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Restatement and Revision of Previously Issued Consolidated Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
 
Year Ended December 31, 2019
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
 
(In thousands, except per share data)
Revenue
$
612,843

 
$
(1,057
)
 
a,b,c,d,f
 
$
611,786

Cost of sales
483,298

 
(64
)
 
f
 
483,234

Gross profit
129,545

 
(993
)
 

 
128,552

Selling, general and administrative expenses
91,302

 
9,079

 
a,c,f
 
100,381

Amortization of intangible assets
1,377

 
—

 

 
1,377

Operating profit
36,866

 
(10,072
)
 

 
26,794

Interest expense, net
2,975

 
—

 

 
2,975

Other expense (income), net
(502
)
 
144

 
f
 
(358
)
Income from continuing operations before income taxes
34,393

 
(10,216
)
 

 
24,177

Income tax expense
9,315

 
(231
)
 
e
 
9,084

Net income from continuing operations
25,078

 
(9,985
)
 

 
15,093

Loss from discontinued operations, net of tax
(28,600
)
 
—

 

 
(28,600
)
Net income (loss)
$
(3,522
)
 
$
(9,985
)
 

 
$
(13,507
)
 

 

 

 

Basic and diluted earnings (loss) per share:


 


 

 


Continuing operations
$
1.83

 
$
(0.73
)
 

 
$
1.10

Discontinued operations
(2.09
)
 
—

 

 
(2.09
)
Basic and diluted earnings (loss) per share
$
(0.26
)
 
$
(0.73
)
 

 
$
(0.99
)
 


 


 

 


Basic weighted average shares outstanding
13,690

 


 

 
13,690

Diluted weighted average shares outstanding
13,726

 


 

 
13,726

(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million and an increase to selling, general and administrative ("SG&A") expense of $6.9 million
(b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $1.1 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million
(d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.6 million, and an increase in other expense of $0.1 million


CONSOLIDATED STATEMENTS OF OPERATIONS
 
Year Ended December 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Revenue
$
629,710

 
$
372

 
c,f
 
$
630,082

Cost of sales
492,195

 
(1,165
)
 
f
 
491,030

Gross profit
137,515

 
1,537

 
 
 
139,052

Selling, general and administrative expenses
97,964

 
6,157

 
a,c,f
 
104,121

Amortization of intangible assets
1,381

 
—

 
 
 
1,381

Operating profit
38,170

 
(4,620
)
 
 
 
33,550

Interest expense, net
2,916

 
—

 
 
 
2,916

Other expense (income), net
293

 
(144
)
 
f
 
149

Income from continuing operations before income taxes
34,961

 
(4,476
)
 
 
 
30,485

Income tax expense
7,816

 
(390
)
 
e
 
7,426

Net income from continuing operations
27,145

 
(4,086
)
 
 
 
23,059

Loss from discontinued operations, net of tax
(5,361
)
 
—

 
 
 
(5,361
)
Net income (loss)
$
21,784

 
$
(4,086
)
 
 
 
$
17,698

 

 


 
 
 

Basic and diluted earnings (loss) per share:


 



 
 
 


Continuing operations
$
1.98

 
$
(0.30
)
 
 
 
$
1.68

Discontinued operations
(0.39
)
 
—

 
 
 
(0.39
)
Basic and diluted earnings (loss) per share
$
1.59

 
$
(0.30
)
 
 
 
$
1.29

 


 



 
 
 


Basic weighted average shares outstanding
13,699

 


 
 
 
13,699

Diluted weighted average shares outstanding
13,731

 


 
 
 
13,731


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $4.9 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.5 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.1 million, a decrease to cost of sales of $1.2 million, a decrease to SG&A expense of $0.2 million, and a decrease in other expense of $0.1 million


CONSOLIDATED STATEMENTS OF OPERATIONS
 
Year Ended December 31, 2017
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Revenue
$
612,229

 
$
(173
)
 
c,d,f
 
$
612,056

Cost of sales
477,220

 
(1,281
)
 
f
 
475,939

Gross profit
135,009

 
1,108

 
 
 
136,117

Selling, general and administrative expenses
93,700

 
3,080

 
a,c,f
 
96,780

Amortization of intangible assets
1,381

 
—

 
 
 
1,381

Operating profit
39,928

 
(1,972
)
 
 
 
37,956

Interest expense, net
1,572

 
—

 
 
 
1,572

Other expense (income), net
(692
)
 
—

 
 
 
(692
)
Income from continuing operations before income taxes
39,048

 
(1,972
)
 
 
 
37,076

Income tax expense
18,918

 
49

 
e
 
18,967

Net income from continuing operations
20,130

 
(2,021
)
 
 
 
18,109

Loss from discontinued operations, net of tax
(2,225
)
 
—

 
 
 
(2,225
)
Net income (loss)
$
17,905

 
$
(2,021
)
 
 
 
$
15,884

 

 


 
 
 

Basic and diluted earnings (loss) per share:


 



 
 
 


Continuing operations
$
1.47

 
$
(0.15
)
 
 
 
$
1.32

Discontinued operations
(0.16
)
 
—

 
 
 
(0.16
)
Basic and diluted earnings (loss) per share
$
1.31

 
$
(0.15
)
 
 
 
$
1.16

 


 



 
 
 


Basic weighted average shares outstanding
13,673

 


 
 
 
13,673

Diluted weighted average shares outstanding
13,685

 


 
 
 
13,685

(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.3 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.6 million
(d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $0.3 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.5 million, a decrease to cost of sales of $1.3 million, and an increase to SG&A expense of $0.2 million
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
Year Ended December 31, 2019
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(3,522
)
 
$
(9,985
)
 
$
(13,507
)
Other comprehensive income (loss), net of tax:


 
—

 


Foreign currency translation adjustment
1,101

 
(591
)
 
510

(Loss) gain on long-term intra-entity foreign currency transactions
(79
)
 
—

 
(79
)
Cash flow hedging activity
(1,713
)
 
144

 
(1,569
)
Reclassification of hedging activities into earnings
349

 
—

 
349

Pension plan adjustment
1,410

 
—

 
1,410

Reclassification of pension adjustments into earnings
254

 
94

 
348

Total other comprehensive income (loss), net of tax
1,322

 
(353
)
 
969

Comprehensive income (loss)
$
(2,200
)
 
$
(10,338
)
 
$
(12,538
)
See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2019 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
Year Ended December 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Net income (loss)
$
21,784

 
$
(4,086
)
 
$
17,698

Other comprehensive income (loss), net of tax:


 
—

 


Foreign currency translation adjustment
(159
)
 
86

 
(73
)
(Loss) gain on long-term intra-entity foreign currency transactions
(1,006
)
 
—

 
(1,006
)
Cash flow hedging activity
244

 
(144
)
 
100

Reclassification of hedging activities into earnings
153

 
—

 
153

Pension plan adjustment
(1,920
)
 
—

 
(1,920
)
Reclassification of pension adjustments into earnings
650

 
(94
)
 
556

Total other comprehensive loss, net of tax
(2,038
)
 
(152
)
 
(2,190
)
Comprehensive income (loss)
$
19,746

 
$
(4,238
)
 
$
15,508


See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2018 section above.
The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category.
The decreases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
Year Ended December 31, 2017
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Net income (loss)
$
17,905

 
$
(2,021
)
 
$
15,884

Other comprehensive income (loss), net of tax:


 
—

 


Foreign currency translation adjustment
689

 
(41
)
 
648

(Loss) gain on long-term intra-entity foreign currency transactions
—

 
—

 
—

Cash flow hedging activity
(749
)
 
—

 
(749
)
Reclassification of hedging activities into earnings
641

 
—

 
641

Pension plan adjustment
1,510

 
—

 
1,510

Reclassification of pension adjustments into earnings
306

 
—

 
306

Total other comprehensive income (loss), net of tax
2,397

 
(41
)
 
2,356

Comprehensive income (loss)
$
20,302

 
$
(2,062
)
 
$
18,240

See description of the net income (loss) impacts in the consolidated statement of operations for the year ended December 31, 2017 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets category.

December 31, 2019
 
As Previously Reported

Restatement Impacts

Restatement Reference

As Restated
 
(In thousands)
Assets
 

 




Current assets
 

 




Cash and cash equivalents
$
2,142


$
—




$
2,142

Trade receivables, net
113,781


(5,400
)

a,b,d

108,381

Inventory
109,621


185


f

109,806

Prepaid expenses and other current assets
23,102


(11,757
)

a,b,f

11,345

Current assets of discontinued operations
5,383


—




5,383

Total current assets
254,029


(16,972
)



237,057

Property, plant and equipment, net
22,324


—




22,324

Goodwill
6,253


—




6,253

Other intangible assets, net
3,141


—




3,141

Deferred income taxes
3,853


2,395


e

6,248

Deferred costs
10,941


—




10,941

Other non-current assets
2,085


—




2,085

Non-current assets of discontinued operations
614


—




614

Total assets
$
303,240


$
(14,577
)



$
288,663

Liabilities and stockholders' equity







Current liabilities







Accounts payable
$
111,117


$
231


f

$
111,348

Accounts payable to NACCO Industries, Inc.
496


—




496

Revolving credit agreements
23,497


—




23,497

Accrued compensation
14,277


750


f

15,027

Accrued product returns
8,697


—




8,697

Other current liabilities
12,873


(339
)

a,e

12,534

Current liabilities of discontinued operations
29,723


—




29,723

Total current liabilities
200,680


642




201,322

Revolving credit agreements
35,000


—




35,000

Other long-term liabilities
12,501


3,574


e

16,075

Total liabilities
248,181


4,216




252,397

Stockholders’ equity







Preferred stock, par value $0.01 per share
—


—




—

Class A Common stock, par value $0.01 per share; 9,805 shares issued as of December 31, 2019
98


—




98

Class B Common stock, par value $0.01 per share, convertible into Class A on a one-for-one basis; 4,076 shares issued as of December 31, 2019
41


—




41

Capital in excess of par value
54,344


165


f

54,509

Treasury stock
(5,960
)

—




(5,960
)
Retained earnings
22,524


(18,814
)

a,b,d,e,f

3,710

Accumulated other comprehensive loss
(15,988
)

(144
)

a,b,d,e

(16,132
)
Total stockholders’ equity
55,059


(18,793
)



36,266

Total liabilities and stockholders' equity
$
303,240


$
(14,577
)



$
288,663


(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $2.5 million, a reduction to prepaid expenses and other current assets of $12.4 million, and an increase to other current liabilities of $0.9 million
(b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to trade receivables of $1.3 million and an increase to prepaid expenses and other current assets of $0.2 million
(d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to trade receivables of $1.6 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $2.4 million, a decrease to other current liabilities of $1.2 million, and an increase to other long-term liabilities of $3.6 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.5 million, an increase to inventory of $0.2 million, an increase to accounts payable of $0.2 million, an increase to accrued compensation of $0.7 million, and an increase to capital in excess of par of $0.2 million


CONSOLIDATED BALANCE SHEETS
`
December 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
Restatement Reference
 
As Restated
Assets
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
4,420

 
$
—

 
 
 
$
4,420

Trade receivables, net
100,821

 
(2,460
)
 
a,f
 
98,361

Inventory
122,697

 
111

 
f
 
122,808

Prepaid expenses and other current assets
22,332

 
(6,936
)
 
a
 
15,396

Current assets of discontinued operations
27,879

 
—

 
 
 
27,879

Total current assets
278,149

 
(9,285
)
 

 
268,864

Property, plant and equipment, net
20,842

 
—

 
 
 
20,842

Goodwill
6,253

 
—

 
 
 
6,253

Other intangible assets, net
4,519

 
—

 
 
 
4,519

Deferred income taxes
5,518

 
276

 
e
 
5,794

Deferred costs
7,868

 
—

 
 
 
7,868

Other non-current assets
2,672

 
—

 
 
 
2,672

Non-current assets of discontinued operations
4,606

 
—

 
 
 
4,606

Total assets
$
330,427

 
$
(9,009
)
 
 
 
$
321,418

Liabilities and stockholders' equity

 

 
 
 

Current liabilities

 

 
 
 

Accounts payable
$
119,264

 
$
7

 
f
 
$
119,271

Accounts payable to NACCO Industries, Inc.
2,416

 
—

 
 
 
2,416

Revolving credit agreements
11,624

 
—

 
 
 
11,624

Accrued compensation
15,525

 
353

 
f
 
15,878

Accrued product returns
10,698

 
—

 
 
 
10,698

Other current liabilities
24,554

 
(1,632
)
 
a,d,e,f
 
22,922

Current liabilities of discontinued operations
22,820

 
—

 
 
 
22,820

Total current liabilities
206,901

 
(1,272
)
 
 
 
205,629

Revolving credit agreements
35,000

 
—

 
 
 
35,000

Other long-term liabilities
21,128

 
883

 
e
 
22,011

Non-current liabilities of discontinued operations
1,960

 
—

 
 
 
1,960

Total liabilities
264,989

 
(389
)
 
 
 
264,600

Stockholders’ equity

 

 
 
 

Preferred stock, par value $0.01 per share
—

 
—

 
 
 
—

Class A Common stock, par value $0.01 per share; 9,291 shares issued as of December 31, 2018
93

 
—

 
 
 
93

Class B Common stock, par value $0.01 per share, convertible into Class A on a one-for-one basis; 4,422 shares issued as of December 31, 2018
44

 
—

 
 
 
44

Capital in excess of par value
51,714

 
—

 
 
 
51,714

Treasury stock
—

 
—

 
 
 
—

Retained earnings
30,897

 
(8,829
)
 
a,d,e,f
 
22,068

Accumulated other comprehensive loss
(17,310
)
 
209

 
a,d,e,f
 
(17,101
)
Total stockholders’ equity
65,438

 
(8,620
)
 
 
 
56,818

Total liabilities and stockholders' equity
$
330,427

 
$
(9,009
)
 
 
 
$
321,418


(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to trade receivables of $0.6 million, a reduction to prepaid expenses and other current assets of $6.9 million, and an increase to other current liabilities of $0.6 million
(d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in an increase to other current liabilities of $0.2 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to deferred income taxes of $0.3 million, a decrease to other current liabilities of $0.4 million, and an increase to other long-term liabilities of $0.9 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to trade receivables of $1.9 million, an increase to inventory of $0.1 million, an increase to accrued compensation of $0.4 million, and a decrease to other current liabilities of $2.0 million

Year Ended December 31, 2019
 
As Previously Reported

Restatement Impacts

As Restated
 
(In thousands)
Operating activities
 

 


Net income from continuing operations
$
25,078


$
(9,985
)

$
15,093

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:





Depreciation and amortization
4,002


—


4,002

Deferred income taxes
3,248


(1,761
)

1,487

Stock compensation expense
2,632


165


2,797

Other
471


145


616

Net changes in operating assets and liabilities:





Affiliate payable
(1,920
)

—


(1,920
)
Trade receivables
(25,586
)

2,817


(22,769
)
Inventory
13,756


(82
)

13,674

Other assets
(3,121
)

4,248


1,127

Accounts payable
(7,257
)

214


(7,043
)
Other liabilities
(11,101
)

4,259


(6,842
)
Net cash provided by operating activities from continuing operations
202


20


222

Investing activities





Expenditures for property, plant and equipment
(4,122
)

—


(4,122
)
Other
—


—


—

Net cash used for investing activities from continuing operations
(4,122
)

—


(4,122
)
Financing activities





Net additions (reductions) to revolving credit agreements
11,873


—


11,873

Purchase of treasury stock
(5,960
)

—


(5,960
)
Cash dividends paid
(4,851
)

—


(4,851
)
Cash dividends to NACCO Industries, Inc.
—


—


—

Net cash provided by (used for) financing activities from continuing operations
1,062


—


1,062

Cash flows from discontinued operations








Net cash provided by (used for) operating activities from discontinued operations
3,953


—


3,953

Net cash provided by (used for) investing activities from discontinued operations
585


—


585

Net cash used for financing activities from discontinued operations
(103
)

—


(103
)
Cash provided by (used for) discontinued operations
4,435


—


4,435

Effect of exchange rate changes on cash
(765
)

(20
)

(785
)
Cash and Cash Equivalents





(Decrease) increase for the year from continuing operations
(3,623
)

—


(3,623
)
Increase (decrease) for the year from discontinued operations
4,435


—


4,435

Balance at the beginning of the year
6,352


—


6,352

Balance at the end of the year
$
7,164


$
—


$
7,164

See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2019 section above.
The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Year Ended December 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Operating activities
 
 
 
 
 
Net income from continuing operations
$
27,145

 
$
(4,086
)
 
$
23,059

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

 

 

Depreciation and amortization
4,277

 
—

 
4,277

Deferred income taxes
5,185

 
289

 
5,474

Stock compensation expense
3,618

 
—

 
3,618

Other
868

 
(31
)
 
837

Net changes in operating assets and liabilities:

 

 

Affiliate payable
(5,300
)
 
—

 
(5,300
)
Trade receivables
16,298

 
2,231

 
18,529

Inventory
(12,308
)
 
53

 
(12,255
)
Other assets
(10,509
)
 
5,923

 
(4,586
)
Accounts payable
(7,756
)
 
37

 
(7,719
)
Other liabilities
(4,195
)
 
(3,784
)
 
(7,979
)
Net cash provided by operating activities from continuing operations
17,323

 
632

 
17,955

Investing activities

 

 

Expenditures for property, plant and equipment
(7,759
)
 
—

 
(7,759
)
Other
—

 
—

 
—

Net cash used for investing activities from continuing operations
(7,759
)
 
—

 
(7,759
)
Financing activities

 

 

Net additions (reductions) to revolving credit agreements
(4,597
)
 
—

 
(4,597
)
Purchase of treasury stock
—

 
—

 
—

Cash dividends paid
(4,658
)
 
—

 
(4,658
)
Cash dividends to NACCO Industries, Inc.
—

 
—

 
—

Net cash provided by (used for) financing activities from continuing operations
(9,255
)
 
—

 
(9,255
)
Cash flows from discontinued operations


 
—

 


Net cash provided by (used for) operating activities from discontinued operations
(5,499
)
 
—

 
(5,499
)
Net cash provided by (used for) investing activities from discontinued operations
(305
)
 
—

 
(305
)
Net cash used for financing activities from discontinued operations
—

 
—

 
—

Cash provided by (used for) discontinued operations
(5,804
)
 
—

 
(5,804
)
Effect of exchange rate changes on cash
941

 
(632
)
 
309

Cash and Cash Equivalents

 

 

(Decrease) increase for the year from continuing operations
1,250

 
—

 
1,250

Increase (decrease) for the year from discontinued operations
(5,804
)
 
—

 
(5,804
)
Balance at the beginning of the year
10,906

 
—

 
10,906

Balance at the end of the year
$
6,352

 
$
—

 
$
6,352

See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2018 section above.
The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash.

CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Year Ended December 31, 2017
 
As Previously Reported
 
Restatement Impacts
 
As Restated
Operating activities
 
 
 
 
 
Net income from continuing operations
$
20,130

 
$
(2,021
)
 
$
18,109

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

 

 

Depreciation and amortization
4,072

 
—

 
4,072

Deferred income taxes
4,107

 
(632
)
 
3,475

Stock compensation expense
323

 
—

 
323

Other
(1,167
)
 
—

 
(1,167
)
Net changes in operating assets and liabilities:

 

 

Affiliate payable
866

 
—

 
866

Trade receivables
(8,442
)
 
314

 
(8,128
)
Inventory
(16,485
)
 
(81
)
 
(16,566
)
Other assets
(1,960
)
 
665

 
(1,295
)
Accounts payable
25,009

 
—

 
25,009

Other liabilities
1,850

 
1,755

 
3,605

Net cash provided by operating activities from continuing operations
28,303

 
—

 
28,303

Investing activities

 

 

Expenditures for property, plant and equipment
(6,198
)
 
—

 
(6,198
)
Other
21

 
—

 
21

Net cash used for investing activities from continuing operations
(6,177
)
 
—

 
(6,177
)
Financing activities

 

 

Net additions (reductions) to revolving credit agreements
12,630

 
—

 
12,630

Purchase of treasury stock
—

 
—

 
—

Cash dividends paid
(1,162
)
 
—

 
(1,162
)
Cash dividends to NACCO Industries, Inc.
(38,000
)
 
—

 
(38,000
)
Net cash provided by (used for) financing activities from continuing operations
(26,532
)
 
—

 
(26,532
)
Cash flows from discontinued operations


 


 


Net cash provided by (used for) operating activities from discontinued operations
5,137

 
—

 
5,137

Net cash provided by (used for) investing activities from discontinued operations
(1,176
)
 
—

 
(1,176
)
Net cash used for financing activities from discontinued operations
(70
)
 
—

 
(70
)
Cash provided by (used for) discontinued operations
3,891

 
—

 
3,891

Effect of exchange rate changes on cash
81

 
—

 
81

Cash and Cash Equivalents

 

 

(Decrease) increase for the year from continuing operations
(4,325
)
 
—

 
(4,325
)
Increase (decrease) for the year from discontinued operations
3,891

 
—

 
3,891

Balance at the beginning of the year
11,340

 
—

 
11,340

Balance at the end of the year
$
10,906

 
$
—

 
$
10,906

See description of the net income impacts in the consolidated statement of operations for the year ended December 31, 2017 section above.
The only impact of the corrections for misstatements on net cash provided by operating activities from continuing operations was due to the effect of exchange rate changes on cash.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
Class A common stock
Class B common stock
Capital in excess of par value
Treasury stock
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders' equity
 
(In thousands, except per share data)
As Previously Reported
 
 
 
 
 
 
 
Balance, January 1, 2019
$
93

$
44

$
51,714

$
—

$
30,897

$
(17,310
)
$
65,438

Net loss
—

—

—

—

(3,522
)
—

(3,522
)
Issuance of common stock, net of conversions
5

(3
)
(2
)
—

—

—

—

Purchase of treasury stock
—

—

—

(5,960
)
—

—

(5,960
)
Share-based compensation expense
—

—

2,632

—

—

—

2,632

Cash dividends, $0.355 per share
—

—

—

—

(4,851
)
—

(4,851
)
Other comprehensive loss
—

—

—

—

—

719

719

Reclassification adjustment to net loss
—

—

—

—

—

603

603

Balance, December 31, 2019
$
98

$
41

$
54,344

$
(5,960
)
$
22,524

$
(15,988
)
$
55,059

Restatement Impacts














Balance, January 1, 2019
$
—

$
—

$
—

$
—

$
(8,829
)
$
209

$
(8,620
)
Net loss
—

—

—

—

(9,985
)
—

(9,985
)
Issuance of common stock, net of conversions
—

—

—

—

—

—

—

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

165

—

—

—

165

Cash dividends, $0.355 per share
—

—

—

—

—

—

—

Other comprehensive loss
—

—

—

—

—

(447
)
(447
)
Reclassification adjustment to net loss
—

—

—

—

—

94

94

Balance, December 31, 2019
$
—

$
—

$
165

$
—

$
(18,814
)
$
(144
)
$
(18,793
)
As Restated














Balance, January 1, 2019
$
93

$
44

$
51,714

$
—

$
22,068

$
(17,101
)
$
56,818

Net loss
—

—

—

—

(13,507
)
—

(13,507
)
Issuance of common stock, net of conversions
5

(3
)
(2
)
—

—

—

—

Purchase of treasury stock
—

—

—

(5,960
)
—

—

(5,960
)
Share-based compensation expense
—

—

2,797

—

—

—

2,797

Cash dividends, $0.355 per share
—

—

—

—

(4,851
)
—

(4,851
)
Other comprehensive loss
—

—

—

—

—

272

272

Reclassification adjustment to net loss
—

—

—

—

—

697

697

Balance, December 31, 2019
$
98

$
41

$
54,509

$
(5,960
)
$
3,710

$
(16,132
)
$
36,266

See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2019 sections above.
The increase to share-based compensation expense and reclassification adjustment to net loss is the result of the correction of other immaterial errors.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
Class A common stock
Class B common stock
Capital in excess of par value
Treasury stock
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders' equity
As Previously Reported
 
 
 
 
 
 
 
Balance, January 1, 2018
$
88

$
48

$
47,773

$
—

$
12,603

$
(14,104
)
$
46,408

Net loss
—

—

—

—

21,784

—

21,784

Issuance of common stock, net of conversions
5

(4
)
323

—

—

—

324

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

3,618

—

—

—

3,618

Cash dividends, $0.34 per share
—

—

—

—

(4,658
)
—

(4,658
)
Reclassification due to adoption of ASU 2018-02
—

—

—

—

1,168

(1,168
)
—

Other comprehensive loss
—

—

—

—

—

(2,841
)
(2,841
)
Reclassification adjustment to net loss
—

—

—

—

—

803

803

Balance, December 31, 2018
$
93

$
44

$
51,714

$
—

$
30,897

$
(17,310
)
$
65,438

Restatement Impacts














Balance, January 1, 2018
$
—

$
—

$
—

$
—

$
(4,743
)
$
361

$
(4,382
)
Net loss
—

—

—

—

(4,086
)
—

(4,086
)
Issuance of common stock, net of conversions
—

—

—

—

—

—

—

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

—

—

—

—

—

Cash dividends, $0.34 per share
—

—

—

—

—

—

—

Reclassification due to adoption of ASU 2018-02
—

—

—

—

—

—

—

Other comprehensive loss
—

—

—

—

—

(58
)
(58
)
Reclassification adjustment to net loss
—

—

—

—

—

(94
)
(94
)
Balance, December 31, 2018
$
—

$
—

$
—

$
—

$
(8,829
)
$
209

$
(8,620
)
As Restated














Balance, January 1, 2018
$
88

$
48

$
47,773

$
—

$
7,860

$
(13,743
)
$
42,026

Net loss
—

—

—

—

17,698

—

17,698

Issuance of common stock, net of conversions
5

(4
)
323

—

—

—

324

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

3,618

—

—

—

3,618

Cash dividends, $0.34 per share
—

—

—

—

(4,658
)
—

(4,658
)
Reclassification due to adoption of ASU 2018-02
—

—

—

—

1,168

(1,168
)
—

Other comprehensive loss
—

—

—

—

—

(2,899
)
(2,899
)
Reclassification adjustment to net income
—

—

—

—

—

709

709

Balance, December 31, 2018
$
93

$
44

$
51,714

$
—

$
22,068

$
(17,101
)
$
56,818

See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 sections above.
The decrease to the reclassification adjustment to net loss is the result of the correction of other immaterial errors.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
Class A common stock
Class B common stock
Capital in excess of par value
Treasury stock
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders' equity
As Previously Reported
 
 
 
 
 
 
 
Balance, January 1, 2017
$
—

$
—

$
75,031

$
—

$
6,738

$
(16,501
)
$
65,268

Net loss
—

—

—

—

17,905

—

17,905

Issuance of common stock, net of conversions
88

48

(136
)
—

—

—

—

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

—

—

—

—

—

Cash dividends to NACCO Industries, Inc.
—

—

(27,122
)
—

(10,878
)
—

(38,000
)
Cash dividends, $0.085 per share
—

—

—

—

(1,162
)
—

(1,162
)
Other comprehensive loss
—

—

—

—

—

1,450

1,450

Reclassification adjustment to net loss
—

—

—

—

—

947

947

Balance, December 31, 2017
$
88

$
48

$
47,773

$
—

$
12,603

$
(14,104
)
$
46,408

Restatement Impacts














Balance, January 1, 2017
$
—

$
—

$
—

$
—

$
(2,722
)
$
402

$
(2,320
)
Net loss
—

—

—

—

(2,021
)
—

(2,021
)
Issuance of common stock, net of conversions
—

—

—

—

—

—

—

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

—

—

—

—

—

Cash dividends to NACCO Industries, Inc.
—

—

—

—

—

—

—

Cash dividends, $0.085 per share
—

—

—

—

—

—

—

Other comprehensive loss
—

—

—

—

—

(41
)
(41
)
Reclassification adjustment to net loss
—

—

—

—

—

—

—

Balance, December 31, 2017
$
—

$
—

$
—

$
—

$
(4,743
)
$
361

$
(4,382
)
As Restated














Balance, January 1, 2017
$
—

$
—

$
75,031

$
—

$
4,016

$
(16,099
)
$
62,948

Net loss
—

—

—

—

15,884

—

15,884

Issuance of common stock, net of conversions
88

48

(136
)
—

—

—

—

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

—

—

—

—

—

Cash dividends to NACCO Industries, Inc.
—

—

(27,122
)
—

(10,878
)
—

(38,000
)
Cash dividends, $0.085 per share
—

—

—

—

(1,162
)
—

(1,162
)
Other comprehensive loss
—

—

—

—

—

1,409

1,409

Reclassification adjustment to net income
—

—

—

—

—

947

947

Balance, December 31, 2017
$
88

$
48

$
47,773

$
—

$
7,860

$
(13,743
)
$
42,026

See description of the net income and other comprehensive income (loss) impacts in the consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2017 sections above.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
As Restated and Recast
 
December 31, 2019
 
September 30, 2019
 
June 30, 2019
 
March 31, 2019
 
Three Months Ended
 
Three Months Ended
 
Nine Months Ended
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
 
(In thousands, except per share data)
Revenue
$
204,570


$
149,508


$
407,216


$
131,065


$
257,707


$
126,642

Cost of sales
162,173


118,562


321,060


102,558


202,498


99,940

Gross profit
42,397


30,946


86,155


28,507


55,209


26,702

Selling, general and administrative expenses
22,996


26,165


77,385


24,976


51,222


26,246

Amortization of intangible assets
341


345


1,036


346


691


345

Operating profit (loss)
19,060


4,439


7,734


3,185


3,296


111

Interest expense, net
767


756


2,208


789


1,452


663

Other expense (income), net
(710
)

681


352


(132
)

(329
)

(197
)
Income (loss) from continuing operations before income taxes
19,003


3,002


5,174


2,528


2,173


(355
)
Income tax expense (benefit)
5,699


2,449


3,385


630


937


307

Net income (loss) from continuing operations
13,304


553


1,789


1,898


1,236


(662
)
Loss from discontinued operations, net of tax
(20,608
)

(2,753
)

(7,992
)

(2,516
)

(5,239
)

(2,723
)
Net loss
$
(7,304
)

$
(2,200
)

$
(6,203
)

$
(618
)

$
(4,003
)

$
(3,385
)
 











Basic and diluted earnings (loss) per share:















Continuing operations
$
0.98


$
0.04


$
0.13


$
0.14


$
0.09


$
(0.05
)
Discontinued operations
(1.52
)

(0.20
)

(0.58
)

(0.18
)

(0.38
)

(0.20
)
Basic and diluted earnings (loss) per share
$
(0.54
)

$
(0.16
)

$
(0.45
)

$
(0.04
)

$
(0.29
)

$
(0.25
)
 

















Basic weighted average shares outstanding
13,518


13,579


13,726


13,813


13,800


13,786

Diluted weighted average shares outstanding
13,625


13,595


13,731


13,826


13,813


13,786

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
As Restated and Recast
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
Three Months Ended
 
Three Months Ended
 
Nine Months Ended
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
 
(In thousands, except per share data)
Revenue
$
198,166


$
171,301


$
431,916


$
135,583


$
260,615


$
125,032

Cost of sales
156,173


132,897


334,857


104,856


201,960


97,104

Gross profit
41,993


38,404


97,059


30,727


58,655


27,928

Selling, general and administrative expenses
25,599


26,296


78,522


26,437


52,225


25,789

Amortization of intangible assets
345


345


1,036


346


691


345

Operating profit
16,050


11,763


17,501


3,944


5,738


1,794

Interest expense, net
711


886


2,205


809


1,319


510

Other expense (income), net
429


(433
)

(280
)

679


153


(526
)
Income from continuing operations before income taxes
14,910


11,310


15,576


2,456


4,266


1,810

Income tax expense
3,420


2,280


4,007


811


1,727


916

Net income from continuing operations
11,490


9,030


11,569


1,645


2,539


894

Income (loss) from discontinued operations, net of tax
2,371


(1,889
)

(7,732
)

(2,766
)

(5,843
)

(3,077
)
Net income (loss)
$
13,861


$
7,141


$
3,837


$
(1,121
)

$
(3,304
)

$
(2,183
)
 











Basic and diluted earnings (loss) per share:















Continuing operations
$
0.84


$
0.66


$
0.84


$
0.12


$
0.19


$
0.07

Discontinued operations
0.17


(0.14
)

(0.56
)

(0.20
)

(0.43
)

(0.22
)
Basic and diluted earnings (loss) per share
$
1.01


$
0.52


$
0.28


$
(0.08
)

$
(0.24
)

$
(0.15
)
 

















Basic weighted average shares outstanding
13,714


13,704


13,694


13,695


13,689


13,683

Diluted weighted average shares outstanding
13,844


13,713


13,697


13,704


13,693


13,692

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
As Restated
 
December 31, 2019
 
September 30, 2019
 
June 30, 2019
 
March 31, 2019
 
Three Months Ended
 
Three Months Ended
 
Nine Months Ended
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
 
(In thousands)
Net income (loss)
$
(7,304
)

$
(2,200
)

$
(6,203
)

$
(618
)

$
(4,003
)

$
(3,385
)
Other comprehensive income (loss), net of tax:

















Foreign currency translation adjustment
201


(18
)

309


113


327


214

(Loss) gain on long-term intra-entity foreign currency transactions
294


(509
)

(373
)

121


136


15

Cash flow hedging activity
(143
)

(127
)

(1,426
)

(877
)

(1,299
)

(422
)
Reclassification of hedging activities into earnings
81


122


268


144


146


2

Pension plan adjustment
1,410


—


—


—


—


—

Reclassification of pension adjustments into earnings
35


127


313


102


186


84

Total other comprehensive income (loss), net of tax
1,878


(405
)

(909
)

(397
)

(504
)

(107
)
Comprehensive income (loss)
$
(5,426
)

$
(2,605
)

$
(7,112
)

$
(1,015
)

$
(4,507
)

$
(3,492
)

 
As Restated
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
Three Months Ended
 
Three Months Ended
 
Nine Months Ended
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
 
(In thousands)
Net income (loss)
$
13,861


$
7,141


$
3,837


$
(1,121
)

$
(3,304
)

$
(2,183
)
Other comprehensive income (loss), net of tax:

















Foreign currency translation adjustment
(1,135
)

902


1,063


(412
)

161


573

(Loss) gain on long-term intra-entity foreign currency transactions
60


(53
)

(1,066
)

(1,013
)

(1,013
)

—

Cash flow hedging activity
(352
)

(301
)

452


464


753


289

Reclassification of hedging activities into earnings
48


(102
)

105


41


207


166

Pension plan adjustment
(1,920
)

—


—


—


—


—

Reclassification of pension adjustments into earnings
141


115


415


142


300


158

Total other comprehensive income (loss), net of tax
(3,158
)

561


969


(778
)

408


1,186

Comprehensive income (loss)
$
10,703


$
7,702


$
4,805


$
(1,899
)

$
(2,896
)

$
(997
)
CONDENSED CONSOLIDATED BALANCE SHEETS
`
As Restated and Recast
 
September 30, 2019
 
June 30, 2019
 
March 31, 2019
 
(In thousands)
Assets
 
 
 
 
 
Current assets
 
 
 
 
 
Cash and cash equivalents
$
1,559


$
1,029


$
1,636

Trade receivables, net
103,091


86,268


79,102

Inventory
161,043


121,472


120,707

Prepaid expenses and other current assets
14,086


16,412


17,379

Current assets of discontinued operations
22,830


21,255


24,692

Total current assets
302,609


246,436


243,516

Property, plant and equipment, net
22,193


21,649


20,984

Goodwill
6,253


6,253


6,253

Other intangible assets, net
3,483


3,828


4,174

Deferred income taxes
5,640


3,754


3,166

Deferred costs
8,804


8,564


8,316

Other non-current assets
1,553


1,984


2,403

Non-current assets of discontinued operations
1,744


4,420


4,446

Total assets
$
352,279


$
296,888


$
293,258

Liabilities and stockholders' equity





Current liabilities





Accounts payable
$
140,011


$
86,199


$
73,720

Accounts payable to NACCO Industries, Inc.
220


220


2,425

Revolving credit agreements
50,152


51,505


54,812

Accrued compensation
14,650


11,725


8,398

Accrued product returns
8,266


8,224


9,314

Other current liabilities
25,880


21,382


17,705

Current liabilities of discontinued operations
24,713


20,048


21,473

Total current liabilities
263,892


199,303


187,847

Revolving credit agreements
30,000


30,000


30,000

Other long-term liabilities
14,258


14,699


18,619

Non-current liabilities of discontinued operations
1,585


3,697


3,834

Total liabilities
309,735


247,699


240,300

Stockholders’ equity





Class A Common stock
95


95


95

Class B Common stock
44


44


44

Capital in excess of par value
54,143


53,342


52,520

Treasury stock
(5,960
)

(2,334
)

—

Retained earnings
12,231


15,646


17,506

Accumulated other comprehensive loss
(18,009
)

(17,604
)

(17,207
)
Total stockholders’ equity
42,544


49,189


52,958

Total liabilities and stockholders' equity
$
352,279


$
296,888


$
293,258

 
 
 
 
 
 




CONDENSED CONSOLIDATED BALANCE SHEETS
`
As Restated and Recast
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
(In thousands)
Assets
 
 
 
 
 
Current assets
 
 
 
 
 
Cash and cash equivalents
$
1,567


$
1,393


$
1,784

Trade receivables, net
112,309


76,132


79,358

Inventory
155,744


138,721


132,749

Prepaid expenses and other current assets
12,595


14,569


14,615

Current assets of discontinued operations
32,185


30,704


29,086

Total current assets
314,400


261,519


257,592

Property, plant and equipment, net
20,988


19,088


17,643

Goodwill
6,253


6,253


6,253

Other intangible assets, net
4,864


5,209


5,555

Deferred income taxes
7,704


8,877


10,419

Deferred costs
10,153


9,825


10,187

Other non-current assets
3,282


3,178


3,068

Non-current assets of discontinued operations
5,313


5,688


5,661

Total assets
$
372,957


$
319,637


$
316,378

Liabilities and stockholders' equity





Current liabilities





Accounts payable
$
131,620


$
92,488


$
96,924

Accounts payable to NACCO Industries, Inc.
2,480


2,769


7,814

Revolving credit agreements
60,083


66,326


63,308

Accrued compensation
15,421


11,984


9,238

Accrued product returns
9,601


9,648


10,815

Other current liabilities
22,488


15,769


21,227

Current liabilities of discontinued operations
29,693


26,830


21,509

Total current liabilities
271,386


225,814


230,835

Revolving credit agreements
30,000


30,000


20,000

Other long-term liabilities
22,343


21,654


21,831

Non-current liabilities of discontinued operations
2,293


2,416


2,565

Total liabilities
326,022


279,884


275,231

Stockholders’ equity





Class A Common stock
92


92


92

Class B Common stock
45


45


45

Capital in excess of par value
51,366


50,721


49,051

Treasury stock
—


—


—

Retained earnings
9,373


3,397


5,683

Accumulated other comprehensive loss
(13,941
)

(14,502
)

(13,724
)
Total stockholders’ equity
46,935


39,753


41,147

Total liabilities and stockholders' equity
$
372,957


$
319,637


$
316,378

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Year Ended December 31, 2019
 
Class A common stock
Class B common stock
Capital in excess of par value (1)
Treasury stock
Retained earnings (1)
Accumulated other comprehensive income (loss) (1)
Total stockholders' equity (1)
 
(In thousands, except per share data)
Balance as Restated, January 1, 2019
$
93

$
44

$
51,714

$
—

$
22,068

$
(17,101
)
$
56,818

Net loss
—

—

—

—

(3,385
)
—

(3,385
)
Issuance of common stock, net of conversions
2

—

(1
)
—

—

—

1

Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

807

—

—

—

807

Cash dividends, $0.085 per share
—

—

—

—

(1,177
)
—

(1,177
)
Other comprehensive loss
—

—

—

—

—

(192
)
(192
)
Reclassification adjustment to net loss
—

—

—

—

—

86

86

Balance as Restated, March 31, 2019
$
95

$
44

$
52,520

$
—

$
17,506

$
(17,207
)
$
52,958

Net loss
—

—

—

—

(618
)
—

(618
)
Issuance of common stock, net of conversions
—

—

—

—

—

—

—

Purchase of treasury stock
—

—

—

(2,334
)
—

—

(2,334
)
Share-based compensation expense
—

—

822

—

—

—

822

Cash dividends, $0.09 per share
—

—

—

—

(1,242
)
—

(1,242
)
Other comprehensive loss
—

—

—

—

—

(643
)
(643
)
Reclassification adjustment to net loss
—

—

—

—

—

246

246

Balance as Restated, June 30, 2019
$
95

$
44

$
53,342

$
(2,334
)
$
15,646

$
(17,604
)
$
49,189

Net loss
—

—

—

—

(2,200
)
—

(2,200
)
Issuance of common stock, net of conversions
—

—

—

—

—

—

—

Purchase of treasury stock
—

—

—

(3,626
)
—

—

(3,626
)
Share-based compensation expense
—

—

801

—

—

—

801

Cash dividends, $0.09 per share
—

—

—

—

(1,215
)
—

(1,215
)
Other comprehensive loss
—

—

—

—

—

(654
)
(654
)
Reclassification adjustment to net loss
—

—

—

—

—

249

249

Balance as Restated, September 30, 2019
$
95

$
44

$
54,143

$
(5,960
)
$
12,231

$
(18,009
)
$
42,544

Net loss
—

—

—

—

(7,304
)
—

(7,304
)
Issuance of common stock, net of conversions
3

(3
)
(1
)
—

—

—

(1
)
Purchase of treasury stock
—

—

—

—

—

—

—

Share-based compensation expense
—

—

367

—

—

—

367

Cash dividends, $0.09 per share
—

—

—

—

(1,217
)
—

(1,217
)
Other comprehensive loss
—

—

—

—

—

1,761

1,761

Reclassification adjustment to net loss
—

—

—

—

—

116

116

Balance as Restated, December 31, 2019
$
98

$
41

$
54,509

$
(5,960
)
$
3,710

$
(16,132
)
$
36,266

















(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2019. The quarter ended March 31, 2019 included a change to the reclassification adjustment to net loss of $0.1 million.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
For the Year Ended December 31, 2018
 
Class A common stock
Class B common stock
Capital in excess of par value
Retained earnings (1)
Accumulated other comprehensive income (loss) (1)
Total stockholders' equity (1)
 
(In thousands, except per share data)
Balance as Restated, January 1, 2018
$
88

$
48

$
47,773

$
7,860

$
(13,743
)
$
42,026

Net loss
—

—

—

(2,183
)
—

(2,183
)
Issuance of common stock, net of conversions
4

(3
)
323

—

—

324

Share-based compensation expense
—

—

955

—

—

955

Cash dividends, $0.085 per share
—

—

—

(1,162
)
—

(1,162
)
Reclassification due to adoption of ASU 2018-02
—

—

—

1,168

(1,168
)
—

Other comprehensive loss
—

—

—

—

863

863

Reclassification adjustment to net loss
—

—

—

—

324

324

Balance as Restated, March 31, 2018
$
92

$
45

$
49,051

$
5,683

$
(13,724
)
$
41,147

Net loss
—

—

—

(1,121
)
—

(1,121
)
Issuance of common stock, net of conversions
—

—

198

—

—

198

Share-based compensation expense
—

—

1,472

—

—

1,472

Cash dividends, $0.085 per share
—

—

—

(1,165
)
—

(1,165
)
Other comprehensive loss
—

—

—

—

(961
)
(961
)
Reclassification adjustment to net loss
—

—

—

—

183

183

Balance as Restated, June 30, 2018
$
92

$
45

$
50,721

$
3,397

$
(14,502
)
$
39,753

Net loss
—

—

—

7,141

—

7,141

Issuance of common stock, net of conversions
—

—

246

—

—

246

Share-based compensation expense
—

—

399



—

399

Cash dividends, $0.085 per share
—

—

—

(1,165
)
—

(1,165
)
Other comprehensive loss
—

—

—

—

548

548

Reclassification adjustment to net loss
—

—

—

—

13

13

Balance as Restated, September 30, 2018
$
92

$
45

$
51,366

$
9,373

$
(13,941
)
$
46,935

Net loss
—

—

—

13,861

—

13,861

Issuance of common stock, net of conversions
1

(1
)
(444
)
—

—

(444
)
Share-based compensation expense
—

—

792

—

—

792

Cash dividends, $0.085 per share
—

—

—

(1,166
)
—

(1,166
)
Other comprehensive loss
—

—

—

—

(3,349
)
(3,349
)
Reclassification adjustment to net loss
—

—

—

—

189

189

Balance as Restated, December 31, 2018
$
93

$
44

$
51,714

$
22,068

$
(17,101
)
$
56,818

 
 
 
 
 
 
 

(1) As Restated. The restatement impacts on net income are described in the reconciliation of the consolidated statement of operations. The restatement impacts on other comprehensive loss are described in the reconciliation of the consolidated statement of comprehensive income (loss) for the corresponding periods of the year ended December 31, 2018.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended December 31, 2019
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
 
(In thousands)
Revenue
$
207,085


$
(2,515
)

a,b,c,d

$
204,570

Cost of sales
162,173


—




162,173

Gross profit
44,912


(2,515
)



42,397

Selling, general and administrative expenses
19,054


3,942


a,c,f

22,996

Amortization of intangible assets
341


—




341

Operating profit (loss)
25,517


(6,457
)



19,060

Interest expense, net
767


—




767

Other expense (income), net
(710
)

—




(710
)
Income (loss) from continuing operations before income taxes
25,460


(6,457
)



19,003

Income tax expense (benefit)
6,066


(367
)

e

5,699

Net income (loss) from continuing operations
19,394


(6,090
)



13,304

Loss from discontinued operations, net of tax
(20,608
)

—




(20,608
)
Net income (loss)
$
(1,214
)

$
(6,090
)



$
(7,304
)
 







Basic and diluted earnings (loss) per share:










Continuing operations
$
1.43


$
(0.45
)



$
0.98

Discontinued operations
(1.52
)

—




(1.52
)
Basic and diluted earnings (loss) per share
$
(0.09
)

$
(0.45
)



$
(0.54
)
 










Basic weighted average shares outstanding
13,518


—




13,518

Diluted weighted average shares outstanding
13,625


—




13,625


(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to revenue of $0.4 million, and an increase to selling, general and administrative ("SG&A") expense of $3.7 million
(b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.6 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in a decrease to revenue and a decrease to SG&A expense of $0.2 million
(d) Correction for the timing of recognition of customer price concessions: The correction of these misstatements resulted in a decrease to revenue of $1.3 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.4 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to SG&A expense of $0.5 million

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended September 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
169,778


$
18


b,c

$
169,796

$
(20,288
)
$
149,508

Cost of sales
129,194


—


 

129,194

(10,632
)
118,562

Gross profit
40,584


18


 

40,602

(9,656
)
30,946

Selling, general and administrative expenses
36,182


2,573


a,c,f

38,755

(12,590
)
26,165

Amortization of intangible assets
345


—


 

345

—

345

Operating profit (loss)
4,057


(2,552
)

 

1,505

2,934

4,439

Interest expense, net
864


—


 

864

(108
)
756

Other expense (income), net
688


—


 

688

(7
)
681

Income (loss) from continuing operations before income taxes
2,505


(2,552
)

 

(47
)
3,049

3,002

Income tax expense (benefit)
2,108


45


e

2,153

296

2,449

Net income (loss) from continuing operations
397


(2,597
)

 

(2,200
)
2,753

553

Loss from discontinued operations, net of tax
—


—


 

—

(2,753
)
(2,753
)
Net income (loss)
$
397


$
(2,597
)

 

$
(2,200
)
$
—

$
(2,200
)
 




 




Basic and diluted earnings (loss) per share:






 







Continuing operations
$
0.03


$
(0.19
)

 

$
(0.16
)
$
0.20

$
0.04

Discontinued operations
—


—


 

—

(0.20
)
(0.20
)
Basic and diluted earnings (loss) per share
$
0.03


$
(0.19
)

 

$
(0.16
)
$
—

$
(0.16
)
 






 







Basic weighted average shares outstanding
13,579


—


 

13,579

—

13,579

Diluted weighted average shares outstanding
13,595


—


 

13,595

—

13,595


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.2 million
(b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.5 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense
(f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A expense of $0.1 million

 
For the Nine Months Ended September 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
463,582


$
1,458


b,c,f

$
465,040

$
(57,824
)
$
407,216

Cost of sales
352,618


(65
)

f

352,553

(31,493
)
321,060

Gross profit
110,964


1,522


 

112,486

(26,331
)
86,155

Selling, general and administrative expenses
108,306


5,137


a,c,f

113,443

(36,058
)
77,385

Amortization of intangible assets
1,036


—


 

1,036

—

1,036

Operating profit (loss)
1,622


(3,615
)

 

(1,993
)
9,727

7,734

Interest expense, net
2,514


—


 

2,514

(306
)
2,208

Other expense (income), net
230


144


f

374

(22
)
352

Income (loss) from continuing operations before income taxes
(1,122
)

(3,759
)

 

(4,881
)
10,055

5,174

Income tax expense (benefit)
1,186


136


e

1,322

2,063

3,385

Net income (loss) from continuing operations
(2,308
)

(3,895
)

 

(6,203
)
7,992

1,789

Loss from discontinued operations, net of tax
—


—


 

—

(7,992
)
(7,992
)
Net income (loss)
$
(2,308
)

$
(3,895
)

 

$
(6,203
)
$
—

$
(6,203
)
 




 




Basic and diluted earnings (loss) per share:






 







Continuing operations
$
(0.17
)

$
(0.28
)

 

$
(0.45
)
$
0.58

$
0.13

Discontinued operations
—


—


 

—

(0.58
)
(0.58
)
Basic and diluted earnings (loss) per share
$
(0.17
)

$
(0.28
)

 

$
(0.45
)
$
—

$
(0.45
)
 






 







Basic weighted average shares outstanding
13,726


—


 

13,726

—

13,726

Diluted weighted average shares outstanding
13,726


—


 

13,726

5

13,731


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.3 million
(b) Reversal of Revenue: The correction of these misstatements resulted in a decrease to revenue of $0.5 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.8 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.2 million, a decrease to cost of sales of $0.1 million, and an increase to other expense of $0.1 million.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended June 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
148,427


$
921


c

$
149,348

$
(18,283
)
$
131,065

Cost of sales
112,770


—


 

112,770

(10,212
)
102,558

Gross profit
35,657


921


 

36,578

(8,071
)
28,507

Selling, general and administrative expenses
35,617


594


a,c

36,211

(11,235
)
24,976

Amortization of intangible assets
346


—


 

346

—

346

Operating profit (loss)
(306
)

327


 

21

3,164

3,185

Interest expense, net
904


—


 

904

(115
)
789

Other expense (income), net
(126
)

—


 

(126
)
(6
)
(132
)
Income (loss) from continuing operations before income taxes
(1,084
)

327


 

(757
)
3,285

2,528

Income tax expense
(140
)

1




(139
)
769

630

Net income (loss) from continuing operations
(944
)

326


 

(618
)
2,516

1,898

Loss from discontinued operations, net of tax
—


—


 

—

(2,516
)
(2,516
)
Net income (loss)
$
(944
)

$
326


 

$
(618
)
$
—

$
(618
)
 




 




Basic and diluted earnings (loss) per share:






 







Continuing operations
$
(0.07
)

$
0.03


 

$
(0.04
)
$
0.18

$
0.14

Discontinued operations
—


—


 

—

(0.18
)
(0.18
)
Basic and diluted earnings (loss) per share
$
(0.07
)

$
0.02


 

$
(0.05
)
$
—

$
(0.04
)
 






 







Basic weighted average shares outstanding
13,813


—


 

13,813

—

13,813

Diluted weighted average shares outstanding
13,813


—


 

13,813

13

13,826


(a) Write-off of Assets: The correction of these misstatements resulted in a decrease to selling, general and administrative ("SG&A") expense of $0.3 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million


 
For the Six Months Ended June 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
293,804


$
1,439


c,f

$
295,243

$
(37,536
)
$
257,707

Cost of sales
223,424


(65
)

f

223,359

(20,861
)
202,498

Gross profit
70,380


1,504


 

71,884

(16,675
)
55,209

Selling, general and administrative expenses
72,124


2,566


a,c,f

74,690

(23,468
)
51,222

Amortization of intangible assets
691


—


 

691

—

691

Operating profit (loss)
(2,435
)

(1,062
)

 

(3,497
)
6,793

3,296

Interest expense, net
1,650


—


 

1,650

(198
)
1,452

Other expense (income), net
(458
)

144


f

(314
)
(15
)
(329
)
Income (loss) from continuing operations before income taxes
(3,627
)

(1,206
)

 

(4,833
)
7,006

2,173

Income tax expense (benefit)
(922
)

92


e

(830
)
1,767

937

Net income (loss) from continuing operations
(2,705
)

(1,298
)

 

(4,003
)
5,239

1,236

Loss from discontinued operations, net of tax
—


—


 

—

(5,239
)
(5,239
)
Net loss
$
(2,705
)

$
(1,298
)

 

$
(4,003
)
$
—

$
(4,003
)
 




 




Basic and diluted earnings (loss) per share:






 







Continuing operations
$
(0.20
)

$
(0.09
)

 

$
(0.29
)
$
0.38

$
0.09

Discontinued operations
—


—


 

—

(0.38
)
(0.38
)
Basic and diluted earnings (loss) per share
$
(0.20
)

$
(0.09
)

 

$
(0.29
)
$
—

$
(0.29
)
 






 







Basic weighted average shares outstanding
13,800


—


 

13,800

—

13,800

Diluted weighted average shares outstanding
13,800


—


 

13,800

13

13,813


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.1 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $1.3 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A of $0.2 million, and an increase to other expense of $0.1 million

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended March 31, 2019

As Previously Reported

Restatement Impacts

Restatement References

As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
145,377


$
518


c,f

$
145,895

$
(19,253
)
$
126,642

Cost of sales
110,654


(65
)

f

110,589

(10,649
)
99,940

Gross profit
34,723


583




35,306

(8,604
)
26,702

Selling, general and administrative expenses
36,507


1,972


a,c,f

38,479

(12,233
)
26,246

Amortization of intangible assets
345


—




345

—

345

Operating profit (loss)
(2,129
)

(1,389
)



(3,518
)
3,629

111

Interest expense, net
746


—




746

(83
)
663

Other expense (income), net
(332
)

144


f

(188
)
(9
)
(197
)
Income (loss) from continuing operations before income taxes
(2,543
)

(1,533
)



(4,076
)
3,721

(355
)
Income tax expense (benefit)
(782
)

91


e

(691
)
998

307

Net income (loss) from continuing operations
(1,761
)

(1,624
)



(3,385
)
2,723

(662
)
Loss from discontinued operations, net of tax
—


—




—

(2,723
)
(2,723
)
Net loss
$
(1,761
)

$
(1,624
)



$
(3,385
)
$
—

$
(3,385
)










Basic and diluted earnings (loss) per share:














Continuing operations
$
(0.13
)

$
(0.12
)



$
(0.25
)
$
0.20

$
(0.05
)
Discontinued operations
—


—




—

(0.20
)
(0.20
)
Basic and diluted earnings (loss) per share
$
(0.13
)

$
(0.12
)



$
(0.25
)
$
—

$
(0.25
)















Basic weighted average shares outstanding
13,786


—




13,786

—

13,786

Diluted weighted average shares outstanding
13,786


—




13,786

—

13,786


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.1 million, a decrease to cost of sales of $0.1 million, an increase to SG&A expense of $0.2 million, and an increase in other expense of $0.1 million

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended December 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
 
(In thousands, except per share data)
Revenue
$
198,981


$
(815
)

c,f

$
198,166

Cost of sales
157,419


(1,246
)

f

156,173

Gross profit
41,562


431




41,993

Selling, general and administrative expenses
23,677


1,922


a,c,f

25,599

Amortization of intangible assets
345


—




345

Operating profit
17,540


(1,490
)



16,050

Interest expense, net
711


—




711

Other expense (income), net
573


(144
)

f

429

Income from continuing operations before income taxes
16,256


(1,346
)



14,910

Income tax expense
3,595


(175
)

e

3,420

Net income from continuing operations
12,661


(1,171
)



11,490

Loss from discontinued operations, net of tax
2,371


—




2,371

Net income (loss)
$
15,032


$
(1,171
)



$
13,861

 







Basic and diluted earnings (loss) per share:










Continuing operations
$
0.93


$
(0.09
)



$
0.84

Discontinued operations
0.17


—




0.17

Basic and diluted earnings (loss) per share
$
1.10


$
(0.09
)



$
1.01

 










Basic weighted average shares outstanding
13,714


—




13,714

Diluted weighted average shares outstanding
13,844


—




13,844


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.4 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to revenue of $1.4 million, a decrease to cost of sales of $1.2 million, and a decrease in other income of $0.1 million

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended September 30, 2018
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
196,901


$
284


c

$
197,185

$
(25,884
)
$
171,301

Cost of sales
146,550


—




146,550

(13,653
)
132,897

Gross profit
50,351


284




50,635

(12,231
)
38,404

Selling, general and administrative expenses
39,211


1,496


a,c

40,707

(14,411
)
26,296

Amortization of intangible assets
345


—




345

—

345

Operating profit
10,795


(1,212
)



9,583

2,180

11,763

Interest expense, net
1,001


—




1,001

(115
)
886

Other expense (income), net
(426
)

—




(426
)
(7
)
(433
)
Income from continuing operations before income taxes
10,220


(1,212
)



9,008

2,302

11,310

Income tax expense
2,176


(309
)

e

1,867

413

2,280

Net income from continuing operations
8,044


(903
)



7,141

1,889

9,030

Loss from discontinued operations, net of tax
—


—




—

(1,889
)
(1,889
)
Net income (loss)
$
8,044


$
(903
)



$
7,141

$
—

$
7,141

 









Basic and diluted earnings (loss) per share:














Continuing operations
$
0.59


$
(0.07
)



$
0.52

$
0.14

$
0.66

Discontinued operations
—


—




—

(0.14
)
(0.14
)
Basic and diluted earnings (loss) per share
$
0.59


$
(0.07
)



$
0.52

$
—

$
0.52

 














Basic weighted average shares outstanding
13,704


—




13,704

—

13,704

Diluted weighted average shares outstanding
13,713


—




13,713

—

13,713


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.2 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.3 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.3 million


 
For the Nine Months Ended September 30, 2018
 
 
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
501,475


$
1,187


c.f

$
502,662

$
(70,746
)
$
431,916

Cost of sales
372,478


81


f

372,559

(37,702
)
334,857

Gross profit
128,997


1,106




130,103

(33,044
)
97,059

Selling, general and administrative expenses
117,328


4,235


a,c,f

121,563

(43,041
)
78,522

Amortization of intangible assets
1,036


—




1,036

—

1,036

Operating profit
10,633


(3,129
)



7,504

9,997

17,501

Interest expense, net
2,422


—




2,422

(217
)
2,205

Other expense (income), net
(253
)

—




(253
)
(27
)
(280
)
Income from continuing operations before income taxes
8,464


(3,129
)



5,335

10,241

15,576

Income tax expense
1,712


(214
)

e

1,498

2,509

4,007

Net income from continuing operations
6,752


(2,915
)



3,837

7,732

11,569

Loss from discontinued operations, net of tax
—


—




—

(7,732
)
(7,732
)
Net income (loss)
$
6,752


$
(2,915
)



$
3,837

$
—

$
3,837

 









Basic and diluted earnings (loss) per share:














Continuing operations
$
0.49


$
(0.21
)



$
0.28

$
0.56

$
0.84

Discontinued operations
—


—




—

(0.56
)
(0.56
)
Basic and diluted earnings (loss) per share
$
0.49


$
(0.21
)



$
0.28

$
—

$
0.28

 














Basic weighted average shares outstanding
13,694


—




13,694

—

13,694

Diluted weighted average shares outstanding
13,697


—




13,697

—

13,697


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $3.5 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.9 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in a decrease to income tax expense of $0.2 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended June 30, 2018
 
 
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
157,941


$
404


c

$
158,345

$
(22,762
)
$
135,583

Cost of sales
117,088


—




117,088

(12,232
)
104,856

Gross profit
40,853


404




41,257

(10,530
)
30,727

Selling, general and administrative expenses
40,123


525


a,c,f

40,648

(14,211
)
26,437

Amortization of intangible assets
346


—




346

—

346

Operating profit
384


(121
)



263

3,681

3,944

Interest expense, net
889


—




889

(80
)
809

Other expense (income), net
687


—




687

(8
)
679

Income from continuing operations before income taxes
(1,192
)

(121
)



(1,313
)
3,769

2,456

Income tax expense
(318
)

126


e

(192
)
1,003

811

Net income from continuing operations
(874
)

(247
)



(1,121
)
2,766

1,645

Loss from discontinued operations, net of tax
—


—




—

(2,766
)
(2,766
)
Net income (loss)
$
(874
)

$
(247
)



$
(1,121
)
$
—

$
(1,121
)
 









Basic and diluted earnings (loss) per share:














Continuing operations
$
(0.06
)

$
(0.02
)



$
(0.08
)
$
0.20

$
0.12

Discontinued operations
—


—




—

(0.20
)
(0.20
)
Basic and diluted earnings (loss) per share
$
(0.06
)

$
(0.02
)



$
(0.08
)
$
—

$
(0.08
)
 














Basic weighted average shares outstanding
13,695


—




13,695

—

13,695

Diluted weighted average shares outstanding
13,695


—




13,695

9

13,704


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $0.5 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.4 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in a decrease to SG&A of $0.4 million

 
For the Six Months Ended June 30, 2018
 
 
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
304,574


$
903


c,f

$
305,477

$
(44,862
)
$
260,615

Cost of sales
225,928


81


f

226,009

(24,049
)
201,960

Gross profit
78,646


822




79,468

(20,813
)
58,655

Selling, general and administrative expenses
78,117


2,738


a,c,f

80,855

(28,630
)
52,225

Amortization of intangible assets
691


—




691

—

691

Operating profit
(162
)

(1,917
)



(2,079
)
7,817

5,738

Interest expense, net
1,421


—




1,421

(102
)
1,319

Other expense (income), net
173


—




173

(20
)
153

Income from continuing operations before income taxes
(1,756
)

(1,917
)



(3,673
)
7,939

4,266

Income tax expense
(464
)

95


e

(369
)
2,096

1,727

Net income from continuing operations
(1,292
)

(2,012
)



(3,304
)
5,843

2,539

Loss from discontinued operations, net of tax
—


—




—

(5,843
)
(5,843
)
Net income (loss)
$
(1,292
)

$
(2,012
)



$
(3,304
)
$
—

$
(3,304
)
 










Basic and diluted earnings (loss) per share:















Continuing operations
$
(0.09
)

$
(0.15
)



$
(0.24
)
$
0.43

$
0.19

Discontinued operations
—


—




—

(0.43
)
(0.43
)
Basic and diluted earnings (loss) per share
$
(0.09
)

$
(0.15
)



$
(0.24
)
$
—

$
(0.24
)
 















Basic weighted average shares outstanding
13,689


—




13,689

—

13,689

Diluted weighted average shares outstanding
13,689


—




13,689

4

13,693


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $2.3 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.6 million
(e) Tax adjustments for corrections: The correction of these misstatements resulted in an increase to income tax expense of $0.1 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, an increase to cost of sales of $0.1 million, and a decrease to SG&A of $0.2 million


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended March 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
Restatement References
 
As Restated
Recasting Impacts
As Restated and Recast
 
(In thousands)
Revenue
$
146,633


$
499


c,f

$
147,132

$
(22,100
)
$
125,032

Cost of sales
108,840


81


f

108,921

(11,817
)
97,104

Gross profit
37,793


418




38,211

(10,283
)
27,928

Selling, general and administrative expenses
37,994


2,214


a,c,f

40,208

(14,419
)
25,789

Amortization of intangible assets
345


—




345

—

345

Operating profit
(546
)

(1,796
)



(2,342
)
4,136

1,794

Interest expense, net
532


—




532

(22
)
510

Other expense (income), net
(514
)

—




(514
)
(12
)
(526
)
Income from continuing operations before income taxes
(564
)

(1,796
)



(2,360
)
4,170

1,810

Income tax expense
(146
)

(31
)



(177
)
1,093

916

Net income from continuing operations
(418
)

(1,765
)



(2,183
)
3,077

894

Loss from discontinued operations, net of tax
—


—




—

(3,077
)
(3,077
)
Net income (loss)
$
(418
)

$
(1,765
)



$
(2,183
)
$
—

$
(2,183
)
 









Basic and diluted earnings (loss) per share:














Continuing operations
$
(0.03
)

$
(0.12
)



$
(0.15
)
$
0.22

$
0.07

Discontinued operations
—


—




—

(0.22
)
(0.22
)
Basic and diluted earnings (loss) per share
$
(0.03
)

$
(0.12
)



$
(0.15
)
$
—

$
(0.15
)
 














Basic weighted average shares outstanding
13,683


—




13,683

—

13,683

Diluted weighted average shares outstanding
13,683


—




13,683

9

13,692


(a) Write-off of Assets: The correction of these misstatements resulted in an increase to selling, general and administrative ("SG&A") expense of $1.7 million
(c) Correction of misclassification of Selling and Marketing Expenses: The correction of these misstatements resulted in an increase to revenue and an increase to SG&A expense of $0.2 million
(f) Correction of other immaterial errors: The correction of these misstatements resulted in an increase to revenue of $0.3 million, and increase to cost of sales of $0.1 million, an increase to SG&A of $0.3 million
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended December 31, 2019
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(1,214
)

$
(6,090
)

$
(7,304
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
857


(656
)

201

(Loss) gain on long-term intra-entity foreign currency transactions
294


—


294

Cash flow hedging activity
(143
)

—


(143
)
Reclassification of hedging activities into earnings
81


—


81

Pension plan adjustment
1,410


—


1,410

Reclassification of pension adjustments into earnings
35


—


35

Total other comprehensive loss, net of tax
2,534


(656
)

1,878

Comprehensive income (loss)
$
1,320


$
(6,746
)

$
(5,426
)

See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2019 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended September 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
397


$
(2,597
)

$
(2,200
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
(312
)

294


(18
)
(Loss) gain on long-term intra-entity foreign currency transactions
(509
)

—


(509
)
Cash flow hedging activity
(127
)

—


(127
)
Reclassification of hedging activities into earnings
122


—


122

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
127


—


127

Total other comprehensive loss, net of tax
(699
)

294


(405
)
Comprehensive income (loss)
$
(302
)

$
(2,303
)

$
(2,605
)

See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2019 section above.
The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.

 
For the Nine Months Ended September 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(2,308
)

$
(3,895
)

$
(6,203
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
244


65


309

(Loss) gain on long-term intra-entity foreign currency transactions
(373
)

—


(373
)
Cash flow hedging activity
(1,570
)

144


(1,426
)
Reclassification of hedging activities into earnings
268


—


268

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
219


94


313

Total other comprehensive loss, net of tax
(1,212
)

303


(909
)
Comprehensive income (loss)
$
(3,520
)

$
(3,592
)

$
(7,112
)

See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2019 section above.
The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
The increases to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended June 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(944
)

$
326


$
(618
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
226


(113
)

113

(Loss) gain on long-term intra-entity foreign currency transactions
121


—


121

Cash flow hedging activity
(877
)

—


(877
)
Reclassification of hedging activities into earnings
144


—


144

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
102


—


102

Total other comprehensive loss, net of tax
(284
)

(113
)

(397
)
Comprehensive income (loss)
$
(1,228
)

$
213


$
(1,015
)

See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2019 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
The increases to the reclassification of pension adjustments are from the correction of other immaterial errors.

 
For the Six Months Ended June 30, 2019
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(2,705
)

$
(1,298
)

$
(4,003
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
556


(229
)

327

(Loss) gain on long-term intra-entity foreign currency transactions
136


—


136

Cash flow hedging activity
(1,443
)

144


(1,299
)
Reclassification of hedging activities into earnings
146


—


146

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
92


94


186

Total other comprehensive loss, net of tax
(513
)

9


(504
)
Comprehensive income (loss)
$
(3,218
)

$
(1,289
)

$
(4,507
)

See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2019 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets and timing of recognition of customer pricing concessions categories.
The increase to cash flow hedging and the reclassification of pension adjustments is from the correction of other immaterial errors.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended March 31, 2019

As Previously Reported

Restatement Impacts

As Restated
 
(In thousands)
Net income (loss)
$
(1,761
)

$
(1,624
)

$
(3,385
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
330


(116
)

214

(Loss) gain on long-term intra-entity foreign currency transactions
15


—


15

Cash flow hedging activity
(566
)

144


(422
)
Reclassification of hedging activities into earnings
2


—


2

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
(10
)

94


84

Total other comprehensive loss, net of tax
(229
)

122


(107
)
Comprehensive income (loss)
$
(1,990
)

$
(1,502
)

$
(3,492
)

See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2019 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
The increase to cash flow hedging is from the correction of other immaterial errors.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended December 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
15,032


$
(1,171
)

$
13,861

Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
(1,441
)

306


(1,135
)
(Loss) gain on long-term intra-entity foreign currency transactions
60


—


60

Cash flow hedging activity
(208
)

(144
)

(352
)
Reclassification of hedging activities into earnings
48


—


48

Pension plan adjustment
(1,920
)

—


(1,920
)
Reclassification of pension adjustments into earnings
235


(94
)

141

Total other comprehensive loss, net of tax
(3,226
)

68


(3,158
)
Comprehensive income (loss)
$
11,806


$
(1,103
)

$
10,703


See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended December 31, 2018 section above.
The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.
The decrease to cash flow hedging and the reclassification of pension adjustments are from the correction of other immaterial errors.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended September 30, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
8,044


$
(903
)

$
7,141

Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
1,257


(355
)

902

(Loss) gain on long-term intra-entity foreign currency transactions
(53
)

—


(53
)
Cash flow hedging activity
(301
)

—


(301
)
Reclassification of hedging activities into earnings
(102
)

—


(102
)
Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
115


—


115

Total other comprehensive loss, net of tax
916


(355
)

561

Comprehensive income (loss)
$
8,960


$
(1,258
)

$
7,702


See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended September 30, 2018 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.

 
For the Nine Months Ended September 30, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
6,752


$
(2,915
)

$
3,837

Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
1,282


(219
)

1,063

(Loss) gain on long-term intra-entity foreign currency transactions
(1,066
)

—


(1,066
)
Cash flow hedging activity
452


—


452

Reclassification of hedging activities into earnings
105


—


105

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
415


—


415

Total other comprehensive loss, net of tax
1,188


(219
)

969

Comprehensive income (loss)
$
7,940


$
(3,135
)

$
4,805


See description of the net income (loss) impacts in the consolidated statement of operations for the nine months ended September 30, 2018 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended June 30, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(874
)

$
(247
)

$
(1,121
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
(892
)

480


(412
)
(Loss) gain on long-term intra-entity foreign currency transactions
(1,013
)

—


(1,013
)
Cash flow hedging activity
464


—


464

Reclassification of hedging activities into earnings
41


—


41

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
142


—


142

Total other comprehensive loss, net of tax
(1,258
)

480


(778
)
Comprehensive income (loss)
$
(2,132
)

$
233


$
(1,899
)

See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended June 30, 2018 section above.
The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.

 
For the Six Months Ended June 30, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(1,292
)

$
(2,012
)

$
(3,304
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
25


136


161

(Loss) gain on long-term intra-entity foreign currency transactions
(1,013
)

—


(1,013
)
Cash flow hedging activity
753


—


753

Reclassification of hedging activities into earnings
207


—


207

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
300


—


300

Total other comprehensive loss, net of tax
272


136


408

Comprehensive income (loss)
$
(1,020
)

$
(1,876
)

$
(2,896
)

See description of the net income (loss) impacts in the consolidated statement of operations for the six months ended June 30, 2018 section above.
The increase to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the Three Months Ended March 31, 2018
 
As Previously Reported
 
Restatement Impacts
 
As Restated
 
(In thousands)
Net income (loss)
$
(418
)

$
(1,765
)

$
(2,183
)
Other comprehensive income (loss), net of tax:








Foreign currency translation adjustment
917


(344
)

573

(Loss) gain on long-term intra-entity foreign currency transactions
—


—


—

Cash flow hedging activity
289


—


289

Reclassification of hedging activities into earnings
166


—


166

Pension plan adjustment
—


—


—

Reclassification of pension adjustments into earnings
158


—


158

Total other comprehensive loss, net of tax
1,530


(344
)

1,186

Comprehensive income (loss)
$
1,112


$
(2,109
)

$
(997
)

See description of the net income (loss) impacts in the consolidated statement of operations for the three months ended March 31, 2018 section above.
The decrease to foreign currency translation adjustments is the result of the translation impacts of restatements in the write-off of assets, reversal of revenue and timing of recognition of customer pricing concessions categories.