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Supplemental Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Supplementary Quarterly Financial Data (Unaudited)
Supplemental Quarterly Financial Data (Unaudited)
 
 
(In thousands, except per share amounts)
 
 
Three Months Ended
2016
 
Three Months Ended
2015
 
 
Dec 31
 
Oct 1
 
Jul 2
 
Apr 2
 
Dec 31
 
Oct 3
 
Jul 4
 
Apr 4
Net Revenues
 
$
142,486

 
$
132,571

 
$
133,437

 
$
142,148

 
$
156,576

 
$
161,670

 
$
174,845

 
$
172,920

Gross Profit
 
27,786

 
25,223

 
26,215

 
26,969

 
22,796

 
20,028

 
31,207

 
26,761

Income (Loss) Before Taxes
 
5,825

 
6,248

 
5,331

 
20,709

 
(90,170
)
 
(16,447
)
 
3,061

 
(3,034
)
Income Tax Expense (Benefit)
 
2,989

 
1,234

 
1,470

 
7,159

 
(24,997
)
 
(6,932
)
 
1,279

 
(1,061
)
Net Income (Loss)
 
$
2,836

 
$
5,014

 
$
3,861

 
$
13,550

 
$
(65,173
)
 
$
(9,515
)
 
$
1,782

 
$
(1,973
)
Earnings (Loss) Per Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
0.25

 
$
0.45

 
$
0.35

 
$
1.22

 
$
(5.88
)
 
$
(0.86
)
 
$
0.16

 
$
(0.18
)
Diluted earnings (loss) per share
 
$
0.25

 
$
0.44

 
$
0.34

 
$
1.21

 
$
(5.88
)
 
$
(0.86
)
 
$
0.16

 
$
(0.18
)

In the first quarter of 2016, we entered into and completed the sale of our Pittsburgh, Pennsylvania and Miltec operations, both of which were part of our Electronic Systems operating segment. We recorded a preliminary pre-tax gain of $18.8 million. See Note 1 for additional information.
In the fourth quarter of 2015, we recorded a goodwill impairment charge in our Structural Systems operating segment of $57.2 million. In addition, we recorded an intangible asset impairment charge in our Electronic Systems operating segment of $32.9 million related to the write off an indefinite-lived trade name intangible asset.
In the third quarter of 2015, we recorded loss on extinguishment of debt of $11.9 million which was made up of the call premium to retire the existing $200.0 million senior unsecured notes in July 2015 of $9.8 million and the write off of the unamortized debt issuance costs associated with the existing $200.0 million senior unsecured notes of $2.1 million.
Also in the third quarter of 2015, we recorded a charge in our Structural Systems operating segment related to estimated cost overruns as a result of a change in the contract requirements for the remaining contractual period for a regional jet program of $10.0 million. This amount was recorded as part of cost of goods sold in our results of operations and increased accrued liabilities by $7.6 million and other long-term liabilities by $2.4 million.
In the second quarter of 2015, we recorded loss on extinguishment of debt of $2.8 million which was made up of the write off of the unamortized debt issuance costs associated with the existing senior secured term loan and existing senior secured revolving credit facility when the existing senior secured term loan was paid off in June 2015 and both were replaced with the Credit Facilities.