Quarterly Information

12 Months Ended

Sep. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information

Quarterly Information

The table below sets forth the unaudited consolidated operating results by fiscal quarter for the years ended September 30, 2020 and 2019 (in thousands, except per share data):

	2020 Quarters
	First(1)		Second(1)		Third(1) (2)		Fourth(1) (3)		2020
Revenues	$	134,150	$	151,570	$	118,062	$	114,717	$	518,499
Gross profit	21,826		29,685		21,344		21,720		94,575
Net income	2,775		7,421		3,481		2,983		16,660
Earnings per share:
Basic	$	0.24	$	0.64	$	0.30	$	0.26	$	1.43
Diluted	$	0.24	$	0.64	$	0.30	$	0.25	$	1.42
(1) The results for the first quarter of Fiscal 2020 demonstrated normal seasonality and were negatively impacted by holidays and work schedules related to other quarterly periods. The results for the second quarter of Fiscal 2020 improved due to the timing of orders and execution of backlog while revenues and gross profit decreased during the third and fourth quarters of Fiscal 2020 due to a decrease in orders resulting from a decline in demand across our industrial end markets, as well as project delays, cancellations and scope reductions associated with the global decline in demand across the oil and gas markets resulting from COVID-19.
(2) The results for the third quarter of Fiscal 2020 were negatively impacted by separation costs of $1.4 million as a result of workforce reductions.
(3) The results for the fourth quarter of Fiscal 2020 were positively impacted by other income of $0.5 million related to a death benefit received from our company-owned life insurance policy related to a retired employee.

	2019 Quarters
	First(1)		Second(1)		Third(1) (2)		Fourth(1)		2019
Revenues	$	109,351	$	123,737	$	135,588	$	148,504	$	517,180
Gross profit	14,631		20,075		23,715		28,555		86,976
Net income (loss)	(2,695)		958		5,089		6,538		9,890
Earnings (loss) per share:
Basic	$	(0.23)	$	0.08	$	0.44	$	0.56	$	0.85
Diluted	$	(0.23)	$	0.08	$	0.44	$	0.56	$	0.85
(1) The results for the first quarter of Fiscal 2019 demonstrated normal seasonality and were negatively impacted by holidays and work schedules relative to other quarterly periods. The results for the subsequent quarters of Fiscal 2019 improved due to the timing of orders and execution of backlog.
(2) The results for the third quarter of Fiscal 2019 were favorably impacted by the receipt of a $1.0 million non-recurring business interruption insurance settlement recognized within operating income.

The sum of the individual earnings per share amounts may not agree with year-to-date earnings per share as each period’s computation is based on the weighted-average number of shares outstanding during the period.