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Quarterly Information | 12 Months Ended
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Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Information | Quarterly Information The table below sets forth the unaudited consolidated operating results by fiscal quarter for the years ended September 30, 2020 and 2019 (in thousands, except per share data):
| 2020 Quarters
| First(1) |  | Second(1) |  | Third(1) (2) |  | Fourth(1) (3) |  | 2020
Revenues | $ | 134,150 |  |  | $ | 151,570 |  |  | $ | 118,062 |  |  | $ | 114,717 |  |  | $ | 518,499 |
Gross profit | 21,826 |  |  | 29,685 |  |  | 21,344 |  |  | 21,720 |  |  | 94,575 |
Net income | 2,775 |  |  | 7,421 |  |  | 3,481 |  |  | 2,983 |  |  | 16,660 |
Earnings per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.24 |  |  | $ | 0.64 |  |  | $ | 0.30 |  |  | $ | 0.26 |  |  | $ | 1.43 |
Diluted | $ | 0.24 |  |  | $ | 0.64 |  |  | $ | 0.30 |  |  | $ | 0.25 |  |  | $ | 1.42 |
(1) The results for the first quarter of Fiscal 2020 demonstrated normal seasonality and were negatively impacted by holidays and work schedules related to other quarterly periods. The results for the second quarter of Fiscal 2020 improved due to the timing of orders and execution of backlog while revenues and gross profit decreased during the third and fourth quarters of Fiscal 2020 due to a decrease in orders resulting from a decline in demand across our industrial end markets, as well as project delays, cancellations and scope reductions associated with the global decline in demand across the oil and gas markets resulting from COVID-19.
(2) The results for the third quarter of Fiscal 2020 were negatively impacted by separation costs of $1.4 million as a result of workforce reductions.
(3) The results for the fourth quarter of Fiscal 2020 were positively impacted by other income of $0.5 million related to a death benefit received from our company-owned life insurance policy related to a retired employee.
| 2019 Quarters
| First(1) |  | Second(1) |  | Third(1) (2) |  | Fourth(1) |  | 2019
Revenues | $ | 109,351 |  |  | $ | 123,737 |  |  | $ | 135,588 |  |  | $ | 148,504 |  |  | $ | 517,180 |
Gross profit | 14,631 |  |  | 20,075 |  |  | 23,715 |  |  | 28,555 |  |  | 86,976 |
Net income (loss) | (2,695) |  |  | 958 |  |  | 5,089 |  |  | 6,538 |  |  | 9,890 |
Earnings (loss) per share: |  |  |  |  |  |  |  |  |
Basic | $ | (0.23) |  |  | $ | 0.08 |  |  | $ | 0.44 |  |  | $ | 0.56 |  |  | $ | 0.85 |
Diluted | $ | (0.23) |  |  | $ | 0.08 |  |  | $ | 0.44 |  |  | $ | 0.56 |  |  | $ | 0.85 |
(1) The results for the first quarter of Fiscal 2019 demonstrated normal seasonality and were negatively impacted by holidays and work schedules relative to other quarterly periods. The results for the subsequent quarters of Fiscal 2019 improved due to the timing of orders and execution of backlog.
(2) The results for the third quarter of Fiscal 2019 were favorably impacted by the receipt of a $1.0 million non-recurring business interruption insurance settlement recognized within operating income.
The sum of the individual earnings per share amounts may not agree with year-to-date earnings per share as each period’s computation is based on the weighted-average number of shares outstanding during the period.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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