Quarterly Financial Information

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information [Abstract]

Quarterly Financial Information

Note 13 – QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Summarized quarterly financial information for 2011 and 2010 are as follows (in thousands except share data):

					Quarters Ended
									December 31,
		March 31, 2011			June 30, 2011	September 30, 2011			2011
Revenues	$	5,441		$	7,449	$	8,263	$	8,028
Gross margin	$	2,246		$	3,626	$	4,359	$	5,243
Net (loss) income before provision for income tax	$	(3,497	)	$	3,184	$	4,607	$	1,467
Net (loss) income	$	(3,339	)	$	2,971	$	4,119	$	1,215
Net (loss) income per share – basic	$	(0.16	)	$	0.10	$	0.13	$	0.04
Net (loss) income per share – diluted	$	(0.16	)	$	0.01	$	0.03	$	0.04
Weighted average number of shares outstanding – basic		21,522,716			21,853,631		23,084,229		23,331,975
Weighted average number of shares outstanding –diluted		21,522,716			25,717,758		25,322,920		23,371,771
					Quarters Ended
									December 31,
		March 31, 2010			June 30, 2010	September 30, 2010			2010
Revenues	$	5,927		$	8,312	$	8,256	$	7,963
Gross margin	$	3,318		$	4,739	$	5,468	$	4,915
Net (loss) income before provision for income tax	$	(8,616	)	$	84	$	3,607	$	(5,146	)
Net (loss) income	$	(8,617	)	$	66	$	3,551	$	3,860	(1)
Net (loss) income per share – basic	$	(0.50	)	$	0.00	$	0.13	$	0.14
Net (loss) income per share – diluted	$	(0.50	)	$	0.00	$	0.08	$	0.13
Weighted average number of shares outstanding – basic		17,109,706			19,338,241		19,883,029		20,583,516
Weighted average number of shares outstanding –diluted		17,109,706			22,258,364		24,244,477		22,594,197

(1)      Included in net income for the three months ended December 31, 2010 is the tax benefit of $9.1 million related to the reversal of the deferred tax valuation allowance. See Note 8 – Income Taxes.