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Note 20 - Quarterly Data (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Quarterly Financial Information [Text Block] |
20 . | QUARTERLY DATA (UNAUDITED):
Summarized quarterly financial data for the years ended December 31, 2016 and 2015 is as follows (in thousands, except per share amounts).
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water Transmission |  | $ | 29,358 |  |  | $ | 39,775 |  |  | $ | 41,075 |  |  | $ | 39,179 |  |  | $ | 149,387 |
Tubular Products |  |  | 4,570 |  |  |  | 2,286 |  |  |  | 13 |  |  |  | - |  |  |  | 6,869 |
Total |  | $ | 33,928 |  |  | $ | 42,061 |  |  | $ | 41,088 |  |  | $ | 39,179 |  |  | $ | 156,256 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water Transmission |  | $ | (5,750 | ) |  | $ | (1,272 | ) |  | $ | 2,939 |  |  | $ | 3,767 |  |  | $ | (317 | )
Tubular Products |  |  | 313 |  |  |  | (890 | ) |  |  | (816 | ) |  |  | (1,516 | ) |  |  | (2,908 | )
Total |  | $ | (5,437 | ) |  | $ | (2,162 | ) |  | $ | 2,123 |  |  | $ | 2,251 |  |  | $ | (3,225 | )
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water Transmission (1) |  | $ | (7,256 | ) |  | $ | (2,648 | ) |  | $ | 1,363 |  |  | $ | 9,590 |  |  | $ | 1,049 |
Tubular Products |  |  | 104 |  |  |  | (1,002 | ) |  |  | (802 | ) |  |  | (1,636 | ) |  |  | (3,336 | )
Corporate |  |  | (2,884 | ) |  |  | (2,603 | ) |  |  | (2,624 | ) |  |  | (3,135 | ) |  |  | (11,246 | )
Total |  | $ | (10,036 | ) |  | $ | (6,253 | ) |  | $ | (2,063 | ) |  | $ | 4,819 |  |  | $ | (13,533 | )
Net income (loss) |  | $ | (9,583 | ) |  | $ | (6,242 | ) |  | $ | 727 |  |  | $ | 5,834 |  |  | $ | (9,263 | )
Net earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (1.00 | ) |  | $ | (0.65 | ) |  | $ | 0.08 |  |  | $ | 0.61 |  |  | $ | (0.97 | )
Diluted |  | $ | (1.00 | ) |  | $ | (0.65 | ) |  | $ | 0.08 |  |  | $ | 0.60 |  |  | $ | (0.97 | )
(1) Operating income for Water Transmission for the fourth quarter of 2016 includes the gain on sale of facility of $7.9 million.
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water Transmission |  | $ | 56,242 |  |  | $ | 38,445 |  |  | $ | 39,792 |  |  | $ | 38,681 |  |  | $ | 173,160 |
Tubular Products |  |  | 28,623 |  |  |  | 15,401 |  |  |  | 12,543 |  |  |  | 6,881 |  |  |  | 63,448 |
Total |  | $ | 84,865 |  |  | $ | 53,846 |  |  | $ | 52,335 |  |  | $ | 45,562 |  |  | $ | 236,608 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water Transmission |  | $ | 7,519 |  |  | $ | 1,255 |  |  | $ | (725 | ) |  | $ | (7,443 | ) |  | $ | 606 |
Tubular Products |  |  | (3,628 | ) |  |  | (3,848 | ) |  |  | (1,786 | ) |  |  | (3,969 | ) |  |  | (13,231 | )
Total |  | $ | 3,891 |  |  | $ | (2,593 | ) |  | $ | (2,511 | ) |  | $ | (11,412 | ) |  | $ | (12,625 | )
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water Transmission (1) |  | $ | 5,633 |  |  | $ | (5,815 | ) |  | $ | (2,384 | ) |  | $ | (9,026 | ) |  | $ | (11,592 | )
Tubular Products |  |  | (4,617 | ) |  |  | (4,254 | ) |  |  | (2,298 | ) |  |  | (4,530 | ) |  |  | (15,699 | )
Corporate |  |  | (4,099 | ) |  |  | (3,258 | ) |  |  | (2,602 | ) |  |  | (2,960 | ) |  |  | (12,919 | )
Total |  | $ | (3,083 | ) |  | $ | (13,327 | ) |  | $ | (7,284 | ) |  | $ | (16,516 | ) |  | $ | (40,210 | )
Net loss |  | $ | (2,101 | ) |  | $ | (12,079 | ) |  | $ | (1,515 | ) |  | $ | (13,693 | ) |  | $ | (29,388 | )
Net loss per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.22 | ) |  | $ | (1.26 | ) |  | $ | (0.16 | ) |  | $ | (1.43 | ) |  | $ | (3.07 | )
(1) Operating loss for Water Transmission for the second quarter of 2015 includes the write-off of goodwill of $5.3 million.

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