United states

RESULTS OF OPERATIONS

Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016

The following table summarizes certain information relating to our operating results and related percentage of net sales for the three months ended March 31, 2017 and 2016 that has been derived from our unaudited condensed consolidated financial statements.

 

		Three Months Ended
		March 31,
		2017								2016
		(unaudited)
		(in thousands)
Net sales		$	191,602				100.0	%		$	176,110				100.0	%
Cost of sales			167,423				87.4				159,866				90.8
Startup and transition costs			6,159				3.2				3,306				1.9
Total cost of goods sold			173,582				90.6				163,172				92.7
Gross profit			18,020				9.4				12,938				7.3
General and administrative expenses			8,306				4.3				4,749				2.7
Income from operations			9,714				5.1				8,189				4.6
Other expense			(4,068	)			(2.1	)			(4,140	)			(2.3	)
Income before income taxes			5,646				3.0				4,049				2.3
Income tax provision			(2,101	)			(1.1	)			(2,303	)			(1.3	)
Net income			3,545				1.9				1,746				1.0
Net income attributable to preferred shareholders			—				—				2,437				1.4
Net income (loss) attributable to common shareholders		$	3,545				1.9	%		$	(691	)			(0.4	)%