Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited)
Quarterly financial data for fiscal 2014 and fiscal 2013 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2014 |
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
Total |
Net sales |
|
$ |
339,556 |
|
|
$ |
327,770 |
|
|
$ |
378,187 |
|
|
$ |
354,349 |
|
|
$ |
1,399,862 |
|
Gross profit |
|
131,780 |
|
|
124,447 |
|
|
148,550 |
|
|
142,095 |
|
|
546,872 |
|
Earnings from continuing operations |
|
33,005 |
|
|
22,304 |
|
|
50,557 |
|
|
35,587 |
|
|
141,453 |
|
Earnings from discontinued operations |
|
3,032 |
|
|
19,088 |
|
|
— |
|
|
— |
|
|
22,120 |
|
Net earnings |
|
36,037 |
|
|
41,392 |
|
|
50,557 |
|
|
35,587 |
|
|
163,573 |
|
Earnings from continuing operations per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.45 |
|
|
$ |
0.31 |
|
|
$ |
0.72 |
|
|
$ |
0.52 |
|
|
$ |
1.99 |
|
Diluted |
|
0.44 |
|
|
0.30 |
|
|
0.70 |
|
|
0.51 |
|
|
1.95 |
|
Earnings from discontinued operations per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
0.26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.32 |
|
Diluted |
|
0.04 |
|
|
0.26 |
|
|
— |
|
|
— |
|
|
0.32 |
|
Net earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.49 |
|
|
$ |
0.57 |
|
|
$ |
0.72 |
|
|
$ |
0.52 |
|
|
$ |
2.31 |
|
Diluted |
|
0.48 |
|
|
0.56 |
|
|
0.70 |
|
|
0.51 |
|
|
2.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, 2013 |
|
|
First |
|
Second |
|
Third |
|
Fourth |
|
Total |
Net sales |
|
$ |
307,809 |
|
|
$ |
300,468 |
|
|
$ |
344,205 |
|
|
$ |
327,260 |
|
|
$ |
1,279,742 |
|
Gross profit |
|
124,368 |
|
|
116,178 |
|
|
136,904 |
|
|
129,500 |
|
|
506,950 |
|
Earnings from continuing operations |
|
30,551 |
|
|
25,834 |
|
|
46,077 |
|
|
45,115 |
|
|
147,577 |
|
Earnings (loss) from discontinued operations |
|
5,792 |
|
|
2,601 |
|
|
(139,060 |
) |
|
13,138 |
|
|
(117,529 |
) |
Net earnings (loss) |
|
36,343 |
|
|
28,435 |
|
|
(92,983 |
) |
|
58,253 |
|
|
30,048 |
|
Earnings from continuing operations per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.42 |
|
|
$ |
0.35 |
|
|
$ |
0.63 |
|
|
$ |
0.62 |
|
|
$ |
2.02 |
|
Diluted |
|
0.41 |
|
|
0.35 |
|
|
0.62 |
|
|
0.60 |
|
|
1.98 |
|
Earnings (loss) from discontinued operations per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
0.04 |
|
|
$ |
(1.90 |
) |
|
$ |
0.18 |
|
|
$ |
(1.61 |
) |
Diluted |
|
0.08 |
|
|
0.03 |
|
|
(1.86 |
) |
|
0.18 |
|
|
(1.58 |
) |
Net earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.50 |
|
|
$ |
0.39 |
|
|
$ |
(1.27 |
) |
|
$ |
0.80 |
|
|
$ |
0.41 |
|
Diluted |
|
0.49 |
|
|
0.38 |
|
|
(1.24 |
) |
|
0.78 |
|
|
0.40 |
|
The sum of the quarters may not equal the total of the respective year’s earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding during the year.
During the third quarter of fiscal 2013 the Company recognized a $170.3 million non-cash impairment charge related to the goodwill and intangible assets of the former Electrical segment (discontinued operations). In the fourth quarter of fiscal 2013, the Company re-assessed its initial estimate of fair value less selling costs for the Electrical segment and recognized an $11.2 million increase to the carrying value of the Electrical segment assets (discontinued operations).
During the fourth quarter of fiscal 2013, the Company recorded a $10.6 million adjustment (reduction to income tax expense) to properly state deferred income tax balances associated with its equity compensation programs.
|