Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Note 12—Quarterly financial data (unaudited):


	1^st Quarter		2^nd Quarter		3^rd Quarter		4^th Quarter
	(restated)
	(In thousands, except per share data)
Year ended December 31, 2010:
Net sales	$	99,743	$	134,970	$	113,608	$	102,424
Gross profit (loss)		10,905		14,459		7,731		(268	)

Net income (loss)	$	4,622	$	6,585	$	3,689	$	(2,882	)


Basic and diluted net income (loss) per share	$	0.38	$	0.54	$	0.30	$	(0.24	)


Year ended December 31, 2011:
Net sales	$	134,163	$	155,955	$	140,973	$	132,894
Gross profit		13,429		16,220		11,273		3,048

Net income	$	7,963	$	9,719	$	6,916	$	5,613


Basic and diluted net income per share	$	0.66	$	0.80	$	0.57	$	0.46

At the end of each year, we measure pension and other postretirement plan assets and obligations which could result in a significant fourth quarter adjustment to pension and OPEB expense or credits. During the fourth quarter of 2011 we recorded a $5.4 million higher pension credit ($3.3 million, net of tax, a $0.27 increase in earnings per share) as compared to the quarterly credits recorded throughout the year.

As disclosed in Note 1, at the end of 2011 KSW changed its method for productive inventory costing from the LIFO method to FIFO, and EWP changed its method for productive inventory costing from the LIFO method to an average cost method. The impact on the quarterly amounts disclosed above is included in the following table.


	As Reported/Computed under LIFO			Change in Accounting Principle Increase (Decrease)			As Currently Reported
Gross profit (loss):

2010 Quarter Ended:
March 31	$	10,505		$	400		$	10,905
June 30		14,724			(265	)		14,459
September 30		5,508			2,223			7,731
December 31		(3,333	)		3,065			(268	)

2011 Quarter Ended:
March 31	$	12,969		$	460		$	13,429
June 30		15,035			1,185			16,220
September 30		8,844			2,429			11,273
December 31		3,782			(734	)		3,048

Net income (loss):

2010 Quarter Ended:
March 31	$	4,375		$	247		$	4,622
June 30		6,749			(164	)		6,585
September 30		2,319			1,370			3,689
December 31		(4,700	)		1,818			(2,882	)

2011 Quarter Ended:
March 31	$	7,683		$	280		$	7,963
June 30		8,996			723			9,719
September 30		5,436			1,480			6,916
December 31		6,138			(525	)		5,613

Basic and diluted net income (loss) per share:

2010 Quarter Ended:
March 31	$	0.36		$	0.02		$	0.38
June 30		0.56			(0.02	)		0.54
September 30		0.19			0.11			0.30
December 31		(0.39	)		0.15			(0.24	)

2011 Quarter Ended:
March 31	$	0.63		$	0.03		$	0.66
June 30		0.74			0.06			0.80
September 30		0.45			0.12			0.57
December 31		0.51			(0.05	)		0.46

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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