Quarterly Financial Summary

12 Months Ended

Dec. 26, 2020

Quarterly Financial Information [Text Block]

Following is a summary of the unaudited interim results of operations for each quarter:


	Year Ended
	December 26, 2020
(In millions, except per share amounts)	First quarter		Second quarter		Third quarter		Fourth quarter
Net sales	$	375.9	$	397.4	$	477.2	$	489.6
Gross margin	246.2		263.9		325.1		334.1
Net income (loss)	(7.8)		63.8		34.4		21.8
Basic earnings (loss) per share	(0.16)		1.30		0.70		0.45
Diluted earnings (loss) per share	(0.16)		1.30		0.65		0.41
Dividends declared per share	—		—		—		—

	Year Ended
	December 28, 2019
	First quarter		Second quarter		Third quarter		Fourth quarter
Net sales	$	487.3	$	475.3	$	418.1	$	417.2
Gross margin	326.1		320.7		276.6		263.7
Net income (loss)	36.9		39.4		7.8		(71.7)
Basic earnings (loss) per share	0.76		0.81		0.16		(1.47)
Diluted earnings (loss) per share	0.76		0.81		0.16		(1.47)
Dividends declared per share	0.27		0.27		0.27		—

Certain items impacting quarterly comparability for 2020 and 2019 were as follows:

•Pretax re-engineering costs of $3.9 million, $23.2 million, $3.2 million and $5.8 million were recorded in the first through fourth quarters of 2020, respectively. Pretax re-engineering costs of $4.3 million, $4.1 million, $7.5 million and $18.8 million were recorded in the first through fourth quarters of 2019, respectively. See Note 3: Re-engineering Charges to the Consolidated Financial Statements for further discussion.

•In the third quarter of 2019, the Company recorded a $17.5 million impairment charge related to goodwill of Fuller Mexico and a $2.2 million impairment charge related to the Nutrimetics trade name. In the fourth quarter of 2019, the Company recorded a $20.3 million impairment charge related to the Fuller trade name. See Note 12: Trade Names and Goodwill to the Consolidated Financial Statements for further discussion.

•In Argentina and Venezuela for all quarters in 2020 and 2019, in connection with re-measuring net monetary assets and recording in cost of sales inventory at the exchange rate when it was purchased or manufactured compared to when it was sold, the Company recorded charges (gains) of $(0.3) million, $0.3 million, $2.2 million and $2.2 million in the first, second, third, and fourth quarters of 2020, respectively, and charges of $0.3 million, $0.1 million, $0.7 million and $0.5 million in the same quarters of 2019. See Note 1: Summary of Significant Accounting Policies to the Consolidated Financial Statements for further discussion.•Pretax losses on disposal of assets were $0.1 million and $32.6 million for the first and third quarters of 2020, respectively, and pretax gains on the disposal of assets were $13.9 million and $32.8 million in the second and fourth quarters of 2020, respectively. Pretax losses on disposal of assets were $0.9 million and $0.1 million for the first and second quarters of 2019, respectively, and pretax gains on the disposal of assets were $12.1 million and $1.8 million in the third and fourth quarters of 2019, respectively.