Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Consolidated Financial Statements (Tables)

v3.6.0.2
Restatement of Previously Issued Consolidated Financial Statements (Tables)
6 Months Ended
Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Schedule of Unaudited Quarterly Impact on Company's Financial Statements

The impact on the Company’s financial statements for the three and six months ended June 30, 2016 and 2015 is to increase the provision for contractual allowance (thereby reducing accounts receivable as shown on the balance sheet):

 

     Three Months Ended      Six Months Ended  
     June 30,      June 30,      June 30,      June 30,  
(in thousands)    2016      2015      2016      2015  

Unaudited quarterly impact

   $ 943       $ 234       $ 1,693       $ 407   

Schedule of Effect of Correction and Other Adjustments on Previously Reported Consolidated Statements

The following tables present the effect of the correction discussed above and other adjustments on selected line items of our previously reported consolidated statement of operations for the three and six months ended June 30, 2016 and 2015, respectively.

 

     Three months ended  
     June 30, 2016     June 30, 2015  

Statement of Operations:

   As
Previously
Reported
    Adjust     As
Restated
    As
Previously
Reported
    Adjust     As
Restated
 

Net revenues:

            

Rentals

   $ 17,185      $ (943   $ 16,242      $ 15,616      $ (234   $ 15,382   

Net revenues

     19,066        (943     18,123        17,170        (234     16,936   

Gross profit

     12,086        (943     11,143        11,854        (234     11,620   

Operating income

     1,381        (943     438        1,317        (234     1,083   

Income (loss) before income taxes

     1,061        (943     118        930        (234     696   

Income tax (expense) benefit

     (337     372        35        (147     93        (54
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     724        (571     153        783        (141     642   

Net income (loss) per share:

            

Basic

   $ 0.03      $ (0.02   $ 0.01      $ 0.03      $ —        $ 0.03   

Diluted

   $ 0.03      $ (0.02   $ 0.01      $ 0.03      $ —        $ 0.03   
     Six months ended  
     June 30, 2016     June 30, 2015  

Statement of Operations:

   As
Previously
Reported
    Adjust     As
Restated
    As
Previously
Reported
    Adjust     As
Restated
 

Net revenues:

            

Rentals

   $ 34,423      $ (1,693   $ 32,730      $ 30,755      $ (407   $ 30,348   

Net revenues

     38,110        (1,693     36,417        33,895        (407     33,488   

Gross profit

     25,393        (1,693     23,700        23,943        (407     23,536   

Operating income

     2,545        (1,693     852        2,869        (407     2,462   

Income (loss) before income taxes

     1,940        (1,693     247        230        (407     (177

Income tax (expense) benefit

     (721     668        (53     138        161        299   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     1,219        (1,025     194        368        (246     122   

Net income (loss) per share:

            

Basic

   $ 0.05      $ (0.04   $ 0.01      $ 0.02      $ (0.01   $ 0.01   

Diluted

   $ 0.05      $ (0.04   $ 0.01      $ 0.02      $ (0.01   $ 0.01   

 

The following tables present the effect of the correction discussed above and other adjustments on selected line items of our previously reported consolidated balance sheet at June 30, 2016 and 2015, respectively.

 

     June 30, 2016     June 30, 2015  

Balance Sheet:

   As
Previously
Reported
    Adjust     As
Restated
    As
Previously
Reported
    Adjust     As
Restated
 

Accounts receivable, net

   $ 16,953      $ (3,278   $ 13,675      $ 12,304      $ (407   $ 11,897   

Total Current Assets

     23,804        (3,278     20,526        18,289        (407     17,882   

Deferred income taxes

     10,821        1,295        12,116        13,878        161        14,039   

Total Assets

     100,267        (1,983     98,284        91,779        (246     91,533   

Retained deficit

     (38,743     (1,983     (40,726     (43,336     (246     (43,582

Total Stockholders’ Equity

     52,940        (1,983     50,957        47,508        (246     47,262   

Total Liabilities and Stockholders’ Equity

   $ 100,267      $ (1,983   $ 98,284      $ 91,779      $ (246   $ 91,533