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QUARTERLY FINANCIAL INFORMATION | 12 Months Ended
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Oct. 31, 2019
QUARTERLY FINANCIAL INFORMATION |
QUARTERLY FINANCIAL INFORMATION | 14. QUARTERLY FINANCIAL INFORMATION (Unaudited)
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
2019 (In thousands, except per share data) |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and service fees |  | $ | 74,213 |  | $ | 70,674 |  | $ | 58,501 |  | $ | 59,989 |
Gross profit |  |  | 22,142 |  |  | 21,637 |  |  | 17,189 |  |  | 16,240 |
Gross profit margin |  |  | 30 | % |  | 31 | % |  | 29 | % |  | 27 | %
Selling, general and administrative expenses |  |  | 13,914 |  |  | 14,111 |  |  | 12,592 |  |  | 14,051 |
Operating income |  |  | 8,228 |  |  | 7,526 |  |  | 4,597 |  |  | 2,189 |
Provision for income taxes |  |  | 2,453 |  |  | 2,481 |  |  | 1,155 |  |  | (260) |
Net income |  |  | 6,654 |  |  | 5,252 |  |  | 3,491 |  |  | 2,098 |
Income per common share – basic |  | $ | 0.98 |  | $ | 0.77 |  | $ | 0.51 |  | $ | 0.31 |
Income per common share – diluted |  | $ | 0.97 |  | $ | 0.76 |  | $ | 0.51 |  | $ | 0.31 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
2018 (In thousands, except per share data) |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and service fees |  | $ | 68,444 |  | $ | 70,424 |  | $ | 78,752 |  | $ | 83,051 |
Gross profit |  |  | 20,121 |  |  | 19,313 |  |  | 24,521 |  |  | 27,851 |
Gross profit margin |  |  | 29 | % |  | 27 | % |  | 31 | % |  | 34 | %
Selling, general and administrative expenses |  |  | 12,966 |  |  | 13,320 |  |  | 15,160 |  |  | 16,564 |
Operating income |  |  | 7,155 |  |  | 5,993 |  |  | 9,361 |  |  | 11,287 |
Provision for income taxes |  |  | 4,500 |  |  | 1,656 |  |  | 2,511 |  |  | 2,339 |
Net income |  |  | 2,937 |  |  | 3,751 |  |  | 6,500 |  |  | 8,302 |
Income per common share – basic |  | $ | 0.44 |  | $ | 0.55 |  | $ | 0.96 |  | $ | 1.24 |
Income per common share – diluted |  | $ | 0.43 |  | $ | 0.55 |  | $ | 0.95 |  | $ | 1.22 |

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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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