| Summary of Adoption of New Revenue Recognition Standard |
The following table presents the cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of April 1, 2018 for the adoption of the new revenue recognition standard:
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Balance at March 31, 2018
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Adjustments Due to Adoption of Revenue Recognition Standard
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Balance at April 1, 2018
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Assets
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Trade accounts receivable
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$
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17,026
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$
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538
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$
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17,564
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Unbilled revenue
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8,079
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(1,987
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)
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6,092
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Inventories
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11,566
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12,985
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24,551
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Prepaid expenses and other current assets
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772
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118
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890
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Other assets
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202
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69
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271
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Liabilities
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Accounts payable
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16,151
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(706
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)
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15,445
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Accrued compensation
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4,958
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(172
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)
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4,786
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Accrued expenses and other current liabilities
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2,885
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|
484
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3,369
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Customer deposits
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13,213
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13,372
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26,585
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Deferred income tax liability
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1,427
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(233
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)
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1,194
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Stockholders’ equity:
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Retained earnings
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99,011
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(1,022
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)
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97,989
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The following tables present the impact of adoption on the Consolidated Statement of Income and Balance Sheet:
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June 30, 2018
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As Reported
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Balances Without Adoption of Revenue Recognition Standard
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Effect of Change
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Consolidated Statement of Income
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Net sales
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$
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29,551
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$
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26,522
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$
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3,029
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Cost of products sold
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22,409
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19,640
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2,769
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Gross profit
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7,142
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6,882
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260
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Selling, general and administrative
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4,551
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4,476
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75
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Income before provision for income taxes
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3,025
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2,840
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185
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Provision for income taxes
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702
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657
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45
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Net income
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2,323
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2,183
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|
140
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June 30, 2018
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As Reported
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Balances Without Adoption of Revenue Recognition Standard
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Effect of Change
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Balance Sheet
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Assets
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Trade accounts receivable, net of allowances
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$
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12,698
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$
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12,018
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$
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680
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Unbilled revenue
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11,844
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12,399
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(555
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)
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Inventories
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19,323
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9,202
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10,121
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Prepaid expenses and other current assets
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1,342
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1,229
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113
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Other assets
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221
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|
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187
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34
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Liabilities and stockholders’ equity
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Accounts payable
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8,296
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8,293
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3
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Accrued compensation
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5,001
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5,201
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(200
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)
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Accrued expenses and other current liabilities
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3,469
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3,540
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(71
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)
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Customer deposits
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25,867
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14,135
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11,732
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Deferred income tax liability
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1,417
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1,639
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(222
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)
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Stockholders’ equity
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Retained earnings
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99,427
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100,176
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(749
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)
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Accumulated other comprehensive loss
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(8,279
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)
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(8,179
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)
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(100
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)
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