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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | (P) QUARTERLY RESULTS (UNAUDITED)
|  | For the Years Ended March 31, |
|  | 2020 |  |  | 2019 |
|  | (dollars in thousands, except per share data) |
First Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 370,597 |  |  | $ | 393,756 |
Gross Profit |  |  | 75,329 |  |  |  | 91,634 |
Earnings Before Income Taxes |  |  | 54,861 |  |  |  | 85,021 |
Net Earnings |  |  | 41,304 |  |  |  | 66,339 |
Diluted Earnings Per Share |  | $ | 0.94 |  |  | $ | 1.38 |
Second Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 414,526 |  |  | $ | 381,499 |
Gross Profit |  |  | 104,506 |  |  |  | 97,931 |
Earnings Before Income Taxes |  |  | 94,210 |  |  |  | 91,793 |
Net Earnings |  |  | 71,793 |  |  |  | 72,603 |
Diluted Earnings Per Share |  | $ | 1.72 |  |  | $ | 1.53 |
Third Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 350,249 |  |  | $ | 333,285 |
Gross Profit |  |  | 87,514 |  |  |  | 80,421 |
Earnings (Loss) Before Income Taxes |  |  | (148,565 | ) |  |  | 74,518 |
Net Earnings (Loss) |  |  | (114,632 | ) |  |  | 57,715 |
Diluted Earnings (Loss) Per Share |  | $ | (2.77 | ) |  | $ | 1.24 |
Fourth Quarter - |  |  |  |  |  |  |  |
Revenue |  | $ | 315,442 |  |  | $ | 284,701 |
Gross Profit |  |  | 63,913 |  |  |  | 56,582 |
Earnings (Loss) Before Income Taxes |  |  | 45,218 |  |  |  | (171,597 | )
Net Earnings (Loss) |  |  | 72,429 |  |  |  | (127,797 | )
Diluted Earnings (Loss) Per Share |  | $ | 1.74 |  |  | $ | (2.82 | )
The third quarter of fiscal 2020 included a pre-tax impairment loss of approximately $224.3 million related to the Oil and Gas Proppants segment. See Footnote (A) for more information. The fourth quarter of fiscal 2020 included costs that were not incurred in the prior year. These pre-tax costs related to business development and separation costs of approximately $6.5 million, outage and purchase accounting costs at Kosmos Cement Company of approximately $6.8 million, and plant expansion costs at our recycled paper mill of approximately $3.0 million. The outage and purchase accounting costs and expansion costs are included in Cost of Goods Sold, while the business development and separation costs are included in Corporate, General and Administrative Expense on our Consolidated Statement of Earnings. The Company also recorded a $31.7 million net income tax benefit related to the CARES Act during the fourth quarter. See Footnote (J) for more information about the CARES Act. The fourth quarter of fiscal 2019 included a pre-tax impairment loss of approximately $220.3 million related to the Oil and Gas Proppants segment. See Footnote (A) for more information.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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