| Impacts of Adopting New Revenue Standard on Company's Consolidated Financial Statements |
The impacts of adopting the new revenue standard on the
Company’s consolidated financial statements for the six
months ended June 30, 2018 are as follows (in thousands):
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As of June 30, 2018 |
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As Reported |
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Adjustments |
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Amounts Without
Adoption of
Topic 606 |
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(In thousands of US dollars, except share data) |
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Assets
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Current assets
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Unbilled accounts receivable
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$ |
35,857 |
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$ |
35,857 |
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$ |
— |
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Inventories, net
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57,456 |
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(26,659 |
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84,115 |
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Total current assets
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350,383 |
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9,198 |
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341,185 |
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Total assets
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571,092 |
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9,198 |
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561,894 |
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Liabilities and Stockholders’ Equity
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Stockholders’ equity
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Retained earnings (accumulated deficit)
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(51,147 |
) |
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9,607 |
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(60,754 |
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Accumulated other comprehensive income (loss)
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(20,059 |
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(409 |
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(19,650 |
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Total stockholders’ equity (deficit)
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(33,793 |
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9,198 |
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(42,991 |
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Total liabilities and stockholders’ deficit
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$ |
571,092 |
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$ |
9,198 |
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$ |
561,894 |
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Unbilled accounts receivable represents the Company’s
contractual right to consideration for manufacturing work performed
on a customer contract or an individual purchase order basis, which
has not been invoiced to the customer.
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Three Months Ended June 30, 2018 |
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Six Months Ended June 30, 2018 |
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As Reported |
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As Adjusted |
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Amounts Without
Adoption of
Topic 606 |
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As Reported |
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As Adjusted |
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Amounts Without
Adoption of
Topic 606 |
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(In thousands of US dollars, except share data) |
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Net sales
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$ |
199,685 |
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$ |
(1,526 |
) |
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$ |
201,211 |
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$ |
365,504 |
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$ |
(887 |
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$ |
366,391 |
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Cost of sales
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145,831 |
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(2,070 |
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147,901 |
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267,069 |
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(2,010 |
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269,079 |
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Gross profit
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53,854 |
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544 |
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53,310 |
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98,435 |
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1,123 |
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97,312 |
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Operating income
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13,914 |
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544 |
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13,370 |
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21,293 |
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1,123 |
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20,170 |
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Income (loss) before income tax expenses
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(19,984 |
) |
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544 |
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(20,528 |
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(16,231 |
) |
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1,123 |
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(17,354 |
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Net income (loss)
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$ |
(21,505 |
) |
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$ |
544 |
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$ |
(22,049 |
) |
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$ |
(18,742 |
) |
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$ |
1,123 |
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$ |
(19,865 |
) |
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Earnings (loss) per common share—
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Basic
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$ |
(0.62 |
) |
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$ |
0.02 |
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$ |
(0.64 |
) |
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$ |
(0.55 |
) |
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$ |
0.03 |
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$ |
(0.58 |
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Diluted
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$ |
(0.62 |
) |
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$ |
0.02 |
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$ |
(0.64 |
) |
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$ |
(0.55 |
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$ |
0.03 |
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$ |
(0.58 |
) |
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