| Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Income Per Share |
A reconciliation of the numerators and denominators of basic and diluted (loss) income per share is presented below:
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Year ended March 31,
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2019
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2018
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2017
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Basic (loss) income per share:
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Numerator:
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Net (loss) income
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$
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(308
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)
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$
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(9,844
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)
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$
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5,023
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Denominator:
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Weighted common shares outstanding
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9,823
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9,764
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9,716
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Basic (loss) income per share
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$
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(0.03
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)
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$
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(1.01
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)
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$
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0.52
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Diluted (loss) income per share:
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Numerator:
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Net (loss) income
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$
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(308
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)
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$
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(9,844
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)
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$
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5,023
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Denominator:
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Weighted average common shares and SEUs
outstanding
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9,823
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9,764
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9,716
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Stock options outstanding
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—
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—
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12
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Weighted average common and potential common
shares outstanding
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9,823
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9,764
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9,728
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Diluted (loss) income per share
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$
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(0.03
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)
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$
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(1.01
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$
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0.52
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| 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, net of allowances
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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 of the new revenue recognition standard on the Consolidated Statement of Operations and Balance Sheet as of and for the year ended March 31, 2019:
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Year Ended March 31, 2019
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As Reported
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Balance Without Adoption of Revenue Recognition Standard
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Effect of Change
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Consolidated Statement of Operations
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Net sales
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$
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91,831
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$
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89,032
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$
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2,799
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Cost of products sold
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69,922
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67,318
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2,604
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Gross profit
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21,909
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21,714
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195
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Selling, general and administrative
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17,641
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17,563
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78
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(Loss) income before (benefit) provision for income taxes
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(145
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)
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(262
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)
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117
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Provision for income taxes
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163
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130
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33
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Net (loss) income
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(308
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)
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(392
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)
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84
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March 31,2019
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As Reported
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Balance Without Adoption of Revenue Recognition Standard
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Effect of Change
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Consolidated 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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17,582
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$
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14,951
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$
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2,631
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Unbilled revenue
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7,522
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7,384
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138
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Inventories
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24,670
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12,553
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12,117
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Prepaid expenses and other current assets
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1,333
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1,200
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133
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Assets held for sale
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4,850
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3,602
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1,248
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Other assets
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149
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141
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8
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Liabilities and stockholders' equity
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Accounts payable
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12,405
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12,216
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189
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Accrued compensation
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5,126
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5,296
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(170
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)
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Accrued expenses and other current liabilities
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2,933
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2,857
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76
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Customer deposits
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30,847
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14,807
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16,040
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Liabilities held for sale
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3,525
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2,261
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1,264
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Deferred income tax liability
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1,056
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1,310
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(254
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)
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Stockholders' equity:
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Retained earnings
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93,847
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94,717
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(870
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)
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