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Impact on Previously Issued Financial Statements for the Correction of an Error (Tables)
6 Months Ended
Sep. 30, 2018
Impact on Previously Issued Financial Statements for the Correction of an Error [Abstract]  
Effect of Corrections on Consolidated Statements
The effect of the above corrections on the consolidated statement of operations for the fiscal year ended March 31, 2018 is as follows:

  
Year Ended March 31, 2018
 
 
Revised Consolidated Statement of Operations Amounts:
  
As Previously
Reported
     
Adjustment
     
As Revised
  
          
Net sales
 
$
428,072,000
  
$
(1,081,000
)
 
$
426,991,000
 
Cost of goods sold
  
322,199,000
   
(1,750,000
)
  
320,449,000
 
Gross profit
  
105,873,000
   
669,000
   
106,542,000
 
Operating expenses:
            
General and administrative
  
35,527,000
   
(50,000
)
  
35,477,000
 
Sales and marketing
  
15,030,000
   
-
   
15,030,000
 
Research and development
  
5,692,000
   
-
   
5,692,000
 
Total operating expenses
  
56,249,000
   
(50,000
)
  
56,199,000
 
Operating income
  
49,624,000
   
719,000
   
50,343,000
 
Interest expense, net
  
15,445,000
   
-
   
15,445,000
 
Income before income tax expense (benefit)
  
34,179,000
   
719,000
   
34,898,000
 
Income tax expense (benefit)
  
17,863,000
   
(1,791,000
)
  
16,072,000
 
Net income
 
$
16,316,000
  
$
2,510,000
  
$
18,826,000
 
Basic net income per share
 
$
0.87
  
$
0.13
  
$
1.00
 
Diluted net income per share
 
$
0.84
  
$
0.13
  
$
0.96
 

The effect of the above corrections on the consolidated statement of operations for the fiscal year ended March 31, 2017 is as follows:

  
Year Ended March 31, 2017
 
 
Revised Consolidated Statement of Operations Amounts:
  
As Previously
Reported
     
Adjustment
     
As Revised
  
          
Net sales
 
$
421,253,000
  
$
1,629,000
  
$
422,882,000
 
Cost of goods sold
  
306,207,000
   
(281,000
)
  
305,926,000
 
Gross profit
  
115,046,000
   
1,910,000
   
116,956,000
 
Operating expenses:
            
General and administrative
  
31,124,000
   
1,000
   
31,125,000
 
Sales and marketing
  
12,126,000
   
-
   
12,126,000
 
Research and development
  
3,824,000
   
-
   
3,824,000
 
Total operating expenses
  
47,074,000
   
1,000
   
47,075,000
 
Operating income
  
67,972,000
   
1,909,000
   
69,881,000
 
Interest expense, net
  
13,094,000
   
-
   
13,094,000
 
Income before income tax expense
  
54,878,000
   
1,909,000
   
56,787,000
 
Income tax expense
  
17,305,000
   
706,000
   
18,011,000
 
Net income
 
$
37,573,000
  
$
1,203,000
  
$
38,776,000
 
Basic net income per share
 
$
2.02
  
$
0.06
  
$
2.08
 
Diluted net income per share
 
$
1.93
  
$
0.06
  
$
2.00
 

The effect of the above corrections on the consolidated statement of operations for the fiscal year ended March 31, 2016 is as follows:

  
Year Ended March 31, 2016
 
Revised Consolidated Statement of Operations Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net sales
 
$
368,970,000
  
$
700,000
  
$
369,670,000
 
Cost of goods sold
  
268,046,000
   
402,000
   
268,448,000
 
Gross profit
  
100,924,000
   
298,000
   
101,222,000
 
Operating expenses:
            
General and administrative
  
49,665,000
   
298,000
   
49,963,000
 
Sales and marketing
  
9,965,000
   
-
   
9,965,000
 
Research and development
  
3,008,000
   
-
   
3,008,000
 
Total operating expenses
  
62,638,000
   
298,000
   
62,936,000
 
Operating income
  
38,286,000
   
-
   
38,286,000
 
Interest expense, net
  
16,244,000
   
-
   
16,244,000
 
Income before income tax expense
  
22,042,000
   
-
   
22,042,000
 
Income tax expense
  
11,479,000
   
294,000
   
11,773,000
 
Net income
 
$
10,563,000
  
$
(294,000
)
 
$
10,269,000
 
Basic net income per share
 
$
0.58
  
$
(0.02
)
 
$
0.56
 
Diluted net income per share
 
$
0.55
  
$
(0.02
)
 
$
0.54
 

The effect of the above corrections on the consolidated statement of comprehensive income for the fiscal year ended March 31, 2018 is as follows:

  
Year Ended March 31, 2018
 
Revised Consolidated Statement of Comprehensive Income Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net income
 
$
16,316,000
  
$
2,510,000
  
$
18,826,000
 
Comprehensive income
 
$
18,329,000
  
$
2,510,000
  
$
20,839,000
 

The effect of the above corrections on the consolidated statement of comprehensive income for the fiscal year ended March 31, 2017 is as follows:

  
Year Ended March 31, 2017
 
Revised Consolidated Statement of Comprehensive Income Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net income
 
$
37,573,000
  
$
1,203,000
  
$
38,776,000
 
Comprehensive income
 
$
34,984,000
  
$
1,203,000
  
$
36,187,000
 

The effect of the above corrections on the consolidated statement of comprehensive income for the fiscal year ended March 31, 2016 is as follows:

  
Year Ended March 31, 2016
 
Revised Consolidated Statement of Comprehensive Income Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net income
 
$
10,563,000
  
$
(294,000
)
 
$
10,269,000
 
Comprehensive income
 
$
8,229,000
  
$
(294,000
)
 
$
7,935,000
 

The effect of the above corrections on the consolidated balance sheet at March 31, 2018 is as follows:

  
March 31, 2018
 
Revised Consolidated Balance Sheet Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
ASSETS
         
Income tax receivable
 
$
7,796,000
  
$
176,000
  
$
7,972,000
 
Prepaid expenses and other current assets
  
11,491,000
   
3,613,000
   
15,104,000
 
Long-term core inventory — net
  
301,656,000
   
(3,362,000
)
  
298,294,000
 
Long-term deferred income taxes
  
10,556,000
   
(3,619,000
)
  
6,937,000
 
Other assets
  
7,392,000
   
14,603,000
   
21,995,000
 
TOTAL ASSETS
 
$
494,497,000
  
$
11,411,000
  
$
505,908,000
 
LIABILITIES AND SHAREHOLDERS’  EQUITY
            
Accrued liabilities
 
$
11,799,000
  
$
249,000
  
$
12,048,000
 
TOTAL LIABILITIES
 
$
219,521,000
  
$
249,000
  
$
219,770,000
 
Retained earnings
 
$
66,606,000
  
$
11,162,000
  
$
77,768,000
 
TOTAL SHAREHOLDERS’ EQUITY
 
$
274,976,000
  
$
11,162,000
  
$
286,138,000
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
494,497,000
  
$
11,411,000
  
$
505,908,000
 

The effect of the above corrections on the consolidated balance sheet at March 31, 2017 is as follows:

  
March 31, 2017
 
Revised Consolidated Balance Sheet Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
ASSETS
         
Prepaid expenses and other current assets
 
$
9,848,000
  
$
3,240,000
  
$
13,088,000
 
Long-term core inventory — net
  
262,922,000
   
(4,501,000
)
  
258,421,000
 
Long-term deferred income taxes
  
13,546,000
   
(5,179,000
)
  
8,367,000
 
Other assets
  
6,990,000
   
15,391,000
   
22,381,000
 
TOTAL ASSETS
 
$
436,139,000
  
$
8,951,000
  
$
445,090,000
 
LIABILITIES AND SHAREHOLDERS’  EQUITY
            
Accrued liabilities
 
$
10,077,000
  
$
299,000
  
$
10,376,000
 
TOTAL LIABILITIES
 
$
187,458,000
  
$
299,000
  
$
187,757,000
 
Retained earnings
 
$
50,290,000
  
$
8,652,000
  
$
58,942,000
 
TOTAL SHAREHOLDERS’ EQUITY
 
$
248,681,000
  
$
8,652,000
  
$
257,333,000
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
436,139,000
  
$
8,951,000
  
$
445,090,000
 

The effect of the above corrections on the consolidated statement of shareholders’ equity for the fiscal year ended March 31, 2018 is as follows:

  
Year Ended March 31, 2018
 
Revised Consolidated Statement of Shareholders’ Equity Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Retained earnings at March 31, 2017
 
$
50,290,000
  
$
8,652,000
  
$
58,942,000
 
Net income
  
16,316,000
   
2,510,000
   
18,826,000
 
Retained earnings at March 31, 2018
 
$
66,606,000
  
$
11,162,000
  
$
77,768,000
 

The effect of the above corrections on the consolidated statement of shareholders’ equity for the fiscal year ended March 31, 2017 is as follows:

  
Year Ended March 31, 2017
 
Revised Consolidated Statement of Shareholders’ Equity Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Retained earnings at March 31, 2016
 
$
11,825,000
  
$
7,449,000
  
$
19,274,000
 
Cumulative effect adjustment
  
892,000
   
-
   
892,000
 
Net income
  
37,573,000
   
1,203,000
   
38,776,000
 
Retained earnings at March 31, 2017
 
$
50,290,000
  
$
8,652,000
  
$
58,942,000
 

The effect of the above corrections on the consolidated statement of shareholders’ equity for the fiscal year ended March 31, 2016 is as follows:

  
Year Ended March 31, 2016
 
Revised Consolidated Statement of Shareholders’ Equity Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Retained earnings at March 31, 2015
 
$
1,262,000
  
$
-
  
$
1,262,000
 
Cumulative effect adjustment of error corrections
  
-
   
7,743,000
   
7,743,000
 
Net income (loss)
  
10,563,000
   
(294,000
)
  
10,269,000
 
Retained earnings at March 31, 2016
 
$
11,825,000
  
$
7,449,000
  
$
19,274,000
 

The effect of the above corrections on the consolidated statement of cash flows for the fiscal year ended March 31, 2018 is as follows:

  
Year Ended March 31, 2018
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income
 
$
16,316,000
  
$
2,510,000
  
$
18,826,000
 
Deferred income taxes
  
3,055,000
   
(1,560,000
)
  
1,495,000
 
Income tax receivable
  
(6,081,000
)
  
(231,000
)
  
(6,312,000
)
Prepaid expenses and other current assets
  
(2,507,000
)
  
(318,000
)
  
(2,825,000
)
Other assets
  
(384,000
)
  
788,000
   
404,000
 
Accounts payable and accrued liabilities
  
(11,621,000
)
  
(50,000
)
  
(11,671,000
)
Long-term core inventory
  
(45,839,000
)
  
(1,139,000
)
  
(46,978,000
)
Net cash used in operating activities
 
$
(13,944,000
)
 
$
-
  
$
(13,944,000
)

The effect of the above corrections on the consolidated statement of cash flows for the fiscal year ended March 31, 2017 is as follows:

  
Year Ended March 31, 2017
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income
 
$
37,573,000
  
$
1,203,000
  
$
38,776,000
 
Deferred income taxes
  
6,510,000
   
355,000
   
6,865,000
 
Prepaid expenses and other current assets
  
(4,333,000
)
  
(549,000
)
  
(4,882,000
)
Other assets
  
(3,339,000
)
  
(1,025,000
)
  
(4,364,000
)
Accounts payable and accrued liabilities
  
12,446,000
   
1,000
   
12,447,000
 
Long-term core inventory
  
(24,964,000
)
  
(281,000
)
  
(25,245,000
)
Other liabilities
  
(1,344,000
)
  
296,000
   
(1,048,000
)
Net cash used in operating activities
 
$
(5,269,000
)
 
$
-
  
$
(5,269,000
)

The effect of the above corrections on the consolidated statement of cash flows for the fiscal year ended March 31, 2016 is as follows:

  
Year Ended March 31, 2016
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income
 
$
10,563,000
  
$
(294,000
)
 
$
10,269,000
 
Deferred income taxes
  
(3,781,000
)
  
590,000
   
(3,191,000
)
Prepaid expenses and other current assets
  
2,765,000
   
618,000
   
3,383,000
 
Other assets
  
(477,000
)
  
(1,318,000
)
  
(1,795,000
)
Accounts payable and accrued liabilities
  
6,620,000
   
298,000
   
6,918,000
 
Long-term core inventory
  
(53,408,000
)
  
402,000
   
(53,006,000
)
Other liabilities
  
1,673,000
   
(296,000
)
  
1,377,000
 
Net cash used in operating activities
 
$
15,334,000
  
$
-
  
$
15,334,000
 

The effect of the above corrections on the consolidated statement of operations for the three months ended June 30, 2017 is as follows:

  
Three Months Ended June 30, 2017
 
Revised Consolidated Statement of Operations Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net sales
 
$
95,063,000
  
$
(824,000
)
 
$
94,239,000
 
Cost of goods sold
  
69,224,000
   
-
   
69,224,000
 
Gross profit
  
25,839,000
   
(824,000
)
  
25,015,000
 
Operating expenses:
            
General and administrative
  
6,187,000
   
(299,000
)
  
5,888,000
 
Sales and marketing
  
3,394,000
   
-
   
3,394,000
 
Research and development
  
1,002,000
   
-
   
1,002,000
 
Total operating expenses
  
10,583,000
   
(299,000
)
  
10,284,000
 
Operating income
  
15,256,000
   
(525,000
)
  
14,731,000
 
Interest expense, net
  
3,314,000
   
-
   
3,314,000
 
Income (loss) before income tax expense (benefit)
  
11,942,000
   
(525,000
)
  
11,417,000
 
Income tax expense (benefit)
  
4,316,000
   
(194,000
)
  
4,122,000
 
Net income (loss)
 
$
7,626,000
  
$
(331,000
)
 
$
7,295,000
 
Basic net income (loss) per share
 
$
0.41
  
$
(0.02
)
 
$
0.39
 
Diluted net income (loss) per share
 
$
0.39
  
$
(0.02
)
 
$
0.38
 

The effect of the above corrections on the consolidated statement of operations for the three and six months ended September 30, 2017 is as follows:

  
Three Months Ended September 30, 2017
  
Six Months Ended September 30, 2017
 
Revised Consolidated Statement of Operations Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
  
As Previously
Reported
  
Adjustment
  
As Revised
 
                   
Net sales
 
$
111,774,000
  
$
(921,000
)
 
$
110,853,000
  
$
206,837,000
  
$
(1,745,000
)
 
$
205,092,000
 
Cost of goods sold
  
84,612,000
   
-
   
84,612,000
   
153,836,000
   
-
   
153,836,000
 
Gross profit
  
27,162,000
   
(921,000
)
  
26,241,000
   
53,001,000
   
(1,745,000
)
  
51,256,000
 
Operating expenses:
                        
General and administrative
  
8,615,000
   
-
   
8,615,000
   
14,802,000
   
(299,000
)
  
14,503,000
 
Sales and marketing
  
3,457,000
   
-
   
3,457,000
   
6,851,000
   
-
   
6,851,000
 
Research and development
  
1,240,000
   
-
   
1,240,000
   
2,242,000
   
-
   
2,242,000
 
Total operating expenses
  
13,312,000
   
-
   
13,312,000
   
23,895,000
   
(299,000
)
  
23,596,000
 
Operating income (loss)
  
13,850,000
   
(921,000
)
  
12,929,000
   
29,106,000
   
(1,446,000
)
  
27,660,000
 
Interest expense, net
  
3,522,000
   
-
   
3,522,000
   
6,836,000
   
-
   
6,836,000
 
Income (loss) before income tax expense (benefit)
  
10,328,000
   
(921,000
)
  
9,407,000
   
22,270,000
   
(1,446,000
)
  
20,824,000
 
Income tax expense (benefit)
  
4,027,000
   
(343,000
)
  
3,684,000
   
8,343,000
   
(537,000
)
  
7,806,000
 
Net income (loss)
 
$
6,301,000
  
$
(578,000
)
 
$
5,723,000
  
$
13,927,000
  
$
(909,000
)
 
$
13,018,000
 
Basic net income (loss) per share
 
$
0.34
  
$
(0.03
)
 
$
0.31
  
$
0.75
  
$
(0.05
)
 
$
0.70
 
Diluted net income (loss) per share
 
$
0.33
  
$
(0.03
)
 
$
0.30
  
$
0.72
  
$
(0.05
)
 
$
0.67
 

The effect of the above corrections on the consolidated statement of operations for the three and nine months ended December 31, 2017 is as follows:

  
Three Months Ended December 31, 2017
  
Nine Months Ended December 31, 2017
 
Revised Consolidated Statement of Operations Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
  
As Previously
Reported
  
Adjustment
  
As Revised
 
Net sales
 
$
100,127,000
  
$
1,586,000
  
$
101,713,000
  
$
306,964,000
  
$
(159,000
)
 
$
306,805,000
 
Cost of goods sold
  
77,583,000
   
(1,750,000
)
  
75,833,000
   
231,419,000
   
(1,750,000
)
  
229,669,000
 
Gross profit
  
22,544,000
   
3,336,000
   
25,880,000
   
75,545,000
   
1,591,000
   
77,136,000
 
Operating expenses:
                        
General and administrative
  
11,915,000
   
-
   
11,915,000
   
26,717,000
   
(299,000
)
  
26,418,000
 
Sales and marketing
  
4,048,000
   
-
   
4,048,000
   
10,899,000
   
-
   
10,899,000
 
Research and development
  
1,678,000
   
-
   
1,678,000
   
3,920,000
   
-
   
3,920,000
 
Total operating expenses
  
17,641,000
   
-
   
17,641,000
   
41,536,000
   
(299,000
)
  
41,237,000
 
Operating income
  
4,903,000
   
3,336,000
   
8,239,000
   
34,009,000
   
1,890,000
   
35,899,000
 
Interest expense, net
  
3,953,000
   
-
   
3,953,000
   
10,789,000
   
-
   
10,789,000
 
Income before income tax expense (benefit)
  
950,000
   
3,336,000
   
4,286,000
   
23,220,000
   
1,890,000
   
25,110,000
 
Income tax expense (benefit)
  
7,756,000
   
(820,000
)
  
6,936,000
   
16,099,000
   
(1,357,000
)
  
14,742,000
 
Net (loss) income
 
$
(6,806,000
)
 
$
4,156,000
  
$
(2,650,000
)
 
$
7,121,000
  
$
3,247,000
  
$
10,368,000
 
Basic net (loss) income per share
 
$
(0.36
)
 
$
0.22
  
$
(0.14
)
 
$
0.38
  
$
0.17
  
$
0.55
 
Diluted net (loss) income per share
 
$
(0.36
)
 
$
0.22
  
$
(0.14
)
 
$
0.37
  
$
0.17
  
$
0.53
 

The effect of the above corrections on the consolidated statement of comprehensive income (loss) for the three months ended June 30, 2017 is as follows:

  
Three Months Ended June 30, 2017
 
Revised Consolidated Statement of Comprehensive Income (Loss) Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net income (loss)
 
$
7,626,000
  
$
(331,000
)
 
$
7,295,000
 
Comprehensive income (loss)
 
$
7,911,000
  
$
(331,000
)
 
$
7,580,000
 


The effect of the above corrections on the consolidated statement of comprehensive income (loss) for the three and six months ended September 30, 2017 is as follows:

  
Three Months Ended September 30, 2017
  
Six Months Ended September 30, 2017
 
Revised Consolidated Statement of Comprehensive Income (Loss) Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
  
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income (loss)
 
$
6,301,000
  
$
(578,000
)
 
$
5,723,000
  
$
13,927,000
  
$
(909,000
)
 
$
13,018,000
 
Comprehensive income (loss)
 
$
6,969,000
  
$
(578,000
)
 
$
6,391,000
  
$
14,880,000
  
$
(909,000
)
 
$
13,971,000
 


The effect of the above corrections on the consolidated statement of comprehensive (loss) income for the three and nine months ended December 31, 2017 is as follows:

  
Three Months Ended December 31, 2017
  
Nine Months Ended December 31, 2017
 
Revised Consolidated Statement of Comprehensive (Loss) Income Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
  
As Previously
Reported
  
Adjustment
  
As Revised
 
Net (loss) income
 
$
(6,806,000
)
 
$
4,156,000
  
$
(2,650,000
)
 
$
7,121,000
  
$
3,247,000
  
$
10,368,000
 
Comprehensive (loss) income
 
$
(6,476,000
)
 
$
4,156,000
  
$
(2,320,000
)
 
$
8,404,000
  
$
3,247,000
  
$
11,651,000
 

The effect of the above corrections on the consolidated statement of cash flows for the three months ended June 30, 2017 is as follows:

  
Three Months Ended June 30, 2017
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income (loss)
 
$
7,626,000
  
$
(331,000
)
 
$
7,295,000
 
Prepaid expenses and other current assets
  
421,000
   
(55,000
)
  
366,000
 
Other assets
  
608,000
   
824,000
   
1,432,000
 
Accounts payable and accrued liabilities
  
(5,254,000
)
  
(299,000
)
  
(5,553,000
)
Other liabilities
  
2,324,000
   
(139,000
)
  
2,185,000
 
Net cash used in operating activities
 
$
(644,000
)
 
$
-
  
$
(644,000
)

The effect of the above corrections on the consolidated statement of cash flows for the six months ended September 30, 2017 is as follows:

  
Six Months Ended September 30, 2017
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income (loss)
 
$
13,927,000
  
$
(909,000
)
 
$
13,018,000
 
Prepaid expenses and other current assets
  
(6,093,000
)
  
(537,000
)
  
(6,630,000
)
Other assets
  
1,198,000
   
1,745,000
   
2,943,000
 
Accounts payable and accrued liabilities
  
(3,465,000
)
  
(299,000
)
  
(3,764,000
)
Net cash used in operating activities
 
$
(8,148,000
)
 
$
-
  
$
(8,148,000
)


The effect of the above corrections on the consolidated statement of cash flows for the nine months ended December 31, 2017 is as follows:

  
Nine Months Ended December 31, 2017
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net income
 
$
7,121,000
  
$
3,247,000
  
$
10,368,000
 
Deferred income taxes
  
(909,000
)
  
(1,805,000
)
  
(2,714,000
)
Prepaid expenses and other current assets
  
(2,093,000
)
  
448,000
   
(1,645,000
)
Other assets
  
289,000
   
(452,000
)
  
(163,000
)
Accounts payable and accrued liabilities
  
(15,647,000
)
  
(299,000
)
  
(15,946,000
)
Long-term core inventory
  
(37,222,000
)
  
(1,139,000
)
  
(38,361,000
)
Net cash used in operating activities
 
$
(9,803,000
)
 
$
-
  
$
(9,803,000
)

The effect of the above corrections on the consolidated statement of operations for the three months ended June 30, 2018 is as follows:

  
Three Months Ended June 30, 2018
 
Revised Consolidated Statement of Operations Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net sales
 
$
92,565,000
  
$
(897,000
)
 
$
91,668,000
 
Cost of goods sold
  
75,314,000
   
2,000
   
75,316,000
 
Gross profit
  
17,251,000
   
(899,000
)
  
16,352,000
 
Operating expenses:
            
General and administrative
  
12,340,000
   
(249,000
)
  
12,091,000
 
Sales and marketing
  
4,392,000
   
-
   
4,392,000
 
Research and development
  
1,736,000
   
-
   
1,736,000
 
Total operating expenses
  
18,468,000
   
(249,000
)
  
18,219,000
 
Operating loss
  
(1,217,000
)
  
(650,000
)
  
(1,867,000
)
Interest expense, net
  
5,075,000
   
-
   
5,075,000
 
Loss before income tax benefit
  
(6,292,000
)
  
(650,000
)
  
(6,942,000
)
Income tax benefit
  
(1,278,000
)
  
(169,000
)
  
(1,447,000
)
Net loss
 
$
(5,014,000
)
 
$
(481,000
)
 
$
(5,495,000
)
Basic net loss per share
 
$
(0.27
)
 
$
(0.03
)
 
$
(0.29
)
Diluted net loss per share
 
$
(0.27
)
 
$
(0.03
)
 
$
(0.29
)

The effect of the above corrections on the consolidated statement of comprehensive loss for the three months ended June 30, 2018 is as follows:

  
Three Months Ended June 30, 2018
 
Revised Consolidated Statement of Comprehensive Loss Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
          
Net loss
 
$
(5,014,000
)
 
$
(481,000
)
 
$
(5,495,000
)
Comprehensive loss
 
$
(5,729,000
)
 
$
(481,000
)
 
$
(6,210,000
)

The effect of the above corrections on the consolidated balance sheet at June 30, 2018 is as follows:

  
June 30, 2018
 
Restated Consolidated Balance Sheet Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
ASSETS
         
Contract assets
 
$
16,542,000
  
$
7,774,000
  
$
24,316,000
 
Income tax receivable
  
9,416,000
   
345,000
   
9,761,000
 
Prepaid expenses and other current assets
  
13,148,000
   
(2,893,000
)
  
10,255,000
 
Long-term deferred income taxes
  
10,343,000
   
(3,619,000
)
  
6,724,000
 
Long-term contract assets
  
207,792,000
   
14,670,000
   
222,462,000
 
Other assets
  
6,406,000
   
(5,596,000
)
  
810,000
 
TOTAL ASSETS
 
$
549,253,000
  
$
10,681,000
  
$
559,934,000
 
LIABILITIES AND SHAREHOLDERS’  EQUITY
            
Retained earnings
 
$
63,080,000
  
$
10,681,000
  
$
73,761,000
 
TOTAL SHAREHOLDERS’ EQUITY
 
$
270,738,000
  
$
10,681,000
  
$
281,419,000
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
549,253,000
  
$
10,681,000
  
$
559,934,000
 

The effect of the above corrections on the consolidated statement of cash flows for the three months ended June 30, 2018 is as follows:

  
Three Months Ended June 30, 2018
 
Revised Consolidated Statement of Cash Flow from Operating Activities Amounts:
 
As Previously
Reported
  
Adjustment
  
As Revised
 
Net loss
 
$
(5,014,000
)
 
$
(481,000
)
 
$
(5,495,000
)
Income tax receivable
  
(1,622,000
)
  
(169,000
)
  
(1,791,000
)
Prepaid expenses and other current assets
  
(697,000
)
  
10,000
   
(687,000
)
Other assets
  
941,000
   
(992,000
)
  
(51,000
)
Accounts payable and accrued liabilities
  
11,117,000
   
(249,000
)
  
10,868,000
 
Contract assets, net
  
(2,722,000
)
  
1,881,000
   
(841,000
)
Net cash used in operating activities
 
$
(924,000
)
 
$
-
  
$
(924,000
)