2015 Q2 Form 10-Q Financial Statement

#000133692015000017 Filed on May 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q2
Revenue $1.246B $373.0M $1.312B
YoY Change -5.03% -71.11% -17.64%
Cost Of Revenue $1.093B $1.017B $1.141B
YoY Change -4.21% -8.13% -17.14%
Gross Profit $153.0M $152.0M $171.0M
YoY Change -10.53% -17.39% -20.83%
Gross Profit Margin 12.28% 40.75% 13.03%
Selling, General & Admin $75.00M $73.00M $84.00M
YoY Change -10.71% 43.14% -34.38%
% of Gross Profit 49.02% 48.03% 49.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.00M $12.00M $18.00M
YoY Change -33.33% -25.0% -30.77%
% of Gross Profit 7.84% 7.89% 10.53%
Operating Expenses $75.00M $73.00M $84.00M
YoY Change -10.71% -23.96% -45.45%
Operating Profit $38.00M -$23.00M $87.00M
YoY Change -56.32% -128.4% 12.99%
Interest Expense -$14.00M -$17.00M $20.00M
YoY Change -170.0% -26.09% 0.0%
% of Operating Profit -36.84% 22.99%
Other Income/Expense, Net -$1.000M $4.000M $2.000M
YoY Change -150.0% -136.36% 100.0%
Pretax Income $23.00M $24.00M $69.00M
YoY Change -66.67% -48.94% 13.11%
Income Tax $0.00 -$2.000M $24.00M
% Of Pretax Income 0.0% -8.33% 34.78%
Net Earnings $41.00M -$23.00M $37.00M
YoY Change 10.81% -152.27% -54.32%
Net Earnings / Revenue 3.29% -6.17% 2.82%
Basic Earnings Per Share $0.32 $0.36 $0.48
Diluted Earnings Per Share $0.31 $0.35 $0.47
COMMON SHARES
Basic Shares Outstanding 73.00M shares 74.12M shares 77.00M shares
Diluted Shares Outstanding 75.00M shares 78.00M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $377.0M $443.0M $183.0M
YoY Change 106.01% 3.02% -67.5%
Cash & Equivalents $377.0M $443.0M $183.0M
Short-Term Investments
Other Short-Term Assets $0.00 $273.0M $10.00M
YoY Change -100.0% 6.64% -97.46%
Inventory $297.0M $70.00M $280.0M
Prepaid Expenses $28.00M
Receivables $977.0M $896.0M $1.098B
Other Receivables $0.00 $102.0M $0.00
Total Short-Term Assets $1.651B $1.618B $1.571B
YoY Change 5.09% -10.46% -47.96%
LONG-TERM ASSETS
Property, Plant & Equipment $308.0M $308.0M $480.0M
YoY Change -35.83% -36.1% 52.38%
Goodwill $1.207B $1.207B $1.704B
YoY Change -29.17% -28.71% -22.37%
Intangibles $35.00M $37.00M $88.00M
YoY Change -60.23% -60.22% -49.13%
Long-Term Investments
YoY Change
Other Assets $95.00M $97.00M $112.0M
YoY Change -15.18% 34.72% 51.35%
Total Long-Term Assets $1.658B $1.663B $2.398B
YoY Change -30.86% -29.38% -13.46%
TOTAL ASSETS
Total Short-Term Assets $1.651B $1.618B $1.571B
Total Long-Term Assets $1.658B $1.663B $2.398B
Total Assets $3.309B $3.281B $3.969B
YoY Change -16.63% -21.17% -31.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $745.0M $244.0M $740.0M
YoY Change 0.68% 11.93% -38.89%
Accrued Expenses $237.0M $327.0M $253.0M
YoY Change -6.32% -17.22% -43.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M $3.000M
YoY Change -33.33% 0.0% 200.0%
Total Short-Term Liabilities $987.0M $951.0M $1.004B
YoY Change -1.69% -5.75% -50.22%
LONG-TERM LIABILITIES
Long-Term Debt $1.156B $1.164B $1.330B
YoY Change -13.08% -12.55% 2.54%
Other Long-Term Liabilities $166.0M $168.0M $230.0M
YoY Change -27.83% -25.99% 33.72%
Total Long-Term Liabilities $1.322B $1.332B $1.560B
YoY Change -15.26% -14.51% 6.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $987.0M $951.0M $1.004B
Total Long-Term Liabilities $1.322B $1.332B $1.560B
Total Liabilities $2.309B $2.283B $2.564B
YoY Change -9.95% -11.06% -26.45%
SHAREHOLDERS EQUITY
Retained Earnings -$419.0M -$424.0M $0.00
YoY Change -1796.0% -100.0%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.000B $998.0M $1.405B
YoY Change
Total Liabilities & Shareholders Equity $3.309B $3.281B $3.969B
YoY Change -16.63% -21.17% -31.45%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q2
OPERATING ACTIVITIES
Net Income $41.00M -$23.00M $37.00M
YoY Change 10.81% -152.27% -54.32%
Depreciation, Depletion And Amortization $12.00M $12.00M $18.00M
YoY Change -33.33% -25.0% -30.77%
Cash From Operating Activities -$29.00M $122.0M -$4.000M
YoY Change 625.0% 15.09% -96.88%
INVESTING ACTIVITIES
Capital Expenditures $3.000M -$3.000M $10.00M
YoY Change -70.0% -86.36% -44.44%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $2.000M $0.00
YoY Change -71.43% -100.0%
Cash From Investing Activities $4.000M -$1.000M -$10.00M
YoY Change -140.0% -93.33% -225.0%
FINANCING ACTIVITIES
Cash Dividend Paid $24.00M $24.00M
YoY Change 0.0% -92.98%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.00M -96.00M -233.0M
YoY Change -75.54% -79.79% 339.62%
NET CHANGE
Cash From Operating Activities -29.00M 122.0M -4.000M
Cash From Investing Activities 4.000M -1.000M -10.00M
Cash From Financing Activities -57.00M -96.00M -233.0M
Net Change In Cash -82.00M 25.00M -247.0M
YoY Change -66.8% -106.51% -3187.5%
FREE CASH FLOW
Cash From Operating Activities -$29.00M $122.0M -$4.000M
Capital Expenditures $3.000M -$3.000M $10.00M
Free Cash Flow -$32.00M $125.0M -$14.00M
YoY Change 128.57% -2.34% -90.41%

Facts In Submission

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CY2015Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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135000000 USD
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10000000 USD
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For a period of four trailing fiscal quarters, the Company maintains a ratio of consolidated funded debt, including borrowings under this facility, to EBITDA adjusted for other items as defined in the credit facility of not more than 4.0 to 1.0 until no later than January 29, 2016 and 3.75 to 1.0 thereafter, and a ratio of EBITDA adjusted for other items as defined in the credit facility to interest expense of greater than 3.5 to 1.0.
CY2015Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
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CY2014Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2014Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2015Q2 us-gaap Long Term Debt
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CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations
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LongTermDebtAndCapitalLeaseObligations
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CY2015Q2 us-gaap Long Term Debt Noncurrent
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CY2015Q1 us-gaap Long Term Debt Noncurrent
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NetCashProvidedByUsedInContinuingOperations
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CY2014Q2 us-gaap Net Cash Provided By Used In Discontinued Operations
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5000000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
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20000000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Discontinued Operations
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19000000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-42000000 USD
CY2014Q2 us-gaap Net Income Loss
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37000000 USD
CY2015Q1 us-gaap Net Income Loss
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CY2015Q2 us-gaap Net Income Loss
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41000000 USD
CY2014Q2 us-gaap Operating Income Loss
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CY2015Q2 us-gaap Operating Income Loss
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38000000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
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95000000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
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97000000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1000000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2000000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
1000000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
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166000000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
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168000000 USD
CY2014Q2 us-gaap Other Noncash Income Expense
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1000000 USD
CY2015Q2 us-gaap Other Noncash Income Expense
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1000000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
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2000000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
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CY2015Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1000000 USD
CY2014Q2 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
212000000 USD
CY2015Q2 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
6000000 USD
CY2014Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
24000000 USD
CY2015Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
24000000 USD
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10000000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3000000 USD
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
297000000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
273000000 USD
CY2014Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
2000000 USD
CY2015Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1000000 USD
CY2014Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
1000000 USD
CY2015Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
1000000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
308000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
308000000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
977000000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
896000000 USD
CY2014Q2 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
0 USD
CY2015Q2 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
29000000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-419000000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-424000000 USD
CY2014Q2 us-gaap Revenues
Revenues
1312000000 USD
CY2015Q1 us-gaap Revenues
Revenues
373000000 USD
CY2015Q2 us-gaap Revenues
Revenues
1246000000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
84000000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
75000000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11000000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6000000 USD
CY2014Q2 us-gaap Stock Issued1
StockIssued1
1000000 USD
CY2015Q2 us-gaap Stock Issued1
StockIssued1
1000000 USD
CY2015 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
6300000 shares
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
1000000000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
998000000 USD
CY2015Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.25
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73000000 shares
CY2015Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year End Change</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On March 20, 2015, the Board of Directors of the Company approved the amendment and restatement of the bylaws of the Company to change both Leidos' and Leidos, Inc.'s year end from the Friday nearest the end of January to the Friday nearest the end of December.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As a result of this change, the Company will file its Annual Report on Form 10-K, which will cover the 11 month period ending on January 1, 2016, as its transition report. This change does not impact the Company's prior year, which ended January 30, 2015. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In order to allow an immediate transition to the new calendar and to maintain transparency and comparability of financial information included in the Company's quarterly Form 10-Q filings, the quarterly information in this Form 10-Q is being presented on a three month basis for the current year which includes the last month of the year ended January 30, 2015. Therefore, the condensed consolidated statements of income and comprehensive income and the condensed consolidated statements of cash flows reflect the results for the three month period ended&#160;April 3, 2015.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company's business is primarily driven by productive hours and time sold in relation to the solutions and services provided to its customers, as such the productive hours and time sold do not vary materially quarter over quarter. Therefore, the Company does not believe that the change in its year end has a material effect on the comparability of the prior periods presented. As such, the quarterly periods of the prior year have not been recast to correspond with the new quarterly periods.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following table shows the periods included in each quarter and year end:</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td width="30%" rowspan="1" colspan="1"></td><td width="35%" rowspan="1" colspan="1"></td><td width="35%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Period</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Current year</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Prior year</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">First Quarter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">January 3, 2015 to April 3, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">February 1, 2014 to May 2, 2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Second Quarter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">April 4, 2015 to July 3, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">May 3, 2014 to August 1, 2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Third Quarter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">July 4, 2015 to October 2, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">August 2, 2014 to October 31, 2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Year End</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">January 31, 2015 to January 1, 2016 (transition period)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">February 1, 2014 to January 30, 2015</font></div></td></tr></table></div></div></div>

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