Summary of Quarterly Results The following is a summary of selected financial information of the consolidated financial statements and non-GAAP  measures of the Company for each of the quarters of fiscal 2013 and 2012: QUARTERS 2013 2012 First Second Third Fourth First Second Third Fourth Volume (MT)  156,415 150,914 165,304 176,641 172,754 146,494 157,786 164,539 $ $ $ $ $ $ $ $ Total revenues  142,376 131,819 138,403 145,840 175,805 144,132 147,687 150,469 Gross margin  30,639 22,851 14,618 17,545 23,654 17,923 18,207 18,077 EBIT  23,698 16,021 7,819 12,000 16,769 11,583 11,180 11,072 Net earnings  16,133 10,434 3,995 6,703 9,880 6,528 6,909 6,944 Gross margin rate  per MT  195.88 151.42 88.43 99.33 136.92 122.35 115.39 109.86 Per share Net earnings  Basic 0.17 0.11 0.04 0.07 0.11 0.07 0.07 0.07 Diluted 0.16 0.11 0.04 0.07 0.10 0.07 0.07 0.07 Non-GAAP Measures Adjusted gross margin 29,567 19,899 15,756 17,757 37,789 23,065 19,642 21,696 Adjusted EBIT  22,626 13,069 8,957 12,212 30,904 16,725 12,615 14,691 Adjusted net  earnings 14,887 7,552 4,372 7,011 19,761 9,841 7,641 9,782 Adjusted gross  margin rate  per MT  189.02 131.87 95.31 100.53 218.74 157.45 124.49 131.86 Adjusted net earnings per share Basic 0.16 0.08 0.05 0.07 0.22 0.10 0.08 0.10 Diluted 0.15 0.08 0.05 0.07 0.19 0.10 0.08 0.10 (In thousands of dollars, except for volume and per share information) Historically, the first quarter (October to December) of the fiscal year is the best quarter for adjusted gross margins and  adjusted net earnings, due to the favourable mix of products sold. This is explained by increased sales of baked goods  during this holiday period of the year. In addition, in fiscal 2012, a special quota was opened by the U.S. which allowed the  Company to sell more export volume in the first quarter of that year. Conversely, the second quarter (January to March)  is historically the lowest volume quarter, resulting in lower revenues, adjusted gross margins and adjusted net earnings. In  fiscal 2013, the Company gained additional industrial volume from existing and new customers and recaptured an HFCS  substitutable account in western Canada starting in the third quarter, which resulted in higher sales volume in the second,  third and fourth quarters. Adjusted gross margin rate per metric tonne was lower in fiscal 2013 than fiscal 2012 due mainly  to an unfavourable sales mix and additional operational expenses. Rogers Sugar Inc. 20 ManageMent’s Discussion anD analysis