CONSOLIDATED STATEMENTS OF OPERATIONS 

(In thousands of US dollars, except share data)

(Unaudited)

Three Months Ended

Year Ended

December 31,

2018

September 30,

2018

December 31,

2017

December 31,

2018

December 31,

2017

Net sales

$

179,394

$

206,000

$

174,580

$

750,898

$

679,672

Cost of sales

135,482

150,251

125,229

552,802

491,779

Gross profit

43,912

55,749

49,351

198,096

187,893

Gross profit %

24.5%

27.1%

28.3%

26.4%

27.6%

Operating expenses

Selling, general and administrative expenses

17,516

18,566

23,631

72,639

81,775

Research and development expenses

18,536

18,918

18,083

78,039

70,523

Restructuring and other gain

—

—

—

—

Early termination charges

—

—

—

—

13,369

Total operating expenses

36,052

37,484

41,714

150,678

148,657

Operating income

7,860

18,265

7,637

47,418

39,236

Interest expense

(5,743)

(5,587)

(5,460)

(22,282)

(21,559)

Foreign currency gain (loss), net

(4,316)

6,002

39,297

(24,445)

65,516

Loss on early extinguishment of long-term borrowings, net

(206)

—

—

(206)

—

Other income, net

555

150

1,006

264

2,898

Income (loss) before income tax expenses

(1,850)

18,830

42,480

749

86,091

Income tax expenses (benefits)

530

1,608

(1,173)

4,649

1,155

Net income (loss)

$

(2,380)

$

17,222

$

43,653

$

(3,900)

$

84,936

Earnings (loss) per common share :

- Basic

$

(0.07)

$

0.50

$

1.28

$

(0.11)

$

2.50

- Diluted

$

(0.07)

$

0.41

$

0.99

$

(0.11)

$

2.02

Weighted average number of shares—Basic

34,627,292

34,573,377

34,176,812

34,469,921

33,943,264

Weighted average number of shares—Diluted

34,627,292

46,021,610

45,573,889

34,469,921

44,755,137