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QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
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.