Note 21 - Quarterly Financial Data (unaudited)

Schawk, Inc maintains its financial records on the basis of a fiscal year ending December 31. The unaudited quarterly data for 2013 and 2012 is presented below:

Year 2013	March 31, 2013 (1)
(in thousands, except per share amounts)	Previously Reported			Reclassified

Net revenues	$	111,003		$	107,158

Operating expenses:
Cost of services (excluding depreciation and amortization)		73,052			68,106
Selling, general and administrative expenses (excluding depreciation and amortization)		33,281			30,521
Depreciation and amortization		--			4,096
Business and systems integration expenses		2,658			2,658
Acquisition integration and restructuring expenses		247			243
Impairment of long-lived assets		36			36
Foreign exchange gain		(242	)		(242	)
Operating income		1,971			1,740

Other income (expense):
Interest income		26			26
Interest expense		(1,095	)		(1,095	)

Income from continuing operations before
income taxes		902			671
Income tax benefit		(553	)		(651	)
Income from continuing operations		1,455			1,322
Income from discontinued operations, net of tax		--			133
Net income	$	1,455		$	1,455

Earnings per share:
Basic:
Income from continuing operations	$	0.06		$	0.05
Income from discontinued operations		--			0.01
Net income per common share	$	0.06		$	0.06

Diluted
Income from continuing operations	$	0.06		$	0.05
Income from discontinued operations		--			0.01
Net income per common share	$	0.06		$	0.06

(1)

In the second quarter of 2013, the Company reclassified the Consolidated Statements of Comprehensive Income (Loss) to disaggregate the discontinued operations related to the sale of its large format printing operation, which was sold on July 3, 2013. In addition, in the second quarter of 2013, the Company changed the presentation of certain expense items on the Consolidated Statements of Comprehensive Income (Loss). The Company previously presented cost of goods sold with a sub-total for gross profit; however, in order to be consistent with how management views the business, production expenses are now presented as cost of services and the gross profit sub-total has been eliminated. In addition, depreciation and amortization is now excluded from and presented separately for both cost of services and selling, general and administrative expenses. Accordingly, in this Form 10-K, the financial data for quarters which have not previously been reported have been reclassified to conform with the current presentation regarding discontinued operations and the revised expense format.

Year 2013	Quarters ended
	June 30,			September 30,			December 31,
(in thousands, except per share amounts)	2013			2013			2013 (2)

Net revenues	$	110,510		$	110,692		$	114,280

Operating expenses:
Cost of services (excluding depreciation and amortization)		66,569			67,872			68,012
Selling, general and administrative expenses (excluding depreciation and amortization)		30,245			29,448			28,492
Depreciation and amortization		4,680			4,782			4,578
Business and systems integration expenses		1,683			1,992			1,155
Acquisition integration and restructuring expenses		311			674			546
Impairment of long-lived assets		466			--			--
Foreign exchange loss		734			132			662
Operating income		5,822			5,792			10,835

Other income (expense):
Interest income		21			108			100
Interest expense		(1,135	)		(1,073	)		(1,021	)

Income from continuing operations before
income taxes		4,708			4,827			9,914
Income tax provision		2,104			1,291			4,158
Income from continuing operations		2,604			3,536			5,756
Loss from discontinued operations, net of tax		(6,738	)		(3	)		(85	)
Net income (loss)	$	(4,134	)	$	3,533		$	5,671

Earnings (loss) per share:
Basic:
Income from continuing operations	$	0.10		$	0.13		$	0.22
Loss from discontinued operations		(0.26	)		--			--
Net income (loss) per common share	$	(0.16	)	$	0.13		$	0.22

Diluted
Income from continuing operations	$	0.10		$	0.13		$	0.22
Loss from discontinued operations		(0.26	)		--			(0.01	)
Net income (loss) per common share	$	(0.16	)	$	0.13		$	0.21

(2) Results for the fourth quarter of 2013 were favorably impacted by a credit to income of approximately $518 for the reversal of a liability recorded in purchase accounting for a recent acquisition that is no longer needed due to statute expiration in the current quarter, and a credit to income of approximately $425 for net reserve reductions at certain of the Company’s vacant leased properties, for which a change in circumstances in the current quarter required a revision in the estimate of future expenses related to the leases. In addition, results for the current quarter were favorably impacted by a credit to income of approximately $736 for the correction of an error in the valuation of unbilled services that was immaterial to all prior periods presented.

Year 2012	March 31, 2012 (3)
(in thousands, except per share amounts)	Previously Reported			Reclassified

Net revenues	$	112,750		$	107,387

Operating expenses:
Cost of services (excluding depreciation and amortization)		75,750			69,676
Selling, general and administrative expenses (excluding depreciation and amortization)		33,862			30,279
Depreciation and amortization		--			4,349
Business and systems integration expenses		3,170			3,170
Acquisition integration and restructuring expenses		1,084			1,062
Foreign exchange loss		470			470
Operating loss		(1,586	)		(1,619	)

Other income (expense):
Interest income		16			16
Interest expense		(842	)		(842	)

Loss from continuing operations before
income taxes		(2,412	)		(2,445	)
Income tax benefit		(805	)		(818	)
Loss from continuing operations		(1,607	)		(1,627	)
Income from discontinued operations, net of tax		--			20
Net loss	$	(1,607	)	$	(1,607	)

Earnings (loss) per share:
Basic:
Loss from continuing operations	$	(0.06	)	$	(0.06	)
Income from discontinued operations		--			--
Net loss per common share	$	(0.06	)	$	(0.06	)

Diluted
Loss from continuing operations	$	(0.06	)	$	(0.06	)
Income from discontinued operations		--			--
Net loss per common share	$	(0.06	)	$	(0.06	)

(3) In the second quarter of 2013, the Company reclassified the Consolidated Statements of Comprehensive Income (Loss) to

disaggregate the discontinued operations related to the sale of its large format printing operation, which was sold on July 3, 2013. In addition, in the second quarter of 2013, the Company changed the presentation of certain expense items on the Consolidated Statements of Comprehensive Income (Loss). The Company previously presented cost of goods sold with a sub-total for gross profit; however, in order to be consistent with how management views the business, production expenses are now presented as cost of services and the gross profit sub-total has been eliminated. In addition, depreciation and amortization is now excluded from and presented separately for both cost of services and selling, general and administrative expenses. Accordingly, in this Form 10-K, the financial data for quarters which have not previously been reported have been reclassified to conform with the current presentation regarding discontinued operations and the revised expense format.

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

Net revenues	$	110,760	$	106,009

Operating expenses:
Cost of services (excluding depreciation and amortization)		70,151		65,829
Selling, general and administrative expenses (excluding depreciation and amortization)		30,548		29,347
Depreciation and amortization		4,451		4,171
Multiemployer pension withdrawal income		--		(203)
Business and systems integration expenses		4,292		2,997
Acquisition integration and restructuring expenses		2,416		1,218
Impairment of long-lived assets		--		4,281
Foreign exchange loss (gain)		90		(12)
Operating loss		(1,188)		(1,619)

Other income (expense):
Interest income		9		57
Interest expense		(917)		(917)

Loss from continuing operations before
income taxes		(2,096)		(2,479)
Income tax benefit		(513)		(184)
Loss from continuing operations		(1,583)		(2,295)
Income from discontinued operations, net of tax		87		82

Net loss	$	(1,496)	$	(2,213)

Earnings (loss) per share:
Basic:
Loss from continuing operations	$	(0.06)	$	(0.09)
Income from discontinued operations		--		--
Net loss per common share	$	(0.06)	$	(0.09)

Diluted:
Loss from continuing operations	$	(0.06)	$	(0.09)
Income from discontinued operations		--		--
Net loss per common share	$	(0.06)	$	(0.09)

Year 2012	December 31, 2012 (4) (5)
(in thousands, except per share amounts)	Previously Reported			Reclassified

Net revenues	$	120,880		$	117,126

Operating expenses:
Cost of services (excluding depreciation and amortization)		79,764			74,245
Selling, general and administrative expenses (excluding depreciation and amortization)		32,380			29,832
Depreciation and amortization		--			4,445
Multiemployer pension withdrawal expense		31,683			31,683
Business and systems integration expenses		1,627			1,627
Acquisition integration and restructuring expenses		596			560
Impairment of long-lived assets		75			--
Foreign exchange loss		1,275			1,275
Operating loss		(26,520	)		(26,541	)

Other income (expense):
Interest income		47			47
Interest expense		(976	)		(976	)

Loss from continuing operations before
income taxes		(27,449	)		(27,470	)
Income tax benefit		(9,349	)		(9,357	)
Loss from continuing operations		(18,100	)		(18,113	)
Income from discontinued operations, net of tax		--			13
Net loss	$	(18,100	)	$	(18,100	)

Earnings (loss) per share:
Basic:
Loss from continuing operations	$	(0.69	)	$	(0.69	)
Income from discontinued operations		--			--
Net loss per common share	$	(0.69	)	$	(0.69	)

Diluted
Income (loss) from continuing operations	$	(0.69	)	$	(0.69	)
Income (loss) from discontinued operations		--			--
Net income (loss) per common share	$	(0.69	)	$	(0.69	)

(4) In the second quarter of 2013, the Company reclassified the Consolidated Statements of Comprehensive Income (Loss) to

(5) 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.