| QUARTERLY OPERATING RESULTS (UNAUDITED) |
14. QUARTERLY OPERATING
RESULTS (UNAUDITED)
A summary of
quarterly results of operations for the years ended
December 31, 2011 and 2010 were as follows (in thousands,
except per share data):
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March 31,
2011 (a) |
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June 30,
2011 |
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September 30,
2011 |
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December 31,
2011 |
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Revenue
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$ |
46,348 |
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$ |
87,251 |
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$ |
85,827 |
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$ |
88,406 |
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Gross profit
(loss)
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(9,568 |
) |
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4,846 |
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4,004 |
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5,246 |
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Net income (loss)
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(6,964 |
) |
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1,835 |
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1,559 |
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1,766 |
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Basic EPS
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(0.49 |
) |
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0.13 |
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0.11 |
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0.12 |
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Diluted EPS
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(0.49 |
) |
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0.13 |
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0.11 |
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0.12 |
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March 31,
2010 |
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June 30,
2010 |
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September 30,
2010 |
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December 31,
2010 |
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Revenue
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$ |
69,259 |
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$ |
75,290 |
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$ |
60,733 |
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$ |
43,004 |
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Gross profit
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7,438 |
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6,735 |
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6,935 |
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2,163 |
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Net Income
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4,505 |
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3,432 |
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3,462 |
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1,694 |
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Basic EPS
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0.31 |
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0.24 |
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0.24 |
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0.12 |
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Diluted EPS
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0.31 |
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0.24 |
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0.24 |
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0.12 |
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| (a) |
On April 8, 2011, we
received an unfavorable ruling regarding a disputed claim for costs
incurred in connection with an April 2008 accident at our Texas
facility involving four cranes. As a result, we recognized all
recorded amounts as asset impairments in cost of revenue of $7.7
million, of which $5.9 million related to disputed crane rental
costs and $1.8 million related to the remaining net book value of
one of the cranes involved in the accident that is now deemed a
total loss. |
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