| SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): |
| 25. |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): |
A summary of selected quarterly financial information is as follows:
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QUARTER ENDED |
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Fiscal 2012
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May 31,
2011
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August 31,
2011
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November 30,
2011
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February 29,
2012
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Full Year |
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| (in millions, except per share data) |
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Net sales
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$ |
635.3 |
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$ |
690.2 |
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$ |
700.7 |
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$ |
628.1 |
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$ |
2,654.3 |
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Gross profit
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$ |
251.0 |
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$ |
283.0 |
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$ |
282.9 |
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$ |
245.2 |
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$ |
1,062.1 |
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Net income
(1)
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$ |
74.5 |
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$ |
162.7 |
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$ |
104.8 |
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$ |
103.0 |
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$ |
445.0 |
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Earnings per common share
(2):
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Basic – Class A Common Stock
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$ |
0.36 |
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$ |
0.78 |
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$ |
0.53 |
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$ |
0.53 |
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$ |
2.20 |
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Basic – Class B Convertible Common Stock
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$ |
0.32 |
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$ |
0.71 |
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$ |
0.48 |
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$ |
0.48 |
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$ |
2.00 |
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Diluted – Class A Common Stock
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$ |
0.35 |
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$ |
0.76 |
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$ |
0.52 |
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$ |
0.51 |
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$ |
2.13 |
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Diluted – Class B Convertible Common Stock
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$ |
0.32 |
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$ |
0.70 |
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$ |
0.47 |
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$ |
0.47 |
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$ |
1.96 |
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QUARTER ENDED |
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Fiscal 2011
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May 31,
2010
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August 31,
2010
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November 30,
2010
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February 28,
2011
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Full Year |
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| (in millions, except per share data) |
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Net sales
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$ |
787.5 |
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$ |
862.8 |
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$ |
966.4 |
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$ |
715.3 |
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$ |
3,332.0 |
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Gross profit
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$ |
270.0 |
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$ |
314.2 |
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$ |
351.9 |
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$ |
254.0 |
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$ |
1,190.1 |
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Net income
(3)
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$ |
49.1 |
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$ |
91.3 |
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$ |
139.3 |
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$ |
279.8 |
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$ |
559.5 |
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Earnings per common share
(2):
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Basic – Class A Common Stock
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$ |
0.23 |
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$ |
0.44 |
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$ |
0.67 |
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$ |
1.36 |
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$ |
2.68 |
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Basic – Class B Convertible Common Stock
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$ |
0.21 |
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$ |
0.40 |
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$ |
0.61 |
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$ |
1.24 |
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$ |
2.44 |
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Diluted – Class A Common Stock
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$ |
0.22 |
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$ |
0.43 |
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$ |
0.65 |
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$ |
1.32 |
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$ |
2.62 |
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Diluted – Class B Convertible Common Stock
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$ |
0.21 |
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$ |
0.40 |
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$ |
0.60 |
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$ |
1.21 |
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$ |
2.40 |
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(1)
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In Fiscal 2012, the Company recorded certain unusual items consisting of accelerated depreciation associated with the Global Initiative; net losses
(gains) on the acquisition of Ruffino (excluding gain on obligation from put option of Ruffino shareholder) and related activities; gain on obligation from put option of Ruffino shareholder; net (gains) losses on the January 2011 CWAE Divestiture
and related activities; other selling, general and administrative costs associated primarily with the Fiscal 2012 Initiative; impairment of intangible assets associated with the Company’s Canadian business; and restructuring charges associated
primarily with the Fiscal 2012 Initiative. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2012:
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QUARTER ENDED |
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Fiscal 2012
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May 31,
2011
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August 31,
2011
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November 30,
2011
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February 29,
2012
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Full Year |
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| (in millions, net of income tax effect) |
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Accelerated depreciation
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$ |
0.1 |
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$ |
0.1 |
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$ |
— |
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$ |
— |
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$ |
0.2 |
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Net losses (gains) on acquisition of Ruffino (excluding gain on obligation from put option of Ruffino shareholder) and related
activities
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$ |
2.2 |
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$ |
(0.1 |
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$ |
(6.8 |
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$ |
0.4 |
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$ |
(4.3 |
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Gain on obligation from put option of Ruffino shareholder
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$ |
— |
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$ |
— |
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$ |
(2.5 |
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$ |
— |
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$ |
(2.5 |
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Net (gains) losses on the CWAE Divestiture and related activities
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$ |
(0.4 |
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$ |
0.3 |
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$ |
2.8 |
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$ |
3.5 |
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$ |
6.2 |
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Other selling, general and administrative costs
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$ |
0.6 |
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$ |
2.0 |
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$ |
1.4 |
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$ |
(0.8 |
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$ |
3.2 |
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Impairment of intangible assets
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
28.6 |
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$ |
28.6 |
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Restructuring charges
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$ |
7.1 |
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$ |
(0.2 |
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$ |
0.6 |
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$ |
2.8 |
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$ |
10.3 |
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(
2)
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The sum of the quarterly earnings per common share in Fiscal 2012 and Fiscal 2011 may not equal the total computed for the respective years as the
earnings per common share are computed independently for each of the quarters presented and for the full year.
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(3)
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In Fiscal 2011, the Company recorded certain unusual items consisting of accelerated depreciation associated primarily with the Global Initiative;
other cost of product sold related to costs incurred in connection with the sale of nonstrategic assets; net gains on the January 2011 CWAE Divestiture and related activities; loss on the potential settlement of the obligation created by the
notification by the 50.1% shareholder of Ruffino to exercise the option to put its entire equity interest to the Company; other selling, general and administrative costs associated primarily with the Global Initiative; impairment of intangible
assets associated with the Company’s Canadian business; restructuring charges associated primarily with the Global Initiative and Other Plans; other equity method investment loss; and a valuation allowance against deferred tax assets in the
U.K. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2011:
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QUARTER ENDED |
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Fiscal 2011
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May 31,
2010
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August 31,
2010
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November 30,
2010
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February 28,
2011
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Full Year |
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| (in millions, net of income tax effect) |
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Accelerated depreciation
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$ |
0.6 |
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$ |
0.1 |
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$ |
0.3 |
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$ |
0.4 |
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$ |
1.4 |
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Other cost of product sold costs
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$ |
— |
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$ |
— |
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$ |
0.1 |
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$ |
— |
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$ |
0.1 |
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Net gains on the CWAE Divestiture and related activities
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(281.5 |
) |
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$ |
(281.5 |
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Loss on obligation from put option of Ruffino shareholder
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
60.0 |
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$ |
60.0 |
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Other selling, general and administrative costs
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$ |
(0.3 |
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$ |
2.1 |
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$ |
(1.3 |
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$ |
0.7 |
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$ |
1.2 |
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Impairment of intangible assets
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$ |
— |
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$ |
— |
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$ |
4.2 |
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$ |
11.4 |
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$ |
15.6 |
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Restructuring charges
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$ |
4.3 |
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$ |
13.2 |
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$ |
(1.4 |
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$ |
3.5 |
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$ |
19.6 |
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Other equity method investment loss
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$ |
0.5 |
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$ |
0.1 |
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$ |
— |
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$ |
— |
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$ |
0.6 |
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Deferred tax assets valuation allowance
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$ |
28.1 |
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$ |
2.0 |
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$ |
— |
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$ |
— |
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$ |
30.1 |
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