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Restatement of Previously Issued Financial Statements Restatement of Previously Issued Financial Statements
 6 Months Ended
Apr. 30, 2015
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]
Restatement of Previously Issued Financial Statements

As disclosed in the Company's Current Report on Form 8-K, filed on September 14, 2015, the Company, after an investigation by the Audit Committee, with the assistance of management and independent third-party advisors, concluded that previously issued condensed consolidated financial statements should not be relied upon due to errors related to the understatement of consolidated cost of sales of approximately $1,100 for the fiscal quarter ended April 30, 2015.  The Audit Committee’s decision to restate the condensed consolidated financial statements was based upon the results of an investigation of accounting for inventoried costs at the Company’s Wellington facility.  The Company has restated its condensed consolidated financial statements for the three and six months ended April 30, 2015 and such statements are included in this Amended Filing.

During the Company's investigation, other correcting    entries specific to the Wellington facility were identified and corrected, including certain amounts such as prepaid accounts that should have been expensed during the periods. The adjustments for the six month period ended April 30, 2015 included certain immaterial amounts from fiscal 2014 totaling $982 pre-tax primarily related to inventoried costs. Further, the tax impact of all adjustments has been recorded.

Impact of Corrections on Previously Issued Condensed Consolidated Financial Statements
 
The following table presents the effect of the restatement adjustments on the condensed consolidated balance sheet for the period ended April 30, 2015:
 
 
April 30, 2015
 
 
As Reported
 
Adjustments
 
As Restated
Accounts receivable
 
$
180,910

 
$
(63
)
 
$
180,847

Prepaid income taxes
 
590

 
757

 
1,347

Inventories, net
 
92,582

 
(2,375
)
 
90,207

Prepaid expenses
 
15,320

 
(203
)
 
15,117

Total current assets
 
305,956

 
(1,884
)
 
304,072

Property, plant and equipment, net
 
282,329

 
(42
)
 
282,287

Total assets
 
646,507

 
(1,926
)
 
644,581

Accounts payable
 
150,951

 
86

 
151,037

Accrued income taxes
 
271

 
(271
)
 
—

Other accrued expenses
 
34,910

 
331

 
35,241

Total current liabilities
 
187,455

 
146

 
187,601

Total liabilities
 
499,013

 
146

 
499,159

Retained earnings
 
124,061

 
(2,072
)
 
121,989

Total stockholders' equity
 
147,494

 
(2,072
)
 
145,422

Total liabilities and stockholders' equity
 
646,507

 
(1,926
)
 
644,581




The following table summarizes the effects of the restatement on the condensed consolidated financial statements of operations for the three months ended April 30, 2015:
 
 
Three Months Ended April 30, 2015
 
 
As Reported
 
Adjustments
 
As Restated
Net revenues
 
$
280,378

 
$
(203
)
 
$
280,175

Cost of sales
 
251,127

 
1,093

 
252,220

Gross profit
 
29,251

 
(1,296
)
 
27,955

Operating income
 
11,705

 
(1,296
)
 
10,409

Other income, net
 
(634
)
 
(35
)
 
(669
)
Income before income taxes
 
10,279

 
(1,261
)
 
9,018

Provision for income taxes
 
3,084

 
(419
)
 
2,665

Net income
 
7,195

 
(842
)
 
6,353

 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
Basic earnings per share
 
$0.42
 
$(0.05)
 
$0.37
Diluted earnings per share
 
$0.42
 
$(0.05)
 
$0.37
 
 
Six Months Ended April 30, 2015
 
 
As Reported
 
Adjustments
 
As Restated
Net revenues
 
$
537,455

 
$
(371
)
 
$
537,084

Cost of sales
 
487,656

 
2,796

 
490,452

Gross profit
 
49,799

 
(3,167
)
 
46,632

Selling, general & administrative expenses
 
30,493

 
(9
)
 
30,484

Operating income
 
17,997

 
(3,158
)
 
14,839

Other income, net
 
(1,007
)
 
(57
)
 
(1,064
)
Income before income taxes
 
15,189

 
(3,101
)
 
12,088

Provision for income taxes
 
4,321

 
(1,029
)
 
3,292

Net income
 
10,868

 
(2,072
)
 
8,796

 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
Basic earnings per share
 
$0.63
 
$(0.12)
 
$0.51
Diluted earnings per share
 
$0.63
 
$(0.12)
 
$0.51

The following table presents the effect of the restatement adjustments on the condensed consolidated statements of comprehensive income (loss) for the three months and six months ended April 30, 2015.
 
 
Three Months Ended April 30, 2015
 
 
As Reported
 
Adjustments
 
As Restated
Net income
 
$
7,195

 
$
(842
)
 
$
6,353

Comprehensive income (loss)
 
11,752

 
(842
)
 
10,910

 
 
 
 
 
 
 
 
 
Six Months Ended April 30, 2015
 
 
As Reported
 
Adjustments
 
As Restated
Net income
 
$
10,868

 
$
(2,072
)
 
$
8,796

Comprehensive income (loss)
 
2,161

 
(2,072
)
 
89


The following table presents the effect of the restatement adjustments on the condensed consolidated statements of cash flows for the six months ended April 30, 2015.
 
 
Six Months Ended April 30, 2015
 
 
As Reported
 
Adjustments
 
As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net income
 
$
10,868

 
$
(2,072
)
 
$
8,796

Accounts receivable
 
(12,992
)
 
63

 
(12,929
)
Inventories
 
(2,217
)
 
2,375

 
158

Prepaids and other assets
 
(2,861
)
 
203

 
(2,658
)
Payables and other liabilities
 
(9,491
)
 
417

 
(9,074
)
Accrued income taxes
 
1,802

 
(1,028
)
 
774

Net cash provided by operating activities
 
3,600

 
(42
)
 
3,558

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
Capital expenditures
 
(21,827
)
 
42

 
(21,785
)
Net cash used in investing activities
 
(21,704
)
 
42

 
(21,662
)