XML 38 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUMMARY OF QUARTERLY DATA (UNAUDITED)
 12 Months Ended
Apr. 01, 2017
Quarterly Financial Data [Abstract]  
SUMMARY OF QUARTERLY DATA (UNAUDITED)
SUMMARY OF QUARTERLY DATA (UNAUDITED)
(In thousands)
 
Three months ended
Fiscal 2017
 
July 2,
2016
 
October 1,
2016
 
December 31,
2016
 
April 1,
2017
Net revenues
 
$
209,956

 
$
220,253

 
$
227,841

 
$
228,066

Gross profit
 
$
91,056

 
$
104,248

 
$
101,079

 
$
82,111

Operating income (loss)
 
$
(7,881
)
 
$
24,794

 
$
21,212

 
$
(57,506
)
Net (loss) income
 
$
(10,346
)
 
$
19,825

 
$
15,393

 
$
(51,140
)
Per share data:
 
 

 
 

 
 

 
 

Net (loss) income:
 
 

 
 

 
 

 
 

Basic
 
$
(0.20
)
 
$
0.39

 
$
0.30

 
$
(0.98
)
Diluted
 
$
(0.20
)
 
$
0.38

 
$
0.30

 
$
(0.98
)
 
 
 
 
 
 
 
 
 
(In thousands)
 
Three months ended
Fiscal 2016
 
June 27,
2015
 
September 26,
2015
 
December 26,
2015
 
April 2,
2016
Net revenues
 
$
213,413

 
$
219,693

 
$
233,384

 
$
242,342

Gross profit
 
$
102,539

 
$
105,297

 
$
108,855

 
$
89,223

Operating (loss) income
 
$
3,606

 
$
19,179

 
$
(61,177
)
 
$
(5,550
)
Net (loss) income
 
$
(267
)
 
$
12,863

 
$
(59,440
)
 
$
(8,735
)
Per share data:
 
 

 
 

 
 

 
 

Net (loss) income:
 
 

 
 

 
 

 
 

Basic
 
$
(0.01
)
 
$
0.25

 
$
(1.17
)
 
$
(0.17
)
Diluted
 
$
(0.01
)
 
$
0.25

 
$
(1.17
)
 
$
(0.17
)


The operating results for the second and fourth quarters of fiscal 2017 and all four quarters of fiscal 2016 include certain misstatements that were determined to be immaterial both individually and in the aggregate. The misstatement in the fourth quarter of fiscal 2017 was primarily driven by the correction of an error in capitalized manufacturing variances which resulted in an overstatement of net loss in the fourth quarter of fiscal 2017 and an overstatement of net income in the second quarter of fiscal 2017 and each quarter of fiscal 2016.

The operating results for the first quarter of fiscal 2016 also include the correction of an understatement of the provision for income taxes in fiscal 2015 and the operating results for the third quarter of fiscal 2016 also include the correction of an overstated liability in fiscal 2014.

Below is a summary of the net overstatement/(understatement) of the Company’s reported operating income and net income for the second and fourth quarters of fiscal 2017 and all four quarters of fiscal 2016 as a result of the misstatements in each reporting period. In the fourth quarter of fiscal 2017 and the first, third and fourth quarters of fiscal 2016, the Company reported an operating loss, a net loss or both. For such periods, an understatement of income means that the reported loss was too high, while an overstatement of income means that the reported loss was too low.
(In thousands)
 
Overstatement/(Understatement)
Three Months Ended
 
Operating (Loss) Income
 
Net (Loss) Income
April 1, 2017
 
(3,720
)
 
(4,032
)
October 1, 2016
 
888

 
1,224

April 2, 2016
 
(3,352
)
 
(2,207
)
December 26, 2015
 
4,776

 
4,584

September 26, 2015
 
1,193

 
933

June 27, 2015
 
1,297

 
219