May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Deposits | $ | 190 | $ | 2,011 | |||
Other prepaid taxes | 160 | 165 | |||||
License fees | 108 | 121 | |||||
Software licenses | 282 | 667 | |||||
Trade shows | 278 | 279 | |||||
Rent | 127 | 77 | |||||
Other | 2,098 | 812 | |||||
Total | $ | 3,243 | $ | 4,132 |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Deposits | $ | 190 | $ | 2,011 | |||
Other prepaid taxes | 160 | 165 | |||||
License fees | 108 | 121 | |||||
Software licenses | 282 | 667 | |||||
Trade shows | 278 | 279 | |||||
Rent | 127 | 77 | |||||
Other | 2,098 | 812 | |||||
Total | $ | 3,243 | $ | 4,132 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Net effect of temporary differences | $ | 133 | $ | (1,916 | ) | $ | 1,543 | ||||
Adjustments for beginning-of-the-year valuation allowance balance for changes in circumstances | 40,418 | — | — | ||||||||
Impact of NYS tax reform legislation | — | — | 1,173 | ||||||||
Net operating loss carryforward | (568 | ) | (3,207 | ) | — | ||||||
$ | 39,983 | $ | (5,123 | ) | $ | 2,716 |
May 31, 2016 | |||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Weighted average useful life | ||||||||||
(in thousands) | (years) | ||||||||||||
Product technologies | $ | 148,387 | $ | (51,313 | ) | $ | 97,074 | 10.2 | |||||
Customer relationships | 88,389 | (47,133 | ) | 41,256 | 11.9 | ||||||||
Trademarks | 28,470 | (6,242 | ) | 22,228 | 10.7 | ||||||||
In process R&D | 3,600 | — | 3,600 | Indefinite | |||||||||
Licenses | 7,931 | (6,716 | ) | 1,215 | 7.6 | ||||||||
Distributor relationships | 2,150 | (946 | ) | 1,204 | 5.2 | ||||||||
$ | 278,927 | $ | (112,350 | ) | $ | 166,577 |
May 31, 2015 | |||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Weighted avg useful life | ||||||||||
(in thousands) | (years) | ||||||||||||
Product technologies | $ | 148,776 | $ | (41,447 | ) | $ | 107,329 | 10.2 | |||||
Customer relationships | 86,371 | (42,813 | ) | 43,558 | 12.0 | ||||||||
Trademarks | 28,545 | (3,383 | ) | 25,162 | 10.7 | ||||||||
In process R&D | 3,600 | — | 3,600 | Indefinite | |||||||||
Licenses | 7,913 | (5,910 | ) | 2,003 | 8.3 | ||||||||
Distributor relationships | 900 | (900 | ) | — | 3.0 | ||||||||
$ | 276,105 | $ | (94,453 | ) | $ | 181,652 |
Year Ended | |||||||||||
May 31, 2016 | May 31, 2015 | May 31, 2014 | |||||||||
Net sales by Product Category | |||||||||||
Peripheral Vascular | $ | 202,780 | $ | 192,713 | $ | 192,626 | |||||
Vascular Access | 99,375 | 107,754 | 106,394 | ||||||||
Oncology/Surgery | 48,895 | 51,890 | 49,360 | ||||||||
Supply Agreement | 2,840 | 4,177 | 6,045 | ||||||||
Total | $ | 353,890 | $ | 356,534 | $ | 354,425 |
Year ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 356,974 | $ | (440 | ) | $ | 356,534 | ||||
Cost of sales | 180,085 | 653 | 180,738 | ||||||||
Gross profit | 176,889 | (1,093 | ) | 175,796 | |||||||
Research and development | 26,931 | (337 | ) | 26,594 | |||||||
Sales and marketing | 80,623 | 2,597 | 83,220 | ||||||||
General and administrative | 29,871 | (709 | ) | 29,162 | |||||||
Amortization of intangibles | 17,912 | 54 | 17,966 | ||||||||
Change in fair value of contingent consideration | (8,196 | ) | 100 | (8,096 | ) | ||||||
Acquisition, restructuring and other items, net | 26,600 | (343 | ) | 26,257 | |||||||
Total operating expenses | 177,883 | 1,362 | 179,245 | ||||||||
Operating income | (994 | ) | (2,455 | ) | (3,449 | ) | |||||
Other expense | (3,812 | ) | 2,323 | (1,489 | ) | ||||||
Total other income (expense) | (7,005 | ) | 2,323 | (4,682 | ) | ||||||
Income (loss) before taxes | (7,999 | ) | (132 | ) | (8,131 | ) | |||||
Income tax (benefit) expense | (4,731 | ) | (12 | ) | (4,743 | ) | |||||
Net income (loss) | (3,268 | ) | (120 | ) | (3,388 | ) |
Year ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | (3,268 | ) | $ | (120 | ) | $ | (3,388 | ) | ||
Foreign currency translation | (411 | ) | 147 | (264 | ) | ||||||
Other comprehensive income (loss), before tax | (235 | ) | 147 | (88 | ) | ||||||
Other comprehensive income (loss), net of tax | (299 | ) | 147 | (152 | ) | ||||||
Total comprehensive income (loss), net of tax | (3,567 | ) | 27 | (3,540 | ) |
As of May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Prepaid expenses and other | $ | 4,783 | $ | (651 | ) | $ | 4,132 | ||||
Total current assets | 151,449 | (651 | ) | 150,798 | |||||||
Property, Plant and Equipment, net | 54,560 | (110 | ) | 54,450 | |||||||
Other Assets | 5,288 | 110 | 5,398 | ||||||||
Intangible Assets, net | 181,806 | (154 | ) | 181,652 | |||||||
Deferred Income Taxes, long term | 19,268 | 240 | 19,508 | ||||||||
Total Assets | 773,623 | (565 | ) | 773,058 | |||||||
Accounts payable | 23,668 | (620 | ) | 23,048 | |||||||
Accrued liabilities | 18,331 | (222 | ) | 18,109 | |||||||
Other current liabilities | — | 200 | 200 | ||||||||
Total current liabilities | 61,157 | (642 | ) | 60,515 | |||||||
Total Liabilities | 228,601 | (642 | ) | 227,959 | |||||||
Retained earnings | 28,233 | (658 | ) | 27,575 | |||||||
Accumulated other comprehensive loss | (1,568 | ) | 735 | (833 | ) | ||||||
Total Stockholders' Equity | 545,022 | 77 | 545,099 | ||||||||
Total Liabilities and Stockholders' Equity | 773,623 | (565 | ) | 773,058 |
Year ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 26,242 | $ | (557 | ) | $ | 25,685 | ||||
Net cash provided by (used in) investing activities | (13,293 | ) | 557 | (12,736 | ) | ||||||
Net cash provided by (used in) financing activities | (10,465 | ) | — | (10,465 | ) |
Year ended May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Cost of sales | $ | 174,757 | $ | (506 | ) | $ | 174,251 | ||||
Gross profit | 179,668 | 506 | 180,174 | ||||||||
Research and development | 27,486 | 638 | 28,124 | ||||||||
Sales and marketing | 83,200 | 2,105 | 85,305 | ||||||||
General and administrative | 26,639 | 263 | 26,902 | ||||||||
Amortization of intangibles | 16,622 | (60 | ) | 16,562 | |||||||
Change in fair value of contingent consideration | (1,808 | ) | (100 | ) | (1,908 | ) | |||||
Acquisition, restructuring and other items, net | 10,760 | 113 | 10,873 | ||||||||
Total operating expenses | 166,728 | 2,959 | 169,687 | ||||||||
Operating income | 12,940 | (2,453 | ) | 10,487 | |||||||
Other expense | (3,544 | ) | 1,899 | (1,645 | ) | ||||||
Total other income (expense) | (7,200 | ) | 1,899 | (5,301 | ) | ||||||
Income (loss) before taxes | 5,740 | (554 | ) | 5,186 | |||||||
Income tax (benefit) expense | 3,074 | (235 | ) | 2,839 | |||||||
Net income (loss) | 2,666 | (319 | ) | 2,347 |
Year ended May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 2,666 | $ | (319 | ) | $ | 2,347 | ||||
Foreign currency translation | 295 | 147 | 442 | ||||||||
Other comprehensive income (loss), before tax | 247 | 147 | 394 | ||||||||
Other comprehensive income (loss), net of tax | 265 | 147 | 412 | ||||||||
Total comprehensive income (loss), net of tax | 2,931 | (172 | ) | 2,759 |
As of May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 61,234 | $ | 506 | $ | 61,740 | |||||
Prepaid expenses and other | 5,471 | (591 | ) | 4,880 | |||||||
Total current assets | 147,097 | (85 | ) | 147,012 | |||||||
Property, Plant and Equipment, net | 66,590 | (135 | ) | 66,455 | |||||||
Other Assets | 3,926 | (120 | ) | 3,806 | |||||||
Intangible Assets, net | 205,256 | (203 | ) | 205,053 | |||||||
Deferred Income Taxes, long term | 15,028 | 228 | 15,256 | ||||||||
Total Assets | 798,891 | (315 | ) | 798,576 | |||||||
Accrued liabilities | 16,652 | (712 | ) | 15,940 | |||||||
Current portion of contingent consideration | 10,918 | (100 | ) | 10,818 | |||||||
Other current liabilities | 599 | — | 599 | ||||||||
Total current liabilities | 66,753 | (812 | ) | 65,941 | |||||||
Other Long Term Liabilities | 84 | 447 | 531 | ||||||||
Total Liabilities | 262,056 | (365 | ) | 261,691 | |||||||
Retained earnings | 31,501 | (538 | ) | 30,963 | |||||||
Accumulated other comprehensive loss | (1,269 | ) | 588 | (681 | ) | ||||||
Total Stockholders' Equity | 536,835 | 50 | 536,885 | ||||||||
Total Liabilities and Stockholders' Equity | 798,891 | (315 | ) | 798,576 |
Year ended May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 24,681 | $ | — | $ | 24,681 | |||||
Net cash provided by (used in) investing activities | (16,448 | ) | — | (16,448 | ) | ||||||
Net cash provided by (used in) financing activities | (14,016 | ) | — | (14,016 | ) |
Year ended May 31, 2013 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Research and development | $ | 26,319 | $ | (228 | ) | $ | 26,091 | ||||
Sales and marketing | 76,121 | 1,443 | 77,564 | ||||||||
General and administrative | 26,186 | (151 | ) | 26,035 | |||||||
Amortization of intangibles | 16,617 | (18 | ) | 16,599 | |||||||
Total operating expenses | 162,226 | 1,046 | 163,272 | ||||||||
Operating income | 6,288 | (1,046 | ) | 5,242 | |||||||
Other expense | (2,707 | ) | 1,296 | (1,411 | ) | ||||||
Total other income (expense) | (7,875 | ) | 1,296 | (6,579 | ) | ||||||
Income (loss) before taxes | (1,587 | ) | 250 | (1,337 | ) | ||||||
Income tax (benefit) expense | (376 | ) | 90 | (286 | ) | ||||||
Net income (loss) | (1,211 | ) | 160 | (1,051 | ) |
As of May 31, 2013 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Property, Plant and Equipment, net | $ | 62,391 | $ | (16 | ) | $ | 62,375 | ||||
Intangible Assets, net | 214,673 | (150 | ) | 214,523 | |||||||
Deferred Income Taxes, long term | 18,016 | (7 | ) | 18,009 | |||||||
Total Assets | 790,734 | (173 | ) | 790,561 | |||||||
Accrued liabilities | 16,356 | (395 | ) | 15,961 | |||||||
Total current liabilities | 63,315 | (395 | ) | 62,920 | |||||||
Total Liabilities | 264,632 | (395 | ) | 264,237 | |||||||
Retained earnings | 28,835 | (219 | ) | 28,616 | |||||||
Accumulated other comprehensive loss | (1,534 | ) | 441 | (1,093 | ) | ||||||
Total Stockholders' Equity | 526,102 | 222 | 526,324 | ||||||||
Total Liabilities and Stockholders' Equity | 790,734 | (173 | ) | 790,561 |
Year ended May 31, 2012 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Sales and marketing | $ | 64,505 | $ | 1,252 | $ | 65,757 | |||||
Amortization of intangibles | 9,309 | 84 | 9,393 | ||||||||
Total operating expenses | 129,217 | 1,336 | 130,553 | ||||||||
Operating income | (3,908 | ) | (1,336 | ) | (5,244 | ) | |||||
Other expense | (2,096 | ) | 1,105 | (991 | ) | ||||||
Total other income (expense) | (1,514 | ) | 1,105 | (409 | ) | ||||||
Income (loss) before taxes | (5,422 | ) | (231 | ) | (5,653 | ) | |||||
Income tax (benefit) expense | (239 | ) | (83 | ) | (322 | ) | |||||
Net income (loss) | (5,183 | ) | (148 | ) | (5,331 | ) |
As of May 31, 2012 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Intangible Assets, net | $ | 147,363 | $ | (168 | ) | $ | 147,195 | ||||
Deferred Income Taxes, long term | 44,194 | 83 | 44,277 | ||||||||
Total Assets | 719,988 | (85 | ) | 719,903 | |||||||
Retained earnings | 30,046 | (379 | ) | 29,667 | |||||||
Accumulated other comprehensive loss | (1,274 | ) | 294 | (980 | ) | ||||||
Total Stockholders' Equity | 523,391 | (85 | ) | 523,306 | |||||||
Total Liabilities and Stockholders' Equity | 719,988 | (85 | ) | 719,903 |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Payroll and related expenses | $ | 9,414 | $ | 10,297 | |||
Royalties | 2,489 | 2,237 | |||||
Accrued severance | 1,524 | 158 | |||||
Sales and franchise taxes | 565 | 489 | |||||
Interest rate swap liability | — | 257 | |||||
Outside services | 2,063 | 1,522 | |||||
Deferred Rent | 35 | 808 | |||||
Other | 5,806 | 2,341 | |||||
Total | $ | 21,896 | $ | 18,109 |
2017 | $ | 2,183 | |
2018 | 2,013 | ||
2019 | 1,981 | ||
2020 | 1,772 | ||
2021 | 935 | ||
$ | 8,884 |
2017 | $ | 2,183 | |
2018 | 2,013 | ||
2019 | 1,981 | ||
2020 | 1,772 | ||
2021 | 935 | ||
$ | 8,884 |
2016 | 2015 | 2014 | ||||||
Basic | 36,161,383 | 35,683,139 | 35,135,689 | |||||
Effect of dilutive securities | — | — | 304,161 | |||||
Diluted | 36,161,383 | 35,683,139 | 35,439,850 | |||||
Securities excluded as their inclusion would be anti-dilutive | 3,277,037 | 2,862,414 | 2,347,426 |
Financial Assets | Financial Liabilities | ||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Fair Value Measurements Using Significant Unobservable Inputs | ||||||
Balance at May 31, 2015 | $ | 1,689 | $ | 47,384 | |||
Change in fair value of contingent consideration (1) | — | 948 | |||||
Currency (gain) loss from remeasurement | — | 43 | |||||
Fair market value adjustments | (36 | ) | — | ||||
Contingent consideration payments | — | (10,100 | ) | ||||
Balance at May 31, 2016 | $ | 1,653 | $ | 38,275 |
Financial Assets | Financial Liabilities | ||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Fair Value Measurements Using Significant Unobservable Inputs | ||||||
Balance at May 31, 2014 | $ | 1,809 | $ | 67,331 | |||
Change in fair value of contingent consideration (1) | — | (8,196 | ) | ||||
Currency (gain) loss from remeasurement | — | (529 | ) | ||||
Included in other comprehensive income (loss) | (120 | ) | — | ||||
Contingent consideration payments | — | (11,222 | ) | ||||
Balance at May 31, 2015 | $ | 1,689 | $ | 47,384 |
Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets include money market funds that are traded in an active exchange market. |
Level 2 | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. When quoted market prices are unobservable, we obtain pricing information from an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. The pricing vendor considers all available market observable inputs in determining the evaluation for a security. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. Included in Level 2 assets is our interest rate swap agreement which is valued using a mid-market valuation model. |
Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes the auction rate securities where independent pricing information was not able to be obtained and the contingent consideration related to the acquisitions of Vortex, Microsulis and Clinical Devices. Our investments in auction-rate securities were classified as Level 3 as quoted prices were unavailable since these auction rate securities issued by New York state and local government authorities failed auction. Due to limited market information, we utilized a discounted cash flow (“DCF”) model to derive an estimate of fair value for contingent considerations for all periods presented. The assumptions used in preparing the DCF model included estimates with respect to the discount rate, amount and timing of future interest and principal payments and forward projections. Assumptions associated with the auction rate securities include the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk. |
Fair Value Measurements using inputs considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value at May 31, 2016 | ||||||||||||
Financial Assets | |||||||||||||||
Marketable securities | |||||||||||||||
New York State government agency obligations | $ | — | $ | — | $ | 1,653 | $ | 1,653 | |||||||
Total | — | — | 1,653 | 1,653 | |||||||||||
Total Financial Assets | $ | — | $ | — | $ | 1,653 | $ | 1,653 | |||||||
Financial Liabilities | |||||||||||||||
Contingent liability for acquisition earn out | — | — | 38,275 | 38,275 | |||||||||||
Total Financial Liabilities | $ | — | $ | — | $ | 38,275 | $ | 38,275 |
Fair Value Measurements using inputs considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value at May 31, 2015 | ||||||||||||
Financial Assets | |||||||||||||||
Marketable securities | |||||||||||||||
New York State government agency obligations | $ | — | $ | — | $ | 1,689 | $ | 1,689 | |||||||
Total | — | — | 1,689 | 1,689 | |||||||||||
Total Financial Assets | $ | — | $ | — | $ | 1,689 | $ | 1,689 | |||||||
Financial Liabilities | |||||||||||||||
Interest rate swap agreements | $ | — | $ | 257 | $ | — | $ | 257 | |||||||
Contingent liability for acquisition earn out | — | — | 47,384 | 47,384 | |||||||||||
Total Financial Liabilities | $ | — | $ | 257 | $ | 47,384 | $ | 47,641 |
Financial Assets | Financial Liabilities | ||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Fair Value Measurements Using Significant Unobservable Inputs | ||||||
Balance at May 31, 2015 | $ | 1,689 | $ | 47,384 | |||
Change in fair value of contingent consideration (1) | — | 948 | |||||
Currency (gain) loss from remeasurement | — | 43 | |||||
Fair market value adjustments | (36 | ) | — | ||||
Contingent consideration payments | — | (10,100 | ) | ||||
Balance at May 31, 2016 | $ | 1,653 | $ | 38,275 |
Financial Assets | Financial Liabilities | ||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Fair Value Measurements Using Significant Unobservable Inputs | ||||||
Balance at May 31, 2014 | $ | 1,809 | $ | 67,331 | |||
Change in fair value of contingent consideration (1) | — | (8,196 | ) | ||||
Currency (gain) loss from remeasurement | — | (529 | ) | ||||
Included in other comprehensive income (loss) | (120 | ) | — | ||||
Contingent consideration payments | — | (11,222 | ) | ||||
Balance at May 31, 2015 | $ | 1,689 | $ | 47,384 |
Fair value at May 31, 2016 | Valuation Technique | Unobservable Input | Range | ||||||
Revenue based payments | $ | 35,325 | Discounted cash flow | Discount rate Probability of payment Projected fiscal year of payment | 4% 75% - 100% 2017 - 2022 | ||||
Milestone based payments | 2,950 | Discounted cash flow | Discount rate Probability of payment Projected fiscal year of payment | 16% 75% - 100% 2017 | |||||
$ | 38,275 |
Fair value at May 31, 2016 | Valuation Technique | Unobservable Input | Range | ||||||
Revenue based payments | $ | 35,325 | Discounted cash flow | Discount rate Probability of payment Projected fiscal year of payment | 4% 75% - 100% 2017 - 2022 | ||||
Milestone based payments | 2,950 | Discounted cash flow | Discount rate Probability of payment Projected fiscal year of payment | 16% 75% - 100% 2017 | |||||
$ | 38,275 |
Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets include money market funds that are traded in an active exchange market. |
Level 2 | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. When quoted market prices are unobservable, we obtain pricing information from an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. The pricing vendor considers all available market observable inputs in determining the evaluation for a security. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. Included in Level 2 assets is our interest rate swap agreement which is valued using a mid-market valuation model. |
Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes the auction rate securities where independent pricing information was not able to be obtained and the contingent consideration related to the acquisitions of Vortex, Microsulis and Clinical Devices. Our investments in auction-rate securities were classified as Level 3 as quoted prices were unavailable since these auction rate securities issued by New York state and local government authorities failed auction. Due to limited market information, we utilized a discounted cash flow (“DCF”) model to derive an estimate of fair value for contingent considerations for all periods presented. The assumptions used in preparing the DCF model included estimates with respect to the discount rate, amount and timing of future interest and principal payments and forward projections. Assumptions associated with the auction rate securities include the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk. |
May 31, 2016 | |||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Weighted average useful life | ||||||||||
(in thousands) | (years) | ||||||||||||
Product technologies | $ | 148,387 | $ | (51,313 | ) | $ | 97,074 | 10.2 | |||||
Customer relationships | 88,389 | (47,133 | ) | 41,256 | 11.9 | ||||||||
Trademarks | 28,470 | (6,242 | ) | 22,228 | 10.7 | ||||||||
In process R&D | 3,600 | — | 3,600 | Indefinite | |||||||||
Licenses | 7,931 | (6,716 | ) | 1,215 | 7.6 | ||||||||
Distributor relationships | 2,150 | (946 | ) | 1,204 | 5.2 | ||||||||
$ | 278,927 | $ | (112,350 | ) | $ | 166,577 |
May 31, 2015 | |||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Weighted avg useful life | ||||||||||
(in thousands) | (years) | ||||||||||||
Product technologies | $ | 148,776 | $ | (41,447 | ) | $ | 107,329 | 10.2 | |||||
Customer relationships | 86,371 | (42,813 | ) | 43,558 | 12.0 | ||||||||
Trademarks | 28,545 | (3,383 | ) | 25,162 | 10.7 | ||||||||
In process R&D | 3,600 | — | 3,600 | Indefinite | |||||||||
Licenses | 7,913 | (5,910 | ) | 2,003 | 8.3 | ||||||||
Distributor relationships | 900 | (900 | ) | — | 3.0 | ||||||||
$ | 276,105 | $ | (94,453 | ) | $ | 181,652 |
2017 | $ | 19,049 | |
2018 | $ | 19,903 | |
2019 | $ | 22,062 | |
2020 | $ | 23,329 | |
2021 | $ | 24,370 |
Total | |||
Balance, May 31, 2014 | $ | 360,473 | |
Tax basis adjustment | 779 | ||
Balance, May 31, 2015 | $ | 361,252 | |
— | |||
Balance, May 31, 2016 | $ | 361,252 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
(Loss) income before tax provision: | |||||||||||
US | $ | (4,444 | ) | $ | (8,965 | ) | $ | 4,645 | |||
Non-US | 1,191 | 834 | 541 | ||||||||
$ | (3,253 | ) | $ | (8,131 | ) | $ | 5,186 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Current | |||||||||||
Federal | $ | 34 | $ | (242 | ) | $ | (133 | ) | |||
State and local | 103 | 205 | 99 | ||||||||
Non U.S. | 217 | 417 | 157 | ||||||||
354 | 380 | 123 | |||||||||
Deferred | 39,983 | (5,123 | ) | 2,716 | |||||||
Income tax (benefit) provision | $ | 40,337 | $ | (4,743 | ) | $ | 2,839 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Net effect of temporary differences | $ | 133 | $ | (1,916 | ) | $ | 1,543 | ||||
Adjustments for beginning-of-the-year valuation allowance balance for changes in circumstances | 40,418 | — | — | ||||||||
Impact of NYS tax reform legislation | — | — | 1,173 | ||||||||
Net operating loss carryforward | (568 | ) | (3,207 | ) | — | ||||||
$ | 39,983 | $ | (5,123 | ) | $ | 2,716 |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Deferred tax assets | |||||||
Net operating loss carryforward | $ | 52,593 | $ | 52,025 | |||
Stock-based compensation | 4,135 | 4,468 | |||||
Federal and state R&D tax credit carryforward | 2,145 | 1,646 | |||||
Inventories | 4,535 | 2,808 | |||||
Expenses incurred not currently deductible | 3,018 | 2,107 | |||||
Accrued liabilities | 339 | 114 | |||||
Gross deferred tax asset | 66,765 | 63,168 | |||||
Deferred tax liabilities | |||||||
Excess tax over book depreciation and amortization | 46,240 | 42,988 | |||||
46,240 | 42,988 | ||||||
Valuation Allowance | (42,209 | ) | (1,791 | ) | |||
Net deferred tax asset (liability) | $ | (21,684 | ) | $ | 18,389 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Income tax (benefit) provision at statutory tax rate of 35% | $ | (1,139 | ) | $ | (2,845 | ) | $ | 1,814 | |||
Effect of graduated tax rates | 33 | 81 | (51 | ) | |||||||
State income taxes, net of Federal tax benefit | (215 | ) | (21 | ) | 111 | ||||||
Impact of Non US operations | (162 | ) | 133 | (27 | ) | ||||||
Research and development tax credit | (499 | ) | (604 | ) | (236 | ) | |||||
Meals and entertainment | 329 | — | — | ||||||||
Nondeductible interest on contingent payments | 262 | 265 | 540 | ||||||||
Nontaxable gain on revaluation of contingent consideration liability | (170 | ) | (3,102 | ) | (1,734 | ) | |||||
Tax law changes | — | (454 | ) | 1,173 | |||||||
Adjustment to beginning of year valuation allowance | 40,685 | — | — | ||||||||
Effect of elimination of stock compensation APIC pool | 739 | 1,253 | 440 | ||||||||
Nondeductible stock-based compensation | — | — | 176 | ||||||||
Other nondeductible expenses | 207 | 498 | 384 | ||||||||
Over (under) accrual of prior year Federal and state taxes | 356 | 38 | 249 | ||||||||
Other | (89 | ) | 15 | — | |||||||
Income tax (benefit) expense | $ | 40,337 | $ | (4,743 | ) | $ | 2,839 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Unrecognized tax benefits balance at June 1 | $ | — | $ | — | $ | — | |||||
Increase in gross amounts of tax positions related to prior years | 899 | — | — | ||||||||
Decrease in gross amounts of tax positions related to prior years | — | — | — | ||||||||
Increase in gross amounts of tax positions related to current year | — | — | — | ||||||||
Decrease due to settlements with tax authorities | — | — | — | ||||||||
Decrease due to lapse in statute of limitations | — | — | — | ||||||||
Unrecognized tax benefits balance at May 31 | $ | 899 | $ | — | $ | — |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Raw materials | $ | 21,669 | $ | 28,040 | |||
Work in process | 10,700 | 11,910 | |||||
Finished goods | 23,001 | 27,438 | |||||
Total | $ | 55,370 | $ | 67,388 |
Amortized cost | Fair Value | ||||||
(in thousands) | |||||||
As of May 31, 2016: | |||||||
Due in one year or less | $ | — | $ | — | |||
Due after one through five years | — | — | |||||
Due after five through twenty years | 1,800 | 1,653 | |||||
$ | 1,800 | $ | 1,653 |
Amortized cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Available-for-sales securities | |||||||||||||||
New York State government agency obligations | $ | 1,800 | $ | — | $ | (147 | ) | $ | 1,653 | ||||||
$ | 1,800 | $ | — | $ | (147 | ) | $ | 1,653 |
Amortized cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Available-for-sales securities | |||||||||||||||
New York State government agency obligations | $ | 1,825 | $ | — | $ | (136 | ) | $ | 1,689 | ||||||
$ | 1,825 | $ | — | $ | (136 | ) | $ | 1,689 |
Amortized cost | Fair Value | ||||||
(in thousands) | |||||||
As of May 31, 2016: | |||||||
Due in one year or less | $ | — | $ | — | |||
Due after one through five years | — | — | |||||
Due after five through twenty years | 1,800 | 1,653 | |||||
$ | 1,800 | $ | 1,653 |
2017 | $ | 16,250 | |
2018 | 26,250 | ||
2019 | 78,910 | ||
$ | 121,410 |
Estimated useful lives | ||
Building and building improvements | 39 years | |
Machinery and equipment | 3 to 8 years | |
Computer software and equipment | 3 to 10 years |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Building and building improvements | $ | 39,585 | $ | 33,853 | |||
Machinery and equipment | 24,078 | 23,626 | |||||
Computer software and equipment | 24,691 | 24,431 | |||||
Construction in progress | 1,743 | 7,033 | |||||
90,097 | 88,943 | ||||||
Less accumulated depreciation and amortization | (43,536 | ) | (36,197 | ) | |||
46,561 | 52,746 | ||||||
Land and land improvements | 1,723 | 1,704 | |||||
$ | 48,284 | $ | 54,450 |
Estimated useful lives | ||
Building and building improvements | 39 years | |
Machinery and equipment | 3 to 8 years | |
Computer software and equipment | 3 to 10 years |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Building and building improvements | $ | 39,585 | $ | 33,853 | |||
Machinery and equipment | 24,078 | 23,626 | |||||
Computer software and equipment | 24,691 | 24,431 | |||||
Construction in progress | 1,743 | 7,033 | |||||
90,097 | 88,943 | ||||||
Less accumulated depreciation and amortization | (43,536 | ) | (36,197 | ) | |||
46,561 | 52,746 | ||||||
Land and land improvements | 1,723 | 1,704 | |||||
$ | 48,284 | $ | 54,450 |
2016 | |||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Net sales | $ | 83,753 | $ | 89,284 | $ | 87,434 | $ | 93,419 | |||||||
Gross profit | 43,371 | 45,884 | 43,534 | 41,527 | |||||||||||
Net income (loss) | (775 | ) | (334 | ) | 594 | (43,075 | ) | ||||||||
Earnings (loss) per common share | |||||||||||||||
Basic | (0.02 | ) | (0.01 | ) | 0.02 | (1.19 | ) | ||||||||
Diluted | (0.02 | ) | (0.01 | ) | 0.02 | (1.19 | ) |
2015 | |||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Net sales | $ | 87,091 | $ | 92,149 | $ | 86,597 | $ | 90,697 | |||||||
Gross profit | 45,964 | 46,828 | 37,673 | 45,331 | |||||||||||
Net income (loss) | 284 | 1,069 | (4,153 | ) | (588 | ) | |||||||||
Earnings (loss) per common share | |||||||||||||||
Basic | 0.01 | 0.03 | (0.12 | ) | (0.02 | ) | |||||||||
Diluted | 0.01 | 0.03 | (0.12 | ) | (0.02 | ) |
Three months ended February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 87,384 | $ | 50 | $ | 87,434 | |||||
Gross profit | 43,484 | 50 | 43,534 | ||||||||
Sales and marketing | 20,301 | 654 | 20,955 | ||||||||
General and administrative | 6,784 | 117 | 6,901 | ||||||||
Total operating expenses | 40,797 | 771 | 41,568 | ||||||||
Operating income | 2,687 | (721 | ) | 1,966 | |||||||
Other expense | (868 | ) | 654 | (214 | ) | ||||||
Total other income (expense) | (1,675 | ) | 654 | (1,021 | ) | ||||||
Income (loss) before taxes | 1,012 | (67 | ) | 945 | |||||||
Income tax (benefit) expense | 382 | (31 | ) | 351 | |||||||
Net income (loss) | 630 | (36 | ) | 594 |
Nine months ended February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 260,321 | $ | 150 | $ | 260,471 | |||||
Cost of sales | 127,829 | (147 | ) | 127,682 | |||||||
Gross profit | 132,492 | 297 | 132,789 | ||||||||
Research and development | 18,189 | (73 | ) | 18,116 | |||||||
Sales and marketing | 61,429 | 2,105 | 63,534 | ||||||||
General and administrative | 22,300 | 597 | 22,897 | ||||||||
Total operating expenses | 127,418 | 2,629 | 130,047 | ||||||||
Other expense | (2,861 | ) | 2,291 | (570 | ) | ||||||
Total other income (expense) | (5,464 | ) | 2,291 | (3,173 | ) | ||||||
Income (loss) before taxes | (390 | ) | (41 | ) | (431 | ) | |||||
Income tax (benefit) expense | 99 | (15 | ) | 84 | |||||||
Net income (loss) | (489 | ) | (26 | ) | (515 | ) |
As of February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Intangible Assets, net | $ | 168,080 | $ | (154 | ) | $ | 167,926 | ||||
Deferred Income Taxes, long term | 19,563 | 255 | 19,818 | ||||||||
Total Assets | 753,513 | 101 | 753,614 | ||||||||
Other current liabilities | — | 50 | 50 | ||||||||
Total current liabilities | 61,579 | 50 | 61,629 | ||||||||
Total Liabilities | 202,768 | 50 | 202,818 | ||||||||
Retained earnings | 27,744 | (684 | ) | 27,060 | |||||||
Accumulated other comprehensive loss | (1,790 | ) | 735 | (1,055 | ) | ||||||
Total Stockholders' Equity | 550,745 | 51 | 550,796 | ||||||||
Total Liabilities and Stockholders' Equity | 753,513 | 101 | 753,614 |
Nine months ended February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 26,672 | $ | — | $ | 26,672 | |||||
Net cash provided by (used in) investing activities | (3,888 | ) | — | (3,888 | ) | ||||||
Net cash provided by (used in) financing activities | (19,167 | ) | — | (19,167 | ) |
Three months ended November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 89,234 | $ | 50 | $ | 89,284 | |||||
Gross profit | 45,834 | 50 | 45,884 | ||||||||
Sales and marketing | 20,569 | 809 | 21,378 | ||||||||
General and administrative | 8,089 | (7 | ) | 8,082 | |||||||
Total operating expenses | 44,517 | 802 | 45,319 | ||||||||
Operating income | 1,317 | (752 | ) | 565 | |||||||
Other expense | (1,048 | ) | 809 | (239 | ) | ||||||
Total other income (expense) | (2,045 | ) | 809 | (1,236 | ) | ||||||
Income (loss) before taxes | (728 | ) | 57 | (671 | ) | ||||||
Income tax (benefit) expense | (366 | ) | 29 | (337 | ) | ||||||
Net income (loss) | (362 | ) | 28 | (334 | ) |
Six months ended November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 172,937 | $ | 100 | $ | 173,037 | |||||
Cost of sales | 83,929 | (147 | ) | 83,782 | |||||||
Gross profit | 89,008 | 247 | 89,255 | ||||||||
Research and development | 12,381 | (73 | ) | 12,308 | |||||||
Sales and marketing | 41,128 | 1,450 | 42,578 | ||||||||
General and administrative | 15,516 | 480 | 15,996 | ||||||||
Total operating expenses | 86,621 | 1,857 | 88,478 | ||||||||
Operating income | 2,387 | (1,610 | ) | 777 | |||||||
Other expense | (1,993 | ) | 1,636 | (357 | ) | ||||||
Total other income (expense) | (3,789 | ) | 1,636 | (2,153 | ) | ||||||
Income (loss) before taxes | (1,402 | ) | 26 | (1,376 | ) | ||||||
Income tax (benefit) expense | (283 | ) | 16 | (267 | ) | ||||||
Net income (loss) | (1,119 | ) | 10 | (1,109 | ) |
As of November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Intangible Assets, net | $ | 172,511 | $ | (154 | ) | $ | 172,357 | ||||
Deferred Income Taxes, long term | 19,826 | 224 | 20,050 | ||||||||
Total Assets | 760,371 | 70 | 760,441 | ||||||||
Accrued liabilities | 16,975 | (117 | ) | 16,858 | |||||||
Other current liabilities | — | 100 | 100 | ||||||||
Total current liabilities | 60,104 | (17 | ) | 60,087 | |||||||
Total Liabilities | 212,732 | (17 | ) | 212,715 | |||||||
Retained earnings | 27,114 | (648 | ) | 26,466 | |||||||
Accumulated other comprehensive loss | (1,922 | ) | 735 | (1,187 | ) | ||||||
Total Stockholders' Equity | 547,639 | 87 | 547,726 | ||||||||
Total Liabilities and Stockholders' Equity | 760,371 | 70 | 760,441 |
Six months ended November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 14,278 | $ | — | $ | 14,278 | |||||
Net cash provided by (used in) investing activities | (1,143 | ) | — | (1,143 | ) | ||||||
Net cash provided by (used in) financing activities | (12,370 | ) | — | (12,370 | ) |
Three months ended August 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 83,703 | $ | 50 | $ | 83,753 | |||||
Cost of sales | 40,529 | (147 | ) | 40,382 | |||||||
Gross profit | 43,174 | 197 | 43,371 | ||||||||
Research and development | 6,202 | (73 | ) | 6,129 | |||||||
Sales and marketing | 20,559 | 641 | 21,200 | ||||||||
General and administrative | 7,427 | 487 | 7,914 | ||||||||
Total operating expenses | 42,104 | 1,055 | 43,159 | ||||||||
Operating income | 1,070 | (858 | ) | 212 | |||||||
Other expense | (945 | ) | 827 | (118 | ) | ||||||
Total other income (expense) | (1,744 | ) | 827 | (917 | ) | ||||||
Income (loss) before taxes | (674 | ) | (31 | ) | (705 | ) | |||||
Income tax (benefit) expense | 83 | (13 | ) | 70 | |||||||
Net income (loss) | (757 | ) | (18 | ) | (775 | ) |
As of August 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Other Assets | $ | 4,818 | $ | 110 | $ | 4,928 | |||||
Intangible Assets, net | 177,399 | (154 | ) | 177,245 | |||||||
Deferred Income Taxes, long term | 19,436 | 253 | 19,689 | ||||||||
Total Assets | 771,789 | 209 | 771,998 | ||||||||
Other current liabilities | — | 150 | 150 | ||||||||
Total current liabilities | 60,651 | 150 | 60,801 | ||||||||
Total Liabilities | 224,666 | 150 | 224,816 | ||||||||
Retained earnings | 27,476 | (676 | ) | 26,800 | |||||||
Accumulated other comprehensive loss | (1,615 | ) | 735 | (880 | ) | ||||||
Total Stockholders' Equity | 547,123 | 59 | 547,182 | ||||||||
Total Liabilities and Stockholders' Equity | 771,789 | 209 | 771,998 |
Three months ended August 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 4,699 | $ | — | $ | 4,699 | |||||
Net cash provided by (used in) investing activities | (743 | ) | — | (743 | ) | ||||||
Net cash provided by (used in) financing activities | (2,071 | ) | — | (2,071 | ) |
Three months ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 90,897 | $ | (200 | ) | $ | 90,697 | ||||
Cost of sales | 45,340 | 26 | 45,366 | ||||||||
Gross profit | 45,557 | (226 | ) | 45,331 | |||||||
Research and development | 7,289 | (738 | ) | 6,551 | |||||||
Sales and marketing | 20,218 | 933 | 21,151 | ||||||||
General and administrative | 7,658 | (210 | ) | 7,448 | |||||||
Total operating expenses | 44,217 | (15 | ) | 44,202 | |||||||
Operating income | 1,340 | (211 | ) | 1,129 | |||||||
Other expense | (860 | ) | 630 | (230 | ) | ||||||
Total other income (expense) | (1,607 | ) | 630 | (977 | ) | ||||||
Income (loss) before taxes | (267 | ) | 419 | 152 | |||||||
Income tax (benefit) expense | 547 | 193 | 740 | ||||||||
Net income (loss) | (814 | ) | 226 | (588 | ) |
Three months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Cost of sales | $ | 48,746 | $ | 178 | $ | 48,924 | |||||
Gross profit | 37,851 | (178 | ) | 37,673 | |||||||
Research and development | 6,855 | (277 | ) | 6,578 | |||||||
Sales and marketing | 19,355 | 444 | 19,799 | ||||||||
General and administrative | 6,917 | (304 | ) | 6,613 | |||||||
Amortization of intangibles | 5,106 | 82 | 5,188 | ||||||||
Change in fair value of contingent consideration | (10,044 | ) | 250 | (9,794 | ) | ||||||
Acquisition, restructuring and other items, net | 18,779 | (103 | ) | 18,676 | |||||||
Total operating expenses | 48,002 | 92 | 48,094 | ||||||||
Operating income | (10,151 | ) | (270 | ) | (10,421 | ) | |||||
Other expense | (971 | ) | 497 | (474 | ) | ||||||
Total other income (expense) | (1,828 | ) | 497 | (1,331 | ) | ||||||
Income (loss) before taxes | (11,979 | ) | 227 | (11,752 | ) | ||||||
Income tax (benefit) expense | (7,717 | ) | 118 | (7,599 | ) | ||||||
Net income (loss) | (4,262 | ) | 109 | (4,153 | ) |
Nine months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 266,077 | $ | (240 | ) | $ | 265,837 | ||||
Cost of sales | 134,745 | 627 | 135,372 | ||||||||
Gross profit | 131,332 | (867 | ) | 130,465 | |||||||
Research and development | 19,642 | 401 | 20,043 | ||||||||
Sales and marketing | 60,405 | 1,664 | 62,069 | ||||||||
General and administrative | 22,213 | (499 | ) | 21,714 | |||||||
Amortization of intangibles | 13,182 | 54 | 13,236 | ||||||||
Change in fair value of contingent consideration | (8,626 | ) | 100 | (8,526 | ) | ||||||
Acquisition, restructuring and other items, net | 23,745 | (343 | ) | 23,402 | |||||||
Total operating expenses | 133,666 | 1,377 | 135,043 | ||||||||
Operating income | (2,334 | ) | (2,244 | ) | (4,578 | ) | |||||
Other expense | (2,950 | ) | 1,693 | (1,257 | ) | ||||||
Total other income (expense) | (5,398 | ) | 1,693 | (3,705 | ) | ||||||
Income (loss) before taxes | (7,732 | ) | (551 | ) | (8,283 | ) | |||||
Income tax (benefit) expense | (5,278 | ) | (205 | ) | (5,483 | ) | |||||
Net income (loss) | (2,454 | ) | (346 | ) | (2,800 | ) |
Three months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | (4,262 | ) | $ | 109 | $ | (4,153 | ) | |||
Foreign currency translation | (624 | ) | 37 | (587 | ) | ||||||
Other comprehensive income (loss), before tax | (508 | ) | 37 | (471 | ) | ||||||
Other comprehensive income (loss), net of tax | (551 | ) | 37 | (514 | ) | ||||||
Total comprehensive income (loss), net of tax | (4,813 | ) | 146 | (4,667 | ) |
Nine months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | (2,454 | ) | $ | (346 | ) | $ | (2,800 | ) | ||
Foreign currency translation | (728 | ) | 110 | (618 | ) | ||||||
Other comprehensive income (loss), before tax | (568 | ) | 110 | (458 | ) | ||||||
Other comprehensive income (loss), net of tax | (627 | ) | 110 | (517 | ) | ||||||
Total comprehensive income (loss), net of tax | (3,081 | ) | (236 | ) | (3,317 | ) |
As of February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 68,710 | $ | 57 | $ | 68,767 | |||||
Prepaid expenses and other | 4,859 | (221 | ) | 4,638 | |||||||
Total current assets | 154,654 | (164 | ) | 154,490 | |||||||
Property, Plant and Equipment, net | 58,295 | (80 | ) | 58,215 | |||||||
Other Assets | 4,060 | 224 | 4,284 | ||||||||
Intangible Assets, net | 186,547 | (154 | ) | 186,393 | |||||||
Deferred Income Taxes, long term | 19,107 | 433 | 19,540 | ||||||||
Total Assets | 783,136 | 259 | 783,395 | ||||||||
Accounts payable | 21,696 | 278 | 21,974 | ||||||||
Accrued liabilities | 19,946 | (461 | ) | 19,485 | |||||||
Total current liabilities | 59,687 | (183 | ) | 59,504 | |||||||
Other Long Term Liabilities | — | 628 | 628 | ||||||||
Total Liabilities | 239,380 | 445 | 239,825 | ||||||||
Retained earnings | 29,047 | (884 | ) | 28,163 | |||||||
Accumulated other comprehensive loss | (1,896 | ) | 698 | (1,198 | ) | ||||||
Total Stockholders' Equity | 543,756 | (186 | ) | 543,570 | |||||||
Total Liabilities and Stockholders' Equity | 783,136 | 259 | 783,395 |
Nine months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 15,436 | $ | (557 | ) | $ | 14,879 | ||||
Net cash provided by (used in) investing activities | (12,042 | ) | 557 | (11,485 | ) | ||||||
Net cash provided by (used in) financing activities | 641 | — | 641 |
Three months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Cost of sales | $ | 44,493 | $ | 828 | $ | 45,321 | |||||
Gross profit | 47,656 | (828 | ) | 46,828 | |||||||
Research and development | 6,069 | 207 | 6,276 | ||||||||
Sales and marketing | 20,983 | 553 | 21,536 | ||||||||
General and administrative | 7,973 | (187 | ) | 7,786 | |||||||
Amortization of intangibles | 4,061 | (50 | ) | 4,011 | |||||||
Change in fair value of contingent consideration | 617 | (75 | ) | 542 | |||||||
Acquisition, restructuring and other items, net | 2,302 | (240 | ) | 2,062 | |||||||
Total operating expenses | 43,081 | 208 | 43,289 | ||||||||
Operating income | 4,575 | (1,036 | ) | 3,539 | |||||||
Other expense | (954 | ) | 580 | (374 | ) | ||||||
Total other income (expense) | (1,746 | ) | 580 | (1,166 | ) | ||||||
Income (loss) before taxes | 2,829 | (456 | ) | 2,373 | |||||||
Income tax (benefit) expense | 1,491 | (187 | ) | 1,304 | |||||||
Net income (loss) | 1,338 | (269 | ) | 1,069 |
Six months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 179,480 | $ | (240 | ) | $ | 179,240 | ||||
Cost of sales | 85,999 | 449 | 86,448 | ||||||||
Gross profit | 93,481 | (689 | ) | 92,792 | |||||||
Research and development | 12,787 | 678 | 13,465 | ||||||||
Sales and marketing | 41,050 | 1,221 | 42,271 | ||||||||
General and administrative | 15,296 | (195 | ) | 15,101 | |||||||
Amortization of intangibles | 8,076 | (28 | ) | 8,048 | |||||||
Change in fair value of contingent consideration | 1,418 | (150 | ) | 1,268 | |||||||
Acquisition, restructuring and other items, net | 4,966 | (240 | ) | 4,726 | |||||||
Total operating expenses | 85,664 | 1,285 | 86,949 | ||||||||
Operating income | 7,817 | (1,974 | ) | 5,843 | |||||||
Other expense | (1,979 | ) | 1,196 | (783 | ) | ||||||
Total other income (expense) | (3,570 | ) | 1,196 | (2,374 | ) | ||||||
Income (loss) before taxes | 4,247 | (778 | ) | 3,469 | |||||||
Income tax (benefit) expense | 2,439 | (323 | ) | 2,116 | |||||||
Net income (loss) | 1,808 | (455 | ) | 1,353 |
Three months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 1,338 | $ | (269 | ) | $ | 1,069 | ||||
Foreign currency translation | (104 | ) | 37 | (67 | ) | ||||||
Other comprehensive income (loss), before tax | (100 | ) | 37 | (63 | ) | ||||||
Other comprehensive income (loss), net of tax | (101 | ) | 37 | (64 | ) | ||||||
Total comprehensive income (loss), net of tax | 1,237 | (232 | ) | 1,005 |
Six months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 1,808 | $ | (455 | ) | $ | 1,353 | ||||
Foreign currency translation | (104 | ) | 74 | (30 | ) | ||||||
Other comprehensive income (loss), before tax | (60 | ) | 74 | 14 | |||||||
Other comprehensive income (loss), net of tax | (76 | ) | 74 | (2 | ) | ||||||
Total comprehensive income (loss), net of tax | 1,732 | (381 | ) | 1,351 |
As of November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 75,315 | $ | 57 | $ | 75,372 | |||||
Prepaid expenses and other | 6,753 | (191 | ) | 6,562 | |||||||
Total current assets | 159,355 | (134 | ) | 159,221 | |||||||
Property, Plant and Equipment, net | 67,552 | (829 | ) | 66,723 | |||||||
Other Assets | 2,741 | (15 | ) | 2,726 | |||||||
Intangible Assets, net | 197,362 | (175 | ) | 197,187 | |||||||
Deferred Income Taxes, long term | 11,327 | 551 | 11,878 | ||||||||
Total Assets | 799,331 | (602 | ) | 798,729 | |||||||
Accrued liabilities | 19,177 | (588 | ) | 18,589 | |||||||
Current portion of contingent consideration | 9,795 | (250 | ) | 9,545 | |||||||
Total current liabilities | 57,937 | (838 | ) | 57,099 | |||||||
Other Long Term Liabilities | 124 | 568 | 692 | ||||||||
Total Liabilities | 255,760 | (270 | ) | 255,490 | |||||||
Retained earnings | 33,309 | (993 | ) | 32,316 | |||||||
Accumulated other comprehensive loss | (1,345 | ) | 662 | (683 | ) | ||||||
Total Stockholders' Equity | 543,571 | (332 | ) | 543,239 | |||||||
Total Liabilities and Stockholders' Equity | 799,331 | (602 | ) | 798,729 |
Six months ended November 30, 2014 | ||||||||||
As previously reported | Adjustments | As revised | ||||||||
Net cash provided by (used in) operating activities | $ | 3,205 | $ | (557 | ) | 2,648 | ||||
Net cash provided by (used in) investing activities | (7,773 | ) | 557 | (7,216 | ) | |||||
Net cash provided by (used in) financing activities | 3,381 | — | 3,381 |
Three months ended August 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 87,331 | $ | (240 | ) | $ | 87,091 | ||||
Cost of sales | 41,506 | (379 | ) | 41,127 | |||||||
Gross profit | 45,825 | 139 | 45,964 | ||||||||
Research and development | 6,718 | 470 | 7,188 | ||||||||
Sales and marketing | 20,067 | 668 | 20,735 | ||||||||
General and administrative | 7,323 | (8 | ) | 7,315 | |||||||
Amortization of intangibles | 4,015 | 22 | 4,037 | ||||||||
Change in fair value of contingent consideration | 801 | (75 | ) | 726 | |||||||
Total operating expenses | 42,583 | 1,077 | 43,660 | ||||||||
Operating income | 3,242 | (938 | ) | 2,304 | |||||||
Other expense | (1,025 | ) | 616 | (409 | ) | ||||||
Total other income (expense) | (1,824 | ) | 616 | (1,208 | ) | ||||||
Income (loss) before taxes | 1,418 | (322 | ) | 1,096 | |||||||
Income tax (benefit) expense | 948 | (136 | ) | 812 | |||||||
Net income (loss) | 470 | (186 | ) | 284 |
Three months ended August 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 470 | $ | (186 | ) | $ | 284 | ||||
Foreign currency translation | — | 37 | 37 | ||||||||
Other comprehensive income (loss), before tax | 41 | 37 | 78 | ||||||||
Other comprehensive income (loss), net of tax | 26 | 37 | 63 | ||||||||
Total comprehensive income (loss), net of tax | 496 | (149 | ) | 347 |
As of August 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 70,421 | $ | 885 | $ | 71,306 | |||||
Prepaid expenses and other | 6,777 | (311 | ) | 6,466 | |||||||
Total current assets | 150,638 | 574 | 151,212 | ||||||||
Property, Plant and Equipment, net | 66,794 | (605 | ) | 66,189 | |||||||
Other Assets | 3,345 | (53 | ) | 3,292 | |||||||
Intangible Assets, net | 201,440 | (225 | ) | 201,215 | |||||||
Deferred Income Taxes, long term | 12,903 | 364 | 13,267 | ||||||||
Total Assets | 796,114 | 55 | 796,169 | ||||||||
Accrued liabilities | 17,700 | (178 | ) | 17,522 | |||||||
Current portion of contingent consideration | 10,897 | (175 | ) | 10,722 | |||||||
Total current liabilities | 63,707 | (353 | ) | 63,354 | |||||||
Other Long Term Liabilities | 32 | 507 | 539 | ||||||||
Total Liabilities | 256,430 | 154 | 256,584 | ||||||||
Retained earnings | 31,971 | (724 | ) | 31,247 | |||||||
Accumulated other comprehensive loss | (1,243 | ) | 625 | (618 | ) | ||||||
Total Stockholders' Equity | 539,684 | (99 | ) | 539,585 | |||||||
Total Liabilities and Stockholders' Equity | 796,114 | 55 | 796,169 |
Three months ended August 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 5,352 | $ | (410 | ) | $ | 4,942 | ||||
Net cash provided by (used in) investing activities | (5,258 | ) | 410 | (4,848 | ) | ||||||
Net cash provided by (used in) financing activities | (2,391 | ) | — | (2,391 | ) |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Payroll and related expenses | $ | 9,414 | $ | 10,297 | |||
Royalties | 2,489 | 2,237 | |||||
Accrued severance | 1,524 | 158 | |||||
Sales and franchise taxes | 565 | 489 | |||||
Interest rate swap liability | — | 257 | |||||
Outside services | 2,063 | 1,522 | |||||
Deferred Rent | 35 | 808 | |||||
Other | 5,806 | 2,341 | |||||
Total | $ | 21,896 | $ | 18,109 |
Amortized cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Available-for-sales securities | |||||||||||||||
New York State government agency obligations | $ | 1,800 | $ | — | $ | (147 | ) | $ | 1,653 | ||||||
$ | 1,800 | $ | — | $ | (147 | ) | $ | 1,653 |
Amortized cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Available-for-sales securities | |||||||||||||||
New York State government agency obligations | $ | 1,825 | $ | — | $ | (136 | ) | $ | 1,689 | ||||||
$ | 1,825 | $ | — | $ | (136 | ) | $ | 1,689 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Current | |||||||||||
Federal | $ | 34 | $ | (242 | ) | $ | (133 | ) | |||
State and local | 103 | 205 | 99 | ||||||||
Non U.S. | 217 | 417 | 157 | ||||||||
354 | 380 | 123 | |||||||||
Deferred | 39,983 | (5,123 | ) | 2,716 | |||||||
Income tax (benefit) provision | $ | 40,337 | $ | (4,743 | ) | $ | 2,839 |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Deferred tax assets | |||||||
Net operating loss carryforward | $ | 52,593 | $ | 52,025 | |||
Stock-based compensation | 4,135 | 4,468 | |||||
Federal and state R&D tax credit carryforward | 2,145 | 1,646 | |||||
Inventories | 4,535 | 2,808 | |||||
Expenses incurred not currently deductible | 3,018 | 2,107 | |||||
Accrued liabilities | 339 | 114 | |||||
Gross deferred tax asset | 66,765 | 63,168 | |||||
Deferred tax liabilities | |||||||
Excess tax over book depreciation and amortization | 46,240 | 42,988 | |||||
46,240 | 42,988 | ||||||
Valuation Allowance | (42,209 | ) | (1,791 | ) | |||
Net deferred tax asset (liability) | $ | (21,684 | ) | $ | 18,389 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Income tax (benefit) provision at statutory tax rate of 35% | $ | (1,139 | ) | $ | (2,845 | ) | $ | 1,814 | |||
Effect of graduated tax rates | 33 | 81 | (51 | ) | |||||||
State income taxes, net of Federal tax benefit | (215 | ) | (21 | ) | 111 | ||||||
Impact of Non US operations | (162 | ) | 133 | (27 | ) | ||||||
Research and development tax credit | (499 | ) | (604 | ) | (236 | ) | |||||
Meals and entertainment | 329 | — | — | ||||||||
Nondeductible interest on contingent payments | 262 | 265 | 540 | ||||||||
Nontaxable gain on revaluation of contingent consideration liability | (170 | ) | (3,102 | ) | (1,734 | ) | |||||
Tax law changes | — | (454 | ) | 1,173 | |||||||
Adjustment to beginning of year valuation allowance | 40,685 | — | — | ||||||||
Effect of elimination of stock compensation APIC pool | 739 | 1,253 | 440 | ||||||||
Nondeductible stock-based compensation | — | — | 176 | ||||||||
Other nondeductible expenses | 207 | 498 | 384 | ||||||||
Over (under) accrual of prior year Federal and state taxes | 356 | 38 | 249 | ||||||||
Other | (89 | ) | 15 | — | |||||||
Income tax (benefit) expense | $ | 40,337 | $ | (4,743 | ) | $ | 2,839 |
Year ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 356,974 | $ | (440 | ) | $ | 356,534 | ||||
Cost of sales | 180,085 | 653 | 180,738 | ||||||||
Gross profit | 176,889 | (1,093 | ) | 175,796 | |||||||
Research and development | 26,931 | (337 | ) | 26,594 | |||||||
Sales and marketing | 80,623 | 2,597 | 83,220 | ||||||||
General and administrative | 29,871 | (709 | ) | 29,162 | |||||||
Amortization of intangibles | 17,912 | 54 | 17,966 | ||||||||
Change in fair value of contingent consideration | (8,196 | ) | 100 | (8,096 | ) | ||||||
Acquisition, restructuring and other items, net | 26,600 | (343 | ) | 26,257 | |||||||
Total operating expenses | 177,883 | 1,362 | 179,245 | ||||||||
Operating income | (994 | ) | (2,455 | ) | (3,449 | ) | |||||
Other expense | (3,812 | ) | 2,323 | (1,489 | ) | ||||||
Total other income (expense) | (7,005 | ) | 2,323 | (4,682 | ) | ||||||
Income (loss) before taxes | (7,999 | ) | (132 | ) | (8,131 | ) | |||||
Income tax (benefit) expense | (4,731 | ) | (12 | ) | (4,743 | ) | |||||
Net income (loss) | (3,268 | ) | (120 | ) | (3,388 | ) |
Year ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | (3,268 | ) | $ | (120 | ) | $ | (3,388 | ) | ||
Foreign currency translation | (411 | ) | 147 | (264 | ) | ||||||
Other comprehensive income (loss), before tax | (235 | ) | 147 | (88 | ) | ||||||
Other comprehensive income (loss), net of tax | (299 | ) | 147 | (152 | ) | ||||||
Total comprehensive income (loss), net of tax | (3,567 | ) | 27 | (3,540 | ) |
As of May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Prepaid expenses and other | $ | 4,783 | $ | (651 | ) | $ | 4,132 | ||||
Total current assets | 151,449 | (651 | ) | 150,798 | |||||||
Property, Plant and Equipment, net | 54,560 | (110 | ) | 54,450 | |||||||
Other Assets | 5,288 | 110 | 5,398 | ||||||||
Intangible Assets, net | 181,806 | (154 | ) | 181,652 | |||||||
Deferred Income Taxes, long term | 19,268 | 240 | 19,508 | ||||||||
Total Assets | 773,623 | (565 | ) | 773,058 | |||||||
Accounts payable | 23,668 | (620 | ) | 23,048 | |||||||
Accrued liabilities | 18,331 | (222 | ) | 18,109 | |||||||
Other current liabilities | — | 200 | 200 | ||||||||
Total current liabilities | 61,157 | (642 | ) | 60,515 | |||||||
Total Liabilities | 228,601 | (642 | ) | 227,959 | |||||||
Retained earnings | 28,233 | (658 | ) | 27,575 | |||||||
Accumulated other comprehensive loss | (1,568 | ) | 735 | (833 | ) | ||||||
Total Stockholders' Equity | 545,022 | 77 | 545,099 | ||||||||
Total Liabilities and Stockholders' Equity | 773,623 | (565 | ) | 773,058 |
Year ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 26,242 | $ | (557 | ) | $ | 25,685 | ||||
Net cash provided by (used in) investing activities | (13,293 | ) | 557 | (12,736 | ) | ||||||
Net cash provided by (used in) financing activities | (10,465 | ) | — | (10,465 | ) |
Year ended May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Cost of sales | $ | 174,757 | $ | (506 | ) | $ | 174,251 | ||||
Gross profit | 179,668 | 506 | 180,174 | ||||||||
Research and development | 27,486 | 638 | 28,124 | ||||||||
Sales and marketing | 83,200 | 2,105 | 85,305 | ||||||||
General and administrative | 26,639 | 263 | 26,902 | ||||||||
Amortization of intangibles | 16,622 | (60 | ) | 16,562 | |||||||
Change in fair value of contingent consideration | (1,808 | ) | (100 | ) | (1,908 | ) | |||||
Acquisition, restructuring and other items, net | 10,760 | 113 | 10,873 | ||||||||
Total operating expenses | 166,728 | 2,959 | 169,687 | ||||||||
Operating income | 12,940 | (2,453 | ) | 10,487 | |||||||
Other expense | (3,544 | ) | 1,899 | (1,645 | ) | ||||||
Total other income (expense) | (7,200 | ) | 1,899 | (5,301 | ) | ||||||
Income (loss) before taxes | 5,740 | (554 | ) | 5,186 | |||||||
Income tax (benefit) expense | 3,074 | (235 | ) | 2,839 | |||||||
Net income (loss) | 2,666 | (319 | ) | 2,347 |
Year ended May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 2,666 | $ | (319 | ) | $ | 2,347 | ||||
Foreign currency translation | 295 | 147 | 442 | ||||||||
Other comprehensive income (loss), before tax | 247 | 147 | 394 | ||||||||
Other comprehensive income (loss), net of tax | 265 | 147 | 412 | ||||||||
Total comprehensive income (loss), net of tax | 2,931 | (172 | ) | 2,759 |
As of May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 61,234 | $ | 506 | $ | 61,740 | |||||
Prepaid expenses and other | 5,471 | (591 | ) | 4,880 | |||||||
Total current assets | 147,097 | (85 | ) | 147,012 | |||||||
Property, Plant and Equipment, net | 66,590 | (135 | ) | 66,455 | |||||||
Other Assets | 3,926 | (120 | ) | 3,806 | |||||||
Intangible Assets, net | 205,256 | (203 | ) | 205,053 | |||||||
Deferred Income Taxes, long term | 15,028 | 228 | 15,256 | ||||||||
Total Assets | 798,891 | (315 | ) | 798,576 | |||||||
Accrued liabilities | 16,652 | (712 | ) | 15,940 | |||||||
Current portion of contingent consideration | 10,918 | (100 | ) | 10,818 | |||||||
Other current liabilities | 599 | — | 599 | ||||||||
Total current liabilities | 66,753 | (812 | ) | 65,941 | |||||||
Other Long Term Liabilities | 84 | 447 | 531 | ||||||||
Total Liabilities | 262,056 | (365 | ) | 261,691 | |||||||
Retained earnings | 31,501 | (538 | ) | 30,963 | |||||||
Accumulated other comprehensive loss | (1,269 | ) | 588 | (681 | ) | ||||||
Total Stockholders' Equity | 536,835 | 50 | 536,885 | ||||||||
Total Liabilities and Stockholders' Equity | 798,891 | (315 | ) | 798,576 |
Year ended May 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 24,681 | $ | — | $ | 24,681 | |||||
Net cash provided by (used in) investing activities | (16,448 | ) | — | (16,448 | ) | ||||||
Net cash provided by (used in) financing activities | (14,016 | ) | — | (14,016 | ) |
Year ended May 31, 2013 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Research and development | $ | 26,319 | $ | (228 | ) | $ | 26,091 | ||||
Sales and marketing | 76,121 | 1,443 | 77,564 | ||||||||
General and administrative | 26,186 | (151 | ) | 26,035 | |||||||
Amortization of intangibles | 16,617 | (18 | ) | 16,599 | |||||||
Total operating expenses | 162,226 | 1,046 | 163,272 | ||||||||
Operating income | 6,288 | (1,046 | ) | 5,242 | |||||||
Other expense | (2,707 | ) | 1,296 | (1,411 | ) | ||||||
Total other income (expense) | (7,875 | ) | 1,296 | (6,579 | ) | ||||||
Income (loss) before taxes | (1,587 | ) | 250 | (1,337 | ) | ||||||
Income tax (benefit) expense | (376 | ) | 90 | (286 | ) | ||||||
Net income (loss) | (1,211 | ) | 160 | (1,051 | ) |
As of May 31, 2013 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Property, Plant and Equipment, net | $ | 62,391 | $ | (16 | ) | $ | 62,375 | ||||
Intangible Assets, net | 214,673 | (150 | ) | 214,523 | |||||||
Deferred Income Taxes, long term | 18,016 | (7 | ) | 18,009 | |||||||
Total Assets | 790,734 | (173 | ) | 790,561 | |||||||
Accrued liabilities | 16,356 | (395 | ) | 15,961 | |||||||
Total current liabilities | 63,315 | (395 | ) | 62,920 | |||||||
Total Liabilities | 264,632 | (395 | ) | 264,237 | |||||||
Retained earnings | 28,835 | (219 | ) | 28,616 | |||||||
Accumulated other comprehensive loss | (1,534 | ) | 441 | (1,093 | ) | ||||||
Total Stockholders' Equity | 526,102 | 222 | 526,324 | ||||||||
Total Liabilities and Stockholders' Equity | 790,734 | (173 | ) | 790,561 |
Year ended May 31, 2012 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Sales and marketing | $ | 64,505 | $ | 1,252 | $ | 65,757 | |||||
Amortization of intangibles | 9,309 | 84 | 9,393 | ||||||||
Total operating expenses | 129,217 | 1,336 | 130,553 | ||||||||
Operating income | (3,908 | ) | (1,336 | ) | (5,244 | ) | |||||
Other expense | (2,096 | ) | 1,105 | (991 | ) | ||||||
Total other income (expense) | (1,514 | ) | 1,105 | (409 | ) | ||||||
Income (loss) before taxes | (5,422 | ) | (231 | ) | (5,653 | ) | |||||
Income tax (benefit) expense | (239 | ) | (83 | ) | (322 | ) | |||||
Net income (loss) | (5,183 | ) | (148 | ) | (5,331 | ) |
As of May 31, 2012 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Intangible Assets, net | $ | 147,363 | $ | (168 | ) | $ | 147,195 | ||||
Deferred Income Taxes, long term | 44,194 | 83 | 44,277 | ||||||||
Total Assets | 719,988 | (85 | ) | 719,903 | |||||||
Retained earnings | 30,046 | (379 | ) | 29,667 | |||||||
Accumulated other comprehensive loss | (1,274 | ) | 294 | (980 | ) | ||||||
Total Stockholders' Equity | 523,391 | (85 | ) | 523,306 | |||||||
Total Liabilities and Stockholders' Equity | 719,988 | (85 | ) | 719,903 |
Three months ended February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 87,384 | $ | 50 | $ | 87,434 | |||||
Gross profit | 43,484 | 50 | 43,534 | ||||||||
Sales and marketing | 20,301 | 654 | 20,955 | ||||||||
General and administrative | 6,784 | 117 | 6,901 | ||||||||
Total operating expenses | 40,797 | 771 | 41,568 | ||||||||
Operating income | 2,687 | (721 | ) | 1,966 | |||||||
Other expense | (868 | ) | 654 | (214 | ) | ||||||
Total other income (expense) | (1,675 | ) | 654 | (1,021 | ) | ||||||
Income (loss) before taxes | 1,012 | (67 | ) | 945 | |||||||
Income tax (benefit) expense | 382 | (31 | ) | 351 | |||||||
Net income (loss) | 630 | (36 | ) | 594 |
Nine months ended February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 260,321 | $ | 150 | $ | 260,471 | |||||
Cost of sales | 127,829 | (147 | ) | 127,682 | |||||||
Gross profit | 132,492 | 297 | 132,789 | ||||||||
Research and development | 18,189 | (73 | ) | 18,116 | |||||||
Sales and marketing | 61,429 | 2,105 | 63,534 | ||||||||
General and administrative | 22,300 | 597 | 22,897 | ||||||||
Total operating expenses | 127,418 | 2,629 | 130,047 | ||||||||
Other expense | (2,861 | ) | 2,291 | (570 | ) | ||||||
Total other income (expense) | (5,464 | ) | 2,291 | (3,173 | ) | ||||||
Income (loss) before taxes | (390 | ) | (41 | ) | (431 | ) | |||||
Income tax (benefit) expense | 99 | (15 | ) | 84 | |||||||
Net income (loss) | (489 | ) | (26 | ) | (515 | ) |
As of February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Intangible Assets, net | $ | 168,080 | $ | (154 | ) | $ | 167,926 | ||||
Deferred Income Taxes, long term | 19,563 | 255 | 19,818 | ||||||||
Total Assets | 753,513 | 101 | 753,614 | ||||||||
Other current liabilities | — | 50 | 50 | ||||||||
Total current liabilities | 61,579 | 50 | 61,629 | ||||||||
Total Liabilities | 202,768 | 50 | 202,818 | ||||||||
Retained earnings | 27,744 | (684 | ) | 27,060 | |||||||
Accumulated other comprehensive loss | (1,790 | ) | 735 | (1,055 | ) | ||||||
Total Stockholders' Equity | 550,745 | 51 | 550,796 | ||||||||
Total Liabilities and Stockholders' Equity | 753,513 | 101 | 753,614 |
Nine months ended February 29, 2016 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 26,672 | $ | — | $ | 26,672 | |||||
Net cash provided by (used in) investing activities | (3,888 | ) | — | (3,888 | ) | ||||||
Net cash provided by (used in) financing activities | (19,167 | ) | — | (19,167 | ) |
Three months ended November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 89,234 | $ | 50 | $ | 89,284 | |||||
Gross profit | 45,834 | 50 | 45,884 | ||||||||
Sales and marketing | 20,569 | 809 | 21,378 | ||||||||
General and administrative | 8,089 | (7 | ) | 8,082 | |||||||
Total operating expenses | 44,517 | 802 | 45,319 | ||||||||
Operating income | 1,317 | (752 | ) | 565 | |||||||
Other expense | (1,048 | ) | 809 | (239 | ) | ||||||
Total other income (expense) | (2,045 | ) | 809 | (1,236 | ) | ||||||
Income (loss) before taxes | (728 | ) | 57 | (671 | ) | ||||||
Income tax (benefit) expense | (366 | ) | 29 | (337 | ) | ||||||
Net income (loss) | (362 | ) | 28 | (334 | ) |
Six months ended November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 172,937 | $ | 100 | $ | 173,037 | |||||
Cost of sales | 83,929 | (147 | ) | 83,782 | |||||||
Gross profit | 89,008 | 247 | 89,255 | ||||||||
Research and development | 12,381 | (73 | ) | 12,308 | |||||||
Sales and marketing | 41,128 | 1,450 | 42,578 | ||||||||
General and administrative | 15,516 | 480 | 15,996 | ||||||||
Total operating expenses | 86,621 | 1,857 | 88,478 | ||||||||
Operating income | 2,387 | (1,610 | ) | 777 | |||||||
Other expense | (1,993 | ) | 1,636 | (357 | ) | ||||||
Total other income (expense) | (3,789 | ) | 1,636 | (2,153 | ) | ||||||
Income (loss) before taxes | (1,402 | ) | 26 | (1,376 | ) | ||||||
Income tax (benefit) expense | (283 | ) | 16 | (267 | ) | ||||||
Net income (loss) | (1,119 | ) | 10 | (1,109 | ) |
As of November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Intangible Assets, net | $ | 172,511 | $ | (154 | ) | $ | 172,357 | ||||
Deferred Income Taxes, long term | 19,826 | 224 | 20,050 | ||||||||
Total Assets | 760,371 | 70 | 760,441 | ||||||||
Accrued liabilities | 16,975 | (117 | ) | 16,858 | |||||||
Other current liabilities | — | 100 | 100 | ||||||||
Total current liabilities | 60,104 | (17 | ) | 60,087 | |||||||
Total Liabilities | 212,732 | (17 | ) | 212,715 | |||||||
Retained earnings | 27,114 | (648 | ) | 26,466 | |||||||
Accumulated other comprehensive loss | (1,922 | ) | 735 | (1,187 | ) | ||||||
Total Stockholders' Equity | 547,639 | 87 | 547,726 | ||||||||
Total Liabilities and Stockholders' Equity | 760,371 | 70 | 760,441 |
Six months ended November 30, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 14,278 | $ | — | $ | 14,278 | |||||
Net cash provided by (used in) investing activities | (1,143 | ) | — | (1,143 | ) | ||||||
Net cash provided by (used in) financing activities | (12,370 | ) | — | (12,370 | ) |
Three months ended August 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 83,703 | $ | 50 | $ | 83,753 | |||||
Cost of sales | 40,529 | (147 | ) | 40,382 | |||||||
Gross profit | 43,174 | 197 | 43,371 | ||||||||
Research and development | 6,202 | (73 | ) | 6,129 | |||||||
Sales and marketing | 20,559 | 641 | 21,200 | ||||||||
General and administrative | 7,427 | 487 | 7,914 | ||||||||
Total operating expenses | 42,104 | 1,055 | 43,159 | ||||||||
Operating income | 1,070 | (858 | ) | 212 | |||||||
Other expense | (945 | ) | 827 | (118 | ) | ||||||
Total other income (expense) | (1,744 | ) | 827 | (917 | ) | ||||||
Income (loss) before taxes | (674 | ) | (31 | ) | (705 | ) | |||||
Income tax (benefit) expense | 83 | (13 | ) | 70 | |||||||
Net income (loss) | (757 | ) | (18 | ) | (775 | ) |
As of August 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Other Assets | $ | 4,818 | $ | 110 | $ | 4,928 | |||||
Intangible Assets, net | 177,399 | (154 | ) | 177,245 | |||||||
Deferred Income Taxes, long term | 19,436 | 253 | 19,689 | ||||||||
Total Assets | 771,789 | 209 | 771,998 | ||||||||
Other current liabilities | — | 150 | 150 | ||||||||
Total current liabilities | 60,651 | 150 | 60,801 | ||||||||
Total Liabilities | 224,666 | 150 | 224,816 | ||||||||
Retained earnings | 27,476 | (676 | ) | 26,800 | |||||||
Accumulated other comprehensive loss | (1,615 | ) | 735 | (880 | ) | ||||||
Total Stockholders' Equity | 547,123 | 59 | 547,182 | ||||||||
Total Liabilities and Stockholders' Equity | 771,789 | 209 | 771,998 |
Three months ended August 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 4,699 | $ | — | $ | 4,699 | |||||
Net cash provided by (used in) investing activities | (743 | ) | — | (743 | ) | ||||||
Net cash provided by (used in) financing activities | (2,071 | ) | — | (2,071 | ) |
Three months ended May 31, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 90,897 | $ | (200 | ) | $ | 90,697 | ||||
Cost of sales | 45,340 | 26 | 45,366 | ||||||||
Gross profit | 45,557 | (226 | ) | 45,331 | |||||||
Research and development | 7,289 | (738 | ) | 6,551 | |||||||
Sales and marketing | 20,218 | 933 | 21,151 | ||||||||
General and administrative | 7,658 | (210 | ) | 7,448 | |||||||
Total operating expenses | 44,217 | (15 | ) | 44,202 | |||||||
Operating income | 1,340 | (211 | ) | 1,129 | |||||||
Other expense | (860 | ) | 630 | (230 | ) | ||||||
Total other income (expense) | (1,607 | ) | 630 | (977 | ) | ||||||
Income (loss) before taxes | (267 | ) | 419 | 152 | |||||||
Income tax (benefit) expense | 547 | 193 | 740 | ||||||||
Net income (loss) | (814 | ) | 226 | (588 | ) |
Three months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Cost of sales | $ | 48,746 | $ | 178 | $ | 48,924 | |||||
Gross profit | 37,851 | (178 | ) | 37,673 | |||||||
Research and development | 6,855 | (277 | ) | 6,578 | |||||||
Sales and marketing | 19,355 | 444 | 19,799 | ||||||||
General and administrative | 6,917 | (304 | ) | 6,613 | |||||||
Amortization of intangibles | 5,106 | 82 | 5,188 | ||||||||
Change in fair value of contingent consideration | (10,044 | ) | 250 | (9,794 | ) | ||||||
Acquisition, restructuring and other items, net | 18,779 | (103 | ) | 18,676 | |||||||
Total operating expenses | 48,002 | 92 | 48,094 | ||||||||
Operating income | (10,151 | ) | (270 | ) | (10,421 | ) | |||||
Other expense | (971 | ) | 497 | (474 | ) | ||||||
Total other income (expense) | (1,828 | ) | 497 | (1,331 | ) | ||||||
Income (loss) before taxes | (11,979 | ) | 227 | (11,752 | ) | ||||||
Income tax (benefit) expense | (7,717 | ) | 118 | (7,599 | ) | ||||||
Net income (loss) | (4,262 | ) | 109 | (4,153 | ) |
Nine months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 266,077 | $ | (240 | ) | $ | 265,837 | ||||
Cost of sales | 134,745 | 627 | 135,372 | ||||||||
Gross profit | 131,332 | (867 | ) | 130,465 | |||||||
Research and development | 19,642 | 401 | 20,043 | ||||||||
Sales and marketing | 60,405 | 1,664 | 62,069 | ||||||||
General and administrative | 22,213 | (499 | ) | 21,714 | |||||||
Amortization of intangibles | 13,182 | 54 | 13,236 | ||||||||
Change in fair value of contingent consideration | (8,626 | ) | 100 | (8,526 | ) | ||||||
Acquisition, restructuring and other items, net | 23,745 | (343 | ) | 23,402 | |||||||
Total operating expenses | 133,666 | 1,377 | 135,043 | ||||||||
Operating income | (2,334 | ) | (2,244 | ) | (4,578 | ) | |||||
Other expense | (2,950 | ) | 1,693 | (1,257 | ) | ||||||
Total other income (expense) | (5,398 | ) | 1,693 | (3,705 | ) | ||||||
Income (loss) before taxes | (7,732 | ) | (551 | ) | (8,283 | ) | |||||
Income tax (benefit) expense | (5,278 | ) | (205 | ) | (5,483 | ) | |||||
Net income (loss) | (2,454 | ) | (346 | ) | (2,800 | ) |
Three months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | (4,262 | ) | $ | 109 | $ | (4,153 | ) | |||
Foreign currency translation | (624 | ) | 37 | (587 | ) | ||||||
Other comprehensive income (loss), before tax | (508 | ) | 37 | (471 | ) | ||||||
Other comprehensive income (loss), net of tax | (551 | ) | 37 | (514 | ) | ||||||
Total comprehensive income (loss), net of tax | (4,813 | ) | 146 | (4,667 | ) |
Nine months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | (2,454 | ) | $ | (346 | ) | $ | (2,800 | ) | ||
Foreign currency translation | (728 | ) | 110 | (618 | ) | ||||||
Other comprehensive income (loss), before tax | (568 | ) | 110 | (458 | ) | ||||||
Other comprehensive income (loss), net of tax | (627 | ) | 110 | (517 | ) | ||||||
Total comprehensive income (loss), net of tax | (3,081 | ) | (236 | ) | (3,317 | ) |
As of February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 68,710 | $ | 57 | $ | 68,767 | |||||
Prepaid expenses and other | 4,859 | (221 | ) | 4,638 | |||||||
Total current assets | 154,654 | (164 | ) | 154,490 | |||||||
Property, Plant and Equipment, net | 58,295 | (80 | ) | 58,215 | |||||||
Other Assets | 4,060 | 224 | 4,284 | ||||||||
Intangible Assets, net | 186,547 | (154 | ) | 186,393 | |||||||
Deferred Income Taxes, long term | 19,107 | 433 | 19,540 | ||||||||
Total Assets | 783,136 | 259 | 783,395 | ||||||||
Accounts payable | 21,696 | 278 | 21,974 | ||||||||
Accrued liabilities | 19,946 | (461 | ) | 19,485 | |||||||
Total current liabilities | 59,687 | (183 | ) | 59,504 | |||||||
Other Long Term Liabilities | — | 628 | 628 | ||||||||
Total Liabilities | 239,380 | 445 | 239,825 | ||||||||
Retained earnings | 29,047 | (884 | ) | 28,163 | |||||||
Accumulated other comprehensive loss | (1,896 | ) | 698 | (1,198 | ) | ||||||
Total Stockholders' Equity | 543,756 | (186 | ) | 543,570 | |||||||
Total Liabilities and Stockholders' Equity | 783,136 | 259 | 783,395 |
Nine months ended February 28, 2015 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 15,436 | $ | (557 | ) | $ | 14,879 | ||||
Net cash provided by (used in) investing activities | (12,042 | ) | 557 | (11,485 | ) | ||||||
Net cash provided by (used in) financing activities | 641 | — | 641 |
Three months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Cost of sales | $ | 44,493 | $ | 828 | $ | 45,321 | |||||
Gross profit | 47,656 | (828 | ) | 46,828 | |||||||
Research and development | 6,069 | 207 | 6,276 | ||||||||
Sales and marketing | 20,983 | 553 | 21,536 | ||||||||
General and administrative | 7,973 | (187 | ) | 7,786 | |||||||
Amortization of intangibles | 4,061 | (50 | ) | 4,011 | |||||||
Change in fair value of contingent consideration | 617 | (75 | ) | 542 | |||||||
Acquisition, restructuring and other items, net | 2,302 | (240 | ) | 2,062 | |||||||
Total operating expenses | 43,081 | 208 | 43,289 | ||||||||
Operating income | 4,575 | (1,036 | ) | 3,539 | |||||||
Other expense | (954 | ) | 580 | (374 | ) | ||||||
Total other income (expense) | (1,746 | ) | 580 | (1,166 | ) | ||||||
Income (loss) before taxes | 2,829 | (456 | ) | 2,373 | |||||||
Income tax (benefit) expense | 1,491 | (187 | ) | 1,304 | |||||||
Net income (loss) | 1,338 | (269 | ) | 1,069 |
Six months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 179,480 | $ | (240 | ) | $ | 179,240 | ||||
Cost of sales | 85,999 | 449 | 86,448 | ||||||||
Gross profit | 93,481 | (689 | ) | 92,792 | |||||||
Research and development | 12,787 | 678 | 13,465 | ||||||||
Sales and marketing | 41,050 | 1,221 | 42,271 | ||||||||
General and administrative | 15,296 | (195 | ) | 15,101 | |||||||
Amortization of intangibles | 8,076 | (28 | ) | 8,048 | |||||||
Change in fair value of contingent consideration | 1,418 | (150 | ) | 1,268 | |||||||
Acquisition, restructuring and other items, net | 4,966 | (240 | ) | 4,726 | |||||||
Total operating expenses | 85,664 | 1,285 | 86,949 | ||||||||
Operating income | 7,817 | (1,974 | ) | 5,843 | |||||||
Other expense | (1,979 | ) | 1,196 | (783 | ) | ||||||
Total other income (expense) | (3,570 | ) | 1,196 | (2,374 | ) | ||||||
Income (loss) before taxes | 4,247 | (778 | ) | 3,469 | |||||||
Income tax (benefit) expense | 2,439 | (323 | ) | 2,116 | |||||||
Net income (loss) | 1,808 | (455 | ) | 1,353 |
Three months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 1,338 | $ | (269 | ) | $ | 1,069 | ||||
Foreign currency translation | (104 | ) | 37 | (67 | ) | ||||||
Other comprehensive income (loss), before tax | (100 | ) | 37 | (63 | ) | ||||||
Other comprehensive income (loss), net of tax | (101 | ) | 37 | (64 | ) | ||||||
Total comprehensive income (loss), net of tax | 1,237 | (232 | ) | 1,005 |
Six months ended November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 1,808 | $ | (455 | ) | $ | 1,353 | ||||
Foreign currency translation | (104 | ) | 74 | (30 | ) | ||||||
Other comprehensive income (loss), before tax | (60 | ) | 74 | 14 | |||||||
Other comprehensive income (loss), net of tax | (76 | ) | 74 | (2 | ) | ||||||
Total comprehensive income (loss), net of tax | 1,732 | (381 | ) | 1,351 |
As of November 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 75,315 | $ | 57 | $ | 75,372 | |||||
Prepaid expenses and other | 6,753 | (191 | ) | 6,562 | |||||||
Total current assets | 159,355 | (134 | ) | 159,221 | |||||||
Property, Plant and Equipment, net | 67,552 | (829 | ) | 66,723 | |||||||
Other Assets | 2,741 | (15 | ) | 2,726 | |||||||
Intangible Assets, net | 197,362 | (175 | ) | 197,187 | |||||||
Deferred Income Taxes, long term | 11,327 | 551 | 11,878 | ||||||||
Total Assets | 799,331 | (602 | ) | 798,729 | |||||||
Accrued liabilities | 19,177 | (588 | ) | 18,589 | |||||||
Current portion of contingent consideration | 9,795 | (250 | ) | 9,545 | |||||||
Total current liabilities | 57,937 | (838 | ) | 57,099 | |||||||
Other Long Term Liabilities | 124 | 568 | 692 | ||||||||
Total Liabilities | 255,760 | (270 | ) | 255,490 | |||||||
Retained earnings | 33,309 | (993 | ) | 32,316 | |||||||
Accumulated other comprehensive loss | (1,345 | ) | 662 | (683 | ) | ||||||
Total Stockholders' Equity | 543,571 | (332 | ) | 543,239 | |||||||
Total Liabilities and Stockholders' Equity | 799,331 | (602 | ) | 798,729 |
Six months ended November 30, 2014 | ||||||||||
As previously reported | Adjustments | As revised | ||||||||
Net cash provided by (used in) operating activities | $ | 3,205 | $ | (557 | ) | 2,648 | ||||
Net cash provided by (used in) investing activities | (7,773 | ) | 557 | (7,216 | ) | |||||
Net cash provided by (used in) financing activities | 3,381 | — | 3,381 |
Three months ended August 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net sales | $ | 87,331 | $ | (240 | ) | $ | 87,091 | ||||
Cost of sales | 41,506 | (379 | ) | 41,127 | |||||||
Gross profit | 45,825 | 139 | 45,964 | ||||||||
Research and development | 6,718 | 470 | 7,188 | ||||||||
Sales and marketing | 20,067 | 668 | 20,735 | ||||||||
General and administrative | 7,323 | (8 | ) | 7,315 | |||||||
Amortization of intangibles | 4,015 | 22 | 4,037 | ||||||||
Change in fair value of contingent consideration | 801 | (75 | ) | 726 | |||||||
Total operating expenses | 42,583 | 1,077 | 43,660 | ||||||||
Operating income | 3,242 | (938 | ) | 2,304 | |||||||
Other expense | (1,025 | ) | 616 | (409 | ) | ||||||
Total other income (expense) | (1,824 | ) | 616 | (1,208 | ) | ||||||
Income (loss) before taxes | 1,418 | (322 | ) | 1,096 | |||||||
Income tax (benefit) expense | 948 | (136 | ) | 812 | |||||||
Net income (loss) | 470 | (186 | ) | 284 |
Three months ended August 31, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net income (loss) | $ | 470 | $ | (186 | ) | $ | 284 | ||||
Foreign currency translation | — | 37 | 37 | ||||||||
Other comprehensive income (loss), before tax | 41 | 37 | 78 | ||||||||
Other comprehensive income (loss), net of tax | 26 | 37 | 63 | ||||||||
Total comprehensive income (loss), net of tax | 496 | (149 | ) | 347 |
As of August 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Inventories | $ | 70,421 | $ | 885 | $ | 71,306 | |||||
Prepaid expenses and other | 6,777 | (311 | ) | 6,466 | |||||||
Total current assets | 150,638 | 574 | 151,212 | ||||||||
Property, Plant and Equipment, net | 66,794 | (605 | ) | 66,189 | |||||||
Other Assets | 3,345 | (53 | ) | 3,292 | |||||||
Intangible Assets, net | 201,440 | (225 | ) | 201,215 | |||||||
Deferred Income Taxes, long term | 12,903 | 364 | 13,267 | ||||||||
Total Assets | 796,114 | 55 | 796,169 | ||||||||
Accrued liabilities | 17,700 | (178 | ) | 17,522 | |||||||
Current portion of contingent consideration | 10,897 | (175 | ) | 10,722 | |||||||
Total current liabilities | 63,707 | (353 | ) | 63,354 | |||||||
Other Long Term Liabilities | 32 | 507 | 539 | ||||||||
Total Liabilities | 256,430 | 154 | 256,584 | ||||||||
Retained earnings | 31,971 | (724 | ) | 31,247 | |||||||
Accumulated other comprehensive loss | (1,243 | ) | 625 | (618 | ) | ||||||
Total Stockholders' Equity | 539,684 | (99 | ) | 539,585 | |||||||
Total Liabilities and Stockholders' Equity | 796,114 | 55 | 796,169 |
Three months ended August 30, 2014 | |||||||||||
As previously reported | Adjustments | As revised | |||||||||
Net cash provided by (used in) operating activities | $ | 5,352 | $ | (410 | ) | $ | 4,942 | ||||
Net cash provided by (used in) investing activities | (5,258 | ) | 410 | (4,848 | ) | ||||||
Net cash provided by (used in) financing activities | (2,391 | ) | — | (2,391 | ) |
Fair Value Measurements using inputs considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value at May 31, 2016 | ||||||||||||
Financial Assets | |||||||||||||||
Marketable securities | |||||||||||||||
New York State government agency obligations | $ | — | $ | — | $ | 1,653 | $ | 1,653 | |||||||
Total | — | — | 1,653 | 1,653 | |||||||||||
Total Financial Assets | $ | — | $ | — | $ | 1,653 | $ | 1,653 | |||||||
Financial Liabilities | |||||||||||||||
Contingent liability for acquisition earn out | — | — | 38,275 | 38,275 | |||||||||||
Total Financial Liabilities | $ | — | $ | — | $ | 38,275 | $ | 38,275 |
Fair Value Measurements using inputs considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value at May 31, 2015 | ||||||||||||
Financial Assets | |||||||||||||||
Marketable securities | |||||||||||||||
New York State government agency obligations | $ | — | $ | — | $ | 1,689 | $ | 1,689 | |||||||
Total | — | — | 1,689 | 1,689 | |||||||||||
Total Financial Assets | $ | — | $ | — | $ | 1,689 | $ | 1,689 | |||||||
Financial Liabilities | |||||||||||||||
Interest rate swap agreements | $ | — | $ | 257 | $ | — | $ | 257 | |||||||
Contingent liability for acquisition earn out | — | — | 47,384 | 47,384 | |||||||||||
Total Financial Liabilities | $ | — | $ | 257 | $ | 47,384 | $ | 47,641 |
Total | |||
Balance, May 31, 2014 | $ | 360,473 | |
Tax basis adjustment | 779 | ||
Balance, May 31, 2015 | $ | 361,252 | |
— | |||
Balance, May 31, 2016 | $ | 361,252 |
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
(Loss) income before tax provision: | |||||||||||
US | $ | (4,444 | ) | $ | (8,965 | ) | $ | 4,645 | |||
Non-US | 1,191 | 834 | 541 | ||||||||
$ | (3,253 | ) | $ | (8,131 | ) | $ | 5,186 |
May 31, 2016 | May 31, 2015 | ||||||
(in thousands) | |||||||
Raw materials | $ | 21,669 | $ | 28,040 | |||
Work in process | 10,700 | 11,910 | |||||
Finished goods | 23,001 | 27,438 | |||||
Total | $ | 55,370 | $ | 67,388 |
2017 | $ | 16,250 | |
2018 | 26,250 | ||
2019 | 78,910 | ||
$ | 121,410 |
Non-Vested Stock Award Units | Weighted Average Grant-Date Fair Value | |||||
Non-vested at beginning of year | 563,101 | $ | 13.73 | |||
Granted | 259,917 | $ | 15.21 | |||
Vested | (160,845 | ) | $ | 15.39 | ||
Canceled | (112,396 | ) | $ | 13.81 | ||
Non-vested at end of year | 549,777 | $ | 14.62 | |||
Awards expected to vest in future periods | 482,594 | $ | 14.62 |
2016 | |||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Net sales | $ | 83,753 | $ | 89,284 | $ | 87,434 | $ | 93,419 | |||||||
Gross profit | 43,371 | 45,884 | 43,534 | 41,527 | |||||||||||
Net income (loss) | (775 | ) | (334 | ) | 594 | (43,075 | ) | ||||||||
Earnings (loss) per common share | |||||||||||||||
Basic | (0.02 | ) | (0.01 | ) | 0.02 | (1.19 | ) | ||||||||
Diluted | (0.02 | ) | (0.01 | ) | 0.02 | (1.19 | ) |
2015 | |||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Net sales | $ | 87,091 | $ | 92,149 | $ | 86,597 | $ | 90,697 | |||||||
Gross profit | 45,964 | 46,828 | 37,673 | 45,331 | |||||||||||
Net income (loss) | 284 | 1,069 | (4,153 | ) | (588 | ) | |||||||||
Earnings (loss) per common share | |||||||||||||||
Basic | 0.01 | 0.03 | (0.12 | ) | (0.02 | ) | |||||||||
Diluted | 0.01 | 0.03 | (0.12 | ) | (0.02 | ) |
Year Ended | |||||||||||
May 31, 2016 | May 31, 2015 | May 31, 2014 | |||||||||
Net sales by Geography | |||||||||||
United States | $ | 283,519 | $ | 280,611 | $ | 280,161 | |||||
International | 67,531 | 71,746 | 68,219 | ||||||||
Supply Agreement | 2,840 | 4,177 | 6,045 | ||||||||
Total | $ | 353,890 | $ | 356,534 | $ | 354,425 |
2016 | ||||||||||||
Shares | Weighted- average exercise price | Weighted average remaining contractual life | Aggregate intrinsic value (in thousands) | |||||||||
Outstanding at beginning of year | 2,299,313 | $ | 14.86 | |||||||||
Granted | 564,380 | $ | 14.22 | |||||||||
Exercised | (145,260 | ) | $ | 13.73 | ||||||||
Forfeited | (304,563 | ) | $ | 13.85 | ||||||||
Expired | (132,252 | ) | $ | 22.75 | ||||||||
Outstanding at end of year | 2,281,618 | $ | 14.45 | 3.79 | $ | 164 | ||||||
Options exercisable at year-end | 1,313,698 | $ | 14.25 | 2.34 | $ | 130 | ||||||
Options expected to vest in future periods | 854,189 | $ | 14.72 | 5.76 | $ | 30 |
SCHEDULE II -VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||
(in thousands) | |||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||
Description | Balance at Beginning of Year | Additions - Charged to costs and expenses | Deductions | Balance at End of Period | |||||||||||
Year Ended May 31, 2014 | |||||||||||||||
Allowance for deferred tax asset (a) | 712 | 819 | — | 1,531 | |||||||||||
Allowance for sales returns and doubtful accounts (b) | 1,272 | 7,342 | (6,878 | ) | 1,736 | ||||||||||
Totals | $ | 1,984 | $ | 8,161 | $ | (6,878 | ) | $ | 3,267 | ||||||
Year Ended May 31, 2015 | |||||||||||||||
Allowance for deferred tax asset (a) | 1,531 | 467 | (207 | ) | 1,791 | ||||||||||
Allowance for sales returns and doubtful accounts (b) | 1,736 | 1,846 | (539 | ) | 3,043 | ||||||||||
Totals | $ | 3,267 | $ | 2,313 | $ | (746 | ) | $ | 4,834 | ||||||
Year Ended May 31, 2016 | |||||||||||||||
Allowance for deferred tax asset (a) | 1,791 | 40,685 | (267 | ) | 42,209 | ||||||||||
Allowance for sales returns and doubtful accounts (b) | 3,043 | 3,748 | (2,419 | ) | 4,372 | ||||||||||
Totals | $ | 4,834 | $ | 44,433 | $ | (2,686 | ) | $ | 46,581 |
(a) | Fully reserved deferred tax assets and expiration of fully reserved state net operating loss. |
(b) | Previously reserved sales returns and accounts written off as uncollectible. |
2016 | 2015 | 2014 | ||||||
Basic | 36,161,383 | 35,683,139 | 35,135,689 | |||||
Effect of dilutive securities | — | — | 304,161 | |||||
Diluted | 36,161,383 | 35,683,139 | 35,439,850 | |||||
Securities excluded as their inclusion would be anti-dilutive | 3,277,037 | 2,862,414 | 2,347,426 |
2017 | $ | 19,049 | |
2018 | $ | 19,903 | |
2019 | $ | 22,062 | |
2020 | $ | 23,329 | |
2021 | $ | 24,370 |
Year Ended | |||||||||||
May 31, 2016 | May 31, 2015 | May 31, 2014 | |||||||||
Net sales by Product Category | |||||||||||
Peripheral Vascular | $ | 202,780 | $ | 192,713 | $ | 192,626 | |||||
Vascular Access | 99,375 | 107,754 | 106,394 | ||||||||
Oncology/Surgery | 48,895 | 51,890 | 49,360 | ||||||||
Supply Agreement | 2,840 | 4,177 | 6,045 | ||||||||
Total | $ | 353,890 | $ | 356,534 | $ | 354,425 |
Year Ended | |||||||||||
May 31, 2016 | May 31, 2015 | May 31, 2014 | |||||||||
Net sales by Geography | |||||||||||
United States | $ | 283,519 | $ | 280,611 | $ | 280,161 | |||||
International | 67,531 | 71,746 | 68,219 | ||||||||
Supply Agreement | 2,840 | 4,177 | 6,045 | ||||||||
Total | $ | 353,890 | $ | 356,534 | $ | 354,425 |
2016 | ||||||||||||
Shares | Weighted- average exercise price | Weighted average remaining contractual life | Aggregate intrinsic value (in thousands) | |||||||||
Outstanding at beginning of year | 2,299,313 | $ | 14.86 | |||||||||
Granted | 564,380 | $ | 14.22 | |||||||||
Exercised | (145,260 | ) | $ | 13.73 | ||||||||
Forfeited | (304,563 | ) | $ | 13.85 | ||||||||
Expired | (132,252 | ) | $ | 22.75 | ||||||||
Outstanding at end of year | 2,281,618 | $ | 14.45 | 3.79 | $ | 164 | ||||||
Options exercisable at year-end | 1,313,698 | $ | 14.25 | 2.34 | $ | 130 | ||||||
Options expected to vest in future periods | 854,189 | $ | 14.72 | 5.76 | $ | 30 |
Range of exercise prices | Number outstanding | Weighted- average remaining life in years | Weighted- average exercise price | Number Exercisable | Weighted- average exercise price | ||||||||||
$10.25 - $14.24 | 1,398,385 | 3.46 | $ | 12.93 | 957,571 | $ | 13.14 | ||||||||
$14.25 - $18.24 | 684,427 | 4.75 | 16.04 | 228,571 | 15.84 | ||||||||||
$18.25 - $22.24 | 183,695 | 3.01 | 19.30 | 112,445 | 19.23 | ||||||||||
$22.25 - $26.24 | 14,250 | 0.48 | 23.62 | 14,251 | 23.62 | ||||||||||
$26.25 - $30.24 | 861 | 0.60 | 26.94 | 860 | 26.94 | ||||||||||
2,281,618 | 3.79 | $ | 14.45 | 1,313,698 | $ | 14.25 |
Non-Vested Stock Award Units | Weighted Average Grant-Date Fair Value | |||||
Non-vested at beginning of year | 563,101 | $ | 13.73 | |||
Granted | 259,917 | $ | 15.21 | |||
Vested | (160,845 | ) | $ | 15.39 | ||
Canceled | (112,396 | ) | $ | 13.81 | ||
Non-vested at end of year | 549,777 | $ | 14.62 | |||
Awards expected to vest in future periods | 482,594 | $ | 14.62 |