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Unaudited Quarterly Financial Information | 12 Months Ended
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Jan. 03, 2015
Unaudited Quarterly Financial Information |
Note 23. | Unaudited Quarterly Financial Information
Results of operations for each of the four quarters in the respective fiscal years are as follows. The first quarter of fiscal 2014 represents sixteen weeks, the second and third quarter of fiscal 2014 represents twelve weeks, and the fourth quarter of fiscal 2014 represents thirteen weeks. Each quarter during fiscal 2013 represents a period of twelve weeks, except the first quarter, which includes sixteen weeks. During the fourth quarter of fiscal 2014, we revised net sales. Historically, certain immaterial discounts had been recorded as an expense to selling, distribution and administrative costs. These discounts are now recorded as contra revenue. See Note 3, Financial Statement Revisions, for more detailed disclosure. All prior period information has been revised to reflect this change. During the fourth quarter of fiscal 2013, we identified and recorded an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) for an environmental liability recorded in an acquisition to reduce selling, distribution and administrative expenses and reduce accrued liabilities. This entry should have been recorded in the fourth quarter of fiscal 2012 when the company was contractually relieved of the liability. As described in Note 7, Goodwill and Other Intangible Assets, during fiscal 2013 we also recorded two out-of-period adjustments to goodwill and other balance sheet accounts totaling $2.0 million ($1.1 million in second quarter 2013 and $0.9 million in fourth quarter 2013) to correct the opening balance sheets of prior acquisitions. We evaluated the impact of these adjustments on our previously issued financial statements for each of the periods affected and concluded that the impact was not material.
|  |  |  |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (Amounts in thousands, except per share data) |
Sales |  |  | 2014 |  |  | $ | 1,153,917 |  |  | $ | 872,791 |  |  | $ | 844,932 |  |  | $ | 877,333 |
|  |  | 2013 |  |  | $ | 1,124,922 |  |  | $ | 893,576 |  |  | $ | 874,129 |  |  | $ | 839,989 |
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately) |  |  | 2014 |  |  | $ | 595,877 |  |  | $ | 458,019 |  |  | $ | 442,978 |  |  | $ | 453,759 |
|  |  | 2013 |  |  | $ | 585,298 |  |  | $ | 471,614 |  |  | $ | 467,798 |  |  | $ | 447,511 |
Net income. |  |  | 2014 |  |  | $ | 61,066 |  |  | $ | 42,064 |  |  | $ | 44,599 |  |  | $ | 28,010 |
|  |  | 2013 |  |  | $ | 112,026 |  |  | $ | 46,460 |  |  | $ | 33,888 |  |  | $ | 38,520 | *
Basic net income per share |  |  | 2014 |  |  | $ | 0.29 |  |  | $ | 0.20 |  |  | $ | 0.21 |  |  | $ | 0.13 |
|  |  | 2013 |  |  | $ | 0.54 |  |  | $ | 0.22 |  |  | $ | 0.16 |  |  | $ | 0.18 | *
Diluted net income per share |  |  | 2014 |  |  | $ | 0.29 |  |  | $ | 0.20 |  |  | $ | 0.21 |  |  | $ | 0.13 |
|  |  | 2013 |  |  | $ | 0.53 |  |  | $ | 0.22 |  |  | $ | 0.16 |  |  | $ | 0.18 | *
* | Includes an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) described above.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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