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Quarterly Results (unaudited) | 12 Months Ended
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Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (unaudited) | (N) Quarterly Results (unaudited)
|  | For the Years Ended March 31, |
|  | 2016 |  |  | 2015 |
|  | (dollars in thousands, except per share data) |
First Quarter - |  |  |  |  |  |  |  |
Revenues |  | $ | 284,963 |  |  | $ | 266,251 |
Gross Profit |  |  | 61,097 |  |  |  | 56,401 |
Earnings Before Income Taxes |  |  | 55,885 |  |  |  | 55,786 |
Net Earnings |  |  | 37,762 |  |  |  | 37,710 |
Diluted Earnings Per Share |  | $ | 0.75 |  |  | $ | 0.75 |
Second Quarter - |  |  |  |  |  |  |  |
Revenues |  | $ | 328,988 |  |  | $ | 284,808 |
Gross Profit |  |  | 44,294 |  |  |  | 75,061 |
Earnings Before Income Taxes |  |  | 42,840 |  |  |  | 74,577 |
Net Earnings |  |  | 29,819 |  |  |  | 50,319 |
Diluted Earnings Per Share |  | $ | 0.59 |  |  | $ | 1.00 |
Third Quarter - |  |  |  |  |  |  |  |
Revenues |  | $ | 277,409 |  |  | $ | 291,529 |
Gross Profit |  |  | 68,865 |  |  |  | 79,149 |
Earnings Before Income Taxes |  |  | 68,205 |  |  |  | 77,866 |
Net Earnings |  |  | 45,848 |  |  |  | 52,030 |
Diluted Earnings Per Share |  | $ | 0.92 |  |  | $ | 1.03 |
Fourth Quarter - |  |  |  |  |  |  |  |
Revenues |  | $ | 252,132 |  |  | $ | 223,780 |
Gross Profit |  |  | 57,361 |  |  |  | 43,522 |
Earnings Before Income Taxes |  |  | 52,322 |  |  |  | 44,698 |
Net Earnings |  |  | 39,163 |  |  |  | 46,794 |
Diluted Earnings Per Share |  | $ | 0.80 |  |  | $ | 0.93 |
The fourth quarter of fiscal 2016 was adversely impacted approximately $6.6 million, $4.1 million and $1.0 million related to impairment of customer contract intangibles, write-down of raw sand inventory and an increase in the bad debt reserve, respectively. This amount was partially offset by a customer forfeiture of amounts prepaid for sand purchases totaling $10.7 million during the fourth quarter of fiscal 2016. See the Intangible Assets discussion in Footnote (B) of the Notes to Consolidated Financial Statements for more information about the impairment and customer forfeiture of prepaid sand. The fourth quarter of fiscal 2015 was favorably impacted by the settlement agreement with the IRS. As a result of the settlement agreement, we recorded an income tax benefit of approximately $17 million, including state benefits. The related interest of approximately $4.4 million was also recorded during the fourth quarter of fiscal 2015. The fourth quarter of fiscal 2015 was adversely impacted by certain acquisition related expenses aimed at growing our construction products business and administrative costs related to the settlement of our lawsuit against the IRS. The total impact of these expenses was approximately $4.1 million.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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