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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
12 Months Ended
Jun. 27, 2018
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following table summarizes the unaudited consolidated quarterly results of operations for fiscal 2018 and 2017 (in thousands, except per share amounts):
 
Fiscal Year Ended June 27, 2018
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
$
739,390

 
$
766,400

 
$
812,534

 
$
817,093

Income before provision for income taxes
$
15,149

 
$
41,142

 
$
58,916

 
$
55,015

Net income
$
9,877

 
$
25,366

 
$
46,916

 
$
43,723

Basic net income per share
$
0.20

 
$
0.55

 
$
1.03

 
$
1.03

Diluted net income per share
$
0.20

 
$
0.54

 
$
1.02

 
$
1.01

Basic weighted average shares outstanding
48,293

 
46,432

 
45,433

 
42,649

Diluted weighted average shares outstanding
48,732

 
46,880

 
45,973

 
43,469

 
Fiscal Year Ended June 28, 2017
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
$
758,492

 
$
771,043

 
$
810,641

 
$
810,661

Income before provision for income taxes
$
32,966

 
$
48,268

 
$
59,612

 
$
67,662

Net income
$
23,233

 
$
34,637

 
$
42,369

 
$
50,584

Basic net income per share
$
0.42

 
$
0.70

 
$
0.87

 
$
1.03

Diluted net income per share
$
0.42

 
$
0.69

 
$
0.86

 
$
1.02

Basic weighted average shares outstanding
54,844

 
49,833

 
48,954

 
48,917

Diluted weighted average shares outstanding
55,576

 
50,480

 
49,506

 
49,435


Net income for fiscal 2018 included restaurant impairment charges of $7.2 million, $2.0 million, and $1.8 million in the first, second, and fourth quarters of fiscal 2018, respectively. We recorded additional lease and other costs associated with closed restaurants of $0.2 million, $4.3 million, $2.8 million, and $0.2 million in the first, second, third, and fourth quarters of fiscal 2018, respectively. Hurricane related costs, net of recoveries of $4.6 million, $0.6 million and $0.2 million, and net recoveries of $0.4 million were recorded in the first, second, third, and fourth quarters of fiscal 2018, respectively. Cyber security incident charges related to professional services of $2.0 million were recorded in the fourth quarter of fiscal 2018. Sale leaseback transaction charges of $2.0 million were recorded in the fourth quarter of fiscal 2018 related to legal, accounting, and other consulting fees. Lease guarantee charges of $1.4 million and $0.5 million were recorded in the second and third quarters of fiscal 2018, respectively. Accelerated depreciation related to long-lived assets to be disposed of $0.5 million was recorded in each quarter of fiscal 2018. Remodel-related costs of $1.4 million were recorded in the fourth quarter of fiscal 2018. Foreign currency transaction losses of $0.9 million and $1.2 million were recorded in the second and fourth quarters of fiscal 2018, respectively, and foreign currency transaction gains of $0.9 million were recorded in the third quarter of fiscal 2018. Gains on the sale of property of $0.3 million were recorded in the second quarter of fiscal 2018. Furthermore, we recorded severance charges of $0.3 million in the fourth quarter of fiscal 2018.
Net income for fiscal 2017 included severance charges of $0.3 million, $5.9 million and $0.4 million in the first, third and fourth quarters of fiscal 2017, respectively. Restaurant impairment charges of $1.9 million and $3.3 million were recorded in the second and fourth quarters, respectively. We also recorded additional lease and other costs associated with closed restaurants of $2.5 million, $0.3 million, $0.8 million and $0.5 million in the first, second, third and fourth quarters of fiscal 2017, respectively. We incurred professional fees and severance expenses of $2.5 million and $0.2 million in the first and second quarters, respectively, related to our information technology restructuring. We also recorded gains on the sale of property of $2.6 million in the second quarter of fiscal 2017. Additionally, we recorded accelerated depreciation related to long-lived assets to be disposed of $0.7 million, $0.7 million and $0.6 million in the first, second and fourth quarters of fiscal 2017, respectively. Furthermore, we recorded consulting fees of $2.4 million and lease guarantee charges of $1.1 million in the fourth quarter of fiscal 2017.