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Quarterly Information (unaudited)
 12 Months Ended
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.