| Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited)
Quarterly financial data for fiscal 2014 and fiscal 2013 is as follows:
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Year Ended August 31, 2014 |
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First |
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Second |
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Third |
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Fourth |
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Total |
Net sales |
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$ |
339,556 |
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$ |
327,770 |
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$ |
378,187 |
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$ |
354,349 |
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$ |
1,399,862 |
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Gross profit |
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131,780 |
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124,447 |
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148,550 |
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142,095 |
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546,872 |
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Earnings from continuing operations |
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33,005 |
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22,304 |
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50,557 |
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35,587 |
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141,453 |
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Earnings from discontinued operations |
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3,032 |
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19,088 |
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— |
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— |
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22,120 |
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Net earnings |
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36,037 |
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41,392 |
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50,557 |
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35,587 |
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163,573 |
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Earnings from continuing operations per share: |
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Basic |
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$ |
0.45 |
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$ |
0.31 |
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$ |
0.72 |
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$ |
0.52 |
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$ |
1.99 |
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Diluted |
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0.44 |
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0.30 |
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0.70 |
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0.51 |
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1.95 |
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Earnings from discontinued operations per share: |
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Basic |
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$ |
0.04 |
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$ |
0.26 |
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$ |
— |
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$ |
— |
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$ |
0.32 |
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Diluted |
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0.04 |
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0.26 |
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— |
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— |
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0.32 |
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Net earnings per share: |
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Basic |
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$ |
0.49 |
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$ |
0.57 |
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$ |
0.72 |
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$ |
0.52 |
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$ |
2.31 |
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Diluted |
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0.48 |
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0.56 |
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0.70 |
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0.51 |
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2.26 |
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Year Ended August 31, 2013 |
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First |
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Second |
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Third |
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Fourth |
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Total |
Net sales |
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$ |
307,809 |
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$ |
300,468 |
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$ |
344,205 |
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$ |
327,260 |
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$ |
1,279,742 |
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Gross profit |
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124,368 |
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116,178 |
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136,904 |
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129,500 |
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506,950 |
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Earnings from continuing operations |
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30,551 |
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25,834 |
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46,077 |
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45,115 |
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147,577 |
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Earnings (loss) from discontinued operations |
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5,792 |
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2,601 |
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(139,060 |
) |
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13,138 |
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(117,529 |
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Net earnings (loss) |
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36,343 |
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28,435 |
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(92,983 |
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58,253 |
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30,048 |
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Earnings from continuing operations per share: |
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Basic |
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$ |
0.42 |
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$ |
0.35 |
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$ |
0.63 |
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$ |
0.62 |
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$ |
2.02 |
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Diluted |
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0.41 |
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0.35 |
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0.62 |
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0.60 |
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1.98 |
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Earnings (loss) from discontinued operations per share: |
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Basic |
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$ |
0.08 |
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$ |
0.04 |
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$ |
(1.90 |
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$ |
0.18 |
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$ |
(1.61 |
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Diluted |
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0.08 |
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0.03 |
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(1.86 |
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0.18 |
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(1.58 |
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Net earnings (loss) per share: |
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Basic |
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$ |
0.50 |
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$ |
0.39 |
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$ |
(1.27 |
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$ |
0.80 |
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$ |
0.41 |
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Diluted |
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0.49 |
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0.38 |
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(1.24 |
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0.78 |
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0.40 |
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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.
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