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Selected Quarterly Financial Data-Unaudited
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data-Unaudited

19. Selected Quarterly Financial Data—Unaudited

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

Total(1)

 

 

 

(dollars in thousands, except per share data)

 

Year Ended December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,269,383

 

 

$

1,260,656

 

 

$

1,308,979

 

 

$

1,198,309

 

 

$

5,037,327

 

Gross profit

 

 

185,668

 

 

 

177,564

 

 

 

171,954

 

 

 

170,868

 

 

 

706,054

 

Net (loss) income (2)

 

 

(188,593

)

 

 

5,096

 

 

 

(81,938

)

 

 

(1,546

)

 

 

(266,981

)

Net (loss) income per share—basic

 

$

(5.15

)

 

$

0.14

 

 

$

(2.23

)

 

$

(0.04

)

 

$

(7.27

)

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

 

$

(5.15

)

 

$

0.14

 

 

$

(2.23

)

 

$

(0.04

)

 

$

(7.27

)

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)(4)

 

 

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

 

 

(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)

2017 results were impacted by the following items, net of taxes:

 

 

2017 factors

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

Total

 

 

 

(dollars in thousands)

 

Impairment of goodwill

 

$

192,269

 

 

$

-

 

 

$

79,541

 

 

$

-

 

 

$

271,810

 

Litigation reserve

 

 

3,676

 

 

 

1,836

 

 

 

-

 

 

 

-

 

 

 

5,512

 

Transformational expenses

 

 

1,833

 

 

 

3,359

 

 

 

3,690

 

 

 

3,208

 

 

 

12,090

 

Recovery of notes receivable

 

 

-

 

 

 

-

 

 

 

(91

)

 

 

(91

)

 

 

(182

)

Tax reform adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,545

 

 

 

2,545

 

 

 

(3)

As a result of the net loss in the quarters ended March 31, 2017, September 30, 2017, and December 31, 2017 and December 31, 2016, 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)

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