CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2012

CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED)

15.

CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of the unaudited quarterly results of operations for fiscal years 2012, 2011 and 2010 (dollars in thousands, except per share amounts):


	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2012
Net sales	$	277,682		$	362,408		$	405,917		$	415,847
Gross profit		19,729			39,681			50,074			54,339
Net income⁽¹⁾⁽²⁾		5,064			1,942			18,441			80,184
Basic and diluted net income per share⁽⁴⁾		0.07			0.03			0.27			1.16
2011
Net sales	$	221,984		$	287,095		$	336,433		$	341,732
Gross profit		16,501			16,240			13,320			20,659
Net income		3,197			3,302			1,092			7,451
Basic and diluted net income per share⁽⁴⁾		0.05			0.05			0.02			0.11
2010
Net sales	$	78,274		$	149,699		$	170,848		$	241,551
Gross profit		(976	)		5,301			6,467			17,291
Net (loss) income⁽³⁾		(139,079	)		(5,602	)		(1,938	)		4,859
Basic and diluted net (loss) income per share⁽⁴⁾⁽⁵⁾		(4.64	)		(0.72	)		(0.03	)		0.07

⁽¹⁾

Net income includes pre-tax charges of $1.7 million, $13.6 million, $2.4 million and $0.5 million for the first, second, third and fourth quarters of 2012, respectively, in connection with acquisition related charges associated with the Company’s acquisition of Walker as well as the purchase of certain assets of Beall.

⁽²⁾

Net income for the fourth quarter of 2012 includes an income tax benefit of $59.0 million primarily related to the reversal of a U.S. valuation allowance against its deferred tax assets.

⁽³⁾

Net (loss) income includes a non-cash (charge) benefit of ($126.8) million, $1.9 million and $3.3 million related to the change in the fair value of the Company’s warrant for the first, second and third quarters of 2010, respectively.

⁽⁴⁾

Basic and diluted net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) per share may differ from annual net income (loss) per share due to rounding.

⁽⁵⁾

Basic and diluted net (loss) income per share includes $2.0 million and $1.3 million of preferred stock dividends for the first and second quarters of 2010, respectively. The second quarter of 2010 also includes a $22.1 million loss on early extinguishment of preferred stock.

- 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.

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