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Restatement of the Unaudited Consolidated Financial Statements (Tables)
 9 Months Ended
Oct. 31, 2015
Accounting Changes and Error Corrections [Abstract]  
Effects of Restatements on Financial Statements
The effects of the restatement on the Company's unaudited consolidated balance sheets as of October 31, 2015 are as follows (in thousands):
 
  
October 31, 2015
Consolidated Balance Sheets (unaudited):
  
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Inventories
 
$
48,624

 
$
12

 
$
48,636

Total current assets
 
126,665

 
12

 
126,677

Property, plant and equipment, net
  
117,760

  
(554
)
 
117,206

Goodwill
  
44,796

  
(4,084
)
 
40,712

Amortizable intangible assets, net
  
16,586

  
(3,259
)
 
13,327

Total assets
  
309,666

  
(7,885
)
 
301,781

Accrued liabilities
  
11,906

  
(309
)
  
11,597

Total current liabilities
  
19,973

  
(309
)
  
19,664

Other liabilities
  
17,057

  
(2,546
)
  
14,511

Paid-in capital
 
54,342

 
(423
)
 
53,919

Retained earnings
  
236,922

 
(4,607
)
 
232,315

Total Raven Industries, Inc. shareholders' equity
  
272,544

  
(5,030
)
 
267,514

Total shareholders' equity
 
272,636

 
(5,030
)
 
267,606

Total liabilities and shareholders' equity
  
309,666

  
(7,885
)
 
301,781



The effects of the restatement on the Company's unaudited consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2015 are as follows (in thousands):
 
 
Three Months Ended October 31, 2015
 
Nine Months Ended October 31, 2015
Consolidated Statements of Income and Comprehensive Income (unaudited):
 
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
 
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Cost of sales
 
$
51,440

 
$
(801
)
 
$
50,639

 
$
151,014

 
$
(801
)
 
$
150,213

Gross profit
 
16,171

 
801

 
16,972

 
54,388

 
801

 
55,189

Goodwill impairment loss
 
7,413

 
4,084

 
11,497

 
7,413

 
4,084

 
11,497

Long-lived asset impairment loss
 
—

 
3,813

 
3,813

 
—

 
3,813

 
3,813

Operating (loss) income
 
(2,727
)
 
(7,096
)
 
(9,823
)
 
10,916

 
(7,096
)
 
3,820

(Loss) income before income taxes
 
(2,850
)
 
(7,096
)
 
(9,946
)
 
10,483

 
(7,096
)
 
3,387

Income taxes (benefit) provision
 
(1,291
)
 
(2,489
)
 
(3,780
)
 
2,960

 
(2,489
)
 
471

Net (loss) income
 
(1,559
)
 
(4,607
)
 
(6,166
)
 
7,523

 
(4,607
)
 
2,916

Net (loss) income attributable to Raven Industries, Inc.
 
(1,581
)
 
(4,607
)
 
(6,188
)
 
7,465

 
(4,607
)
 
2,858

Net (loss) income per common share:
 
 
 
 
 
 
 
 
 
 
 
 
      ─ Basic
 
(0.04
)
 
(0.13
)
 
(0.17
)
 
0.20

 
(0.12
)
 
0.08

      ─ Diluted
 
(0.04
)
 
(0.13
)
 
(0.17
)
 
0.20

 
(0.12
)
 
0.08

Comprehensive income (loss)
 
1,237

 
(4,607
)
 
(3,370
)
 
10,346

 
(4,607
)
 
5,739

Comprehensive income attributable to Raven Industries, Inc.
 
1,215

 
(4,607
)
 
(3,392
)
 
10,288

 
(4,607
)
 
5,681


The effects of the restatement on the Company's consolidated statements of shareholders' equity as of and for the nine months ended October 31, 2015 are as follows (in thousands):
 
  
Nine Months Ended October 31, 2015
Consolidated Statements of Shareholders' Equity (unaudited):
  
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Net income
  
7,523

  
(4,607
)
 
2,916

Income tax impact related to share-based compensation
 
(267
)
 
(423
)
 
(690
)
Total shareholders' equity as of October 31, 2015
 
272,636

 
(5,030
)
 
267,606


The effects of the restatement on the Net Cash provided by operating activities of the Company's unaudited consolidated statements of cash flows for the nine months ended October 31, 2015 are as follows (in thousands):
 
  
Nine Months Ended October 31, 2015
Consolidated Statements of Cash Flows (unaudited):
  
As Previously
Reported
 
Restatement
Adjustments
 
As Restated
Net income
  
$
7,523

  
$
(4,607
)
 
$
2,916

Change in fair value of acquisition-related contingent consideration
  
(930
)
  
(790
)
 
(1,720
)
Goodwill impairment loss
  
7,413

  
4,084

 
11,497

Long-lived asset impairment loss
  
—

  
3,813

 
3,813

Deferred income taxes
  
(4,765
)
  
(1,920
)
  
(6,685
)
Change in inventories
 
4,832

 
(12
)
 
4,820

Operating liabilities
  
(12,012
)
  
(568
)
  
(12,580
)
Net cash provided by operating activities
 
35,181

 
—

 
35,181



There were no impacts to Net cash used in investing activities or Net cash used in financing activities within our consolidated statement of cash flows nor was there an impact on the Net (decrease) increase in cash and cash equivalents resulting from restatement.

The impacts of the restatements have been reflected throughout these unaudited financial statements, including the applicable footnotes, as appropriate.

As the Company has been unable to timely file its Quarterly Reports on Form 10-Q for the three and six months ended July 31, 2016 and the three and nine months ended October 31, 2016, the Company is currently non-compliant with NASDAQ Listing Rule 5250(c)(1). In addition, the Company has requested and received covenant waivers from its lenders related to its credit agreement due to its late filing of financial statement information during fiscal 2017.