Schawk, Inc maintains its financial records on the basis of a fiscal year ending December 31. The unaudited quarterly data for 2012 and 2011 is presented below:

	Quarters ended
Year 2012	March 31,			June 30,			September 30,			December 31,
(in thousands, except per share amounts)	2012			2012			2012			2012 (1)

Net sales	$	112,750		$	116,262		$	110,838		$	120,880
Cost of sales		75,684			76,433			71,599			79,764
Gross profit		37,066			39,829			39,239			41,116

Selling, general and administrative expenses		33,928			34,033			32,454			32,380
Multiemployer pension withdrawal expense (income)		--			--			(203	)		31,683
Business and systems integration expenses		3,170			4,292			2,997			1,627
Acquisition integration and restructuring expenses		1,084			2,472			1,218			596
Impairment of long-lived assets		--			--			4,281			75
Foreign exchange loss (gain)		470			90			(12	)		1,275
Operating loss		(1,586	)		(1,058	)		(1,496	)		(26,520	)

Other income (expense):
Interest income		16			9			57			47
Interest expense		(842	)		(917	)		(917	)		(976	)

Loss before income taxes		(2,412	)		(1,966	)		(2,356	)		(27,449	)
Income tax benefit		(805	)		(470	)		(143	)		(9,349	)

Net loss	$	(1,607	)	$	(1,496	)	$	(2,213	)	$	(18,100	)

Loss per share
Basic	$	(0.06	)	$	(0.06	)	$	(0.09	)	$	(0.69	)
Diluted	$	(0.06	)	$	(0.06	)	$	(0.09	)	$	(0.69	)

(1)	Results for the fourth quarter of 2012 were unfavorably impacted by the Company's decision to withdraw from the Graphic Communications Conference International Brotherhood of Teamsters National Pension Fund. An estimated withdrawal liability of $31,683 was recorded in the fourth quarter of 2012.

	Quarters ended
Year 2011	March 31,			June 30,			September 30,			December 31,
(in thousands, except per share amounts)	2011			2011			2011 (2)			2011 (3)

Net sales	$	107,234		$	113,329		$	112,298		$	122,432
Cost of sales		68,482			71,751			70,344			82,432
Gross profit		38,752			41,578			41,954			40,000

Selling, general and administrative expenses		31,032			29,659			31,131			30,209
Multiemployer pension withdrawal (income) expense		--			1,846			--			--
Business and systems integration expenses		1,239			2,149			1,997			3,082
Acquisition integration and restructuring expenses		431			691			468			(120	)
Impairment of long-lived assets		--			--			--			40
Foreign exchange loss		501			207			121			283
Operating income		5,549			7,026			8,237			6,506

Other income (expense):
Interest income		18			21			4			16
Interest expense		(1,287	)		(1,273	)		(1,212	)		(1,498	)

Income before income taxes		4,280			5,774			7,029			5,024
Income tax provision (benefit)		1,491			1,812			(1,057	)		(750	)

Net income	$	2,789		$	3,962		$	8,086		$	5,774

Earnings per share
Basic	$	0.11		$	0.15		$	0.31		$	0.22
Diluted	$	0.11		$	0.15		$	0.31		$	0.22

(2)

Results for the third quarter of 2011 were favorably impacted by a decrease in the effective tax rate for the quarter. The decrease in the effective tax rate was principally due to discrete period tax benefits related to the release of certain valuation allowances in the amount of $4,008, primarily for the Company's United Kingdom subsidiary.

(3)

Results for the fourth quarter of 2011 were favorably impacted by a decrease in the effective tax rate for the quarter. The decrease in the effective tax rate was principally due to discrete period tax benefits related to the release of certain valuation allowances in the amount of $2,124, primarily for the Company's Australian subsidiary. In addition, the fourth quarter of 2011 operating results were favorably impacted by the reduction of an estimated contingent consideration liability in the amount of $3,320, related to a 2010 acquisition, and $825 related to the reduction of an employment tax reserve for a 2008 acquisition.