Quarterly Financial Information (Unaudited)

The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for fiscal 2019 and 2018 are as follows (in thousands, except per share data):



	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Fiscal 2019
Revenues	$	23,912		$	25,798		$	28,333		$	36,142
Gross profit	$	3,981		$	5,004		$	5,196		$	7,934
Loss from operations	$	(1,135	)	$	(1,378	)	$	(1,213	)	$	(102	)
(Loss) income from continuing operations	$	(1,657	)	$	(1,475	)	$	(1,504	)	$	(257	)
Income from discontinued operations	$	—		$	266		$	—		$	—
Net loss⁽²⁾	$	(1,657	)	$	(1,209	)	$	(1,504	)	$	(257	)
Deemed dividend on Series A redeemable preferred stock	$	—		$	—		$	—		$	(596	)
Net loss attributable to common shareholders	$	(1,657	)	$	(1,209	)	$	(1,504	)	$	(853	)
Net (loss) income per share — basic and diluted:
Net loss from continuing operations ⁽³⁾	$	(0.82	)	$	(0.72	)	$	(0.74	)	$	(0.42	)
Net income from discontinued operations ⁽¹⁾	$	—		$	0.13		$	—		$	—
Net loss per share — basic and diluted ⁽¹⁾	$	(0.82	)	$	(0.59	)	$	(0.74	)	$	(0.42	)

Fiscal 2018
Revenues	$	25,465		$	27,080		$	25,707		$	25,928
Gross profit	$	4,607		$	5,567		$	4,358		$	3,739
Loss from operations	$	(1,609	)	$	(248	)	$	(783	)	$	(1,905	)
Loss from continuing operations	$	(1,388	)	$	(350	)	$	(1,187	)	$	(914	)
Income (loss) from discontinued operations	$	5,494		$	—		$	(239	)	$	(680	)
Net income (loss) ⁽⁴⁾	$	4,106		$	(350	)	$	(1,426	)	$	(1,594	)
Net income (loss) per share — basic and diluted:
Net loss from continuing operations ⁽¹⁾	$	(0.69	)	$	(0.17	)	$	(0.59	)	$	(0.45	)
Net income (loss) from discontinued operations ⁽¹⁾	$	2.73		$	—		$	(0.12	)	$	(0.34	)
Net income (loss) per share — basic and diluted ⁽¹⁾	$	2.04		$	(0.17	)	$	(0.71	)	$	(0.79	)


⁽¹⁾	Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly net earnings per share will not necessarily equal the total for the year.


(2)	In the third quarter of 2019, the Company completed the acquisition of ATRM. The acquisition-date fair value of the consideration transferred in connection with the ATRM Merger was approximately $17.5 million. See Note 5. Merger, within the notes to our accompanying consolidated financial statements for discussion of this merger.


(3)	Net income (loss) per share from continuing operations attributable to common shareholders is computed by dividing net income (loss) reduced by preferred stock dividends by the weighted-average number of common shares outstanding during the period. As of December 31, 2019, no dividends have been declared or paid on the Company Preferred Stock.


⁽⁴⁾	In the third quarter of 2018, the Company completed the sale of buildings and a portion of land in its Fargo, North Dakota location with a net book value of $1.5 million, for net cash proceeds of approximately $1.0 million, resulting in a loss on sale of $0.5 million, which has been classified as a “Loss on sale of buildings” in the consolidated statement of operations.