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Note 9 - Quarterly Results for 2018, 2017, and 2016 (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Quarterly Financial Information [Text Block] |
NOTE 9 – Quarterly Results for 2018, 2017 and 2016 (Unaudited):
(In thousands, except shares and per share data)
|  | Quarter Ended |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | 2018 |  |  | 2018 |  |  | 2018 |  |  | 2018 |
Net sales |  | $ | 73,087 |  |  | $ | 82,392 |  |  | $ | 95,870 |  |  | $ | 95,001 |
Gross profit |  | $ | 24,875 |  |  | $ | 29,278 |  |  | $ | 33,800 |  |  | $ | 33,744 |
Income before taxes on income |  | $ | 3,320 |  |  | $ | 5,097 |  |  | $ | 7,282 |  |  | $ | 5,696 |
Net income |  | $ | 2,450 |  |  | $ | 3,817 |  |  | $ | 6,122 |  |  | $ | 4,586 |
Per Share Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.17 |  |  | $ | 0.26 |  |  | $ | 0.41 |  |  | $ | 0.31 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.16 |  |  | $ | 0.25 |  |  | $ | 0.39 |  |  | $ | 0.30 |
Average Outstanding Shares (Basic) |  |  | 14,821,659 |  |  |  | 14,956,221 |  |  |  | 15,010,660 |  |  |  | 14,962,603 |
Average Outstanding Shares (Diluted) |  |  | 15,457,629 |  |  |  | 15,990,404 |  |  |  | 15,449,894 |  |  |  | 15,371,606 |
|  | Quarter Ended |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | 2017 |  |  | 2017 |  |  | 2017 |  |  | 2017 |
Net sales |  | $ | 60,987 |  |  | $ | 65,604 |  |  | $ | 67,773 |  |  | $ | 72,450 |
Gross profit |  | $ | 22,214 |  |  | $ | 23,374 |  |  | $ | 24,789 |  |  | $ | 25,975 |
Income before taxes on income |  | $ | 5,405 |  |  | $ | 5,701 |  |  | $ | 6,842 |  |  | $ | 6,834 |
Net income |  | $ | 3,835 |  |  | $ | 4,341 |  |  | $ | 4,962 |  |  | $ | 1,884 |
Per Share Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.27 |  |  | $ | 0.30 |  |  | $ | 0.34 |  |  | $ | 0.13 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.26 |  |  | $ | 0.29 |  |  | $ | 0.33 |  |  | $ | 0.12 |
Average Outstanding Shares (Basic) |  |  | 14,350,721 |  |  |  | 14,501,399 |  |  |  | 14,573,813 |  |  |  | 14,614,691 |
Average Outstanding Shares (Diluted) |  |  | 14,929,695 |  |  |  | 15,040,431 |  |  |  | 15,229,722 |  |  |  | 15,275,222 |
|  | Quarter Ended |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | 2016 |  |  | 2016 |  |  | 2016 |  |  | 2016 |
|  | (restated) |  |  | (restated) |  |  | (restated) |  |  |  |  |
Net sales |  | $ | 57,968 |  |  | $ | 64,660 |  |  | $ | 65,282 |  |  | $ | 64,686 |
Gross profit |  | $ | 20,021 |  |  | $ | 21,763 |  |  | $ | 23,140 |  |  | $ | 22,058 |
Income before taxes on income |  | $ | 3,410 |  |  | $ | 4,615 |  |  | $ | 6,006 |  |  | $ | 5,867 |
Net income |  | $ | 2,442 |  |  | $ | 3,308 |  |  | $ | 4,447 |  |  | $ | 4,441 |
Per Share Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.18 |  |  | $ | 0.23 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.17 |  |  | $ | 0.22 |  |  | $ | 0.30 |  |  | $ | 0.30 |
Average Outstanding Shares (Basic) |  |  | 13,927,063 |  |  |  | 14,120,617 |  |  |  | 14,118,354 |  |  |  | 14,162,939 |
Average Outstanding Shares (Diluted) |  |  | 14,668,658 |  |  |  | 14,957,469 |  |  |  | 14,984,084 |  |  |  | 14,979,746 |
On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (“Tax Act’) that instituted fundamental changes to the U.S. tax system. In the fourth quarter of 2017, income tax expense of $5.0 million was unfavorably impacted by net discrete adjustments of $4.0 million related to the enactment Tax Act. See Note 7. The Company elected to early adopt ASU 2016 - 09 in the fourth quarter of 2016. As a result, there was an increase in the income tax benefit of $0.2 million for the three months ended March 31, 2016, $0.2 million for the three months ended June 30, 2016, and $0.1 million for the three months ended September 30, 2016, from the previously reported income tax provisions in the consolidated statements of comprehensive income for the first, second, and third quarters of fiscal year 2016. See Note 1 ( x ).

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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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