Note 9 - Quarterly Results for 2015, 2016 and 2017 (Unaudited)

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Quarterly Financial Information [Text Block]

NOTE

9

– Quarterly Results for

2015

2016

and

2017

(Unaudited)

:

(In thousands, except shares and per share data

)

	Quarter Ende d
	March 31 ,		June 30 ,		September 30 ,		December 31 ,
	201 7		201 7		201 7		201 7
Net sale s	$	60,987	$	65,604	$	67,773	$	72,450
Gross profi t	$	22,214	$	23,374	$	24,789	$	25,975
Income before taxes on incom e	$	5,405	$	5,701	$	6,842	$	6,834
Net incom e	$	3,835	$	4,341	$	4,962	$	1,884
Per Share Data :
Basi c
Net earnings	$	0.27	$	0.30	$	0.34	$	0.13
Dilute d
Net earnings	$	0.26	$	0.29	$	0.33	$	0.12
Average Outstanding Shares (Basic )		14,350,721		14,501,399		14,573,813		14,614,691
Average Outstanding Shares (Diluted )		14,929,695		15,040,431		15,229,722		15,275,222

	Quarter Ende d
	March 31 ,		June 30 ,		September 30 ,		December 31 ,
	201 6		201 6		201 6		201 6
	(restated )		(restated )		(restated )
Net sale s	$	57,968	$	64,660	$	65,282	$	64,686
Gross profi t	$	20,021	$	21,763	$	23,140	$	22,058
Income before taxes on incom e	$	3,410	$	4,615	$	6,006	$	5,867
Net incom e	$	2,442	$	3,308	$	4,447	$	4,441
Per Share Data :
Basi c
Net earnings	$	0.18	$	0.23	$	0.31	$	0.31
Dilute d
Net earnings	$	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 Ende d
	March 31 ,		June 30 ,		September 30 ,		December 31 ,
	201 5		201 5		201 5		201 5
Net sale s	$	46,347	$	54,116	$	56,662	$	53,192
Gross profi t	$	15,796	$	18,531	$	19,224	$	17,882
Income before taxes on incom e	$	3,223	$	5,394	$	5,581	$	4,698
Net incom e	$	2,043	$	3,624	$	4,031	$	3,368
Per Share Data :
Basi c
Net earnings	$	0.15	$	0.26	$	0.29	$	0.24
Dilute d
Net earnings	$	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

On

December 22, 2017,

the U.S. enacted the Tax Cuts and Jobs Act (“

Tax Act”) that instituted fundamental changes to the U.S. tax system. In the

fourth

quarter of

2017,

income tax expense of

$5.0

million was unfavorably impacted by net discrete adjustments of

$4.0

million related to the enactment Tax Act. See Note

7.

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

$0.2

million for the

three

months ended

March 31, 2016,

$0.2

million for the

three

months ended

June 30, 2016,

and

$0.1

million 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).