ADJUSTED QUARTERLY FINANCIAL INFORMATION

6 Months Ended

Mar. 31, 2022

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 $0.8 million in the second quarter of 2021, along with inventory being overstated and cost of goods sold being understated by $0.4 million in the second quarter of 2021. The tax impact of correcting these errors was a reduction in tax expense of $0.3 million in the second quarter of 2021. The table below shows the impact of these adjustments to the second quarter of 2021. Management has determined that these adjustments are not material to the prior year period.

	Second Quarter		Second Quarter
(Dollars in thousands, except per share amounts)	(As Reported)		(As Adjusted)
2021
Net sales	$	166,644	165,894
Cost of sales		103,113	103,553
Earnings before income taxes		21,339	20,149
Income tax expense		5,025	4,745
Net earnings		16,314	15,404
Diluted earnings (loss) per share:
Net earnings	$	0.62	0.59