Hibbett Sports 2012 Annual Report Download - page 54

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50
NOTE 11. QUARTERLY FINANCIAL DATA (UNAUDITED)
The following tables set forth certain unaudited consolidated financial data for the thirteen-week quarters indicated (dollar
amounts in thousands, except per share amounts):
First Second Third Fourth
Net sales 203,656$ 153,127$ 185,180$ 190,681$
Gross profit 75,793$ 50,637$ 67,819$ 68,160$
Operating income 34,141$ 9,368$ 24,971$ 25,052$
Net income 21,337$ 5,940$ 15,959$ 15,824$
Basic earnings per share 0.78$ 0.22$ 0.60$ 0.60$
Diluted earnings per share 0.76$ 0.21$ 0.59$ 0.59$
Fiscal Year Ended January 28, 2012
First Second Third Fourth
Net sales 184,506$ 139,819$ 167,420$ 173,209$
Gross profit 66,109$ 44,775$ 59,059$ 60,459$
Operating income 27,676$ 6,481$ 20,087$ 19,303$
Net income 17,341$ 4,013$ 12,588$ 12,458$
Basic earnings per share 0.60$ 0.14$ 0.45$ 0.45$
Diluted earnings per share 0.59$ 0.14$ 0.44$ 0.44$
Fiscal Year Ended January 29, 2011
In the opinion of our management, this unaudited information has been prepared on the same basis as the audited
information presented elsewhere herein and includes all adjustments necessary to present fairly the information set forth herein.
The operating results from any quarter are not necessarily indicative of the results to be expected for any future period.
NOTE 12. FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC Topic 820, Fair Value Measurement, establishes a three-level fair value hierarchy that prioritizes the inputs used
to measure fair value. The three levels of inputs used to measure fair value are as follows:
 Level I – Quoted prices in active markets for identical assets or liabilities.
 Level II – Observable inputs other than quoted prices included in Level I.
 Level III – Unobservable inputs that are supported by little or no market activity and that are significant to the fair
value of the assets or liabilities.
The table below segregates all financial assets and liabilities that are measured at fair value on a recurring basis (at least
annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value (in
thousands):
Level I Level II Level III Level I Level II Level III
Short-term investments -$ -$ -$ -$ -$ -$
Long-term investments 1,382 - - 901 - -
Total investments 1,382$ -$ -$ 901$ -$ -$
January 28, 2012 January 29, 2011
Long-term investments are reported in other assets in our consolidated balance sheets.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable.