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Quarterly Information (unaudited) | 12 Months Ended
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May 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY INFORMATION (unaudited) | QUARTERLY INFORMATION (unaudited) Quarterly results of operations during the fiscal years ended May 31, 2018 and 2017 are as follows:
| 2018
| First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
(in thousands, except per share data) |
Net sales | $ | 85,411 |  |  | $ | 86,706 |  |  | $ | 83,851 |  |  | $ | 88,317 |
Gross profit | 41,229 |  |  | 42,731 |  |  | 45,448 |  |  | 47,467 |
Net income (loss) (1) | (35 | ) |  | 249 |  |  | 14,019 |  |  | 2,102 |
Earnings (loss) per common share |  |  |  |  |  |  |
Basic | 0.00 |  |  | 0.01 |  |  | 0.38 |  |  | 0.06 |
Diluted | 0.00 |  |  | 0.01 |  |  | 0.37 |  |  | 0.06 |
| 2017
| First quarter |  | Second quarter |  | Third quarter |  | Fourth quarter
(in thousands, except per share data) |
Net sales | $ | 88,098 |  |  | $ | 89,029 |  |  | $ | 85,602 |  |  | $ | 86,914 |
Gross profit | 45,032 |  |  | 45,010 |  |  | 43,792 |  |  | 42,335 |
Net income (loss) (2) | 1,300 |  |  | 13,734 |  |  | 2,887 |  |  | (12,913 | )
Earnings (loss) per common share |  |  |  |  |  |  |
Basic | 0.04 |  |  | 0.37 |  |  | 0.08 |  |  | (0.35 | )
Diluted | 0.04 |  |  | 0.37 |  |  | 0.08 |  |  | (0.35 | )
(1) Included within net income during the third quarter of fiscal 2018 is a $9.3 million discrete tax benefit as a result of the Tax Reform Act and the revaluation of the Company's deferred tax assets, liabilities and valuation allowance to reflect the lower U.S. federal statutory rate (see Note 9). (2) Included within net income (loss) during the fourth quarter of fiscal 2017 is the $12.5 million charge for a litigation reserve (see Note 15) and $4.5 million impact relating to the Acculis recall (see Note 10). 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.

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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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