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Selected Quarterly Financial Data-Unaudited (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Selected Quarterly Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

Total(1)

 

 

 

(dollars in thousands, except per share data)

 

Year Ended December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,352,296

 

 

$

1,354,523

 

 

$

1,407,504

 

 

$

1,254,699

 

 

$

5,369,022

 

Gross profit

 

 

200,082

 

 

 

195,823

 

 

 

198,854

 

 

 

165,102

 

 

 

759,861

 

Net income (loss)(2)

 

 

16,530

 

 

 

12,933

 

 

 

36,742

 

 

 

(2,353

)

 

 

63,852

 

Net income (loss) per share—basic

 

$

0.45

 

 

$

0.35

 

 

$

1.00

 

 

$

(0.06

)

 

$

1.75

 

Net income (loss) per share—diluted(3)

 

$

0.45

 

 

$

0.35

 

 

$

0.99

 

 

$

(0.06

)

 

$

1.73

 

Year Ended December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,332,375

 

 

$

1,341,799

 

 

$

1,391,545

 

 

$

1,297,327

 

 

$

5,363,046

 

Gross profit

 

 

200,395

 

 

 

210,119

 

 

 

225,143

 

 

 

200,838

 

 

 

836,495

 

Net income (loss)(4)

 

 

(6,007

)

 

 

29,834

 

 

 

27,667

 

 

 

(95,836

)

 

 

(44,342

)

Net income (loss) per share—basic

 

$

(0.16

)

 

$

0.79

 

 

$

0.74

 

 

$

(2.61

)

 

$

(1.18

)

Net income (loss) per share—diluted(3)

 

$

(0.16

)

 

$

0.78

 

 

$

0.74

 

 

$

(2.61

)

 

$

(1.18

)

 

 

(1) As a result of changes in the number of common and common equivalent shares during the year, the sum of quarterly earnings per share will not necessarily equal earnings per share for the total year.

(2) 2016 results were impacted by the following items, net of taxes:

 

 

2016 factors

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

Total

 

 

 

(dollars in thousands)

 

Gain on sale of City of Industry facility

 

$

-

 

 

$

-

 

 

$

(17,752

)

 

$

(1,651

)

 

$

(19,403

)

Settlement charge related to the defined benefit plan

 

 

-

 

 

 

7,328

 

 

 

261

 

 

 

216

 

 

 

7,805

 

Litigation reserve

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,492

 

 

 

2,492

 

Severance costs for operating leadership

 

 

-

 

 

 

-

 

 

 

776

 

 

 

-

 

 

 

776

 

State income tax reserve adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

417

 

 

 

417

 

Restructuring charges

 

 

155

 

 

 

-

 

 

 

(754

)

 

 

-

 

 

 

(599

)

Tax impact of a dividend from a foreign subsidiary

 

 

-

 

 

 

-

 

 

 

1,666

 

 

 

-

 

 

 

1,666

 

(3) As a result of the net loss in the quarters ended December 31, 2016, March 31, 2015 and December 31, 2015 and the year ended December 31, 2015, the effect of potentially dilutive securities would have been anti-dilutive and have been omitted from the calculation of diluted earnings per share, consistent with GAAP.

(4) 2015 results were impacted by the following items, net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

Total

 

 

 

(dollars in thousands)

 

Impairment of Industrial goodwill and intangible assets

 

$

-

 

 

$

-

 

 

$

-

 

 

$

118,076

 

 

$

118,076

 

Restructuring charges

 

 

3,989

 

 

 

(86

)

 

 

124

 

 

 

7,489

 

 

 

11,516

 

Loss on disposition of business and related costs

 

 

13,420

 

 

 

710

 

 

 

2,918

 

 

 

-

 

 

 

17,048

 

Impairment of assets and accelerated amortization related to rebranding

 

 

6,487

 

 

 

318

 

 

 

317

 

 

 

307

 

 

 

7,429

 

Impairment of seller notes

 

 

-

 

 

 

-

 

 

 

6,658

 

 

 

-

 

 

 

6,658