REVENUE (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of significant changes in the contract assets

Significant changes in the contract assets balance during the year ended December 31, 2018 was as follows:


Year Ended December 31, 2018
Outstanding at January 1, 2018	$	6,459
Increase (decrease) attributed to:
Transferred to receivables from contract assets recognized		(5,932)
Product transferred over time		5,904
Outstanding at December 31, 2018	$	6,431

Schedule of net sales by market


	Year Ending December 31, 2018
	Product/ Service		Product
	Transferred Over		Transferred at		Noncash		Total Net Sales
(in thousands)	Time		Point in Time		Consideration		by Market
Aerospace and Defense	$	17,263	$	232	$	819	$	18,314
Medical		39,071		4,157		1,854		45,082
Industrial		46,950		821		2,203		49,974
Total net sales	$	103,284	$	5,210	$	4,876	$	113,370

Schedule of consolidated statement of operations and comprehensive income, balance sheet and cash flows, to the pro-forma amounts had the previous guidance been in effect

The following table compares the reported consolidated statement of operations and comprehensive loss, balance sheet and cash flows, as of and for the year ended December 31, 2018, to the pro-forma amounts had the previous guidance been in effect:


	Year Ending December 31, 2018
			Pro forma as if the
			previous accounting
			guidance was in
Consolidated Statement of Operations	As Reported		effect
Net Sales	$	113,370	$	108,522
Cost of Goods Sold		100,059		95,249
Gross Profit		13,311		13,273

Income from Operations		1,249		1,211

Income Before Income Taxes		492		454

Income Tax Expense		326		326

Net Income	$	166	$	128

Net Income Per Common Share - Diluted	$	0.06	$	0.05


	As of December 31, 2018
			Pro forma as if the
			previous accounting
			guidance was in
Consolidated Balance Sheet	As Reported		effect
Assets
Inventories	$	17,004	$	22,015
Contract Assets	$	6,431	$	—

Shareholders' Equity
Retained Earnings	$	21,090	$	19,671


	Year Ending December 31, 2018
			Pro forma as if the
			previous accounting
			guidance was in
Consolidated Statement of Cash Flows		As Reported	effect
Net Income	$	166	$	128
Adjustments to Reconcile Net Loss to Net Cash
Provided by Operating Activities
Change in Current Operating Items
Inventories		(3,875)		(3,809)
Contract Asset		28		—

Net Cash Provided by Operating Activities	$	2,444	$	2,444