NOTE 22—UNAUDITED QUARTERLY FINANCIAL INFORMATION

The following tables present unaudited quarterly financial information, which has been prepared on a basis consistent with that of the audited consolidated financial statements and includes all necessary material adjustments, consisting of normal recurring accruals and adjustments, to present fairly the unaudited quarterly financial information. The quarterly results of operations for these periods are not necessarily indicative of future results of operations. The quarterly per share calculations are based on the weighted average number of shares for each period; therefore, the sum of the quarters may not necessarily be equal to the full year per share amounts.


	Unaudited 2017 Information for the Three Months Ended
(In millions, except per share amounts)	March 31,		June 30,		September 30,		December 31,
Revenues	$	337.1	$	350.2	$	332.8	$	326.3
Cost of sales		323.7		332.1		320.5		311.0
Gross profit		13.4		18.1		12.3		15.3
Operating costs		17.0		14.3		47.1		65.2
Operating profit (loss)	$	(3.6)	$	3.8	$	(34.8)	$	(49.9)
Net loss attributable to Real Industry, Inc.	$	(11.4)	$	(6.5)	$	(40.8)	$	(63.0)
Net loss available to common stockholders	$	(12.2)	$	(7.3)	$	(41.6)	$	(66.6)
Earnings per share—basic and diluted	$	(0.43)	$	(0.25)	$	(1.43)	$	(2.29)

In the quarter ended September 30, 2017, we recognized $33.6 million of goodwill impairment and in the quarter ended December 31, 2017, we recognized $10.1 million and $40.5 million of identifiable intangible asset and property, plant and equipment impairment, respectively, $11.7 million of reorganization items, net and an $8.9 million tax benefit related to the Tax Act.


	Unaudited 2016 Information for the Three Months Ended
(In millions, except per share amounts)	March 31,		June 30,		September 30,		December 31,
Revenues	$	309.4	$	320.9	$	314.9	$	304.5
Cost of sales		292.8		298.6		298.3		293.3
Gross profit		16.6		22.3		16.6		11.2
Operating costs		18.7		14.2		20.1		78.4
Operating profit (loss)	$	(2.1)	$	8.1	$	(3.5)	$	(67.2)
Net loss attributable to Real Industry, Inc.	$	(10.1)	$	(1.5)	$	(10.9)	$	(80.4)
Net loss available to common stockholders	$	(10.8)	$	(2.2)	$	(11.7)	$	(81.2)
Earnings per share—basic and diluted	$	(0.38)	$	(0.07)	$	(0.40)	$	(2.84)

In the quarter ended December 31, 2016, we recognized $61.8 million of goodwill impairment. During the quarter ended March 31, 2016, the Company identified an error in the depreciation expense reported in the December 31, 2015 consolidated financial statements, which resulted in the overstatement of property, plant and equipment, net, by $3.8 million, and the overstatement of deferred income taxes (liability) by $1.1 million as of December 31, 2015; and the overstatement of net earnings by $2.7 million for the year ended December 31, 2015. The error occurred in the quarter ended December 31, 2015, and was corrected during the quarter ended March 31, 2016. As a result of the correction, cost of sales; gross profit; SG&A expenses; operating loss; loss from continuing operations; and net loss are each impacted by the correction, with $3.7 million of the adjustment classified in cost of sales and $0.1 million in SG&A expenses presented in the results of operations during the year ended December 31, 2016. Management has concluded that the error reflected in the December 31, 2015 consolidated financial statements was not material and that the error correction in 2016 is not material to the full year results of operations.