Item 8. Financial Statements and Supplementary Data
Item 8 . Financial Statements and Supplementary Data
The Company’s consolidated financial statements at August 31, 2020 and 2019 and for each of the three fiscal years in the period ended August 31, 2020, and the Report of Independent Registered Public Accounting Firm, are included in Item 15 of this report.
Quarterly Financial Data (Unaudited)
The following table sets forth certain unaudited quarterly consolidated financial data (in thousands, except per share data):
Fiscal Year Ended August 31, 2020
1st
2nd
3rd
4th
Total
Net sales
$
98,556
$
100,049
$
98,247
$
111,646
$
408,498
Gross profit
$
53,543
$
53,602
$
53,050
$
62,822
$
223,017
Net Income
$
12,194
$
14,327
$
14,524
$
19,665
$
60,710
Diluted earnings per common share
$
0.88
$
1.04
$
1.06
$
1.42
$
4.40
Fiscal Year Ended August 31, 2019
1st
2nd
3rd
4th
Total
Net sales
$
101,282
$
101,335
$
113,989
$
106,744
$
423,350
Gross profit
$
55,831
$
56,158
$
62,083
$
58,268
$
232,340
Net Income (1)
$
13,279
$
15,906
$
18,139
$
8,584
$
55,908
Diluted earnings per common share (1)
$
0.95
$
1.14
$
1.30
$
0.63
$
4.02
(1) Net income and diluted earnings per common share were unfavorably impacted due to a $8.7 million uncertain tax position, inclusive of accrued interest of approximately $0.4 million, recorded in the fourth quarter of fiscal year 2019 related to the U.S. Tax Cuts and Jobs Act (the “Tax Act”). For additional information, see Part IV – Item 15, “Exhibits, Financial Statement Schedules” Note 13 – Income Taxes, included in this report.
Item 9 . Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
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