Note 9 - Quarterly Results for 2014, 2015 and 2016 (Unaudited)

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Quarterly Financial Information [Text Block]

NOTE

9

– Quarterly Results for

2014,

2015

and

2016

(Unaudited):

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	2016		2016		2016		2016
	(restated)		(restated)		(restated)
Net sales	$	57,968,000	$	64,660,000	$	65,282,000	$	64,686,000
Gross profit	$	20,021,000	$	21,763,000	$	23,140,000	$	22,058,000
Income before taxes on income	$	3,410,000	$	4,615,000	$	6,006,000	$	5,867,000
Net income	$	2,442,000	$	3,308,000	$	4,447,000	$	4,441,000
Per Share Data:
Basic
Net income	$	0.18	$	0.23	$	0.31	$	0.31
Diluted
Net income	$	0.17	$	0.22	$	0.30	$	0.30
Average Outstanding Shares (Basic)		13,927,063		14,120,617		14,118,354		14,162,939
Average Outstanding Shares (Diluted)		14,668,658		14,957,469		14,984,084		14,979,746

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	2015		2015		2015		2015
Net sales	$	46,347,000	$	54,116,000	$	56,662,000	$	53,192,000
Gross profit	$	15,796,000	$	18,531,000	$	19,224,000	$	17,882,000
Income before taxes on income	$	3,223,000	$	5,394,000	$	5,581,000	$	4,698,000
Net income	$	2,043,000	$	3,624,000	$	4,031,000	$	3,368,000
Per Share Data:
Basic
Net income	$	0.15	$	0.26	$	0.29	$	0.24
Diluted
Net income	$	0.14	$	0.25	$	0.28	$	0.23
Average Outstanding Shares (Basic)		13,584,922		13,730,646		13,833,561		13,894,907
Average Outstanding Shares (Diluted)		14,548,084		14,577,342		14,585,688		14,603,464

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	2014		2014		2014		2014
Net sales	$	41,027,000	$	53,230,000	$	52,291,000	$	49,701,000
Gross profit	$	14,056,000	$	19,006,000	$	18,433,000	$	17,242,000
Income before taxes on income	$	1,878,000	$	5,867,000	$	5,168,000	$	4,616,000
Net income	$	1,218,000	$	3,907,000	$	3,368,000	$	2,856,000
Per Share Data:
Basic
Net income	$	0.09	$	0.30	$	0.25	$	0.21
Diluted
Net income	$	0.09	$	0.29	$	0.24	$	0.20
Average Outstanding Shares (Basic)		13,128,946		13,207,804		13,375,566		13,481,494
Average Outstanding Shares (Diluted)		13,553,740		13,648,540		14,004,202		14,252,310

The Company elected to early adopt ASU

2016

-

09

in the

fourth

quarter of

2016.

As a result, there was an increase in the income tax benefit of

$182,000

for the

three

months ended

March

31,

2016,

$233,000

for the

three

months ended

June

30,

2016,

and

$61,000

for the

three

months ended

September

30,

2016,

from the previously reported income tax provisions in the consolidated statements of comprehensive income for the

first,

second,

and

third

quarters of fiscal year

2016.

See Note

1(y).