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SELECTED QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
2012
1st
 
2nd
 
3rd
 
4th
 
Year
 
(in thousands, except per share information)
Revenue
$
61,678

 
$
49,852

 
$
45,729

 
$
36,973

 
$
194,232

Gross profit
3,634

 
1,491

 
2,106

 
2,001

 
9,232

Impairment loss, goodwill
—

 
—

 
—

 
(6,840
)
 
(6,840
)
Income (loss) before other income (expense)
477

 
(1,399
)
 
(617
)
 
(7,494
)
 
(9,033
)
Net income (loss)
9

 
(1,239
)
 
(886
)
 
(4,504
)
 
(6,620
)
Basic earnings (loss) per share
—

 
(0.18
)
 
(0.13
)
 
(0.65
)
 
(0.95
)
Diluted earnings (loss) per share
—

 
(0.18
)
 
(0.13
)
 
(0.65
)
 
(0.95
)


We have reclassified certain income statement items within these Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements for the prior years and prior quarters in order to be comparable with the current presentation. These reclassifications had no effect on previously reported income (loss), although gross profit was affected.

After several quarters of declining sales in 2011, we received an increase in sales orders from our main stainless steel customer in the first quarter of 2012. However, with nickel prices and demand for stainless steel remaining low in the market, the higher sales orders could not be sustained. This customer decreased sales orders in each of the last three quarters of the year, which negatively affected revenue in 2012 as compared to revenue in 2011. We did not have a lower of cost or market adjustment in 2012; however, we recorded a goodwill impairment loss of $6.8 million. As a result of changes in our long-term projections for stainless steel sales due to low demand for stainless steel and other nickel-based metals, the recycling reporting unit's fair value did not exceed its carrying value.

2011
1st
 
2nd
 
3rd
 
4th
 
Year
 
(in thousands, except per share information)
Revenue
$
106,401

 
$
65,062

 
$
55,766

 
$
49,984

 
$
277,213

Gross profit (loss)
8,119

 
4,371

 
(944
)
 
175

 
11,721

Inventory write-down
—

 
—

 
(3,441
)
 
—

 
(3,441
)
Income (loss) before other income (expense)
4,270

 
1,709

 
(7,165
)
 
(2,928
)
 
(4,114
)
Net income (loss)
2,167

 
313

 
(4,536
)
 
(1,825
)
 
(3,881
)
Basic earnings (loss) per share
0.31

 
0.05

 
(0.67
)
 
(0.26
)
 
(0.56
)
Diluted earnings (loss) per share
0.31

 
0.05

 
(0.67
)
 
(0.26
)
 
(0.56
)

2010
1st
 
2nd
 
3rd
 
4th
 
Year
 
(in thousands, except per share information)
Revenue
$
74,399

 
$
93,151

 
$
76,715

 
$
99,904

 
$
344,169

Gross profit
6,473

 
8,062

 
7,459

 
6,329

 
28,323

Income before other income (expense)
3,312

 
4,525

 
3,650

 
3,225

 
14,712

Net income
1,763

 
2,347

 
1,923

 
2,020

 
8,053

Basic earnings per share
0.27

 
0.36

 
0.28

 
0.30

 
1.22

Diluted earnings per share
0.27

 
0.36

 
0.28

 
0.29

 
1.21



After a strong first quarter in 2011, sales to our main stainless steel customer began to decline as compared to 2010 due to a decline in demand for stainless steel. Additionally, reduced metal prices caused us to reduce our inventory balance $3.4 million due to lower of cost or market adjustment at the end of the third quarter 2011.