Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

v2.4.0.8
Quarterly Financial Data (Unaudited)
 12 Months Ended
Aug. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
Quarterly financial data for fiscal 2013 and fiscal 2012 is as follows:
 
 
 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended August 31, 2012
 
 
First
 
Second
 
Third
 
Fourth
 
Total
Net sales
 
$
309,966

 
$
300,919

 
$
343,268

 
$
322,368

 
$
1,276,521

Gross profit
 
127,015

 
116,083

 
138,754

 
129,608

 
511,460

Earnings from continuing operations
 
33,970

 
27,653

 
27,737

 
35,916

 
125,276

Earnings (loss) from discontinued operations
 
3,204

 
4,522

 
6,664

 
(52,376
)
 
(37,986
)
Net earnings (loss)
 
37,174

 
32,175

 
34,401

 
(16,460
)
 
87,290

Earnings from continuing operations per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.50

 
$
0.41

 
$
0.39

 
$
0.49

 
$
1.79

Diluted
 
0.46

 
0.37

 
0.36

 
0.48

 
1.68

Earnings (loss) from discontinued operations per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.04

 
$
0.06

 
$
0.09

 
$
(0.72
)
 
$
(0.54
)
Diluted
 
0.04

 
0.06

 
0.09

 
(0.70
)
 
(0.51
)
Net earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.54

 
$
0.47

 
$
0.48

 
$
(0.23
)
 
$
1.25

Diluted
 
0.50

 
0.43

 
0.45

 
(0.22
)
 
1.17


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 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 (income included in discontinued operations).  Fourth quarter fiscal 2012 discontinued operations include a $62.5 million non-cash impairment charge related to the goodwill and indefinite lived intangibles of the Mastervolt business. Refer to Note 3, “Discontinued Operations” for further information.
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.