Quarterly Information (unaudited)

12 Months Ended

May 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly results of operations during the fiscal years ended May 31, 2018 and 2017 are as follows:



	2018
	First quarter			Second quarter		Third quarter		Fourth quarter
(in thousands, except per share data)
Net sales	$	85,411		$	86,706	$	83,851	$	88,317
Gross profit	41,229			42,731		45,448		47,467
Net income (loss) (1)	(35		)	249		14,019		2,102
Earnings (loss) per common share
Basic	0.00			0.01		0.38		0.06
Diluted	0.00			0.01		0.37		0.06



	2017
	First quarter		Second quarter		Third quarter		Fourth quarter
(in thousands, except per share data)
Net sales	$	88,098	$	89,029	$	85,602	$	86,914
Gross profit	45,032		45,010		43,792		42,335
Net income (loss) (2)	1,300		13,734		2,887		(12,913		)
Earnings (loss) per common share
Basic	0.04		0.37		0.08		(0.35		)
Diluted	0.04		0.37		0.08		(0.35		)

(1) Included within net income during the third quarter of fiscal 2018 is a $9.3 million discrete tax benefit as a result of the Tax Reform Act and the revaluation of the Company's deferred tax assets, liabilities and valuation allowance to reflect the lower U.S. federal statutory rate (see Note 9).

(2) Included within net income (loss) during the fourth quarter of fiscal 2017 is the $12.5 million charge for a litigation reserve (see Note 15) and $4.5 million impact relating to the Acculis recall (see Note 10).

The data in the schedules above has been intentionally rounded to the nearest thousand and therefore the quarterly amounts may not sum to the full year amounts.