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Unaudited Quarterly Financial Information
 12 Months Ended
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.