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SELECTED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract] |
SELECTED QUARTERLY FINANCIAL INFORMATION | SELECTED QUARTERLY FINANCIAL INFORMATION The following table summarizes selected quarterly financial information for 2023 and 2022:
| Quarter Ended
(Unaudited) | December 31, |  | December 31,
(In thousands, except for per share data) | 2023 |  | 2022
Sales | $ | 195,292 |  |  | $ | 158,153 |
Gross Profit (Sales Less Cost of Products Sold) | $ | 39,973 |  |  | $ | 21,510 |
Income (Loss) Before Income Taxes | $ | 1,534 |  |  | $ | (7,208) |
Net Income (Loss) | $ | 6,976 |  |  | $ | (6,779) |
Basic Earnings (Loss) Per Share | $ | 0.20 |  |  | $ | (0.21) |
Diluted Earnings (Loss) Per Share | $ | 0.20 |  |  | $ | (0.21) |
Non-cash stock bonus expense increased $4.2 million in the fourth quarter of 2023 compared to zero in the prior year, $1.5 million was recorded to Cost of Products Sold and $2.8 million was recorded as SG&A expense. In 2019, a former customer filed a lawsuit alleging damages associated with defective product. Mediation of the matter was held in November 2022 and the Company was indemnified by other parties for approximately $1.5 million and recorded a gain as an offset to SG&A expense in the fourth quarter of 2022. These increases in SG&A were more than offset by increased gross profit compared to the prior year fourth quarter resulting from the higher sales volume.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147482964/270-10-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 270 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//270/tableOfContent + Details
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