Note 24 - Quarterly Results Of Operations (Unaudited)

12 Months Ended

Jun. 30, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

NOTE 24: QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Year ended June 30, 2013

Net sales	$	196,958		$	204,333		$	195,562		$	215,597
Gross margin		50,120			47,319			43,358			48,350
Gross margin percentage of sales		25.4	%		23.2	%		22.2	%		22.4	%
Income from discontinued operations, net of tax		-			-			1,369			-
Net income		29,491			12,909			28,262			18,016
Earnings per share - basic
Income from continuing operations	$	0.75		$	0.33		$	0.68		$	0.46
Income from discontinued operations		-			-			0.04			-
Earnings per share - basic	$	0.75		$	0.33		$	0.72		$	0.46

Earnings per share - diluted
Income from continuing operations	$	0.74		$	0.33		$	0.68		$	0.45
Income from discontinued operations		-			-			0.03			-
Earnings (loss) per share - diluted	$	0.74		$	0.33		$	0.71		$	0.45

Year ended June 30, 2012

Net sales	$	231,462		$	221,414		$	217,065		$	224,940
Gross margin		56,266			54,994			53,162			53,063
Gross margin percentage of sales		24.3	%		24.8	%		24.5	%		23.6	%
Income (loss) from discontinued operations, net of tax		584			(26,406	)		(1,176	)		(1,889	)
Net income (loss)		41,107			(5,439	)		25,845			28,515
Earnings (loss) per share - basic
Income from continuing operations	$	1.03		$	0.53		$	0.68		$	0.77
Income (loss) from discontinued operations		0.01			(0.67	)		(0.03	)		(0.05	)
Earnings (loss) per share - basic	$	1.04		$	(0.14	)	$	0.65		$	0.72

Earnings (loss) per share - diluted
Income from continuing operations	$	1.02		$	0.52		$	0.67		$	0.76
Income (loss) from discontinued operations		0.01			(0.66	)		(0.03	)		(0.05	)
Earnings (loss) per share - diluted	$	1.03		$	(0.14	)	$	0.64		$	0.71

During the first quarter of 2013, we recorded a pre-tax charge of $963 ($626 after tax) related to restructuring costs and a pre-tax charge of $196 ($125 after tax) for interest payable to the IRS related to CBC. We also realized an after tax benefit of $5,651 related to CBC. During the second quarter of 2013, we recorded $7,796 for restructuring charges, $2,890 for long-lived asset impairments, and a pre-tax charge of $45 ($29 after tax) for interest payable to the IRS related to CBC. During the third quarter of 2013, we recorded a pre-tax gain of $7,597 ($7,509 after tax) related to the sale of assets, $855 for restructuring charges, $701 for long-lived asset impairments, and a pre-tax charge of $45 ($29 after tax) for interest payable to the IRS related to CBC. During the fourth quarter of 2013, we recorded a pre-tax charge of $5,527 ($3,581 after tax) for expenses related to the Georgia-Pacific merger, a pre-tax charge of $304 ($297 after tax) for restructuring charges, a pre-tax charge of $45 ($29 after tax) for interest payable to the IRS related to CBC, and an after tax charge of $1,064 related to CBC.

During the first quarter of 2012, we recorded a pre-tax charge of $2,673 ($1,706 after tax) for interest payable to the IRS related to CBC, and an after tax benefit of $12,887 related to CBC. During the second quarter of 2012, we recorded a pre-tax charge of $1,673 ($1,083 after tax) for long-lived asset impairments, a pre-tax charge of $2,425 ($2,425 after tax) for goodwill impairment, a pre-tax charge of $186 ($119 after tax) for interest payable to the IRS related to CBC, and an after tax charge of $3,467 related to CBC. During the third quarter of 2012, we recorded pre-tax charges of $234 ($152 after tax) for restructuring expense, a pre-tax charge of $93 ($60 after tax) for long-lived asset impairments, and a pre-tax charge of $646 ($412 after tax) for interest payable to the IRS related to CBC. During the fourth quarter of 2012, we recorded a pre-tax charge of $328 ($213 after tax) for long-lived asset impairments, a pre-tax benefit of $32 ($20 after tax) for interest payable to the IRS related to CBC, and an after tax charge of $1,870 related to CBC.

- 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+ Details

BUCKEYE TECHNOLOGIES INC 10-K