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SUMMARY OF QUARTERLY DATA (UNAUDITED)
 12 Months Ended
Mar. 31, 2018
Quarterly Financial Data [Abstract]  
SUMMARY OF QUARTERLY DATA (UNAUDITED)
SUMMARY OF QUARTERLY DATA (UNAUDITED)
(In thousands, except per share data)
 
Three months ended
Fiscal 2018
 
July 1,
2017
 
September 30,
2017
 
December 30,
2017
 
March 31,
2018
Net revenues
 
$
210,951

 
$
225,377

 
$
234,043

 
$
233,552

Gross profit
 
$
91,665

 
$
104,562

 
$
111,295

 
$
104,386

Operating income
 
$
16,611

 
$
24,258

 
$
1,013

 
$
14,275

Net income (loss)
 
$
20,137

 
$
20,102

 
$
(6,547
)
 
$
11,880

Per share data:
 
 

 
 

 
 

 
 

Net income (loss):
 
 

 
 

 
 

 
 

Basic
 
$
0.38

 
$
0.38

 
$
(0.12
)
 
$
0.22

Diluted
 
$
0.38

 
$
0.38

 
$
(0.12
)
 
$
0.22

 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
 
Three months ended
Fiscal 2017
 
July 2,
2016
 
October 1,
2016
 
December 31,
2016
 
April 1,
2017
Net revenues
 
$
209,956

 
$
220,253

 
$
227,841

 
$
228,066

Gross profit
 
$
91,056

 
$
104,248

 
$
101,079

 
$
82,111

Operating (loss) income
 
$
(7,881
)
 
$
24,794

 
$
21,212

 
$
(57,506
)
Net (loss) income
 
$
(10,346
)
 
$
19,825

 
$
15,393

 
$
(51,140
)
Per share data:
 
 

 
 

 
 

 
 

Net (loss) income:
 
 

 
 

 
 

 
 

Basic
 
$
(0.20
)
 
$
0.39

 
$
0.30

 
$
(0.98
)
Diluted
 
$
(0.20
)
 
$
0.38

 
$
0.30

 
$
(0.98
)


The operating results for the third and fourth quarters of fiscal 2018 and the fourth quarter of fiscal 2017 include certain misstatements that were determined to be immaterial both individually and in the aggregate. The misstatement in the fourth quarter of fiscal 2018 was primarily driven by an over accrual of certain professional fees in the third quarter of fiscal 2018. The misstatement in the fourth quarter of fiscal 2017 was primarily driven by the correction of an error in capitalized manufacturing variances, which resulted in an overstatement of net loss in the fourth quarter of fiscal 2017.

Below is a summary of the net overstatement/(understatement) of the Company’s reported operating income and net income for the third and fourth quarters of fiscal 2018 and the fourth quarter of fiscal 2017. In the fourth quarter of fiscal 2017 the Company reported both an operating loss and a net loss. For this period, an understatement of income means that the reported loss was too high, while an overstatement of income means that the reported loss was too low.
(In thousands)
 
Overstatement/(Understatement)
Three Months Ended
 
Operating (Loss) Income
 
Net (Loss) Income
March 31, 2018
 
(2,014
)
 
(1,786
)
December 30, 2017
 
1,589

 
1,239

April 1, 2017
 
(3,720
)
 
(4,032
)