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Note 16 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Quarterly Financial Information [Text Block] |
( 16 ) | QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)
The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters ended December 31, 2019. In our opinion, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of results for the full year or for any future period. Year-over-year quarterly comparisons of our results of operations may not be as meaningful as the sequential quarterly comparisons set forth below that tend to reflect the cyclical and seasonal activity of the Semi Market. Quarterly fluctuations in expenses are related directly to sales activity and volume and may also reflect the timing of operating expenses incurred throughout the year.
|  | Quarters Ended |  |  |  |  |
|  | 3/31/19 |  |  | 6/30/19 |  |  | 9/30/19 |  |  | 12/31/19 |  |  | Total |
Net revenues |  | $ | 18,062 |  |  | $ | 14,352 |  |  | $ | 14,632 |  |  | $ | 13,614 |  |  | $ | 60,660 |
Gross margin |  |  | 8,836 |  |  |  | 6,719 |  |  |  | 7,205 |  |  |  | 6,465 |  |  |  | 29,225 |
Earnings (loss) before income tax expense |  |  | 1,462 |  |  |  | (300 | ) |  |  | 794 |  |  |  | 648 |  |  |  | 2,604 |
Income tax expense (benefit) |  |  | 324 |  |  |  | (113 | ) |  |  | 147 |  |  |  | (76 | ) |  |  | 282 |
Net earnings (loss) |  |  | 1,138 |  |  |  | (187 | ) |  |  | 647 |  |  |  | 724 |  |  |  | 2,322 |
Net earnings (loss) per common share – basic |  | $ | 0.11 |  |  | $ | (0.02 | ) |  | $ | 0.06 |  |  | $ | 0.07 |  |  | $ | 0.22 |
Weighted average common shares outstanding – basic |  |  | 10,385,017 |  |  |  | 10,411,276 |  |  |  | 10,421,383 |  |  |  | 10,274,980 |  |  |  | 10,373,164 |
Net earnings (loss) per common share – diluted |  | $ | 0.11 |  |  | $ | (0.02 | ) |  | $ | 0.06 |  |  | $ | 0.07 |  |  | $ | 0.22 |
Weighted average common shares outstanding – diluted |  |  | 10,414,330 |  |  |  | 10,411,276 |  |  |  | 10,429,536 |  |  |  | 10,298,535 |  |  |  | 10,391,975 |
|  | Quarters Ended |  |  |  |  |
|  | 3/31/18 (1) |  |  | 6/30/18 (2)(3) |  |  | 9/30/18 (4) |  |  | 12/31/18 (5) |  |  | Total |
Net revenues |  | $ | 18,871 |  |  | $ | 21,097 |  |  | $ | 20,160 |  |  | $ | 18,435 |  |  | $ | 78,563 |
Gross margin |  |  | 9,395 |  |  |  | 10,910 |  |  |  | 10,092 |  |  |  | 9,004 |  |  |  | 39,401 |
Earnings (loss) before income tax expense |  |  | 982 |  |  |  | 4,396 |  |  |  | 162 |  |  |  | (497 | ) |  |  | 5,043 |
Income tax expense |  |  | 601 |  |  |  | 382 |  |  |  | 728 |  |  |  | 295 |  |  |  | 2,006 |
Net earnings (loss) |  |  | 381 |  |  |  | 4,014 |  |  |  | (566 | ) |  |  | (792 | ) |  |  | 3,037 |
Net earnings (loss) per common share – basic |  | $ | 0.04 |  |  | $ | 0.39 |  |  | $ | (0.05 | ) |  | $ | (0.08 | ) |  | $ | 0.29 |
Weighted average common shares outstanding – basic |  |  | 10,326,309 |  |  |  | 10,342,674 |  |  |  | 10,355,673 |  |  |  | 10,367,132 |  |  |  | 10,347,947 |
Net earnings (loss) per common share – diluted |  | $ | 0.04 |  |  | $ | 0.39 |  |  | $ | (0.05 | ) |  | $ | (0.08 | ) |  | $ | 0.29 |
Weighted average common shares outstanding – diluted |  |  | 10,365,306 |  |  |  | 10,370,318 |  |  |  | 10,355,673 |  |  |  | 10,367,132 |  |  |  | 10,382,194 |
| ( 1 ) | The quarter ended March 31, 2018 includes a $1,726 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
| ( 2 ) | The quarter ended June 30, 2018 includes a $710 reduction in the fair value of contingent consideration, which was not taxable.
| ( 3 ) | The quarter ended June 30, 2018 includes the reversal of certain adjustments originally recorded in the quarter ended December 31, 2017 which were related to tax legislation enacted in December 2017, as discussed in Note 10.
| ( 4 ) | The quarter ended September 30, 2018 includes $3,057 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
| ( 5 ) | The quarter ended December 31, 2018 includes a $2,828 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

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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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