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Note 21 - Quarterly Data (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Quarterly Financial Information [Text Block] |
2 1 . | QUARTERLY DATA (UNAUDITED):
Summarized quarterly financial data is as follows (in thousands, except per share amounts):
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 62,643 |  |  | $ | 69,203 |  |  | $ | 75,226 |  |  | $ | 72,245 |  |  | $ | 279,317 |
Gross profit (1) |  |  | 6,571 |  |  |  | 8,218 |  |  |  | 15,475 |  |  |  | 16,920 |  |  |  | 47,184 |
Operating income |  |  | 2,324 |  |  |  | 3,513 |  |  |  | 10,575 |  |  |  | 12,277 |  |  |  | 28,689 |
Net income (2) |  |  | 2,165 |  |  |  | 2,974 |  |  |  | 10,747 |  |  |  | 12,016 |  |  |  | 27,902 |
Income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.22 |  |  | $ | 0.31 |  |  | $ | 1.10 |  |  | $ | 1.23 |  |  | $ | 2.86 |
Diluted |  | $ | 0.22 |  |  | $ | 0.31 |  |  | $ | 1.10 |  |  | $ | 1.22 |  |  | $ | 2.85 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 33,365 |  |  | $ | 28,785 |  |  | $ | 52,455 |  |  | $ | 57,544 |  |  | $ | 172,149 |
Gross profit (loss) |  |  | 1,348 |  |  |  | (1,238 | ) |  |  | 5,203 |  |  |  | 6,783 |  |  |  | 12,096 |
Operating income (loss) (3) |  |  | (2,342 | ) |  |  | (5,827 | ) |  |  | 2,497 |  |  |  | 2,701 |  |  |  | (2,971 | )
Net income (loss) (4) |  |  | (1,951 | ) |  |  | (5,686 | ) |  |  | 27,801 |  |  |  | 148 |  |  |  | 20,312 |
Income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.20 | ) |  | $ | (0.59 | ) |  | $ | 2.86 |  |  | $ | 0.02 |  |  | $ | 2.09 |
Diluted |  | $ | (0.20 | ) |  | $ | (0.59 | ) |  | $ | 2.86 |  |  | $ | 0.02 |  |  | $ | 2.09 |
| ( 1 ) | Gross profit includes $3.2 million, $0.7 million, and $2.7 million in incremental production costs resulting from the fire at the Company’s Saginaw, Texas facility in the second, third, and fourth quarters of 2019, respectively. These costs were offset by $1.0 million and $4.0 million of business interruption insurance proceeds in the third and fourth quarters of 2019, respectively.
| ( 2 ) | Net income for the third quarter of 2019 includes $2.3 million of proceeds related to a legal settlement involving certain pipe produced at the Company’s former Houston, Texas and Bossier City, Louisiana facilities and gain on insurance proceeds of $0.4 million resulting from the fire at the Company’s Saginaw, Texas facility. Net income for the fourth quarter of 2019 includes gain on insurance proceeds of $1.2 million resulting from the fire at the Company’s Saginaw, Texas facility.
| ( 3 ) | Operating income for the third quarter of 2018 includes a gain on sale of facility of $2.8 million for the sale of property in Houston, Texas. Operating income for the fourth quarter of 2018 includes a gain on sale of facility of $0.2 million for the sale of the Monterrey, Mexico facility.
| ( 4 ) | Net income for the third quarter of 2018 includes a preliminary bargain purchase gain of $21.9 million. Net income for the fourth quarter of 2018 includes a measurement period adjustment of $1.8 million to decrease the bargain purchase gain.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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