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Quarterly Information (unaudited) | 12 Months Ended
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May 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY INFORMATION (unaudited) | QUARTERLY INFORMATION (unaudited) During the preparation of its fiscal 2014 consolidated financial statements, the Company identified an accounting error related to the January 2014 implementation of our global enterprise resource planning system which resulted in the Company recording lower cost of goods sold during the third quarter of 2014. The Company has evaluated the impact of this error and has concluded that this error was not material to any previously issued financial statements. However, the Company has elected to revise this error in the Annual Report on Form 10-K that was filed with SEC for the period ending May 31, 2014. This error, in addition to the errors identified by the Company during the financial closing process for the first quarter of fiscal year 2015, are included within the revision tables in Note R below. The quarterly information shown below has also been revised to reflect these revisions. Quarterly results of operations during the fiscal years ended 2014 and 2013 are as follows:
| 2014
| First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
| (in thousands, except per share data)
Net sales | $ | 83,644 |  |  | $ | 88,571 |  |  | $ | 88,150 |  |  | $ | 94,060 |
Gross profit | 42,580 |  |  | 44,885 |  |  | 44,793 |  |  | 47,410 |
Net income (loss) | (373 | ) |  | (261 | ) |  | 4,515 |  |  | (1,215 | )
Earnings per common share |  |  |  |  |  |  |
Basic | (0.01 | ) |  | (0.01 | ) |  | 0.13 |  |  | (0.03 | )
Diluted | (0.01 | ) |  | (0.01 | ) |  | 0.13 |  |  | (0.03 | )
| 2013
| First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
| (in thousands, except per share data)
Net sales | $ | 83,406 |  |  | $ | 87,007 |  |  | $ | 81,571 |  |  | $ | 89,932 |
Gross profit | 39,387 |  |  | 44,016 |  |  | 41,129 |  |  | 43,982 |
Net income (loss) | (985 | ) |  | 1,878 |  |  | (1,083 | ) |  | (1,021 | )
Earnings per common share |  |  |  |  |  |  |
Basic | (0.03 | ) |  | 0.05 |  |  | (0.03 | ) |  | (0.03 | )
Diluted | (0.03 | ) |  | 0.05 |  |  | (0.03 | ) |  | (0.03 | )
The data in the schedules above has been intentionally rounded to the nearest thousand and therefore the quarterly amounts may not sum to the full year amounts. The first quarter results of fiscal 2014 included in “Acquisition, restructuring and other items, net”, $1.2 million in Navilyst related acquisition costs and $0.3 million in Clinical Devices related acquisition costs. The second quarter of fiscal 2014 included $1.6 million in Navilyst related acquisition costs and $0.8 million in litigation related costs. The third quarter of fiscal 2014 included $1.4 million in Navilyst related acquisition costs and $1.0 million in consolidation charges. The fourth quarter of fiscal 2014 included $1.3 million in Navilyst related acquisition costs, $1.1 million in litigation charges and $0.4 million in consolidation charges. The first quarter results for fiscal 2013 included in “Acquisition, restructuring and other items, net”, $2.2 million in transaction and related costs of the Navilyst acquisition and $337 thousand in costs associated with the decision to close our UK facility. The 2013 second quarter results included $1.7 million for Navilyst transaction costs, $476 thousand for the UK closure costs, $425 thousand in litigation costs and $325 thousand in costs related to the Vortex acquisition, offset by $770 thousand gain on sale of a product line. The 2013 third quarter results included $1.6 million in costs related to the discontinuance of a product line, $1.3 million in Navilyst transaction costs, $920 thousand for the UK closure costs, $901 thousand in litigation costs and $414 thousand in transaction costs of the Vortex and Microsulis acquisitions. The 2013 fourth quarter results included $2.1 million for Navilyst transaction costs, $717 thousand in UK closure costs, and $580 thousand in litigation costs.

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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=6372559&loc=d3e765-108305 Reference 2: 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=6372559&loc=d3e725-108305 Reference 3: 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=35737889&loc=d3e1280-108306 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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