| Accounts Receivable Reserves |
| (18) |
Accounts Receivable Reserves |
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Description
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Balance at
Beginning
of Year |
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Current Charges
to Expenses |
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Other
Adjustments |
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Deductions |
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Balance at
End of Year |
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Allowance for doubtful accounts:
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Period ended:
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6/30/2012
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$ |
229 |
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$ |
234 |
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$ |
— |
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$ |
406 |
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$ |
57 |
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7/02/2011
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228 |
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28 |
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— |
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27 |
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229 |
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7/03/2010
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427 |
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71 |
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— |
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270 |
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228 |
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Returns Allowance:
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Period ended:
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6/30/2012
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$ |
1,088 |
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$ |
4,153 |
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$ |
— |
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$ |
4,654 |
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$ |
587 |
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7/02/2011
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1,431 |
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3,711 |
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— |
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4,054 |
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1,088 |
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7/03/2010
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1,075 |
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2,884 |
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— |
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2,528 |
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1,431 |
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Promotions Allowance:
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Period ended:
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6/30/2012
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$ |
2,205 |
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$ |
10,611 |
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$ |
(851 |
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$ |
10,823 |
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$ |
1,142 |
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7/02/2011
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1,787 |
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13,828 |
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(935 |
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12,475 |
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2,205 |
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7/03/2010
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1,223 |
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11,170 |
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(572 |
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10,034 |
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1,787 |
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The amounts under the “Other Adjustments” column in the table above reflect the difference between estimates
made at the end of the prior fiscal year and actual claims processed during the applicable fiscal year.
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Quarterly Financial Data (Unaudited)
(in thousands, except per common share data)
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| Fiscal 2012 |
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First |
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Second |
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Third |
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Fourth |
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Net sales
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$ |
50,230 |
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$ |
55,599 |
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$ |
25,114 |
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$ |
24,995 |
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Gross profit
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22,253 |
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22,997 |
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11,193 |
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10,725 |
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Net earnings
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6,890 |
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6,351 |
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834 |
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474 |
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Basic net earnings per common share
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0.62 |
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0.57 |
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0.07 |
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0.04 |
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Diluted net earnings per common share
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0.61 |
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0.56 |
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0.07 |
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0.04 |
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Weighted-average common shares outstanding:
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Basic
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11,137 |
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11,179 |
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11,245 |
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11,268 |
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Diluted
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11,305 |
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11,364 |
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11,444 |
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11,471 |
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| Fiscal 2011 |
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First |
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Second |
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Third |
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Fourth |
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Net sales
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$ |
36,269 |
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$ |
49,660 |
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$ |
20,113 |
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$ |
23,526 |
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Gross profit
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14,196 |
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17,229 |
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7,930 |
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8,808 |
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Net earnings (loss)
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4,103 |
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4,312 |
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(42 |
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(863 |
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Basic net earnings (loss) per common share
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0.37 |
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0.39 |
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0.00 |
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(0.08 |
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Diluted net earnings (loss) per common share
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0.37 |
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0.38 |
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0.00 |
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(0.08 |
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Weighted-average common shares outstanding:
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Basic
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11,044 |
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11,090 |
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11,123 |
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11,132 |
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Diluted
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11,151 |
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11,220 |
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11,123 |
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11,132 |
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The above information is a summary of unaudited quarterly results of operations of the Company for fiscal 2012 and fiscal 2011. The sum
of the quarterly net earnings (loss) per common share data in the table above may not equal the results for the applicable fiscal year due to rounding and, where applicable, the impact of dilutive securities on the annual versus the quarterly net
earnings (loss) per common share calculations.
The Company acquired business assets and operations of Foot Petals on January 27, 2011
and business assets and operations of Baggallini on March 31, 2011. Results for both acquired businesses were included in the results above from the dates of the respective acquisitions.
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