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Impact on Previously Issued Financial Statements for the Correction of an Error (Tables) | 9 Months Ended
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Dec. 31, 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 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 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 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 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 statements 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 statements 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 statements 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 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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