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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Jan. 02, 2016
Quarterly Financial Information (Unaudited) |
22. | Quarterly Financial Information (Unaudited)
The following is a summary of the unaudited quarterly consolidated results of operations for the fiscal years ended January 2, 2016 and January 3, 2015.
|  | For the Fiscal Quarters Ended |
|  | April 4, 2015 |  |  | July 4, 2015 |  |  | October 3, 2015 |  |  | January 2, 2016 |
Fiscal year ended January 2, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues, net |  | $ | 322,103 |  |  | $ | 309,754 |  |  | $ | 273,324 |  |  | $ | 259,238 |
Gross profit |  |  | 157,303 |  |  |  | 159,364 |  |  |  | 136,622 |  |  |  | 120,798 |
Operating income |  |  | 18,044 |  |  |  | 70,580 |  |  |  | 63,108 |  |  |  | 16,326 |
Net (loss) income attributable to the Company |  |  | (5,433 | ) |  |  | 27,877 |  |  |  | 21,790 |  |  |  | (11,309 | )
Basic earnings per share |  | $ | (0.10 | ) |  | $ | 0.49 |  |  | $ | 0.38 |  |  | $ | (0.18 | )
Diluted earnings per share |  | $ | (0.10 | ) |  | $ | 0.49 |  |  | $ | 0.38 |  |  | $ | (0.18 | )
|  | For the Fiscal Quarters Ended |
|  | March 29, 2014 |  |  | June 28, 2014 |  |  | September 27, 2014 |  |  | January 3, 2015 |
Fiscal year ended January 3, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues, net Gross profit |  | $ | 409,358 222,900 |  |  | $ | 397,547 225,814 |  |  | $ | 345,184 187,567 |  |  | $ | 327,827 166,270 |
Operating income |  |  | 51,053 |  |  |  | 114,564 |  |  |  | 91,394 |  |  |  | 42,303 |
Net income attributable to the Company |  |  | 21,531 |  |  |  | 54,002 |  |  |  | 37,892 |  |  |  | 4,362 |
Basic earnings per share |  | $ | 0.38 |  |  | $ | 0.95 |  |  | $ | 0.67 |  |  | $ | 0.08 |
Diluted earnings per share |  | $ | 0.38 |  |  | $ | 0.95 |  |  | $ | 0.67 |  |  | $ | 0.08 |
Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. As discussed in further detail in Note 19, the Company recorded restructuring charges of $5,761 ($3,514 after tax), $232 ($142 after tax), $1,081 ($660 after tax) and $1,338 ($815 after tax) during the first, second, third and fourth quarters of fiscal 2015, respectively, in connection with employee termination benefit costs associated with its previously disclosed cost-savings initiative plan to restructure its organization, reducing gross profit, operating income, net income attributable to the Company and to EPS all four quarters of fiscal 2015. The Company recorded restructuring charges of $3,656 ($2,235 after tax), $6,498 ($3,964 after tax), $713 ($430 after tax) and $973 ($593 after tax) during the first, second, third and fourth quarters of fiscal 2014, respectively, in connection with employee termination benefit costs associated with its previously disclosed cost-savings initiative plan to restructure its organization, reducing gross profit, operating income, net income attributable to the Company and EPS all four quarters of fiscal 2014. As discussed in further detail in Note 3, operating income, net income and EPS during the fourth quarter of fiscal 2015 were impacted by the Company recording expenses of $13,593 ($8,292 after tax and $0.13 per fully diluted share) in connection with the Winfrey Transaction in the fourth quarter of fiscal 2015. As discussed in further detail in Note 7, net income and EPS were impacted by a gain on the early extinguishment of debt of $4,749 ($2,897 after tax), and $6,727 ($4,103 after tax), or $0.05 and $0.07 per fully diluted share, during the first and second quarters of fiscal 2015, respectively. As discussed in Note 1, the Company identified and recorded out-of-period adjustments related to immaterial errors in prior period financial statements that impacted net income attributable to the Company by $420 and $410 for the second and fourth quarter of fiscal 2015, respectively. As discussed in further detail in Note 4, in the first quarter of fiscal 2014, net income and EPS were impacted by a gain of $10,540 ($6,396 after tax), or $0.11 per fully diluted share, recognized in connection with the Brazil acquisition due to an adjustment of the Company’s previously held equity interest to fair value offset by a charge associated with the settlement of the royalty-free arrangement of the Brazilian partnership. In the second quarter of fiscal 2014, net income and EPS were impacted by a $2,350, or $0.04 per fully diluted share, net tax benefit related to an intercompany loan write-off in connection with the closure of our China business partially offset by the recognition of a valuation allowance related to tax benefits for foreign losses that are not expected to be realized.

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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=51655806&loc=d3e765-108305 Reference 2: 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=51825399&loc=d3e1280-108306 Reference 3: 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=51655806&loc=d3e725-108305 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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