Toro 2009 Annual Report Download - page 69

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not active; or other inputs that are observable or can be corrobo- The company evaluated all subsequent event activity through
rated by observable market data for substantially the full term of December 22, 2009 (the issue date of this Annual Report on
the assets or liabilities. Form 10-K) and concluded that no additional subsequent events
Level 3 – Unobservable inputs reflecting management’s assump- have occurred that would require recognition in the financial state-
tions about the inputs used in pricing the asset or liability. ments or disclosure in the notes to the financial statements.
The fair values of the company’s financial assets and liabilities
as of October 31, 2009 were as follows:
Fair 16 QUARTERLY FINANCIAL DATA (unaudited)
(Dollars in thousands) Value Level 1 Level 2 Level 3
Assets: Summarized quarterly financial data for fiscal 2009 and 2008 are
Cash and cash equivalents $187,773 $187,773 – – as follows:
Total assets $187,773 $187,773 – –
Fiscal year ended
Liabilities: October 31, 2009
Foreign exchange contracts $ 6,779 – $ 6,779 – Quarter First Second Third Fourth
Long-term debt 232,891 – 232,891 –
Net sales $340,172 $499,852 $394,859 $288,564
Total liabilities $239,670 – $239,670 – Gross profit 118,260 161,225 133,798 97,692
Net earnings (loss) 6,731 36,861 19,777 (532)
Cash and cash equivalents are valued at their carrying amounts
Basic net earnings (loss) per
in the consolidated balance sheets, which are reasonable esti- share
1
0.19 1.01 0.55 (0.02)
mates of their fair value due to their short maturities. The com- Diluted net earnings (loss) per
pany’s foreign currency forward exchange contracts are valued at share
1
0.18 1.00 0.54 (0.02)
fair market value, which is the amount the company would receive
or pay to terminate the contracts at the reporting date. The fair Fiscal year ended
market value of the company’s long-term debt is estimated by dis- October 31, 2008
Quarter First Second Third Fourth
counting the projected cash flows using the rate at which similar
amounts and terms of debt could currently be borrowed. Net sales $405,799 $638,510 $492,635 $341,240
Gross profit 149,137 227,766 173,940 101,867
Net earnings 18,627 62,784 38,227 13
Basic net earnings per share
1
0.49 1.64 1.01 0.00
Diluted net earnings per share
1
0.47 1.60 0.99 0.00
15 SUBSEQUENT EVENTS
1
Net earnings per share amounts do not sum to equal full year total due to
changes in the number of shares outstanding during the periods and rounding.
During the first quarter of fiscal 2010, the company’s wholly owned
domestic distribution company completed the purchase of certain
assets and assumed certain liabilities of one of its independent
Midwestern-based distribution companies.
63