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Note 21 - Quarterly Data (Unaudited)
 12 Months Ended
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.