Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

v3.8.0.1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]  
Quarterly Results of Operations
The quarterly results of operations shown below are derived from unaudited financial statements for the eight quarters ended December 31, 2017 (in thousands, except per share data, rounding may apply):

   
Year Ended December 31, 2017
 
   
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter(4)
   
Total
 
                               
Revenues
 
$
55,542
   
$
62,115
   
$
61,508
   
$
65,978
   
$
245,143
 
Gross profit
   
10,618
     
11,107
     
9,870
     
9,966
     
41,561
 
Net income
   
1,487
     
832
     
1,718
     
13,972
     
18,009
 
Basic EPS(1)
 
$
0.06
   
$
0.03
   
$
0.07
   
$
0.58
   
$
0.74
 
Diluted EPS(1)
 
$
0.06
   
$
0.03
   
$
0.07
   
$
0.56
   
$
0.72
 


   
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
 
 
(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 B Plant.  As discussed in Note 3, 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.
(4)
As discussed in Note 17 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.