Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Transact Technologies Incorporated | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,244,580 | ' |
Entity Public Float | ' | ' | $67,800,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001017303 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,755 | $7,537 |
Accounts receivable, net | 15,561 | 15,927 |
Inventories | 12,896 | 10,321 |
Deferred tax assets | 1,443 | 1,443 |
Other current assets | 534 | 471 |
Total current assets | 33,189 | 35,699 |
Fixed assets, net | 2,946 | 3,302 |
Goodwill | 2,621 | 2,621 |
Deferred tax assets | 1,104 | 1,172 |
Intangible assets, net of accumulated amortization of $1,683 and $1,298, respectively | 1,984 | 2,328 |
Other assets | 67 | 106 |
8,722 | 9,529 | |
Total assets | 41,911 | 45,228 |
Current liabilities: | ' | ' |
Accounts payable | 5,847 | 6,422 |
Accrued liabilities | 3,120 | 2,927 |
Income taxes payable | 26 | 629 |
Accrued contingent consideration (Note 4) | 230 | 136 |
Deferred revenue | 155 | 93 |
Total current liabilities | 9,378 | 10,207 |
Deferred revenue, net of current portion | 170 | 168 |
Deferred rent, net of current portion | 261 | 308 |
Accrued contingent consideration, net of current portion (Note 4) | 530 | 824 |
Other liabilities | 163 | 352 |
1,124 | 1,652 | |
Total liabilities | 10,502 | 11,859 |
Shareholders’ equity: | ' | ' |
Common stock, $0.01 par value, 20,000,000 shares authorized; 11,031,618 and 10,903,077 shares issued, respectively; 8,244,580 and 8,720,200 shares outstanding, respectively | 110 | 109 |
Additional paid-in capital | 27,096 | 25,940 |
Retained earnings | 26,796 | 24,708 |
Accumulated other comprehensive loss, net of tax | -66 | -55 |
Treasury stock, at cost, 2,787,038 and 2,182,877 shares, respectively | -22,527 | -17,333 |
Total shareholders’ equity | 31,409 | 33,369 |
Total liabilities and shareholders’ equity | $41,911 | $45,228 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 11,031,618 | 10,903,077 |
Common stock, shares outstanding | 8,244,580 | 8,720,200 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $16,768,000 | $15,358,000 | $47,613,000 | $48,770,000 |
Cost of sales | 9,562,000 | 9,679,000 | 27,522,000 | 30,471,000 |
Gross profit | 7,206,000 | 5,679,000 | 20,091,000 | 18,299,000 |
Operating expenses: | ' | ' | ' | ' |
Engineering, design and product development | 1,041,000 | 1,087,000 | 3,048,000 | 3,252,000 |
Selling and marketing | 2,059,000 | 1,571,000 | 5,702,000 | 4,846,000 |
General and administrative | 2,049,000 | 1,919,000 | 5,819,000 | 5,822,000 |
Legal fees associated with lawsuit (Note 9) | 142,000 | 1,036,000 | 398,000 | 1,507,000 |
Business consolidation and restructuring (Note 8) | ' | 23,000 | ' | 140,000 |
5,291,000 | 5,636,000 | 14,967,000 | 15,567,000 | |
Operating income | 1,915,000 | 43,000 | 5,124,000 | 2,732,000 |
Interest and other income (expense): | ' | ' | ' | ' |
Interest, net | -8,000 | 3,000 | -9,000 | 7,000 |
Other, net | -22,000 | -10,000 | 11,000 | -21,000 |
-30,000 | -7,000 | 2,000 | -14,000 | |
Income before income taxes | 1,885,000 | 36,000 | 5,126,000 | 2,718,000 |
Income tax provision | 434,000 | 13,000 | 1,300,000 | 979,000 |
Net income | $1,451,000 | $23,000 | $3,826,000 | $1,739,000 |
Net income per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.17 | $0 | $0.44 | $0.19 |
Diluted (in Dollars per share) | $0.17 | $0 | $0.44 | $0.19 |
Shares used in per-share calculation: | ' | ' | ' | ' |
Basic (in Shares) | 8,582 | 8,822 | 8,675 | 9,110 |
Diluted (in Shares) | 8,695 | 8,911 | 8,759 | 9,205 |
Dividends declared and paid per common share: (in Dollars per share) | $0.07 | ' | $0.20 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $1,451 | $23 | $3,826 | $1,739 |
Foreign currency translation adjustment, net of tax | 16 | 13 | -11 | 16 |
Comprehensive income | $1,467 | $36 | $3,815 | $1,755 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $3,826,000 | $1,739,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Share-based compensation expense | 397,000 | 402,000 |
Incremental tax benefits from stock options exercised | -113,000 | -42,000 |
Depreciation and amortization | 1,314,000 | 1,314,000 |
Gain on sale of fixed assets | -5,000 | -12,000 |
Foreign currency transaction (gains) losses | -6,000 | 31,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 358,000 | -228,000 |
Inventories | -2,576,000 | 3,397,000 |
Prepaid income taxes | 59,000 | 17,000 |
Other current and long term assets | -3,000 | -433,000 |
Accounts payable | -575,000 | 909,000 |
Accrued liabilities and other liabilities | -638,000 | 690,000 |
Net cash provided by operating activities | 2,038,000 | 7,784,000 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -562,000 | -675,000 |
Additions to capitalized software | -42,000 | -23,000 |
Proceeds from sale of assets | 5,000 | 14,000 |
Net cash used in investing activities | -599,000 | -684,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from stock option exercises | 609,000 | 145,000 |
Payment of dividends on common stock | -1,738,000 | ' |
Purchases of common stock for treasury | -5,194,000 | -5,563,000 |
Incremental tax benefits from stock options exercised | 113,000 | 42,000 |
Net cash used in financing activities | -6,210,000 | -5,376,000 |
Effect of exchange rate changes on cash and cash equivalents | -11,000 | -10,000 |
(Decrease) increase in cash and cash equivalents | -4,782,000 | 1,714,000 |
Cash and cash equivalents, beginning of period | 7,537,000 | 6,863,000 |
Cash and cash equivalents, end of period | $2,755,000 | $8,577,000 |
1_Basis_of_presentation
1. Basis of presentation | 9 Months Ended |
Sep. 30, 2013 | |
Business Description and Basis of Presentation [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1. Basis of presentation | |
The accompanying unaudited financial statements of TransAct Technologies Incorporated have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America to be included in full year financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the periods presented have been included and are of a normal recurring nature. The December 31, 2012 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2012 included in our Annual Report on Form 10-K. | |
The financial position and results of operations of our U.K. foreign subsidiary are measured using local currency as the functional currency. Assets and liabilities of such subsidiary have been translated at the end of period exchange rates, and related revenues and expenses have been translated at the weighted average exchange rates with the resulting translation gain or loss recorded in accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets. Transaction gains and losses are included in other income in the Condensed Consolidated Statements of Income. | |
The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. | |
2_Inventories
2. Inventories | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Inventory Disclosure [Text Block] | ' | ||||||
2. Inventories | |||||||
The components of inventories are: | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Raw materials and purchased component parts | $ | 7,930 | $ | 6,871 | |||
Work-in-process | 69 | - | |||||
Finished goods | 4,897 | 3,450 | |||||
$ | 12,896 | $ | 10,321 | ||||
3_Accrued_product_warranty_lia
3. Accrued product warranty liability | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Product Warranty Disclosure [Text Block] | ' | |||
3. Accrued product warranty liability | ||||
We generally warrant our products for up to 36 months and record the estimated cost of such product warranties at the time the sale is recorded. Estimated warranty costs are based upon actual past experience of product repairs and the related estimated cost of labor and material to make the necessary repairs. | ||||
The following table summarizes the activity recorded in the accrued product warranty liability during the nine months ended September 30, 2013: | ||||
(In thousands) | ||||
Balance, beginning of period | $ | 274 | ||
Warranties issued | 408 | |||
Warranty settlements | -292 | |||
Balance, end of period | $ | 390 | ||
Approximately $90,000 of the accrued product warranty liability is classified as long-term in Other liabilities at September 30, 2013 in the Condensed Consolidated Balance Sheets. | ||||
4_Accrued_contingent_considera
4. Accrued contingent consideration | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
4. Accrued contingent consideration | |
In connection with the acquisition of substantially all of the assets of Printrex, Inc. (“Printrex”) on August 19, 2011, we entered into a contingent consideration arrangement for 30% of the gross profit for a three-year period related to certain new products under development, less certain other adjustments, beginning on the earlier of 1) January 1, 2012 or 2) the date of first commercial introduction of the new products under development. The undiscounted fair value related to the contingent liability could range from approximately $400,000 to $1,500,000. The fair value of the contingent consideration arrangement was $760,000 and $960,000 at September 30, 2013 and December 31, 2012, respectively, which was estimated by applying the income approach. That measure is based on significant inputs that are not observable in the market, which fair value measurement guidance refers to as Level 3 inputs. During the first nine months of 2013, the fair value of the contingent consideration decreased by $200,000 and this is reflected as a reduction in general and administrative expenses on the Condensed Consolidated Statements of Income. No payments were made under the arrangement during the nine months ended September 30, 2013 as the underlying conditions of the contingent consideration arrangement were not satisfied. Refer to Note 3, Business acquisitions, to the Company’s Consolidated Financial Statements included in the Company’s 2012 Annual Report on Form 10-K for the year ended December 31, 2012 for additional information regarding this contingent consideration arrangement. | |
5_Earnings_per_share
5. Earnings per share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
5. Earnings per share | |||||||||||||
The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(In thousands, except per share data) | |||||||||||||
Net income | $ | 1,451 | $ | 23 | $ | 3,826 | $ | 1,739 | |||||
Shares: | |||||||||||||
Basic: Weighted average common shares outstanding | 8,582 | 8,822 | 8,675 | 9,110 | |||||||||
Add: Dilutive effect of outstanding options as determined by the | 113 | 89 | 84 | 95 | |||||||||
treasury stock method | |||||||||||||
Diluted: Weighted average common and common equivalent shares | 8,695 | 8,911 | 8,759 | 9,205 | |||||||||
outstanding | |||||||||||||
Net income per common share: | |||||||||||||
Basic | $ | 0.17 | $ | 0 | $ | 0.44 | $ | 0.19 | |||||
Diluted | $ | 0.17 | $ | 0 | $ | 0.44 | $ | 0.19 | |||||
For the three months ended September 30, 2013 and 2012, there were 316,000 and 585,125, respectively, potentially dilutive shares consisting of stock options that were excluded from the calculation of earnings per diluted share. For the nine months ended September 30, 2013 and 2012, there were 405,000 and 585,125, respectively, potentially dilutive shares consisting of stock options that were excluded from the calculation of earnings per diluted share. | |||||||||||||
6_Shareholders_equity
6. Shareholders' equity | 9 Months Ended | ||
Sep. 30, 2013 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||
6. Shareholders’ equity | |||
Changes in shareholders’ equity for the nine months ended September 30, 2013 were as follows (in thousands): | |||
Balance at December 31, 2012 | $ | 33,369 | |
Net income | 3,826 | ||
Proceeds from issuance of shares from exercise of stock options | 609 | ||
Share-based compensation expense | 397 | ||
Incremental tax benefits from stock options exercised | 113 | ||
Issuance of deferred stock units, net of relinquishments | 111 | ||
Foreign currency translation adjustment | -11 | ||
Reversal of deferred tax asset in connection with stock options forfeited | -73 | ||
Dividends declared and paid on common stock | -1,738 | ||
Purchases of common stock for treasury | -5,194 | ||
Balance at September 30, 2013 | $ | 31,409 | |
We paid a portion of the 2012 incentive bonus for the chief executive officer and chief financial officer in the form of deferred stock units. Such deferred stock units were granted in March 2013 and were fully vested at the time of grant. | |||
For the three months ended September 30, 2013, our Board of Directors declared a quarterly cash dividend of $0.07 per share, totaling approximately $611,000, which was paid in September 2013 to common shareholders of record at the close of business on August 20, 2013. For the nine months ended September 30, 2013, dividends declared and paid totaled $1,738,000, or $0.20 per share. | |||
7_Income_taxes
7. Income taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
7. Income taxes | |
We recorded an income tax provision for the third quarter of 2013 of $434,000 at an effective tax rate of 23.0%, compared to an income tax provision during the third quarter of 2012 of $13,000 at an effective tax rate of 36.1%. For the nine months ended September 30, 2013, we recorded an income tax provision of $1,300,000 at an effective tax rate of 25.4%, compared to an income tax provision during the nine months ended September 30, 2012 of $979,000 at an effective tax rate of 36.0%. Our effective tax rate for the third quarter of 2013 is unusually low due to a $224,000 reduction in tax liabilities for unrecognized tax benefits resulting from the completion of an audit of our 2010 federal income tax return. Our effective tax rate for the first nine months of 2013 is unusually low because it includes: 1) the previously discussed reduction in tax liabilities for unrecognized tax benefits recorded in the third quarter of 2013 and 2) the benefit from the 2012 federal research and development credit (“R&D credit”) of approximately $220,000 as this credit was not renewed until January 2, 2013 as a component of the American Taxpayer Relief Act of 2012. | |
We are subject to U.S. federal income tax as well as income tax of certain state and foreign jurisdictions. We have substantially concluded all U.S. federal income tax, state and local, and foreign tax matters through 2009. During 2008, a limited scope examination of our 2005 and 2006 federal tax returns was completed and during 2013, an examination of our 2010 federal tax return was completed. However, our federal tax returns for the years 2010 through 2012 remain open to examination. Various state and foreign tax jurisdiction tax years remain open to examination as well, though we believe that any additional assessment would be immaterial to the Condensed Consolidated Financial Statements. No state or foreign tax jurisdiction income tax returns are currently under examination. As of September 30, 2013, we had $73,000 of total gross unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. | |
8_Business_consolidation_and_r
8. Business consolidation and restructuring expenses | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
8. Business consolidation and restructuring expenses | |
As discussed in Note 8, Accrued business consolidation and restructuring expenses, of the Company’s 2012 Annual Report on Form 10-K for the year ended December 31, 2012, in January 2012, we determined that we no longer needed to maintain the existing Printrex manufacturing facility in San Jose, California, along with certain redundant headcount. As a result, we incurred expenses of $23,000 and $140,000, respectively, in the three and nine months ended September 30, 2012 for employee termination benefits related to these employee reductions as well as moving costs related to the closing of the San Jose manufacturing operations. This restructuring charge was recorded in accordance with ASC 420-10-25-4 “Exit or Disposal Cost Obligations” and cash payments made under this restructuring plan were completed by October 2012. | |
9_Commitments_and_contingencie
9. Commitments and contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
9. Commitments and contingencies | |
On June 8, 2012, Avery Dennison Corporation (“AD”) filed a civil complaint against the Company and a former employee of the Company and of AD, in the Court of Common Pleas (the “Court”) in Lake County, Ohio. The complaint alleges that this former employee and the Company misappropriated unspecified trade secrets and confidential information related to the design of our food safety terminals from AD. The complaint requests a preliminary and permanent injunction against the Company from manufacturing and selling our Ithaca® 9700 and 9800 food safety terminals. On July 16, 2012, the Company filed its answer, affirmative defenses and counterclaims, seeking all available damages including legal fees. A hearing on the plaintiff's motion for preliminary injunction took place in August 2012, and in November 2012, the Court denied this request. AD filed an appeal of the Court’s ruling to the Eleventh Appellate District, which heard oral arguments on the appeal on July 16, 2013. On July 23, 2013, AD requested that the Eleventh Appellate District enjoin the Company’s further sale and marketing of the food safety terminals, pending the appeals court's decision. On July 29, 2013, TransAct opposed this request. On October 15, 2013, the Eleventh District Court of Appeals affirmed the lower court’s decision in the Company’s favor and denied AD’s further request for an injunction pending the Court of Appeal’s decision. On October 24, 2013, AD filed a motion seeking that the Court of Appeals reconsider its decision. | |
On June 8, 2012, Avery Dennison Corporation (“AD”) filed a civil complaint against the Company and a former employee of the Company and of AD, in the Court of Common Pleas (the “Court”) in Lake County, Ohio. The complaint alleges that this former employee and the Company misappropriated unspecified trade secrets and confidential information related to the design of our food safety terminals from AD. The complaint requests a preliminary and permanent injunction against the Company from manufacturing and selling our Ithaca® 9700 and 9800 food safety terminals. On July 16, 2012, the Company filed its answer, affirmative defenses and counterclaims, seeking all available damages including legal fees. A hearing on the plaintiff's motion for preliminary injunction took place in August 2012, and in November 2012, the Court denied this request. AD filed an appeal of the Court’s ruling to the Eleventh Appellate District, which heard oral arguments on the appeal on July 16, 2013. On July 23, 2013, AD requested that the Eleventh Appellate District enjoin the Company’s further sale and marketing of the food safety terminals, pending the appeals court's decision. On July 29, 2013, TransAct opposed this request. On October 15, 2013, the Eleventh District Court of Appeals affirmed the lower court’s decision in the Company’s favor and denied AD’s further request for an injunction pending the Court of Appeal’s decision. On October 24, 2013, AD filed a motion seeking that the Court of Appeals reconsider its decision. | |
2_Inventories_Tables
2. Inventories (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Raw materials and purchased component parts | $ | 7,930 | $ | 6,871 | |||
Work-in-process | 69 | - | |||||
Finished goods | 4,897 | 3,450 | |||||
$ | 12,896 | $ | 10,321 |
3_Accrued_product_warranty_lia1
3. Accrued product warranty liability (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||
(In thousands) | ||||
Balance, beginning of period | $ | 274 | ||
Warranties issued | 408 | |||
Warranty settlements | -292 | |||
Balance, end of period | $ | 390 |
5_Earnings_per_share_Tables
5. Earnings per share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(In thousands, except per share data) | |||||||||||||
Net income | $ | 1,451 | $ | 23 | $ | 3,826 | $ | 1,739 | |||||
Shares: | |||||||||||||
Basic: Weighted average common shares outstanding | 8,582 | 8,822 | 8,675 | 9,110 | |||||||||
Add: Dilutive effect of outstanding options as determined by the | 113 | 89 | 84 | 95 | |||||||||
treasury stock method | |||||||||||||
Diluted: Weighted average common and common equivalent shares | 8,695 | 8,911 | 8,759 | 9,205 | |||||||||
outstanding | |||||||||||||
Net income per common share: | |||||||||||||
Basic | $ | 0.17 | $ | 0 | $ | 0.44 | $ | 0.19 | |||||
Diluted | $ | 0.17 | $ | 0 | $ | 0.44 | $ | 0.19 |
6_Shareholders_equity_Tables
6. Shareholders' equity (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Schedule of Stockholders Equity [Table Text Block] | ' | ||
Balance at December 31, 2012 | $ | 33,369 | |
Net income | 3,826 | ||
Proceeds from issuance of shares from exercise of stock options | 609 | ||
Share-based compensation expense | 397 | ||
Incremental tax benefits from stock options exercised | 113 | ||
Issuance of deferred stock units, net of relinquishments | 111 | ||
Foreign currency translation adjustment | -11 | ||
Reversal of deferred tax asset in connection with stock options forfeited | -73 | ||
Dividends declared and paid on common stock | -1,738 | ||
Purchases of common stock for treasury | -5,194 | ||
Balance at September 30, 2013 | $ | 31,409 |
2_Inventories_Details_Inventor
2. Inventories (Details) - Inventory components (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory components [Abstract] | ' | ' |
Raw materials and purchased component parts | $7,930 | $6,871 |
Work-in-process | 69 | ' |
Finished goods | 4,897 | 3,450 |
$12,896 | $10,321 |
3_Accrued_product_warranty_lia2
3. Accrued product warranty liability (Details) (USD $) | Sep. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Accrual, Noncurrent | $90,000 |
3_Accrued_product_warranty_lia3
3. Accrued product warranty liability (Details) - Warranty Activity (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Warranty Activity [Abstract] | ' |
Balance, beginning of period | $274 |
Warranties issued | 408 |
Warranty settlements | -292 |
Balance, end of period | $390 |
4_Accrued_contingent_considera1
4. Accrued contingent consideration (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Business Combinations [Abstract] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Description | ' | '30% | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $400,000 | $400,000 | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500,000 | 1,500,000 | ' |
Business Acquisition, Contingent Consideration, at Fair Value | 760,000 | 760,000 | 960,000 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | $9 | $200,000 | ' |
5_Earnings_per_share_Details
5. Earnings per share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units | $316,000 | $585,125 | $405,000 | $585,125 |
5_Earnings_per_share_Details_E
5. Earnings per share (Details) - Earnings Per Share Reconciliation (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' |
Net income (in Dollars) | $1,451 | $23 | $3,826 | $1,739 |
Basic: Weighted average common shares outstanding | 8,582 | 8,822 | 8,675 | 9,110 |
Add: Dilutive effect of outstanding options as determined by the treasury stock method | 113 | 89 | 84 | 95 |
Diluted: Weighted average common and common equivalent shares outstanding | 8,695 | 8,911 | 8,759 | 9,205 |
Net income per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.17 | $0 | $0.44 | $0.19 |
Diluted (in Dollars per share) | $0.17 | $0 | $0.44 | $0.19 |
6_Shareholders_equity_Details
6. Shareholders' equity (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.07 | $0.20 |
Payments of Ordinary Dividends, Common Stock (in Dollars) | $611,000 | $1,738,000 |
Common Stock, Dividends, Per Share, Cash Paid | ' | $0.20 |
6_Shareholders_equity_Details_
6. Shareholders' equity (Details) - Changes in Shareholders' Equity (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | $33,369 | ' |
Balance at September 30, 2013 | 31,409 | ' | 31,409 | ' |
Net income | 1,451 | 23 | 3,826 | 1,739 |
Proceeds from issuance of shares from exercise of stock options | ' | ' | 609 | 145 |
Share-based compensation expense | ' | ' | 397 | 402 |
Incremental tax benefits from stock options exercised | ' | ' | 113 | ' |
Issuance of deferred stock units, net of relinquishments | ' | ' | 111 | ' |
Foreign currency translation adjustment | ' | ' | -11 | ' |
Reversal of deferred tax asset in connection with stock options forfeited | ' | ' | -73 | ' |
Dividends declared and paid on common stock | ' | ' | -1,738 | ' |
Purchases of common stock for treasury | ' | ' | ($5,194) | ($5,563) |
7_Income_taxes_Details
7. Income taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Change in Enacted Tax Rate | ' | ' | $7 | ' | ' | ' |
Income Tax Expense (Benefit) | 434,000 | 13,000 | 1,300,000 | 979,000 | ' | ' |
Effective Income Tax Rate, Continuing Operations | 23.00% | 36.10% | 25.40% | 36.00% | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | ' | ' | ' | ' | ' | 224,000 |
Income Tax Reconciliation, Tax Credits, Research | ' | ' | ' | ' | 220,000 | -9 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $73,000 | ' | $73,000 | ' | ' | ' |
8_Business_consolidation_and_r1
8. Business consolidation and restructuring expenses (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Restructuring and Related Activities [Abstract] | ' | ' |
Restructuring and Related Cost, Incurred Cost | $23,000 | ($12) |