| 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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$
|
538
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|
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$
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17,564
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|
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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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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 Statements of Income and Balance Sheet:
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Three Months Ended
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Six Months Ended
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September 30,
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September 30,
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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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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 Statements of Income
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Net sales
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$
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21,441
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$
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22,613
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$
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(1,172
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)
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$
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50,992
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$
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49,135
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$
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1,857
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Cost of products sold
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15,214
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16,136
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(922
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)
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37,623
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35,776
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1,847
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Gross profit
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6,227
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6,477
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(250
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)
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13,369
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13,359
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|
10
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Selling, general and
administrative
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4,718
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4,808
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(90
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)
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9,269
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9,284
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(15
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)
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Income before provision for
income taxes
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2,005
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2,165
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(160
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)
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5,030
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5,005
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|
25
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Provision for income taxes
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178
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217
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(39
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)
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|
880
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|
874
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6
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Net income
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1,827
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1,948
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(121
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)
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4,150
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4,131
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19
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September 30,
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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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|
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Trade accounts receivable, net of allowances
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$
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15,556
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$
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12,097
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$
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3,459
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Unbilled revenue
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10,582
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|
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11,671
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|
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(1,089
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)
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Inventories
|
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20,763
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|
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9,960
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|
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10,803
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Prepaid expenses and other current assets
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1,572
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1,430
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|
|
142
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Other assets
|
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|
173
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|
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|
147
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26
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Liabilities and stockholders’ equity
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Accounts payable
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9,317
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10,037
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(720
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)
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Accrued compensation
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5,604
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|
5,800
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(196
|
)
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Accrued expenses and other current liabilities
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3,541
|
|
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3,625
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(84
|
)
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Customer deposits
|
|
|
30,539
|
|
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14,957
|
|
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15,582
|
|
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Deferred income tax liability
|
|
|
1,446
|
|
|
|
1,711
|
|
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(265
|
)
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Stockholders’ equity
|
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Retained earnings
|
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100,271
|
|
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101,254
|
|
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(983
|
)
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Accumulated other comprehensive loss
|
|
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(8,243
|
)
|
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(8,251
|
)
|
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8
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|