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Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2011
Quarterly Results (Unaudited)

R.    Quarterly Results (Unaudited)

The Company’s fiscal quarters are consistently determined year to year and generally consist of 13 weeks, except in those fiscal years in which there are fifty-three weeks where the last fiscal quarters then consist of 14 weeks. In management’s opinion, the following unaudited information includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the information for the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future quarters.

 

    For Quarters Ended
(In thousands, except per share data)		  
    December 31,
2011(3)		     September 24,
2011		     June 25,
2011(2)		     March 26,
2011		    

December 25,

2010 (1)

    

September 25,

2010

     June 26,
2010		     March 27,
2010		  
    (14 weeks)     (13 weeks)     (13 weeks)     (13 weeks)     (13 weeks)     (13 weeks)     (13 weeks)     (13 weeks)  

Barrels sold

     673        658        651        502        567        616        632        457   

Net revenue

   $ 142,054      $ 134,813      $ 133,957      $ 102,176      $ 115,738      $ 124,467      $ 129,563      $ 94,030   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

     80,089        76,031        76,073        52,374        66,370        69,791        72,272        47,894   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

     25,730        26,413        44,923        6,589        18,876        25,364        26,634        10,304   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

   $ 17,785      $ 16,296      $ 28,019      $ 3,959      $ 12,166      $ 15,446      $ 16,270      $ 6,260   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income per share — basic

   $ 1.41      $ 1.26      $ 2.12      $ 0.30      $ 0.92      $ 1.14      $ 1.18      $ 0.45   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income per share — diluted

   $ 1.33      $ 1.19      $ 2.01      $ 0.28      $ 0.87      $ 1.09      $ 1.13      $ 0.44   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(1) During the fourth quarter of 2010, the Company recorded a $2.1 million decrease in its liability for refundable deposits for lost kegs and pallets.

 

(2) During the second quarter of 2011, the Company entered into a settlement agreement with its former glass supplier. The Company received a cash payment of $20.5 million which was recorded as an offset to operating expenses.

 

(3) During the fourth quarter of 2011, the Company recorded a $2.1 million decrease in its tax liabilities as a result of a state tax audit settlement and a $1.5 million decrease in its liability for refundable deposits for lost kegs and pallets.