Quarterly Results of Operations

12 Months Ended

Dec. 31, 2012

Quarterly Results of Operations

Note 22 Quarterly Results of Operations (unaudited)

(Amounts in thousands, except per share data)

	2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net Sales
Net sales of tangible products	$	232,476		$	234,708		$	239,786		$	241,257
Revenue from services and software		11,399			12,369			12,251			11,922
Total net sales		243,875			247,077			252,037			253,179
Cost of Sales
Cost of sales of tangible products		119,033			119,980			118,751			121,869
Cost of sales services and software		4,959			6,720			6,362			6,850
Cost of sales		123,992			126,700			125,113			128,719
Gross Profit		119,883			120,377			126,924			124,460
Operating expenses:
Selling and marketing		32,114			32,158			32,321			33,313
Research and development		20,416			22,336			22,007			22,605
General and administrative		24,320			24,402			22,481			20,964
Amortization of intangible assets		770			770			1,670			1,463
Acquisition costs		254			1,252			566			1,037
Exit and restructuring costs		0			0			0			960
Asset impairment charge		0			0			9,114			0
Total operating expenses		77,874			80,918			88,159			80,342
Operating income		42,009			39,459			38,765			44,118
Other income (loss)
Investment income		592			826			541			526
Foreign exchange loss		(342	)		(80	)		(514	)		(5)
Other, net		(364	)		(486	)		(294	)		(577)
Total other income (loss)		(114	)		260			(267	)		(56)
Income from continuing operations before income taxes		41,895			39,719			38,498			44,062
Income taxes		11,731			9,366			11,917			9,263
Income from continuing operations		30,164			30,353			26,581			34,799
Income from discontinued operations, net of tax		0			300			516			191
Net income	$	30,164		$	30,653		$	27,097		$	34,990
Basic earnings per share:
Income from continuing operations	$	0.58		$	0.58		$	0.52		$	0.69
Income from discontinued operations		0.00			0.01			0.01			0.00
Net Income	$	0.58		$	0.59		$	0.53		$	0.69
Diluted earnings per share:
Income from continuing operations	$	0.58		$	0.58		$	0.51		$	0.68
Income from discontinued operations		0.00			0.01			0.01			0.00
Net Income	$	0.58		$	0.59		$	0.52		$	0.68
Basic weighted average shares outstanding		51,998			51,771			51,566			50,968
Diluted weighted average and equivalent shares outstanding		52,301			52,030			51,809			51,262

	2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net Sales
Net sales of tangible products	$	226,120		$	232,762		$	241,686		$	235,714
Revenue from services and software		11,181			12,779			11,652			11,594
Total net sales		237,301			245,541			253,338			247,308
Cost of Sales
Cost of sales of tangible products		110,781			117,732			122,529			118,792
Cost of sales services and software		6,522			6,111			7,256			6,996
Cost of sales		117,303			123,843			129,785			125,788
Gross Profit		119,998			121,698			123,553			121,520
Operating expenses:
Selling and marketing		28,528			30,950			31,942			36,377
Research and development		21,681			22,487			22,584			23,174
General and administrative		22,706			20,688			18,978			18,973
Amortization of intangible assets		835			836			843			806
Acquisition costs		0			0			188			116
Exit and restructuring costs		1,886			66			138			(49)
Total operating expenses		75,636			75,027			74,673			79,397
Operating income		44,362			46,671			48,880			42,123
Other income (loss)
Investment income		560			656			134			594
Foreign exchange loss		(294	)		(833	)		(173	)		(706)
Other, net		(254	)		(243	)		(859	)		(899)
Total other income (loss)		12			(420	)		(898	)		(1,011)
Income from continuing operations before income taxes		44,374			46,251			47,982			41,112
Income taxes		14,246			13,082			13,795			8,253
Income from continuing operations		30,128			33,169			34,187			32,859
Income (loss) from discontinued operations, net of tax		31,506			(205	)		10,814			2,185
Net income	$	61,634		$	32,964		$	45,001		$	35,044
Basic earnings per share:
Income from continuing operations	$	0.54		$	0.60		$	0.64		$	0.63
Income from discontinued operations		0.57			0.00			0.20			0.04
Net Income	$	1.11		$	0.60		$	0.84		$	0.67
Diluted earnings per share:
Income from continuing operations	$	0.54		$	0.60		$	0.64		$	0.63
Income from discontinued operations		0.56			0.00			0.20			0.04
Net Income	$	1.10		$	0.60		$	0.84		$	0.67
Basic weighted average shares outstanding		55,353			54,546			53,339			52,108
Diluted weighted average and equivalent shares outstanding		55,774			54,958			53,628			52,354