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Quarterly Financial Data
12 Months Ended
Nov. 30, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
MNOVA SOLUTIONS INC.
 Selected Quarterly Financial Data (Unaudited)
 
Three Months Ended
2016
February 29
 
May 31
 
August 31
 
November 30
 
(Dollars in millions, except per share amounts)
Net sales
$
175.3

 
$
202.0

 
$
195.6

 
$
187.0

Gross profit(1)(2)
$
44.3

 
$
58.4

 
$
52.1

 
$
49.1

Restructuring and severance
$
1.6

 
$
1.1

 
$
0.4

 
$
6.2

Loss on asset sales
$

 
$
.1

 
$

 
$
.2

Asset impairments and write-offs
$
.3

 
$

 
$

 
$
5.4

Debt issuance costs write-off
$

 
$

 
$
1.7

 
$
1.2

Net (loss) income(3) (4)
$
(1.1
)
 
$
7.2

 
$
4.7

 
$
(11.3
)
Net (loss) income per share(4)
 
 
 
 
 
 
 
Basic
$
(.03
)
 
$
.16

 
$
.11

 
$
(.25
)
Diluted
$
(.03
)
 
$
.16

 
$
.10

 
$
(.26
)
Common stock price range per share—high
$
7.43

 
$
7.37

 
$
10.21

 
$
10.35

                         —low
$
4.69

 
$
5.22

 
$
5.95

 
$
7.15



 
Three Months Ended
2015
February 28
 
May 31
 
August 31
 
November 30
 
(Dollars in millions, except per share amounts)
Net sales
$
206.9

 
$
220.2

 
$
210.9

 
$
200.0

Gross profit(1)(2)
$
41.7

 
$
52.9

 
$
51.5

 
$
47.8

Restructuring and severance
$

 
$
1.1

 
$
3.4

 
$
1.4

Asset sales
$

 
$

 
$

 
$
.2

Asset impairments and write-offs
$

 
$
.6

 
$
.5

 
$
18.3

Debt issuance costs write-off
$

 
$

 
$

 
$
.6

Income from continuing operations(3)
$
(3.2
)
 
$
3.0

 
$
.4

 
$
(18.9
)
Loss from discontinued operations
$

 
$
.9

 
$

 
$

Net income(3)
$
(3.2
)
 
$
3.9

 
$
.4

 
$
(18.9
)
Income per share from continuing operations(4)
 
 
 
 
 
 
 
Basic and Diluted
$
(.07
)
 
$
.07

 
$
.01

 
$
(.43
)
Net income per share
 
 
 
 
 
 
 
Basic and Diluted
$
(.07
)
 
$
.09

 
$
.01

 
$
(.43
)
Common stock price range per share—high
$
8.52

 
$
8.62

 
$
8.24

 
$
7.55

                         —low
$
6.54

 
$
7.30

 
$
5.76

 
$
5.00



(1)
Gross profit excludes depreciation and amortization expense. Depreciation and amortization expense related to manufacturing facilities and equipment was $7.7 million, $4.9 million, $4.7 million, and $5.0 million for the three months ended February 29, 2016, May 31, 2016, August 31, 2016, and November 30, 2016, and $5.0 million, $5.0 million, $7.8 million, and $8.2 million for the three months ended February 28, 2015, May 31, 2015, August 31, 2015 and November 30, 2015, respectively.
(2)
Gross profit includes net LIFO inventory reserve adjustments of $0.5 million of income, $0.3 million of expense, $0.6 million of expense, and $1.4 million of expense for the three months ended February 29, 2016, May 31, 2016, August 31, 2016, and November 30, 2016, respectively, and $2.2 million of income, $1.5 million of income, $2.1 million of income, and $3.7 million of income for the three months ended February 28, 2015, May 31, 2015, August 31, 2015, and November 30, 2015, respectively.
(3)
As of November 30, 2016, the Company’s income tax expense was $10.3 million or a 104.0% effective tax rate. During the fourth quarter of 2016, the Company recorded $2.2 million tax expense related to the payment of an intercompany dividend, $1.6 million tax expense related to a newly enacted French deemed distribution tax, and $1.9 million tax expense for foreign valuation allowances on deferred tax assets in which no benefit can be realized. Income from continuing operations and net income includes $1.0 million of debt redemption premium expense related to early debt redemption for the three months ended November 30, 2015, respectively.
(4)
The sum of the quarterly earnings per share amounts may not equal the annual amount due to changes in the number of shares outstanding during the year.