Thermon Group Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Accounting Policy Information Basis of Presentation and Accounting Policy Information (Tables)

Basis of Presentation and Accounting Policy Information Basis of Presentation and Accounting Policy Information (Tables)

9 Months Ended

Dec. 31, 2012

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

Though the correction of the classification errors had no effect on our gross profit, it did result in a slight reduction to our previously reported gross margin as a percentage of revenue as follows below:



	Three Months Ended September 30, 2012			Three Months Ended June 30, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011			Three Months Ended June 30, 2011
As reported:
Sales	$	67,358		$	67,213		$	68,837		$	68,023		$	64,618
Cost of sales	34,719			33,874			35,146			36,072			32,629
Gross profit	32,639			33,339			33,691			31,951			31,989
Gross profit as a percentage of revenue	48.5		%	49.6		%	48.9		%	47.0		%	49.5		%



	Three Months Ended September 30, 2012			Three Months Ended June 30, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011			Three Months Ended June 30, 2011
As corrected:
Sales	$	67,671		$	67,530		$	69,197		$	68,351		$	64,935
Cost of sales	35,032			34,191			35,506			36,400			32,946
Gross profit	32,639			33,339			33,691			31,951			31,989
Gross profit as a percentage of revenue	48.2		%	49.4		%	48.7		%	46.7		%	49.3		%

Corrections of classification errors in previously reported Condensed Consolidated Statement of Cash Flows

During the second quarter of fiscal 2013, the Company identified a classification error in its cash flow statements for the year ended March 31, 2012 and for the three months ended June 30, 2012 related to the classification of excess income tax benefits associated with stock option exercises. Such benefits were improperly classified as a cash inflow from operating activities rather than a cash inflow from financing activities in the fourth quarter of fiscal year 2012 and in the first quarter of fiscal year 2013. The result of this error was an overstatement of cash flows from operating activities of $2,181 for the year ended March 31, 2012 and $1,243 in the first quarter of fiscal 2013. The classification errors had no effect on the reported changes in cash and cash equivalents, and also had no effect on the consolidated balance sheet, the consolidated statement of comprehensive income (loss), or the consolidated statement of stockholders' equity.

The reduction to cash flows from operating activities for the excess tax deduction has been properly reflected in the cash flow statement for the nine months ended December 31, 2012. Based on our evaluation of relevant quantitative and qualitative factors, we determined that the classification errors are immaterial to our prior period financial statements and did not warrant an amendment of our financial statements for fiscal 2012 or the first quarter of fiscal 2013. The Company plans to correct the comparative presentation of the prior periods in future filings as follows:



	Three Months Ended		Year Ended
	June 30, 2012		March 31, 2012
Cash flows from operating activities:
As reported	$1,600		$5,293
Error correction	(1,243	)	(2,181	)
As adjusted	357		3,112

Cash flows from financing activities:
As reported	$(6,949)		$(24,852)
Error correction	1,243		2,181
As adjusted	(5,706	)	(22,671	)

Thermon Holding Corp.

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]



	Three Months Ended, September 30, 2012			Three Months Ended June 30, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011			Three Months Ended June 30, 2011
As reported:
Sales	$	67,358		$	67,213		$	68,837		$	68,023		$	64,618
Cost of sales	34,719			33,874			35,146			36,072			32,629
Gross profit	32,639			33,339			33,691			31,951			31,989
Gross profit as a percentage of revenue	48.5		%	49.6		%	48.9		%	47.0		%	49.5		%



	Three Months, Ended September 30, 2012			Three Months Ended June 30, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011			Three Months Ended June 30, 2011
As corrected:
Sales	$	67,671		$	67,530		$	69,197		$	68,351		$	64,935
Cost of sales	35,032			34,191			35,506			36,400			32,946
Gross profit	32,639			33,339			33,691			31,951			31,989
Gross profit as a percentage of revenue	48.2		%	49.4		%	48.7		%	46.7		%	49.3		%

Corrections of classification errors in previously reported Condensed Consolidated Statement of Cash Flows



	Three Months Ended		Year Ended
	June 30, 2012		March 31, 2012
Cash flows from operating activities:
As reported	$1,600		$5,293
Error correction	(1,243	)	(2,181	)
As adjusted	357		3,112

Cash flows from financing activities:
As reported	$(6,949)		$(24,852)
Error correction	1,243		2,181
As adjusted	(5,706	)	(22,671	)

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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