Selected Quarterly Financial Data

12 Months Ended

Nov. 30, 2012

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

Selected Quarterly Financial Data (unaudited)

(in thousands, except per share data)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Fiscal year 2012:
Revenue	$	87,213	$	78,404		$	78,317	$	91,271
Gross profit	76,562		67,804			67,092		80,184
Income from operations	19,221		6,122			8,405		15,692
Income from continuing operations	11,949		4,527			5,353		10,775
Net income (loss)	7,489		(1,908		)	5,838		36,025
Basic earnings per share from continuing operations	0.19		0.07			0.08		0.17
Diluted earnings per share from continuing operations	0.19		0.07			0.08		0.17
Fiscal year 2011:
Revenue	$	87,524	$	90,955		$	88,681	$	93,544
Gross profit	76,656		79,207			77,037		82,536
Income from operations	23,823		27,566			21,430		28,422
Income from continuing operations	16,263		18,432			14,426		17,221
Net income	20,476		17,919			9,059		12,175
Basic earnings per share from continuing operations	0.24		0.28			0.22		0.27
Diluted earnings per share from continuing operations	0.23		0.27			0.21		0.27

In the third quarter of fiscal 2012, in connection with the filing of our Federal income tax return, we undertook a review of our income taxes payable. As part of the review, we identified errors relating to prior fiscal year financial statements. The errors relate to improper entries to income taxes payable as part of accounting for uncertain tax positions, purchase accounting, accounting for deferred tax assets and return to provision adjustments and had the cumulative impact of overstating income taxes payable, goodwill, deferred tax assets and the provision for income taxes in prior periods.

The errors are immaterial to all annual and quarterly periods previously presented. However, because the cumulative impact of the errors would have been significant to the current period consolidated statement of income if corrected in the current period, we have corrected the prior period financial statements to reflect the corrections in the periods they occurred (see "Adjustment" in the tables below).

The effect of the corrections on the selected quarterly financial data for the year ended November 30, 2011, is as follows (in thousands, except per share data; per share data may not foot due to rounding):

	Income from continuing operations			Net income			Basic earnings per shares from continuing operations		Diluted earnings per share from continuing operations
First quarter:
As previously reported	$	—		$	20,521		$	—	$	—
Impact of discontinued operations	16,308			—			0.24		0.23
Adjustment	(45		)	(45		)	—		—
As corrected	$	16,263		$	20,476		$	0.24	$	0.23
Second quarter:
As previously reported	$	—		$	17,960		$	—	$	—
Impact of discontinued operations	18,473			—			0.28		0.27
Adjustment	(41		)	(41		)	—		—
As corrected	$	18,432		$	17,919		$	0.28	$	0.27
Third quarter:
As previously reported	$	—		$	8,601		$	—	$	—
Impact of discontinued operations	13,968			—			0.21		0.21
Adjustment	458			458			0.01		0.01
As corrected	$	14,426		$	9,059		$	0.22	$	0.21
Fourth quarter:
As previously reported	$	—		$	11,679		$	—	$	—
Impact of discontinued operations	16,725			—			0.27		0.26
Adjustment	496			496			0.01		0.01
As corrected	$	17,221		$	12,175		$	0.27	$	0.27