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Selected Quarterly Financial Information (unaudited)
 12 Months Ended
Dec. 31, 2017
Selected Quarterly Financial Information (unaudited)  
Selected Quarterly Financial Information (unaudited)

 

Note 19 — Selected Quarterly Financial Information (unaudited)

 

The following table presents selected unaudited financial data for each fiscal quarter of 2017 and 2016. Although unaudited, this information has been prepared on a basis consistent with the Company’s audited Consolidated Financial Statements and, in the opinion of management, reflects all adjustments (consisting only of normal recurring adjustments) that are considered necessary for a fair presentation of this information in accordance with GAAP. Such quarterly results are not necessarily indicative of future results of operations.

 

 

 

Fiscal 2017

 

Fiscal 2016

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

 

 

 

(in thousands, except per share amounts)

 

Net sales

 

$
94,386

 

$
115,066

 

$
131,872

 

$
143,432

 

$
78,011

 

$
75,348

 

$
85,482

 

$
93,609

 

Gross profit

 
34,200

 
38,720

 
53,061

 
58,337

 
31,956

 
31,439

 
33,455

 
36,008

 

Net income (loss)

 
1,095

 
(18,388

)
(21,884

)
(5,616

)
(15,533

)
(32,082

)
(69,598

)
(4,998

)

Basic income (loss) per common share

 
0.03

 
(0.43

)
(0.47

)
(0.12

)
(0.40

)
(0.82

)
(1.78

)
(0.13

)

Diluted income (loss) per common share

 
0.03

 
(0.43

)
(0.47

)
(0.12

)
(0.40

)
(0.82

)
(1.78

)
(0.13

)

 

Acquisition of Ultratech

 

During the second quarter of 2017, the Company acquired Ultratech. The results of operations of Ultratech have been included in the consolidated financial statements since the date of acquisition. Refer to Note 5, “Business Combinations,” for additional information.

 

Impairment Charge

 

During the third quarter of 2016, the Company decided to reduce future investments in certain technologies and, as a result, recorded a charge for impairment of $54.3 million for the related intangible purchased technology. The impairment charge was based on projected cash flows that required the use of unobservable inputs. Refer to Note 6, “Goodwill and Intangible Assets,” for additional information.