Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Heather Boxman.
Heather Boxman
The insurance gain you had in the quarter, can you tell us what that was on an after-tax per share basis? And I know it offsets to some extent a sales loss in the quarter, but does it offset expenses in the quarter as well?
Greg A. Tunney
Before I have Dan and Jose address that, one thing we want everybody to understand is that as a result of the tornado we definitely lost sales that were out there for our fourth quarter. There were sales that were on the books that were ready to ship out the door and there were loss of sales, so part of the insurance adjustment actually addresses part of that. So Dan why don’t you get into the earnings.
Daniel D. Viren
The recovery related specifically to the wholesale price of that inventory and on a per share basis after taxes it’s roughly about $0.08 a share would have been the impact and we are continuing with the insurance claim that is not fully settled. The portion that is settled relates specifically to that inventory component. But we actually lease the building that we’re in currently and as part of that lease obligation we have an obligation to restore that building to its original condition. So that portion of the claim continues. We’re also covered for any type of continuing expenses, and again that portion of the claim has not been totally settled yet. So this particular piece relates specifically to the inventory and as Greg indicated that in fact we had orders on the books and shipments that were ready to go out the door when this loss occurred. So that recovery covers part of that.
Heather Boxman
So net net the expenses and everything and the losses associated with the tornado, the insurance recovery that you received in Q4 is some of what you expect to get to make you whole but it’s not all of it yet?
Daniel D. Viren
That’s correct. It continues. We were actually fairly pleased. We closed that portion of the claim I think in 83 days which was a miracle and I think it’s a testament to the strong financial accounting systems that we have in place in order to demonstrate to the insurance carrier that the values that we were presenting were valid.
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