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Quarterly Results (unaudited)
 12 Months Ended
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.