21. Interim Financial Results (Unaudited)
| |
Fiscal Year 2013 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year | |||||||||||
|
Revenues |
$ | 6,468,287 | $ | 6,230,884 | $ | 6,237,847 | $ | 6,455,245 | $ | 25,392,263 | ||||||
|
Cost of goods sold |
4,719,516 | 4,520,463 | 4,426,526 | 4,407,482 | 18,073,987 | |||||||||||
|
Selling, general and administrative expenses |
1,688,066 | 1,618,169 | 1,612,198 | 1,682,332 | 6,600,765 | |||||||||||
|
Lease termination and impairment charges |
12,143 | 7,783 | 14,366 | 36,567 | 70,859 | |||||||||||
|
Interest expense |
130,588 | 129,054 | 128,371 | 127,408 | 515,421 | |||||||||||
|
Loss on debt retirements, net |
17,842 | — | — | 122,660 | 140,502 | |||||||||||
|
(Gain) loss on sale of assets and investments, net |
(10,051 | ) | (2,954 | ) | (6,262 | ) | 2,491 | (16,776 | ) | |||||||
|
|
6,558,104 | 6,272,515 | 6,175,199 | 6,378,940 | 25,384,758 | |||||||||||
|
(Loss) income before income taxes |
(89,817 | ) | (41,631 | ) | 62,648 | 76,305 | 7,505 | |||||||||
|
Income tax (benefit) expense |
(61,729 | ) | (2,866 | ) | 777 | (46,782 | ) | (110,600 | ) | |||||||
|
Net (loss) income |
$ | (28,088 | ) | $ | (38,765 | ) | $ | 61,871 | $ | 123,087 | $ | 118,105 | ||||
|
Basic (loss) income per share(1) |
$ | (0.03 | ) | $ | (0.05 | ) | $ | 0.07 | $ | 0.14 | $ | 0.12 | ||||
|
Diluted (loss) income per share(1) |
$ | (0.03 | ) | $ | (0.05 | ) | $ | 0.07 | $ | 0.13 | $ | 0.12 | ||||
| |
Fiscal Year 2012 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year | |||||||||||
|
Revenues |
$ | 6,390,793 | $ | 6,271,091 | $ | 6,312,584 | $ | 7,146,754 | $ | 26,121,222 | ||||||
|
Cost of goods sold |
4,699,874 | 4,622,130 | 4,641,204 | 5,364,679 | 19,327,887 | |||||||||||
|
Selling, general and administrative expenses |
1,586,236 | 1,603,752 | 1,583,098 | 1,758,325 | 6,531,411 | |||||||||||
|
Lease termination and impairment charges |
17,090 | 15,118 | 11,540 | 56,305 | 100,053 | |||||||||||
|
Interest expense |
130,760 | 130,829 | 129,927 | 137,739 | 529,255 | |||||||||||
|
Loss (gain) on debt retirements, net |
22,434 | (4,924 | ) | — | 16,066 | 33,576 | ||||||||||
|
Gain on sale of assets and investments, net |
(4,792 | ) | (848 | ) | (2,172 | ) | (891 | ) | (8,703 | ) | ||||||
|
|
6,451,602 | 6,366,057 | 6,363,597 | 7,332,223 | 26,513,479 | |||||||||||
|
Loss before income taxes |
(60,809 | ) | (94,966 | ) | (51,013 | ) | (185,469 | ) | (392,257 | ) | ||||||
|
Income tax expense (benefit) |
2,273 | (2,712 | ) | 972 | (24,219 | ) | (23,686 | ) | ||||||||
|
Net loss |
$ | (63,082 | ) | $ | (92,254 | ) | $ | (51,985 | ) | $ | (161,250 | ) | $ | (368,571 | ) | |
|
Basic loss per share(1) |
$ | (0.07 | ) | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.43 | ) | |
|
Diluted loss per share(1) |
$ | (0.07 | ) | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.43 | ) | |
During the fourth quarter of 2013, the Company recorded a loss on debt retirement related to the February 2013 refinancing as discussed in Note 11. During the fourth quarter of fiscal 2013, the Company recorded facilities impairment charges of $24,012 and a LIFO credit of $175,384 due to significant deflation associated with generic products, partially offset by normal brand inflation.
During the first quarter of 2012, the Company recorded a loss on debt retirement related to the repayment of its Tranche 3 Term Loan as discussed in Note 11. During the fourth quarter of fiscal 2012, the Company recorded facilities impairment charges of $49,170 and LIFO expense of $121,219 as inflation was higher than at prior year end.