Changes in Accounting Principles and Corrections to Previously Issued Financial Statements (Tables)

3 Months Ended

Sep. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of Changes in Accounting Principles

The following table presents the impact of these changes on the Company's condensed consolidated statement of operations for the three months ended September 30, 2017:

	Three Months Ended September 30, 2017
(In thousands, except per share data)	As Previously Reported			LIFO to FIFO Adjustment			Preferable Freight and Warehousing Adjustments			Corrections of Freight, Overhead Variances and PPVs			ASU 2017-07 Adjustments(1)			Retrospectively Adjusted
Cost of goods sold	$	82,706		$	(445	)	$	4,462		$	(1,051	)	$	(42	)	$	85,630
Gross profit	$	49,007		$	445		$	(4,462	)	$	1,051		$	42		$	46,083
Selling expenses	$	38,915		$	—		$	(5,045	)	$	(1,042	)	$	28		$	32,856
General and administrative expenses	$	11,327		$	—		$	—		$	—		$	32		$	11,359
Operating expenses	$	50,265		$	—		$	(5,045	)	$	(1,042	)	$	60		$	44,238
(Loss) income from operations	$	(1,258	)	$	445		$	583		$	2,093		$	(18	)	$	1,845
Interest expense	$	(523	)	$	—		$	—		$	—		$	(1,645	)	$	(2,168	)
Other, net	$	87		$	—		$	—		$	—		$	1,663		$	1,750
Total other expense	$	(430	)	$	—		$	—		$	—		$	18		$	(412	)
(Loss) income before taxes	$	(1,688	)	$	445		$	583		$	2,093		$	—		$	1,433
Income tax (benefit) expense	$	(710	)	$	608		$	151		$	543		$	—		$	592
Net (loss) income	$	(978	)	$	(163	)	$	432		$	1,550		$	—		$	841
Net (loss) income available to common stockholders	$	(978	)	$	(163	)	$	432		$	1,550		$	—		$	841
Net (loss) income available to common stockholders per common share—basic	$	(0.06	)	$	(0.01	)	$	0.03		$	0.09		$	—		$	0.05
Net (loss) income available to common stockholders per common share—diluted	$	(0.06	)	$	(0.01	)	$	0.03		$	0.09		$	—		$	0.05

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(1) Reflects changes resulting from the adoption of ASU 2017-07. See Note 2,

The following table presents the impact of these changes on the Company's condensed consolidated statement of cash flows for the three months ended September 30, 2017:

	Three Months Ended September 30, 2017
(In thousands)	As Previously Reported			LIFO to FIFO Adjustment			Preferable Freight and Warehousing Adjustments			Corrections of Freight, Overhead Variances and PPVs			Retrospectively Adjusted
Net (loss) income	$	(978	)	$	(163	)	$	432		$	1,550		$	841
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred income taxes	$	(895	)	$	608		$	151		$	543		$	407
Net losses (gains) on derivative instruments and investments	$	261		$	(1,229	)	$	—		$	—		$	(968	)
Change in operating assets and liabilities:
Inventories	$	(8,539	)	$	821		$	(582	)	$	(2,093	)	$	(10,393	)
Derivative assets (liabilities), net	$	(455	)	$	(38	)	$	—		$	—		$	(493	)
Net cash provided by operating activities	$	7,104		$	(1	)	$	1		$	—		$	7,104