| SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
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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May 31, 2013 |
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August 31, 2013 |
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November 30, 2013 |
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February 28, 2014 |
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Full Year |
(in millions, except per share data) |
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Fiscal 2014 |
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Net sales |
$ |
673.4 |
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$ |
1,459.8 |
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$ |
1,443.3 |
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$ |
1,291.2 |
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$ |
4,867.7 |
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Gross profit |
$ |
256.1 |
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$ |
577.0 |
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$ |
609.7 |
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$ |
548.9 |
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$ |
1,991.7 |
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Net income (1)
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$ |
52.9 |
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$ |
1,522.0 |
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$ |
211.0 |
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$ |
157.2 |
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$ |
1,943.1 |
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Earnings per common share (2):
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Basic – Class A Common Stock |
$ |
0.29 |
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$ |
8.18 |
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$ |
1.13 |
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$ |
0.84 |
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$ |
10.45 |
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Basic – Class B Convertible Common Stock |
$ |
0.26 |
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$ |
7.43 |
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$ |
1.03 |
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$ |
0.76 |
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$ |
9.50 |
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Diluted – Class A Common Stock |
$ |
0.27 |
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$ |
7.74 |
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$ |
1.07 |
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$ |
0.79 |
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$ |
9.83 |
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Diluted – Class B Convertible Common Stock |
$ |
0.25 |
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$ |
7.11 |
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$ |
0.98 |
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$ |
0.73 |
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$ |
9.04 |
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QUARTER ENDED |
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May 31, 2012 |
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August 31, 2012 |
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November 30, 2012 |
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February 28, 2013 |
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Full Year |
Fiscal 2013 |
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Net sales |
$ |
634.8 |
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$ |
698.5 |
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$ |
766.9 |
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$ |
695.9 |
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$ |
2,796.1 |
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Gross profit |
$ |
250.6 |
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$ |
285.1 |
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$ |
310.8 |
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$ |
261.8 |
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$ |
1,108.3 |
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Net income (3)
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$ |
72.0 |
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$ |
124.6 |
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$ |
109.5 |
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$ |
81.7 |
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$ |
387.8 |
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Earnings per common share (2):
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Basic – Class A Common Stock |
$ |
0.39 |
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$ |
0.71 |
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$ |
0.61 |
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$ |
0.45 |
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$ |
2.15 |
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Basic – Class B Convertible Common Stock |
$ |
0.36 |
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$ |
0.64 |
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$ |
0.55 |
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$ |
0.41 |
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$ |
1.96 |
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Diluted – Class A Common Stock |
$ |
0.38 |
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$ |
0.67 |
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$ |
0.58 |
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$ |
0.43 |
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$ |
2.04 |
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Diluted – Class B Convertible Common Stock |
$ |
0.35 |
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$ |
0.62 |
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$ |
0.53 |
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$ |
0.39 |
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$ |
1.87 |
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(1) |
For Fiscal 2014, the Company recorded certain unusual items consisting of: amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; other cost of product sold associated with a net gain from the mark to fair value of undesignated commodity swap contracts; transaction and related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; restructuring charges and other selling, general and administrative costs associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with the Company’s Canadian business; gain on remeasurement to fair value of the Company’s preexisting equity interest in Crown Imports; and other equity method investment costs. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2014:
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QUARTER ENDED |
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May 31, 2013 |
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August 31, 2013 |
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November 30, 2013 |
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February 28, 2014 |
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Full Year |
(in millions, net of income tax effect) |
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Fiscal 2014 |
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Amortization of favorable interim supply agreement |
$ |
— |
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$ |
1.5 |
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$ |
1.6 |
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$ |
1.2 |
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$ |
4.3 |
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Other cost of product sold |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
(0.6 |
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$ |
(0.6 |
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Transaction and related costs associated with completed acquisitions |
$ |
17.2 |
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$ |
4.2 |
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$ |
5.8 |
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$ |
4.3 |
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$ |
31.5 |
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Deferred compensation |
$ |
4.4 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
4.4 |
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Restructuring charges and other selling, general and administrative costs |
$ |
(1.8 |
) |
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$ |
— |
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$ |
0.1 |
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$ |
— |
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$ |
(1.7 |
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Impairment of goodwill and intangible assets |
$ |
— |
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$ |
296.4 |
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$ |
(1.3 |
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$ |
— |
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$ |
295.1 |
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Gain on remeasurement to fair value of equity method investment |
$ |
— |
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$ |
(1,642.0 |
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$ |
— |
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$ |
— |
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$ |
(1,642.0 |
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Other equity method investment loss |
$ |
0.1 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.1 |
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(2) |
The sum of the quarterly earnings per common share for Fiscal 2014 and Fiscal 2013 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) |
For Fiscal 2013, the Company recorded certain unusual items consisting of: transaction and related costs associated with pending and completed acquisitions, including the Beer Business Acquisition and Mark West; restructuring charges and other selling, general and administrative costs associated primarily with certain previously announced restructuring plans and a gain on an adjustment to a guarantee originally recorded in connection with a prior divestiture; other equity method investment costs; and loss on the write-off of financing fees. The following table identifies these items, net of income tax effect, by quarter and in the aggregate for Fiscal 2013:
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QUARTER ENDED |
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May 31, 2012 |
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August 31, 2012 |
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November 30, 2012 |
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February 28, 2013 |
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Full Year |
(in millions, net of income tax effect) |
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Fiscal 2013 |
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Transaction and related costs associated with pending and completed acquisitions |
$ |
— |
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$ |
5.7 |
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$ |
5.3 |
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$ |
7.1 |
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$ |
18.1 |
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Restructuring charges and other selling, general and administrative costs |
$ |
1.8 |
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$ |
(0.3 |
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$ |
1.5 |
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$ |
(6.4 |
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$ |
(3.4 |
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Other equity method investment costs |
$ |
— |
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$ |
— |
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$ |
0.1 |
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$ |
0.5 |
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$ |
0.6 |
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Loss on write-off of financing costs |
$ |
1.7 |
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$ |
— |
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$ |
— |
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$ |
6.1 |
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$ |
7.8 |
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