XML 43 R26.htm IDEA: XBRL DOCUMENT
v3.22.4

SELECTED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
SELECTED QUARTERLY FINANCIAL INFORMATION | SELECTED QUARTERLY FINANCIAL INFORMATION The following table summarizes selected quarterly financial information for 2022 and 2021:
| Quarter Ended
(Unaudited) | December 31, |  | December 31,
(In thousands, except for per share data) | 2022 |  | 2021
Sales | $ | 158,153 |  |  | $ | 116,052 |
Gross Profit (Sales Less Cost of Products Sold) | $ | 21,510 |  |  | $ | 18,464 |
Net Gain on Sale of Facility | $ | — |  |  | $ | 5,014 |
Earnout on Previous Sale of Business | $ | — |  |  | $ | 10,677 |
Loss Before Income Taxes | $ | (7,208) |  |  | $ | (151) |
Net (Loss) Income | $ | (6,779) |  |  | $ | 1,604 |
Basic (Loss) Earnings Per Share | $ | (0.21) |  |  | $ | 0.05 |
Diluted (Loss) Earnings Per Share | $ | (0.21) |  |  | $ | 0.05 |
A former customer filed a lawsuit alleging damages associated with defective product in 2019. Mediation of the matter was held in November 2022. The Company agreed to make a payment of $2.0 million to settle the matter in the third quarter of 2022. The Company was indemnified by other parties for approximately $1.5 million and recorded a gain as an offset to Selling, General and Administrative expense in the fourth quarter of 2022. The Company has also experienced material and labor inflation throughout 2022 which also impacts the comparability against the fourth quarter of 2021. In the fourth quarter of 2021, a portion of the AMJP grant received of $7.6 million was recognized as an offset to cost of products sold. This benefit was offset by a legal accrual recorded of $8.4 million relating to an adverse ruling of an ongoing patent infringement case. In addition, the Company agreed to an earnout, shown above, with the buyer of the former semiconductor test business as more fully described in Note 21 and sold one of its Aerospace facilities, resulting in $5.0 million gain on sale discussed in Note 22. In the fourth quarter of 2021, after completion of the tax returns for the year ended December 31, 2020, the Company recorded a current federal tax benefit of approximately $1.7 million related to additional net operating loss and R&D tax credits that will be carried back to prior tax years in order to claim a refund.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration