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QUARTERLY FINANCIAL INFORMATION | 12 Months Ended
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Jan. 31, 2022
QUARTERLY FINANCIAL INFORMATION |
QUARTERLY FINANCIAL INFORMATION | 13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of net income for interim periods including, the result of the correction of immaterial errors discussed in Note 1. “Business and Summary of Significant Accounting Policies.” These corrections decreased cost of goods sold by $0.1 million for the quarters ended October 31, 2021 and July 31, 2021 and $0.4 million for the quarter ended April 30, 2021. These corrections increased income tax expense by $0.03 million for the quarter ended October 31, 2021, decreased income tax expense by $0.3 million for the quarter ended July 31, 2021 and increased income tax expense by $0.03 million for the quarter ended April 30, 2021. These corrections increased net income by $0.1 million for the quarter ended October, 31, 2021 and increased net income by $0.4 million for the quarters ended July 31, 2021 and April 30, 2021. Basic EPS increased $0.01 for the quarter ended October 31, 2021,by $0.05 for the quarters ended July 31, 2021 and April 30, 2021. Diluted EPS increased $0.01 for quarter ended October 31, 2021, increased $0.05 for the quarter ended July 31, 2021 and increased $0.04 for the quarter April 30, 2021. These corrections decreased cost of goods sold by $0.1 million for the quarters ended October 31, 2020, July 31, 2020 and April 30, 2020. These corrections increased cost of goods sold by $0.2 million for the quarter ended January 31, 2021. These corrections decreased income tax expense by $0.05 million for the quarters ended January 31, 2021, October, 31, 2020, July 31, 2020 and April 30, 2020. These corrections decreased net income by $0.1 million for the quarter ended January 31, 2021. These corrections increased net income by $0.1 million for the quarters ended October, 31, 2020, July 31, 2020 and April 30, 2020. Basic EPS decreased $0.02 for the quarter ended January 31, 2021. Basic EPS increased $0.02 for the quarters ended October 31, 2020, July 31, 2020 and April 30, 2020. Diluted EPS decreased $0.02 for the quarter ended January 31, 2021. Diluted EPS increased $0.02 for the quarters ended October 31, 2020 and April 30, 2020 and increased $0.01 for the quarter ended July 31, 2020. Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The following tables present unaudited quarterly financial information for the periods presented:
|  | Fiscal Year 2022 |
In thousands except EPS |  | Fourth Quarter Ended January 31, 2022 |  |  | Third Quarter Ended October 31, 2021 |  |  | Second Quarter Ended July 31, 2021 |  |  | First Quarter Ended April 30, 2021 |
Net sales |  | $ | 26,796 |  |  | $ | 30,032 |  |  | $ | 27,466 |  |  | $ | 34,092 |
Cost of goods sold |  |  | 16,289 |  |  |  | 17,262 |  |  |  | 14,609 |  |  |  | 19,313 |
Operating profit |  |  | 1,124 |  |  |  | 4,226 |  |  |  | 4,066 |  |  |  | 6,631 |
Income tax expense |  |  | 744 |  |  |  | 1,328 |  |  |  | 1,094 |  |  |  | 1,615 |
Net income |  |  | 507 |  |  |  | 2,895 |  |  |  | 2,968 |  |  |  | 5,002 |
Weighted average shares used in computing basic EPS |  |  | 7,832,621 |  |  |  | 7,849,591 |  |  |  | 7,982,995 |  |  |  | 7,989,215 |
Weighted average shares used in computing diluted EPS |  |  | 7,992,499 |  |  |  | 7,998,965 |  |  |  | 8,141,107 |  |  |  | 8,143,805 |
Basic EPS |  | $ | 0.06 |  |  | $ | 0.37 |  |  | $ | 0.37 |  |  | $ | 0.63 |
Diluted EPS |  | $ | 0.06 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.61 |
|  | Fiscal Year 2021 |
In thousands except EPS |  | Fourth Quarter Ended January 31, 2021 |  |  | Third Quarter Ended October 31, 2020 |  |  | Second Quarter Ended July 31, 2020 |  |  | First Quarter Ended April 30, 2020 |
Net sales |  | $ | 36,946 |  |  | $ | 41,451 |  |  | $ | 35,021 |  |  | $ | 45,582 |
Cost of goods sold |  |  | 19,060 |  |  |  | 19,688 |  |  |  | 17,606 |  |  |  | 23,363 |
Operating profit |  |  | 9,064 |  |  |  | 12,568 |  |  |  | 9,809 |  |  |  | 12,445 |
Income tax expense |  |  | 1,340 |  |  |  | 3,189 |  |  |  | 377 |  |  |  | 3,677 |
Net income |  |  | 7,725 |  |  |  | 9,387 |  |  |  | 9,461 |  |  |  | 8,757 |
Weighted average shares used in computing basic EPS |  |  | 7,982,018 |  |  |  | 7,979,902 |  |  |  | 7,976,275 |  |  |  | 7,972,423 |
Weighted average shares used in computing diluted EPS |  |  | 8,182,337 |  |  |  | 8,123,848 |  |  |  | 8,079,744 |  |  |  | 8,044,849 |
Basic EPS |  | $ | 0.97 |  |  | $ | 1.18 |  |  | $ | 1.19 |  |  | $ | 1.10 |
Diluted EPS |  | $ | 0.94 |  |  | $ | 1.16 |  |  | $ | 1.17 |  |  | $ | 1.09 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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