Effects of Restatement

EX-4.0 2 nssc-20220516xex4d0.htm EX-4.0

Exhibit 4.0

The table below sets forth the consolidated balance sheets information, including the balances originally reported and the restated balances as of:

7
	June 30, 2021					June 30, 2020

	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)	As previously reported		Restated		% increase/ (decrease)
Inventory - Current	$	25,278	$	24,933	(1.4)%	$	35,231	$	34,727	(1.4)%
Inventory - Non-Current		7,164		6,767	(5.5)%		6,524		5,688	(12.8)%
Accrued income taxes		1,635		1,709	4.5%		1,148		1,239	7.9%
Deferred income taxes		347		380	9.5%		112		43	(61.6)%
Retained Earnings		94,345		93,312	(1.1)%		79,444		77,899	(1.9)%

Retained earning as of the beginning of fiscal 2019 has been adjusted by $894 related to the restatement of inventories ($902) net of tax effect of ($7).

The tables below set forth the consolidated statements of income information, including the balances originally reported and the restated balances for the fiscal years ended:


	June 30, 2021
	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)
Equipment Related Expenses	$	58,998	$	58,401	(1.0)%
Cost of Sales		63,884		63,287	(0.9)%
Gross Profit		50,151		50,748	1.2%
Operating Income		17,335		17,932	3.4%
Income before Provision for Income Taxes		17,330		17,927	3.4%
Provision for Income Taxes		2,429		2,514	3.5%
Net Income		14,901		15,413	3.4%

Income per share:
Basic	$	0.41	$	0.42	3.4%
Diluted	$	0.41	$	0.42	3.4%

7
	June 30, 2020
	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)
Equipment Related Expenses	$	53,434	$	54,182	1.4%
Cost of Sales		57,767		58,515	1.3%
Gross Profit		43,592		42,844	(1.7)%
Operating Income		10,813		10,065	(6.9)%
Income before Provision for Income Taxes		10,804		10,056	(6.9)%
Provision for Income Taxes		2,284		2,261	(1.0)%
Net Income		8,520		7,795	(8.5)%

Income per share:
Basic	$	0.23	$	0.21	(8.7)%
Diluted	$	0.23	$	0.21	(8.7)%


	June 30, 2019
	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)
Equipment Related Expenses	$	55,240	$	54,930	(0.6)%
Cost of Sales		59,042		58,732	(0.5)%
Gross Profit		43,890		44,200	0.7%
Operating Income		13,466		13,776	2.3%
Income before Provision for Income Taxes		13,445		13,755	2.3%
Provision for Income Taxes		1,222		1,274	4.3%
Net Income		12,223		12,481	2.1%

Income per share:
Basic	$	0.33	$	0.34	3.0%
Diluted	$	0.33	$	0.34	3.0%

The tables below sets forth the consolidated statements of cash flows information, including the balances originally reported and the restated balances for the fiscal years ended June 30:

	June 30, 2021
	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)
Net income	$	14,901	$	15,413	3.4%
Change to inventory obsolescence reserve		519		(79)	(115.2)%
Deferred income taxes		235		337	43.4%
Changes in operating assets and liabilities:
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes		1,906		1,889	(0.9)%
Net Cash Provided by Operating Activities		22,987		22,987	0.0%

	June 30, 2020
	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)
Net income	$	8,520	$	7,795	(8.5)%
Change to inventory obsolescence reserve		(124)		624	(603.2)%
Deferred income taxes		40		(47)	(217.5)%
Changes in operating assets and liabilities:
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes		1,862		1,926	3.4%
Net Cash Provided by Operating Activities		10,305		10,305	0.0%

	June 30, 2019
	(in thousands, except for share and per share data)
	As previously reported		Restated		% increase/ (decrease)
Net income	$	12,223	$	12,481	2.1%
Change to inventory obsolescence reserve		(272)		(582)	114.0%
Deferred income taxes		755		755	0.0%
Changes in operating assets and liabilities:
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes		1,528		1,580	3.4%
Net Cash Provided by Operating Activities		8,653		8,653	0.0%