| 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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Fiscal 2013 |
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, except per share data) |
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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 (1)
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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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QUARTER ENDED |
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Fiscal 2012 |
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 |
(in millions, except per share data) |
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Net sales |
$ |
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 |
$ |
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 (3)
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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 |
$ |
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 |
$ |
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 |
$ |
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 |
$ |
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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(1) |
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; gain on the January 2011 CWAE Divestiture and related activities; other selling, general and administrative costs associated primarily with the Fiscal 2012 Initiative; restructuring charges associated primarily with the Fiscal 2012 Initiative; 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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Fiscal 2013 |
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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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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Gain on CWAE Divestiture and related activities |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
(7.1 |
) |
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$ |
(7.1 |
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Other selling, general and administrative costs |
$ |
1.4 |
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$ |
(0.5 |
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$ |
1.3 |
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$ |
0.9 |
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$ |
3.1 |
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Restructuring charges |
$ |
0.4 |
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$ |
0.2 |
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$ |
0.2 |
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$ |
(0.2 |
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$ |
0.6 |
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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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(2) |
The sum of the quarterly earnings per common share for Fiscal 2013 and Fiscal 2012 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 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 |
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 |
(in millions, net of income tax effect) |
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Accelerated depreciation |
$ |
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 |
$ |
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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$ |
(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 |
$ |
(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 |
$ |
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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$ |
28.6 |
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$ |
28.6 |
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Restructuring charges |
$ |
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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