ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 29, 2019

No. 2014-09

Schedule of unaudited condensed consolidated financial statements

The effect of adoption of ASC 606 on our unaudited condensed consolidated financial statements was as follows for the periods indicated (in thousands):

	Three Months Ended June 29, 2019						Six Months Ended June 29, 2019
	As Reported		Impact of Adoption		Balances without Adoption of ASC 606		As Reported		Impact of Adoption		Balances without Adoption of ASC 606
Net sales	$	231,654	$	(2,235)	$	229,419	$	387,007	$	(6,279)	$	380,728
Cost of goods sold		115,377		(834)		114,543		194,103		(2,478)		191,625
Gross profit		116,277		(1,401)		114,876		192,904		(3,801)		189,103
Selling, general, and administrative expenses		81,277		83		81,360		149,120		235		149,355
Operating income		35,000		(1,484)		33,516		43,784		(4,036)		39,748
Interest expense		(5,695)		—		(5,695)		(11,762)		—		(11,762)
Other income		49		—		49		112		—		112
Income before income taxes		29,354		(1,484)		27,870		32,134		(4,036)		28,098
Income tax expense		(7,131)		364		(6,767)		(7,744)		990		(6,754)
Net income	$	22,223	$	(1,120)	$	21,103	$	24,390	$	(3,046)	$	21,344

	June 29, 2019
	As Reported		Impact of Adoption		Balances without Adoption of ASC 606
ASSETS
Accounts receivable, net	$	75,856	$	(7,522)	$	68,334
Inventory		181,354		2,825		184,179
Prepaid expenses and other current assets		17,762		(751)		17,011
Deferred charges and other assets		1,478		19		1,497
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued expenses and other current liabilities		44,575		(751)		43,824
Taxes payable		1,766		(1,132)		634
Accumulated deficit		(215,533)		(3,546)		(219,079)