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Note 21 - Quarterly Results of Operations
 12 Months Ended
Nov. 28, 2015
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
21.
Quarterly Results of Operations
 
 
 
 
2015
 
 
 
First
Quarter (1)
 
 
Second
Quarter (2)
 
 
Third
Quarter
 
 
Fourth
Quarter (3)
 
                                 
Sales revenue:
                                
Furniture and accessories
   $ 89,548     $ 99,467     $ 97,107     $ 101,283  
Logistics
     3,259       12,086       13,904       14,273  
Total sales revenue
     92,807       111,553       111,011       115,556  
Cost of furniture and accessories sold
     41,930       46,921       44,824       45,616  
Income from operations
     2,877       6,714       7,692       8,706  
Net income
     5,956       4,529       4,266       5,682  
Basic earnings per share
     0.57       0.42       0.39       0.53  
Diluted earnings per share
     0.56       0.42       0.39       0.52  
 
 
 
2014
 
 
 
First
Quarter (4)
 
 
Second
Quarter
 
 
Third
Quarter
 
 
Fourth
Quarter
 
                                 
Sales revenue:
                                
Furniture and accessories
   $ 75,647     $ 85,185     $ 85,186     $ 94,720  
Logistics
     -       -       -       -  
Total sales revenue
     75,647       85,185       85,186       94,720  
Cost of furniture and accessories sold
     35,394       39,872       40,168       42,883  
Income from operations
     1,086       3,891       3,399       6,755  
Net income
     843       2,551       2,256       3,649  
Basic earnings per share
     0.08       0.24       0.22       0.35  
Diluted earnings per share
     0.08       0.24       0.21       0.35  
 
 
All quarters shown above for fiscal 2015 and 2014 consist of 13 week fiscal periods.
 
Sales revenue from logistics is recognized from the date of our acquisition of Zenith, February 2, 2015. Prior to the acquisition of Zenith, net income included our 49% equity in the earnings of Zenith, which is included in other loss, net in our consolidated statements of income.
 
 
(1)
Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3).
 
(2)
Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16).
 
(3)
Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith.
 
(4)
Net income includes $662 of income from death benefits from life insurance policies covering a former executive.