Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (Unaudited)

18. Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results for 2011 and 2010. In management’s opinion, all material adjustments necessary to present fairly the information for such quarters have been reflected.

	1st Quarter					2nd Quarter				3rd Quarter				4th Quarter
	Revised					Revised						Revised				Revised
In thousands except per share data	2011		2010			2011		2010		2011		2010		2011		2010
Net sales	$	101,673	$	71,441		$	98,831	$	77,072	$	93,741	$	77,746	$	89,343	$	89,854
Gross profit		18,005		13,404			18,057		14,424		14,512		11,401		16,932		14,634
Income (loss) from continuing operations		2,632		(459	)		2,616		1,681		1,131		427		2,668		250
Net income (loss)	$	2,880	$	(471	)	$	7,100	$	2,083	$	1,131	$	1,346	$	2,668	$	(319	)
Basic earnings (loss) per share:
Continuing operations	$	0.16	$	(0.03	)	$	0.16	$	0.10	$	0.07	$	0.03	$	0.16	$	0.01
Net income (loss)	$	0.17	$	(0.03	)	$	0.42	$	0.13	$	0.07	$	0.08	$	0.16	$	(0.02	)
Diluted earnings (loss) per share:
Continuing operations	$	0.16	$	(0.03	)	$	0.15	$	0.10	$	0.07	$	0.03	$	0.16	$	0.01
Net income (loss)	$	0.17	$	(0.03	)	$	0.42	$	0.12	$	0.07	$	0.08	$	0.16	$	(0.02	)

The Company divested it Affinity business, included in OPS, and recognized a gain on sale of $3.9 million in the second quarter of 2011 (See Note 8). As a result of the divestiture, the quarterly financial results for 2011 and 2010 have been retroactively restated to reflect the Affinity business as a discontinued operation.

The Company divested its electrical papers product line business, included in the Performance Materials segment, and recognized a pre-tax gain on sale of $1.7 million in the second quarter of 2010 (See Note 8). The Company reported in income from continuing operations a tax benefit of $1.1 million in the third quarter of 2010, which included the recognition of a $4.1 million discrete tax benefit as the result of the Company's election in the third quarter to change its prior assertion regarding unremitted foreign earnings of a foreign branch, which was partially offset by tax expense that included the effective tax rate impact of valuation reserves on certain deferred tax assets. The Company reported in income from continuing operations tax expense of $1.5 million in the fourth quarter of 2010, which included the impact of additional valuation allowances on certain deferred tax assets and dividends from a foreign subsidiary of $1.9 million.