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	)