Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited) (Tables)

v3.19.1
Quarterly Results of Operations (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2018
Summary of quarterly results

The following table presents summarized quarterly results for 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

First

  

Second

  

Third

  

Fourth

  

Net sales

 

$

40,552

 

$

43,914

 

$

47,923

 

$

49,055

 

Gross profit

 

 

6,894

 

 

6,498

 

 

6,303

 

 

7,225

 

Net income (loss)

 

 

1,598

 

 

(1,117)

 

 

1,318

 

 

1,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per common share

 

$

0.36

 

$

(0.25)

 

$

0.29

 

$

0.39

 

Diluted net income (loss) per common share

 

$

0.36

 

$

(0.25)

 

$

0.29

 

$

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents summarized quarterly results for 2017 (adjusted):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

First

  

Second

  

Third

  

Fourth

  

Net sales

 

$

38,091

 

$

39,021

 

$

39,018

 

$

44,437

 

Gross profit

 

 

6,758

 

 

6,572

 

 

6,244

 

 

7,502

 

Net income

 

 

1,319

 

 

1,273

 

 

1,341

 

 

1,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.29

 

$

0.28

 

$

0.30

 

$

0.25

 

Diluted net income per common share

 

$

0.29

 

$

0.28

 

$

0.30

 

$

0.25

 

 

ASU 2014-09  
Summary of quarterly results

The following tables presents the effect of the adoption of ASC 606 on net sales (see Note 3) for each quarter of 2017:

 

 

 

 

 

 

 

 

 

 

 

 

As

 

Impact

 

As

 

 

Reported

 

of Adoption

 

 

Adjusted

First

 

$

112,795

 

$

(74,704)

 

$

38,091

Second

 

 

102,982

 

 

(63,961)

 

 

39,021

Third

 

 

106,646

 

 

(67,628)

 

 

39,018

Fourth

 

 

126,956

 

 

(82,519)

 

 

44,437

Total net sales

 

$

449,379

 

$

(288,812)

 

$

160,567

 

During the fourth quarter of 2018, the Company determined certain balances related to customer return liabilities should be reclassified between current assets and liabilities in accordance with ASC 606. The adjustments had no impact on net equity and was determined to not have a material impact on previously presented financial statements. However, the Company will present its previously issued financial statements on a restated basis in future comparative presentations in order to be consistent with the current period presentation. The following tables present certain balance sheet reclassification adjustments relating to the adoption of ASC 606 on previously presented quarters of 2018:  

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2018

 

 

As

 

Impact

 

As

 

 

Reported

 

of Adoption

 

 

Adjusted

Assets:

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowances

 

$

83,762

 

$

1,600

 

$

85,362

Prepaid expenses and other current assets

 

$

525

 

$

1,504

 

$

2,029

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

62,675

 

$

3,104

 

$

65,779

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2018

 

 

As

 

Impact

 

As

 

 

Reported

 

of Adoption

 

 

Adjusted

Assets:

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowances

 

$

71,780

 

$

1,123

 

$

72,903

Prepaid expenses and other current assets

 

$

572

 

$

1,055

 

$

1,627

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

57,765

 

$

2,178

 

$

59,943

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2018

 

 

As

 

Impact

 

As

 

 

Reported

 

of Adoption

 

 

Adjusted

Assets:

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowances

 

$

82,019

 

$

1,324

 

$

83,343

Prepaid expenses and other current assets

 

$

611

 

$

1,245

 

$

1,856

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

67,931

 

$

2,569

 

$

70,500