Annual report pursuant to Section 13 and 15(d)

Note 12 - Quarterly Financial Data (Unaudited)

v3.7.0.1
Note 12 - Quarterly Financial Data (Unaudited)
 12 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
Note
12.
Quarterly Financial Data (unaudited)
 
(in thousands, except per share data)
                                        
                                         
2017
  
Firs
t
Quarter
    
Second
Quarter
    
Third
Quarter
    
Fourth
Quarter
    
Year
  
Net sales
   $
130,581
     $
131,807
     $
144,037
     $
156,578
     $
563,003
  
Cost of sales (1)
    
43,236
      
43,664
      
47,355
      
54,207
      
188,462
  
Net earnings (1)
   $
18,843
     $
7,467
     $
22,167
     $
27,609
     $
76,086
  
                                         
Earnings per common share: (1)
                                        
Basic
   $
0.51
     $
0.20
     $
0.59
     $
0.74
     $
2.04
  
Diluted
   $
0.50
     $
0.20
     $
0.59
     $
0.74
     $
2.03
  
                                         
Weighted average common shares outstanding:
                                        
Basic
    
37,281
      
37,308
      
37,320
      
37,344
      
37,313
  
Diluted
    
37,473
      
37,478
      
37,494
      
37,546
      
37,500
  
 
(in thousands, except per share data)
                                        
                                         
2016
  
First
Quarter
    
Second
Quarter
    
Third
Quarter
    
Fourth
Quarter
    
Year
  
Net sales
   $
112,381
     $
120,907
     $
130,973
     $
134,762
     $
499,023
  
Cost of sales
    
36,990
      
39,320
      
40,984
      
45,070
      
162,364
  
Net earnings
   $
22,707
     $
25,851
     $
30,291
     $
25,626
     $
104,476
  
                                         
Earnings per common share:
                                        
Basic
   $
0.61
     $
0.70
     $
0.81
     $
0.69
     $
2.81
  
Diluted
   $
0.61
     $
0.69
     $
0.81
     $
0.69
     $
2.80
  
                                         
Weighted average common shares outstanding:
                                        
Basic
    
37,169
      
37,189
      
37,196
      
37,224
      
37,194
  
Diluted
    
37,315
      
37,301
      
37,299
      
37,384
      
37,326
  
 
 
(
1
)
During the
fourth
quarter, management identified certain errors related to purchase accounting items for the ACD acquisition recorded during the
first
quarter of fiscal year
2017.
These errors were corrected by adjusting previously reported amounts in the first,
second
and
third
quarter of fiscal year
2017.
These items impact the cost recognized upon the sale of acquired inventory, other acquisition related costs recorded within selling, general and administrative costs, interest expense, and income taxes and resulted in a favorable impact as compared to previously reported results and as outlined in the table below.
 
 
(in thousands)
                        
2017
  
First
Quarter
    
Second
Quarter
    
Third
Quarter
  
Cost of sales
   $
(2,875
 )   $
(3,061
 )   $
(2,499
 )
Selling, general and administrative
    
(839
 )    
1,326
      
1,302
  
Interest expense
    
57
      
86
      
86
  
Income taxes
    
1,097
      
495
      
333
  
Incremental net earnings
    
2,560
      
1,154
      
778
  
 
 
We concluded that these errors were
not
material to each of the respective periods; however, we have elected to report the corrected amount for the
fourth
quarter. The amounts recorded in this table for the previously reported
2017
quarterly information have been revised for these updates. We will revise the fiscal year
2017
quarterly reported information in future filings to reflect the properly stated amounts. These identified items have
no
impact to year to date GAAP results.