QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Jan. 31, 2022

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION

13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of net income for interim periods including, the result of the correction of immaterial errors discussed in Note 1. “Business and Summary of Significant Accounting Policies.”   

These corrections decreased cost of goods sold by $0.1 million for the quarters ended October 31, 2021 and July 31, 2021 and $0.4 million for the quarter ended April 30, 2021.  These corrections increased income tax expense by $0.03 million for the quarter ended October 31, 2021, decreased income tax expense by $0.3 million for the quarter ended July 31, 2021 and increased income tax expense by $0.03 million for the quarter ended April 30, 2021.  These corrections increased net income by $0.1 million for the quarter ended October, 31, 2021 and increased net income by $0.4 million for the quarters ended July 31, 2021 and April 30, 2021.  Basic EPS increased $0.01 for the quarter ended October 31, 2021,by $0.05 for the quarters ended July 31, 2021 and April 30, 2021.  Diluted EPS increased $0.01 for quarter ended October 31, 2021, increased $0.05 for the quarter ended July 31, 2021 and increased $0.04 for the quarter April 30, 2021. These corrections decreased cost of goods sold by $0.1 million for the quarters ended October 31, 2020, July 31, 2020 and April 30, 2020.  These corrections increased cost of goods sold by $0.2 million for the quarter ended January 31, 2021.  These corrections decreased income tax expense by $0.05 million for the quarters ended January 31, 2021, October, 31, 2020, July 31, 2020 and April 30, 2020.  These corrections decreased net income by $0.1 million for the quarter ended January 31, 2021. These corrections increased net income by $0.1 million for the quarters ended October, 31, 2020, July 31, 2020 and April 30, 2020.  Basic EPS decreased $0.02 for the quarter ended January 31, 2021.   Basic EPS increased $0.02 for the quarters ended October 31, 2020, July 31, 2020 and April 30, 2020.  Diluted EPS decreased $0.02 for the quarter ended January 31, 2021.   Diluted EPS increased $0.02 for the quarters ended October 31, 2020 and April 30, 2020 and increased $0.01 for the quarter ended July 31, 2020.  Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The following tables present unaudited quarterly financial information for the periods presented:

	Fiscal Year 2022
In thousands except EPS	Fourth Quarter Ended January 31, 2022		Third Quarter Ended October 31, 2021		Second Quarter Ended July 31, 2021		First Quarter Ended April 30, 2021
Net sales	$	26,796	$	30,032	$	27,466	$	34,092
Cost of goods sold		16,289		17,262		14,609		19,313
Operating profit		1,124		4,226		4,066		6,631
Income tax expense		744		1,328		1,094		1,615
Net income		507		2,895		2,968		5,002
Weighted average shares used in computing basic EPS		7,832,621		7,849,591		7,982,995		7,989,215
Weighted average shares used in computing diluted EPS		7,992,499		7,998,965		8,141,107		8,143,805
Basic EPS	$	0.06	$	0.37	$	0.37	$	0.63
Diluted EPS	$	0.06	$	0.36	$	0.36	$	0.61

	Fiscal Year 2021
In thousands except EPS	Fourth Quarter Ended January 31, 2021		Third Quarter Ended October 31, 2020		Second Quarter Ended July 31, 2020		First Quarter Ended April 30, 2020
Net sales	$	36,946	$	41,451	$	35,021	$	45,582
Cost of goods sold		19,060		19,688		17,606		23,363
Operating profit		9,064		12,568		9,809		12,445
Income tax expense		1,340		3,189		377		3,677
Net income		7,725		9,387		9,461		8,757
Weighted average shares used in computing basic EPS		7,982,018		7,979,902		7,976,275		7,972,423
Weighted average shares used in computing diluted EPS		8,182,337		8,123,848		8,079,744		8,044,849
Basic EPS	$	0.97	$	1.18	$	1.19	$	1.10
Diluted EPS	$	0.94	$	1.16	$	1.17	$	1.09