| Quarterly Financial Information |
The quarterly results of operations shown below are derived from unaudited financial statements for the eight quarters ended December 31, 2018 (in thousands, except per share data, rounding may apply):
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Year Ended December 31, 2018 |
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First
Quarter
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Second
Quarter
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Third
Quarter
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Fourth
Quarter
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Total |
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Revenues |
$ |
71,741 |
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$ |
68,106 |
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$ |
73,416 |
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$ |
74,669 |
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$ |
287,932 |
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Gross profit |
10,140 |
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8,142 |
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6,842 |
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2,694 |
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27,818 |
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Net income (loss) |
2,352 |
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2,215 |
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(1,609 |
) |
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(5,290 |
) |
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(2,332 |
) |
Basic EPS (1) |
$ |
0.10 |
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$ |
0.09 |
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$ |
(0.07 |
) |
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$ |
(0.22 |
) |
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$ |
(0.10 |
) |
Diluted EPS (1) |
$ |
0.09 |
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$ |
0.09 |
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$ |
(0.07 |
) |
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$ |
(0.22 |
) |
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$ |
(0.10 |
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Year Ended December 31, 2017 |
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First
Quarter
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Second
Quarter
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Third
Quarter
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Fourth
Quarter (2)
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Total |
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Revenues |
$ |
55,542 |
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$ |
62,115 |
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$ |
61,508 |
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$ |
65,978 |
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$ |
245,143 |
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Gross profit |
10,618 |
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11,107 |
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9,870 |
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9,966 |
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41,561 |
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Net income |
1,487 |
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832 |
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1,718 |
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13,972 |
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18,009 |
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Basic EPS (1) |
$ |
0.06 |
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$ |
0.03 |
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$ |
0.07 |
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$ |
0.58 |
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$ |
0.74 |
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Diluted EPS (1) |
$ |
0.06 |
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$ |
0.03 |
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$ |
0.07 |
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$ |
0.56 |
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$ |
0.72 |
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(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. |
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(2) |
As discussed in Note 16 the TCJA changed the federal corporate income tax rates from 35% to 21% resulting in a benefit from deferred taxes of approximately $10.3 million.
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