Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Income (Unaudited)

v3.7.0.1
Condensed Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Net sales $ 34,240 $ 27,271 $ 62,250 $ 55,741
Cost of goods sold 28,940 22,537 52,590 46,902
Gross profit 5,300 4,734 9,660 8,839
Research and development costs 521 453 1,058 1,045
Selling, general and administrative expense 2,770 2,224 5,483 4,710
Operating income 2,009 2,057 3,119 3,084
Other income (expense)        
Interest expense (887) (1,283) (1,765) (2,557)
Other income (expense) 1 (4) 1 (16)
Total other expense (886) (1,287) (1,764) (2,573)
Income before taxes 1,123 770 1,355 511
Income tax benefit (629)   (629)  
Net income $ 1,752 $ 770 $ 1,984 $ 511
Earnings per share:        
Basic net income per share $ 0.20 $ 0.10 $ 0.24 $ 0.06
Diluted net income per share $ 0.20 $ 0.10 $ 0.24 $ 0.06
Weighted average common shares outstanding:        
Basic weighted average common shares outstanding 8,870 8,000 8,435 8,000
Diluted weighted average common shares outstanding 8,870 8,000 8,435 8,000
Pro forma (C corporation basis):        
Pro forma tax expense $ 404 $ 277 $ 488 $ 184
Pro forma net income $ 719 $ 493 $ 867 $ 327
Pro forma earnings per share:        
Basic net income per share $ 0.08 $ 0.06 $ 0.10 $ 0.04
Diluted net income per share $ 0.08 $ 0.06 $ 0.10 $ 0.04