Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

15.QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Quarterly data for the years ended December 31, 2020 and 2019 consisted of the following (in thousands, except per share amounts):

	Quarter Ended
	March 31		June 30		September 30		December 31
2020
Net sales	$	243,525	$	218,371	$	243,975	$	258,004
Gross profit		103,784		84,216		102,014		111,163
Income (loss) from operations		1,362		(18,995)		64		16,007
Income tax expense (benefit)		1,162		(3,242)		825		(2,133)
Net income (loss)		(3,154)		(19,058)		(3,009)		15,378
Earnings (loss) per common share - basic		(0.06)		(0.34)		(0.05)		0.28
Earnings (loss) per common share - diluted		(0.06)		(0.34)		(0.05)		0.27
2019
Net sales	$	238,349	$	255,532	$	243,049	$	257,922
Gross profit		104,636		111,964		104,136		111,630
Income (loss) from operations		9,523		12,201		(2,881)		(3,409)
Income tax expense (benefit)		651		2,140		(2,292)		(3,757)
Net income (loss)		6,195		6,859		(3,398)		(4,205)
Earnings (loss) per common share - basic		0.11		0.12		(0.06)		(0.08)
Earnings (loss) per common share - diluted		0.11		0.12		(0.06)		(0.08)

During the three months ended December 31, 2020, we recorded a partial impairment charge of $8.2 million of intangible assets from our August 2019 acquisition of STD Pharmaceutical (see Note 5). During the three months ended December 31, 2019, we recorded impairment charges of $20.5 million due to our write-off of our NinePoint note receivable and purchase option, along with a write-off of $1.6 million of accrued interest (see Note 16). Basic and diluted earnings (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total computed for the year.