Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Information

v3.20.4
Selected Quarterly Financial Information
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information SELECTED QUARTERLY FINANCIAL INFORMATION
The following table summarizes selected quarterly financial information for 2020 and 2019:
  Quarter Ended
(Unaudited) Dec. 31, Sep. 26, June 27, March 28, Dec. 31, Sep. 28, June 29, March 30,
(In thousands, except for per share data) 2020 2020 2020 2020 2019 2019 2019 2019
Sales $ 114,803  $ 106,506  $ 123,694  $ 157,584  $ 198,412  $ 177,018  $ 189,098  $ 208,174 
Gross Profit (sales less cost of products sold) $ 19,118  $ 15,173  $ 26,833  $ 35,719  $ 26,908  $ 36,794  $ 40,363  $ 52,077 
Impairment Loss $ —  $ —  $ 12,608  $ 74,408  $ 11,083  $ —  $ —  $ — 
(Loss) Income Before Income Taxes $ (7,541) $ (11,141) $ (24,451) $ (69,277) $ (43,282) $ 1,760  $ 8,830  $ 100,995 
Net (Loss) Income $ (19,985) $ (5,254) $ (23,579) $ (66,963) $ (34,065) $ 1,210  $ 6,726  $ 78,146 
Basic (Loss) Earnings Per Share $ (0.65) $ (0.17) $ (0.77) $ (2.17) $ (1.10) $ 0.04  $ 0.21  $ 2.40 
Diluted (Loss) Earnings Per Share $ (0.65) $ (0.17) $ (0.77) $ (2.17) $ (1.10) $ 0.04  $ 0.20  $ 2.35 
The Company recorded a partial valuation allowance of approximately $7.0 million and $14.1 million against its U.S. federal deferred tax assets during the first and fourth quarters of 2020, respectively. The Company recorded goodwill impairment charges in the first and second quarters of 2020 as discussed in Note 7. Additionally, several events occurred in the fourth quarter of 2019 which impacted the results as presented. Information included in 2019 is impacted by a significant increase to a legal reserve as well as restructuring, impairment and other charges as discussed in Note 19 and Note 23 in our consolidated financial statements, respectively.
Information for 2019 includes the results of Freedom, acquired on July 1, 2019, and Diagnosys, acquired on October 4, 2019, each from the acquisition date forward. Information for 2019 reflects the divestiture of the semiconductor business on February 13, 2019.