Income Statement

v3.8.0.1
Condensed Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Net sales $ 30,635 $ 23,011 $ 92,885 $ 78,752
Cost of goods sold 25,798 19,339 78,389 66,241
Gross profit 4,837 3,672 14,496 12,511
Research and development costs 503 464 1,561 1,510
Selling, general and administrative expense 2,857 1,509 8,340 6,218
Operating income 1,477 1,699 4,595 4,783
Other income (expense)        
Interest expense (698) (1,259) (2,463) (3,816)
Other income (expense)   (2) 1 (18)
Total other expense (698) (1,261) (2,462) (3,834)
Income before taxes 779 438 2,133 949
Income tax expense (benefit) 257   (372)  
Net income $ 522 $ 438 $ 2,505 $ 949
Earnings per share:        
Basic net income per share $ 0.05 $ 0.05 $ 0.28 $ 0.12
Diluted net income per share $ 0.05 $ 0.05 $ 0.28 $ 0.12
Weighted average common shares outstanding:        
Basic weighted average common shares outstanding 9,800 8,000 8,897 8,000
Diluted weighted average common shares outstanding 9,800 8,000 8,897 8,000
Pro forma (C corporation basis):        
Pro forma tax expense   $ 158 $ 768 $ 342
Pro forma net income   $ 280 $ 1,365 $ 607
Pro forma earnings per share:        
Basic net income per share   $ 0.04 $ 0.15 $ 0.08
Diluted net income per share   $ 0.04 $ 0.15 $ 0.08

Source