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.