Selected Quarterly Data (Unaudited)

12 Months Ended

May 31, 2020

17. Selected Quarterly Data (Unaudited)

The unaudited selected quarterly data for fiscal years ended May 31, 2020 and 2019 is as follows:


	First		Second		Third		Fourth		Full
Fiscal 2020	Quarter		Quarter		Quarter		Quarter		Year
Sales	$	541.5	$	560.9	$	553.1	$	416.5	$	2,072.0
Operating income (loss) ⁽¹⁾		22.8		28.1		5.3		(14.9)		41.3
Income (Loss) from continuing operations		17.1		20.1		2.6		(15.0)		24.8
Loss from discontinued operations⁽²⁾		(12.7)		(5.9)		(0.3)		(1.5)		(20.4)
Net income (loss)		4.4		14.2		2.3		(16.5)		4.4
Earnings (Loss) per share - basic : ⁽³⁾
Continuing operations		0.49		0.58		0.08		(0.43)		0.71
Discontinued operations		(0.37)		(0.17)		(0.01)		(0.04)		(0.59)
Earnings (Loss) per share - basic		0.12		0.41		0.07		(0.47)		0.12
Earnings (Loss) per share - diluted : ⁽³⁾
Continuing operations		0.49		0.57		0.07		(0.43)		0.71
Discontinued operations		(0.36)		(0.17)		(0.01)		(0.04)		(0.58)
Earnings (Loss) per share - diluted		0.13		0.40		0.06		(0.47)		0.13


	First		Second		Third		Fourth		Full
Fiscal 2019	Quarter		Quarter		Quarter		Quarter		Year
Sales	$	466.3	$	493.3	$	529.5	$	562.7	$	2,051.8
Operating income		22.4		16.8		29.8		29.3		98.3
Income from continuing operations		18.9		11.2		27.4		26.6		84.1
Loss from discontinued operations ⁽²⁾		(3.8)		(4.2)		(64.8)		(3.8)		(76.6)
Net income		15.1		7.0		(37.4)		22.8		7.5
Earnings (Loss) per share - basic : ⁽³⁾
Continuing operations		0.54		0.32		0.79		0.77		2.42
Discontinued operations		(0.11)		(0.12)		(1.87)		(0.11)		(2.22)
Earnings (Loss) per share - basic		0.43		0.20		(1.08)		0.66		0.20
Earnings (Loss) per share - diluted : ⁽³⁾
Continuing operations		0.54		0.32		0.78		0.76		2.40
Discontinued operations		(0.11)		(0.12)		(1.86)		(0.11)		(2.19)
Earnings (Loss) per share - diluted		0.43		0.20		(1.08)		0.65		0.21

(1)

We recognized charges of $24.7 million and $6.6 million during the third and fourth quarters of fiscal 2020, respectively, related to the termination and restructuring of commercial PBH contracts.

In fiscal 2020, we recognized impairment charges of $11.0 million related to the exit of certain product lines across our operations. We also recognized costs of $4.9 million related to the closure of two facilities and $5.0 million for workforce actions including severance and furlough costs in fiscal 2020.

(2)

We recognized an impairment charge in discontinued operations of $74.1 million during the third quarter of fiscal 2019 related to our COCO business reflecting the expected net proceeds to be received upon the completion of the sale of our DoD contracts and related assets. We recognized an impairment charge of $11.8 million in the first quarter of fiscal 2020 related to the sale of the remaining COCO operating contract.

(3)

The earnings-per-share computation for the year is a separate, annual calculation. Accordingly, the sum of the quarterly earnings-per-share amounts does not necessarily equal the earnings per share for the year.