Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors.

 

In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

 

In the Financial Accounting Standards Board (“FASB”) issued ASU No. - . The standard is required to be adopted by all companies in their fiscal year beginning after but allows companies to early adopt prior to this date. The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. During the quarter ended the Company elected to early adopt this standard as of Adoption of this standard impacted the previously filed -Q for the period ended as follows:

– The standard requires that the tax effects of stock-based compensation be recognized in the income tax provision of the Company’s Statements of Earnings. Previously, these amounts were recognized in additional paid-in capital on the Company’s Balance Sheets. The new standard requires these amounts to be recasted within these quarters due to the prospective adoption of this standard in the quarter of fiscal Accordingly, net tax benefits related to stock-based compensation awards of and for the and months ended respectively, were recognized as reductions of income tax expense in the statements of earnings. This tax benefit reduced our effective income tax rates and for the and months ended respectively, and resulted in an increase in basic and diluted earnings per share of for the months ended The change had effect on basic and diluted earnings per share for the months ended

– The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included as hypothetical inflows and outflows in both the operating and financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and a decrease in net cash used by financing activities of for the months ended