Annual report pursuant to Section 13 and 15(d)

Quarterly Results (Unaudited)

v3.7.0.1
Quarterly Results (Unaudited)
12 Months Ended
Jan. 28, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited) [Text Block]
Quarterly Results (Unaudited)
The following summarized unaudited results of operations for the quarters in fiscal 2016 and fiscal 2015 have been prepared on the same basis as the annual financial statements and reflect normal recurring adjustments that we consider necessary for a fair presentation of results of operations for the periods presented. Our results of operations have varied and may continue to fluctuate significantly from quarter to quarter due to seasonality and the timing of operating expenses. Results of operations in any period should not be considered indicative of the results to be expected for any future period.
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
 
 
(In thousands, except percentages and per share amounts)
Fiscal 2016
 
 
 
 
 
 
 
 
 
 
   Net sales
 
$
166,920

 
$
157,139

 
$
151,636

 
$
190,518

 
$
666,213

   Gross profit
 
61,448

 
59,828

 
55,431

 
64,820

 
241,527

   Gross profit margin
 
36.8
%
 
38.1
%
 
36.6
%
 
34.0
%
 
36.3
%
   Operating expenses
 
64,982

 
60,002

 
57,510

 
61,051

 
243,545

   Operating income (loss) (a)
 
(3,534
)
 
(174
)
 
(2,079
)
 
3,769

 
(2,018
)
   Other expense, net
 
(1,203
)
 
(1,604
)
 
(1,583
)
 
(1,536
)
 
(5,926
)
   Income tax provision
 
(205
)
 
(205
)
 
(205
)
 
(186
)
 
(801
)
   Net income (loss) (a)
 
$
(4,942
)
 
$
(1,983
)
 
$
(3,867
)
 
$
2,047

 
$
(8,745
)
 
 
 
 
 
 
 
 
 
 
 
   Net income (loss) per share
 
$
(0.09
)
 
$
(0.03
)
 
$
(0.06
)
 
$
0.03

 
$
(0.15
)
   Net income (loss) per share — assuming dilution
 
$
(0.09
)
 
$
(0.03
)
 
$
(0.06
)
 
$
0.03

 
$
(0.15
)
   Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
      Basic
 
57,181

 
57,259

 
60,513

 
64,185

 
59,785

      Diluted
 
57,181

 
57,259

 
60,513

 
64,492

 
59,785

 
 
 
 
 
 
 
 
 
 
 
Fiscal 2015
 
 
 
 
 
 
 
 
 
 
   Net sales
 
$
158,451

 
$
161,061

 
$
162,258

 
$
211,542

 
$
693,312

   Gross profit
 
57,305

 
58,856

 
55,910

 
66,409

 
238,480

   Gross profit margin
 
36.2
%
 
36.5
%
 
34.5
%
 
31.4
%
 
34.4
%
   Operating expenses
 
61,232

 
61,032

 
60,192

 
64,762

 
247,218

   Operating income (loss) (b)
 
(3,927
)
 
(2,176
)
 
(4,282
)
 
1,647

 
(8,738
)
   Other expense, net
 
(596
)
 
(667
)
 
(688
)
 
(761
)
 
(2,712
)
   Income tax provision
 
(205
)
 
(205
)
 
(205
)
 
(219
)
 
(834
)
   Net income (loss) (b)
 
$
(4,728
)
 
$
(3,048
)
 
$
(5,175
)
 
$
667

 
$
(12,284
)
 
 
 
 
 
 
 
 
 
 
 
   Net income (loss) per share
 
$
(0.08
)
 
$
(0.05
)
 
$
(0.09
)
 
$
0.01

 
$
(0.22
)
   Net income (loss) per share — assuming dilution
 
$
(0.08
)
 
$
(0.05
)
 
$
(0.09
)
 
$
0.01

 
$
(0.22
)
   Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
      Basic
 
56,641

 
57,093

 
57,125

 
57,158

 
57,004

      Diluted
 
56,641

 
57,093

 
57,125

 
57,158

 
57,004

(a) Net income (loss) and operating income (loss) for the first, second, third and fourth quarters of fiscal 2016 includes distribution facility consolidation and technology upgrade costs of approximately $80,000, $300,000, $150,000 and $147,000, respectively. In addition, net loss and operating loss for the first, second and third quarters of fiscal 2016 includes executive and management transition costs of $3,601,000, $242,000 and $568,000, respectively.
(b) Net income (loss) and operating income (loss) for the second, third and fourth quarters of fiscal 2015 includes distribution facility consolidation and technology upgrade costs of approximately $972,000, $294,000 and $81,000, respectively. In addition, net loss and operating loss for the first, second and third quarters of fiscal 2015 includes executive and management transition costs of $2,590,000, $205,000 and $754,000, respectively.