Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 27, 2014 and December 28, 2013.



(In millions, except per share amounts)	First quarter		Second quarter		Third quarter		Fourth quarter
Year ended December 27, 2014
Net sales	$	663.2	$	674.3	$	588.7	$	679.9
Gross margin	441.6		448.6		379.5		452.4
Net income	52.2		47.6		32.3		82.3
Basic earnings per share	1.04		0.95		0.64		1.65
Diluted earnings per share	1.02		0.93		0.63		1.63
Dividends declared per share	0.68		0.68		0.68		0.68
Composite stock price range:
High	96.22		89.57		85.82		71.57
Low	74.65		81.03		69.84		58.19
Close	$	82.25	$	82.92	$	70.29	$	63.68
Year ended December 28, 2013
Net sales	$	662.9	$	688.4	$	603.2	$	717.1
Gross margin	440.1		462.4		403.6		475.7
Net income	58.2		76.3		49.9		89.8
Basic earnings per share	1.09		1.46		0.97		1.78
Diluted earnings per share	1.06		1.43		0.95		1.74
Dividends declared per share	0.62		0.62		0.62		0.62
Composite stock price range:
High	82.28		85.22		88.18		97.14
Low	62.17		73.07		76.18		84.38
Close	$	81.74	$	77.69	$	86.90	$	94.91

Certain items impacting quarterly comparability for 2014 and 2013 were as follows:

•

Pretax re-engineering and impairment costs of $2.3 million, $3.4 million, $2.6 million and $2.7 million were recorded in the first through fourth quarters of 2014, respectively. Pretax re-engineering and impairment costs of $2.2 million, $2.2 million, $2.7 million and $2.2 million were recorded in the first through fourth quarters of 2013, respectively. Refer to Note 2 to the Consolidated Financial Statements for further discussion.

•

As a result of step devaluations in the Venezuelan bolivar from 5.3 bolivars per U.S. dollar to 6.3, 10.8 and 50.0 bolivars per U.S. dollar as of the end of February 2013, March 2014 and June 2014, respectively, the Company had impacts of $13.4 million, $22.2 million, $6.0 million and $0.2 million in the first, second, third and fourth quarters of 2014, respectively. These amounts related to expense from remeasuring bolivar denominated net monetary assets at the lower exchange rates at the times of devaluations, along with the impact of recording in income amounts on the balance sheet when the devaluations occurred, primarily inventory, at which the amounts went on the balance sheet, rather than the exchange rates in use when they were included in income. Similarly, in the first and second quarter of 2013, the Company recorded $3.9 million and $0.3 million, respectively, due to the remeasurement of the net monetary assets, inventory, and non-recurring deferred tax balance sheet positions.


•	In the third quarter of 2013, the Company recorded $0.9 million related to the collection of proceeds on land sold in 2006.