NOTE 21: Quarterly Financial Data (Unaudited)

The Company has restated all quarterly periods of fiscal 2017 and fiscal 2016 to reflect the Restatement described herein. See Note 2 – Restatement. The following tables summarize the impacts of the Restatement on the Company’s previously reported consolidated statements of operations and balance sheets included in our Quarterly Reports on Form 10-Q for each respective period. The Company did not present tables for the adjustments within the consolidated statement of cash flows, since all of the foregoing adjustments were within the operating activities section of the consolidated statement of cash flows. These adjustments did not affect total cash flows from operating activities, financing activities or investing activities for any period presented.

Condensed Consolidated Statements of Operations

As Restated

	First			Second			Third			Fourth			Full
In Thousands, Except Per Share Amounts	Quarter			Quarter			Quarter			Quarter			Year
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
2017
Net Sales	$	458,416		$	509,131		$	504,107		$	528,650		$	2,000,304
Cost of Sales		315,504			331,925			330,408			362,422			1,340,259
Gross Profit		142,912			177,206			173,699			166,228			660,045
Selling, general & administrative		95,110			97,924			93,615			88,332			374,981
Research, development and engineering		21,706			29,041			30,190			28,841			109,778
Operating Earnings from Continuing Operations		28,696			55,430			49,894			49,055			183,075
Income Tax Expense (Benefit)		(463	)		13,080			10,703			9,705			33,025
Earnings from Continuing Operations		21,128			34,440			31,764			31,533			118,865
Loss from Discontinued Operations		(5,336	)		(34	)		(815	)		(1,126	)		(7,311	)
Net Earnings	$	15,792		$	34,406		$	30,949		$	30,407		$	111,554

Earnings (Loss) Per Share Attributable to Esterline - Basic:
Continuing operations	$	0.71		$	1.16		$	1.07		$	1.05		$	4.00
Discontinued operations		(0.18	)		-			(0.03	)		(0.04	)		(0.25	)
Earnings Per Share	$	0.53		$	1.16		$	1.04		$	1.01		$	3.75

Earnings (Loss) Per Share Attributable to Esterline - Diluted:
Continuing operations	$	0.71		$	1.15		$	1.06		$	1.05		$	3.96
Discontinued operations		(0.18	)		-			(0.03	)		(0.04	)		(0.24	)
Earnings Per Share	$	0.53		$	1.15		$	1.03		$	1.01		$	3.72

2016
Net Sales	$	441,478		$	490,310		$	517,091		$	544,574		$	1,993,453
Cost of Sales		303,282			334,475			343,525			350,291			1,331,573
Gross Profit		138,196			155,835			173,566			194,283			661,880
Selling, general & administrative		94,091			102,423			96,769			103,265			396,548
Research, development and engineering		26,403			25,774			23,900			23,633			99,710
Operating Earnings from Continuing Operations		16,771			26,698			52,338			69,942			165,749
Income Tax Expense (Benefit)		(161	)		3,004			7,358			11,656			21,857
Earnings from Continuing Operations		9,641			16,270			36,956			50,352			113,219
Earnings (Loss) from Discontinued Operations		(4,780	)		(2,023	)		(8,690	)		227			(15,266	)
Net Earnings	$	4,861		$	14,247		$	28,266		$	50,579		$	97,953

Earnings (Loss) Per Share Attributable to Esterline - Basic:
Continuing operations	$	0.32		$	0.55		$	1.26		$	1.71		$	3.84
Discontinued operations		(0.16	)		(0.07	)		(0.30	)		0.01			(0.52	)
Earnings Per Share Attributable to Esterline	$	0.16		$	0.48		$	0.96		$	1.72		$	3.32

Earnings (Loss) Per Share Attributable to Esterline - Diluted:
Continuing operations	$	0.32		$	0.55		$	1.24		$	1.69		$	3.80
Discontinued operations		(0.16	)		(0.07	)		(0.29	)		0.01			(0.51	)
Earnings Per Share Attributable to Esterline	$	0.16		$	0.48		$	0.95		$	1.70		$	3.29

Condensed Consolidated Statement of Operations

As Reported

	First			Second			Third			Fourth			Full
In Thousands, Except Per Share Amounts	Quarter			Quarter			Quarter			Quarter			Year
	(As Reported)			(As Reported)			(As Reported)			(As Reported)			(As Reported)
2017
Net Sales	$	457,733		$	509,182		$	503,753		$	531,527		$	2,002,195
Cost of Sales		313,686			333,263			333,124			356,663			1,336,736
Gross Profit		144,047			175,919			170,629			174,864			665,459
Selling, general & administrative		95,633			97,083			93,615			89,082			375,413
Research, development and engineering		21,038			26,808			27,866			27,312			103,024
Operating Earnings from Continuing Operations		29,976			57,217			49,148			58,470			194,811
Income Tax Expense		420			14,160			10,433			13,915			38,928
Earnings from Continuing Operations		21,525			35,147			31,288			36,738			124,698
Loss from Discontinued Operations		(5,336	)		(34	)		(815	)		(1,126	)		(7,311	)
Net Earnings	$	16,189		$	35,113		$	30,473		$	35,612		$	117,387

Earnings (Loss) Per Share Attributable to Esterline - Basic:
Continuing operations	$	0.73		$	1.18		$	1.05		$	1.23		$	4.19
Discontinued operations		(0.18	)		-			(0.03	)		(0.04	)		(0.25	)
Earnings Per Share	$	0.55		$	1.18		$	1.02		$	1.19		$	3.94

Earnings (Loss) Per Share Attributable to Esterline - Diluted:
Continuing operations	$	0.72		$	1.17		$	1.04		$	1.22		$	4.15
Discontinued operations		(0.18	)		-			(0.03	)		(0.04	)		(0.24	)
Earnings Per Share	$	0.54		$	1.17		$	1.01		$	1.18		$	3.91

2016
Net Sales	$	441,477		$	490,310		$	517,092		$	543,752		$	1,992,631
Cost of Sales		303,758			334,137			343,508			349,983			1,331,386
Gross Profit		137,719			156,173			173,584			193,769			661,245
Selling, general & administrative		94,091			102,423			96,769			101,991			395,274
Research, development and engineering		25,575			24,974			22,211			23,179			95,939
Operating Earnings from Continuing Operations		17,122			27,836			54,045			71,156			170,159
Income Tax Expense (Benefit)		(33	)		3,416			7,975			11,177			22,535
Earnings from Continuing Operations		9,864			16,996			38,046			52,045			116,951
Earnings (Loss) from Discontinued Operations		(4,780	)		(2,023	)		(8,690	)		227			(15,266	)
Net Earnings	$	5,084		$	14,973		$	29,356		$	52,272		$	101,685

Earnings (Loss) Per Share Attributable to Esterline - Basic:
Continuing operations	$	0.33		$	0.58		$	1.30		$	1.77		$	3.97
Discontinued operations		(0.16	)		(0.07	)		(0.30	)		0.01			(0.52	)
Earnings Per Share	$	0.17		$	0.51		$	1.00		$	1.78		$	3.45

Earnings (Loss) Per Share Attributable to Esterline - Diluted:
Continuing operations	$	0.33		$	0.57		$	1.28		$	1.75		$	3.93
Discontinued operations		(0.16	)		(0.07	)		(0.29	)		0.01			(0.51	)
Earnings Per Share	$	0.17		$	0.50		$	0.99		$	1.76		$	3.42

Condensed Consolidated Statement of Operations

Adjustments

	First			Second			Third			Fourth			Full
In Thousands, Except Per Share Amounts	Quarter			Quarter			Quarter			Quarter			Year
	(Adjustments)			(Adjustments)			(Adjustments)			(Adjustments)			(Adjustments)
2017
Net Sales	$	683		$	(51	)	$	354		$	(2,877	)	$	(1,891	)
Cost of Sales		1,818			(1,338	)		(2,716	)		5,759			3,523
Gross Profit		(1,135	)		1,287			3,070			(8,636	)		(5,414	)
Selling, general & administrative		(523	)		841			-			(750	)		(432	)
Research, development and engineering		668			2,233			2,324			1,529			6,754
Operating Earnings from Continuing Operations		(1,280	)		(1,787	)		746			(9,415	)		(11,736	)
Income Tax Expense (Benefit)		(883	)		(1,080	)		270			(4,210	)		(5,903	)
Earnings from Continuing Operations		(397	)		(707	)		476			(5,205	)		(5,833	)
Loss from Discontinued Operations		-			-			-			-			-
Net Earnings	$	(397	)	$	(707	)	$	476		$	(5,205	)	$	(5,833	)

Earnings (Loss) Per Share Attributable to Esterline - Basic:
Continuing operations	$	(0.02	)	$	(0.02	)	$	0.02		$	(0.18	)	$	(0.19	)
Discontinued operations		-			-			-			-			-
Earnings Per Share	$	(0.02	)	$	(0.02	)	$	0.02		$	(0.18	)	$	(0.19	)

Earnings (Loss) Per Share Attributable to Esterline - Diluted:
Continuing operations	$	(0.01	)	$	(0.02	)	$	0.02		$	(0.17	)	$	(0.19	)
Discontinued operations		-			-			-			-			-
Earnings Per Share	$	(0.01	)	$	(0.02	)	$	0.02		$	(0.17	)	$	(0.19	)

2016
Net Sales	$	1		$	-		$	(1	)	$	822		$	822
Cost of Sales		(476	)		338			17			308			187
Gross Profit		477			(338	)		(18	)		514			635
Selling, general & administrative		-			-			-			1,274			1,274
Research, development and engineering		828			800			1,689			454			3,771
Operating Earnings from Continuing Operations		(351	)		(1,138	)		(1,707	)		(1,214	)		(4,410	)
Income Tax Expense (Benefit)		(128	)		(412	)		(617	)		479			(678	)
Earnings from Continuing Operations		(223	)		(726	)		(1,090	)		(1,693	)		(3,732	)
Earnings (Loss) from Discontinued Operations		-			-			-			-			-
Net Earnings	$	(223	)	$	(726	)	$	(1,090	)	$	(1,693	)	$	(3,732	)

Earnings (Loss) Per Share Attributable to Esterline - Basic:
Continuing operations	$	(0.01	)	$	(0.03	)	$	(0.04	)	$	(0.06	)	$	(0.13	)
Discontinued operations		-			-			-			-			-
Earnings Per Share	$	(0.01	)	$	(0.03	)	$	(0.04	)	$	(0.06	)	$	(0.13	)

Earnings (Loss) Per Share Attributable to Esterline - Diluted:
Continuing operations	$	(0.01	)	$	(0.02	)	$	(0.04	)	$	(0.06	)	$	(0.13	)
Discontinued operations		-			-			-			-			-
Earnings Per Share	$	(0.01	)	$	(0.02	)	$	(0.04	)	$	(0.06	)	$	(0.13	)

The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.

Condensed Consolidated Balance Sheets

As Restated

	First		Second		Third		Fourth
In Thousands	Quarter		Quarter		Quarter		Quarter
	(Restated)		(Restated)		(Restated)		(Restated)
2017
Total Assets	$	2,926,010	$	2,942,064	$	3,046,570	$	3,120,013

Total Liabilities		1,347,134		1,298,308		1,305,673		1,284,737
Total Shareholders' Equity		1,578,876		1,643,756		1,740,897		1,835,276
Total Liabilities & Shareholders' Equity	$	2,926,010	$	2,942,064	$	3,046,570	$	3,120,013

2016
Total Assets	$	2,918,341	$	3,011,002	$	3,002,909	$	3,029,390

Total Liabilities		1,403,537		1,441,932		1,429,859		1,423,525
Total Shareholders' Equity		1,514,804		1,569,070		1,573,050		1,605,865
Total Liabilities & Shareholders' Equity	$	2,918,341	$	3,011,002	$	3,002,909	$	3,029,390

Condensed Consolidated Balance Sheets

As Reported

	First		Second		Third		Fourth
In Thousands	Quarter		Quarter		Quarter		Quarter
	(As Reported)		(As Reported)		(As Reported)		(As Reported)
2017
Total Assets	$	2,927,800	$	2,946,476	$	3,049,631	$	3,130,323

Total Liabilities		1,342,201		1,295,590		1,302,083		1,283,195
Total Shareholders' Equity		1,585,599		1,650,886		1,747,548		1,847,128
Total Liabilities & Shareholders' Equity	$	2,927,800	$	2,946,476	$	3,049,631	$	3,130,323

2016
Total Assets	$	2,919,322	$	3,012,040	$	3,004,117	$	3,032,031

Total Liabilities		1,402,002		1,439,727		1,426,733		1,420,900
Total Shareholders' Equity		1,517,320		1,572,313		1,577,384		1,611,131
Total Liabilities & Shareholders' Equity	$	2,919,322	$	3,012,040	$	3,004,117	$	3,032,031

Condensed Consolidated Balance Sheets

Adjustments

	First			Second			Third			Fourth
In Thousands	Quarter			Quarter			Quarter			Quarter
	(Adjustments)			(Adjustments)			(Adjustments)			(Adjustments)
2017
Total Assets	$	(1,790	)	$	(4,412	)	$	(3,061	)	$	(10,310	)

Total Liabilities		4,933			2,718			3,590			1,542
Total Shareholders' Equity		(6,723	)		(7,130	)		(6,651	)		(11,852	)
Total Liabilities & Shareholders' Equity	$	(1,790	)	$	(4,412	)	$	(3,061	)	$	(10,310	)

2016
Total Assets	$	(981	)	$	(1,038	)	$	(1,208	)	$	(2,641	)

Total Liabilities		1,535			2,205			3,126			2,625
Total Shareholders' Equity		(2,516	)		(3,243	)		(4,334	)		(5,266	)
Total Liabilities & Shareholders' Equity	$	(981	)	$	(1,038	)	$	(1,208	)	$	(2,641	)