Quarterly Financial Summary

12 Months Ended

Dec. 25, 2010

Note 18: Quarterly Financial Summary (Unaudited)

Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 25, 2010 and December 26, 2009.



(in millions, except per share amounts)	First quarter		Second quarter		Third quarter		Fourth quarter
Year ended December 25, 2010:
Net sales	$	557.1	$	565.1	$	523.2	$	655.0
Gross margin	372.9		383.5		346.4		431.4
Net income	47.1		57.9		39.9		80.7
Basic earnings per share	0.75		0.92		0.64		1.29
Diluted earnings per share	0.73		0.90		0.62		1.26
Dividends declared per share	0.25		0.25		0.25		0.30
Composite stock price range:
High	49.51		54.15		44.27		50.46
Low	41.44		36.19		36.12		43.32
Close	47.77		40.09		44.04		48.21
Year ended December 26, 2009:
Net sales	$	462.8	$	524.7	$	514.0	$	626.0
Gross margin	302.7		348.8		341.6		415.9
Net income	25.6		33.1		32.3		84.1
Basic earnings per share	0.41		0.53		0.52		1.34
Diluted earnings per share	0.41		0.52		0.50		1.31
Dividends declared per share	0.22		0.22		0.22		0.25
Composite stock price range:
High	24.75		27.63		40.94		50.20
Low	10.91		15.80		25.01		37.49
Close	16.72		26.24		38.74		47.14

Certain items impacting quarterly comparability for 2010 and 2009 were as follows:


•	Pretax re-engineering and impairment costs of $1.6 million, $2.0 million, $0.4 million and $3.6 million were recorded in the first through fourth quarters of 2010, respectively. Pretax re-engineering and impairment costs of $2.7 million, $1.4 million, $2.4 million and $1.5 million were recorded in the first through fourth quarters of 2009, respectively.

•

In the fourth quarter of 2010, the Company recorded a $4.3 million impairment related to certain intangibles and goodwill, associated with a decision by the Company to cease operating its Swissgarde business as an independent entity. In the second quarter of 2009, as a result of interim impairment tests performed, the Company recorded $28.1 million of impairments to goodwill and intangible assets.


•	In the second and fourth quarter of 2009, the Company recorded $10.1 million and $8.9 million, respectively, in insurance gains related to the fire in South Carolina.


•	In the fourth quarter of 2009, the Company recorded a $2.9 million gain from the sale of property in Australia.

•

In the third and fourth quarter of 2009, the Company recorded $4.9 million and $3.5 million, respectively, in foreign currency losses associated with converting cash generated by its Venezuelan business at an exchange rate less favorable than had been recorded in the balance sheet and from translating the year end 2009 Venezuelan balance sheet for the first time at the parallel exchange rate available in that country and not the official exchange rate. See Note 1 to the Consolidated Financial Statements under the caption, Foreign Currency Translation.

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

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