Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
12 Months Ended
Dec. 31, 2016
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
NOTE 20 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The quarterly results of operations shown below are derived from unaudited financial statements for the eight quarters ended December 31, 2016 (in thousands, except per share data, rounding may apply):



   
Year Ended December 31, 2016
 
   
First
Quarter
   
Second
Quarter(2)
   
Third
Quarter(3)
   
Fourth
Quarter
   
Total
 
                               
Revenues
 
$
52,200
   
$
48,854
   
$
57,142
   
$
54,203
   
$
212,399
 
Gross profit
   
11,771
     
11,574
     
8,905
     
7,652
     
39,902
 
Net income
   
7,224
     
10,252
     
2,799
     
(847
)
   
19,428
 
Basic EPS(1)
 
$
0.30
   
$
0.42
   
$
0.12
   
(0.03
)
 
$
0.80
 
Diluted EPS(1)
 
$
0.29
   
$
0.41
   
$
0.11
   
(0.03
)
 
$
0.78
 

   
Year Ended December 31, 2015
 
   
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
   
Total
 
                               
Revenues
 
$
55,143
   
$
59,350
   
$
66,938
   
$
60,545
   
$
241,976
 
Gross profit
   
15,123
     
14,594
     
16,035
     
11,257
     
57,009
 
Net income
   
5,784
     
6,374
     
5,318
     
1,122
     
18,598
 
Basic EPS(1)
 
$
0.24
   
$
0.26
   
$
0.21
   
$
0.05
   
$
0.76
 
Diluted EPS(1)
 
$
0.23
   
$
0.25
   
$
0.21
   
$
0.05
   
$
0.74
 

(1)
Basic and diluted earnings per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period.  Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.
(2)
On May 2, 2016, we purchased the idle BASF facility adjacent to our TC facility.  As discussed in Note 2, we recorded a bargain purchase gain of approximately $11.5 million on the transaction.
(3)
As discussed in Note 11, in July 2016 AMAK issued four million shares.  As a result of the equity issuance, our share of the net assets of AMAK increased approximately $3.2 million which we recognized as a gain.