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Unaudited Quarterly Financial Data | 12 Months Ended
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Mar. 31, 2020
Unaudited Quarterly Financial Data [Abstract] |
Unaudited Quarterly Financial Data |
22. | Unaudited Quarterly Financial Data
The following summarizes selected quarterly financial data for the year ended March 31, 2020.
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Net sales |  | $ | 109,148,000 |  |  | $ | 150,374,000 |  |  | $ | 125,574,000 |  |  | $ | 150,735,000 |
Cost of goods sold |  |  | 91,565,000 |  |  |  | 113,801,000 |  |  |  | 97,913,000 |  |  |  | 114,152,000 |
Gross profit |  |  | 17,583,000 |  |  |  | 36,573,000 |  |  |  | 27,661,000 |  |  |  | 36,583,000 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | 12,000,000 |  |  |  | 14,285,000 |  |  |  | 10,618,000 |  |  |  | 34,522,000 |
Sales and marketing |  |  | 4,919,000 |  |  |  | 5,448,000 |  |  |  | 5,623,000 |  |  |  | 5,047,000 |
Research and development |  |  | 2,372,000 |  |  |  | 2,148,000 |  |  |  | 2,174,000 |  |  |  | 2,506,000 |
Total operating expenses |  |  | 19,291,000 |  |  |  | 21,881,000 |  |  |  | 18,415,000 |  |  |  | 42,075,000 |
Operating (loss) income |  |  | (1,708,000 | ) |  |  | 14,692,000 |  |  |  | 9,246,000 |  |  |  | (5,492,000 | )
Other expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 6,173,000 |  |  |  | 6,523,000 |  |  |  | 6,879,000 |  |  |  | 5,464,000 |
(Loss) income before income tax (benefit) expense |  |  | (7,881,000 | ) |  |  | 8,169,000 |  |  |  | 2,367,000 |  |  |  | (10,956,000 | )
Income tax (benefit) expense |  |  | (1,730,000 | ) |  |  | 1,980,000 |  |  |  | 1,502,000 |  |  |  | (2,763,000 | )
Net (loss) income |  | $ | (6,151,000 | ) |  | $ | 6,189,000 |  |  | $ | 865,000 |  |  | $ | (8,193,000 | )
Basic net (loss) income per share |  | $ | (0.33 | ) |  | $ | 0.33 |  |  | $ | 0.05 |  |  | $ | (0.43 | )
Diluted net (loss) income per share |  | $ | (0.33 | ) |  | $ | 0.32 |  |  | $ | 0.04 |  |  | $ | (0.43 | )
The following summarizes selected quarterly financial data for the year ended March 31, 2019:
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Net sales |  | $ | 91,668,000 |  |  | $ | 127,939,000 |  |  | $ | 124,113,000 |  |  | $ | 129,077,000 |
Cost of goods sold |  |  | 75,316,000 |  |  |  | 102,228,000 |  |  |  | 102,952,000 |  |  |  | 103,127,000 |
Gross profit |  |  | 16,352,000 |  |  |  | 25,711,000 |  |  |  | 21,161,000 |  |  |  | 25,950,000 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | 12,091,000 |  |  |  | 8,997,000 |  |  |  | 12,331,000 |  |  |  | 12,553,000 |
Sales and marketing |  |  | 4,392,000 |  |  |  | 4,537,000 |  |  |  | 5,149,000 |  |  |  | 5,464,000 |
Research and development |  |  | 1,736,000 |  |  |  | 1,784,000 |  |  |  | 2,054,000 |  |  |  | 2,440,000 |
Total operating expenses |  |  | 18,219,000 |  |  |  | 15,318,000 |  |  |  | 19,534,000 |  |  |  | 20,457,000 |
Operating (loss) income |  |  | (1,867,000 | ) |  |  | 10,393,000 |  |  |  | 1,627,000 |  |  |  | 5,493,000 |
Other expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 5,075,000 |  |  |  | 5,699,000 |  |  |  | 5,764,000 |  |  |  | 6,689,000 |
(Loss) income before income tax (benefit) expense |  |  | (6,942,000 | ) |  |  | 4,694,000 |  |  |  | (4,137,000 | ) |  |  | (1,196,000 | )
Income tax (benefit) expense |  |  | (1,447,000 | ) |  |  | 1,181,000 |  |  |  | (1,035,000 | ) |  |  | 1,569,000 |
Net (loss) income |  | $ | (5,495,000 | ) |  | $ | 3,513,000 |  |  | $ | (3,102,000 | ) |  | $ | (2,765,000 | )
Basic net (loss) income per share |  | $ | (0.29 | ) |  | $ | 0.19 |  |  | $ | (0.16 | ) |  | $ | (0.15 | )
Diluted net (loss) income per share |  | $ | (0.29 | ) |  | $ | 0.18 |  |  | $ | (0.16 | ) |  | $ | (0.15 | )
Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year shown elsewhere in the Annual Report on Form 10-K.

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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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