Quarterly Results of Operations

12 Months Ended

Jul. 31, 2014

13. QUARTERLY RESULTS OF OPERATIONS (unaudited)


Fiscal Year Ended July 31, 2014	First Quarter			Second Quarter (a)			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
Net sales	$	32,767		$	68,356		$	105,424		$	124,327
Gross profit		17,131			26,812			43,555			52,903
Net (loss) income		(6,900	)		(1,604	)		(200	)		9,537
Net (loss) income per share:
Basic	$	(0.14	)	$	(0.03	)	$	(0.00	)	$	0.20
Diluted	$	(0.14	)	$	(0.03	)	$	(0.00	)	$	0.19

(a)	The results for the second quarter of 2014, as presented here, reflect the impact of retroactive accounting treatment for $2.6 million of bargain purchase gain, ($1.4) million of which was recorded in the third quarter of 2014 and $4 million of which was recorded in the fourth quarter of 2014.

Net income for fiscal 2014 includes the following activity associated with non-recurring transactions:


Fiscal Year Ended July 31, 2014	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands)
Restructuring	$	—		$	(2,159	)	$	(1,422	)	$	(363	)
Bargain purchase gain		—			8,621			—			—
Acquisition and integration related expenses		(1,700	)		(428	)		(350	)		(407	)

Total non-recurring income (expense)	$	(1,700	)	$	6,034		$	(1,772	)	$	(770	)


Fiscal Year Ended July 31, 2013	First Quarter		Second Quarter			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
Net sales	$	43,188	$	35,016		$	36,257		$	37,521
Gross profit		23,504		18,559			18,699			19,996
Net income (loss)		549		(3,276	)		(4,744	)		(4,656	)
Net income (loss) per share:
Basic and diluted	$	0.01	$	(0.07	)	$	(0.10	)	$	(0.10	)

Net loss for fiscal 2013 includes the following activity associated with non-recurring transactions:


Fiscal Year Ended July 31, 2013	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands)
Release of income tax liabilities due to lapses in statutes of limitations	$	—		$	1,058		$	—		$	—
Income tax expense from foreign entity mergers		(167	)		—			—			—
Restructuring		(231	)		(69	)		(356	)		180
Merger-related expense		—			—			—			(1,300	)

Total non-recurring (expense) income	$	(398	)	$	989		$	(356	)	$	(1,120	)


Fiscal Year Ended July 31, 2012	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
Net sales	$	33,752		$	24,082		$	30,837		$	43,463
Gross profit		18,037			10,880			15,813			23,767
Net (loss)		(4,909	)		(9,688	)		(6,628	)		1,356
Net (loss) per share:
Basic and diluted	$	(0.10	)	$	(0.20	)	$	(0.14	)	$	0.04

Net loss for the fiscal year ended July 31, 2012 includes the following activity associated with non-recurring transactions:


Fiscal Year Ended July 31, 2012	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands)
Merger-related (expense) income		(115	)		49			—			—
Release of income tax liabilities due to lapses in statutes of limitations		—			734			—			581
Restructuring		(46	)		(141	)		(739	)		(178	)

Total non-recurring (expense) income	$	(161	)	$	642		$	(739	)	$	403

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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