Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information (Unaudited) [Abstract]

Quarterly Financial Information (Unaudited)

Note 22.

Quarterly Financial Information (Unaudited)

As more fully described in Note 4 of the Notes to the Consolidated Financial Statements, “Discontinued Operations,” the Company sold its SSD and Precise businesses in June 2012 and August 2012, respectively.  The operations of these divisions qualify as a “component of an entity” under FASB ASC 205-20 and thus, the operations have been reclassified as discontinued and prior periods have been reclassified to conform to this presentation.

Quarterly financial information for the years ended December 31, 2012 and 2011 is presented below:

		2012
		First		Second		Third		Fourth
		Quarter		Quarter (1)		Quarter (2)		Quarter		Total
		In thousands, except per share amounts
Net sales	$	114,291	$	163,180	$	170,346	$	140,724	$	588,541
Gross profit	$	21,652	$	12,334	$	30,713	$	27,570	$	92,269
Income from continuing operations	$	2,979	$	(3,321)	$	8,463	$	6,643	$	14,764
Income from discontinued operations	$	390	$	1,250	$	(238)	$	22	$	1,424
Net income	$	3,369	$	(2,071)	$	8,225	$	6,665	$	16,188
Basic earnings per common share:
From continuing operations	$	0.30	$	(0.33)	$	0.83	$	0.65	$	1.46
From discontinued operations	$	0.04	$	0.12	$	(0.02)	$	-	$	0.14
Basic earnings per common share	$	0.33	$	(0.20)	$	0.81	$	0.66	$	1.60
Diluted earnings per common share:
From continuing operations	$	0.29	$	(0.33)	$	0.83	$	0.65	$	1.44
From discontinued operations	$	0.04	$	0.12	$	(0.02)	$	-	$	0.14
Diluted earnings per common share	$	0.32	$	(0.20)	$	0.81	$	0.65	$	1.58
Dividends paid per common share	$	0.025	$	0.025	$	0.025	$	0.025	$	0.10

(1) Includes a pre-tax gain of approximately $3,508,000 from the Company’s sale of SSD.

(2) Includes a pre-tax loss of approximately $315,000 from the Company’s sale of Precise.

		2011
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter (3)		Quarter		Total
		In thousands, except per share amounts
Net sales	$	113,688	$	169,591	$	158,323	$	133,735	$	575,337
Gross profit	$	16,986	$	25,306	$	29,594	$	26,524	$	98,410
Income from continuing operations	$	605	$	6,294	$	9,351	$	5,817	$	22,067
Income from discontinued operations	$	(76)	$	229	$	389	$	286	$	828
Net income	$	529	$	6,523	$	9,740	$	6,103	$	22,895
Basic earnings per common share:
From continuing operations	$	0.06	$	0.61	$	0.92	$	0.58	$	2.16
From discontinued operations	$	(0.01)	$	0.02	$	0.04	$	0.03	$	0.08
Basic earnings per common share	$	0.05	$	0.63	$	0.96	$	0.61	$	2.24
Diluted earnings per common share:
From continuing operations	$	0.06	$	0.60	$	0.91	$	0.57	$	2.14
From discontinued operations	$	(0.01)	$	0.02	$	0.04	$	0.03	$	0.08
Diluted earnings per common share	$	0.05	$	0.63	$	0.95	$	0.60	$	2.22
Dividends paid per common share	$	-	$	0.050	$	0.025	$	0.025	$	0.10

(3) Includes a pre-tax gain of approximately $577,000 associated with the early termination of the lease associated with the Company’s sale-leaseback transaction.