ADJUSTED QUARTERLY FINANCIAL INFORMATION

3 Months Ended

Dec. 31, 2021

ADJUSTED QUARTERLY FINANCIAL INFORMATION

ADJUSTED QUARTERLY FINANCIAL INFORMATION

14.  ADJUSTED QUARTERLY FINANCIAL INFORMATION

During 2021, the Company identified immaterial errors in the historical consolidated financial statements of Westland, within the A&D segment, that are being corrected as an immaterial revision of those financial statements. Specifically, the adjustments include net sales being overstated by $0.3 million in the first quarter of 2021, along with inventory being overstated and cost of goods sold being understated by $0.8 million in the first quarter of 2021. The tax impact of correcting these errors was a reduction in tax expense of $0.2 million in the first quarter of 2021. The table below shows the impact of these adjustments to the first quarter of 2021. Management has determined that these adjustments are not material to the prior year period.

	First Quarter		First Quarter
(Dollars in thousands, except per share amounts)	(As Reported)		(As Adjusted)
2021
Net sales	$	162,949	162,674
Cost of sales		98,777	99,622
Earnings before income taxes		17,660	16,540
Income tax expense		3,974	3,722
Net earnings		13,686	12,818
Diluted earnings (loss) per share:
Net earnings	$	0.52	0.49