XML 32 R25.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Quarterly Data (Unaudited) | 12 Months Ended
--- | ---
Dec. 31, 2012
Quarterly Data (Unaudited) [Abstract] |
QUARTERLY DATA |
16. | QUARTERLY DATA (UNAUDITED):
Summarized quarterly financial data for 2012 and 2011 is as follows (dollars in thousands, except per share).
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 58,431 |  |  | $ | 59,050 |  |  | $ | 63,487 |  |  | $ | 88,235 |  |  | $ | 269,203 |
Tubular products |  |  | 83,744 |  |  |  | 71,991 |  |  |  | 51,612 |  |  |  | 47,953 |  |  |  | 255,300 |
Total |  | $ | 142,175 |  |  | $ | 131,041 |  |  | $ | 115,099 |  |  | $ | 136,188 |  |  | $ | 524,503 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 9,699 |  |  | $ | 8,149 |  |  | $ | 9,681 |  |  | $ | 17,522 |  |  | $ | 45,051 |
Tubular products |  |  | 6,801 |  |  |  | 5,428 |  |  |  | 1,919 |  |  |  | (3,001 | ) |  |  | 11,147 |
Total |  | $ | 16,500 |  |  | $ | 13,577 |  |  | $ | 11,600 |  |  | $ | 14,521 |  |  | $ | 56,198 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 8,024 |  |  | $ | 6,130 |  |  | $ | 6,969 |  |  | $ | 15,155 |  |  | $ | 36,278 |
Tubular products |  |  | 6,196 |  |  |  | 4,651 |  |  |  | 1,134 |  |  |  | (3,646 | ) |  |  | 8,335 |
Corporate |  |  | (5,041 | ) |  |  | (3,811 | ) |  |  | (4,074 | ) |  |  | (4,127 | ) |  |  | (17,053 | )
Total |  | $ | 9,179 |  |  | $ | 6,970 |  |  | $ | 4,029 |  |  | $ | 7,382 |  |  | $ | 27,560 |
Net income |  | $ | 4,734 |  |  | $ | 3,604 |  |  | $ | 3,396 |  |  | $ | 4,510 |  |  | $ | 16,244 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.51 |  |  | $ | 0.38 |  |  | $ | 0.36 |  |  | $ | 0.48 |  |  | $ | 1.73 |
Diluted |  | $ | 0.50 |  |  | $ | 0.38 |  |  | $ | 0.36 |  |  | $ | 0.48 |  |  | $ | 1.72 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 58,645 |  |  | $ | 74,459 |  |  | $ | 76,953 |  |  | $ | 61,828 |  |  | $ | 271,885 |
Tubular products |  |  | 52,813 |  |  |  | 69,342 |  |  |  | 62,312 |  |  |  | 55,316 |  |  |  | 239,783 |
Total |  | $ | 111,458 |  |  | $ | 143,801 |  |  | $ | 139,265 |  |  | $ | 117,144 |  |  | $ | 511,668 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 9,894 |  |  | $ | 11,531 |  |  | $ | 13,345 |  |  | $ | 8,412 |  |  | $ | 43,182 |
Tubular products |  |  | 4,874 |  |  |  | 5,140 |  |  |  | 3,169 |  |  |  | 2,773 |  |  |  | 15,956 |
Total |  | $ | 14,768 |  |  | $ | 16,671 |  |  | $ | 16,514 |  |  | $ | 11,185 |  |  | $ | 59,138 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 8,261 |  |  | $ | 9,142 |  |  | $ | 10,747 |  |  | $ | 5,963 |  |  | $ | 34,113 |
Tubular products |  |  | 3,849 |  |  |  | 4,304 |  |  |  | 2,349 |  |  |  | 2,158 |  |  |  | 12,660 |
Corporate |  |  | (4,631 | ) |  |  | (2,378 | ) |  |  | (3,049 | ) |  |  | (3,892 | ) |  |  | (13,950 | )
Total |  | $ | 7,479 |  |  | $ | 11,068 |  |  | $ | 10,047 |  |  | $ | 4,229 |  |  | $ | 32,823 |
Net income |  | $ | 2,932 |  |  | $ | 4,977 |  |  | $ | 3,284 |  |  | $ | 1,467 |  |  | $ | 12,660 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.32 |  |  | $ | 0.53 |  |  | $ | 0.35 |  |  | $ | 0.16 |  |  | $ | 1.36 |
Diluted |  | $ | 0.31 |  |  | $ | 0.53 |  |  | $ | 0.35 |  |  | $ | 0.15 |  |  | $ | 1.35 |
Out-of-Period Adjustment In the first quarter of 2012, net sales was increased by $0.8 million for revised estimates used in the computation of revenue recognized on the percentage of completion method that should have been recorded in the year ended December 31, 2011. In the third quarter of 2012, cost of sales was decreased by $0.4 million to correct an overstatement of expenses that had originally been recorded in the year ended December 31, 2011 ($0.1 million), first quarter of 2012 ($0.1 million) and the second quarter of 2012 ($0.2 million). When reviewing these errors in conjunction with other immaterial uncorrected adjustments impacting prior periods, the Company concluded that the adjustments did not, individually or in the aggregate, result in a material misstatement of the Company’s consolidated financial statements for any prior period, and are not material to the Company’s 2012 annual and quarterly financial statements.

X
- 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 the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: 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=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: 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=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration