| 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,
2014 |
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August 31,
2014 |
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November 30,
2014 |
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February 28,
2015 |
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Full Year |
(in millions, except per share data) |
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Fiscal 2015 |
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Net sales |
$ |
1,526.0 |
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$ |
1,604.1 |
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$ |
1,541.7 |
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$ |
1,356.2 |
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$ |
6,028.0 |
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Gross profit |
$ |
670.1 |
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$ |
672.0 |
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$ |
638.9 |
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$ |
597.6 |
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$ |
2,578.6 |
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Net income attributable to CBI (1)
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$ |
206.7 |
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$ |
195.8 |
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$ |
222.2 |
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$ |
214.6 |
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$ |
839.3 |
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Net income per common share attributable to CBI (2):
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Basic – Class A Common Stock |
$ |
1.09 |
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$ |
1.03 |
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$ |
1.16 |
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$ |
1.12 |
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$ |
4.40 |
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Basic – Class B Convertible Common Stock |
$ |
0.99 |
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$ |
0.93 |
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$ |
1.06 |
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$ |
1.02 |
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$ |
4.00 |
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Diluted – Class A Common Stock |
$ |
1.03 |
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$ |
0.98 |
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$ |
1.10 |
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$ |
1.06 |
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$ |
4.17 |
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Diluted – Class B Convertible Common Stock |
$ |
0.95 |
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$ |
0.90 |
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$ |
1.01 |
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$ |
0.98 |
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$ |
3.83 |
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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 |
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 attributable to CBI (3)
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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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Net income per common share attributable to CBI (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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(1) |
For Fiscal 2015, we recorded certain unusual items consisting of: product recall costs, net of recoveries, associated with a voluntary product recall of select packages in the U.S. and Guam containing 12-ounce clear glass bottles of our Corona Extra beer that may contain small particles of glass; net (gain) loss from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; other cost of product sold associated with a loss on certain assets in connection with an earthquake in Napa, California; transaction, integration and other acquisition-related costs associated primarily with the Beer Business Acquisition; other selling, general and administrative expenses associated with a gain from an adjustment to a certain guarantee originally recorded in connection with a prior divestiture and a net gain on the sale of and the write-down of certain property, plant and equipment; 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 2015:
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QUARTER ENDED |
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May 31,
2014 |
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August 31,
2014 |
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November 30,
2014 |
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February 28,
2015 |
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Full Year |
(in millions, net of income tax effect) |
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Product recall |
$ |
— |
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$ |
(5.9 |
) |
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$ |
(1.7 |
) |
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$ |
7.6 |
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$ |
— |
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Net gain (loss) on undesignated commodity derivative contracts |
$ |
0.1 |
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$ |
(1.8 |
) |
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$ |
(13.6 |
) |
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$ |
(5.4 |
) |
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$ |
(20.7 |
) |
Amortization of favorable interim supply agreement |
$ |
(5.4 |
) |
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$ |
(8.0 |
) |
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$ |
(6.1 |
) |
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$ |
(0.7 |
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$ |
(20.2 |
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Settlements of undesignated commodity derivative contracts |
$ |
(0.3 |
) |
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$ |
(0.1 |
) |
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$ |
0.8 |
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$ |
2.4 |
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$ |
2.8 |
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Other cost of product sold |
$ |
— |
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$ |
(1.6 |
) |
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$ |
(0.1 |
) |
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$ |
— |
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$ |
(1.7 |
) |
Transaction, integration and other acquisition-related costs |
$ |
(2.9 |
) |
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$ |
(5.7 |
) |
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$ |
(5.4 |
) |
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$ |
(5.4 |
) |
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$ |
(19.4 |
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Other selling, general and administrative expenses |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
8.6 |
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$ |
8.6 |
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Loss on write-off of financing costs |
$ |
— |
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$ |
(3.1 |
) |
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$ |
— |
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$ |
— |
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$ |
(3.1 |
) |
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(2) |
The sum of the quarterly net income per common share for Fiscal 2015 and Fiscal 2014 may not equal the total computed for the respective years as the net income per common share is computed independently for each of the quarters presented and for the full year.
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(3) |
For Fiscal 2014, we recorded certain unusual items consisting of: amortization of a favorable interim supply agreement associated with the Beer Business Acquisition; net gain from the changes in fair value of undesignated commodity derivative contracts, partially offset by settlements of undesignated commodity derivative contracts; transaction, integration and other acquisition-related costs associated with the Beer Business Acquisition; previously unrecognized deferred compensation costs associated with certain employment agreements related to a prior period; other selling, general and administrative expenses associated primarily with certain previously announced restructuring plans; impairment of goodwill and intangible assets associated with our Canadian business; gain on remeasurement to fair value of our 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 |
|
Full Year |
(in millions, net of income tax effect) |
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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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Net gain on undesignated commodity derivative contracts |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
1.0 |
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$ |
1.0 |
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Settlements of undesignated commodity derivative contracts |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
(0.4 |
) |
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$ |
(0.4 |
) |
Transaction, integration and other acquisition-related costs |
$ |
(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 |
) |
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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Other selling, general and administrative expenses |
$ |
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 costs |
$ |
(0.1 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
(0.1 |
) |
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