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Quarterly Financial Information (Tables)
 12 Months Ended
Apr. 30, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Results

The following table summarizes quarterly financial results in fiscal 2018 and 2017. In our opinion, all adjustments necessary to present fairly the information for such quarters have been reflected (in thousands, except per share data):

 

 

 

For the Year Ended April 30, 2018

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Year

 

Net sales

$

 

129,021

 

 

$

 

148,427

 

 

$

 

157,376

 

 

$

 

172,026

 

 

$

 

606,850

 

Gross profit

 

 

40,632

 

 

 

 

50,799

 

 

 

 

46,917

 

 

 

 

57,404

 

 

 

 

195,752

 

Net (loss)/income

$

 

(2,165

)

 

$

 

3,234

 

 

$

 

11,395

 

(c)

$

 

7,664

 

 

$

 

20,128

 

Per common share (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic - total

$

 

(0.04

)

 

$

 

0.06

 

 

$

 

0.21

 

 

$

 

0.14

 

 

$

 

0.37

 

Diluted - total

$

 

(0.04

)

 

$

 

0.06

 

 

$

 

0.21

 

 

$

 

0.14

 

 

$

 

0.37

 

 

 

For the Year Ended April 30, 2017

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Year

 

Net sales

$

 

206,951

 

 

$

 

233,528

 

 

$

 

233,523

 

 

$

 

229,186

 

 

$

 

903,188

 

Gross profit

 

 

87,569

 

 

 

 

97,605

 

 

 

 

99,311

 

 

 

 

90,787

 

 

 

 

375,272

 

Net income

$

 

35,222

 

(b)

$

 

32,483

 

 

$

 

32,453

 

 

$

 

27,696

 

 

$

 

127,854

 

Per common share (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic - total

$

 

0.63

 

(b)

$

 

0.58

 

 

$

 

0.58

 

 

$

 

0.50

 

 

$

 

2.29

 

Diluted - total

$

 

0.62

 

(b)

$

 

0.57

 

 

$

 

0.57

 

 

$

 

0.50

 

 

$

 

2.25

 

 

(a)

Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

(b)

Our first quarter results for fiscal 2017 were restated as a result of adopting ASU 2016-09, Compensation – Stock Compensation, during the second quarter of fiscal 2017. As a result of this adoption, net income increased $2.6 million and net income per basic and diluted share increased $0.05 for the three months ended July 31, 2016.

(c)

Amount includes an income tax benefit of approximately $9.4 million, primarily caused by the effect of Tax Reform, which resulted in the remeasurement of deferred tax assets and liabilities at lower enacted corporate federal tax rates.