| Schedule of Correction on Previously Issued Financial Statements |
The following table details the impact of the
misstatements and provides revisions
to the impacted financial statement line items in the previously-issued
consolidated statements of operations and consolidated statements of
comprehensive income for the periods presented
(in thousands, except per share data):
| | | | | | | | | | | | | |
| |
| | | |
| | | |
| | | |
| |
| Three months ended June 30, 2025 |
|
| |
|
As reported
| |
|
Adjusted
| |
|
As revised
| |
|
Net sales - product
|
| $ | 521,006 | |
| $ | 5,460 | |
| $ | 526,466 | |
|
Net sales
|
| | 637,315 | |
| | 5,460 | |
| | 642,775 | |
|
Gross profit
|
| | 148,216 | |
| | 5,460 | |
| | 153,676 | |
|
Selling, general, and administrative
|
| | 104,947 | |
| | (1,280 | ) |
| | 103,667 | |
|
Operating expenses
|
| | 112,016 | |
| | (1,280 | ) |
| | 110,736 | |
|
Operating income
|
| | 36,200 | |
| | 6,740 | |
| | 42,940 | |
|
Earnings from continuing operations before tax
|
| | 36,812 | |
| | 6,740 | |
| | 43,552 | |
|
Provision for income taxes
|
| | 9,684 | |
| | 1,854 | |
| | 11,538 | |
|
Net earnings from continuing operations
|
| | 27,128 | |
| | 4,886 | |
| | 32,014 | |
|
Net earnings
|
| | 37,697 | |
| | 4,886 | |
| | 42,583 | |
|
Total comprehensive income
|
| | 40,855 | |
| | 4,886 | |
| | 45,741 | |
|
Basic earnings per common share, continuing operations
|
| | 1.03 | |
| | 0.19 | |
| | 1.22 | |
|
Earnings per common share—basic
|
| | 1.43 | |
| | 0.19 | |
| | 1.62 | |
|
Diluted earnings per common share, continuing operations
|
| | 1.03 | |
| | 0.18 | |
| | 1.21 | |
|
Earnings per common share—diluted
|
| | 1.43 | |
| | 0.18 | |
| | 1.61 | |
The following table details the impact of the
misstatements and provides revisions to the impacted financial statement line
items in the previously-issued consolidated statements of cash flows for the
periods presented (in thousands):
| | | | | | | | | | | | | |
| |
| | | |
| | | |
| | | |
| |
| Three months ended June 30, 2025 |
|
| |
|
As reported
| |
|
Adjusted
| |
|
As revised
| |
|
Cash flows from operating activities:
|
| | | |
| | | |
| | | |
|
Net earnings
|
| $ | 37,697 | |
| $ | 4,886 | |
| $ | 42,583 | |
|
Net earnings from continuing operations
|
| | 27,128 | |
| | 4,886 | |
| | 32,014 | |
|
Share-based compensation expense
|
| | 3,440 | |
| | (777 | ) |
| | 2,663 | |
|
Accounts receivable
|
| | (181,382 | ) |
| | (4,714 | ) |
| | (186,096 | ) |
|
Other assets
|
| | 8,958 | |
| | 1,854 | |
| | 10,812 | |
|
Accounts payable
|
| | (4,844 | ) |
| | 690 | |
| | (4,154 | ) |
|
Other liabilities
|
| | 12,842 | |
| | (1,939 | ) |
| | 10,903 | |
The following table details the impact of the
misstatements and provides revisions to the impacted financial statement line
items in the previously-issued consolidated statements of stockholders’ equity
for the periods presented (in thousands):
| | | | | | | | | | | | | |
| |
| | | |
| | | |
| | | |
| |
| Three months ended June 30, 2025 |
|
| |
|
As reported
| |
|
Adjusted
| |
|
As revised
| |
|
Additional paid-in capital
|
| | | |
| | | |
| | | |
|
Balance, beginning
|
| $ | 193,698 | |
| $ | 777 | |
| $ | 194,475 | |
|
Share-based compensation
|
| | 3,500 | |
| | (777 | ) |
| | 2,723 | |
|
Retained earnings
|
| | | |
| | | |
| | | |
|
Balance, beginning
|
| | 850,956 | |
| | (7,742 | ) |
| | 843,214 | |
|
Net earnings
|
| | 37,697 | |
| | 4,886 | |
| | 42,583 | |
|
Balance, ending
|
| | 888,653 | |
| | (2,856 | ) |
| | 885,797 | |
|
Total
|
| | | |
| | | |
| | | |
|
Balance, beginning
|
| | 977,623 | |
| | (6,965 | ) |
| | 970,658 | |
|
Share-based compensation
|
| | 3,500 | |
| | (777 | ) |
| | 2,723 | |
|
Net earnings
|
| | 37,697 | |
| | 4,886 | |
| | 42,583 | |
|
Balance, ending
|
| | 1,020,431 | |
| | (2,856 | ) |
| | 1,017,575 | |
|