UNAUDITED SELECTED QUARTERLY DATA
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
UNAUDITED SELECTED QUARTERLY DATA

NOTE W – UNAUDITED SELECTED QUARTERLY DATA

 

The following tables summarize selected unaudited financial data for each quarter of the years ended December 31, 2016, 2015, and 2014 (in thousands except share data):

 

    Quarter Ended  
    March 31,     June 30,     September 30,     December 31,  
    2016     2016     2016     2016  
Net revenues   $ 18,050     $ 17,606     $ 17,412     $ 17,577  
Gross profit     9,231       8,579       8,475       7,829  
Operating Loss     (1,748 )     (8,086 )     (2,197 )     (10,771 )
Loss before income taxes     (2,262 )     (8,524 )     (2,633 )     (11,241 )
Income tax (benefit) expense     64       (234 )     (87 )     (83 )
Net loss     (2,326 )     (8,290 )     (2,546 )     (11,158 )
                                 
Basic loss per share   $ (0.12 )   $ (0.43 )   $ (0.13 )   $ (0.57 )
Diluted loss per share     (0.12 )     (0.43 )     (0.13 )     (0.57 )

 

    Quarter Ended  
    March 31,     June 30,     September 30,     December 31,  
    2015     2015     2015     2015  
Net revenues   $ 21,678     $ 25,653     $ 23,334     $ 18,785  
Gross profit     10,106       11,140       7,286       9,909  
Operating (loss) income     (834 )     583       (5,819 )     (2,513 )
(Loss) income before income taxes     (1,006 )     410       (5,976 )     (2,683 )
Income tax (benefit) expense     (386 )     141       10,404       (257 )
Net (loss) income     (620 )     269       (16,380 )     (2,426 )
                                 
Basic (loss) earnings per share   $ (0.03 )   $ 0.01     $ (0.86 )   $ (0.13 )
Diluted (loss) earnings per share     (0.03 )     0.01       (0.86 )     (0.13 )

 

During the quarter ended September 30, 2015, we recorded noncash impairment charges of $1.3 million for other assets affecting gross profit and $1.3 million for goodwill and other intangible assets affecting operating (loss) income. During the quarter ended December 31, 2015, we recorded additional noncash impairment charges of $1.4 million for goodwill and other intangible assets affecting operating (loss) income. See Note H – Prepaid Expenses and Other Assets and Note J – Intangible Assets.

 

During the quarter ended June 30, 2016, we recorded noncash impairment charges of $4.2 million for goodwill and other intangible assets affecting operating (loss) income. During the quarter ended December 31, 2016, we recorded noncash impairment charges of $7.8 million for goodwill and other intangible assets affecting operating (loss) income. See Note H – Prepaid Expenses and Other Assets and Note J – Intangible Assets.

 

As described in Note K – Income Taxes, during the year ended December 31, 2015, we recognized $9.9 million in deferred income tax expense to record a valuation allowance against certain deferred tax assets.

 

The sum of earnings per share for the four quarters may differ from the annual amounts due to the required method for calculating the weighted average shares for the respective periods.