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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2012
Quarterly Results of Operations (Unaudited) [Abstract] |
Quarterly Results of Operations (Unaudited) |
16) | Quarterly Results of Operations (Unaudited)
The following summarizes the unaudited quarterly results of operations for the years ended December 31, 2012 and 2011.
|  | Year ended December 31, 2012 |
|  | March 31 |  |  | June 30 |  |  | Sept. 30 |  |  | Dec. 31 |
Net sales |  | $ | 104,519 |  |  | $ | 98,824 |  |  | $ | 86,586 |  |  | $ | 80,155 |
Income from operations |  |  | 9,033 |  |  |  | 8,275 |  |  |  | 5,917 |  |  |  | 1,846 |
Net income |  |  | 5,909 |  |  |  | 7,038 |  |  |  | 3,115 |  |  |  | 8,206 |
Basic net income per share |  |  | 0.35 |  |  |  | 0.41 |  |  |  | 0.18 |  |  |  | 0.48 |
Diluted net income per share |  |  | 0.35 |  |  |  | 0.41 |  |  |  | 0.18 |  |  |  | 0.48 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic number of shares |  |  | 16,961 |  |  |  | 17,026 |  |  |  | 17,044 |  |  |  | 17,044 |
Effect of dilutive stock options |  |  | 114 |  |  |  | 113 |  |  |  | 106 |  |  |  | 106 |
Diluted number of shares |  |  | 17,075 |  |  |  | 17,139 |  |  |  | 17,150 |  |  |  | 17,150 |
|  | Year ended December 31, 2011 |
|  | March 31 |  |  | June 30 |  |  | Sept. 30 |  |  | Dec. 31 |
Net sales |  | $ | 111,307 |  |  | $ | 115,922 |  |  | $ | 101,143 |  |  | $ | 96,319 |
Income from operations |  |  | 9,217 |  |  |  | 9,251 |  |  |  | 5,795 |  |  |  | 5,169 |
Net income |  |  | 5,507 |  |  |  | 5,827 |  |  |  | 4,702 |  |  |  | 4,901 |
Basic net income per share |  |  | 0.33 |  |  |  | 0.35 |  |  |  | 0.28 |  |  |  | 0.29 |
Diluted net income per share |  |  | 0.33 |  |  |  | 0.34 |  |  |  | 0.28 |  |  |  | 0.29 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic number of shares |  |  | 16,664 |  |  |  | 16,864 |  |  |  | 16,949 |  |  |  | 16,949 |
Effect of dilutive stock options |  |  | 246 |  |  |  | 255 |  |  |  | 112 |  |  |  | 108 |
Diluted number of shares |  |  | 16,910 |  |  |  | 17,119 |  |  |  | 17,061 |  |  |  | 17,057 |
The first quarter of 2012 was unfavorably impacted by $734 of after tax foreign exchange losses on intercompany loans. The second quarter of 2012 was favorably impacted by $1,109 of after tax foreign exchange gains on intercompany loans. The third quarter of 2012 was unfavorably impacted by $659 of after tax foreign exchange gains on intercompany loans. The fourth quarter of 2012 was impacted by favorable tax expense adjustments netting to $7,257 related to removing U.S. deferred tax valuation allowances applied to all U.S. deferred tax assets, partially offset by taxes related to an international distribution and increases in our uncertain tax positions. Additionally, the fourth quarter was unfavorably impacted by $967 in impairment charges related to our former Kilkenny Plant and $826 of after tax foreign exchange losses on intercompany loans. The first quarter of 2011 was negatively impacted by $2,500 ($2,500 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the first quarter of 2011 was favorably impacted by gains from deconsolidating Eltmann $209 ($840 after tax). Finally, the first quarter of 2011 was unfavorably impacted by $851 ($851 after tax) of foreign exchange losses on intercompany loans. The second quarter of 2011 was negatively impacted by $2,000 ($2,000 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the second quarter of 2011 was unfavorably impacted by $304 ($304 after tax) of foreign exchange losses on intercompany loans. The third quarter of 2011 was negatively impacted by $1,000 ($1,000 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the third quarter of 2011 was favorably impacted by $1,357 ($1,357 after tax) of foreign exchange gains on intercompany loans. The fourth quarter of 2011 was negatively impacted by $500 ($500 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the fourth quarter of 2011 was favorably impacted by the elimination of valuation allowances of certain deferred tax assets in Europe ($770 after-tax). Finally, the fourth quarter of 2011 was favorably impacted by $854 ($854 after tax) of foreign exchange gains on intercompany loans.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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