Note 9 - Quarterly Results for 2018, 2017, and 2016 (Unaudited)

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Quarterly Financial Information [Text Block]

NOTE

9

– Quarterly Results for

2018,

2017

and

2016

(Unaudited):

(In thousands, except shares and per share data)

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018		2018
Net sales	$	73,087	$	82,392	$	95,870	$	95,001
Gross profit	$	24,875	$	29,278	$	33,800	$	33,744
Income before taxes on income	$	3,320	$	5,097	$	7,282	$	5,696
Net income	$	2,450	$	3,817	$	6,122	$	4,586
Per Share Data:
Basic
Net earnings	$	0.17	$	0.26	$	0.41	$	0.31
Diluted
Net earnings	$	0.16	$	0.25	$	0.39	$	0.30
Average Outstanding Shares (Basic)		14,821,659		14,956,221		15,010,660		14,962,603
Average Outstanding Shares (Diluted)		15,457,629		15,990,404		15,449,894		15,371,606

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	2017		2017		2017		2017
Net sales	$	60,987	$	65,604	$	67,773	$	72,450
Gross profit	$	22,214	$	23,374	$	24,789	$	25,975
Income before taxes on income	$	5,405	$	5,701	$	6,842	$	6,834
Net income	$	3,835	$	4,341	$	4,962	$	1,884
Per Share Data:
Basic
Net earnings	$	0.27	$	0.30	$	0.34	$	0.13
Diluted
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 Ended
	March 31,		June 30,		September 30,		December 31,
	2016		2016		2016		2016
	(restated)		(restated)		(restated)
Net sales	$	57,968	$	64,660	$	65,282	$	64,686
Gross profit	$	20,021	$	21,763	$	23,140	$	22,058
Income before taxes on income	$	3,410	$	4,615	$	6,006	$	5,867
Net income	$	2,442	$	3,308	$	4,447	$	4,441
Per Share Data:
Basic
Net earnings	$	0.18	$	0.23	$	0.31	$	0.31
Diluted
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

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

(

x

).