Document_And_Entity_Informatio
Document And Entity Information (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Jun. 28, 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 | ' | 8,329,255 | ' |
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 | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,205 | $2,936 |
Accounts receivable, net | 12,905 | 13,234 |
Inventories | 13,550 | 13,509 |
Prepaid income taxes | 192 | 390 |
Deferred tax assets | 1,655 | 1,655 |
Other current assets | 702 | 497 |
Total current assets | 32,209 | 32,221 |
Fixed assets, net | 2,792 | 2,732 |
Goodwill | 2,621 | 2,621 |
Deferred tax assets | 920 | 920 |
Intangible assets, net of accumulated amortization of $1,940 and $1,811, respectively | 1,727 | 1,856 |
Other assets | 61 | 58 |
8,121 | 8,187 | |
Total assets | 40,330 | 40,408 |
Liabilities and Shareholders’ Equity: | ' | ' |
Accounts payable | 4,721 | 4,749 |
Accrued liabilities | 1,973 | 2,215 |
Income taxes payable | 38 | 26 |
Accrued contingent consideration (Note 4) | 60 | 60 |
Deferred revenue | 482 | 300 |
Total current liabilities | 7,274 | 7,350 |
Deferred revenue, net of current portion | 88 | 103 |
Deferred rent, net of current portion | 226 | 244 |
Other liabilities | 207 | 190 |
521 | 537 | |
Total liabilities | 7,795 | 7,887 |
Shareholders’ equity: | ' | ' |
Common stock, $0.01 par value, 20,000,000 shares authorized; 11,116,293 and 11,106,354 shares issued, respectively; 8,329,255 and 8,319,316 shares outstanding, respectively | 111 | 111 |
Additional paid-in capital | 27,875 | 27,674 |
Retained earnings | 27,138 | 27,326 |
Accumulated other comprehensive loss, net of tax | -62 | -63 |
Treasury stock, at cost, 2,787,038 shares | -22,527 | -22,527 |
Total shareholders’ equity | 32,535 | 32,521 |
Total liabilities and shareholders’ equity | $40,330 | $40,408 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated amortization (in Dollars) | $1,940 | $1,811 |
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 | 11,116,293 | 11,106,354 |
Common stock, shares outstanding | 8,329,255 | 8,319,316 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $13,619,000 | $15,057,000 |
Cost of sales | 7,893,000 | 8,624,000 |
Gross profit | 5,726,000 | 6,433,000 |
Operating expenses: | ' | ' |
Engineering, design and product development | 1,230,000 | 1,012,000 |
Selling and marketing | 1,965,000 | 1,786,000 |
General and administrative | 1,888,000 | 2,034,000 |
Legal fees associated with lawsuit (Note 8) | 12,000 | 199,000 |
5,095,000 | 5,031,000 | |
Operating income | 631,000 | 1,402,000 |
Interest and other (expense) income: | ' | ' |
Interest, net | -14,000 | -1,000 |
Other, net | -8,000 | 37,000 |
-22,000 | 36,000 | |
Income before income taxes | 609,000 | 1,438,000 |
Income tax provision | 215,000 | 278,000 |
Net income | $394,000 | $1,160,000 |
Net income per common share: | ' | ' |
Basic (in Dollars per share) | $0.05 | $0.13 |
Diluted (in Dollars per share) | $0.05 | $0.13 |
Shares used in per-share calculation: | ' | ' |
Basic (in Shares) | 8,373 | 8,717 |
Diluted (in Shares) | 8,553 | 8,809 |
Dividends declared and paid per common share: (in Dollars per share) | $0.07 | $0.06 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $394 | $1,160 |
Foreign currency translation adjustment, net of tax | 1 | -28 |
Comprehensive income | $395 | $1,132 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $394,000 | $1,160,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Share-based compensation expense | 145,000 | 134,000 |
Incremental tax benefits from stock options exercised | ' | -3,000 |
Depreciation and amortization | 360,000 | 454,000 |
Foreign currency transaction (gains) losses | 8,000 | -37,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 329,000 | 5,133,000 |
Inventories | -41,000 | -900,000 |
Prepaid income taxes | 198,000 | ' |
Other current and long term assets | -212,000 | -282,000 |
Accounts payable | -27,000 | -2,398,000 |
Accrued liabilities and other liabilities | -10,000 | -942,000 |
Net cash provided by operating activities | 1,144,000 | 2,319,000 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -288,000 | -226,000 |
Additions to capitalized software | ' | -42,000 |
Net cash used in investing activities | -288,000 | -268,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from stock option exercises | 56,000 | 80,000 |
Payment of dividends on common stock | -582,000 | -519,000 |
Purchases of common stock for treasury | ' | -692,000 |
Incremental tax benefits from stock options exercised | ' | 3,000 |
Net cash used in financing activities | -582,000 | -1,128,000 |
Effect of exchange rate changes on cash and cash equivalents | -5,000 | -11,000 |
Increase in cash and cash equivalents | 269,000 | 912,000 |
Cash and cash equivalents, beginning of period | 2,936,000 | 7,537,000 |
Cash and cash equivalents, end of period | $3,205,000 | $8,449,000 |
1_Basis_of_presentation
1. Basis of presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [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, 2013 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, 2013 included in our Annual Report on Form 10-K. | |
The financial position and results of operations of our U.K. 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 months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. | |
2_Inventories
2. Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
2. Inventories | ||||||||
The components of inventories are: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Raw materials and purchased component parts | $ | 7,652 | $ | 7,263 | ||||
Work-in-process | 2 | 31 | ||||||
Finished goods | 5,896 | 6,215 | ||||||
$ | 13,550 | $ | 13,509 | |||||
3_Accrued_product_warranty_lia
3. Accrued product warranty liability | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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 three months ended March 31, 2014: | ||||
(In thousands) | ||||
Balance, beginning of period | $ | 366 | ||
Warranties issued | 92 | |||
Warranty settlements | -68 | |||
Balance, end of period | $ | 390 | ||
Approximately 291,000 of the accrued product warranty liability is classified as current in Accrued liabilities at March 31, 2014 in the Condensed Balance Sheets. The remaining $99,000 of the accrued product warranty liability is classified as long-term in Other liabilities. | ||||
4_Accrued_contingent_considera
4. Accrued contingent consideration | 3 Months Ended |
Mar. 31, 2014 | |
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 January 1, 2012 which was 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 $0 to $200,000. The fair value of the contingent consideration arrangement was $60,000 at March 31, 2014 and December 31, 2013, 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 three months of 2014, the fair value of the contingent consideration remained unchanged. No payments were made under the arrangement during the three months ended March 31, 2014 as the underlying conditions of the contingent consideration arrangement were not satisfied. Refer to Note 3, Business acquisitions, of the Company’s Consolidated Financial Statements included in the Company’s 2013 Annual Report on Form 10-K for the year ended December 31, 2013 for additional information regarding this contingent consideration arrangement. | |
5_Earnings_per_share
5. Earnings per share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands, except per share data) | ||||||||
Net income | $ | 394 | $ | 1,160 | ||||
Shares: | ||||||||
Basic: Weighted average common shares outstanding | 8,373 | 8,717 | ||||||
Add: Dilutive effect of outstanding options as determined by the treasury stock method | 180 | 92 | ||||||
Diluted: Weighted average common and common equivalent shares outstanding | 8,553 | 8,809 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.05 | $ | 0.13 | ||||
Diluted | $ | 0.05 | $ | 0.13 | ||||
For the three months ended March 31, 2014 and 2013, there were 174,000 and 666,125, respectively, potentially dilutive shares consisting of stock options that were excluded from the calculation of earnings per diluted share because the effect would have been anti-dilutive. | ||||||||
6_Shareholders_equity
6. Shareholders' equity | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||
6. Shareholders’ equity | ||||
Changes in shareholders’ equity for the three months ended March 31, 2014 were as follows (in thousands): | ||||
Balance at December 31, 2013 | $ | 32,521 | ||
Net income | 394 | |||
Share-based compensation expense | 145 | |||
Issuance of deferred stock units, net of relinquishments | 56 | |||
Foreign currency translation adjustment | 1 | |||
Dividends declared and paid on common stock | -582 | |||
Balance at March 31, 2014 | $ | 32,535 | ||
We paid a portion of the 2013 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 February 2014 and were fully vested at the time of grant. | ||||
For the three months ended March 31, 2014, our Board of Directors declared a quarterly cash dividend of $0.07 per share, totaling approximately $582,000, which was paid in March 2014 to common shareholders of record at the close of business on February 20, 2014. | ||||
7_Income_taxes
7. Income taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
7. Income taxes | |
We recorded an income tax provision for the first quarter of 2014 of $215,000 at an effective tax rate of 35.3%, compared to an income tax provision during the first quarter of 2013 of $278,000 at an effective tax rate of 19.3%. Our effective tax rate for the first three months of 2013 was unusually low because it included the full-year 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 March 31, 2014, we had $108,000 of total gross unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. | |
8_Commitments_and_contingencie
8. Commitments and contingencies (Under Review) | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
8. 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 April 16, 2014, the Court of Appeals denied AD’s motion to reconsider its decision. | |
Resource Sufficiency | |
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 April 16, 2014, the Court of Appeals denied AD’s motion to reconsider its decision. | |
2_Inventories_Tables
2. Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Raw materials and purchased component parts | $ | 7,652 | $ | 7,263 | ||||
Work-in-process | 2 | 31 | ||||||
Finished goods | 5,896 | 6,215 | ||||||
$ | 13,550 | $ | 13,509 |
3_Accrued_product_warranty_lia1
3. Accrued product warranty liability (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||
(In thousands) | ||||
Balance, beginning of period | $ | 366 | ||
Warranties issued | 92 | |||
Warranty settlements | -68 | |||
Balance, end of period | $ | 390 |
5_Earnings_per_share_Tables
5. Earnings per share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands, except per share data) | ||||||||
Net income | $ | 394 | $ | 1,160 | ||||
Shares: | ||||||||
Basic: Weighted average common shares outstanding | 8,373 | 8,717 | ||||||
Add: Dilutive effect of outstanding options as determined by the treasury stock method | 180 | 92 | ||||||
Diluted: Weighted average common and common equivalent shares outstanding | 8,553 | 8,809 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.05 | $ | 0.13 | ||||
Diluted | $ | 0.05 | $ | 0.13 |
6_Shareholders_equity_Tables
6. Shareholders' equity (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Schedule of Stockholders Equity [Table Text Block] | ' | |||
Balance at December 31, 2013 | $ | 32,521 | ||
Net income | 394 | |||
Share-based compensation expense | 145 | |||
Issuance of deferred stock units, net of relinquishments | 56 | |||
Foreign currency translation adjustment | 1 | |||
Dividends declared and paid on common stock | -582 | |||
Balance at March 31, 2014 | $ | 32,535 |
2_Inventories_Details_Inventor
2. Inventories (Details) - Inventory components (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory components [Abstract] | ' | ' |
Raw materials and purchased component parts | $7,652 | $7,263 |
Work-in-process | 2 | 31 |
Finished goods | 5,896 | 6,215 |
$13,550 | $13,509 |
3_Accrued_product_warranty_lia2
3. Accrued product warranty liability (Details) (USD $) | Mar. 31, 2014 |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Accrual, Current | $291,000 |
Product Warranty Accrual, Noncurrent | $99,000 |
3_Accrued_product_warranty_lia3
3. Accrued product warranty liability (Details) - Warranty Activity (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Warranty Activity [Abstract] | ' |
Balance, beginning of period | $366 |
Warranties issued | 92 |
Warranty settlements | -68 |
Balance, end of period | $390 |
4_Accrued_contingent_considera1
4. Accrued contingent consideration (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination, Contingent Consideration Arrangements, Description | '30% |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $0 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 200,000 |
Contingent Consideration Amount | $60,000 |
5_Earnings_per_share_Details
5. Earnings per share (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $174,000 | $666,125 |
5_Earnings_per_share_Details_E
5. Earnings per share (Details) - Earnings per share reconciliation (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings per share reconciliation [Abstract] | ' | ' |
Net income (in Dollars) | $394 | $1,160 |
Basic: Weighted average common shares outstanding | 8,373 | 8,717 |
Add: Dilutive effect of outstanding options as determined by the treasury stock method | 180 | 92 |
Diluted: Weighted average common and common equivalent shares outstanding | 8,553 | 8,809 |
Net income per common share: | ' | ' |
Basic (in Dollars per share) | $0.05 | $0.13 |
Diluted (in Dollars per share) | $0.05 | $0.13 |
6_Shareholders_equity_Details
6. Shareholders' equity (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.07 | $0.06 |
Payments of Ordinary Dividends, Common Stock | $582,000 | $519,000 |
6_Shareholders_equity_Details_
6. Shareholders' equity (Details) - Changes in Shareholders' Equity (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in Shareholders' Equity [Abstract] | ' | ' |
Balance at December 31, 2013 | $32,521 | ' |
Net income | 394 | 1,160 |
Share-based compensation expense | 145 | 134 |
Issuance of deferred stock units, net of relinquishments | 56 | 80 |
Foreign currency translation adjustment | 1 | ' |
Dividends declared and paid on common stock | -582 | ' |
Balance at March 31, 2014 | $32,535 | ' |
7_Income_taxes_Details
7. Income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income Tax Expense (Benefit) | $215,000 | $278,000 | ' |
Effective Income Tax Rate Reconciliation, Percent | 35.30% | 19.30% | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | ' | ' | 220,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $108,000 | ' | ' |