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Quarterly Information | 12 Months Ended
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Sep. 30, 2021
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, 2021 and 2020 (in thousands, except per share data):
| 2021 Quarters
| First(1) |  | Second(1) |  | Third(1) |  | Fourth(2) |  | 2021
Revenues | $ | 106,575 |  |  | $ | 118,716 |  |  | $ | 115,813 |  |  | $ | 129,455 |  |  | $ | 470,559 |
Gross profit | 18,271 |  |  | 17,153 |  |  | 17,167 |  |  | 22,472 |  |  | 75,063 |
Net income (loss) | (364) |  |  | (225) |  |  | (2,041) |  |  | 3,261 |  |  | 631 |
Earnings (loss) per share: |  |  |  |  |  |  |  |  |
Basic | $ | (0.03) |  |  | $ | (0.02) |  |  | $ | (0.17) |  |  | $ | 0.28 |  |  | $ | 0.05 |
Diluted | $ | (0.03) |  |  | $ | (0.02) |  |  | $ | (0.17) |  |  | $ | 0.28 |  |  | $ | 0.05 |
(1) The results for the first quarter of Fiscal 2021 demonstrated normal seasonality and were negatively impacted by holidays and work schedules related to other quarterly periods. Gross profit continued to decrease during the first three quarters of Fiscal 2021 as compared to Fiscal 2020 quarterly gross profit due to a decrease in orders as well as project delays and cancellations of potential projects associated with the global economic impact resulting from the COVID-19 pandemic and associated reduction in demand across our industrial end markets.
(2) The results for the fourth quarter of Fiscal 2021 were positively impacted by higher volume and favorable productivity across the service and manufacturing entities.
| 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.
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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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