Note 21 - Quarterly Results of Operations

12 Months Ended

Nov. 26, 2016

Quarterly Financial Information [Text Block]

21.

Quarterly Results of Operations

	2016
	First Quarter		Second Quarter		Third Quarter (1)		Fourth Quarter (2)

Sales revenue:
Furniture and accessories	$	92,402	$	92,990	$	91,465	$	100,339
Logistics		14,471		13,677		13,247		13,447
Total sales revenue		106,873		106,667		104,712		113,786
Cost of furniture and accessories sold		41,986		42,419		40,091		43,023
Income from operations		5,791		5,853		7,540		9,009
Net income		3,234		3,385		4,165		5,045
Basic earnings per share		0.30		0.31		0.39		0.47
Diluted earnings per share		0.30		0.31		0.38		0.47

	2015
	First Quarter (3)		Second Quarter (4)		Third Quarter		Fourth Quarter (5)

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

All quarters shown above for fiscal

2016

and

2015

consist of

week fiscal periods.

Sales revenue from logistics is recognized from the date of our acquisition of Zenith,

February

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 the benefit of a

$1,428

award received from the settlement of class action litigation (see Note

15).

(2)

Net income includes income of

$148

from the CDSOA, net of related income tax effects of approximately

$92

(see Note

16).

(3)

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).

(4)

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).

(5)

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.