XML 39 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Quarterly Financial Information (Unaudited)
 12 Months Ended
Oct. 29, 2011
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
Quarterly Financial Information (Unaudited)

The following table includes certain unaudited quarterly financial information for the fiscal year quarters in 2011 and 2010, which have been adjusted for discontinued operations. See Note 2 for further discussion of discontinued operations.
 
Quarter
 
 
 
1st
 
2nd
 
3rd
 
4th
 
Year
2011
 
 
 
 
 
 
 
 
 
Net sales
$
234,783

 
$
282,551

 
$
291,716

 
$
293,239

 
$
1,102,290

Gross profit (a)
17,984

 
26,655

 
26,243

 
24,971

 
95,673

Operating (loss) earnings
(1,818
)
 
7,097

 
8,325

 
(34,890
)
 
(21,286
)
Net (loss) earnings from continuing operations (b)
(1,838
)
 
2,847

 
2,988

 
(27,380
)
 
(23,383
)
Net earnings (loss) from discontinued operations
2,871

 
(225
)
 
19

 
(349
)
 
2,316

Net (loss) earnings (b) (d)
1,033

 
2,622

 
3,007

 
(27,729
)
 
(21,067
)
Basic (loss) earnings per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
(Loss) earnings from continuing operations
(0.06
)
 
0.09

 
0.10

 
(0.89
)
 
(0.76
)
Earnings (loss) from discontinued operations, net of tax
0.09

 
(0.01
)
 
—

 
(0.01
)
 
0.08

Net (loss) earnings per share
0.03

 
0.08

 
0.10

 
(0.90
)
 
(0.69
)
Diluted (loss) earnings per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
(Loss) earnings from continuing operations
(0.06
)
 
0.09

 
0.10

 
(0.89
)
 
(0.76
)
Earnings (loss) from discontinued operations, net of tax
0.09

 
(0.01
)
 
—

 
(0.01
)
 
0.08

Net (loss) earnings per share
0.03

 
0.08

 
0.10

 
(0.90
)
 
(0.69
)
Dividends declared per common share
—

 
—

 
—

 
—

 
—

2010
 
 
 
 
 
 
 
 
 
Net sales
$
225,164

 
$
268,524

 
$
269,635

 
$
259,573

 
$
1,022,896

Gross profit (a)
25,866

 
29,919

 
27,022

 
22,021

 
104,828

Operating earnings (loss)
6,779

 
7,871

 
(2,659
)
 
(73,127
)
 
(61,136
)
Net (loss) earnings from continuing operations (c)
4,736

 
4,540

 
(3,826
)
 
(55,093
)
 
(49,643
)
Net (loss) earnings from discontinued operations
8

 
(87
)
 
(43
)
 
(610
)
 
(732
)
Net (loss) earnings (c)
4,744

 
4,453

 
(3,869
)
 
(55,703
)
 
(50,375
)
Basic (loss) earnings per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
(Loss) earnings from continuing operations
0.16

 
0.15

 
(0.12
)
 
(1.80
)
 
(1.63
)
(Loss) earnings from discontinued operations, net of tax
—

 
(0.01
)
 
—

 
(0.02
)
 
(0.03
)
Net (loss) earnings per share
0.16

 
0.14

 
(0.12
)
 
(1.82
)
 
(1.65
)
Diluted (loss) earnings per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
(Loss) earnings from continuing operations
0.15

 
0.15

 
(0.12
)
 
(1.79
)
 
(1.63
)
(Loss) earnings from discontinued operations, net of tax
—

 
(0.01
)
 
—

 
(0.02
)
 
(0.03
)
Net (loss) earnings per share
0.15

 
0.14

 
(0.12
)
 
(1.81
)
 
(1.65
)
Dividends declared per common share
—

 
—

 
—

 
—

 
—

Notes to tables:
(a)
Gross profit is calculated as net sales less cost of sales and amortization expense.
(b)
Operating earnings and net earnings from continuing operations in the fourth quarter of 2011 were impacted by charges totaling $41,089 ($28,828 net of tax), comprising goodwill impairments of $40,455 ($28,435 net of tax), and restructuring and exit costs of $634 ($393 net of tax).
(c)
Operating earnings and net earnings from continuing operations in the fourth quarter of 2010 were impacted by charges totaling $73,260 ($55,409 net of tax), comprising goodwill impairments of $56,149 ($45,033 net of tax), fixed asset and other intangible asset impairments of $13,621 ($8,287 net of tax), restructuring and exit costs of $2,121 ($1,256 net of tax), and expenses relating to a separation agreement with the Company's former President and Chief Executive Officer of $1,369 ($833 net of tax).
(d)
The earnings from discontinued operations in 2011 include the settlement agreement for breach of contract by Chemtura that led to $4,844 in cash proceeds and after tax earnings of $3,003.