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Basis of presentation, out of period adjustments and restatements of prior periods (Tables) | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Restated financials | These adjustments had the following impact on our 2015 quarterly and annual Consolidated Statement of Income and Comprehensive Income (dollars in thousands):
|  | (Unaudited) Three Months Ended March 31, 2015 |  |  | (Unaudited) Six Months Ended June 30, 2015 |
|  | As Previously Reported (a) |  |  | Adjustment |  |  | As Restated |  |  | As Previously Reported (a) |  |  | Adjustment |  |  | As Restated |
Net Sales |  | $ | 29,622 |  |  | $ | – |  |  | $ | 29,622 |  |  | $ | 59,443 |  |  | $ | – |  |  | $ | 59,443 |
Cost of Goods Sold |  |  | 21,239 |  |  |  | 458 |  |  |  | 21,697 |  |  |  | 44,044 |  |  |  | 1,017 |  |  |  | 45,061 |
Gross Profit |  |  | 8,383 |  |  |  | (458 | ) |  |  | 7,925 |  |  |  | 15,399 |  |  |  | (1,017 | ) |  |  | 14,382 |
Selling expenses |  |  | 3,302 |  |  |  | – |  |  |  | 3,302 |  |  |  | 5,920 |  |  |  | – |  |  |  | 5,920 |
General & administrative |  |  | 3,492 |  |  |  | (458 | ) |  |  | 3,034 |  |  |  | 7,662 |  |  |  | (1,017 | ) |  |  | 6,645 |
Amortization |  |  | 179 |  |  |  | – |  |  |  | 179 |  |  |  | 358 |  |  |  | – |  |  |  | 358 |
Operating expenses |  |  | 6,973 |  |  |  | (458 | ) |  |  | 6,515 |  |  |  | 13,940 |  |  |  | (1,017 | ) |  |  | 12,923 |
Income from Operations |  | $ | 1,410 |  |  | $ | – |  |  | $ | 1,410 |  |  | $ | 1,459 |  |  | $ | – |  |  | $ | 1,459 |
|  | (Unaudited) Nine Months Ended September 30, 2015 |  |  | Twelve Months Ended December 31, 2015 |
|  | As Previously Reported (c) |  |  | Adjustment (b) |  |  | As Restated |  |  | As Previously Reported (d) |  |  | Adjustment (b) |  |  | As Restated |
Net Sales |  | $ | 89,042 |  |  | $ | – |  |  | $ | 89,042 |  |  | $ | 118,587 |  |  | $ | – |  |  | $ | 118,587 |
Cost of Goods Sold |  |  | 64,588 |  |  |  | 1,137 |  |  |  | 65,725 |  |  |  | 86,986 |  |  |  | 1,719 |  |  |  | 88,705 |
Gross Profit |  |  | 24,454 |  |  |  | (1,137 | ) |  |  | 23,317 |  |  |  | 31,601 |  |  |  | (1,719 | ) |  |  | 29,882 |
Selling expenses |  |  | 9,486 |  |  |  | (860 | ) |  |  | 8,626 |  |  |  | 12,752 |  |  |  | (860 | ) |  |  | 11,892 |
General & administrative |  |  | 10,920 |  |  |  | (277 | ) |  |  | 10,643 |  |  |  | 13,730 |  |  |  | (859 | ) |  |  | 12,871 |
Amortization |  |  | 537 |  |  |  | – |  |  |  | 537 |  |  |  | 716 |  |  |  | – |  |  |  | 716 |
Operating expenses |  |  | 20,943 |  |  |  | (1,137 | ) |  |  | 19,806 |  |  |  | 27,198 |  |  |  | (1,719 | ) |  |  | 25,479 |
Income from Operations |  | $ | 3,511 |  |  | $ | – |  |  | $ | 3,511 |  |  | $ | 4,403 |  |  | $ | – |  |  | $ | 4,403 |
(a) As previously reported in our first and second quarter 2016 Form 10-Q filings. (b) Includes the reclassification of certain executive compensation from Selling to G&A expenses. (c) As previously reported in our third quarter 2015 Form 10-Q filed on November 9, 2015. (d) As previously reported in our 2015 Form 10-K filed on March 16, 2016. The reclassifications related to certain executive compensation had the following impact on our 2014 and 2013 Consolidated Statement of Income and Comprehensive Income (dollars in thousands):
|  | Twelve Months Ended December 31, 2014 |  |  | Twelve Months Ended December 31, 2013 |
|  | As Previously Reported (d) |  |  | Reclassification |  |  | As Revised |  |  | As Previously Reported (d) |  |  | Reclassification |  |  | As Revised |
Selling expenses |  | $ | 14,534 |  |  | $ | (2,923 | ) |  | $ | 11,611 |  |  | $ | 11,296 |  |  | $ | (2,165 | ) |  | $ | 9,131 |
General & administrative |  |  | 9,378 |  |  |  | 2,923 |  |  |  | 12,301 |  |  |  | 7,583 |  |  |  | 2,165 |  |  |  | 9,748 |
Amortization |  |  | 716 |  |  |  | – |  |  |  | 716 |  |  |  | 713 |  |  |  | – |  |  |  | 713 |
Operating expenses |  | $ | 24,628 |  |  | $ | – |  |  | $ | 24,628 |  |  | $ | 19,592 |  |  | $ | – |  |  | $ | 19,592 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22658-107794 + Details
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