Quarterly Results of Operations
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In the third quarter of 1998, the Company made early retirements of debt of $50.5 million at an after-tax cost of $3.5 million. In the fourth quarter of 1998, the Company made early retirements of debt of $20.6 million at an after-tax cost of $2.4 million. These charges for the early retirement of debt have been reflected in the Consolidated Statements of Income as extraordinary items.
In the fourth quarter of 1997, the Company acquired G.S. Blodgett Corporation, a commercial cooking equipment manufacturer. The results of this operation are consolidated in the Company's financial statements beginning in October 1997. Net sales from the acquisition of $31.3 million are included in the quarter ended December 31, 1997. In the fourth quarter of 1997, the Company made early retirements of debt of $61.8 million at an after-tax cost of $3.2 million. The charge for the early retirement of debt has been reflected in the Consolidated Statements of Income as an extraordinary item.