Quarterly results of operations

12 Months Ended

Jul. 31, 2014

Quarterly results of operations

20. Quarterly results of operations (unaudited)

The following is a summary of unaudited quarterly results of operations for fiscal years 2014 and 2013:

	Year 2014
(in millions, except per share data)	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Net revenue	$	110.1		$	141.4	$	124.0	$	142.0
Gross profit		42.9			61.1		53.4		62.3
Net (loss) income		(3.8	)		19.3		7.8		11.2
Basic net (loss) income per share	$	(0.30	)	$	1.55	$	0.63	$	0.90
Diluted net (loss) income per share	$	(0.30	)	$	1.53	$	0.61	$	0.89

	Year 2013
(in millions, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenue	$	119.9	$	138.5	$	125.8	$	166.2
Gross profit		45.1		55.4		49.1		67.1
Net income		4.4		9.8		5.2		11.7
Basic net income per share	$	0.36	$	0.80	$	0.42	$	0.96
Diluted net income per share	$	0.35	$	0.78	$	0.41	$	0.93

As discussed in Note 4. Restructuring charges, we recorded restructuring costs of $2.9 million in the fourth quarter of fiscal year 2014 with respect to the 2014 restructuring plan. During the second quarter of fiscal year 2014, we also recorded restructuring costs of $0.6 million with respect to the 2013 restructuring plan.

As discussed in Note 3. Business combination, during the first quarter of fiscal year 2014, we recorded a loss of $0.5 million related to our 10% pre-acquisition equity interest in PocketSonics.

As discussed in Note 15. Income taxes, during the second quarter of fiscal year 2014, we recognized a discrete tax benefit of $8.8 million associated with a change in classification of our Canadian operations.

As discussed in Note 4. Restructuring charges, during the third and fourth quarters of fiscal year 2013, we recorded restructuring charges of $0.5 million and $3.0 million, respectively.

As discussed in Note 3. Business combination, during the second, third and fourth quarters of fiscal year 2013, we recorded acquisition related expense of $0.7 million, $1.9 million, and $3.1 million, respectively, in association with the Ultrasonix acquisition.