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Quarterly Financial Data (Unaudited)
 12 Months Ended
Aug. 29, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

The following is a summary of the results of operations for each of the quarters within the years ended August 29, 2020 and August 31, 2019. This quarterly financial information was prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which were, in the opinion of management, necessary for a fair statement of results in the interim periods. This summary should be read in conjunction with these Consolidated Financial Statements and notes to Consolidated Financial Statements.

 

(In thousands, except per share data)

For the year ended August 29, 2020

 

First

Quarter (1)

 

 

Second

Quarter (2)

 

 

Third

Quarter (3)

 

 

Fourth

Quarter

 

Revenues

 

$

465,398

 

 

$

464,600

 

 

$

445,518

 

 

$

428,643

 

Income before income taxes

 

 

61,928

 

 

 

45,763

 

 

 

27,206

 

 

 

42,991

 

Provision for income taxes

 

 

13,686

 

 

 

11,083

 

 

 

5,921

 

 

 

11,428

 

Net income

 

$

48,242

 

 

$

34,680

 

 

$

21,285

 

 

$

31,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share—basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2.65

 

 

$

1.90

 

 

$

1.17

 

 

$

1.74

 

Class B Common Stock

 

$

2.12

 

 

$

1.52

 

 

$

0.94

 

 

$

1.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share—diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2.52

 

 

$

1.82

 

 

$

1.12

 

 

$

1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to—basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

40,526

 

 

$

29,129

 

 

$

17,871

 

 

$

26,499

 

Class B Common Stock

 

$

7,716

 

 

$

5,551

 

 

$

3,414

 

 

$

5,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to—diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

48,242

 

 

$

34,680

 

 

$

21,285

 

 

$

31,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding—basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

15,308

 

 

 

15,293

 

 

 

15,255

 

 

 

15,250

 

Class B Common Stock

 

 

3,643

 

 

 

3,643

 

 

 

3,643

 

 

 

3,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding—diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

19,123

 

 

 

19,105

 

 

 

18,995

 

 

 

19,019

 

 

(1)

During the first quarter of fiscal 2020, the Company repurchased 50,600 shares for an average price per share of $197.11.

(2)

During the second quarter of fiscal 2020, the Company repurchased 20,500 shares for an average price per share of $206.34.

(3)

During the third quarter of fiscal 2020, the Company repurchased 46,667 shares for an average price per share of $161.65.

 

(In thousands, except per share data)

For the year ended August 31, 2019

 

First

Quarter

 

 

Second

Quarter (1)

 

 

Third

Quarter (2)

 

 

Fourth

Quarter (3)

 

Revenues

 

$

438,550

 

 

$

437,485

 

 

$

453,720

 

 

$

479,621

 

Income before income taxes

 

 

51,959

 

 

 

63,395

 

 

 

61,700

 

 

 

60,870

 

Provision (benefit) for income taxes

 

 

13,639

 

 

 

15,789

 

 

 

14,480

 

 

 

14,882

 

Net income

 

$

38,320

 

 

$

47,606

 

 

$

47,220

 

 

$

45,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share—basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2.08

 

 

$

2.59

 

 

$

2.58

 

 

$

2.52

 

Class B Common Stock

 

$

1.67

 

 

$

2.07

 

 

$

2.06

 

 

$

2.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share—diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

1.99

 

 

$

2.48

 

 

$

2.46

 

 

$

2.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to—basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

32,137

 

 

$

39,923

 

 

$

39,563

 

 

$

38,619

 

Class B Common Stock

 

$

6,183

 

 

$

7,683

 

 

$

7,657

 

 

$

7,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to—diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

38,320

 

 

$

47,606

 

 

$

47,220

 

 

$

45,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding—basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

15,432

 

 

 

15,428

 

 

 

15,341

 

 

 

15,340

 

Class B Common Stock

 

 

3,710

 

 

 

3,710

 

 

 

3,710

 

 

 

3,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding—diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

19,302

 

 

 

19,232

 

 

 

19,168

 

 

 

19,159

 

 

 

(1)

During the second quarter of fiscal 2019, the Company repurchased 45,000 shares for an average price per share of $139.57.

During fiscal 2017, we recorded a pre-tax non-cash impairment charge of $55.8 million once it was determined that it was not probable that a CRM system that was being developed would be completed and placed into service. During fiscal 2020, we entered into a settlement agreement with our lead contractor for the version of the CRM system with respect to which we recorded the impairment charge. As part of the settlement agreement, we recorded a total gain of $21.1 million as a reduction of selling and administrative expenses, which includes our receipt of a one-time cash payment in the amount of $13.0 million as well as the forgiveness of amounts previously due the contractor. We also received hardware and related maintenance service with a fair value of $0.8 million as part of the settlement. This gain, net of tax, benefitted the Company’s diluted income per share by $0.81 in fiscal 2020.

 

(2)

During the third quarter of fiscal 2019, the Company repurchased 99,500 shares for an average price per share of $147.47.

 

(3)

During the fourth quarter of fiscal 2019, the Company repurchased 52,650 shares for an average price per share of $181.61.

The Company’s fiscal year ends on the last Saturday in August. For financial reporting purposes, fiscal 2020 consisted of 52 weeks, and fiscal 2019 consisted of 53 weeks. Each of the quarterly periods contained 13 weeks except for the fourth quarter of fiscal 2019 which contained 14 weeks.