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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 30, 2012
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)

The following financial information reflects all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for the years ended December 25, 2011 and December 30, 2012, is as follows (in millions, except per share data):

Quarterly Results in 2011

 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Fiscal year 2011
 
 
 
 
 
 
 
 
 
Revenues
 
$
122.8

 
$
171.1

 
$
206.6

 
$
213.4

 
Gross profit
 
$
27.4

 
$
45.4

 
$
59.0

 
$
59.4

 
Operating income from continuing operations
 
$
1.4

 
$
8.7

 
$
9.7

 
$
9.7

 
Provision (benefit) for income taxes
 
$
(1.2
)
 
$
0.9

 
$
1.6

 
$
0.6

 
Net loss
 
$
(3.5
)
 
$
(5.2
)
 
$
(6.9
)
 
$
(8.6
)
 
Net loss per common share:
 
 
 
 
 
 
 
 
 
Basic
 
$
(0.17
)
 
$
(0.22
)
 
$
(0.22
)
 
$
(0.25
)
 
Diluted
 
$
(0.17
)
 
$
(0.22
)
 
$
(0.22
)
 
$
(0.25
)
 


The quarterly increases in revenues and expenses are a result of the Company's acquisitions. See Note 3.

During the first, second, third and fourth quarters, the Company incurred $5.8 million, $1.8 million, $3.7 million and $1.2 million, respectively, of expenses related to the Company's acquisitions during those quarters. Also included in the first, second, third, and fourth quarter is amortization of purchased intangibles of $3.4 million, $9.2 million, $11.9 million and $13.5 million, respectively. Certain of the lives of the intangible assets are relatively short in nature, ranging from 10 to 16 months. See Note 3.

As a result of the impact of the issuance of 4.9 million shares in February 2011 for the Herley acquisition and 10.4 million shares in July 2011 for the Integral acquisition, and the buyback of 2.0 million shares in November 2011 on the Company's quarterly and yearly weighted average basic and diluted shares outstanding, the sum of 2011 quarterly loss per share does not equal the Company's 2011 loss per share. See Note 3 and 11.


Quarterly Results in 2012

 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Fiscal year 2012
 
 
 
 
 
 
 
 
 
Revenues
 
$
209.5

 
$
219.8

 
$
276.3

 
$
263.6

 
Gross profit
 
$
57.4

 
$
57.7

 
$
74.1

 
$
68.0

 
Operating income (loss) from continuing operations
 
$
9.1

 
$
7.4

 
$
14.1

 
$
(80.3
)
 
Provision (benefit) for income taxes
 
$
(4.1
)
 
$
6.6

 
$
1.3

 
$
(5.4
)
 
Net loss
 
$
(3.0
)
 
$
(17.2
)
 
$
(4.2
)
 
$
(90.0
)
 
Net loss per common share:
 
 
 
 
 
 
 
 
 
Basic
 
$
(0.09
)
 
$
(0.41
)
 
$
(0.07
)
 
$
(1.59
)
 
Diluted
 
$
(0.09
)
 
$
(0.41
)
 
$
(0.07
)
 
$
(1.59
)
 


The quarterly increases in revenues and expenses in the third and fourth quarter are a result of the Company's acquisition of CEI. See Note 3.

In the fourth quarter the Company incurred an impairment of goodwill and intangible assets of $96.6 million. See Note 2.

During the first, second, and third quarters, the Company incurred $0.9 million, $1.5 million, and $0.3 million, respectively, of expenses related to the Company's acquisitions during those quarters and during the fourth quarter the Company had a benefit of $2.7 million related to acquisition items. Also included in each of the first, second, third and fourth quarter is amortization of purchased intangibles of $10.5 million, $8.9 million, $13.0 million and $11.5 million, respectively.