| Quarterly Results of Operations (Unaudited) |
10. Quarterly Results of Operations (Unaudited)
The following table presents summarized quarterly results for 2017:
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First
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Second
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Third
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Fourth
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Net sales
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$
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112,795
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$
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102,982
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$
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106,646
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$
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126,956
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Gross profit
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6,758
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6,572
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6,244
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7,502
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Net income
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1,319
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1,273
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1,341
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1,128
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Basic net income per common share-(restated)
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$
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0.29
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$
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0.28
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$
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0.30
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$
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0.25
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Diluted net income per common share-(restated)
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$
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0.29
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$
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0.28
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$
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0.30
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$
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0.25
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The following table presents summarized quarterly results for 2016:
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First
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Second
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Third
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Fourth
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Net sales
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$
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93,323
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$
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105,257
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$
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99,586
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$
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119,965
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Gross profit
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5,953
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7,000
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6,372
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8,006
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Net income
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1,029
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1,527
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1,378
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1,967
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Basic net income per common share-(restated)
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$
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0.22
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$
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0.32
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$
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0.29
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$
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0.43
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Diluted net income per common share-(restated)
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$
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0.22
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$
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0.32
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$
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0.29
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$
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0.43
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The following table presents the expected quarterly impact on net sales of the adoption of ASC 606 Revenue From Contracts With Customers (See Note 2) for the year ended December 31, 2017 and 2016, as if adoption of the new standard occurred on January 1, 2016.
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Year ended December 31, 2017
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As
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Expected Impact
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As
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Reported
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of Adoption
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Adjusted
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Quarter:
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First
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$
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112,795
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$
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(74,704)
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$
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38,091
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Second
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102,982
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(63,961)
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39,021
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Third
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106,646
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(67,627)
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39,019
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Fourth
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126,956
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(82,520)
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44,436
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Total net sales
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$
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449,379
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$
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(288,812)
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$
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160,567
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Year ended December 31, 2016
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As
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Expected Impact
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As
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Reported
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of Adoption
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Adjusted
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Quarter:
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First
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$
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93,323
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$
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(58,141)
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$
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35,182
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Second
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105,257
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(58,989)
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46,268
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Third
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99,586
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(60,981)
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38,605
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Fourth
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119,965
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(75,411)
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44,554
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Total net sales
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$
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418,131
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$
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(253,522)
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$
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164,609
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