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SELECTED QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2019
SELECTED QUARTERLY FINANCIAL DATA  
Selected Quarterly Financial Data

21.  SELECTED QUARTERLY FINANCIAL DATA - UNAUDITED

 

The selected quarterly financial data for the periods ended December 31, 2019, and 2018, have been derived from the Company's unaudited financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods.  Certain quarterly amounts may differ from full year totals due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except for per share and outstanding stock amounts)

 

 

 

2019

 

 

    

Quarter 1

    

Quarter 2

    

Quarter 3

    

Quarter 4

 

Sales, net

 

$

7,932

 

$

9,596

 

$

11,640

 

$

12,629

 

Cost of sales

 

 

5,442

 

 

6,665

 

 

7,872

 

 

7,680

 

Gross profit

 

 

2,490

 

 

2,931

 

 

3,768

 

 

4,949

 

Total operating expenses

 

 

2,665

 

 

2,602

 

 

2,789

 

 

3,110

 

Income (loss) from continuing operations

 

 

(175)

 

 

329

 

 

979

 

 

1,839

 

Interest and other income

 

 

91

 

 

110

 

 

91

 

 

59

 

Interest expense

 

 

(46)

 

 

(44)

 

 

(41)

 

 

(36)

 

Provision (benefit) for income taxes

 

 

 -

 

 

 3

 

 

 4

 

 

 1

 

Net income (loss)

 

 

(129)

 

 

392

 

 

1,025

 

 

1,861

 

Preferred stock dividend requirements

 

 

(176)

 

 

(175)

 

 

(175)

 

 

(177)

 

Income (loss) applicable to common shareholders

 

$

(306)

 

$

217

 

$

850

 

$

1,684

 

Basic income (loss) per share

 

$

(0.01)

 

$

0.01

 

$

0.03

 

$

0.05

 

Diluted income (loss) per share

 

$

(0.01)

 

$

0.01

 

$

0.03

 

$

0.05

 

Income (loss) per share from continuing operations

 

$

(0.01)

 

$

0.01

 

$

0.03

 

$

0.05

 

Weighted average common shares outstanding - basic

 

 
32,666,454

 

 
32,674,954

 

 
32,674,954

 

 
32,674,954

 

Weighted average common shares outstanding - diluted

 

 
32,666,454

 

 
32,674,954

 

 
32,674,954

 

 
32,710,248

 

Gross profit margin

 

 

31.4

%  

 

30.5

%  

 

32.4

%  

 

39.2

%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except for per share and outstanding stock amounts)

 

 

 

2018

 

 

    

Quarter 1

    

Quarter 2

    

Quarter 3

    

Quarter 4

 

Sales, net

 

$

7,673

 

$

7,475

 

$

9,863

 

$

8,264

 

Cost of sales

 

 

4,813

 

 

5,407

 

 

7,067

 

 

5,766

 

Gross profit

 

 

2,860

 

 

2,068

 

 

2,796

 

 

2,498

 

Total operating expenses

 

 

3,017

 

 

3,007

 

 

2,856

 

 

2,923

 

Income from insurance proceeds

 

 

 —

 

 

 —

 

 

 —

 

 

261

 

Loss from continuing operations

 

 

(157)

 

 

(939)

 

 

(60)

 

 

(164)

 

Interest and other income

 

 

28

 

 

35

 

 

39

 

 

42

 

Interest expense

 

 

(50)

 

 

(44)

 

 

(42)

 

 

(41)

 

Provision (benefit) for income taxes

 

 

 —

 

 

 —

 

 

 —

 

 

(13)

 

Net loss

 

 

(179)

 

 

(948)

 

 

(63)

 

 

(150)

 

Preferred stock dividend requirements

 

 

(176)

 

 

(176)

 

 

(176)

 

 

(177)

 

Loss applicable to common shareholders

 

$

(355)

 

$

(1,124)

 

$

(239)

 

$

(327)

 

Basic loss per share

 

$

(0.01)

 

$

(0.03)

 

$

(0.01)

 

$

(0.01)

 

Diluted loss per share

 

$

(0.01)

 

$

(0.03)

 

$

(0.01)

 

$

(0.01)

 

Loss per share from continuing operations

 

$

(0.01)

 

$

(0.03)

 

$

(0.01)

 

$

(0.01)

 

Weighted average common shares outstanding - basic

 

 

32,666,454

 

 

32,666,454

 

 

32,666,454

 

 

32,666,454

 

Weighted average common shares outstanding - diluted

 

 

32,666,454

 

 

32,666,454

 

 

32,666,454

 

 

32,666,454

 

Gross profit margin

 

 

37.3

%  

 

27.7

%  

 

28.3

%  

 

30.2

%