XML 38 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Restatement of the Unaudited Consolidated Financial Statements (Tables)
 3 Months Ended
Apr. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Schedule of Effects of Restatement on Financial Statements
The effects of the restatement on the Company's unaudited consolidated balance sheets as of April 30, 2016 are as follows (in thousands):
 
  
April 30, 2016
 
  
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Consolidated Balance Sheets (unaudited):
  
 
 
 
 
 
Inventories
  
$
46,950

  
$
(49
)
 
$
46,901

Other current assets
  
5,343

  
(454
)
 
4,889

Total current assets
 
126,096

 
(503
)
 
125,593

Property, plant and equipment, net
  
113,767

  
(393
)
 
113,374

Goodwill
  
44,900

  
(4,084
)
 
40,816

Amortizable intangible assets, net
  
15,660

  
(2,518
)
  
13,142

Total assets
  
304,668

  
(7,498
)
  
297,170

Accrued liabilities
 
12,739

 
(36
)
 
12,703

Total current liabilities
 
22,904

 
(36
)
 
22,868

Other liabilities
  
17,259

  
(2,820
)
  
14,439

Paid-in capital
  
54,755

 
(923
)
 
53,832

Retained earnings
  
233,926

  
(3,719
)
 
230,207

Total Raven Industries, Inc. shareholders' equity
 
264,429

 
(4,642
)
 
259,787

Total shareholders' equity
  
264,505

  
(4,642
)
 
259,863

Total liabilities and shareholders' equity
 
304,668

 
(7,498
)
 
297,170


The effects of the restatement on the Company's unaudited consolidated statements of income and comprehensive income for the three months ended April 30, 2016 are as follows (in thousands):
 
 
Three Months Ended April 30, 2016
 
 
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Consolidated Statements of Income and Comprehensive Income (unaudited):
 
 
 
 
 
 
Cost of sales
 
$
48,684

 
$
(441
)
 
$
48,243

Gross profit
 
19,676

 
441

 
20,117

Selling, general and administrative expenses
 
7,660

 
(2
)
 
7,658

Operating income
 
7,607

 
443

 
8,050

Income before income taxes
 
7,510

 
443

 
7,953

Income taxes
 
1,985

 
449

 
2,434

Net income
 
5,525

 
(6
)
 
5,519

Net income attributable to Raven Industries, Inc.
 
5,523

 
(6
)
 
5,517

Comprehensive income
 
6,135

 
(6
)
 
6,129

Comprehensive income attributable to Raven Industries, Inc.
 
6,133

 
(6
)
 
6,127


The effects of the restatement on the Company's consolidated statements of shareholders' equity as of and for the three months ended April 30, 2016 are as follows (in thousands):
 
  
Three Months Ended April 30, 2016
 
  
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Consolidated Statements of Shareholders' Equity (unaudited):
  
 
 
 
 
 
Net income
  
5,525

  
(6
)
 
5,519

Paid-in capital
 
54,755

 
(923
)
 
53,832

Retained Earnings
 
233,926

 
(3,719
)
 
230,207

Total shareholders' equity as of April 30, 2016
 
264,505

 
(4,642
)
 
259,863


The effects of the restatement on the Company's unaudited consolidated statements of cash flows for the three months ended April 30, 2016 are as follows (in thousands):
 
  
Three Months Ended April 30, 2016
 
  
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Consolidated Statements of Cash Flows (unaudited):
  
 
 
 
 
 
Net income
  
$
5,525

  
$
(6
)
 
$
5,519

Depreciation and amortization
  
4,186

  
(424
)
 
3,762

Change in fair value of acquisition-related contingent consideration
  
82

  
(19
)
 
63

Deferred income taxes
  
1,554

  
97

  
1,651

Operating liabilities
 
4,075

 
352

 
4,427

Net cash provided by operating activities
 
11,104

 
—

 
11,104