| Quarterly Financial Information (Unaudited) |
| | | NOTE 16: | QUARTERLY FINANCIAL DATA (UNAUDITED) |
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2014(a) (b) (c) | | Fourth Quarter | | Third Quarter | | Second Quarter | | First Quarter | Sales | $ | 83,901 |
| | $ | 83,966 |
| | $ | 85,903 |
| | $ | 84,582 |
| Less: excise tax | 7,576 |
| | 6,451 |
| | 5,336 |
| | 5,586 |
| Net sales | 76,325 |
| | 77,515 |
| | 80,567 |
| | 78,996 |
| Cost of sales | 70,314 |
| | 70,204 |
| | 72,259 |
| | 72,195 |
| Gross profit | 6,011 |
| | 7,311 |
| | 8,308 |
| | 6,801 |
| | | | | | | | | Selling, general and administrative | 4,897 |
| | 4,966 |
| | 5,166 |
| | 5,072 |
| Insurance recoveries (Note 17) | (7,067 | ) | | (1,293 | ) | | 70 |
| | — |
| Other operating costs and loss on sale of assets, net | — |
| | 1 |
| | — |
| | — |
| Operating income | 8,181 |
| | 3,637 |
| | 3,072 |
| | 1,729 |
| | | | | | | | | Interest expense | (201 | ) | | (199 | ) | | (218 | ) | | (198 | ) | Equity in earnings (Note 3) | 2,850 |
| | 1,621 |
| | 2,331 |
| | 3,335 |
| Income from continuing operations before income taxes | 10,830 |
| | 5,059 |
| | 5,185 |
| | 4,866 |
| | | | | | | | | Provision (benefit) for income taxes (Note 5) | 3,267 |
| | (1,169 | ) | | 86 |
| | 81 |
| Net income from continuing operations | 7,563 |
| | 6,228 |
| | 5,099 |
| | 4,785 |
| | | | | | | | | Discontinued Operations, net of tax (Note 11) | — |
| | — |
| | — |
| | — |
| Net income | $ | 7,563 |
| | $ | 6,228 |
| | $ | 5,099 |
| | $ | 4,785 |
| | | | | | | | | Basic and diluted earnings per share data | | | |
| | |
| | |
| Income from continuing operations | $ | 0.42 |
| | $ | 0.34 |
| | $ | 0.28 |
| | $ | 0.26 |
| Income from discontinued operations | — |
| | — |
| | — |
| | — |
| Net income | $ | 0.42 |
| | $ | 0.34 |
| | $ | 0.28 |
| | $ | 0.26 |
| | | | | | | | | Dividends per Common Share | $ | — |
| | $ | — |
| | $ | — |
| | $ | 0.05 |
|
| | (a) | Net income was positively/(negatively) impacted during the second, third and fourth quarters of the year ended December 31, 2014 by $(120), $1,940, and $6,778, respectively as result of insurance recoveries. Certain immaterial amounts related to the accounting for insurance recoveries recorded during the second quarter were reclassified during the third quarter. The results above for the second quarter reflect these immaterial reclassifications. See discussion on this matter at Note 17: Property and Business Interruption Insurance Claims and Recoveries. |
| | (b) | Net income was positively impacted during the third and fourth quarters of the year ended December 31, 2014 by $1,215, and $104, respectively, as result of a release of the valuation allowance related to deferred tax assets. See discussion on this matter at Note 5: Income Taxes. |
| | (c) | Total basic and diluted earnings per share for the quarters, when aggregated, do not equal the annual amounts of $1.32 and $1.32, respectively, due to rounding. |
| | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013(a) (b) (c) (d) | | Fourth
Quarter | | Third
Quarter | | Second
Quarter | | First
Quarter | Sales | $ | 80,936 |
| | $ | 80,709 |
| | $ | 83,707 |
| | $ | 88,718 |
| Less: excise taxes | 3,642 |
| | 538 |
| | 4,312 |
| | 2,314 |
| Net sales | 77,294 |
| | 80,171 |
| | 79,395 |
| | 86,404 |
| Cost of sales | 69,380 |
| | 79,356 |
| | 74,114 |
| | 79,175 |
| Gross profit | 7,914 |
| | 815 |
| | 5,281 |
| | 7,229 |
|
|
|
| |
|
| |
|
| |
|
| Selling, general and administrative expenses | 8,797 |
| | 6,760 |
| | 4,770 |
| | 5,875 |
| Other operating costs and (gains) losses on sale of assets | 177 |
| | 1 |
| | — |
| | 58 |
| Operating income (loss) | (1,060 | ) | | (5,946 | ) | | 511 |
| | 1,296 |
|
|
|
| |
|
| |
|
| |
|
| Interest income (expense), net | (289 | ) | | (269 | ) | | (277 | ) | | (283 | ) | Equity in earnings (loss) (Note 3) | 758 |
| | (91 | ) | | 71 |
| | (942 | ) | Income (loss) from continuing operations before income taxes | (591 | ) |
| (6,306 | ) |
| 305 |
|
| 71 |
|
|
|
| |
|
| |
|
| |
|
| Provision (benefit) for income taxes (Note 5) | (758 | ) | | 19 |
| | 25 |
| | — |
| Net income (loss) from continuing operations | 167 |
| | (6,325 | ) | | 280 |
| | 71 |
|
|
|
| |
|
| |
|
| |
|
| Discontinued operations, net of tax (Note 11) | (528 | ) | | — |
| | — |
| | 1,406 |
| Net income (loss) | $ | (361 | ) | | $ | (6,325 | ) | | $ | 280 |
| | $ | 1,477 |
|
|
|
| |
|
|
|
|
| |
|
| Basic and diluted earnings (loss) per share(e) |
|
|
|
|
|
|
|
| |
|
| Income (loss) from continuing operations | $ | 0.01 |
| | $ | (0.37 | ) | | $ | 0.02 |
| | $ | — |
| Income from discontinued operations | (0.03 | ) | | — |
| | — |
| | 0.08 |
| Net income (loss) | $ | (0.02 | ) |
| $ | (0.37 | ) |
| $ | 0.02 |
| | $ | 0.08 |
|
|
|
|
|
|
|
|
|
| |
|
| Dividends per common share | $ | — |
| | $ | — |
| | $ | — |
| | $ | 0.05 |
|
| | (a) | Net loss for the fourth quarter includes $528 of income tax expense related to the gain on sale of discontinued operations. |
| | (b) | Net income for the first quarter includes a $1,406 gain, net of tax, on sale of discontinued operations. See discussion on this matter at Note 11: Operating Segments. |
| | (c) | Net income (loss) for the second, third and fourth quarters include $259, $1,802, and $3,404, respectively of expense related to the governance, proxy dispute and related matters. See discussion on this matter at Note 14: Related Party Transactions. |
| | (d) | Net income (loss) for the fourth quarter includes $1,525 of expense related to the severance costs. See discussion on this matter at Note 9: Restructuring and Severance Costs. |
| | (e) | For the third and fourth quarters, under the two class method, the losses were fully allocated common stock. |
|