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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data

Supplementary Information

Quarterly Financial Data (Unaudited)

Summarized unaudited quarterly financial data for 2020 and 2019 are as follows.

 

 

 

Three months ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(In Thousands, Except Per Share Amounts)

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

83,411

 

 

$

105,033

 

 

$

73,969

 

 

$

88,903

 

Gross profit (loss) (1)

 

$

2,551

 

 

$

19,021

 

 

$

(1,059

)

 

$

(3,465

)

Net loss (1) (2)

 

$

(19,452

)

 

$

(365

)

 

$

(20,402

)

 

$

(21,692

)

Net loss attributable to common stockholders

 

$

(28,338

)

 

$

(9,634

)

 

$

(29,874

)

 

$

(31,573

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per common share

 

$

(1.01

)

 

$

(0.34

)

 

$

(1.06

)

 

$

(1.12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

94,152

 

 

$

121,527

 

 

$

75,495

 

 

$

73,896

 

Gross profit (loss) (1)

 

$

7,318

 

 

$

19,677

 

 

$

(9,733

)

 

$

(12,277

)

Net income (loss) (1) (2)

 

$

(11,540

)

 

$

6,631

 

 

$

(30,794

)

 

$

(27,714

)

Net loss attributable to common stockholders

 

$

(19,367

)

 

$

(1,530

)

 

$

(39,133

)

 

$

(36,411

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per common share

 

$

(0.69

)

 

$

(0.05

)

 

$

(1.39

)

 

$

(1.30

)

 

 

LSB Industries, Inc.

Supplementary Financial Data

Quarterly Financial Data (Unaudited)

(1)

The following income (expense) items impacted gross profit (loss) and net income (loss):

 

 

 

Three months ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(In Thousands)

 

Recovery from settlements with certain vendors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

—

 

 

$

5,664

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnaround expense: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

—

 

 

$

(11

)

 

$

(34

)

 

$

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

$

—

 

 

$

(604

)

 

$

(7,232

)

 

$

(5,374

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on natural gas contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

(527

)

 

$

396

 

 

$

669

 

 

$

(1,743

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

The following income (expense) items impacted net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge associated with assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(9,701

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal fees associated with Leidos matter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

(3,287

)

 

$

(955

)

 

$

(901

)

 

$

(572

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

$

(932

)

 

$

(1,496

)

 

$

(3,330

)

 

$

(3,843

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense associated with Global judgment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

(1,327

)

 

$

(79

)

 

$

(80

)

 

$

(80

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit (provision) for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

339

 

 

$

1,299

 

 

$

1,370

 

 

$

1,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019 (B)

 

$

(400

)

 

$

5,733

 

 

$

483

 

 

$

15,108

 

 

(A)

Turnaround expenses do not include the impact on operating results relating to lost absorption or reduced margins due to the associated plants being shut down.

(B)

The deferred tax benefit for the three-month period ended December 31, 2019 is primarily due to federal and state indefinite lived carryforward benefits that can be realized through the reversal of deferred tax liabilities.