XML 37 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Supplemental Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Supplementary Quarterly Financial Data (Unaudited)
Supplemental Quarterly Financial Data (Unaudited)
 
 
 
(In thousands, except per share amounts)
 
 
Three Months Ended
2013
 
Three Months Ended
2012
 
 
Dec 31
 
Sep 28
 
Jun 29
 
Mar 30
 
Dec 31
 
Oct 1
 
Jun 30
 
Mar 31
Net Sales
 
$
187,975

 
$
181,288

 
$
191,472

 
$
175,915

 
$
193,892

 
$
184,097

 
$
184,705

 
$
184,343

Gross Profit
 
19,944

 
32,304

 
37,316

 
32,853

 
35,450

 
35,580

 
35,951

 
34,471

(Loss) Income Before Taxes
 
(6,980
)
 
4,550

 
7,601

 
2,479

 
6,618

 
5,999

 
5,778

 
3,620

Income Tax (Benefit) Expense
 
(2,476
)
 
(86
)
 
2,097

 
(1,228
)
 
3,183

 
894

 
271

 
1,230

Net (Loss) Income
 
$
(4,504
)
 
$
4,636

 
$
5,504

 
$
3,707

 
$
3,435

 
$
5,105

 
$
5,507

 
$
2,390

Earnings (Loss) Per Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic (loss) earnings per share
 
$
(0.42
)
 
$
0.43

 
$
0.52

 
$
0.35

 
$
0.32

 
$
0.48

 
$
0.52

 
$
0.23

Diluted (loss) earnings per share
 
$
(0.42
)
 
$
0.42

 
$
0.51

 
$
0.35

 
$
0.32

 
$
0.48

 
$
0.52

 
$
0.23



In the fourth quarter of 2013, we recorded charges of $14.1 million in the DAS segment related to the Embraer Legacy 450/500 and Boeing 777 wing tip contracts. The charges were comprised of asset impairment charges of $5.7 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; forward loss reserves of 3.9 million on the Embraer Legacy 450/500 contracts and $1.3 million on the Boeing 777 wing tip contract; and inventory write-offs of $1.9 million on the Embraer Legacy 450/500 contracts.
In the first quarter of 2013, we recognized an income tax benefit of $2.0 million related to the extension of federal research and development tax credit benefits under the American Taxpayer Relief Act of 2012.
In the fourth quarter of 2012, we recorded an income tax valuation allowance of $2.2 million related to unused California state research and development income tax credits upon passage of new state legislation during the quarter.
In the second quarter of 2012, we recognized an income tax benefit of $1.6 million as a result of the LaBarge Acquisition, which allowed us to file state consolidated tax returns in 2012.