PRSS 2017 Annual Report

68 13. Selected Quarterly Data (Unaudited) Summarized unaudited consolidated quarterly information for the years ended December 31, 2017 and 2016 is provided below (in thousands, except per common share data). For the Three Months Ended, Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 (In thousands, except per share amounts) Net revenue $ 18,289 $ 17,853 $ 15,349 $ 34,194 Gross profit 6,961 6,989 6,071 13,161 Net loss (3,373) (3,154) (3,640) (87) Net loss per basic and diluted common share $ (0.20) $ (0.19) $ (0.22) $ (0.01) For the Three Months Ended, Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 (In thousands, except per share amounts) Net revenue $ 18,519 $ 20,304 $ 19,658 $ 43,727 Gross profit 7,876 8,682 8,437 16,807 Net (loss) income (2,981) (22,979) (3,413) 2,903 Net (loss) income per basic and diluted common share $ (0.18) $ (1.37) $ (0.20) $ 0.17 14. Subsequent Event On January 9, 2018, as part of a cost reduction initiative, we reduced headcount by approximately 5%. The reduction happened during January of 2018 and we expect to incur restructuring costs of approximately $0.2 million. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain “disclosure controls and procedures” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended, or the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer), as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving their objectives. Our disclosure controls and procedures have been designed to meet reasonable assurance standards. Additionally, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The design of any disclosure controls and procedures is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Based on management’s evaluation, with the participation of our Chief Executive Officer and our Chief Financial Officer, as of the end of the period covered by this Annual Report on Form 10-K, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2017, our disclosure controls and procedures were effective at the reasonable assurance level.