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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)

Note 20. Quarterly Results of Operations (Unaudited)

The effect of the revision discussed within Note 1 to the 2017 and 2016 previously issued unaudited quarterly financial results is as follows (in thousands, except per share data). The 2017 quarterly revisions will be affected in connection with the future 2018 unaudited interim condensed consolidated financial statement filings on Form 10-Q. The effect of recasting the prior periods for the PBC discontinued operations as described in Note 2  is also reflected below.

The following summarizes the unaudited quarterly results of operations for the fourth quarter ended December 31, 2017.

 

Fourth Quarter 2017

   

Net sales

    $ 156,135  

Cost of sales (exclusive of depreciation and amortization)

      118,814  

Income (loss) from continuing operations

      53,325  

Income from discontinued operations, net of tax

      (2,507 ) 

Net income (loss)

      50,818  

Comprehensive income (loss)

      51,885  

Basic income (loss) from continuing operations per share

    $ 1.93  

Basic net income (loss) per share

    $ 1.84  

Diluted income (loss) from continuing operations per share

    $ 1.91  

Diluted net income (loss) per share

    $ 1.82  

The effect of recasting the prior periods for the PBC discontinued operations as described in Note 2 is also reflected below.

 

     As
Originally
Reported		     Adjustment     Discontinued
Operations		     As Revised  

Third Quarter 2017

         

Net sales

    $ 148,156     $ —         $ 148,156  

Cost of sales (exclusive of depreciation and amortization)

      110,836       436         111,272  

Income (loss) from continuing operations

      (2,930 )      (550 )        (3,480 ) 

Income from discontinued operations, net of tax

      135,825       (6,384 )        129,441  

Net income (loss)

      132,895       (6,934 )        125,961  

Comprehensive income (loss)

      129,735       (6,606 )        123,129  

Basic income (loss) from continuing operations per share

    $ (0.11 )    $ (0.02 )      $ (0.13 ) 

Basic net income (loss) per share

    $ 4.82     $ (0.25 )      $ 4.57  

Diluted income (loss) from continuing operations per share

    $ (0.11 )    $ (0.02 )      $ (0.13 ) 

Diluted net income (loss) per share

    $ 4.82     $ (0.25 )      $ 4.57  

Second Quarter 2017

         

Net sales

    $ 225,875     $ —       $ (67,928 )    $ 157,947  

Cost of sales (exclusive of depreciation and amortization)

      166,040       —         (51,526 )      114,514  

Income (loss) from continuing operations

      (21,529 )      391       (5,236 )      (26,374 ) 

Income from discontinued operations, net of tax

      —         —         5,236       5,236  

Net income (loss)

      (21,529 )      391         (21,138 ) 

Comprehensive income (loss)

      (12,289 )      662         (11,627 ) 

Basic income (loss) from continuing operations per share

    $ (0.78 )    $ 0.01     $ (0.19 )    $ (0.96 ) 

Basic net income (loss) per share

    $ (0.78 )    $ 0.01       $ (0.77 ) 

Diluted income (loss) from continuing operations per share

    $ (0.78 )    $ 0.01     $ (0.19 )    $ (0.96 ) 

Diluted net income (loss) per share

    $ (0.78 )    $ 0.01       $ (0.77 ) 

First Quarter 2017

         

Net sales

    $ 226,314     $ —       $ (68,759 )    $ 157,555  

Cost of sales (exclusive of depreciation and amortization)

      166,954       485       (52,959 )      114,480  

Income (loss) from continuing operations

      7,407       4       (5,518 )      1,893  

Income from discontinued operations, net of tax

      —         —         5,518       5,518  

Net income (loss)

      7,407       4         7,411  

Comprehensive income (loss)

      12,113       403         12,516  

Basic income (loss) from continuing operations per share

    $ 0.27     $ 0.00     $ (0.20 )    $ 0.07  

Basic net income (loss) per share

    $ 0.27     $ 0.00       $ 0.27  

Diluted income (loss) from continuing operations per share

    $ 0.27     $ 0.00     $ (0.20 )    $ 0.07  

Diluted net income (loss) per share

    $ 0.27     $ 0.00       $ 0.27  

 

     As
Originally
Reported		     Adjustment     Discontinued
Operations		     As Revised  

Fourth Quarter 2016

         

Net sales

    $ 202,029     $ —       $ (60,385 )    $ 141,644  

Cost of sales (exclusive of depreciation and amortization)

      151,936       466       (47,597 )      104,805  

Income (loss) from continuing operations

      3,063       (1,512 )      (3,737 )      (2,186 ) 

Income from discontinued operations, net of tax

      —         —         3,737       3,737  

Net income (loss)

      3,063       (1,512 )        1,551  

Comprehensive income (loss)

      (10,212 )      (90 )        (10,302 ) 

Basic income (loss) from continuing operations per share

    $ 0.11     $ (0.06 )    $ (0.14 )    $ (0.08 ) 

Basic net income (loss) per share

    $ 0.11     $ (0.06 )      $ 0.06  

Diluted income (loss) from continuing operations per share

    $ 0.11     $ (0.06 )    $ (0.14 )    $ (0.08 ) 

Diluted net income (loss) per share

    $ 0.11     $ (0.06 )      $ 0.06  

Third Quarter 2016

         

Net sales

    $ 204,961     $ —       $ (58,247 )    $ 146,714  

Cost of sales (exclusive of depreciation and amortization)

      152,538       91       (45,353 )      107,276  

Income (loss) from continuing operations

      4,147       419       (3,622 )      944  

Income from discontinued operations, net of tax

      —         —         3,622       3,622  

Net income (loss)

      4,147       419         4,566  

Comprehensive income (loss)

      8,740       (2,938 )        5,802  

Basic income (loss) from continuing operations per share

    $ 0.15     $ 0.02     $ (0.13 )    $ 0.03  

Basic net income (loss) per share

    $ 0.15     $ 0.02       $ 0.17  

Diluted income (loss) from continuing operations per share

    $ 0.15     $ 0.02     $ (0.13 )    $ 0.03  

Diluted net income (loss) per share

    $ 0.15     $ 0.02       $ 0.17  

Second Quarter 2016

         

Net sales

    $ 214,272     $ —       $ (65,157 )    $ 149,115  

Cost of sales (exclusive of depreciation and amortization)

      156,794       114       (49,580 )      107,328  

Income (loss) from continuing operations

      2,031       (172 )      (4,326 )      (2,467 ) 

Income from discontinued operations, net of tax

      —         —         4,326       4,326  

Net income (loss)

      2,031       (172 )        1,859  

Comprehensive income (loss)

      (973 )      (1,879 )        (2,852 ) 

Basic income (loss) from continuing operations per share

    $ 0.08     $ (0.01 )    $ (0.16 )    $ (0.09 ) 

Basic net income (loss) per share

    $ 0.08     $ (0.01 )      $ 0.07  

Diluted income (loss) from continuing operations per share

    $ 0.07     $ (0.01 )    $ (0.16 )    $ (0.09 ) 

Diluted net income (loss) per share

    $ 0.07     $ (0.01 )      $ 0.07  

First Quarter 2016

         

Net sales

    $ 212,226     $ —       $ (64,745 )    $ 147,481  

Cost of sales (exclusive of depreciation and amortization)

      159,754       144       (50,464 )      109,434  

Income (loss) from continuing operations

      (1,299 )      (14 )      (4,468 )      (5,781 ) 

Income from discontinued operations, net of tax

      —         —         4,468       4,468  

Net income (loss)

      (1,299 )      (14 )        (1,313 ) 

Comprehensive income (loss)

      4,418       884         5,302  

Basic income (loss) from continuing operations per share

    $ (0.05 )    $ (0.00 )    $ (0.17 )    $ (0.22 ) 

Basic net income (loss) per share

    $ (0.05 )    $ (0.00 )      $ (0.05 ) 

Diluted income (loss) from continuing operations per share

    $ (0.05 )    $ (0.00 )    $ (0.17 )    $ (0.22 ) 

Diluted net income (loss) per share

    $ (0.05 )    $ (0.00 )      $ (0.05 ) 

The fourth quarter of 2017 was impacted by acquisition related costs of $0.2 million pre-tax, and $0.1 million after-tax related to the Vandalia acquisition. The fourth quarter of 2017 includes $0.5 million of net loss attributable to the operations of the Vandalia business after the acquisition date of October 2, 2017. We recognized an estimated after-taxgain on sale of the PBC Business of $129.4 million in the third quarter of 2017. Working capital adjustments and revisions of $1.5 million after taxes reduced the gain and were recorded in discontinued operations in the fourth quarter of 2017, resulting in a final gain of $127.7 million.

 

The second quarter of 2017 includes $39.6 million loss on extinguishment of debt and write-offs of unamortized debt issuance costs incurred in connection with the April 3, 2017, redemption of Senior Notes and amendment of our credit facility as disclosed in Note 12. The fourth quarter of 2017 includes an additional $2.4 million of loss on extinguishment of debt and write-offs of unamortized debt issuance costs incurred in connection with the November 24, 2017, amendment of the credit facility to reduce interest rates as disclosed in Note 12.