XML 19 R26.htm IDEA: XBRL DOCUMENT  v2.3.0.11
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
May 01, 2011
Notes to Consolidated Financial Statements [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
NOTE 20:    QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 
 
 
First
 
Second
 
Third
 
Fourth
 
Fiscal Year
 
 
(in millions, except per share data)
Fiscal 2011
 
 
Sales
 
$
2,901.3


 
$
2,998.8


 
$
3,186.2


 
$
3,116.4


 
$
12,202.7


Gross profit
 
367.7


 
432.7


 
457.2


 
456.5


 
1,714.1


Operating profit
 
177.6


 
278.1


 
372.7


 
266.6


 
1,095.0


Net income
 
76.3


 
143.7


 
202.6


 
98.4


 
521.0


 
 
 
 
 
 
 
 
 
 
 
Net income per share:(1)
 
 


 
 


 
 


 
 


 
 


Basic
 
$
.46


 
$
.87


 
$
1.22


 
$
.59


 
$
3.14


Diluted
 
$
.46


 
$
.86


 
$
1.21


 
$
.59


 
$
3.12


 
 
 
 
 
 
 
 
 
 
 
Fiscal 2010
 
 
 
 
 
 
112.5


 
624.6


 
Sales
 
$
2,715.3


 
$
2,692.4


 
$
2,884.7


 
$
2,910.2


 
$
11,202.6


Gross profit
 
98.7


 
168.3


 
284.2


 
178.9


 
730.1


Operating (loss) profit
 
(74.8
)
 
1.8


 
96.5


 
39.3


 
62.8


Net (loss) income
 
(107.7
)
 
(26.4
)
 
37.3


 
(4.6
)
 
(101.4
)
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income per share:(1)
 
 


 
 


 
 


 
 


 
 


Basic
 
$
(.75
)
 
$
(.17
)
 
$
.22


 
$
(.03
)
 
$
(.65
)
Diluted
 
$
(.75
)
 
$
(.17
)
 
$
.22


 
$
(.03
)
 
$
(.65
)
—————————————— 
(1)
Per common share amounts for the quarters and full years have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the weighted average common shares outstanding during each period.
The following significant infrequent or unusual items impacted our quarterly results in fiscal 2011 and fiscal 2010:
Fiscal 2011

▪
Operating profit in the first, second, third and fourth quarters included charges associated with the Cost Savings Initiative of $0.5 million, $15.3 million, $10.9 million and $1.3 million, respectively.
▪
Net income in the second, third and fourth quarters included losses on debt extinguishment of $7.3 million, $14.1 million and $71.1 million, respectively.
▪
Operating profit in the third quarter included an involuntary conversion gain on fire insurance recovery of $120.6 million and a net benefit of $19.1 million related to an insurance litigation settlement.
▪
Operating profit in the third and fourth quarters included net gains of $5.1 million and $13.6 million, respectively, on the sale of hog farms.
Fiscal 2010

▪
Operating (loss) profit in the first, second, third and fourth quarters included charges associated with the Restructuring Plan of $6.3 million, $3.4 million, $3.8 million and $3.8 million, respectively.
▪
Operating loss in the first quarter included $34.1 million of impairment charges related to certain hog farms.
▪
Net loss in the first and second quarters included losses on debt extinguishment of $7.4 million and $3.6 million, respectively.
▪
Operating profit in the third quarter included $13.1 million of impairment and severance costs related to the Sioux City plant closure.
▪
Operating profit in the fourth quarter included $9.1 million of charges related to the Cost Savings Initiative.