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Quarterly Data | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Data |
18. | QUARTERLY DATA (UNAUDITED):
Summarized quarterly financial data for 2013 and 2012 is as follows (dollars in thousands, except per share).
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 78,613 |  |  | $ | 58,148 |  |  | $ | 46,835 |  |  | $ | 42,831 |  |  | $ | 226,427 |
Tubular products |  |  | 61,984 |  |  |  | 58,590 |  |  |  | 56,187 |  |  |  | 72,368 |  |  |  | 249,129 |
Total |  | $ | 140,597 |  |  | $ | 116,738 |  |  | $ | 103,022 |  |  | $ | 115,199 |  |  | $ | 475,556 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 19,870 |  |  | $ | 12,125 |  |  | $ | 7,932 |  |  | $ | 7,026 |  |  | $ | 46,953 |
Tubular products |  |  | 1,334 |  |  |  | 3,543 |  |  |  | 880 |  |  |  | (251 | ) |  |  | 5,506 |
Total |  | $ | 21,204 |  |  | $ | 15,668 |  |  | $ | 8,812 |  |  | $ | 6,775 |  |  | $ | 52,459 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 18,033 |  |  | $ | 10,499 |  |  | $ | 6,306 |  |  | $ | 5,505 |  |  | $ | 40,343 |
Tubular products |  |  | 666 |  |  |  | 2,885 |  |  |  | 93 |  |  |  | (28,487 | ) |  |  | (24,843 | )
Corporate |  |  | (3,879 | ) |  |  | (4,004 | ) |  |  | (3,559 | ) |  |  | (3,309 | ) |  |  | (14,751 | )
Total |  | $ | 14,820 |  |  | $ | 9,380 |  |  | $ | 2,840 |  |  | $ | (26,291 | ) |  | $ | 749 |
Net income (loss) |  | $ | 9,506 |  |  | $ | 5,561 |  |  | $ | 1,016 |  |  | $ | (17,006 | ) |  | $ | (923 | )
Earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.01 |  |  | $ | 0.59 |  |  | $ | 0.11 |  |  | $ | (1.80 | ) |  | $ | (0.10 | )
Diluted |  | $ | 1.00 |  |  | $ | 0.59 |  |  | $ | 0.11 |  |  | $ | (1.80 | ) |  | $ | (0.10 | )
The fourth quarter of 2013 includes a fixed asset impairment charge of $27.5 million recorded to the Tubular Products Group which is reflected in Operating income (loss).
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |

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- 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 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: 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 3: 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=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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