Quarterly Information - Unaudited

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY INFORMATION – UNAUDITED


(in thousands, except per share amounts)	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
2014
Net sales		$ 62,913			$ 69,949		$ 65,409			$ 74,587
Gross profit^(a)		12,850			14,541		12,165			14,705
Net income (loss)^(b)		78			1,121		(343	)		(2,043	)
Net income (loss) per common share:
Basic^(b)		0.01			0.11		(0.03	)		(0.20	)
Diluted^(b)		0.01			0.11		(0.03	)		(0.20	)
Comprehensive income (loss)^(c)		1,298			7,992		(2,701	)		(30,664	)
2013
Net sales		$ 69,624			$ 69,938		$ 64,433			$ 77,055
Gross profit^(a)		14,534			14,628		16,256			18,290
Net income (loss)^(d)		126			1,106		12,705			(1,500	)
Net income (loss) per common share:
Basic^(d)		0.01			0.11		1.23			(0.14	)
Diluted^(d)		0.01			0.11		1.22			(0.14	)
Comprehensive income (loss)^(c)		(1,326	)		2,387		17,478			30,408

(a)

Gross profit excludes depreciation.

(b)

Fourth quarter includes an after-tax charge of $2,916 or $0.28 per common share for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries.

(c)

Second quarter of 2014 includes a net-of-tax adjustment to recognize the effect of a plan amendment to the other postretirement benefit plan of $4,776. Fourth quarter includes a net-of-tax adjustment to reflect the funded status of the various pension and other postretirement benefit plans of $(27,252) and $29,080 for 2014 and 2013, respectively.

(d)

Third quarter includes an after-tax credit of $10,621 or $1.03 per common share for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers. Fourth quarter includes an after-tax charge of $4,165 or $0.40 per common share to recognize an other-than-temporary impairment of the Corporation’s investment in a forged roll joint venture company.

- 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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