Annual report pursuant to Section 13 and 15(d)

Quarterly Results (Tables)

v3.3.1.900
Quarterly Results (Tables)
12 Months Ended
Nov. 30, 2015
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Data
The following financial data is a summary of the quarterly results of operations (unaudited) during and for the years ended November 30, 2015 and 2014:

 
 
Three Months Ended
 
Fiscal 2015
 
Feb. 28
 
May 31
 
Aug. 31
 
Nov. 30
 
Net Sales
 
$6,952,857
 
$6,666,621
 
$7,055,399
 
$4,079,073
 
Total Revenue
 
6,957,516

 
6,670,233

 
7,079,673

 
4,082,133

 
Cost of Sales
 
2,318,485

 
2,920,313

 
2,704,117

 
2,502,454

 
Gross Profit
 
4,634,372

 
3,746,308

 
4,351,282

 
1,576,619

 
Income (Loss) from Continued Operations
 
57,608

 
(1,776,992
)
 
175,080

 
(1,712,328
)
 
(Loss) Income from Discontinued Operations
 

 
190,274

 
(125,191
)
 
(52,662
)
 
Net (Loss) Income
 
57,608

 
(1,586,718
)
 
49,889

 
(1,764,990
)
 
 Earnings (Loss) Per Share:
 
 
 
 
 
 
 
 
 
  Basic
 
 
 
 
 
 
 
 
 
Continuing Operations
 
$
0.01

 
$
(0.25
)
 
$
0.02

 
$
(0.24
)
 
Discontinued Operations
 
$

 
$
0.03

 
$
(0.02
)
 
$
(0.01
)
 
Total (loss) earnings per share
 
$
0.01

 
$
(0.22
)
 
$

 
$
(0.25
)
 
Diluted
 
 
 
 
 
 
 
 
 
Continuing Operations
 
$
0.01

 
$
(0.25
)
 
$
0.02

 
$
(0.24
)
 
Discontinued Operations
 
$

 
$
0.03

 
$
(0.02
)
 
$
(0.01
)
 
Total (loss) earnings per share
 
$
0.01

 
$
(0.22
)
 
$

 
$
(0.25
)
*
* - Certain charges relating to the continued restructuring of the Company's business should have been recognized in the second quarter of 2015. The Company subsequently corrected this error and recorded these charges during the fourth quarter of 2015. The impact of this item would have increased net loss by $420,000 in the second quarter of 2015 and correspondingly decreased net loss by $420,000 in the fourth quarter of 2015. The Company's management assessed the impact of such errors on the financial statements and determined that the errors in the second quarter of 2015 and the related correction in the fourth quarter 2015 did not have a material impact on the Company's financial statements for each of those quarters. Therefore, the Company's management determined that no restatement of prior filings is necessary.


 
 
Three Months Ended
Fiscal 2014
 
Feb. 28
 
May 31
 
Aug. 31
 
Nov. 30
Net Sales
 
$8,068,006
 
$8,761,946
 
$7,807,019
 
$5,483,328
Total Revenue
 
8,304,928

 
8,769,567

 
8,017,261

 
5,486,789

Cost of Sales
 
1,326,852

 
5,338,683

 
4,069,779

 
2,894,912

Gross Profit
 
6,741,154

 
3,423,263

 
3,737,240

 
2,588,416

Income (Loss) from Continued Operations
 
2,750,295

 
(1,678,514
)
 
(199,110
)
 
(3,676,099
)
(Loss) Income from Discontinued Operations
 
(3,838,474
)
 
(2,458,192
)
 
887,221

 
(586,596
)
Net (Loss) Income
 
(1,088,179
)
 
(4,136,706
)
 
688,111

 
(4,262,695
)
 Earnings (Loss) Per Share:
 
 
 
 
 
 
 
 
  Basic
 
 
 
 
 
 
 
 
Continuing Operations
 
$
0.39

 
$
(0.24
)
 
$
(0.03
)
 
$
(0.52
)
Discontinued Operations
 
$
(0.55
)
 
$
(0.35
)
 
$
0.13

 
$
(0.08
)
Total (loss) per share
 
$
(0.16
)
 
$
(0.59
)
 
$
0.10

 
$
(0.60
)
Diluted
 
 
 
 
 
 
 
 
Continuing Operations
 
$
0.39

 
$
(0.24
)
 
$
(0.03
)
 
$
(0.52
)
Discontinued Operations
 
$
(0.55
)
 
$
(0.35
)
 
$
0.13

 
$
(0.08
)
Total (loss) per share
 
$
(0.16
)
 
$
(0.59
)
 
$
0.10

 
$
(0.60
)