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Quarterly Information (unaudited) | 12 Months Ended
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May 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY INFORMATION (unaudited) | QUARTERLY INFORMATION (unaudited) Quarterly results of operations during the fiscal years ended May 31, 2016 and 2015 are as follows:
| 2016
| First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
| (in thousands, except per share data)
Net sales | $ | 83,753 |  |  | $ | 89,284 |  |  | $ | 87,434 |  |  | $ | 93,419 |
Gross profit | 43,371 |  |  | 45,884 |  |  | 43,534 |  |  | 41,527 |
Net income (loss) | (775 | ) |  | (334 | ) |  | 594 |  |  | (43,075 | )
Earnings (loss) per common share |  |  |  |  |  |  |
Basic | (0.02 | ) |  | (0.01 | ) |  | 0.02 |  |  | (1.19 | )
Diluted | (0.02 | ) |  | (0.01 | ) |  | 0.02 |  |  | (1.19 | )
| 2015
| First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
| (in thousands, except per share data)
Net sales | $ | 87,091 |  |  | $ | 92,149 |  |  | $ | 86,597 |  |  | $ | 90,697 |
Gross profit | 45,964 |  |  | 46,828 |  |  | 37,673 |  |  | 45,331 |
Net income (loss) | 284 |  |  | 1,069 |  |  | (4,153 | ) |  | (588 | )
Earnings (loss) per common share |  |  |  |  |  |  |
Basic | 0.01 |  |  | 0.03 |  |  | (0.12 | ) |  | (0.02 | )
Diluted | 0.01 |  |  | 0.03 |  |  | (0.12 | ) |  | (0.02 | )
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. We made adjustments to correct immaterial errors within this selected financial data. For a detailed explanation of these adjustments, please refer to Note R, "Immaterial Error Corrections".
| Three months ended February 29, 2016
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 87,384 |  |  | $ | 50 |  |  | $ | 87,434 |
Gross profit | 43,484 |  |  | 50 |  |  | 43,534 |
Sales and marketing | 20,301 |  |  | 654 |  |  | 20,955 |
General and administrative | 6,784 |  |  | 117 |  |  | 6,901 |
Total operating expenses | 40,797 |  |  | 771 |  |  | 41,568 |
Operating income | 2,687 |  |  | (721 | ) |  | 1,966 |
Other expense | (868 | ) |  | 654 |  |  | (214 | )
Total other income (expense) | (1,675 | ) |  | 654 |  |  | (1,021 | )
Income (loss) before taxes | 1,012 |  |  | (67 | ) |  | 945 |
Income tax (benefit) expense | 382 |  |  | (31 | ) |  | 351 |
Net income (loss) | 630 |  |  | (36 | ) |  | 594 |
| Nine months ended February 29, 2016
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 260,321 |  |  | $ | 150 |  |  | $ | 260,471 |
Cost of sales | 127,829 |  |  | (147 | ) |  | 127,682 |
Gross profit | 132,492 |  |  | 297 |  |  | 132,789 |
Research and development | 18,189 |  |  | (73 | ) |  | 18,116 |
Sales and marketing | 61,429 |  |  | 2,105 |  |  | 63,534 |
General and administrative | 22,300 |  |  | 597 |  |  | 22,897 |
Total operating expenses | 127,418 |  |  | 2,629 |  |  | 130,047 |
Other expense | (2,861 | ) |  | 2,291 |  |  | (570 | )
Total other income (expense) | (5,464 | ) |  | 2,291 |  |  | (3,173 | )
Income (loss) before taxes | (390 | ) |  | (41 | ) |  | (431 | )
Income tax (benefit) expense | 99 |  |  | (15 | ) |  | 84 |
Net income (loss) | (489 | ) |  | (26 | ) |  | (515 | )
| As of February 29, 2016
| As previously reported |  | Adjustments |  | As revised
Intangible Assets, net | $ | 168,080 |  |  | $ | (154 | ) |  | $ | 167,926 |
Deferred Income Taxes, long term | 19,563 |  |  | 255 |  |  | 19,818 |
Total Assets | 753,513 |  |  | 101 |  |  | 753,614 |
Other current liabilities | — |  |  | 50 |  |  | 50 |
Total current liabilities | 61,579 |  |  | 50 |  |  | 61,629 |
Total Liabilities | 202,768 |  |  | 50 |  |  | 202,818 |
Retained earnings | 27,744 |  |  | (684 | ) |  | 27,060 |
Accumulated other comprehensive loss | (1,790 | ) |  | 735 |  |  | (1,055 | )
Total Stockholders' Equity | 550,745 |  |  | 51 |  |  | 550,796 |
Total Liabilities and Stockholders' Equity | 753,513 |  |  | 101 |  |  | 753,614 |
| Nine months ended February 29, 2016
| As previously reported |  | Adjustments |  | As revised
Net cash provided by (used in) operating activities | $ | 26,672 |  |  | $ | — |  |  | $ | 26,672 |
Net cash provided by (used in) investing activities | (3,888 | ) |  | — |  |  | (3,888 | )
Net cash provided by (used in) financing activities | (19,167 | ) |  | — |  |  | (19,167 | )
| Three months ended November 30, 2015
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 89,234 |  |  | $ | 50 |  |  | $ | 89,284 |
Gross profit | 45,834 |  |  | 50 |  |  | 45,884 |
Sales and marketing | 20,569 |  |  | 809 |  |  | 21,378 |
General and administrative | 8,089 |  |  | (7 | ) |  | 8,082 |
Total operating expenses | 44,517 |  |  | 802 |  |  | 45,319 |
Operating income | 1,317 |  |  | (752 | ) |  | 565 |
Other expense | (1,048 | ) |  | 809 |  |  | (239 | )
Total other income (expense) | (2,045 | ) |  | 809 |  |  | (1,236 | )
Income (loss) before taxes | (728 | ) |  | 57 |  |  | (671 | )
Income tax (benefit) expense | (366 | ) |  | 29 |  |  | (337 | )
Net income (loss) | (362 | ) |  | 28 |  |  | (334 | )
| Six months ended November 30, 2015
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 172,937 |  |  | $ | 100 |  |  | $ | 173,037 |
Cost of sales | 83,929 |  |  | (147 | ) |  | 83,782 |
Gross profit | 89,008 |  |  | 247 |  |  | 89,255 |
Research and development | 12,381 |  |  | (73 | ) |  | 12,308 |
Sales and marketing | 41,128 |  |  | 1,450 |  |  | 42,578 |
General and administrative | 15,516 |  |  | 480 |  |  | 15,996 |
Total operating expenses | 86,621 |  |  | 1,857 |  |  | 88,478 |
Operating income | 2,387 |  |  | (1,610 | ) |  | 777 |
Other expense | (1,993 | ) |  | 1,636 |  |  | (357 | )
Total other income (expense) | (3,789 | ) |  | 1,636 |  |  | (2,153 | )
Income (loss) before taxes | (1,402 | ) |  | 26 |  |  | (1,376 | )
Income tax (benefit) expense | (283 | ) |  | 16 |  |  | (267 | )
Net income (loss) | (1,119 | ) |  | 10 |  |  | (1,109 | )
| As of November 30, 2015
| As previously reported |  | Adjustments |  | As revised
Intangible Assets, net | $ | 172,511 |  |  | $ | (154 | ) |  | $ | 172,357 |
Deferred Income Taxes, long term | 19,826 |  |  | 224 |  |  | 20,050 |
Total Assets | 760,371 |  |  | 70 |  |  | 760,441 |
Accrued liabilities | 16,975 |  |  | (117 | ) |  | 16,858 |
Other current liabilities | — |  |  | 100 |  |  | 100 |
Total current liabilities | 60,104 |  |  | (17 | ) |  | 60,087 |
Total Liabilities | 212,732 |  |  | (17 | ) |  | 212,715 |
Retained earnings | 27,114 |  |  | (648 | ) |  | 26,466 |
Accumulated other comprehensive loss | (1,922 | ) |  | 735 |  |  | (1,187 | )
Total Stockholders' Equity | 547,639 |  |  | 87 |  |  | 547,726 |
Total Liabilities and Stockholders' Equity | 760,371 |  |  | 70 |  |  | 760,441 |
| Six months ended November 30, 2015
| As previously reported |  | Adjustments |  | As revised
Net cash provided by (used in) operating activities | $ | 14,278 |  |  | $ | — |  |  | $ | 14,278 |
Net cash provided by (used in) investing activities | (1,143 | ) |  | — |  |  | (1,143 | )
Net cash provided by (used in) financing activities | (12,370 | ) |  | — |  |  | (12,370 | )
| Three months ended August 31, 2015
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 83,703 |  |  | $ | 50 |  |  | $ | 83,753 |
Cost of sales | 40,529 |  |  | (147 | ) |  | 40,382 |
Gross profit | 43,174 |  |  | 197 |  |  | 43,371 |
Research and development | 6,202 |  |  | (73 | ) |  | 6,129 |
Sales and marketing | 20,559 |  |  | 641 |  |  | 21,200 |
General and administrative | 7,427 |  |  | 487 |  |  | 7,914 |
Total operating expenses | 42,104 |  |  | 1,055 |  |  | 43,159 |
Operating income | 1,070 |  |  | (858 | ) |  | 212 |
Other expense | (945 | ) |  | 827 |  |  | (118 | )
Total other income (expense) | (1,744 | ) |  | 827 |  |  | (917 | )
Income (loss) before taxes | (674 | ) |  | (31 | ) |  | (705 | )
Income tax (benefit) expense | 83 |  |  | (13 | ) |  | 70 |
Net income (loss) | (757 | ) |  | (18 | ) |  | (775 | )
| As of August 31, 2015
| As previously reported |  | Adjustments |  | As revised
Other Assets | $ | 4,818 |  |  | $ | 110 |  |  | $ | 4,928 |
Intangible Assets, net | 177,399 |  |  | (154 | ) |  | 177,245 |
Deferred Income Taxes, long term | 19,436 |  |  | 253 |  |  | 19,689 |
Total Assets | 771,789 |  |  | 209 |  |  | 771,998 |
Other current liabilities | — |  |  | 150 |  |  | 150 |
Total current liabilities | 60,651 |  |  | 150 |  |  | 60,801 |
Total Liabilities | 224,666 |  |  | 150 |  |  | 224,816 |
Retained earnings | 27,476 |  |  | (676 | ) |  | 26,800 |
Accumulated other comprehensive loss | (1,615 | ) |  | 735 |  |  | (880 | )
Total Stockholders' Equity | 547,123 |  |  | 59 |  |  | 547,182 |
Total Liabilities and Stockholders' Equity | 771,789 |  |  | 209 |  |  | 771,998 |
| Three months ended August 31, 2015
| As previously reported |  | Adjustments |  | As revised
Net cash provided by (used in) operating activities | $ | 4,699 |  |  | $ | — |  |  | $ | 4,699 |
Net cash provided by (used in) investing activities | (743 | ) |  | — |  |  | (743 | )
Net cash provided by (used in) financing activities | (2,071 | ) |  | — |  |  | (2,071 | )
| Three months ended May 31, 2015
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 90,897 |  |  | $ | (200 | ) |  | $ | 90,697 |
Cost of sales | 45,340 |  |  | 26 |  |  | 45,366 |
Gross profit | 45,557 |  |  | (226 | ) |  | 45,331 |
Research and development | 7,289 |  |  | (738 | ) |  | 6,551 |
Sales and marketing | 20,218 |  |  | 933 |  |  | 21,151 |
General and administrative | 7,658 |  |  | (210 | ) |  | 7,448 |
Total operating expenses | 44,217 |  |  | (15 | ) |  | 44,202 |
Operating income | 1,340 |  |  | (211 | ) |  | 1,129 |
Other expense | (860 | ) |  | 630 |  |  | (230 | )
Total other income (expense) | (1,607 | ) |  | 630 |  |  | (977 | )
Income (loss) before taxes | (267 | ) |  | 419 |  |  | 152 |
Income tax (benefit) expense | 547 |  |  | 193 |  |  | 740 |
Net income (loss) | (814 | ) |  | 226 |  |  | (588 | )
| Three months ended February 28, 2015
| As previously reported |  | Adjustments |  | As revised
Cost of sales | $ | 48,746 |  |  | $ | 178 |  |  | $ | 48,924 |
Gross profit | 37,851 |  |  | (178 | ) |  | 37,673 |
Research and development | 6,855 |  |  | (277 | ) |  | 6,578 |
Sales and marketing | 19,355 |  |  | 444 |  |  | 19,799 |
General and administrative | 6,917 |  |  | (304 | ) |  | 6,613 |
Amortization of intangibles | 5,106 |  |  | 82 |  |  | 5,188 |
Change in fair value of contingent consideration | (10,044 | ) |  | 250 |  |  | (9,794 | )
Acquisition, restructuring and other items, net | 18,779 |  |  | (103 | ) |  | 18,676 |
Total operating expenses | 48,002 |  |  | 92 |  |  | 48,094 |
Operating income | (10,151 | ) |  | (270 | ) |  | (10,421 | )
Other expense | (971 | ) |  | 497 |  |  | (474 | )
Total other income (expense) | (1,828 | ) |  | 497 |  |  | (1,331 | )
Income (loss) before taxes | (11,979 | ) |  | 227 |  |  | (11,752 | )
Income tax (benefit) expense | (7,717 | ) |  | 118 |  |  | (7,599 | )
Net income (loss) | (4,262 | ) |  | 109 |  |  | (4,153 | )
| Nine months ended February 28, 2015
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 266,077 |  |  | $ | (240 | ) |  | $ | 265,837 |
Cost of sales | 134,745 |  |  | 627 |  |  | 135,372 |
Gross profit | 131,332 |  |  | (867 | ) |  | 130,465 |
Research and development | 19,642 |  |  | 401 |  |  | 20,043 |
Sales and marketing | 60,405 |  |  | 1,664 |  |  | 62,069 |
General and administrative | 22,213 |  |  | (499 | ) |  | 21,714 |
Amortization of intangibles | 13,182 |  |  | 54 |  |  | 13,236 |
Change in fair value of contingent consideration | (8,626 | ) |  | 100 |  |  | (8,526 | )
Acquisition, restructuring and other items, net | 23,745 |  |  | (343 | ) |  | 23,402 |
Total operating expenses | 133,666 |  |  | 1,377 |  |  | 135,043 |
Operating income | (2,334 | ) |  | (2,244 | ) |  | (4,578 | )
Other expense | (2,950 | ) |  | 1,693 |  |  | (1,257 | )
Total other income (expense) | (5,398 | ) |  | 1,693 |  |  | (3,705 | )
Income (loss) before taxes | (7,732 | ) |  | (551 | ) |  | (8,283 | )
Income tax (benefit) expense | (5,278 | ) |  | (205 | ) |  | (5,483 | )
Net income (loss) | (2,454 | ) |  | (346 | ) |  | (2,800 | )
| Three months ended February 28, 2015
| As previously reported |  | Adjustments |  | As revised
Net income (loss) | $ | (4,262 | ) |  | $ | 109 |  |  | $ | (4,153 | )
Foreign currency translation | (624 | ) |  | 37 |  |  | (587 | )
Other comprehensive income (loss), before tax | (508 | ) |  | 37 |  |  | (471 | )
Other comprehensive income (loss), net of tax | (551 | ) |  | 37 |  |  | (514 | )
Total comprehensive income (loss), net of tax | (4,813 | ) |  | 146 |  |  | (4,667 | )
| Nine months ended February 28, 2015
| As previously reported |  | Adjustments |  | As revised
Net income (loss) | $ | (2,454 | ) |  | $ | (346 | ) |  | $ | (2,800 | )
Foreign currency translation | (728 | ) |  | 110 |  |  | (618 | )
Other comprehensive income (loss), before tax | (568 | ) |  | 110 |  |  | (458 | )
Other comprehensive income (loss), net of tax | (627 | ) |  | 110 |  |  | (517 | )
Total comprehensive income (loss), net of tax | (3,081 | ) |  | (236 | ) |  | (3,317 | )
| As of February 28, 2015
| As previously reported |  | Adjustments |  | As revised
Inventories | $ | 68,710 |  |  | $ | 57 |  |  | $ | 68,767 |
Prepaid expenses and other | 4,859 |  |  | (221 | ) |  | 4,638 |
Total current assets | 154,654 |  |  | (164 | ) |  | 154,490 |
Property, Plant and Equipment, net | 58,295 |  |  | (80 | ) |  | 58,215 |
Other Assets | 4,060 |  |  | 224 |  |  | 4,284 |
Intangible Assets, net | 186,547 |  |  | (154 | ) |  | 186,393 |
Deferred Income Taxes, long term | 19,107 |  |  | 433 |  |  | 19,540 |
Total Assets | 783,136 |  |  | 259 |  |  | 783,395 |
Accounts payable | 21,696 |  |  | 278 |  |  | 21,974 |
Accrued liabilities | 19,946 |  |  | (461 | ) |  | 19,485 |
Total current liabilities | 59,687 |  |  | (183 | ) |  | 59,504 |
Other Long Term Liabilities | — |  |  | 628 |  |  | 628 |
Total Liabilities | 239,380 |  |  | 445 |  |  | 239,825 |
Retained earnings | 29,047 |  |  | (884 | ) |  | 28,163 |
Accumulated other comprehensive loss | (1,896 | ) |  | 698 |  |  | (1,198 | )
Total Stockholders' Equity | 543,756 |  |  | (186 | ) |  | 543,570 |
Total Liabilities and Stockholders' Equity | 783,136 |  |  | 259 |  |  | 783,395 |
| Nine months ended February 28, 2015
| As previously reported |  | Adjustments |  | As revised
Net cash provided by (used in) operating activities | $ | 15,436 |  |  | $ | (557 | ) |  | $ | 14,879 |
Net cash provided by (used in) investing activities | (12,042 | ) |  | 557 |  |  | (11,485 | )
Net cash provided by (used in) financing activities | 641 |  |  | — |  |  | 641 |
| Three months ended November 30, 2014
| As previously reported |  | Adjustments |  | As revised
Cost of sales | $ | 44,493 |  |  | $ | 828 |  |  | $ | 45,321 |
Gross profit | 47,656 |  |  | (828 | ) |  | 46,828 |
Research and development | 6,069 |  |  | 207 |  |  | 6,276 |
Sales and marketing | 20,983 |  |  | 553 |  |  | 21,536 |
General and administrative | 7,973 |  |  | (187 | ) |  | 7,786 |
Amortization of intangibles | 4,061 |  |  | (50 | ) |  | 4,011 |
Change in fair value of contingent consideration | 617 |  |  | (75 | ) |  | 542 |
Acquisition, restructuring and other items, net | 2,302 |  |  | (240 | ) |  | 2,062 |
Total operating expenses | 43,081 |  |  | 208 |  |  | 43,289 |
Operating income | 4,575 |  |  | (1,036 | ) |  | 3,539 |
Other expense | (954 | ) |  | 580 |  |  | (374 | )
Total other income (expense) | (1,746 | ) |  | 580 |  |  | (1,166 | )
Income (loss) before taxes | 2,829 |  |  | (456 | ) |  | 2,373 |
Income tax (benefit) expense | 1,491 |  |  | (187 | ) |  | 1,304 |
Net income (loss) | 1,338 |  |  | (269 | ) |  | 1,069 |
| Six months ended November 30, 2014
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 179,480 |  |  | $ | (240 | ) |  | $ | 179,240 |
Cost of sales | 85,999 |  |  | 449 |  |  | 86,448 |
Gross profit | 93,481 |  |  | (689 | ) |  | 92,792 |
Research and development | 12,787 |  |  | 678 |  |  | 13,465 |
Sales and marketing | 41,050 |  |  | 1,221 |  |  | 42,271 |
General and administrative | 15,296 |  |  | (195 | ) |  | 15,101 |
Amortization of intangibles | 8,076 |  |  | (28 | ) |  | 8,048 |
Change in fair value of contingent consideration | 1,418 |  |  | (150 | ) |  | 1,268 |
Acquisition, restructuring and other items, net | 4,966 |  |  | (240 | ) |  | 4,726 |
Total operating expenses | 85,664 |  |  | 1,285 |  |  | 86,949 |
Operating income | 7,817 |  |  | (1,974 | ) |  | 5,843 |
Other expense | (1,979 | ) |  | 1,196 |  |  | (783 | )
Total other income (expense) | (3,570 | ) |  | 1,196 |  |  | (2,374 | )
Income (loss) before taxes | 4,247 |  |  | (778 | ) |  | 3,469 |
Income tax (benefit) expense | 2,439 |  |  | (323 | ) |  | 2,116 |
Net income (loss) | 1,808 |  |  | (455 | ) |  | 1,353 |
| Three months ended November 30, 2014
| As previously reported |  | Adjustments |  | As revised
Net income (loss) | $ | 1,338 |  |  | $ | (269 | ) |  | $ | 1,069 |
Foreign currency translation | (104 | ) |  | 37 |  |  | (67 | )
Other comprehensive income (loss), before tax | (100 | ) |  | 37 |  |  | (63 | )
Other comprehensive income (loss), net of tax | (101 | ) |  | 37 |  |  | (64 | )
Total comprehensive income (loss), net of tax | 1,237 |  |  | (232 | ) |  | 1,005 |
| Six months ended November 30, 2014
| As previously reported |  | Adjustments |  | As revised
Net income (loss) | $ | 1,808 |  |  | $ | (455 | ) |  | $ | 1,353 |
Foreign currency translation | (104 | ) |  | 74 |  |  | (30 | )
Other comprehensive income (loss), before tax | (60 | ) |  | 74 |  |  | 14 |
Other comprehensive income (loss), net of tax | (76 | ) |  | 74 |  |  | (2 | )
Total comprehensive income (loss), net of tax | 1,732 |  |  | (381 | ) |  | 1,351 |
| As of November 30, 2014
| As previously reported |  | Adjustments |  | As revised
Inventories | $ | 75,315 |  |  | $ | 57 |  |  | $ | 75,372 |
Prepaid expenses and other | 6,753 |  |  | (191 | ) |  | 6,562 |
Total current assets | 159,355 |  |  | (134 | ) |  | 159,221 |
Property, Plant and Equipment, net | 67,552 |  |  | (829 | ) |  | 66,723 |
Other Assets | 2,741 |  |  | (15 | ) |  | 2,726 |
Intangible Assets, net | 197,362 |  |  | (175 | ) |  | 197,187 |
Deferred Income Taxes, long term | 11,327 |  |  | 551 |  |  | 11,878 |
Total Assets | 799,331 |  |  | (602 | ) |  | 798,729 |
Accrued liabilities | 19,177 |  |  | (588 | ) |  | 18,589 |
Current portion of contingent consideration | 9,795 |  |  | (250 | ) |  | 9,545 |
Total current liabilities | 57,937 |  |  | (838 | ) |  | 57,099 |
Other Long Term Liabilities | 124 |  |  | 568 |  |  | 692 |
Total Liabilities | 255,760 |  |  | (270 | ) |  | 255,490 |
Retained earnings | 33,309 |  |  | (993 | ) |  | 32,316 |
Accumulated other comprehensive loss | (1,345 | ) |  | 662 |  |  | (683 | )
Total Stockholders' Equity | 543,571 |  |  | (332 | ) |  | 543,239 |
Total Liabilities and Stockholders' Equity | 799,331 |  |  | (602 | ) |  | 798,729 |
| Six months ended November 30, 2014
| As previously reported |  | Adjustments |  | As revised
Net cash provided by (used in) operating activities | $ | 3,205 |  |  | $ | (557 | ) |  | 2,648 |
Net cash provided by (used in) investing activities | (7,773 | ) |  | 557 |  |  | (7,216 | )
Net cash provided by (used in) financing activities | 3,381 |  |  | — |  |  | 3,381 |
| Three months ended August 31, 2014
| As previously reported |  | Adjustments |  | As revised
Net sales | $ | 87,331 |  |  | $ | (240 | ) |  | $ | 87,091 |
Cost of sales | 41,506 |  |  | (379 | ) |  | 41,127 |
Gross profit | 45,825 |  |  | 139 |  |  | 45,964 |
Research and development | 6,718 |  |  | 470 |  |  | 7,188 |
Sales and marketing | 20,067 |  |  | 668 |  |  | 20,735 |
General and administrative | 7,323 |  |  | (8 | ) |  | 7,315 |
Amortization of intangibles | 4,015 |  |  | 22 |  |  | 4,037 |
Change in fair value of contingent consideration | 801 |  |  | (75 | ) |  | 726 |
Total operating expenses | 42,583 |  |  | 1,077 |  |  | 43,660 |
Operating income | 3,242 |  |  | (938 | ) |  | 2,304 |
Other expense | (1,025 | ) |  | 616 |  |  | (409 | )
Total other income (expense) | (1,824 | ) |  | 616 |  |  | (1,208 | )
Income (loss) before taxes | 1,418 |  |  | (322 | ) |  | 1,096 |
Income tax (benefit) expense | 948 |  |  | (136 | ) |  | 812 |
Net income (loss) | 470 |  |  | (186 | ) |  | 284 |
| Three months ended August 31, 2014
| As previously reported |  | Adjustments |  | As revised
Net income (loss) | $ | 470 |  |  | $ | (186 | ) |  | $ | 284 |
Foreign currency translation | — |  |  | 37 |  |  | 37 |
Other comprehensive income (loss), before tax | 41 |  |  | 37 |  |  | 78 |
Other comprehensive income (loss), net of tax | 26 |  |  | 37 |  |  | 63 |
Total comprehensive income (loss), net of tax | 496 |  |  | (149 | ) |  | 347 |
| As of August 30, 2014
| As previously reported |  | Adjustments |  | As revised
Inventories | $ | 70,421 |  |  | $ | 885 |  |  | $ | 71,306 |
Prepaid expenses and other | 6,777 |  |  | (311 | ) |  | 6,466 |
Total current assets | 150,638 |  |  | 574 |  |  | 151,212 |
Property, Plant and Equipment, net | 66,794 |  |  | (605 | ) |  | 66,189 |
Other Assets | 3,345 |  |  | (53 | ) |  | 3,292 |
Intangible Assets, net | 201,440 |  |  | (225 | ) |  | 201,215 |
Deferred Income Taxes, long term | 12,903 |  |  | 364 |  |  | 13,267 |
Total Assets | 796,114 |  |  | 55 |  |  | 796,169 |
Accrued liabilities | 17,700 |  |  | (178 | ) |  | 17,522 |
Current portion of contingent consideration | 10,897 |  |  | (175 | ) |  | 10,722 |
Total current liabilities | 63,707 |  |  | (353 | ) |  | 63,354 |
Other Long Term Liabilities | 32 |  |  | 507 |  |  | 539 |
Total Liabilities | 256,430 |  |  | 154 |  |  | 256,584 |
Retained earnings | 31,971 |  |  | (724 | ) |  | 31,247 |
Accumulated other comprehensive loss | (1,243 | ) |  | 625 |  |  | (618 | )
Total Stockholders' Equity | 539,684 |  |  | (99 | ) |  | 539,585 |
Total Liabilities and Stockholders' Equity | 796,114 |  |  | 55 |  |  | 796,169 |
| Three months ended August 30, 2014
| As previously reported |  | Adjustments |  | As revised
Net cash provided by (used in) operating activities | $ | 5,352 |  |  | $ | (410 | ) |  | $ | 4,942 |
Net cash provided by (used in) investing activities | (5,258 | ) |  | 410 |  |  | (4,848 | )
Net cash provided by (used in) financing activities | (2,391 | ) |  | — |  |  | (2,391 | )

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