RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Impact of Restatement Adjustments on Condensed Consolidated Financial Statements

The following tables presents the impact of the restatement adjustments described below on net income and comprehensive income for the quarter and the six months ended June 30, 2020:

	For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2020
	As Previously						As Previously
	Reported		Adjustments		As Restated		Reported		Adjustments		As Restated
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Sales	$	251,401			$	251,401	$	552,384			$	552,384
Cost of sales	181,705		(385)		181,320		398,703		486		399,189
Gross profit	69,696		385		70,081		153,681		(486)		153,195
Selling, general and administrative costs	62,943		—		62,943		136,013		(1,275)		134,738
Income before income taxes	2,690		385		3,075		10,062		789		10,851
Provision for income taxes	610		100		710		2,334		162		2,496
Net income	$	2,080	$	285	$	2,365	$	7,728	$	627	$	8,355
Basic earnings per share	$	0.12			$	0.14	$	0.44			$	0.48
Diluted earnings per share	$	0.12			$	0.13	$	0.42			$	0.45

	For the Three Months Ended June 30, 2020						For the Six Months Ended June 30, 2020
	As previously						As previously
	Reported		Adjustments		As Restated		Reported		Adjustments		As Restated
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$	2,080	$	285	$	2,365	$	7,728	$	627	$	8,355
Total comprehensive income	$	3,475	$	285	$	3,760	$	7,960	$	627	$	8,587

The following table presents the impact of the restatement adjustments on the Company’s previously reported balance sheet as of December 31, 2020 on a condensed basis:

	As				As
BALANCE SHEET (AT DECEMBER 31, 2020):	Reported		Adjustments		Restated
Cash and restricted cash	$	117,444	$	1,975	$	119,419
Accounts Receivable	163,429		3,512		166,941
Inventory	97,071		—		97,071
Federal income taxes receivable	5,632		(2,645)		2,987
Goodwill	248,339		13,428		261,767
Total Assets	$	851,861	$	16,270	$	868,131
Accounts Payable	75,744		(10,895)		64,849
Other current liabilities	20,834		13,895		34,729
Total Liabilities	$	503,995	$	3,000	$	506,995
Cumulative Translation Adjustment	(21,842)		3,829		(18,013)
Retained Earnings	176,637		9,441		186,078
Equity	347,866		13,270		361,136
Total Liabilities & Equity	$	851,861	$	16,270	$	868,131

The table below presents the impact to Operating Cash Flows on a Condensed Basis as a result of the restatement for the period ended June 30, 2020:

	For the Six Months Ended June 30, 2020
	As Previously
	Reported		Adjustments		As Restated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$	7,728	$	627	$	8,355
Reconciliation of net income to net cash provided by operating activities:
Changes in operating assets and liabilities	38,711		(627)		38,084
Net cash provided by operating activities	$	61,764			$	61,764