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