Quarterly Information - Unaudited (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information

(in thousands, except per share amounts)	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2013
Net sales		$  69,624			$  69,938		$  64,433		$  77,055
Gross profit(a)		14,534			14,628		16,256		18,290
Net income (loss)(b)		126			1,106		12,705		(1,500	)
Net income (loss) per common share:
Basic(b)		0.01			0.11		1.23		(0.14	)
Diluted(b)		0.01			0.11		1.22		(0.14	)
Comprehensive income (loss) (c)		(1,326	)		2,387		17,478		30,408
2012
Net sales		$  73,605			$  69,956		$  72,190		$  77,154
Gross profit(a)		17,369			15,654		16,124		17,852
Net income		2,000			1,508		1,528		3,319
Net income per common share:
Basic		0.19			0.15		0.15		0.32
Diluted		0.19			0.15		0.15		0.32
Comprehensive income (loss) (c)		5,445			1,278		4,362		(5,815	)

(a) Gross profit excludes depreciation.

(b) Third quarter includes an after-tax credit of $10,621 or $1.03 per common share for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers. Fourth quarter includes an after-tax charge of $4,165 or $0.40 per common share to recognize an other-than-temporary impairment of the Corporation’s investment in a forged roll joint venture company.

(c) Fourth quarter includes a net-of-tax adjustment to reflect the funded status of the various pension and other postretirement benefit plans of $29,080 and $(10,520) for 2013 and 2012, respectively.