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Quarterly Information (unaudited)
 12 Months Ended
May 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY INFORMATION (unaudited) QUARTERLY INFORMATION (unaudited)
Quarterly results of operations during the fiscal years ended May 31, 2020 and 2019 are as follows:
 2020
(in thousands, except per share data)First quarterSecond quarterThird quarterFourth quarter
Net sales$66,042  $70,003  $69,780  $58,332  
Gross profit38,217  41,544  40,299  30,212  
Net loss (1)
$(1,275) $(2,736) $(5,709) $(157,067) 
Earnings per share net income
Basic$(0.03) $(0.07) $(0.15) $(4.14) 
Diluted$(0.03) $(0.07) $(0.15) $(4.14) 
(1) Net loss in the fourth quarter of fiscal year 2020 included the goodwill impairment charge of 158.6 million.
 2019
(in thousands, except per share data)First quarterSecond quarterThird quarterFourth quarter
Net sales$63,943  $69,985  $65,524  $71,182  
Gross profit35,953  40,552  38,163  41,332  
Net income (loss) from continuing operations(5,704) (3,587) (4,609) 2,753  
Net income from discontinued operations5,235  5,727  5,405  56,120  
Net income (loss) (1)
$(469) $2,140  $796  $58,873  
Loss per share from continuing operations
Basic$(0.15) $(0.10) $(0.12) $0.07  
Diluted$(0.15) $(0.10) $(0.12) $0.07  
Earnings per share from discontinued operations
Basic$0.14  $0.15  $0.14  $1.49  
Diluted$0.14  $0.15  $0.14  $1.47  
Earnings per share net income
Basic$(0.01) $0.06  $0.02  $1.57  
Diluted$(0.01) $0.06  $0.02  $1.54  
(1) Net income in the fourth quarter of fiscal year 2019 was driven by the gain on the sale of the Fluid Management business.
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.
On May 31, 2019, the Company completed the sale of the Fluid Management business and all of the assets used primarily in connection with the Fluid Management business (Note 3). The Company has adjusted the consolidated financial statements to reflect the Fluid Management business as a discontinued operation for the current year and all prior periods presented.  The quarterly information for fiscal year 2019 reflect the Fluid Management business as a discontinued operation.