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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Apr. 30, 2016
Quarterly Results of Operations (Unaudited)  
Quarterly Results of Operations (Unaudited)

19.          Quarterly Results of Operations (Unaudited)

 

The following tables present selected unaudited consolidated financial data for each of the eight quarters in the two‑year period ended April 30, 2016. In the Company’s opinion, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial information for the period presented. The Company’s fiscal year ends on April 30. Due to the fixed year end date of April 30, the first and fourth quarters each consist of approximately 13 weeks. The second and third quarters each consist of exactly 13 weeks. The first three quarters end on a Saturday.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

    

July 30, 2015

    

October 31, 2015

    

January 30, 2016

    

April 30, 2016

 

 

 

(In thousands except per share data)

 

Year ended April 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$
47,050

 

$
64,731

 

$
67,560

 

$
84,757

 

Gross margin

 

$
16,023

 

$
31,533

(2)  

$
26,625

 

$
37,922

 

Net (loss) income

 

$
(6,981)

(1)  

$
4,419

 

$
6,164

(3)  

$
5,364

 

Net (loss) income per share—basic(5)

 

$
(0.30)

 

$
0.19

 

$
0.27

 

$
0.23

 

Net (loss) income per share—diluted(5)

 

$
(0.30)

 

$
0.19

 

$
0.27

 

$
0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

    

August 2,

    

November 1,

    

January 31,

    

April 30,

 

 

 

2014

 

2014

 

2015

 

2015

 

 

 

(In thousands except per share data)

 

Year ended April 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$
51,866

 

$
52,664

 

$
68,397

 

$
86,471

 

Gross margin

 

$
14,054

 

$
17,871

(4)  

$
26,993

 

$
45,350

 

Net (loss) income

 

$
(3,609)

 

$
(2,901)

 

$
2,325

 

$
7,080

 

Net (loss) income per share—basic(5)

 

$
(0.16)

 

$
(0.13)

 

$
0.10

 

$
0.31

 

Net (loss) income per share—diluted(5)

 

$
(0.16)

 

$
(0.13)

 

$
0.10

 

$
0.31

 

(1)

Includes an other-than-temporary-impairment loss of $2.2 million related to the Company’s investment in the CybAero shares which was recorded to other expense, net in the consolidated statement of operations.

(2)

Includes reversal of $3.5 million remaining reserve as a result of the settlement by the parties or the dismissal by the Armed Services Board of Contract Appeals of the government’s claims related to the Company’s incurred cost submittals for fiscal years 2006 through 2009 which was recorded as a credit to cost of sales.

(3)

Includes the impact of $0.9 million of out-of-period expenses.  Refer to Out-of-Period Adjustments within Note 1.

(4)

Includes $2.6 million for a government contract accounting reserve for prior year incurred cost audit findings.

(5)

Earnings per share is computed independently for each of the quarters presented. The sum of the quarterly earnings per share do not equal the total earnings per share computed for the year due to rounding.