| Quarterly Results (Unaudited) [Text Block] |
Quarterly Results (Unaudited)
The following summarized unaudited results of operations for the quarters in fiscal 2017 and fiscal 2016 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 (a) |
|
Total |
|
|
(In thousands, except percentages and per share amounts) |
Fiscal 2017 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
156,343 |
|
|
$ |
148,949 |
|
|
$ |
150,212 |
|
|
$ |
192,716 |
|
|
$ |
648,220 |
|
Gross profit |
|
56,286 |
|
|
56,480 |
|
|
57,294 |
|
|
65,052 |
|
|
235,112 |
|
Gross profit margin |
|
36.0 |
% |
|
37.9 |
% |
|
38.1 |
% |
|
33.8 |
% |
|
36.3 |
% |
Operating expenses |
|
56,867 |
|
|
56,951 |
|
|
57,648 |
|
|
60,424 |
|
|
231,890 |
|
Operating income (loss) (b) |
|
(581 |
) |
|
(471 |
) |
|
(354 |
) |
|
4,628 |
|
|
3,222 |
|
Other expense, net |
|
(2,406 |
) |
|
(1,311 |
) |
|
(1,373 |
) |
|
(1,434 |
) |
|
(6,524 |
) |
Income tax (provision) benefit |
|
(209 |
) |
|
(209 |
) |
|
624 |
|
|
3,239 |
|
|
3,445 |
|
Net income (loss) (b) |
|
$ |
(3,196 |
) |
|
$ |
(1,991 |
) |
|
$ |
(1,103 |
) |
|
$ |
6,433 |
|
|
$ |
143 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share |
|
$ |
(0.05 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.10 |
|
|
$ |
0.00 |
|
Net income (loss) per share — assuming dilution |
|
$ |
(0.05 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.10 |
|
|
$ |
0.00 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
60,919 |
|
|
64,091 |
|
|
65,191 |
|
|
65,279 |
|
|
63,870 |
|
Diluted |
|
60,919 |
|
|
64,091 |
|
|
65,191 |
|
|
65,672 |
|
|
63,968 |
|
|
|
|
|
|
|
|
|
|
|
|
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) (c) |
|
(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) (c) |
|
$ |
(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 |
|
|
|
(a) |
As a result of the Company's retail calendar, the fourth quarter of fiscal 2017 includes 14 weeks of operations as compared to 13 weeks in the fourth quarter of fiscal 2016. |
|
|
(b) |
Net income (loss) and operating income (loss) for the first, second, third and fourth quarters of fiscal 2017 includes executive and management transition costs of $506,000, $572,000, $893,000 and $174,000. In addition, net income (loss) for the first, third and fourth quarters of fiscal 2017 includes loss on debt extinguishment of $913,000, $221,000 and $323,000. Net income for the fourth quarter of fiscal 2017 also includes a $551,000 gain on the television station sale.
|
(c) 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. 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.
|