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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2016
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12.SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The Company’s quarterly financial statements for each of the quarters included in its Form 10-Qs for the year ended December 31, 2016 contained an error related to the elimination of intercompany cost of sales. The error has been corrected as of December 31, 2016, but since the adjustment was not material to any of the quarters the Form 10-Qs will not be amended. Management has determined the effects to be neither quantitatively or qualitatively material to the financial statements included in any of the Form 10-Qs filed during 2016. The impact of the error was immaterial to all periods in 2015. The following table illustrates the correction of the error as shown in the statement of operations in Form 10-Q:
Year 2016 |  | First Quarter |  | Second Quarter |  | Third Quarter |
Net income as reported |  | 2,127 |  | 2,942 |  | 2,520 |
Effect on cost of goods sold |  | (228 | ) | (251 | ) | (301 | )
Net income as revised |  | 2,355 |  | 3,193 |  | 2,821 |
The following table illustrates the correction of the error as recorded in the Company’s financial statements:
Year 2016 |  | Fourth Quarter |
Net income as recorded |  | 1,489 |
Effect on cost of goods sold |  | 780 |
Net income as revised |  | 709 |
Selected quarterly financial data for each of the four quarters in years 2016 and 2015 is as follows (in thousands, except per share data):
Year 2016 (Revised) |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
Revenues |  | $ | 63,675 |  | $ | 65,835 |  | $ | 61,040 |  | $ | 55,343 |
Gross margin |  | 18,505 |  | 19,864 |  | 17,907 |  | 16,728 |
Net income |  | 2,355 |  | 3,193 |  | 2,821 |  | 709 |
Basic earnings per share |  | 0.25 |  | 0.34 |  | 0.30 |  | 0.08 |
Diluted earnings per share |  | 0.25 |  | 0.34 |  | 0.30 |  | 0.08 |
Year 2015 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
Revenues |  | $ | 59,580 |  | $ | 60,479 |  | $ | 61,534 |  | $ | 50,841 |
Gross margin |  | 17,500 |  | 17,987 |  | 18,939 |  | 14,346 |
Net income |  | 2,976 |  | 3,125 |  | 4,278 |  | 695 |
Basic earnings per share |  | 0.32 |  | 0.34 |  | 0.46 |  | 0.08 |
Diluted earnings per share |  | 0.32 |  | 0.34 |  | 0.46 |  | 0.07 |
Note: The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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