Note 19 - Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Quarterly Financial Information [Text Block]

1 9 . QUARTERLY DATA (UNAUDITED):

Summarized quarterly financial data for 2015 and 2014 is as follows (dollars in thousands, except per share).

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
For the year ended December 31, 2015
Net sales:
Water transmission	$	56,242		$	38,445		$	39,792		$	38,681		$	173,160
Tubular products		28,623			15,401			12,543			6,881			63,448
Total	$	84,865		$	53,846		$	52,335		$	45,562		$	236,608
Gross profit (loss):
Water transmission	$	7,519		$	1,255		$	(725	)	$	(7,443	)	$	606
Tubular products		(3,628	)		(3,848	)		(1,786	)		(3,969	)		(13,231	)
Total	$	3,891		$	(2,593	)	$	(2,511	)	$	(11,412	)	$	(12,625	)
Operating income (loss):
Water transmission (1)	$	5,633		$	(5,815	)	$	(2,384	)	$	(9,026	)	$	(11,592	)
Tubular products		(4,617	)		(4,254	)		(2,298	)		(4,530	)		(15,699	)
Corporate		(4,099	)		(3,258	)		(2,602	)		(2,960	)		(12,919	)
Total	$	(3,083	)	$	(13,327	)	$	(7,284	)	$	(16,516	)	$	(40,210	)
Net loss	$	(2,101	)	$	(12,079	)	$	(1,515	)	$	(13,693	)	$	(29,388	)
Basic loss per share:
Continuing Operations	$	(0.22	)	$	(1.26	)	$	(0.16	)	$	(1.43	)	$	(3.07	)
Discontinued Operations		-			-			-			-			-
Total	$	(0.22	)	$	(1.26	)	$	(0.16	)	$	(1.43	)	$	(3.07	)
Diluted loss per share:
Continuing Operations	$	(0.22	)	$	(1.26	)	$	(0.16	)	$	(1.43	)	$	(3.07	)
Discontinued Operations		-			-			-			-			-
Total	$	(0.22	)	$	(1.26	)	$	(0.16	)	$	(1.43	)	$	(3.07	)

(1) Operating loss for Water transmission for the second quarter of 2015 includes the write-off of goodwill of $5.3 million.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
For the year ended December 31, 2014
Net sales:
Water transmission	$	42,999		$	62,205		$	76,857		$	56,484		$	238,545
Tubular products		39,648			39,783			39,648			45,674			164,753
Total	$	82,647		$	101,988		$	116,505		$	102,158		$	403,298
Gross profit (loss):
Water transmission	$	1,668		$	11,491		$	16,559		$	9,883		$	39,601
Tubular products		2,646			(174	)		(739	)		(758	)		975
Total	$	4,314		$	11,317		$	15,820		$	9,125		$	40,576
Operating income (loss):
Water transmission	$	(299	)	$	9,543		$	14,429		$	7,817		$	31,490
Tubular products (1)		2,294			(589	)		(1,155	)		(17,227	)		(16,677	)
Corporate		(3,121	)		(3,555	)		(3,943	)		(4,000	)		(14,619	)
Total	$	(1,126	)	$	5,399		$	9,331		$	(13,410	)	$	194
Net income (loss)	$	(12,104	)	$	3,192		$	5,021		$	(13,996	)	$	(17,887	)
Basic Earnings (loss) per share:
Continuing Operations	$	(0.13	)	$	0.34		$	0.62		$	(1.47	)	$	(0.65	)
Discontinued Operations		(1.14	)		-			(0.09	)		-			(1.23	)
Total	$	(1.27	)	$	0.34		$	0.53		$	(1.47	)	$	(1.88	)
Diluted Earnings (loss) per share:
Continuing Operations	$	(0.13	)	$	0.33		$	0.61		$	(1.47	)	$	(0.65	)
Discontinued Operations		(1.14	)		-			(0.09	)		-			(1.23	)
Total	$	(1.27	)	$	0.33		$	0.52		$	(1.47	)	$	(1.88	)

(1) Operating loss for Tubular products for the fourth quarter of 2014 includes the write-off of goodwill of $16.1 million