| Selected Quarterly Financial Data |
NOTE 23—SELECTED QUARTERLY FINANCIAL DATA
(Unaudited)
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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2014
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Net sales
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$ |
1,359,132 |
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$ |
1,340,935 |
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$ |
1,305,493 |
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$ |
1,122,401 |
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Gross profit
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98,629 |
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92,410 |
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68,236 |
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38,046 |
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Equity in earnings of unconsolidated affiliates
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14,950 |
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5,378 |
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9,267 |
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18,154 |
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Operating Income
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63,549 |
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23,580 |
(1) |
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29,390 |
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(4,035 |
) |
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Income (loss) before income taxes
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29,836 |
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(39,171 |
)(1) |
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(6,460 |
)(2) |
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(31,818 |
) |
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Net income (loss)
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17,086 |
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(44,621 |
)(1) |
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(10,110 |
)(2) |
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(29,687 |
) |
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Income (loss) per share- basic and diluted
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$ |
0.46 |
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$ |
(1.15 |
)(1) |
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$ |
(0.21 |
)(2) |
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$ |
(0.61 |
) |
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2013
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Net sales
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$ |
1,391,585 |
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$ |
1,361,759 |
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$ |
1,308,959 |
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$ |
1,245,111 |
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Gross profit
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80,803 |
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65,509 |
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96,517 |
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115,181 |
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Equity in earnings of unconsolidated affiliates
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2,799 |
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8,929 |
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15,215 |
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12,195 |
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Operating Income
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37,142 |
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19,664 |
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57,960 |
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65,524 |
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Income (loss) before income taxes
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(9,778 |
)(3) |
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(25,914 |
) |
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10,937 |
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24,386 |
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Net income (loss)
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(9,678 |
)(3) |
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(28,064 |
) |
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4,936 |
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10,588 |
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Income (loss) per share- basic and diluted
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$ |
(0.26 |
)(3) |
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$ |
(0.75 |
) |
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$ |
0.13 |
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$ |
0.28 |
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| (1) |
Includes a charge of $23.3 million
for fees paid to Bain Capital incurred in connection with the
termination of the Advisory Agreement, pursuant to its terms, upon
consummation of the Company’s IPO in June 2014. Also includes
a one-time $32.5 million termination payment made to Dow in
connection with the termination of our Latex JV Option Agreement.
See Note 18 to the consolidated financial statements for further
discussion of these items. |
| (2) |
Includes $7.4 million loss on
extinguishment of debt related to the July 2014 redemption of
$132.5 million in aggregate principal amount of the Senior
Notes. |
| (3) |
Includes $20.7 million loss on
extinguishment of debt related to the January 2013 amendment of our
Senior Secured Credit Facility and repayment of Term Loans. |
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