Apr. 28, 2013

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

	First		Second		Third		Fourth		Fiscal Year
	(in millions, except per share data)
Fiscal 2013
Sales	$	3,091.3	$	3,225.8	$	3,583.3	$	3,320.7	$	13,221.1
Gross profit	332.2		377.3		328.8		281.4		1,319.7
Operating profit	131.8		178.3		136.3		72.9		519.3
Net income	61.7		10.9		81.5		29.7		183.8
Net income per share:(1)
Basic	$	.40	$	.07	$	.58	$	.21	$	1.26
Diluted	$	.40	$	.07	$	.58	$	.21	$	1.26
Fiscal 2012
Sales	$	3,094.2	$	3,312.6	$	3,478.3	$	3,209.2	$	13,094.3
Gross profit	407.1		419.6		379.8		342.9		1,549.4
Operating profit	173.2		224.7		170.5		154.2		722.6
Net income	82.1		120.7		79.0		79.5		361.3
Net income per share:(1)
Basic	$	.50	$	.74	$	.49	$	.50	$	2.23
Diluted	$	.49	$	.74	$	.49	$	.49	$	2.21

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⁽¹⁾  Per common share amounts for the quarters and full years have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the weighted average common shares outstanding during each period.

The following significant infrequent or unusual items impacted our quarterly results in fiscal 2013 and fiscal 2012:

Fiscal 2013

▪ Net income in the second quarter included loss on debt extinguishment of $120.7 million.

Fiscal 2012

▪ Net income in the first, second and third quarters included losses on debt extinguishment of $1.2 million, $6.4 million and $4.6 million, respectively.

▪ Operating profit in the first and fourth quarters included charges of $39.0 million and a net benefit of $16.8 million, respectively, related to the Missouri litigation.

▪ Gross profit in the first, second and third quarters included accelerated depreciation charges associated with the idling of certain Missouri hog farm assets of $4.3 million, $3.2 million, and $0.7 million, respectively.

▪ Operating profit in the second, third and fourth quarters included charges associated with the planned closure of our Portsmouth facility of $1.8 million, $1.7 million, and $1.2 million, respectively.

▪ Operating profit in the first and second quarters included professional fees related to the potential acquisition of a controlling interest in CFG of $5.7 million and $0.7 million, respectively. In June 2011 (fiscal 2012), we terminated negotiations to purchase the additional interest.

▪ Operating profit in the third quarter included our share of charges related to the CFG Consolidation Plan of $38.7 million.