2015 Q2 Form 10-Q Financial Statement

#000162828015004763 Filed on June 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $130.1M $132.9M
YoY Change -2.09% -18.19%
Cost Of Revenue $51.69M $54.78M
YoY Change -5.64% -15.89%
Gross Profit $78.40M $78.08M
YoY Change 0.4% -19.74%
Gross Profit Margin 60.27% 58.77%
Selling, General & Admin $37.51M $31.70M
YoY Change 18.35% -8.9%
% of Gross Profit 47.85% 40.59%
Research & Development $29.68M $27.81M
YoY Change 6.71% -19.52%
% of Gross Profit 37.85% 35.62%
Depreciation & Amortization $12.00M $12.00M
YoY Change 0.0% -9.77%
% of Gross Profit 15.31% 15.37%
Operating Expenses $73.52M $66.94M
YoY Change 9.83% -13.31%
Operating Profit $4.884M $11.15M
YoY Change -56.19% -44.47%
Interest Expense -$1.800M -$1.400M
YoY Change 28.57% -134.48%
% of Operating Profit -36.86% -12.56%
Other Income/Expense, Net -$493.0K -$278.0K
YoY Change 77.34% -65.55%
Pretax Income -$13.44M -$5.137M
YoY Change 161.53% -19.91%
Income Tax $2.699M $1.617M
% Of Pretax Income
Net Earnings -$142.0K $7.867M
YoY Change -101.81% -46.76%
Net Earnings / Revenue -0.11% 5.92%
Basic Earnings Per Share $0.00 $0.12
Diluted Earnings Per Share $0.00 $0.12
COMMON SHARES
Basic Shares Outstanding 66.71M shares 67.30M shares
Diluted Shares Outstanding 66.71M shares 67.97M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $211.5M $241.2M
YoY Change -12.31% 4.69%
Cash & Equivalents $211.5M $241.2M
Short-Term Investments
Other Short-Term Assets $20.86M $16.48M
YoY Change 26.54% -7.86%
Inventory $75.03M $55.30M
Prepaid Expenses
Receivables $85.85M $61.72M
Other Receivables $0.00 $0.00
Total Short-Term Assets $399.1M $380.1M
YoY Change 4.99% -9.61%
LONG-TERM ASSETS
Property, Plant & Equipment $111.6M $111.2M
YoY Change 0.32% 1.65%
Goodwill $329.7M $276.9M
YoY Change 19.07% -29.65%
Intangibles $107.4M $134.2M
YoY Change -20.01% -32.18%
Long-Term Investments $30.00K $3.200M
YoY Change -99.06% -45.76%
Other Assets $38.88M $29.25M
YoY Change 32.91% 24.88%
Total Long-Term Assets $587.6M $555.1M
YoY Change 5.85% -27.39%
TOTAL ASSETS
Total Short-Term Assets $399.1M $380.1M
Total Long-Term Assets $587.6M $555.1M
Total Assets $986.7M $935.3M
YoY Change 5.5% -21.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.30M $38.70M
YoY Change 35.14% -31.63%
Accrued Expenses $43.72M $33.64M
YoY Change 29.99% -4.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.55M $18.53M
YoY Change 0.1% -53.12%
Total Short-Term Liabilities $132.9M $97.51M
YoY Change 36.29% -30.5%
LONG-TERM LIABILITIES
Long-Term Debt $265.1M $268.7M
YoY Change -1.32% -5.98%
Other Long-Term Liabilities $50.50M $26.95M
YoY Change 87.37% -25.89%
Total Long-Term Liabilities $315.6M $295.6M
YoY Change 6.76% -8.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.9M $97.51M
Total Long-Term Liabilities $315.6M $295.6M
Total Liabilities $448.5M $393.1M
YoY Change 14.09% -14.99%
SHAREHOLDERS EQUITY
Retained Earnings $401.6M $381.7M
YoY Change 5.22% -30.99%
Common Stock $371.8M $362.1M
YoY Change 2.68% 2.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $238.0M $205.5M
YoY Change 15.79% 9.55%
Treasury Stock Shares 11.75M shares 10.91M shares
Shareholders Equity $535.7M $538.5M
YoY Change
Total Liabilities & Shareholders Equity $986.7M $935.3M
YoY Change 5.5% -21.08%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$142.0K $7.867M
YoY Change -101.81% -46.76%
Depreciation, Depletion And Amortization $12.00M $12.00M
YoY Change 0.0% -9.77%
Cash From Operating Activities $14.70M $22.77M
YoY Change -35.45% 32.76%
INVESTING ACTIVITIES
Capital Expenditures $4.841M $6.379M
YoY Change -24.11% -40.66%
Acquisitions $34.93M $0.00
YoY Change
Other Investing Activities -$37.20M -$2.500M
YoY Change 1388.0% -135.71%
Cash From Investing Activities -$42.00M -$8.922M
YoY Change 370.78% 34.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.01M $10.00M
YoY Change 100.14%
Debt Paid & Issued, Net $4.687M $4.687M
YoY Change 0.0% -16.68%
Cash From Financing Activities $8.482M -$15.89M
YoY Change -153.39% 385.4%
NET CHANGE
Cash From Operating Activities $14.70M $22.77M
Cash From Investing Activities -$42.00M -$8.922M
Cash From Financing Activities $8.482M -$15.89M
Net Change In Cash -$18.82M -$2.040M
YoY Change 822.75% -128.19%
FREE CASH FLOW
Cash From Operating Activities $14.70M $22.77M
Capital Expenditures $4.841M $6.379M
Free Cash Flow $9.856M $16.39M
YoY Change -39.87% 156.09%

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CY2015Q1 us-gaap Inventory Finished Goods
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CY2015Q2 us-gaap Inventory Net
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CY2015Q1 us-gaap Inventory Raw Materials
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CY2015Q2 us-gaap Inventory Raw Materials
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CY2015Q1 us-gaap Inventory Work In Process
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CY2014Q2 us-gaap Investment Income Interest
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CY2015Q2 us-gaap Investment Income Interest
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CY2015Q1 us-gaap Liabilities And Stockholders Equity
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929431000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
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CY2015Q1 us-gaap Liabilities Current
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CY2015Q2 us-gaap Liabilities Current
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CY2015Q1 us-gaap Liabilities Fair Value Disclosure Recurring
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0 USD
CY2015Q2 us-gaap Liabilities Fair Value Disclosure Recurring
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CY2013Q2 us-gaap Line Of Credit
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CY2013Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
400000000 USD
CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2015Q1 us-gaap Long Term Debt Current
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CY2015Q2 us-gaap Long Term Debt Current
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CY2015Q1 us-gaap Long Term Debt Noncurrent
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CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8482000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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-33000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities
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-8922000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
22769000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14697000 USD
CY2015Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
5 operating_segment
CY2015Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 reportable_segment
CY2015Q2 us-gaap Number Of Reporting Units
NumberOfReportingUnits
3 reporting_unit
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
66935000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
73516000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11149000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4884000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
19369000 USD
CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
20859000 USD
CY2015Q1 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
33000 USD
CY2015Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
14000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35247000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
38875000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-76000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
96000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-48000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
54000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-115000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-28000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
42000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-110000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-19000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
0 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
0 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10000000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
32809000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
50501000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-278000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-493000 USD
CY2012Q2 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
1100000 USD
CY2014Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10000000 USD
CY2015Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20014000 USD
CY2014Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2985000 USD
CY2015Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3602000 USD
CY2014Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
34932000 USD
CY2015Q2 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
30000 USD
CY2014Q2 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
3043000 USD
CY2015Q2 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
2230000 USD
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6379000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4841000 USD
CY2015Q1 us-gaap Prepaid Taxes
PrepaidTaxes
1544000 USD
CY2015Q2 us-gaap Prepaid Taxes
PrepaidTaxes
3406000 USD
CY2014Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
CY2015Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
35000000 USD
CY2014Q2 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
500000 USD
CY2015Q2 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
CY2014Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1785000 USD
CY2015Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1785000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
7867000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-142000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115471000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
111575000 USD
CY2014Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4687000 USD
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4687000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
27813000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
29678000 USD
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
1001000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
401783000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
401640000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
132859000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
130088000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31696000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37675000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6847000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5946000 USD
CY2011Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
50000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
21600000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
98400000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
551358000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
535701000 USD
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
11323225 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
11746916 shares
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
222969000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
237971000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7774000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7643000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
253000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
293000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
293000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
122000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7800000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7600000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
670000 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67970000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66713000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67300000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66713000 shares
CY2015Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Fiscal Year</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reports results on the basis of </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;"> week periods and ends its fiscal year on the last Sunday in January. The other quarters generally end on the last Sunday of April, July and October. All quarters consist of </font><font style="font-family:inherit;font-size:10pt;">13</font><font style="font-family:inherit;font-size:10pt;"> weeks except for one </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;">-week period in </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;">-week years. The </font><font style="font-family:inherit;font-size:10pt;">first</font><font style="font-family:inherit;font-size:10pt;"> quarter of fiscal years </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> each consisted of </font><font style="font-family:inherit;font-size:10pt;">13</font><font style="font-family:inherit;font-size:10pt;"> weeks.</font></div></div>
CY2015Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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