Unaudited Quarterly Financial Data

12 Months Ended

Dec. 28, 2013

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

18. Unaudited Quarterly Financial Data

The following tables summarize the consolidated quarterly results of operations for 2013 and 2012 (in thousands, except per share amounts):

	2013
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	49,563		$	62,847	$	64,858	$	62,035
Gross profit	$	17,559		$	21,030	$	20,920	$	20,625
Net income	$	5,264		$	9,922	$	6,289	$	5,343
Net income per share – basic	$	0.10		$	0.20	$	0.14	$	0.11
Net income per share – diluted	$	0.09		$	0.19	$	0.13	$	0.11
	2012
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	38,100		$	46,486	$	44,743	$	45,211
Gross profit	$	11,936		$	16,481	$	15,242	$	16,009
Net (loss) income	$	(652	)	$	3,690	$	2,722	$	3,194
Net (loss) income per share – basic	$	(0.01	)	$	0.07	$	0.05	$	0.06
Net (loss) income per share – diluted	$	(0.01	)	$	0.07	$	0.05	$	0.06

Earnings per share is computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the annual earnings per share. Each of our fiscal quarters above consists of 13 weeks and ended on the last Saturday of the period.

During the first quarter of 2013, we increased net income by $2.2 million from the gain on sale of the Salisbury, NC facility. In the second quarter, we reversed the deferred tax asset valuation allowance by $3.9 million, and in the fourth quarter we recorded $0.5 million of tax expense in excess of the release of the net operating loss valuation allowance.

During the fourth quarter of 2012, we increased revenues by $0.5 million for the reversal of estimated revenues associated with a customer promotion program that ended with rebate redemptions below our estimate. The promotional activity and associated estimated revenue reserves impacted the second, third and fourth quarters of 2012.