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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)

14. Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results for 2013 and 2012. In management’s opinion, all material adjustments necessary for a fair statement of the information for such quarters have been reflected.
 
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
In thousands except per share data
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
Net sales
 
$
99,029
 
$
96,754
 
$
101,051
 
$
97,535
 
$
97,995
 
$
94,167
 
$
99,894
 
$
90,468
 
Gross profit
 
$
21,365
 
$
19,241
 
$
23,037
 
$
21,993
 
$
20,494
 
 
19,269
 
$
20,329
 
$
17,304
 
Net income
 
$
4,492
 
$
3,912
 
$
5,955
 
$
6,592
 
$
4,575
 
$
3,875
 
$
4,133
 
$
2,427
 
Basic earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.27
 
$
0.23
 
$
0.36
 
$
0.39
 
$
0.28
 
$
0.23
 
$
0.25
 
$
0.15
 
Net income
 
$
0.27
 
$
0.23
 
$
0.36
 
$
0.39
 
$
0.28
 
$
0.23
 
$
0.25
 
$
0.15
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.26
 
$
0.23
 
$
0.35
 
$
0.39
 
$
0.27
 
$
0.23
 
$
0.25
 
$
0.14
 
Net income
 
$
0.26
 
$
0.23
 
$
0.35
 
$
0.39
 
$
0.27
 
$
0.23
 
$
0.25
 
$
0.14
 
Gross profit in the first quarter of 2013 included a completed pricing negotiation and a non-recurring customer project which contributed to an increase in gross profit of $ 1.8 million.
Net income during the quarters ended March 31, 2013 and June 30, 2013 were positively impacted by discrete tax benefits of $ 0.5 million and $ 0.3 million, respectively, related to the conclusion of certain U.S. federal income tax matters. Net income during the quarter ended December 31, 2013 was positively impacted by the reversal of valuation allowances associated with state tax credit carryovers of $ 0.9 million. (See Note 11)
Net income in each quarter of 2012 was positively impacted by the reversal of valuation allowances associated with foreign tax credit carryovers, impacting the first, second, third and fourth quarters by $ 0.8 million, $ 1.3 million, $ 0.5 million and $ 1.3 million, respectively. (See Note 11)
As a result of a change in information technology strategy and approach, the Company recorded a $ 1.8 million asset impairment charge in the fourth quarter of 2012 related to impairment of previously capitalized software development costs. (See Note 3)
During the quarter ended September 30, 2012, the Company identified an error within its Thermal/Acoustical Metals segment related to customer pricing that resulted in the overstatement of consolidated net sales for the quarters ended March 31, 2012 and June 30, 2012 of $ 0.3 million and $ 0.2 million, respectively. The correction of this error was recorded as a reduction in net sales and accounts receivable of $ 0.5 million during the quarter ended September 30, 2012. Also, in the Thermal/Acoustical Metals segment, an additional $ 0.1 million error was identified in the quarter ended December 31, 2012 which resulted in the overstatement of consolidated cost of sales and accounts payable for the quarter ended September 30, 2012, which was corrected in the quarter ended December 31, 2012. These errors were quantitatively and qualitatively immaterial to all quarters impacted.