| 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. |
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