Annual report pursuant to Section 13 and 15(d)

SELECTED QUARTERLY FINANCIAL INFORMATION

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SELECTED QUARTERLY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL INFORMATION SELECTED QUARTERLY FINANCIAL INFORMATION
The following table summarizes selected quarterly financial information for 2023 and 2022:
  Quarter Ended
(Unaudited) December 31, December 31,
(In thousands, except for per share data) 2023 2022
Sales $ 195,292  $ 158,153 
Gross Profit (Sales Less Cost of Products Sold) $ 39,973  $ 21,510 
Income (Loss) Before Income Taxes $ 1,534  $ (7,208)
Net Income (Loss) $ 6,976  $ (6,779)
Basic Earnings (Loss) Per Share $ 0.20  $ (0.21)
Diluted Earnings (Loss) Per Share $ 0.20  $ (0.21)
Non-cash stock bonus expense increased $4.2 million in the fourth quarter of 2023 compared to zero in the prior year, $1.5 million was recorded to Cost of Products Sold and $2.8 million was recorded as SG&A expense. In 2019, a former customer filed a lawsuit alleging damages associated with defective product. Mediation of the matter was held in November 2022 and the Company was indemnified by other parties for approximately $1.5 million and recorded a gain as an offset to SG&A expense in the fourth quarter of 2022. These increases in SG&A were more than offset by increased gross profit compared to the prior year fourth quarter resulting from the higher sales volume.