| Summary of quarterly results |
The following table presents summarized quarterly results for 2018:
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First
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Second
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Third
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Fourth
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Net sales
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$
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40,552
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$
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43,914
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$
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47,923
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$
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49,055
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Gross profit
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6,894
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6,498
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6,303
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|
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7,225
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Net income (loss)
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1,598
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(1,117)
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1,318
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1,739
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Basic net income (loss) per common share
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$
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0.36
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$
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(0.25)
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$
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0.29
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$
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0.39
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Diluted net income (loss) per common share
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$
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0.36
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$
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(0.25)
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$
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0.29
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$
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0.39
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The following table presents summarized quarterly results for 2017 (adjusted):
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First
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Second
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Third
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Fourth
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Net sales
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$
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38,091
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$
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39,021
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$
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39,018
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$
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44,437
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Gross profit
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6,758
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6,572
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6,244
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7,502
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Net income
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1,319
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|
1,273
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|
1,341
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|
1,128
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Basic net income per common share
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$
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0.29
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$
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0.28
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$
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0.30
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$
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0.25
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Diluted net income per common share
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$
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0.29
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$
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0.28
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$
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0.30
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$
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0.25
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| Summary of quarterly results |
The following tables presents the effect of the adoption of ASC 606 on net sales (see Note 3) for each quarter of 2017:
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As
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Impact
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As
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Reported
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of Adoption
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Adjusted
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First
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$
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112,795
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$
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(74,704)
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$
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38,091
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Second
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102,982
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(63,961)
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39,021
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Third
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106,646
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(67,628)
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39,018
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Fourth
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126,956
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(82,519)
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44,437
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Total net sales
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$
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449,379
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$
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(288,812)
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$
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160,567
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During the fourth quarter of 2018, the Company determined certain balances related to customer return liabilities should be reclassified between current assets and liabilities in accordance with ASC 606. The adjustments had no impact on net equity and was determined to not have a material impact on previously presented financial statements. However, the Company will present its previously issued financial statements on a restated basis in future comparative presentations in order to be consistent with the current period presentation. The following tables present certain balance sheet reclassification adjustments relating to the adoption of ASC 606 on previously presented quarters of 2018:
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As of September 30, 2018
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As
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Impact
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As
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Reported
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of Adoption
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Adjusted
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Assets:
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Accounts receivable, net of allowances
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$
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83,762
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$
|
1,600
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$
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85,362
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Prepaid expenses and other current assets
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$
|
525
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$
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1,504
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$
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2,029
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Liabilities:
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Accounts payable and accrued expenses
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$
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62,675
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$
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3,104
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$
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65,779
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As of June 30, 2018
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As
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Impact
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As
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Reported
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of Adoption
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Adjusted
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Assets:
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Accounts receivable, net of allowances
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$
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71,780
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$
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1,123
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$
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72,903
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Prepaid expenses and other current assets
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$
|
572
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$
|
1,055
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$
|
1,627
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Liabilities:
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Accounts payable and accrued expenses
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$
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57,765
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$
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2,178
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$
|
59,943
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As of March 31, 2018
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As
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Impact
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As
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Reported
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|
of Adoption
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Adjusted
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Assets:
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Accounts receivable, net of allowances
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$
|
82,019
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$
|
1,324
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$
|
83,343
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Prepaid expenses and other current assets
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$
|
611
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$
|
1,245
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$
|
1,856
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Liabilities:
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Accounts payable and accrued expenses
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$
|
67,931
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$
|
2,569
|
|
$
|
70,500
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