Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results for 2014 and 2013. In management’s opinion, all material adjustments necessary for a fair statement of the information for such quarters have been reflected.

	1st Quarter				2nd Quarter				3rd Quarter				4th Quarter
In thousands except per share data	2014		2013		2014		2013		2014		2013		2014		2013
Net sales	$	125,226	$	99,029	$	148,793	$	101,051	$	134,227	$	97,995	$	127,583	$	99,894
Gross profit	$	26,199	$	21,365	$	34,653	$	23,037	$	28,564	$	20,494	$	25,562	$	20,329
Net income	$	3,716	$	4,492	$	8,240	$	5,955	$	4,158	$	4,575	$	5,733	$	4,133
Earnings per common share:
Basic	$	0.22	$	0.27	$	0.50	$	0.36	$	0.25	$	0.28	$	0.34	$	0.25
Diluted	$	0.22	$	0.26	$	0.49	$	0.35	$	0.24	$	0.27	$	0.34	$	0.25

The table above includes the quarterly results of Industrial Filtration since the acquisition date of February 20, 2014. Gross profit during the quarters ended March 31, 2014, June 30, 2014, and September 30, 2014 were negatively impacted by purchase accounting adjustments of $1.3 million, $0.5 million, and $0.2 million, respectively, related to the acquisition of Industrial Filtration. These purchase accounting adjustments reduced net income by $0.9 million, $0.4 million and $0.2 million during the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively. (See Note 2)

Net income during the quarter ended March 31, 2014 was negatively impacted by $2.2 million of transaction related costs due to the acquisition of Industrial Filtration. Net income during the quarter ended June 30, 2014 was negatively impacted by a $2.0 million commission settlement within the T/A Metals segment. Net income during the quarter ended September 30, 2014, was negatively impacted by $3.0 million, related to a non-cash pension plan settlement charge associated with the Company's domestic defined benefit pension plan. (See Note 8)

Gross profit in the first quarter of 2013 included a completed pricing negotiation and a non-recurring customer project which contributed to an increase in gross profit of $1.8 million.

Net income during the quarters ended March 31, 2013 and June 30, 2013 were positively impacted by discrete tax benefits of $0.5 million and $0.3 million, respectively, related to the conclusion of certain U.S. federal income tax matters. Net income during the quarter ended December 31, 2013 was negatively impacted by $0.7 million of Industrial Filtration transaction related costs offset by the positive impact of the reversal of valuation allowances associated with state tax credit carryovers of $0.9 million. (See Note 11)