| Selected Quarterly Financial Data |
Note 17. Selected Quarterly Financial Data (unaudited)
Summarized quarterly financial data (in thousands except for per share amounts) for the fiscal years ended September 30, 2011 and 2010 were as follows:
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Fiscal quarter ended |
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December 31 |
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March 31 |
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June 30 |
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September 30 |
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2010 |
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2009 |
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2011(a) |
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2010 |
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2011 |
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2010 |
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2011 |
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2010(b,c) |
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Total operating revenue |
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$ |
16,555 |
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$ |
14,118 |
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$ |
36,490 |
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$ |
31,654 |
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$ |
39,341 |
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28,440 |
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$ |
6,206 |
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$ |
5,580 |
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Total operating expenses |
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14,062 |
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13,767 |
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28,422 |
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27,532 |
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27,502 |
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23,057 |
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5,173 |
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5,513 |
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Gross profit |
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2,493 |
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351 |
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8,068 |
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4,122 |
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11,839 |
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5,383 |
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1,033 |
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67 |
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Corporate general & administrative |
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2,011 |
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1,428 |
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1,597 |
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1,797 |
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1,766 |
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1,604 |
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2,822 |
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1,629 |
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Other (expense) income |
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(632 |
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(864 |
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(2,095 |
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(412 |
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(331 |
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15 |
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348 |
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(4,028 |
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(Loss) income before income taxes |
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(150 |
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(1,941 |
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4,376 |
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1,913 |
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9,742 |
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3,794 |
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(1,441 |
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(5,590 |
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Income tax (benefit) expense |
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(57 |
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(571 |
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1,664 |
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563 |
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3,771 |
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1,506 |
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52 |
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(2,699 |
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Net (loss) income |
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$ |
(93 |
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$ |
(1,370 |
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$ |
2,712 |
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1,350 |
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5,971 |
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2,288 |
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$ |
(1,493 |
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$ |
(2,891 |
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Basic (loss) earnings per share |
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$ |
(0.01 |
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$ |
(0.19 |
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$ |
0.37 |
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0.18 |
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0.81 |
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0.31 |
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$ |
(0.20 |
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$ |
(0.39 |
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| (a) |
During the quarter ended March 30, 2011, the Company fully reserved $1.7 million in allocated surplus that had been recorded based on patronage allocation with Farm Credit which is included in other (expense) income in the table above. See Note 4. Investment, deposits and other assets. |
| (b) |
During the quarter ended September 30, 2010, the Company recognized $3.4 million of charges related to a refinancing transaction as other (expense) income. |
| (c) |
During the quarter ended September 30, 2010 the Company recorded a real estate impairment charge of $980 thousand included in the total operating expense line in the table above. | |