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Selected Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2011
Selected Quarterly Data (Unaudited) [Abstract]  
SELECTED QUARTERLY DATA (UNAUDITED)

NOTE 19 — SELECTED QUARTERLY DATA (UNAUDITED)

The Company reports its interim quarterly periods on a 13-week basis ending on a Saturday with the fiscal year ending on December 31. For convenience purposes, the Company uses “March 31”, “June 30”, “September 30” and “December 31” to refer to its results of operations for the quarterly periods then ended. In 2011, the Company’s interim quarterly periods ended April 2, July 2, October 1, and December 31; and in 2010, the Company’s interim quarterly periods ended April 3, July 3, October 2, and December 31, respectively.

 

The following is a summary of the quarterly results of operations, including income per share, for the Company for the quarterly periods of fiscal 2011 and 2010 ($ in millions, except per share amount):

 

                                 
    2011  
    April 2     July 2     October 1     December 31  

Net sales

   $ 173.6     $ 204.5     $ 194.2     $ 223.3  

Gross margin

     41.5       51.7       46.3       55.5  

(Loss) income from continuing operations

     (5.3 )      5.7       2.0       (16.8 ) 

Gain (loss) from discontinued operations and disposal

     0.0       0.3       (0.3 )      0.2  

Net (loss) income

     (5.3 )      6.0       1.7       (16.6 ) 

Per share data — diluted: (loss) earnings from continuing operations

   $ (0.08 )    $ 0.09     $ 0.03     $ (0.27 ) 

Earnings from discontinued operations

     -         0.01       -         -    

Net (loss) income

     (0.08 )      0.10       0.03       (0.27 ) 

Dividends paid per share

     -         -         -         -    

Market price range per share

                                

High

     7.79       6.96       6.79       5.21  

Low

     5.06       5.74       4.26       3.50  
   
    2010  
    April 3     July 3     October 2     December 31,  

Net sales

   $ 164.6     $   195.6     $   179.6     $   186.7  

Gross margin

         40.3       51.2       44.5       48.2  

(Loss) income from continuing operations

     (4.0 )      (0.5 )      2.2       (158.4 ) 

(Loss) from discontinued operations and disposal

     (1.0 )      (2.2 )      (1.0 )      (10.8 ) 

Net (loss) income

     (5.0 )      (2.7 )      1.2       (169.2 ) 

Per share data — diluted: (loss) earnings from continuing operations

   $ (0.08 )    $ (0.01 )    $ 0.04     $ (2.55 ) 

Loss from discontinued operations

     (0.02 )      (0.04 )      (0.02 )      (0.17 ) 

Net (loss) income

     (0.10 )      (0.05 )      0.02       (2.72 ) 

Dividends paid per share

     0.06       0.06       0.06       0.06  

Market price range per share

                                

High

     9.50       10.30       6.95       7.16  

Low

     6.02       5.58       4.91       5.22  

In fourth quarter of 2011, the Company recorded goodwill and trade name impairment charges of $14.8 million and $7.4 million, respectively. In addition, during first quarter 2011, the goodwill adjustment for recorded in fourth quarter 2010 was subsequently reduced by $1.6 million upon completion of a detailed step two impairment analysis.

In fourth quarter of 2010, the Company recorded goodwill and trade name impairment charges of $67.1 million and $11.8 million, respectively. The Company also recorded $85.0 million of valuation allowance in the fourth quarter of 2010 to income tax provision on continuing operations to reflect the estimated amount of domestic deferred tax assets that may not be realized.