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Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Quarterly Data (Unaudited) [Abstract]

Summary of Quarterly Financial Data (Unaudited)


		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.