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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Summary of Unaudited Quarterly Results of Operations | The following tables present the quarterly results of operations for the years ended December 31, 2019 and 2018.
2019 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Net sales |  | $ | 213,256 |  |  | $ | 221,666 |  |  | $ | 213,897 |  |  | $ | 198,632 |
Cost of sales (exclusive of depreciation and amortization) |  | 162,187 |  |  | 164,099 |  |  | 161,074 |  |  | 154,279 |
Net income (loss) |  | (19,518 | ) |  | (7,283 | ) |  | (5,855 | ) |  | (14,085 | )
Comprehensive income (loss) |  | (22,053 | ) |  | (15,742 | ) |  | (17,976 | ) |  | (4,210 | )
Basic net income (loss) per common share |  | $ | (0.47 | ) |  | $ | (0.17 | ) |  | $ | (0.14 | ) |  | $ | (0.35 | )
Diluted net income (loss) per common share |  | $ | (0.47 | ) |  | $ | (0.17 | ) |  | $ | (0.14 | ) |  | $ | (0.35 | )
2018 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Net sales |  | $ | 168,487 |  |  | $ | 197,010 |  |  | $ | 205,683 |  |  | $ | 199,477 |
Cost of sales (exclusive of depreciation and amortization) |  | 126,160 |  |  | 149,588 |  |  | 156,510 |  |  | 156,923 |
Net income (loss) |  | (6,360 | ) |  | (25,317 | ) |  | (13,886 | ) |  | (217,424 | )
Comprehensive income (loss) |  | (890 | ) |  | (40,833 | ) |  | (18,134 | ) |  | (216,739 | )
Basic net income (loss) per common share |  | $ | (0.23 | ) |  | $ | (0.91 | ) |  | $ | (0.48 | ) |  | $ | (5.18 | )
Diluted net income (loss) per common share |  | $ | (0.23 | ) |  | $ | (0.91 | ) |  | $ | (0.48 | ) |  | $ | (5.18 | )
As further described in Note 2, during 2019 we identified misstatements in our previously issued financial statements which we are correcting through the revision of our previously issued financial statements. The effect of the revision on the 2019 and 2018 previously issued unaudited quarterly financial results is presented in the tables below. The revision of our 2019 quarterly financial statements will be effected in connection with the prospective issuance of 2020 quarterly filings on Form 10-Q.
| As Originally Reported |  | Adjustment |  | As Revised
Third Quarter 2019 |  |  |  |  |
Net sales | $ | 213,897 |  |  | $ | — |  |  | $ | 213,897 |
Cost of sales (exclusive of depreciation and amortization) | 160,816 |  |  | 258 |  |  | 161,074 |
Net income (loss) | (5,597 | ) |  | (258 | ) |  | (5,855 | )
Comprehensive income (loss) | (17,988 | ) |  | 12 |  |  | (17,976 | )
Basic net income (loss) per common share | $ | (0.13 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Diluted net income (loss) per common share | $ | (0.13 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Second Quarter 2019 |  |  |  |  |
Net sales | $ | 221,666 |  |  | $ | — |  |  | $ | 221,666 |
Cost of sales (exclusive of depreciation and amortization) | 163,513 |  |  | 586 |  |  | 164,099 |
Net income (loss) | (6,697 | ) |  | (586 | ) |  | (7,283 | )
Comprehensive income (loss) | (15,093 | ) |  | (649 | ) |  | (15,742 | )
Basic net income (loss) per common share | $ | (0.16 | ) |  | $ | (0.01 | ) |  | $ | (0.17 | )
Diluted net income (loss) per common share | $ | (0.16 | ) |  | $ | (0.01 | ) |  | $ | (0.17 | )
First Quarter 2019 |  |  |  |  |
Net sales | $ | 213,256 |  |  | $ | — |  |  | $ | 213,256 |
Cost of sales (exclusive of depreciation and amortization) | 161,269 |  |  | 918 |  |  | 162,187 |
Net income (loss) | (18,600 | ) |  | (918 | ) |  | (19,518 | )
Comprehensive income (loss) | (21,194 | ) |  | (859 | ) |  | (22,053 | )
Basic net income (loss) per common share | $ | (0.44 | ) |  | $ | (0.03 | ) |  | $ | (0.47 | )
Diluted net income (loss) per common share | $ | (0.44 | ) |  | $ | (0.03 | ) |  | $ | (0.47 | )
| As Originally Reported |  | Adjustment |  | As Revised
Fourth Quarter 2018 |  |  |  |  |
Net sales | $ | 199,477 |  |  | $ | — |  |  | $ | 199,477 |
Cost of sales (exclusive of depreciation and amortization) | 156,713 |  |  | 210 |  |  | 156,923 |
Net income (loss) | (220,189 | ) |  | 2,765 |  |  | (217,424 | )
Comprehensive income (loss) | (219,560 | ) |  | 2,821 |  |  | (216,739 | )
Basic net income (loss) per common share | $ | (5.25 | ) |  | $ | 0.07 |  |  | $ | (5.18 | )
Diluted net income (loss) per common share | $ | (5.25 | ) |  | $ | 0.07 |  |  | $ | (5.18 | )
Third Quarter 2018 |  |  |  |  |
Net sales | $ | 205,683 |  |  | $ | — |  |  | $ | 205,683 |
Cost of sales (exclusive of depreciation and amortization) | 156,408 |  |  | 102 |  |  | 156,510 |
Net income (loss) | (13,784 | ) |  | (102 | ) |  | (13,886 | )
Comprehensive income (loss) | (17,977 | ) |  | (157 | ) |  | (18,134 | )
Basic net income (loss) per common share | $ | (0.48 | ) |  | $ | — |  |  | $ | (0.48 | )
Diluted net income (loss) per common share | $ | (0.48 | ) |  | $ | — |  |  | $ | (0.48 | )
Second Quarter 2018 |  |  |  |  |
Net sales | $ | 196,349 |  |  | $ | 661 |  |  | $ | 197,010 |
Cost of sales (exclusive of depreciation and amortization) | 148,640 |  |  | 948 |  |  | 149,588 |
Net income (loss) | (24,511 | ) |  | (806 | ) |  | (25,317 | )
Comprehensive income (loss) | (40,292 | ) |  | (541 | ) |  | (40,833 | )
Basic net income (loss) per common share | $ | (0.89 | ) |  | $ | (0.02 | ) |  | $ | (0.91 | )
Diluted net income (loss) per common share | $ | (0.89 | ) |  | $ | (0.02 | ) |  | $ | (0.91 | )
First Quarter 2018 |  |  |  |  |
Net sales | $ | 169,148 |  |  | $ | (661 | ) |  | $ | 168,487 |
Cost of sales (exclusive of depreciation and amortization) | 126,444 |  |  | (284 | ) |  | 126,160 |
Net income (loss) | (5,983 | ) |  | (377 | ) |  | (6,360 | )
Comprehensive income (loss) | (518 | ) |  | (372 | ) |  | (890 | )
Basic net income (loss) per common share | $ | (0.22 | ) |  | $ | (0.01 | ) |  | $ | (0.23 | )
Diluted net income (loss) per common share | $ | (0.22 | ) |  | $ | (0.01 | ) |  | $ | (0.23 | )
The following tables present the quarterly results of operations for the years ended December 31, 2019 and 2018.
2019 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Net sales |  | $ | 213,256 |  |  | $ | 221,666 |  |  | $ | 213,897 |  |  | $ | 198,632 |
Cost of sales (exclusive of depreciation and amortization) |  | 162,187 |  |  | 164,099 |  |  | 161,074 |  |  | 154,279 |
Net income (loss) |  | (19,518 | ) |  | (7,283 | ) |  | (5,855 | ) |  | (14,085 | )
Comprehensive income (loss) |  | (22,053 | ) |  | (15,742 | ) |  | (17,976 | ) |  | (4,210 | )
Basic net income (loss) per common share |  | $ | (0.47 | ) |  | $ | (0.17 | ) |  | $ | (0.14 | ) |  | $ | (0.35 | )
Diluted net income (loss) per common share |  | $ | (0.47 | ) |  | $ | (0.17 | ) |  | $ | (0.14 | ) |  | $ | (0.35 | )
2018 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Net sales |  | $ | 168,487 |  |  | $ | 197,010 |  |  | $ | 205,683 |  |  | $ | 199,477 |
Cost of sales (exclusive of depreciation and amortization) |  | 126,160 |  |  | 149,588 |  |  | 156,510 |  |  | 156,923 |
Net income (loss) |  | (6,360 | ) |  | (25,317 | ) |  | (13,886 | ) |  | (217,424 | )
Comprehensive income (loss) |  | (890 | ) |  | (40,833 | ) |  | (18,134 | ) |  | (216,739 | )
Basic net income (loss) per common share |  | $ | (0.23 | ) |  | $ | (0.91 | ) |  | $ | (0.48 | ) |  | $ | (5.18 | )
Diluted net income (loss) per common share |  | $ | (0.23 | ) |  | $ | (0.91 | ) |  | $ | (0.48 | ) |  | $ | (5.18 | )
Schedule of Error Corrections and Prior Period Adjustments |
|  | Year Ended December 31, 2018
|  | As Originally Reported |  | Adjustment |  | As Revised
Cost of sales (exclusive of depreciation and amortization) |  | $ | 588,205 |  |  | $ | 976 |  |  | $ | 589,181 |
Income (loss) from operations |  | (178,888 | ) |  | (976 | ) |  | (179,864 | )
Loss before (provision) benefit for income taxes and share of net income from joint venture |  | (261,034 | ) |  | (976 | ) |  | (262,010 | )
Income tax benefit (expense) |  | 10,957 |  |  | 2,456 |  |  | 13,413 |
Income (loss) from continuing operations |  | (264,467 | ) |  | 1,480 |  |  | (262,987 | )
Net income (loss) |  | (264,467 | ) |  | 1,480 |  |  | (262,987 | )
Foreign currency translation gain (loss) |  | (13,880 | ) |  | 271 |  |  | (13,609 | )
Comprehensive income (loss) |  | (278,347 | ) |  | 1,751 |  |  | (276,596 | )
Basic net income (loss) per share |  | $ | (8.35 | ) |  | $ | 0.05 |  |  | $ | (8.30 | )
Diluted net income (loss) per share |  | $ | (8.35 | ) |  | $ | 0.05 |  |  | $ | (8.30 | )
The following table presents the effect of the correction of the misstatements on the Consolidated Balance Sheet as of December 31, 2018.
|  | As of December 31, 2018
|  | As Originally Reported |  | Adjustment |  | As Revised
Inventories |  | $ | 122,615 |  |  | $ | (1,690 | ) |  | $ | 120,925 |
Income tax receivable |  | 946 |  |  | 1,331 |  |  | 2,277 |
Other current assets |  | 21,901 |  |  | (309 | ) |  | 21,592 |
Total current assets |  | 296,871 |  |  | (668 | ) |  | 296,203 |
Total assets |  | 1,501,570 |  |  | (668 | ) |  | 1,500,902 |
Deferred tax liabilities |  | 93,482 |  |  | (1,644 | ) |  | 91,838 |
Total liabilities |  | 1,083,275 |  |  | (1,644 | ) |  | 1,081,631 |
Additional paid-in capital |  | 511,545 |  |  | (2,890 | ) |  | 508,655 |
Accumulated deficit |  | (62,046 | ) |  | 3,555 |  |  | (58,491 | )
Accumulated other comprehensive income (loss) |  | (31,625 | ) |  | 311 |  |  | (31,314 | )
Total stockholders' equity |  | 418,295 |  |  | 976 |  |  | 419,271 |
Total liabilities and stockholders' equity |  | 1,501,570 |  |  | (668 | ) |  | 1,500,902 |
The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Stockholders’ Equity.
|  | As Originally Reported |  | Adjustment |  | As Revised
As of and for the year ended December 31, 2017 |  |  |  |  |  |
Net income (loss) |  | $ | 163,052 |  |  | $ | (815 | ) |  | $ | 162,237 |
Retained earnings |  | 211,080 |  |  | (815 | ) |  | 210,265 |
Foreign currency translation gain (loss) |  | 22,094 |  |  | 40 |  |  | 22,134 |
Accumulated other comprehensive income (loss) |  | (17,745 | ) |  | 40 |  |  | (17,705 | )
Total stockholders' equity |  | 486,104 |  |  | (775 | ) |  | 485,329 |
As of and for the year ended December 31, 2018 |  |  |  |  |  |
Additional paid-in capital |  | $ | 511,545 |  |  | $ | (2,890 | ) |  | $ | 508,655 |
Net income (loss) |  | $ | (264,467 | ) |  | $ | 1,480 |  |  | $ | (262,987 | )
Accumulated deficit |  | (62,046 | ) |  | 3,555 |  |  | (58,491 | )
Foreign currency translation gain (loss) |  | (13,880 | ) |  | 271 |  |  | (13,609 | )
Accumulated other comprehensive income (loss) |  | (31,625 | ) |  | 311 |  |  | (31,314 | )
Total stockholders' equity |  | 418,295 |  |  | 976 |  |  | 419,271 |
The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Cash Flows.
|  | Year Ended December 31, 2017
|  | As Originally Reported |  | Adjustment |  | As Revised
Net income (loss) |  | $ | 163,052 |  |  | $ | (815 | ) |  | $ | 162,237 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
Inventories |  | (10,278 | ) |  | 1,334 |  |  | (8,944 | )
Other |  | (1,076 | ) |  | (519 | ) |  | (1,595 | )
|  | Year Ended December 31, 2018
|  | As Originally Reported |  | Adjustment |  | As Revised
Net income (loss) |  | $ | (264,467 | ) |  | $ | 1,480 |  |  | $ | (262,987 | )
Deferred income taxes |  | (20,758 | ) |  | (1,644 | ) |  | (22,402 | )
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
Inventories |  | (16,872 | ) |  | 664 |  |  | (16,208 | )
Income taxes receivable and payable, net |  | 40,946 |  |  | (1,331 | ) |  | 39,615 |
Other |  | (1,310 | ) |  | 831 |  |  | (479 | )
| As Originally Reported |  | Adjustment |  | As Revised
Third Quarter 2019 |  |  |  |  |
Net sales | $ | 213,897 |  |  | $ | — |  |  | $ | 213,897 |
Cost of sales (exclusive of depreciation and amortization) | 160,816 |  |  | 258 |  |  | 161,074 |
Net income (loss) | (5,597 | ) |  | (258 | ) |  | (5,855 | )
Comprehensive income (loss) | (17,988 | ) |  | 12 |  |  | (17,976 | )
Basic net income (loss) per common share | $ | (0.13 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Diluted net income (loss) per common share | $ | (0.13 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Second Quarter 2019 |  |  |  |  |
Net sales | $ | 221,666 |  |  | $ | — |  |  | $ | 221,666 |
Cost of sales (exclusive of depreciation and amortization) | 163,513 |  |  | 586 |  |  | 164,099 |
Net income (loss) | (6,697 | ) |  | (586 | ) |  | (7,283 | )
Comprehensive income (loss) | (15,093 | ) |  | (649 | ) |  | (15,742 | )
Basic net income (loss) per common share | $ | (0.16 | ) |  | $ | (0.01 | ) |  | $ | (0.17 | )
Diluted net income (loss) per common share | $ | (0.16 | ) |  | $ | (0.01 | ) |  | $ | (0.17 | )
First Quarter 2019 |  |  |  |  |
Net sales | $ | 213,256 |  |  | $ | — |  |  | $ | 213,256 |
Cost of sales (exclusive of depreciation and amortization) | 161,269 |  |  | 918 |  |  | 162,187 |
Net income (loss) | (18,600 | ) |  | (918 | ) |  | (19,518 | )
Comprehensive income (loss) | (21,194 | ) |  | (859 | ) |  | (22,053 | )
Basic net income (loss) per common share | $ | (0.44 | ) |  | $ | (0.03 | ) |  | $ | (0.47 | )
Diluted net income (loss) per common share | $ | (0.44 | ) |  | $ | (0.03 | ) |  | $ | (0.47 | )
| As Originally Reported |  | Adjustment |  | As Revised
Fourth Quarter 2018 |  |  |  |  |
Net sales | $ | 199,477 |  |  | $ | — |  |  | $ | 199,477 |
Cost of sales (exclusive of depreciation and amortization) | 156,713 |  |  | 210 |  |  | 156,923 |
Net income (loss) | (220,189 | ) |  | 2,765 |  |  | (217,424 | )
Comprehensive income (loss) | (219,560 | ) |  | 2,821 |  |  | (216,739 | )
Basic net income (loss) per common share | $ | (5.25 | ) |  | $ | 0.07 |  |  | $ | (5.18 | )
Diluted net income (loss) per common share | $ | (5.25 | ) |  | $ | 0.07 |  |  | $ | (5.18 | )
Third Quarter 2018 |  |  |  |  |
Net sales | $ | 205,683 |  |  | $ | — |  |  | $ | 205,683 |
Cost of sales (exclusive of depreciation and amortization) | 156,408 |  |  | 102 |  |  | 156,510 |
Net income (loss) | (13,784 | ) |  | (102 | ) |  | (13,886 | )
Comprehensive income (loss) | (17,977 | ) |  | (157 | ) |  | (18,134 | )
Basic net income (loss) per common share | $ | (0.48 | ) |  | $ | — |  |  | $ | (0.48 | )
Diluted net income (loss) per common share | $ | (0.48 | ) |  | $ | — |  |  | $ | (0.48 | )
Second Quarter 2018 |  |  |  |  |
Net sales | $ | 196,349 |  |  | $ | 661 |  |  | $ | 197,010 |
Cost of sales (exclusive of depreciation and amortization) | 148,640 |  |  | 948 |  |  | 149,588 |
Net income (loss) | (24,511 | ) |  | (806 | ) |  | (25,317 | )
Comprehensive income (loss) | (40,292 | ) |  | (541 | ) |  | (40,833 | )
Basic net income (loss) per common share | $ | (0.89 | ) |  | $ | (0.02 | ) |  | $ | (0.91 | )
Diluted net income (loss) per common share | $ | (0.89 | ) |  | $ | (0.02 | ) |  | $ | (0.91 | )
First Quarter 2018 |  |  |  |  |
Net sales | $ | 169,148 |  |  | $ | (661 | ) |  | $ | 168,487 |
Cost of sales (exclusive of depreciation and amortization) | 126,444 |  |  | (284 | ) |  | 126,160 |
Net income (loss) | (5,983 | ) |  | (377 | ) |  | (6,360 | )
Comprehensive income (loss) | (518 | ) |  | (372 | ) |  | (890 | )
Basic net income (loss) per common share | $ | (0.22 | ) |  | $ | (0.01 | ) |  | $ | (0.23 | )
Diluted net income (loss) per common share | $ | (0.22 | ) |  | $ | (0.01 | ) |  | $ | (0.23 | )

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