Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jun. 30, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2013. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented. The unaudited quarterly data presented below, with the exception of the quarter ended June 30, 2013, have been restated to correct errors related to the Company's accounting for certain postretirement benefit obligations for its retiree medical plan, failure to timely adopt accounting guidance relating to a postretirement death benefit, when originally issued, and failure to record the appropriate amounts reflecting the cash surrender value of life insurance policies purchased by the Company to fund the postretirement death benefit, as well as to reflect corrections for certain immaterial adjustments and reclassifications to conform to the current year presentation. See Note 2 for additional information. In addition, reconciliations from the amounts as originally reported to the applicable restated amounts for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 can be found in the unaudited consolidated financial statements immediately following the tables below.

The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters.

	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
	As Restated			As Restated			As Restated
	(In thousands, except per share data)
Net sales	$	119,153		$	135,705		$	126,343		$	128,763
Gross profit	$	44,621		$	50,353		$	48,675		$	47,490
(Loss) income from operations	$	(1,419	)	$	547		$	(494	)	$	(2,729	)
Net income (loss)	$	2,979		$	(7,157	)	$	(1,306	)	$	(2,978	)
Net income (loss) per common share—basic and diluted	$	0.19		$	(0.46	)	$	(0.08	)	$	(0.19	)

	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	As Restated			As Restated			As Restated			As Restated
	(In thousands, except per share data)
Net sales	$	121,197		$	131,770		$	121,527		$	120,948
Gross profit	$	39,685		$	44,541		$	43,147		$	45,529
Loss from operations	$	(4,334	)	$	(5,353	)	$	(3,812	)	$	(8,615	)
Net loss	$	(7,280	)	$	(3,813	)	$	(5,211	)	$	(10,272	)
Net loss per common share—basic and diluted	$	(0.48	)	$	(0.25	)	$	(0.33	)	$	(0.65	)

During the fourth quarter and for the fiscal year ended June 30, 2013, the Company recorded $0.1 million in impairment loss on indefinite-lived intangible assets (see Note 1). During the fourth quarter and for the fiscal year ended June 30, 2012, the Company recorded $5.1 million in impairment loss on goodwill and $0.5 million in impairment loss on its indefinite-lived intangible assets related to CBI (see Note 1). During the fourth quarter of fiscal 2012, the Company also recorded $9.2 million in income tax benefit (see Note 16).

The following tables present the effects of adjustments made to the Company's previously reported unaudited consolidated quarterly financial statements for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011. For further information regarding these adjustments, see Note 2.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)	March 31, 2013								December 31, 2012
	Previously Reported			Adjustments (1)			As Restated		Previously Reported		Adjustments (1)			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	5,525		$	—		$	5,525	$	5,218	$	—		$	5,218
Restricted cash	3,751			—			3,751		—		3,599			3,599
Short-term investments	20,769			—			20,769		20,570		(17		)	20,553
Accounts and notes receivable, net	42,793			—			42,793		43,752		—			43,752
Inventories	67,273			—			67,273		68,385		—			68,385
Income tax receivable	139			(22		)	117		478		(6		)	472
Prepaid expenses	2,800			—			2,800		2,740		—			2,740
Total current assets	143,050			(22		)	143,028		141,143		3,576			144,719
Property, plant and equipment, net	93,837			1			93,838		98,159		1			98,160
Intangible assets, net	6,586			—			6,586		6,929		—			6,929
Other assets	3,026			2,221			5,247		3,052		2,221			5,273
Deferred income taxes	854			7			861		854		7			861
Total assets	$	247,353		$	2,207		$	249,560	$	250,137	$	5,805		$	255,942
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	30,909		$	(1,031	)	$	29,878	$	31,594	$	(1,141	)	$	30,453
Accrued payroll expenses	16,735			(1,363		)	15,372		18,372		(1,363		)	17,009
Short-term borrowings under revolving credit facility	9,912			—			9,912		15,074		—			15,074
Short-term obligations under capital leases	3,435			—			3,435		3,527		—			3,527
Short-term derivative liability	—		—	5,916			5,916		—		6,292			6,292
Deferred income taxes	1,480			(35		)	1,445		1,479		(34		)	1,445
Other current liabilities	16,492			(9,764		)	6,728		11,691		(6,449		)	5,242
Total current liabilities	78,963			(6,277		)	72,686		81,737		(2,695		)	79,042
Long-term borrowings under revolving credit facility	10,000			—			10,000		10,000		—			10,000
Accrued postretirement benefits	35,393			(12,404		)	22,989		35,158		(12,280		)	22,878
Other long-term liabilities—capital leases	9,552			—			9,552		10,617		—			10,617
Accrued pension liabilities	41,973			5,678			47,651		41,778		5,678			47,456
Accrued workers’ compensation liabilities	4,022			—			4,022		4,022		—			4,022
Deferred income taxes	718			41			759		607		41			648
Total liabilities	$	180,621		$	(12,962	)	$	167,659	$	183,919	$	(9,256	)	$	174,663
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued	$	—		$	—		$	—	$	—	$	—		$	—
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,449,456 and 16,341,662 issued and outstanding as of March 31, 2013 and December 31, 2012, respectively	16,449			—			16,449		16,342		—			16,342

(In thousands, except share and per share data)	March 31, 2013								December 31, 2012
	Previously Reported			Adjustments (1)		As Restated			Previously Reported			Adjustments (1)		As Restated
Additional paid-in capital	33,728			—		33,728			31,906			—		31,906
Retained earnings	94,620			2,436		97,056			96,035			2,328		98,363
Unearned ESOP shares	(20,836		)	—		(20,836		)	(20,836		)	—		(20,836		)
Less accumulated other comprehensive loss (income)	(57,229		)	12,733		(44,496		)	(57,229		)	12,733		(44,496		)
Total stockholders’ equity	$	66,732		$	15,169	$	81,901		$	66,218		$	15,061	$	81,279
Total liabilities and stockholders’ equity	$	247,353		$	2,207	$	249,560		$	250,137		$	5,805	$	255,942

_______________ 

(1) For details see the introduction section included in Note 2.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)	September 30, 2012							March 31, 2012
	Previously Reported		Adjustments (1)			As Restated		Previously Reported		Adjustments (1)			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	2,545	$	—		$	2,545	$	3,463	$	—		$	3,463
Restricted cash	—		129			129		—		1,774			$	1,774
Short-term investments	20,591		(105		)	20,486		18,715		(229		)	18,486
Accounts and notes receivable, net	43,139		—			43,139		41,685		—			41,685
Inventories	69,924		—			69,924		75,762		(311		)	75,451
Income tax receivable	388		(19		)	369		825		5			830
Prepaid expenses	3,091		—			3,091		2,792		(1		)	2,791
Total current assets	139,678		5			139,683		143,242		1,238			144,480
Property, plant and equipment, net	103,315		2			103,317		106,622		233			106,855
Goodwill	—		—			—		5,310		—			5,310
Intangible assets, net	7,272		—			7,272		8,232		—			8,232
Other assets	3,138		2,220			5,358		2,766		2,073			4,839
Deferred income taxes	854		7			861		1,005		2			1,007
Total assets	$	254,257	$	2,234		$	256,491	$	267,177	$	3,546		$	270,723
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	29,201	$	(5	)	$	29,196	$	31,688	$	—		$	31,688
Accrued payroll expenses	19,704		(1,363		)	18,341		16,757		1,283			18,040
Short-term borrowings under revolving credit facility	24,996		—			24,996		28,702		—			28,702
Short-term obligations under capital leases	3,683		—			3,683		2,745		—			2,745
Short-term derivative liability	—		29			29		—		2,585			2,585
Deferred income taxes	1,480		(35		)	1,445		500		(24		)	476
Other current liabilities	10,148		(4,880		)	5,268		12,005		(6,718		)	5,287
Total current liabilities	89,212		(6,254		)	82,958		92,397		(2,874		)	89,523
Accrued postretirement benefits	34,970		(12,155		)	22,815		24,715		(5,476		)	19,239
Other long-term liabilities—capital leases	11,368		—			11,368		9,759		—			9,759
Accrued pension liabilities	41,539		5,678			47,217		21,231		5,678			26,909
Accrued workers’ compensation liabilities	4,131		—			4,131		3,821		—			3,821
Deferred income taxes	607		42			649		1,815		27			1,842
Total liabilities	$	181,827	$	(12,689	)	$	169,138	$	153,738	$	(2,645	)	$	151,093
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued	$	—	$	—		$	—	$	—	$	—		$	—
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,314,154 and 16,281,035 issued and outstanding as of September 30, 2012 and March 31, 2012, respectively	16,314		—			16,314		16,281		—			16,281
Additional paid-in capital	35,653		—			35,653		34,093		—			34,093

(In thousands, except share and per share data)	September 30, 2012								March 31, 2012
	Previously Reported			Adjustments (1)		As Restated			Previously Reported			Adjustments (1)		As Restated
Retained earnings	103,329			2,190		105,519			112,589			225		112,814
Unearned ESOP shares	(25,637		)	—		(25,637		)	(25,636		)	—		(25,636		)
Less accumulated other comprehensive loss (income)	(57,229		)	12,733		(44,496		)	(23,888		)	5,966		(17,922		)
Total stockholders’ equity	$	72,430		$	14,923	$	87,353		$	113,439		$	6,191	$	119,630
Total liabilities and stockholders’ equity	$	254,257		$	2,234	$	256,491		$	267,177		$	3,546	$	270,723

_______________ 

(1) For details see the introduction section included in Note 2.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)	December 31, 2011							September 30, 2011
	Previously Reported		Adjustments (1)			As Restated		Previously Reported		Adjustments (1)			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	4,121	$	—		$	4,121	$	4,552	$	—		$	4,552
Restricted cash	—		1,813			1,813		—		628			628
Short-term investments	18,881		(1,249		)	17,632		16,193		(368		)	15,825
Accounts and notes receivable, net	44,765		—			44,765		44,554		—			44,554
Inventories	78,185		(311		)	77,874		83,408		(310		)	83,098
Income tax receivable	170		8			178		161		7			168
Prepaid expenses	3,196		—			3,196		2,249		—			2,249
Total current assets	149,318		261			149,579		151,117		(43		)	151,074
Property, plant and equipment, net	104,798		233			105,031		108,711		233			108,944
Goodwill and intangible assets, net	13,902		—			13,902		14,270		—			14,270
Other assets	2,803		2,074			4,877		2,846		2,073			4,919
Deferred income taxes	1,005		2			1,007		1,005		2			1,007
Total assets	$	271,826	$	2,570		$	274,396	$	277,949	$	2,265		$	280,214
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	39,818	$	—		$	39,818	$	38,414	$	(268	)	$	38,146
Accrued payroll expenses	17,243		1,282			18,525		14,888		1,283			16,171
Short-term borrowings under revolving credit facility	25,971		—			25,971		33,398		—			33,398
Short-term obligations under capital leases	1,674		—			1,674		1,588		—			1,588
Short-term derivative liability	—		794			794		—		3,283			3,283
Deferred income taxes	500		(24		)	476		500		(24		)	476
Other current liabilities	10,183		(5,907		)	4,276		12,495		(8,432		)	4,063
Total current liabilities	95,389		(3,855		)	91,534		101,283		(4,158		)	97,125
Accrued postretirement benefits	24,352		(5,180		)	19,172		23,911		(4,884		)	19,027
Other long-term liabilities—capital leases	6,254		—			6,254		6,664		—			6,664
Accrued pension liabilities	22,495		5,678			28,173		19,316		5,677			24,993
Accrued workers’ compensation liabilities	3,624		—			3,624		3,639		—			3,639
Deferred income taxes	1,815		27			1,842		1,815		27			1,842
Total liabilities	$	153,929	$	(3,330	)	$	150,599	$	156,628	$	(3,338	)	$	153,290
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued	$	—	$	—		$	—	$	—	$	—		$	—
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,261,723 and 16,186,852 issued and outstanding as of December 31, 2011 and September 30, 2011, respectively	16,262		—			16,262		16,187		—			16,187
Additional paid-in capital	33,071		—			33,071		37,259		—			37,259
Retained earnings	118,089		(66		)	118,023		122,200		(363		)	121,837

(In thousands, except share and per share data)	December 31, 2011								September 30, 2011
	Previously Reported			Adjustments (1)		As Restated			Previously Reported			Adjustments (1)		As Restated
Unearned ESOP shares	(25,637		)			(25,637		)	(30,437		)	—		(30,437		)
Less accumulated other comprehensive loss (income)	(23,888		)	5,966		(17,922		)	(23,888		)	5,966		(17,922		)
Total stockholders’ equity	$	117,897		$	5,900	$	123,797		$	121,321		$	5,603	$	126,924
Total liabilities and stockholders’ equity	$	271,826		$	2,570	$	274,396		$	277,949		$	2,265	$	280,214

_______________ 

(1) For details see the introduction section included in Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)	Three Months Ended September 30, 2012									Three Months Ended September 30, 2011
	Previously Reported			Adjustments (1)			As Restated			Previously Reported			Adjustments (1)			As Restated
Net sales	$	119,153		$	—		$	119,153		$	121,197		$	—		$	121,197
Cost of goods sold	74,532			—			74,532			81,512			—			81,512
Gross profit	44,621			—			44,621			39,685			—			39,685
Selling expenses	37,271			—			37,271			35,681			—			35,681
General and administrative expenses	8,893			(124		)	8,769			8,634			(296		)	8,338
Operating expenses	46,164			(124		)	46,040			44,315			(296		)	44,019
(Loss) income from operations	(1,543		)	124			(1,419		)	(4,630		)	296			(4,334		)
Other income (expense):
Dividend income	259			—			259			359			—			359
Interest income	92			—			92			15			—			15
Interest expense	(457		)	—			(457		)	(575		)	—			(575		)
Other, net	4,945			—			4,945			(2,407		)	—			(2,407		)
Total other income (expense)	4,839			—			4,839			(2,608		)	—			(2,608		)
Income (loss) before taxes	3,296			124			3,420			(7,238		)	296			(6,942		)
Income tax expense	422			19			441			346			(8		)	338
Net income (loss)	$	2,874		$	105		$	2,979		$	(7,584	)	$	304		$	(7,280	)
Net income (loss) per common share—basic and diluted	$	0.19					$	0.19		$	(0.50	)				$	(0.48	)
Weighted average common shares outstanding—basic and diluted	15,490						15,490			15,182						15,182

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)	Three Months Ended September 30, 2012						Three Months Ended September 30, 2011
	Previously Reported		Adjustments(1)		As Restated		Previously Reported			Adjustments(1)		As Restated
Net income (loss)	$	2,874	$	105	$	2,979	$	(7,584	)	$	304	$	(7,280	)
Other comprehensive income (loss):
Change in the funded status of retiree benefit obligations	—		—		—		—			—		—
Income tax (expense) benefit	—		—		—		—			—		—
Total comprehensive income (loss), net of tax	$	2,874	$	105	$	2,979	$	(7,584	)	$	304	$	(7,280	)

_______________ 

(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)	Three Months Ended December 31, 2012									Six Months Ended December 31, 2012
	Previously Reported			Adjustments (1)			As Restated			Previously Reported			Adjustments (1)			As Restated
Net sales	$	135,705		$	—		$	135,705		$	254,858		$	—		$	254,858
Cost of goods sold	85,352			—			85,352			159,884			—			159,884
Gross profit	50,353			—			50,353			94,974			—			94,974
Selling expenses	40,765			—			40,765			78,036			—			78,036
General and administrative expenses	9,165			(124		)	9,041			18,058			(248		)	17,810
Operating expenses	49,930			(124		)	49,806			96,094			(248		)	95,846
Income (loss) from operations	423			124			547			(1,120		)	248			(872		)
Other income (expense):
Dividend income	284			—			284			543			—			543
Interest income	99			—			99			191			—			191
Interest expense	(463		)	—			(463		)	(920		)	—			(920		)
Other, net	(7,656		)	—			(7,656		)	(2,711		)	—			(2,711		)
Total other expense	(7,736		)	—			(7,736		)	(2,897		)	—			(2,897		)
(Loss) income before taxes	(7,313		)	124			(7,189		)	(4,017		)	248			(3,769		)
Income tax (benefit) expense	(19		)	(13		)	(32		)	403			6			409
Net (loss) income	$	(7,294	)	$	137		$	(7,157	)	$	(4,420	)	$	242		$	(4,178	)
Net (loss) income per common share—basic and diluted	$	(0.47	)				$	(0.46	)	$	(0.28	)				$	(0.27	)
Weighted average common shares outstanding—basic and diluted	15,548						15,548			15,520						15,520

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)	Three Months Ended December 31, 2012								Six Months Ended December 31, 2012
	Previously Reported			Adjustments(1)		As Restated			Previously Reported			Adjustments(1)		As Restated
Net (loss) income	$	(7,294	)	$	137	$	(7,157	)	$	(4,420	)	$	242	$	(4,178	)
Other comprehensive income (loss):
Change in the funded status of retiree benefit obligations	—			—		—			—			—		—
Income tax (expense) benefit	—			—		—			—			—		—
Total comprehensive (loss) income, net of tax	$	(7,294	)	$	137	$	(7,157	)	$	(4,420	)	$	242	$	(4,178	)

_______________ 

(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)	Three Months Ended December 31, 2011									Six Months Ended December 31, 2011
	Previously Reported			Adjustments (1)			As Restated			Previously Reported			Adjustments (1)			As Restated
Net sales	$	131,770		$	—		$	131,770		$	252,967		$	—		$	252,967
Cost of goods sold	87,229			—			87,229			168,741			—			168,741
Gross profit	44,541			—			44,541			84,226			—			84,226
Selling expenses	36,771			—			36,771			72,452			—			72,452
General and administrative expenses	9,071			(296		)	8,775			17,705			(592		)	17,113
Pension withdrawal expense	4,348			—			4,348			4,348			—			4,348
Operating expenses	50,190			(296		)	49,894			94,505			(592		)	93,913
(Loss) income from operations	(5,649		)	296			(5,353		)	(10,279		)	592			(9,687		)
Other income (expense):
Dividend income	304			—			304			663			—			663
Interest income	21			—			21			36			—			36
Interest expense	(506		)	—			(506		)	(1,081		)	—			(1,081		)
Other, net	1,780			—			1,780			(627		)	—			(627		)
Total other income (expense)	1,599			—			1,599			(1,009		)	—			(1,009		)
(Loss) income before taxes	(4,050		)	296			(3,754		)	(11,288		)	592			(10,696		)
Income tax expense (benefit)	60			(1		)	59			406			(9		)	397
Net (loss) income	$	(4,110	)	$	297		$	(3,813	)	$	(11,694	)	$	601		$	(11,093	)
Net (loss) income per common share—basic and diluted	$	(0.27	)				$	(0.25	)	$	(0.77	)				$	(0.73	)
Weighted average common shares outstanding—basic and diluted	15,247						15,247			15,215						15,215

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)	Three Months Ended December 31, 2011								Six Months Ended December 31, 2011
	Previously Reported			Adjustments(1)		As Restated			Previously Reported			Adjustments(1)		As Restated
Net (loss) income	$	(4,110	)	$	297	$	(3,813	)	$	(11,694	)	$	601	$	(11,093	)
Other comprehensive income (loss):
Change in the funded status of retiree benefit obligations	—			—		—			—			—		—
Income tax (expense) benefit	—			—		—			—			—		—
Total comprehensive (loss) income, net of tax	$	(4,110	)	$	297	$	(3,813	)	$	(11,694	)	$	601	$	(11,093	)

_______________ 

(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)	Three Months Ended March 31, 2013									Nine Months Ended March 31, 2013
	Previously Reported			Adjustments (1)			As Restated			Previously Reported			Adjustments (1)			As Restated
Net sales	$	126,343		$	—		$	126,343		$	381,201		$	—		$	381,201
Cost of goods sold	77,668			—			77,668			237,552			—			237,552
Gross profit	48,675			—			48,675			143,649			—			143,649
Selling expenses	39,135			—			39,135			117,171			—			117,171
General and administrative expenses	10,159			(125		)	10,034			28,217			(373		)	27,844
Operating expenses	49,294			(125		)	49,169			145,388			(373		)	145,015
(Loss) income from operations	(619		)	125			(494		)	(1,739		)	373			(1,366		)
Other income (expense):
Dividend income	286			—			286			829			—			829
Interest income	92			—			92			283			—			283
Interest expense	(466		)	—			(466		)	(1,386		)	—			(1,386		)
Other, net	(764		)	—			(764		)	(3,475		)	—			(3,475		)
Total other expense	(852		)	—			(852		)	(3,749		)	—			(3,749		)
(Loss) income before taxes	(1,471		)	125			(1,346		)	(5,488		)	373			(5,115		)
Income tax (benefit) expense	(56		)	16			(40		)	347			22			369
Net (loss) income	$	(1,415	)	$	109		$	(1,306	)	$	(5,835	)	$	351		$	(5,484	)
Net (loss) income per common share—basic and diluted	$	(0.09	)				$	(0.08	)	$	(0.38	)				$	(0.35	)
Weighted average common shares outstanding—basic and diluted	15,600						15,600			15,541						15,541

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)	Three Months Ended March 31, 2013								Nine Months Ended March 31, 2013
	Previously Reported			Adjustments(1)		As Restated			Previously Reported			Adjustments(1)		As Restated
Net income (loss)	$	(1,415	)	$	109	$	(1,306	)	$	(5,835	)	$	351	$	(5,484	)
Other comprehensive income (loss):
Change in the funded status of retiree benefit obligations	—			—		—			—			—		—
Income tax (expense) benefit	—			—		—			—			—		—
Total comprehensive income (loss), net of tax	$	(1,415	)	$	109	$	(1,306	)	$	(5,835	)	$	351	$	(5,484	)

_______________ 

(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)	Three Months Ended March 31, 2012									Nine Months Ended March 31, 2012
	Previously Reported			Adjustments (1)			As Restated			Previously Reported			Adjustments (1)			As Restated
Net sales	$	121,527		$	—		$	121,527		$	374,494		$	—		$	374,494
Cost of goods sold	78,380			—			78,380			247,121			—			247,121
Gross profit	43,147			—			43,147			127,373			—			127,373
Selling expenses	37,909			—			37,909			110,361			—			110,361
General and administrative expenses	9,345			(295		)	9,050			27,050			(887		)	26,163
Pension withdrawal expense	—			—			—			4,348			—			4,348
Operating expenses	47,254			(295		)	46,959			141,759			(887		)	140,872
(Loss) income from operations	(4,107		)	295			(3,812		)	(14,386		)	887			(13,499		)
Other income (expense):
Dividend income	295			—			295			958			—			958
Interest income	63			—			63			99			—			99
Interest expense	(498		)	—			(498		)	(1,579		)	—			(1,579		)
Other, net	(1,831		)	—			(1,831		)	(2,458		)	—			(2,458		)
Total other (expense) income	(1,971		)	—			(1,971		)	(2,980		)	—			(2,980		)
(Loss) income before taxes	(6,078		)	295			(5,783		)	(17,366		)	887			(16,479		)
Income tax (benefit) expense	(577		)	5			(572		)	(171		)	(4		)	(175		)
Net (loss) income	$	(5,501	)	$	290		$	(5,211	)	$	(17,195	)	$	891		$	(16,304	)
Net (loss) income per common share—basic and diluted	$	(0.35	)				$	(0.33	)	$	(1.11	)				$	(1.06	)
Weighted average common shares outstanding—basic and diluted	15,592						15,592			15,449						15,449

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)	Three Months Ended March 31, 2012								Nine Months Ended March 31, 2012
	Previously Reported			Adjustments(1)		As Restated			Previously Reported			Adjustments(1)		As Restated
Net (loss) income	$	(5,501	)	$	290	$	(5,211	)	$	(17,195	)	$	891	$	(16,304	)
Other comprehensive (loss) income:
Change in the funded status of retiree benefit obligations
Income tax (expense) benefit	—			—		—			—			—		—
Total comprehensive (loss) income, net of tax	$	(5,501	)	$	290	$	(5,211	)	$	(17,195	)	$	891	$	(16,304	)

_______________ 

(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)	Three Months Ended June 30, 2012
	Previously Reported			Adjustments (1)			As Restated
Net sales	$	120,948		$	—		$	120,948
Cost of goods sold	75,497			(78		)	75,419
Gross profit	45,451			78			45,529
Selling expenses	40,280			—			40,280
General and administrative expenses	9,847			(1,788		)	8,059
Impairment losses on goodwill and intangible assets	5,585			—			5,585
Pension withdrawal expense	220			—			220
Operating expenses	55,932			(1,788		)	54,144
Loss (income) from operations	(10,481		)	1,866			(8,615		)
Other income (expense):
Dividend income	273			—			273
Interest income	115			—			115
Interest expense	(558		)	—			(558		)
Other, net	(1,659		)	—			(1,659		)
Total other expense	(1,829		)	—			(1,829		)
(Loss) income before taxes	(12,310		)	1,866			(10,444		)
Income tax (benefit) expense	(176		)	4			(172		)
Net (loss) income	(12,134		)	1,862			(10,272		)
Net (loss) income per common share—basic and diluted	$	(0.77	)				$	(0.65	)
Weighted average common shares outstanding—basic and diluted	15,723						15,723

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)	Three Months Ended June 30, 2012
	Previously Reported			Adjustments(1)		As Restated
Net (loss) income	$	(12,134	)	$	1,862	$	(10,272	)
Other comprehensive (loss) income:
Change in the funded status of retiree benefit obligations	(33,341		)	6,641		(26,700		)
Income tax (expense) benefit	—			—		—
Total comprehensive (loss) income, net of tax	$	(45,475	)	$	8,503	$	(36,972	)

_______________ 

(1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)	Three Months Ended September 30, 2012									Three Months Ended September 30, 2011
	Previously Reported			Adjustments(1)			As Restated			Previously Reported			Adjustments(1)			As Restated
Cash flows from operating activities:
Net loss	$	2,874		$	105		$	2,979		$	(7,584	)	$	304		$	(7,280	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,340			—			8,340			7,923			—			7,923
(Recovery of) provision for doubtful accounts	(922		)	—			(922		)	590			—			590
Gain on sales of assets	(3,213		)	—			(3,213		)	98			—			98
ESOP and share-based compensation expense	823			—			823			790			—			790
Net gain on investments	(802		)	—			(802		)	2,621			—			2,621
Change in operating assets and liabilities:
Restricted cash	—			1,483			1,483			—			(168		)	(168		)
Short-term investments	1,232			(1,180		)	52			6,059			(92		)	5,967
Accounts and notes receivable	(1,481		)	—			(1,481		)	(1,643		)	—			(1,643		)
Inventories	(3,943		)	—			(3,943		)	(3,192		)	—			(3,192		)
Income tax receivable	374			19			393			287			(8		)	279
Prepaid expenses and other assets	120			—			120			543			—			543
Accounts payable	1,863			405			2,268			(3,650		)	(190		)	(3,840		)
Accrued payroll expenses and other liabilities	(834		)	(708		)	(1,542		)	(147		)	451			304
Accrued postretirement benefits	412			(124		)	288			327			(297		)	30
Other long-term liabilities	(1,191		)	—			(1,191		)	(3,055		)	—			(3,055		)
Net cash provided by operating activities	$	3,652		$	—		$	3,652		$	(33	)	$	—		$	(33	)
Cash flows from investing activities:
Purchases of property, plant and equipment	(3,572		)	—			(3,572		)	(2,910		)	—			(2,910		)
Proceeds from sales of property, plant and equipment	3,786			—			3,786			198			—			198
Net cash provided by investing activities	$	214		$	—		$	214		$	(2,712	)	$	—		$	(2,712	)
Cash flows from financing activities:
Proceeds from revolving credit facility	4,800			—			4,800			8,400			—			8,400

(In thousands)	Three Months Ended September 30, 2012								Three Months Ended September 30, 2011
	Previously Reported			Adjustments(1)		As Restated			Previously Reported			Adjustments(1)		As Restated
Repayments on revolving credit facility	(9,250		)	—		(9,250		)	(6,800		)	—		(6,800		)
Payments of capital lease obligations	(777		)	—		(777		)	(384		)	—		(384		)
Net cash used in financing activities	$	(5,227	)	$	—	$	(5,227	)	$	1,216		$	—	$	1,216
Net decrease in cash and cash equivalents	$	(1,361	)	$	—	$	(1,361	)	$	(1,529	)	$	—	$	(1,529	)
Cash and cash equivalents at beginning of year	3,906			—		3,906			6,081			—		6,081
Cash and cash equivalents at end of year	$	2,545		$	—	$	2,545		$	4,552		$	—	$	4,552