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Quarterly Financial Information (Unaudited)
12 Months Ended
Dec. 30, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)

22.

Quarterly Financial Information (Unaudited)

The following is a summary of the unaudited quarterly consolidated results of operations for the fiscal years ended December 30, 2017 and December 31, 2016.  

 

 

For the Fiscal Quarters Ended

 

 

 

April 1,

 

 

July 1,

 

 

September 30,

 

December 30,

 

 

 

2017

 

 

2017

 

 

2017

 

2017

 

Fiscal year ended December 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

329,063

 

 

$

341,673

 

 

$

323,687

 

 

$

312,488

 

Gross profit

 

$

164,097

 

 

$

189,013

 

 

$

177,088

 

 

$

162,451

 

Operating income

 

$

30,233

 

 

$

96,206

 

 

$

91,378

 

 

$

49,488

 

Net income attributable to the Company

 

$

10,653

 

 

$

45,173

 

 

$

44,719

 

 

$

62,969

 

Basic earnings per share

 

$

0.17

 

 

$

0.70

 

 

$

0.69

 

 

$

0.97

 

Diluted  earnings per share

 

$

0.16

 

 

$

0.67

 

 

$

0.65

 

 

$

0.91

 

 

 

For the Fiscal Quarters Ended

 

 

 

April 2,

 

 

July 2,

 

 

October 1,

 

 

December 31,

 

 

 

2016

 

 

2016

 

 

2016

 

 

2016

 

Fiscal year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

306,910

 

 

$

309,761

 

 

$

280,819

 

 

$

267,412

 

Gross profit

 

$

149,673

 

 

$

161,048

 

 

$

144,303

 

 

$

130,477

 

Operating income

 

$

13,557

 

 

$

73,731

 

 

$

66,792

 

 

$

46,730

 

Net (loss) income attributable to the Company

 

$

(10,753

)

 

$

30,494

 

 

$

34,658

 

 

$

13,300

 

Basic (loss) earnings per share

 

$

(0.17

)

 

$

0.48

 

 

$

0.54

 

 

$

0.21

 

Diluted (loss) earnings per share

 

$

(0.17

)

 

$

0.46

 

 

$

0.53

 

 

$

0.20

 

 

Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

As discussed in Note 2, the Company recorded an impairment charge for goodwill related to its Brazil reporting unit of $13,323, or $0.19 per fully diluted share, in the fourth quarter of fiscal 2017.

As discussed in Note 8, the Company recorded a write-off of deferred financing costs in connection with the November 2017 debt refinancing of $10,524 ($0.09 per fully diluted share) in the fourth quarter of fiscal 2017.

As discussed in further detail in Note 12, the Company recorded a net tax benefit of $56,560 ($0.82 per fully diluted share) related to the 2017 Tax Act in the fourth quarter of fiscal 2017. The Company also recorded a net tax benefit of $11,633 ($0.17 per fully diluted share) related to the cessation of operations of our Spanish subsidiary in the first quarter of fiscal 2017, a $2,255 ($0.03 per fully diluted share) tax benefit related to the reversal of tax reserves resulting from an updated transfer pricing study in the third quarter of fiscal 2017 and a $3,735 ($0.05 per fully diluted share) tax benefit due to a change in estimate related to the availability of certain foreign tax credits.

As discussed in Note 1, in fiscal 2016, the Company identified and recorded out-of-period adjustments related to (i) income tax errors primarily related to reversing a foreign tax receivable originally recorded in fiscal 2008 that should have been reversed in fiscal 2009; (ii) errors in the prior period tax provision identified upon filing of the tax return and (iii) technology expenses that should have been capitalized in fiscal 2015. The impact of correcting these errors, to the extent applicable to the period, increased the provision for income taxes and decreased net income attributable to the Company by $2,684 ($0.04 per fully diluted share) in the third quarter of fiscal 2016 and increased operating income, decreased the provision for income taxes and increased net income attributable to the Company by $1,466, $110, and $1,576 ($0.02 per fully diluted share) in the fourth quarter of fiscal 2016.

As discussed in further detail in Note 12, the Company recorded a net tax benefit arising from a research and development tax credit and a Section 199 deduction for the tax years 2012 through 2015 in the third quarter of fiscal 2016 of $11,438 ($0.17 per fully diluted share).