| Revenue by customer and timing recognition |
Revenue by customer type was as follows:
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
Work Truck Attachments
|
Work Truck Solutions
|
Corporate and Eliminations
|
Total Revenue
|
|
Independent dealer
|
$ 33,638
|
$ 19,891
|
$ -
|
$ 53,529
|
|
Government
|
13,821
|
-
|
-
|
13,821
|
|
Fleet
|
-
|
14,352
|
-
|
14,352
|
|
Other
|
-
|
4,470
|
(2,208)
|
2,262
|
|
Total revenue
|
$ 47,459
|
$ 38,713
|
$ (2,208)
|
$ 83,964
|
|
|
|
|
|
|
Revenue by timing of revenue recognition was as follows:
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
Work Truck Attachments
|
Work Truck Solutions
|
Corporate and Eliminations
|
Total Revenue
|
|
Point in time
|
$ 47,459
|
$ 15,376
|
$ (2,208)
|
$ 60,627
|
|
Over time
|
-
|
23,337
|
-
|
23,337
|
|
Total revenue
|
$ 47,459
|
$ 38,713
|
$ (2,208)
|
$ 83,964
|
|
|
|
|
|
|
|
| Impact of New Revenue Guidance on Financial Statement Line Items |
|
|
Three Months Ended March 31, 2018
|
|
|
As Reported
|
Balances without adoption of Topic 606
|
Effect of Change Higher/(Lower)
|
|
Net sales
|
$ 83,964
|
$ 83,670
|
$ 294
|
|
Cost of sales
|
63,937
|
63,748
|
189
|
|
Gross profit
|
20,027
|
19,922
|
105
|
|
Selling, general, and administrative expense
|
16,146
|
16,146
|
-
|
|
Intangibles amortization
|
2,871
|
2,871
|
-
|
|
Income from operations
|
1,010
|
905
|
105
|
|
Interest expense, net
|
(3,945)
|
(3,945)
|
-
|
|
Other expense, net
|
(203)
|
(203)
|
-
|
|
Loss before taxes
|
(3,138)
|
(3,243)
|
105
|
|
Income tax benefit
|
(1,262)
|
(1,290)
|
28
|
|
Net loss
|
$ (1,876)
|
$ (1,953)
|
$ 77
|
|
Loss per common share:
|
|
|
|
|
Basic
|
$ (0.08)
|
$ (0.09)
|
$ 0.01
|
|
Diluted
|
$ (0.08)
|
$ (0.09)
|
$ 0.01
|
|
|
|
|
|
In accordance with Topic 606, the disclosure of the impact of adoption to the condensed consolidated balance sheet was as follows:
|
|
|
|
|
|
|
As of March 31, 2018
|
|
|
As Reported
|
Balances without adoption of Topic 606
|
Effect of Change Higher/(Lower)
|
|
Assets:
|
|
|
|
|
Accounts Receivable
|
$ 41,130
|
$ 39,039
|
$ 2,091
|
|
Inventory
|
94,924
|
96,610
|
(1,686)
|
|
Liabilities:
|
|
|
|
|
Deferred tax liability
|
41,018
|
40,913
|
105
|
|
Shareholder's Equity:
|
|
|
|
|
Retained Earnings
|
108,140
|
107,762
|
378
|
|
|
|
|
|
|