Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data
 
See Consolidated Financial Statements and Financial Statement Schedule.
 
Sales and Earnings by Quarter - Unaudited (in thousands, except per share amounts)
 
2021
 
1st Qtr.
 
 
2nd Qtr.
 
 
3rd Qtr.
 
 
4th Qtr.
 
 
Year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
46,179
 
 
$
48,557
 
 
$
57,640
 
 
$
66,205
 
 
$
218,581
 
Gross profit
 
 
9,703
 
 
 
8,877
 
 
 
13,962
 
 
 
18,315
 
 
 
50,857
 
Restructuring expenses
 
 
405
 
 
 
120
 
 
 
251
 
 
 
6,601
 
 
 
7,377
 
Net (loss) income
 
 
(3,937
)
 
 
(4,280
)
 
 
166
 
 
 
(21,468
)
 
 
(29,519
)
Net (loss) income attributable to Twin Disc
 
 
(3,979
)
 
 
(4,313
)
 
 
94
 
 
 
(21,521
)
 
 
(29,719
)
Basic (loss) income per share attributable to Twin Disc common shareholders
 
 
(0.30
)
 
 
(0.33
)
 
 
0.01
 
 
 
(1.62
)
 
 
(2.24
)
Diluted (loss) income per share attributable to Twin Disc common shareholders
 
 
(0.30
)
 
 
(0.33
)
 
 
0.01
 
 
 
(1.62
)
 
 
(2.24
)
Dividends per share
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
59,290
 
 
$
59,536
 
 
$
68,636
 
 
$
59,376
 
 
$
246,838
 
Gross profit
 
 
9,636
 
 
 
15,711
 
 
 
16,549
 
 
 
13,812
 
 
 
55,708
 
Restructuring expenses
 
 
121
 
 
 
4,248
 
 
 
532
 
 
 
237
 
 
 
5,138
 
Goodwill and other asset impairment charge
 
 
-
 
 
 
-
 
 
 
27,603
 
 
 
-
 
 
 
27,603
 
Net loss
 
 
(6,293
)
 
 
(6,466
)
 
 
(25,176
)
 
 
(1,636
)
 
 
(39,571
)
Net loss attributable to Twin Disc
 
 
(6,311
)
 
 
(6,516
)
 
 
(25,230
)
 
 
(1,760
)
 
 
(39,817
)
Basic loss per share attributable to Twin Disc common shareholders
 
 
(0.48
)
 
 
(0.49
)
 
 
(1.92
)
 
 
(0.13
)
 
 
(3.03
)
Diluted loss per share attributable to Twin Disc common shareholders
 
 
(0.48
)
 
 
(0.49
)
 
 
(1.92
)
 
 
(0.13
)
 
 
(3.03
)
Dividends per share
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
Item 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosure
 
None.