NOTE 13. QUARTERLY RESULTS OF OPERATIONS (unaudited)


First Second Third Fourth

2000 (2)
Net sales $ 333.7 $ 455.4 $ 353.3 $ 319.7
Operating income 25.0 48.9 34.0 38.6
Income before extraordinary item 6.9 22.8 13.2 90.1 (4)
Net income 6.9 22.8 9.3 89.7 (4)
Per share data: (3)
Basic income per share before extraordinary item 0.13 0.44 0.18 1.72 (4)
Diluted income per share before extraordinary item 0.13 0.43 0.18 1.70 (4)
1999 (1)(2)
Net sales $ 317.6 $ 427.5 $ 389.5 $ 369.9
Operating income 12.0 32.7 31.6 36.5
Income (loss) before extraordinary item (10.8) 10.2 12.1 21.2
Net income (loss) (10.8) 10.2 (7.1) 21.2
Per share data: (3)
Basic income (loss) per share before extraordinary item (0.34) 0.24 0.25 0.41
Diluted income (loss) per share before extraordinary item (0.34) 0.24 0.25 0.40
(1) The first and second quarters of fiscal 1999 included $2.5 and $0.3, respectively, of inventory step-up related to inventory purchased in the Contadina Acquisition and the South America Acquisition.

(2) Quarterly plant consolidation charges for the first, second, third and fourth quarters of fiscal 2000 were $3.0, $4.4, $2.4 and $1.1, respectively. Quarterly plant consolidation charges for the first, second, third and fourth quarters of fiscal 1999 were $7.0, $5.3, $2.5 and $2.4, respectively.

(3) Earnings per share were computed independently for each of the periods presented; therefore, the sum of the earnings per share amounts for the quarters may not equal the total for the year.

(4) The fourth quarter of fiscal 2000 included the release of the majority of the Company’s valuation allowance, net of tax adjustments, resulting in a credit to income tax expense of $67.7.