Quarterly Results of Operations (unaudited)

12 Months Ended

Jul. 31, 2013

Quarterly Results of Operations (unaudited)

Quarterly Results of Operations (unaudited)

19. Quarterly Results of Operations (unaudited)

The following is a summary of the quarterly results of operations for the years ended July 31, 2013 and 2012:

	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
2013
Net sales	$	99,681,000		$	106,363,000		$	105,009,000		$	113,973,000
Cost of sales	55,954,000			61,212,000			59,525,000			64,859,000
Gross profit	43,727,000			45,151,000			45,484,000			49,114,000
Gross profit percentage	43.9		%	42.4		%	43.3		%	43.1		%
Net income	$	9,576,000		$	10,452,000		$	8,998,000		$	10,213,000
Earnings per common share:
Basic (1)	$	0.24		$	0.26		$	0.22		$	0.25
Diluted	$	0.23		$	0.25		$	0.22		$	0.25
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
2012
Net sales	$	93,262,000		$	97,297,000		$	97,238,000		$	98,693,000
Cost of sales	55,312,000			56,476,000			54,619,000			55,916,000
Gross profit	37,950,000			40,821,000			42,619,000			42,777,000
Gross profit percentage	40.7		%	42.0		%	43.8		%	43.3		%
Net income	$	6,220,000		$	7,294,000		$	8,174,000		$	9,649,000	(2)
Earnings per common share:
Basic	$	0.16		$	0.18		$	0.20		$	0.24	(2)
Diluted	$	0.15		$	0.18		$	0.20		$	0.24

(1) The summation of quarterly earnings per share does not equal the fiscal year earnings per share due to rounding.

(2) Net income in our fourth quarter of fiscal 2012 was favorably impacted by approximately $1,000,000, or $0.02 in both basic and diluted earnings per common share, due to the recording of a tax benefit associated with the closing of our Japan subsidiary, as more fully explained in Note 10 to the Consolidated Financial Statements.