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Quarterly Results (Unaudited)
 12 Months Ended
Jan. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited)
Quarterly Results (Unaudited)
The Company’s quarterly results for the years ended January 31, 2018 and 2017, as adjusted, are summarized as follows (in thousands, except per share data):
 
Q1
 
Q2
 
Q3
 
Q4
Year ended January 31, 2018
 
 
 
 
 
 
 
Net sales
$
23,235

 
$
72,636

 
$
68,794

 
$
24,622

Gross profit
8,427

 
26,683

 
24,467

 
5,894

Net (loss) income***
(2,211
)
 
5,028

 
2,524

 
(8,550
)
Per common share
 
 
 
 
 
 
 
Net (loss) income*
 
 
 
 
 
 
 
Basic
$
(0.15
)
 
$
0.33

 
$
0.16

 
$
(0.56
)
Assuming dilution
(0.15
)
 
0.33

 
0.16

 
(0.56
)
Year ended January 31, 2017
 
 
 
 
 
 
 
Net sales
$
20,827

 
$
61,354

 
$
67,795

 
$
23,441

Gross profit
8,063

 
23,738

 
24,311

 
6,431

Net (loss) income**
(3,138
)
 
6,885

 
23,998

 
(4,985
)
Per common share
 
 
 
 
 
 
 
Net (loss) income*
 
 
 
 
 
 
 
Basic
$
(0.21
)
 
$
0.46

 
$
1.59

 
$
(0.33
)
Assuming dilution
(0.21
)
 
0.45

 
1.57

 
(0.33
)
 ______________________________

* Net loss per share was calculated based on basic shares outstanding due to the anti-dilutive effect on the inclusion of common stock equivalent shares.

** For fiscal quarter ended October 31, 2016, the Company released its valuation allowance against the deferred tax assets resulting in a benefit to income taxes of $17,962,000.

*** For fiscal quarter ended January 31, 2018, the Company's tax expense increased by $4,438,000 from the revaluation of deferred tax assets as a result of the reduction in the federal tax rate due to the Tax Cuts and Jobs Act (TCJA) enacted on December 22, 2017.