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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Jun. 30, 2013
Quarterly Financial Data [Abstract] |
Quarterly Financial Information | Quarterly Financial Data (Unaudited) The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2013. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented. The unaudited quarterly data presented below, with the exception of the quarter ended June 30, 2013, have been restated to correct errors related to the Company's accounting for certain postretirement benefit obligations for its retiree medical plan, failure to timely adopt accounting guidance relating to a postretirement death benefit, when originally issued, and failure to record the appropriate amounts reflecting the cash surrender value of life insurance policies purchased by the Company to fund the postretirement death benefit, as well as to reflect corrections for certain immaterial adjustments and reclassifications to conform to the current year presentation. See Note 2 for additional information. In addition, reconciliations from the amounts as originally reported to the applicable restated amounts for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011 can be found in the unaudited consolidated financial statements immediately following the tables below. The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters.
|  | September 30, 2012 |  | December 31, 2012 |  | March 31, 2013 |  | June 30, 2013
|  | As Restated |  | As Restated |  | As Restated |  |
|  | (In thousands, except per share data)
Net sales |  | $ | 119,153 |  |  | $ | 135,705 |  |  | $ | 126,343 |  |  | $ | 128,763 |
Gross profit |  | $ | 44,621 |  |  | $ | 50,353 |  |  | $ | 48,675 |  |  | $ | 47,490 |
(Loss) income from operations |  | $ | (1,419 | ) |  | $ | 547 |  |  | $ | (494 | ) |  | $ | (2,729 | )
Net income (loss) |  | $ | 2,979 |  |  | $ | (7,157 | ) |  | $ | (1,306 | ) |  | $ | (2,978 | )
Net income (loss) per common share—basic and diluted |  | $ | 0.19 |  |  | $ | (0.46 | ) |  | $ | (0.08 | ) |  | $ | (0.19 | )
|  | September 30, 2011 |  | December 31, 2011 |  | March 31, 2012 |  | June 30, 2012
|  | As Restated |  | As Restated |  | As Restated |  | As Restated
|  | (In thousands, except per share data)
Net sales |  | $ | 121,197 |  |  | $ | 131,770 |  |  | $ | 121,527 |  |  | $ | 120,948 |
Gross profit |  | $ | 39,685 |  |  | $ | 44,541 |  |  | $ | 43,147 |  |  | $ | 45,529 |
Loss from operations |  | $ | (4,334 | ) |  | $ | (5,353 | ) |  | $ | (3,812 | ) |  | $ | (8,615 | )
Net loss |  | $ | (7,280 | ) |  | $ | (3,813 | ) |  | $ | (5,211 | ) |  | $ | (10,272 | )
Net loss per common share—basic and diluted |  | $ | (0.48 | ) |  | $ | (0.25 | ) |  | $ | (0.33 | ) |  | $ | (0.65 | )
During the fourth quarter and for the fiscal year ended June 30, 2013, the Company recorded $0.1 million in impairment loss on indefinite-lived intangible assets (see Note 1). During the fourth quarter and for the fiscal year ended June 30, 2012, the Company recorded $5.1 million in impairment loss on goodwill and $0.5 million in impairment loss on its indefinite-lived intangible assets related to CBI (see Note 1). During the fourth quarter of fiscal 2012, the Company also recorded $9.2 million in income tax benefit (see Note 16). The following tables present the effects of adjustments made to the Company's previously reported unaudited consolidated quarterly financial statements for the quarters ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011. For further information regarding these adjustments, see Note 2. CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data) | March 31, 2013 |  | December 31, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5,525 |  |  | $ | — |  |  | $ | 5,525 |  |  | $ | 5,218 |  |  | $ | — |  |  | $ | 5,218 |
Restricted cash | 3,751 |  |  | — |  |  | 3,751 |  |  | — |  |  | 3,599 |  |  | 3,599 |
Short-term investments | 20,769 |  |  | — |  |  | 20,769 |  |  | 20,570 |  |  | (17 | ) |  | 20,553 |
Accounts and notes receivable, net | 42,793 |  |  | — |  |  | 42,793 |  |  | 43,752 |  |  | — |  |  | 43,752 |
Inventories | 67,273 |  |  | — |  |  | 67,273 |  |  | 68,385 |  |  | — |  |  | 68,385 |
Income tax receivable | 139 |  |  | (22 | ) |  | 117 |  |  | 478 |  |  | (6 | ) |  | 472 |
Prepaid expenses | 2,800 |  |  | — |  |  | 2,800 |  |  | 2,740 |  |  | — |  |  | 2,740 |
Total current assets | 143,050 |  |  | (22 | ) |  | 143,028 |  |  | 141,143 |  |  | 3,576 |  |  | 144,719 |
Property, plant and equipment, net | 93,837 |  |  | 1 |  |  | 93,838 |  |  | 98,159 |  |  | 1 |  |  | 98,160 |
Intangible assets, net | 6,586 |  |  | — |  |  | 6,586 |  |  | 6,929 |  |  | — |  |  | 6,929 |
Other assets | 3,026 |  |  | 2,221 |  |  | 5,247 |  |  | 3,052 |  |  | 2,221 |  |  | 5,273 |
Deferred income taxes | 854 |  |  | 7 |  |  | 861 |  |  | 854 |  |  | 7 |  |  | 861 |
Total assets | $ | 247,353 |  |  | $ | 2,207 |  |  | $ | 249,560 |  |  | $ | 250,137 |  |  | $ | 5,805 |  |  | $ | 255,942 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 30,909 |  |  | $ | (1,031 | ) |  | $ | 29,878 |  |  | $ | 31,594 |  |  | $ | (1,141 | ) |  | $ | 30,453 |
Accrued payroll expenses | 16,735 |  |  | (1,363 | ) |  | 15,372 |  |  | 18,372 |  |  | (1,363 | ) |  | 17,009 |
Short-term borrowings under revolving credit facility | 9,912 |  |  | — |  |  | 9,912 |  |  | 15,074 |  |  | — |  |  | 15,074 |
Short-term obligations under capital leases | 3,435 |  |  | — |  |  | 3,435 |  |  | 3,527 |  |  | — |  |  | 3,527 |
Short-term derivative liability | — |  | — |  | 5,916 |  |  | 5,916 |  |  | — |  |  | 6,292 |  |  | 6,292 |
Deferred income taxes | 1,480 |  |  | (35 | ) |  | 1,445 |  |  | 1,479 |  |  | (34 | ) |  | 1,445 |
Other current liabilities | 16,492 |  |  | (9,764 | ) |  | 6,728 |  |  | 11,691 |  |  | (6,449 | ) |  | 5,242 |
Total current liabilities | 78,963 |  |  | (6,277 | ) |  | 72,686 |  |  | 81,737 |  |  | (2,695 | ) |  | 79,042 |
Long-term borrowings under revolving credit facility | 10,000 |  |  | — |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | 10,000 |
Accrued postretirement benefits | 35,393 |  |  | (12,404 | ) |  | 22,989 |  |  | 35,158 |  |  | (12,280 | ) |  | 22,878 |
Other long-term liabilities—capital leases | 9,552 |  |  | — |  |  | 9,552 |  |  | 10,617 |  |  | — |  |  | 10,617 |
Accrued pension liabilities | 41,973 |  |  | 5,678 |  |  | 47,651 |  |  | 41,778 |  |  | 5,678 |  |  | 47,456 |
Accrued workers’ compensation liabilities | 4,022 |  |  | — |  |  | 4,022 |  |  | 4,022 |  |  | — |  |  | 4,022 |
Deferred income taxes | 718 |  |  | 41 |  |  | 759 |  |  | 607 |  |  | 41 |  |  | 648 |
Total liabilities | $ | 180,621 |  |  | $ | (12,962 | ) |  | $ | 167,659 |  |  | $ | 183,919 |  |  | $ | (9,256 | ) |  | $ | 174,663 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,449,456 and 16,341,662 issued and outstanding as of March 31, 2013 and December 31, 2012, respectively | 16,449 |  |  | — |  |  | 16,449 |  |  | 16,342 |  |  | — |  |  | 16,342 |
(In thousands, except share and per share data) | March 31, 2013 |  | December 31, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Additional paid-in capital | 33,728 |  |  | — |  |  | 33,728 |  |  | 31,906 |  |  | — |  |  | 31,906 |
Retained earnings | 94,620 |  |  | 2,436 |  |  | 97,056 |  |  | 96,035 |  |  | 2,328 |  |  | 98,363 |
Unearned ESOP shares | (20,836 | ) |  | — |  |  | (20,836 | ) |  | (20,836 | ) |  | — |  |  | (20,836 | )
Less accumulated other comprehensive loss (income) | (57,229 | ) |  | 12,733 |  |  | (44,496 | ) |  | (57,229 | ) |  | 12,733 |  |  | (44,496 | )
Total stockholders’ equity | $ | 66,732 |  |  | $ | 15,169 |  |  | $ | 81,901 |  |  | $ | 66,218 |  |  | $ | 15,061 |  |  | $ | 81,279 |
Total liabilities and stockholders’ equity | $ | 247,353 |  |  | $ | 2,207 |  |  | $ | 249,560 |  |  | $ | 250,137 |  |  | $ | 5,805 |  |  | $ | 255,942 |
_______________
(1) | For details see the introduction section included in Note 2.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data) | September 30, 2012 |  | March 31, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,545 |  |  | $ | — |  |  | $ | 2,545 |  |  | $ | 3,463 |  |  | $ | — |  |  | $ | 3,463 |
Restricted cash | — |  |  | 129 |  |  | 129 |  |  | — |  |  | 1,774 |  |  | $ | 1,774 |
Short-term investments | 20,591 |  |  | (105 | ) |  | 20,486 |  |  | 18,715 |  |  | (229 | ) |  | 18,486 |
Accounts and notes receivable, net | 43,139 |  |  | — |  |  | 43,139 |  |  | 41,685 |  |  | — |  |  | 41,685 |
Inventories | 69,924 |  |  | — |  |  | 69,924 |  |  | 75,762 |  |  | (311 | ) |  | 75,451 |
Income tax receivable | 388 |  |  | (19 | ) |  | 369 |  |  | 825 |  |  | 5 |  |  | 830 |
Prepaid expenses | 3,091 |  |  | — |  |  | 3,091 |  |  | 2,792 |  |  | (1 | ) |  | 2,791 |
Total current assets | 139,678 |  |  | 5 |  |  | 139,683 |  |  | 143,242 |  |  | 1,238 |  |  | 144,480 |
Property, plant and equipment, net | 103,315 |  |  | 2 |  |  | 103,317 |  |  | 106,622 |  |  | 233 |  |  | 106,855 |
Goodwill | — |  |  | — |  |  | — |  |  | 5,310 |  |  | — |  |  | 5,310 |
Intangible assets, net | 7,272 |  |  | — |  |  | 7,272 |  |  | 8,232 |  |  | — |  |  | 8,232 |
Other assets | 3,138 |  |  | 2,220 |  |  | 5,358 |  |  | 2,766 |  |  | 2,073 |  |  | 4,839 |
Deferred income taxes | 854 |  |  | 7 |  |  | 861 |  |  | 1,005 |  |  | 2 |  |  | 1,007 |
Total assets | $ | 254,257 |  |  | $ | 2,234 |  |  | $ | 256,491 |  |  | $ | 267,177 |  |  | $ | 3,546 |  |  | $ | 270,723 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 29,201 |  |  | $ | (5 | ) |  | $ | 29,196 |  |  | $ | 31,688 |  |  | $ | — |  |  | $ | 31,688 |
Accrued payroll expenses | 19,704 |  |  | (1,363 | ) |  | 18,341 |  |  | 16,757 |  |  | 1,283 |  |  | 18,040 |
Short-term borrowings under revolving credit facility | 24,996 |  |  | — |  |  | 24,996 |  |  | 28,702 |  |  | — |  |  | 28,702 |
Short-term obligations under capital leases | 3,683 |  |  | — |  |  | 3,683 |  |  | 2,745 |  |  | — |  |  | 2,745 |
Short-term derivative liability | — |  |  | 29 |  |  | 29 |  |  | — |  |  | 2,585 |  |  | 2,585 |
Deferred income taxes | 1,480 |  |  | (35 | ) |  | 1,445 |  |  | 500 |  |  | (24 | ) |  | 476 |
Other current liabilities | 10,148 |  |  | (4,880 | ) |  | 5,268 |  |  | 12,005 |  |  | (6,718 | ) |  | 5,287 |
Total current liabilities | 89,212 |  |  | (6,254 | ) |  | 82,958 |  |  | 92,397 |  |  | (2,874 | ) |  | 89,523 |
Accrued postretirement benefits | 34,970 |  |  | (12,155 | ) |  | 22,815 |  |  | 24,715 |  |  | (5,476 | ) |  | 19,239 |
Other long-term liabilities—capital leases | 11,368 |  |  | — |  |  | 11,368 |  |  | 9,759 |  |  | — |  |  | 9,759 |
Accrued pension liabilities | 41,539 |  |  | 5,678 |  |  | 47,217 |  |  | 21,231 |  |  | 5,678 |  |  | 26,909 |
Accrued workers’ compensation liabilities | 4,131 |  |  | — |  |  | 4,131 |  |  | 3,821 |  |  | — |  |  | 3,821 |
Deferred income taxes | 607 |  |  | 42 |  |  | 649 |  |  | 1,815 |  |  | 27 |  |  | 1,842 |
Total liabilities | $ | 181,827 |  |  | $ | (12,689 | ) |  | $ | 169,138 |  |  | $ | 153,738 |  |  | $ | (2,645 | ) |  | $ | 151,093 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,314,154 and 16,281,035 issued and outstanding as of September 30, 2012 and March 31, 2012, respectively | 16,314 |  |  | — |  |  | 16,314 |  |  | 16,281 |  |  | — |  |  | 16,281 |
Additional paid-in capital | 35,653 |  |  | — |  |  | 35,653 |  |  | 34,093 |  |  | — |  |  | 34,093 |
(In thousands, except share and per share data) | September 30, 2012 |  | March 31, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Retained earnings | 103,329 |  |  | 2,190 |  |  | 105,519 |  |  | 112,589 |  |  | 225 |  |  | 112,814 |
Unearned ESOP shares | (25,637 | ) |  | — |  |  | (25,637 | ) |  | (25,636 | ) |  | — |  |  | (25,636 | )
Less accumulated other comprehensive loss (income) | (57,229 | ) |  | 12,733 |  |  | (44,496 | ) |  | (23,888 | ) |  | 5,966 |  |  | (17,922 | )
Total stockholders’ equity | $ | 72,430 |  |  | $ | 14,923 |  |  | $ | 87,353 |  |  | $ | 113,439 |  |  | $ | 6,191 |  |  | $ | 119,630 |
Total liabilities and stockholders’ equity | $ | 254,257 |  |  | $ | 2,234 |  |  | $ | 256,491 |  |  | $ | 267,177 |  |  | $ | 3,546 |  |  | $ | 270,723 |
_______________
(1) | For details see the introduction section included in Note 2.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data) | December 31, 2011 |  | September 30, 2011
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 4,121 |  |  | $ | — |  |  | $ | 4,121 |  |  | $ | 4,552 |  |  | $ | — |  |  | $ | 4,552 |
Restricted cash | — |  |  | 1,813 |  |  | 1,813 |  |  | — |  |  | 628 |  |  | 628 |
Short-term investments | 18,881 |  |  | (1,249 | ) |  | 17,632 |  |  | 16,193 |  |  | (368 | ) |  | 15,825 |
Accounts and notes receivable, net | 44,765 |  |  | — |  |  | 44,765 |  |  | 44,554 |  |  | — |  |  | 44,554 |
Inventories | 78,185 |  |  | (311 | ) |  | 77,874 |  |  | 83,408 |  |  | (310 | ) |  | 83,098 |
Income tax receivable | 170 |  |  | 8 |  |  | 178 |  |  | 161 |  |  | 7 |  |  | 168 |
Prepaid expenses | 3,196 |  |  | — |  |  | 3,196 |  |  | 2,249 |  |  | — |  |  | 2,249 |
Total current assets | 149,318 |  |  | 261 |  |  | 149,579 |  |  | 151,117 |  |  | (43 | ) |  | 151,074 |
Property, plant and equipment, net | 104,798 |  |  | 233 |  |  | 105,031 |  |  | 108,711 |  |  | 233 |  |  | 108,944 |
Goodwill and intangible assets, net | 13,902 |  |  | — |  |  | 13,902 |  |  | 14,270 |  |  | — |  |  | 14,270 |
Other assets | 2,803 |  |  | 2,074 |  |  | 4,877 |  |  | 2,846 |  |  | 2,073 |  |  | 4,919 |
Deferred income taxes | 1,005 |  |  | 2 |  |  | 1,007 |  |  | 1,005 |  |  | 2 |  |  | 1,007 |
Total assets | $ | 271,826 |  |  | $ | 2,570 |  |  | $ | 274,396 |  |  | $ | 277,949 |  |  | $ | 2,265 |  |  | $ | 280,214 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 39,818 |  |  | $ | — |  |  | $ | 39,818 |  |  | $ | 38,414 |  |  | $ | (268 | ) |  | $ | 38,146 |
Accrued payroll expenses | 17,243 |  |  | 1,282 |  |  | 18,525 |  |  | 14,888 |  |  | 1,283 |  |  | 16,171 |
Short-term borrowings under revolving credit facility | 25,971 |  |  | — |  |  | 25,971 |  |  | 33,398 |  |  | — |  |  | 33,398 |
Short-term obligations under capital leases | 1,674 |  |  | — |  |  | 1,674 |  |  | 1,588 |  |  | — |  |  | 1,588 |
Short-term derivative liability | — |  |  | 794 |  |  | 794 |  |  | — |  |  | 3,283 |  |  | 3,283 |
Deferred income taxes | 500 |  |  | (24 | ) |  | 476 |  |  | 500 |  |  | (24 | ) |  | 476 |
Other current liabilities | 10,183 |  |  | (5,907 | ) |  | 4,276 |  |  | 12,495 |  |  | (8,432 | ) |  | 4,063 |
Total current liabilities | 95,389 |  |  | (3,855 | ) |  | 91,534 |  |  | 101,283 |  |  | (4,158 | ) |  | 97,125 |
Accrued postretirement benefits | 24,352 |  |  | (5,180 | ) |  | 19,172 |  |  | 23,911 |  |  | (4,884 | ) |  | 19,027 |
Other long-term liabilities—capital leases | 6,254 |  |  | — |  |  | 6,254 |  |  | 6,664 |  |  | — |  |  | 6,664 |
Accrued pension liabilities | 22,495 |  |  | 5,678 |  |  | 28,173 |  |  | 19,316 |  |  | 5,677 |  |  | 24,993 |
Accrued workers’ compensation liabilities | 3,624 |  |  | — |  |  | 3,624 |  |  | 3,639 |  |  | — |  |  | 3,639 |
Deferred income taxes | 1,815 |  |  | 27 |  |  | 1,842 |  |  | 1,815 |  |  | 27 |  |  | 1,842 |
Total liabilities | $ | 153,929 |  |  | $ | (3,330 | ) |  | $ | 150,599 |  |  | $ | 156,628 |  |  | $ | (3,338 | ) |  | $ | 153,290 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $1.00 par value, 500,000 shares authorized and none issued | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Common stock, $1.00 par value, 25,000,000 shares authorized; 16,261,723 and 16,186,852 issued and outstanding as of December 31, 2011 and September 30, 2011, respectively | 16,262 |  |  | — |  |  | 16,262 |  |  | 16,187 |  |  | — |  |  | 16,187 |
Additional paid-in capital | 33,071 |  |  | — |  |  | 33,071 |  |  | 37,259 |  |  | — |  |  | 37,259 |
Retained earnings | 118,089 |  |  | (66 | ) |  | 118,023 |  |  | 122,200 |  |  | (363 | ) |  | 121,837 |
(In thousands, except share and per share data) | December 31, 2011 |  | September 30, 2011
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Unearned ESOP shares | (25,637 | ) |  |  |  | (25,637 | ) |  | (30,437 | ) |  | — |  |  | (30,437 | )
Less accumulated other comprehensive loss (income) | (23,888 | ) |  | 5,966 |  |  | (17,922 | ) |  | (23,888 | ) |  | 5,966 |  |  | (17,922 | )
Total stockholders’ equity | $ | 117,897 |  |  | $ | 5,900 |  |  | $ | 123,797 |  |  | $ | 121,321 |  |  | $ | 5,603 |  |  | $ | 126,924 |
Total liabilities and stockholders’ equity | $ | 271,826 |  |  | $ | 2,570 |  |  | $ | 274,396 |  |  | $ | 277,949 |  |  | $ | 2,265 |  |  | $ | 280,214 |
_______________
(1) | For details see the introduction section included in Note 2.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) | Three Months Ended September 30, 2012 |  | Three Months Ended September 30, 2011
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Net sales | $ | 119,153 |  |  | $ | — |  |  | $ | 119,153 |  |  | $ | 121,197 |  |  | $ | — |  |  | $ | 121,197 |
Cost of goods sold | 74,532 |  |  | — |  |  | 74,532 |  |  | 81,512 |  |  | — |  |  | 81,512 |
Gross profit | 44,621 |  |  | — |  |  | 44,621 |  |  | 39,685 |  |  | — |  |  | 39,685 |
Selling expenses | 37,271 |  |  | — |  |  | 37,271 |  |  | 35,681 |  |  | — |  |  | 35,681 |
General and administrative expenses | 8,893 |  |  | (124 | ) |  | 8,769 |  |  | 8,634 |  |  | (296 | ) |  | 8,338 |
Operating expenses | 46,164 |  |  | (124 | ) |  | 46,040 |  |  | 44,315 |  |  | (296 | ) |  | 44,019 |
(Loss) income from operations | (1,543 | ) |  | 124 |  |  | (1,419 | ) |  | (4,630 | ) |  | 296 |  |  | (4,334 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Dividend income | 259 |  |  | — |  |  | 259 |  |  | 359 |  |  | — |  |  | 359 |
Interest income | 92 |  |  | — |  |  | 92 |  |  | 15 |  |  | — |  |  | 15 |
Interest expense | (457 | ) |  | — |  |  | (457 | ) |  | (575 | ) |  | — |  |  | (575 | )
Other, net | 4,945 |  |  | — |  |  | 4,945 |  |  | (2,407 | ) |  | — |  |  | (2,407 | )
Total other income (expense) | 4,839 |  |  | — |  |  | 4,839 |  |  | (2,608 | ) |  | — |  |  | (2,608 | )
Income (loss) before taxes | 3,296 |  |  | 124 |  |  | 3,420 |  |  | (7,238 | ) |  | 296 |  |  | (6,942 | )
Income tax expense | 422 |  |  | 19 |  |  | 441 |  |  | 346 |  |  | (8 | ) |  | 338 |
Net income (loss) | $ | 2,874 |  |  | $ | 105 |  |  | $ | 2,979 |  |  | $ | (7,584 | ) |  | $ | 304 |  |  | $ | (7,280 | )
Net income (loss) per common share—basic and diluted | $ | 0.19 |  |  |  |  |  | $ | 0.19 |  |  | $ | (0.50 | ) |  |  |  |  | $ | (0.48 | )
Weighted average common shares outstanding—basic and diluted | 15,490 |  |  |  |  | 15,490 |  |  | 15,182 |  |  |  |  | 15,182 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Three Months Ended September 30, 2012 |  | Three Months Ended September 30, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Net income (loss) | $ | 2,874 |  |  | $ | 105 |  |  | $ | 2,979 |  |  | $ | (7,584 | ) |  | $ | 304 |  |  | $ | (7,280 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Change in the funded status of retiree benefit obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income (loss), net of tax | $ | 2,874 |  |  | $ | 105 |  |  | $ | 2,979 |  |  | $ | (7,584 | ) |  | $ | 304 |  |  | $ | (7,280 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) | Three Months Ended December 31, 2012 |  | Six Months Ended December 31, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Net sales | $ | 135,705 |  |  | $ | — |  |  | $ | 135,705 |  |  | $ | 254,858 |  |  | $ | — |  |  | $ | 254,858 |
Cost of goods sold | 85,352 |  |  | — |  |  | 85,352 |  |  | 159,884 |  |  | — |  |  | 159,884 |
Gross profit | 50,353 |  |  | — |  |  | 50,353 |  |  | 94,974 |  |  | — |  |  | 94,974 |
Selling expenses | 40,765 |  |  | — |  |  | 40,765 |  |  | 78,036 |  |  | — |  |  | 78,036 |
General and administrative expenses | 9,165 |  |  | (124 | ) |  | 9,041 |  |  | 18,058 |  |  | (248 | ) |  | 17,810 |
Operating expenses | 49,930 |  |  | (124 | ) |  | 49,806 |  |  | 96,094 |  |  | (248 | ) |  | 95,846 |
Income (loss) from operations | 423 |  |  | 124 |  |  | 547 |  |  | (1,120 | ) |  | 248 |  |  | (872 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Dividend income | 284 |  |  | — |  |  | 284 |  |  | 543 |  |  | — |  |  | 543 |
Interest income | 99 |  |  | — |  |  | 99 |  |  | 191 |  |  | — |  |  | 191 |
Interest expense | (463 | ) |  | — |  |  | (463 | ) |  | (920 | ) |  | — |  |  | (920 | )
Other, net | (7,656 | ) |  | — |  |  | (7,656 | ) |  | (2,711 | ) |  | — |  |  | (2,711 | )
Total other expense | (7,736 | ) |  | — |  |  | (7,736 | ) |  | (2,897 | ) |  | — |  |  | (2,897 | )
(Loss) income before taxes | (7,313 | ) |  | 124 |  |  | (7,189 | ) |  | (4,017 | ) |  | 248 |  |  | (3,769 | )
Income tax (benefit) expense | (19 | ) |  | (13 | ) |  | (32 | ) |  | 403 |  |  | 6 |  |  | 409 |
Net (loss) income | $ | (7,294 | ) |  | $ | 137 |  |  | $ | (7,157 | ) |  | $ | (4,420 | ) |  | $ | 242 |  |  | $ | (4,178 | )
Net (loss) income per common share—basic and diluted | $ | (0.47 | ) |  |  |  |  | $ | (0.46 | ) |  | $ | (0.28 | ) |  |  |  |  | $ | (0.27 | )
Weighted average common shares outstanding—basic and diluted | 15,548 |  |  |  |  |  | 15,548 |  |  | 15,520 |  |  |  |  |  | 15,520 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Three Months Ended December 31, 2012 |  | Six Months Ended December 31, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Net (loss) income | $ | (7,294 | ) |  | $ | 137 |  |  | $ | (7,157 | ) |  | $ | (4,420 | ) |  | $ | 242 |  |  | $ | (4,178 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Change in the funded status of retiree benefit obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive (loss) income, net of tax | $ | (7,294 | ) |  | $ | 137 |  |  | $ | (7,157 | ) |  | $ | (4,420 | ) |  | $ | 242 |  |  | $ | (4,178 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) | Three Months Ended December 31, 2011 |  | Six Months Ended December 31, 2011
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Net sales | $ | 131,770 |  |  | $ | — |  |  | $ | 131,770 |  |  | $ | 252,967 |  |  | $ | — |  |  | $ | 252,967 |
Cost of goods sold | 87,229 |  |  | — |  |  | 87,229 |  |  | 168,741 |  |  | — |  |  | 168,741 |
Gross profit | 44,541 |  |  | — |  |  | 44,541 |  |  | 84,226 |  |  | — |  |  | 84,226 |
Selling expenses | 36,771 |  |  | — |  |  | 36,771 |  |  | 72,452 |  |  | — |  |  | 72,452 |
General and administrative expenses | 9,071 |  |  | (296 | ) |  | 8,775 |  |  | 17,705 |  |  | (592 | ) |  | 17,113 |
Pension withdrawal expense | 4,348 |  |  | — |  |  | 4,348 |  |  | 4,348 |  |  | — |  |  | 4,348 |
Operating expenses | 50,190 |  |  | (296 | ) |  | 49,894 |  |  | 94,505 |  |  | (592 | ) |  | 93,913 |
(Loss) income from operations | (5,649 | ) |  | 296 |  |  | (5,353 | ) |  | (10,279 | ) |  | 592 |  |  | (9,687 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Dividend income | 304 |  |  | — |  |  | 304 |  |  | 663 |  |  | — |  |  | 663 |
Interest income | 21 |  |  | — |  |  | 21 |  |  | 36 |  |  | — |  |  | 36 |
Interest expense | (506 | ) |  | — |  |  | (506 | ) |  | (1,081 | ) |  | — |  |  | (1,081 | )
Other, net | 1,780 |  |  | — |  |  | 1,780 |  |  | (627 | ) |  | — |  |  | (627 | )
Total other income (expense) | 1,599 |  |  | — |  |  | 1,599 |  |  | (1,009 | ) |  | — |  |  | (1,009 | )
(Loss) income before taxes | (4,050 | ) |  | 296 |  |  | (3,754 | ) |  | (11,288 | ) |  | 592 |  |  | (10,696 | )
Income tax expense (benefit) | 60 |  |  | (1 | ) |  | 59 |  |  | 406 |  |  | (9 | ) |  | 397 |
Net (loss) income | $ | (4,110 | ) |  | $ | 297 |  |  | $ | (3,813 | ) |  | $ | (11,694 | ) |  | $ | 601 |  |  | $ | (11,093 | )
Net (loss) income per common share—basic and diluted | $ | (0.27 | ) |  |  |  |  | $ | (0.25 | ) |  | $ | (0.77 | ) |  |  |  |  | $ | (0.73 | )
Weighted average common shares outstanding—basic and diluted | 15,247 |  |  |  |  | 15,247 |  |  | 15,215 |  |  |  |  | 15,215 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Three Months Ended December 31, 2011 |  | Six Months Ended December 31, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Net (loss) income | $ | (4,110 | ) |  | $ | 297 |  |  | $ | (3,813 | ) |  | $ | (11,694 | ) |  | $ | 601 |  |  | $ | (11,093 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Change in the funded status of retiree benefit obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive (loss) income, net of tax | $ | (4,110 | ) |  | $ | 297 |  |  | $ | (3,813 | ) |  | $ | (11,694 | ) |  | $ | 601 |  |  | $ | (11,093 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) | Three Months Ended March 31, 2013 |  | Nine Months Ended March 31, 2013
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Net sales | $ | 126,343 |  |  | $ | — |  |  | $ | 126,343 |  |  | $ | 381,201 |  |  | $ | — |  |  | $ | 381,201 |
Cost of goods sold | 77,668 |  |  | — |  |  | 77,668 |  |  | 237,552 |  |  | — |  |  | 237,552 |
Gross profit | 48,675 |  |  | — |  |  | 48,675 |  |  | 143,649 |  |  | — |  |  | 143,649 |
Selling expenses | 39,135 |  |  | — |  |  | 39,135 |  |  | 117,171 |  |  | — |  |  | 117,171 |
General and administrative expenses | 10,159 |  |  | (125 | ) |  | 10,034 |  |  | 28,217 |  |  | (373 | ) |  | 27,844 |
Operating expenses | 49,294 |  |  | (125 | ) |  | 49,169 |  |  | 145,388 |  |  | (373 | ) |  | 145,015 |
(Loss) income from operations | (619 | ) |  | 125 |  |  | (494 | ) |  | (1,739 | ) |  | 373 |  |  | (1,366 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Dividend income | 286 |  |  | — |  |  | 286 |  |  | 829 |  |  | — |  |  | 829 |
Interest income | 92 |  |  | — |  |  | 92 |  |  | 283 |  |  | — |  |  | 283 |
Interest expense | (466 | ) |  | — |  |  | (466 | ) |  | (1,386 | ) |  | — |  |  | (1,386 | )
Other, net | (764 | ) |  | — |  |  | (764 | ) |  | (3,475 | ) |  | — |  |  | (3,475 | )
Total other expense | (852 | ) |  | — |  |  | (852 | ) |  | (3,749 | ) |  | — |  |  | (3,749 | )
(Loss) income before taxes | (1,471 | ) |  | 125 |  |  | (1,346 | ) |  | (5,488 | ) |  | 373 |  |  | (5,115 | )
Income tax (benefit) expense | (56 | ) |  | 16 |  |  | (40 | ) |  | 347 |  |  | 22 |  |  | 369 |
Net (loss) income | $ | (1,415 | ) |  | $ | 109 |  |  | $ | (1,306 | ) |  | $ | (5,835 | ) |  | $ | 351 |  |  | $ | (5,484 | )
Net (loss) income per common share—basic and diluted | $ | (0.09 | ) |  |  |  |  | $ | (0.08 | ) |  | $ | (0.38 | ) |  |  |  |  | $ | (0.35 | )
Weighted average common shares outstanding—basic and diluted | 15,600 |  |  |  |  | 15,600 |  |  | 15,541 |  |  |  |  | 15,541 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Three Months Ended March 31, 2013 |  | Nine Months Ended March 31, 2013
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Net income (loss) | $ | (1,415 | ) |  | $ | 109 |  |  | $ | (1,306 | ) |  | $ | (5,835 | ) |  | $ | 351 |  |  | $ | (5,484 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Change in the funded status of retiree benefit obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income (loss), net of tax | $ | (1,415 | ) |  | $ | 109 |  |  | $ | (1,306 | ) |  | $ | (5,835 | ) |  | $ | 351 |  |  | $ | (5,484 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data) | Three Months Ended March 31, 2012 |  | Nine Months Ended March 31, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated |  | Previously Reported |  | Adjustments (1) |  | As Restated
Net sales | $ | 121,527 |  |  | $ | — |  |  | $ | 121,527 |  |  | $ | 374,494 |  |  | $ | — |  |  | $ | 374,494 |
Cost of goods sold | 78,380 |  |  | — |  |  | 78,380 |  |  | 247,121 |  |  | — |  |  | 247,121 |
Gross profit | 43,147 |  |  | — |  |  | 43,147 |  |  | 127,373 |  |  | — |  |  | 127,373 |
Selling expenses | 37,909 |  |  | — |  |  | 37,909 |  |  | 110,361 |  |  | — |  |  | 110,361 |
General and administrative expenses | 9,345 |  |  | (295 | ) |  | 9,050 |  |  | 27,050 |  |  | (887 | ) |  | 26,163 |
Pension withdrawal expense | — |  |  | — |  |  | — |  |  | 4,348 |  |  | — |  |  | 4,348 |
Operating expenses | 47,254 |  |  | (295 | ) |  | 46,959 |  |  | 141,759 |  |  | (887 | ) |  | 140,872 |
(Loss) income from operations | (4,107 | ) |  | 295 |  |  | (3,812 | ) |  | (14,386 | ) |  | 887 |  |  | (13,499 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Dividend income | 295 |  |  | — |  |  | 295 |  |  | 958 |  |  | — |  |  | 958 |
Interest income | 63 |  |  | — |  |  | 63 |  |  | 99 |  |  | — |  |  | 99 |
Interest expense | (498 | ) |  | — |  |  | (498 | ) |  | (1,579 | ) |  | — |  |  | (1,579 | )
Other, net | (1,831 | ) |  | — |  |  | (1,831 | ) |  | (2,458 | ) |  | — |  |  | (2,458 | )
Total other (expense) income | (1,971 | ) |  | — |  |  | (1,971 | ) |  | (2,980 | ) |  | — |  |  | (2,980 | )
(Loss) income before taxes | (6,078 | ) |  | 295 |  |  | (5,783 | ) |  | (17,366 | ) |  | 887 |  |  | (16,479 | )
Income tax (benefit) expense | (577 | ) |  | 5 |  |  | (572 | ) |  | (171 | ) |  | (4 | ) |  | (175 | )
Net (loss) income | $ | (5,501 | ) |  | $ | 290 |  |  | $ | (5,211 | ) |  | $ | (17,195 | ) |  | $ | 891 |  |  | $ | (16,304 | )
Net (loss) income per common share—basic and diluted | $ | (0.35 | ) |  |  |  |  | $ | (0.33 | ) |  | $ | (1.11 | ) |  |  |  |  | $ | (1.06 | )
Weighted average common shares outstanding—basic and diluted | 15,592 |  |  |  |  | 15,592 |  |  | 15,449 |  |  |  |  | 15,449 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Three Months Ended March 31, 2012 |  | Nine Months Ended March 31, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Net (loss) income | $ | (5,501 | ) |  | $ | 290 |  |  | $ | (5,211 | ) |  | $ | (17,195 | ) |  | $ | 891 |  |  | $ | (16,304 | )
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |
Change in the funded status of retiree benefit obligations |  |  |  |  |  |  |  |  |  |  |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive (loss) income, net of tax | $ | (5,501 | ) |  | $ | 290 |  |  | $ | (5,211 | ) |  | $ | (17,195 | ) |  | $ | 891 |  |  | $ | (16,304 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) | Three Months Ended June 30, 2012
| Previously Reported |  | Adjustments (1) |  | As Restated
Net sales | $ | 120,948 |  |  | $ | — |  |  | $ | 120,948 |
Cost of goods sold | 75,497 |  |  | (78 | ) |  | 75,419 |
Gross profit | 45,451 |  |  | 78 |  |  | 45,529 |
Selling expenses | 40,280 |  |  | — |  |  | 40,280 |
General and administrative expenses | 9,847 |  |  | (1,788 | ) |  | 8,059 |
Impairment losses on goodwill and intangible assets | 5,585 |  |  | — |  |  | 5,585 |
Pension withdrawal expense | 220 |  |  | — |  |  | 220 |
Operating expenses | 55,932 |  |  | (1,788 | ) |  | 54,144 |
Loss (income) from operations | (10,481 | ) |  | 1,866 |  |  | (8,615 | )
Other income (expense): |  |  |  |  |
Dividend income | 273 |  |  | — |  |  | 273 |
Interest income | 115 |  |  | — |  |  | 115 |
Interest expense | (558 | ) |  | — |  |  | (558 | )
Other, net | (1,659 | ) |  | — |  |  | (1,659 | )
Total other expense | (1,829 | ) |  | — |  |  | (1,829 | )
(Loss) income before taxes | (12,310 | ) |  | 1,866 |  |  | (10,444 | )
Income tax (benefit) expense | (176 | ) |  | 4 |  |  | (172 | )
Net (loss) income | (12,134 | ) |  | 1,862 |  |  | (10,272 | )
Net (loss) income per common share—basic and diluted | $ | (0.77 | ) |  |  |  |  | $ | (0.65 | )
Weighted average common shares outstanding—basic and diluted | 15,723 |  |  |  |  | 15,723 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) | Three Months Ended June 30, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated
Net (loss) income | $ | (12,134 | ) |  | $ | 1,862 |  |  | $ | (10,272 | )
Other comprehensive (loss) income: |  |  |  |  |
Change in the funded status of retiree benefit obligations | (33,341 | ) |  | 6,641 |  |  | (26,700 | )
Income tax (expense) benefit | — |  |  | — |  |  | — |
Total comprehensive (loss) income, net of tax | $ | (45,475 | ) |  | $ | 8,503 |  |  | $ | (36,972 | )
_______________ (1) See summary table of the impact of the restatement corrections and immaterial adjustments on the consolidated statements of operations and comprehensive income (loss) included in Note 2. CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) | Three Months Ended September 30, 2012 |  | Three Months Ended September 30, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net loss | $ | 2,874 |  |  | $ | 105 |  |  | $ | 2,979 |  |  | $ | (7,584 | ) |  | $ | 304 |  |  | $ | (7,280 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 8,340 |  |  | — |  |  | 8,340 |  |  | 7,923 |  |  | — |  |  | 7,923 |
(Recovery of) provision for doubtful accounts | (922 | ) |  | — |  |  | (922 | ) |  | 590 |  |  | — |  |  | 590 |
Gain on sales of assets | (3,213 | ) |  | — |  |  | (3,213 | ) |  | 98 |  |  | — |  |  | 98 |
ESOP and share-based compensation expense | 823 |  |  | — |  |  | 823 |  |  | 790 |  |  | — |  |  | 790 |
Net gain on investments | (802 | ) |  | — |  |  | (802 | ) |  | 2,621 |  |  | — |  |  | 2,621 |
Change in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Restricted cash | — |  |  | 1,483 |  |  | 1,483 |  |  | — |  |  | (168 | ) |  | (168 | )
Short-term investments | 1,232 |  |  | (1,180 | ) |  | 52 |  |  | 6,059 |  |  | (92 | ) |  | 5,967 |
Accounts and notes receivable | (1,481 | ) |  | — |  |  | (1,481 | ) |  | (1,643 | ) |  | — |  |  | (1,643 | )
Inventories | (3,943 | ) |  | — |  |  | (3,943 | ) |  | (3,192 | ) |  | — |  |  | (3,192 | )
Income tax receivable | 374 |  |  | 19 |  |  | 393 |  |  | 287 |  |  | (8 | ) |  | 279 |
Prepaid expenses and other assets | 120 |  |  | — |  |  | 120 |  |  | 543 |  |  | — |  |  | 543 |
Accounts payable | 1,863 |  |  | 405 |  |  | 2,268 |  |  | (3,650 | ) |  | (190 | ) |  | (3,840 | )
Accrued payroll expenses and other liabilities | (834 | ) |  | (708 | ) |  | (1,542 | ) |  | (147 | ) |  | 451 |  |  | 304 |
Accrued postretirement benefits | 412 |  |  | (124 | ) |  | 288 |  |  | 327 |  |  | (297 | ) |  | 30 |
Other long-term liabilities | (1,191 | ) |  | — |  |  | (1,191 | ) |  | (3,055 | ) |  | — |  |  | (3,055 | )
Net cash provided by operating activities | $ | 3,652 |  |  | $ | — |  |  | $ | 3,652 |  |  | $ | (33 | ) |  | $ | — |  |  | $ | (33 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (3,572 | ) |  | — |  |  | (3,572 | ) |  | (2,910 | ) |  | — |  |  | (2,910 | )
Proceeds from sales of property, plant and equipment | 3,786 |  |  | — |  |  | 3,786 |  |  | 198 |  |  | — |  |  | 198 |
Net cash provided by investing activities | $ | 214 |  |  | $ | — |  |  | $ | 214 |  |  | $ | (2,712 | ) |  | $ | — |  |  | $ | (2,712 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility | 4,800 |  |  | — |  |  | 4,800 |  |  | 8,400 |  |  | — |  |  | 8,400 |
(In thousands) | Three Months Ended September 30, 2012 |  | Three Months Ended September 30, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Repayments on revolving credit facility | (9,250 | ) |  | — |  |  | (9,250 | ) |  | (6,800 | ) |  | — |  |  | (6,800 | )
Payments of capital lease obligations | (777 | ) |  | — |  |  | (777 | ) |  | (384 | ) |  | — |  |  | (384 | )
Net cash used in financing activities | $ | (5,227 | ) |  | $ | — |  |  | $ | (5,227 | ) |  | $ | 1,216 |  |  | $ | — |  |  | $ | 1,216 |
Net decrease in cash and cash equivalents | $ | (1,361 | ) |  | $ | — |  |  | $ | (1,361 | ) |  | $ | (1,529 | ) |  | $ | — |  |  | $ | (1,529 | )
Cash and cash equivalents at beginning of year | 3,906 |  |  | — |  |  | 3,906 |  |  | 6,081 |  |  | — |  |  | 6,081 |
Cash and cash equivalents at end of year | $ | 2,545 |  |  | $ | — |  |  | $ | 2,545 |  |  | $ | 4,552 |  |  | $ | — |  |  | $ | 4,552 |
_______________ (1)For details see the introduction section included in Note 2. CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) | Six Months Ended December 31, 2012 |  | Six Months Ended December 31, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net loss | $ | (4,420 | ) |  | $ | 242 |  |  | $ | (4,178 | ) |  | $ | (11,694 | ) |  | $ | 601 |  |  | $ | (11,093 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 16,640 |  |  | — |  |  | 16,640 |  |  | 15,821 |  |  | — |  |  | 15,821 |
(Recovery of) provision for doubtful accounts | (963 | ) |  | — |  |  | (963 | ) |  | 737 |  |  | — |  |  | 737 |
Gain on sales of assets | (3,202 | ) |  | — |  |  | (3,202 | ) |  | (662 | ) |  | — |  |  | (662 | )
ESOP and share-based compensation expense | 1,906 |  |  | — |  |  | 1,906 |  |  | 1,476 |  |  | — |  |  | 1,476 |
Net loss on investments | 7,038 |  |  | — |  |  | 7,038 |  |  | 2,250 |  |  | — |  |  | 2,250 |
Change in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Restricted cash | — |  |  | (1,987 | ) |  | (1,987 | ) |  | — |  |  | (1,353 | ) |  | (1,353 | )
Short-term investments | (6,587 | ) |  | (1,267 | ) |  | (7,854 | ) |  | 3,743 |  |  | 789 |  |  | 4,532 |
Accounts and notes receivable | (2,053 | ) |  | — |  |  | (2,053 | ) |  | (2,000 | ) |  | — |  |  | (2,000 | )
Inventories | (2,404 | ) |  | — |  |  | (2,404 | ) |  | 1,110 |  |  | — |  |  | 1,110 |
Income tax receivable | 284 |  |  | 5 |  |  | 289 |  |  | 277 |  |  | (9 | ) |  | 268 |
Prepaid expenses and other assets | 558 |  |  | — |  |  | 558 |  |  | (361 | ) |  | — |  |  | (361 | )
Accounts payable | 4,615 |  |  | (730 | ) |  | 3,885 |  |  | (1,712 | ) |  | 51 |  |  | (1,661 | )
Accrued payroll expenses and other liabilities | (605 | ) |  | 3,986 |  |  | 3,381 |  |  | (165 | ) |  | 513 |  |  | 348 |
Accrued postretirement benefits | 600 |  |  | (249 | ) |  | 351 |  |  | 767 |  |  | (592 | ) |  | 175 |
Other long-term liabilities | (1,302 | ) |  | — |  |  | (1,302 | ) |  | 112 |  |  | — |  |  | 112 |
Net cash provided by operating activities | $ | 10,105 |  |  | $ | — |  |  | $ | 10,105 |  |  | $ | 9,699 |  |  | $ | — |  |  | $ | 9,699 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (6,396 | ) |  | — |  |  | (6,396 | ) |  | (5,808 | ) |  | — |  |  | (5,808 | )
Proceeds from sales of property, plant and equipment | 3,911 |  |  | — |  |  | 3,911 |  |  | 1,227 |  |  | — |  |  | 1,227 |
Net cash used in investing activities | $ | (2,485 | ) |  | $ | — |  |  | $ | (2,485 | ) |  | $ | (4,581 | ) |  | $ | — |  |  | $ | (4,581 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility | 15,000 |  |  | — |  |  | 15,000 |  |  | 9,400 |  |  | — |  |  | 9,400 |
Repayments on revolving credit facility | (19,750 | ) |  | — |  |  | (19,750 | ) |  | (15,700 | ) |  | — |  |  | (15,700 | )
Payments of capital lease obligations | (1,558 | ) |  | — |  |  | (1,558 | ) |  | (778 | ) |  | — |  |  | (778 | )
Net cash used in financing activities | $ | (6,308 | ) |  | $ | — |  |  | $ | (6,308 | ) |  | $ | (7,078 | ) |  | $ | — |  |  | $ | (7,078 | )
Net increase in cash and cash equivalents | $ | 1,312 |  |  | $ | — |  |  | $ | 1,312 |  |  | $ | (1,960 | ) |  | $ | — |  |  | $ | (1,960 | )
Cash and cash equivalents at beginning of period | 3,906 |  |  | — |  |  | 3,906 |  |  | 6,081 |  |  | — |  |  | 6,081 |
(In thousands) | Six Months Ended December 31, 2012 |  | Six Months Ended December 31, 2011
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Cash and cash equivalents at end of period | $ | 5,218 |  |  | $ | — |  |  | $ | 5,218 |  |  | $ | 4,121 |  |  | $ | — |  |  | $ | 4,121 |
_______________
(1) | For details see the introduction section included in Note 2.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) | Nine Months Ended March 31, 2013 |  | Nine Months Ended March 31, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net loss | $ | (5,835 | ) |  | $ | 351 |  |  | $ | (5,484 | ) |  | $ | (17,195 | ) |  | $ | 891 |  |  | $ | (16,304 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 24,778 |  |  | — |  |  | 24,778 |  |  | 23,831 |  |  | — |  |  | 23,831 |
(Recovery of) provision for doubtful accounts | (890 | ) |  | — |  |  | (890 | ) |  | 880 |  |  | — |  |  | 880 |
Deferred income taxes | 111 |  |  | — |  |  | 111 |  |  | — |  |  | — |  |  | — |
Gain on sales of assets | (4,388 | ) |  | — |  |  | (4,388 | ) |  | (1,161 | ) |  | — |  |  | (1,161 | )
ESOP and share-based compensation expense | 2,639 |  |  | — |  |  | 2,639 |  |  | 2,519 |  |  | — |  |  | 2,519 |
Net loss on investments | 9,315 |  |  | — |  |  | 9,315 |  |  | 5,131 |  |  | — |  |  | 5,131 |
Change in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Restricted cash | — |  |  | (2,140 | ) |  | (2,140 | ) |  | — |  |  | (1,314 | ) |  | (1,314 | )
Short-term investments | (9,063 | ) |  | (1,284 | ) |  | (10,347 | ) |  | 1,027 |  |  | (231 | ) |  | 796 |
Accounts and notes receivable | (1,167 | ) |  | — |  |  | (1,167 | ) |  | 936 |  |  | — |  |  | 936 |
Inventories | (1,291 | ) |  | — |  |  | (1,291 | ) |  | 3,533 |  |  | — |  |  | 3,533 |
Income tax receivable | 622 |  |  | 23 |  |  | 645 |  |  | (377 | ) |  | (4 | ) |  | (381 | )
Prepaid expenses and other assets | 522 |  |  |  |  | 522 |  |  | 81 |  |  | — |  |  | 81 |
Accounts payable | 4,359 |  |  | (622 | ) |  | 3,737 |  |  | (9,342 | ) |  | 51 |  |  | (9,291 | )
Accrued payroll expenses and other liabilities | (1,312 | ) |  | 4,046 |  |  | 2,734 |  |  | 1,102 |  |  | 1,494 |  |  | 2,596 |
Accrued postretirement benefits | 836 |  |  | (374 | ) |  | 462 |  |  | 1,130 |  |  | (887 | ) |  | 243 |
Other long-term liabilities | (1,416 | ) |  | — |  |  | (1,416 | ) |  | (1,083 | ) |  | — |  |  | (1,083 | )
Net cash provided by operating activities | $ | 17,820 |  |  | $ | — |  |  | $ | 17,820 |  |  | $ | 11,012 |  |  | $ | — |  |  | $ | 11,012 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (10,118 | ) |  | — |  |  | (10,118 | ) |  | (10,533 | ) |  | — |  |  | (10,533 | )
Proceeds from sales of property, plant and equipment | 5,556 |  |  | — |  |  | 5,556 |  |  | 2,112 |  |  | — |  |  | 2,112 |
Net cash used in investing activities | $ | (4,562 | ) |  | $ | — |  |  | $ | (4,562 | ) |  | $ | (8,421 | ) |  | $ | — |  |  | $ | (8,421 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility | 22,550 |  |  | — |  |  | 22,550 |  |  | 13,700 |  |  | — |  |  | 13,700 |
Repayments on revolving credit facility | (32,771 | ) |  | — |  |  | (32,771 | ) |  | (17,700 | ) |  | — |  |  | (17,700 | )
Payments of capital lease obligations | (2,613 | ) |  | — |  |  | (2,613 | ) |  | (1,209 | ) |  | — |  |  | (1,209 | )
Proceeds from exercise of stock options | 1,195 |  |  | — |  |  | 1,195 |  |  | — |  |  | — |  |  | — |
Net cash used in financing activities | $ | (11,639 | ) |  | $ | — |  |  | $ | (11,639 | ) |  | $ | (5,209 | ) |  | $ | — |  |  | $ | (5,209 | )
Net increase in cash and cash equivalents | $ | 1,619 |  |  | $ | — |  |  | $ | 1,619 |  |  | $ | (2,618 | ) |  | $ | — |  |  | $ | (2,618 | )
(In thousands) | Nine Months Ended March 31, 2013 |  | Nine Months Ended March 31, 2012
| Previously Reported |  | Adjustments(1) |  | As Restated |  | Previously Reported |  | Adjustments(1) |  | As Restated
Cash and cash equivalents at beginning of period | 3,906 |  |  | — |  |  | 3,906 |  |  | 6,081 |  |  | — |  |  | 6,081 |
Cash and cash equivalents at end of period | $ | 5,525 |  |  | $ | — |  |  | $ | 5,525 |  |  | $ | 3,463 |  |  | $ | — |  |  | $ | 3,463 |
_______________ (1)For details see the introduction section included in Note 2.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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