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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)
 
The results of any single quarter are not necessarily indicative of the Company’s results for the full year.  Earnings per share data is computed independently for each of the periods presented.  As a result, the sum of the earnings per share amounts for the quarter may not equal the total for the year.
2013
First (1)
 
Second (2)
 
Third
 
Fourth (3)
Net sales
$
106,066

 
$
105,465

 
$
104,656

 
$
96,370

Gross profit (1)
$
20,054

 
$
21,841

 
$
20,418

 
$
17,549

Net income (loss) (2),(3),(4)
$
1,837

 
$
4,664

 
$
2,075

 
$
(67,061
)
Amounts per common share:
 

 
 

 
 

 
 

Net income (loss)
$
0.15

 
$
0.37

 
$
0.16

 
$
(5.31
)
Net income (loss) - assuming dilution
$
0.14

 
$
0.37

 
$
0.16

 
$
(5.31
)
 
 
 
 
 
 
 
 
2012
First
 
Second
 
Third
 
Fourth (4)
Net sales
$
66,749

 
$
69,327

 
$
70,636

 
$
71,917

Gross profit
$
16,518

 
$
16,967

 
$
18,584

 
$
16,239

Net income (3)
$
4,792

 
$
5,105

 
$
5,639

 
$
951

Amounts per common share:
 

 
 

 
 

 
 

Net income
$
0.41

 
$
0.44

 
$
0.48

 
$
0.08

Net income - assuming dilution
$
0.41

 
$
0.43

 
$
0.48

 
$
0.08

 
(1) The first quarter 2013 includes $2,497 of non-recurring inventory step-up related to the Valent acquisition.

(2) The second quarter of 2013 includes a trade name impairment of $4,222 related to D3 Technologies offset by a contingent consideration write-off of $7,950 related to Valent.

(3) The fourth quarter of 2013 includes a goodwill impairment charge of $73,528 related to the Valent acquisition, $17,718 related to income tax valuation allowance, $2,620 related to a separation agreement reached with key members of Valent Aerostructures, LLC. and $453 of restructuring expenses related to the closure of the Precise Machine facility. In addition, Valent gross profit was unfavorably impacted by $955 in cumulative catch-up adjustments, the result of higher levels of indirect costs required to meet customer demand.

(4) The fourth quarter of 2012 includes $4,860 in acquisition fees related to Valent.