Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 12, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'EMPIRE RESOURCES INC /NEW/ | ' |
Entity Central Index Key | '0001019272 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'ERS | ' |
Entity Common Stock, Shares Outstanding | ' | 8,578,351 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash | $2,246 | $3,136 |
Trade accounts receivable (less allowance for doubtful accounts of $525 and $521) | 63,579 | 53,551 |
Inventories | 123,973 | 145,547 |
Deferred tax assets | 3,634 | 3,306 |
Advance to supplier, net of imputed interest of $206 and $292 | 3,118 | 3,061 |
Other current assets | 4,626 | 3,965 |
Total current assets | 201,176 | 212,566 |
Advance to supplier, net of imputed interest of $89 and $234, net of current maturities | 4,087 | 6,413 |
Preferential supply agreement | 721 | 962 |
Long-term financing costs, net of amortization | 495 | 862 |
Property and equipment, net | 3,902 | 3,987 |
Total assets | 210,381 | 224,790 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Notes payable - banks | 117,612 | 124,095 |
Current maturities of mortgage payable | 179 | 171 |
Trade accounts payable | 27,983 | 36,048 |
Income taxes payable | 2,219 | 3,036 |
Accrued expenses and derivative liabilities | 3,538 | 4,783 |
Dividends payable | 215 | 0 |
Total current liabilities | 151,746 | 168,133 |
Mortgage payable, net of current maturities | 1,154 | 1,290 |
Subordinated convertible debt net of unamortized discount of $1,509 and $1,933 respectively | 10,491 | 10,067 |
Derivative liability for embedded conversion option | 2,448 | 1,996 |
Deferred taxes payable | 50 | 195 |
Total Liabilities | 165,889 | 181,681 |
Commitments (Note 19) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock $0.01 par value, 20,000,000 shares authorized and 11,749,651 shares issued at September 30, 2013 and December 31, 2012 | 117 | 117 |
Additional paid-in capital | 11,937 | 11,937 |
Retained earnings | 37,920 | 36,641 |
Accumulated other comprehensive loss | -9 | -136 |
Treasury stock, 3,165,791 and 3,158,597 shares at September 30, 2013 and December 31, 2012, respectively | -5,473 | -5,450 |
Total stockholders' equity | 44,492 | 43,109 |
Total liabilities and stockholders' equity | $210,381 | $224,790 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets [Parenthetical] (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, trade accounts | $525 | $521 |
Imputed interest, advance to supplier amortization amount | 206 | 292 |
Imputed interest, advance to supplier amortization amount, current | 89 | 234 |
Unamortized discount, subordinated convertible debt | $1,509 | $1,933 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 11,749,651 | 11,749,651 |
Treasury stock (in shares) | 3,165,791 | 3,158,597 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (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 |
Net sales | $126,390 | $137,705 | $370,288 | $429,006 |
Cost of goods sold | 121,082 | 131,597 | 353,083 | 410,123 |
Gross profit | 5,308 | 6,108 | 17,205 | 18,883 |
Selling, general and administrative expenses | 3,602 | 3,432 | 10,361 | 10,191 |
Operating income | 1,706 | 2,676 | 6,844 | 8,692 |
Other expenses | ' | ' | ' | ' |
Change in value of derivative liability | 1,715 | 410 | -452 | 361 |
Interest expense, net | -1,156 | -1,378 | -3,403 | -4,119 |
Income before income taxes | 2,265 | 1,708 | 2,989 | 4,934 |
Income taxes | 794 | 656 | 1,066 | 1,883 |
Net income | $1,471 | $1,052 | $1,923 | $3,051 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 8,586 | 8,594 | 8,585 | 9,000 |
Diluted | 11,835 | 11,503 | 8,856 | 11,914 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.17 | $0.12 | $0.22 | $0.34 |
Diluted | $0.06 | $0.09 | $0.22 | $0.31 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (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 | $1,471 | $1,052 | $1,923 | $3,051 |
Other comprehensive income/(loss) before tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 119 | 43 | 81 | -26 |
Decrease in value of interest rate swap liability | 13 | 11 | 42 | 36 |
Reclassification of loss on sale/(decrease) in value of marketable securities | 0 | -2 | 32 | -4 |
Other comprehensive income before tax | 132 | 52 | 155 | 6 |
Income tax related to components of other comprehensive income | 5 | 3 | 28 | 12 |
Other comprehensive income/(loss), net of tax | 127 | 49 | 127 | -6 |
Comprehensive income | $1,598 | $1,101 | $2,050 | $3,045 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $1,923 | $3,051 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 518 | 506 |
Change in value of derivative liability | 452 | -361 |
Amortization of convertible note discount | 424 | 424 |
Imputed interest on vendor advance | -231 | -347 |
Provision for doubtful accounts | 0 | -6 |
Amortization of supply agreement | 240 | 0 |
Deferred income taxes | -503 | 105 |
Foreign exchange loss/(gain), and other | -23 | 15 |
Loss on sale of marketable securities | 32 | 0 |
Changes in: | ' | ' |
Restricted cash | 0 | -1,410 |
Trade accounts receivable | -9,932 | -8,854 |
Inventories | 21,708 | 54,451 |
Other current assets | -666 | 7,452 |
Trade accounts payable | -8,061 | -26,366 |
Income taxes payable | -818 | -1,657 |
Accrued expenses and derivative liabilities | -1,221 | 3,634 |
Net cash provided by operating activities | 3,842 | 30,637 |
Cash flows provided by/(used in) investing activities: | ' | ' |
Repayment/(advance) related to supply agreement | 2,500 | -5,000 |
Net proceeds from sale of marketable securities | 6 | 0 |
Purchases of property and equipment | -6 | -38 |
Net cash provided by/(used in) investing activities | 2,500 | -5,038 |
Cash flows used in financing activities: | ' | ' |
Repayments of notes payable - banks | -6,594 | -24,462 |
Repayments - mortgage payable | -127 | -119 |
Dividends paid | -429 | -676 |
Deferred financing costs | -60 | -62 |
Treasury stock purchased | -23 | -1,932 |
Net cash used in financing activities | -7,233 | -27,251 |
Net decrease in cash | -891 | -1,652 |
Effect of exchange rate | 1 | -1 |
Cash at beginning of period | 3,136 | 4,274 |
Cash at end of the period | 2,246 | 2,621 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest | 2,913 | 4,052 |
Income taxes | 1,955 | 2,664 |
Non cash financing activities: | ' | ' |
Dividend declared but not yet paid | $215 | $215 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2012 | $43,109 | $117 | $11,937 | $36,641 | ($136) | ($5,450) |
Balance (in shares) at Dec. 31, 2012 | ' | 11,750 | ' | ' | ' | ' |
Treasury stock acquired | -23 | ' | ' | ' | ' | -23 |
Net change in cumulative translation adjustment | 81 | ' | ' | ' | 81 | ' |
Decrease in value of interest rate swap liability, net of deferred tax of $16 | 26 | ' | ' | ' | 26 | ' |
Reclassification on loss of sale of marketable securities, net of deferred tax of $12 | 20 | ' | ' | ' | 20 | ' |
Dividends declared ($0.075 per share) | -644 | ' | ' | -644 | ' | ' |
Net income | 1,923 | ' | ' | 1,923 | ' | ' |
Balance at Sep. 30, 2013 | $44,492 | $117 | $11,937 | $37,920 | ($9) | ($5,473) |
Balance(in shares) at Sep. 30, 2013 | ' | 11,750 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Equity [Parenthetical] (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Decrease in value of interest rate swap liability, net of deferred tax | $16 |
Increase in value of marketable securities, net of deferred tax | $12 |
Dividends declared | $0.08 |
The_Company
The Company | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. The Company | |
The condensed consolidated financial statements include the accounts of Empire Resources, Inc. (the “Company”) and its wholly-owned subsidiaries, Empire Resources Pacific Ltd., the Company’s sales agent in Australia, 6900 Quad Avenue LLC, the owner of a warehouse facility in Baltimore, Maryland, and Imbali Metals BVBA (“Imbali”), the Company’s operating subsidiary in Europe. All significant inter-company transactions and accounts have been eliminated on consolidation. The Company purchases and sells semi-finished aluminum and steel products to a diverse customer base located in the Americas, Australia, Europe and New Zealand. | |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Condensed Financial Statements [Text Block] | ' |
2. Interim Financial Statements | |
The condensed consolidated interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. The information and note disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The Company’s management is responsible for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments which are of a normal and recurring nature, necessary to present fairly the Company’s financial position as of September 30, 2013 and the results of its operations and cash flows for the three and nine months ended September 30, 2013 and 2012. Interim results may not be indicative of the results that may be expected for the year. | |
Use_of_Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2013 | |
Use Of Estimates [Abstract] | ' |
Use Of Estimates [Text Block] | ' |
3. Use of Estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. | |
Newly_Effective_Accounting_Pro
Newly Effective Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes In Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
4. Newly Effective Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued authoritative guidance on the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”) and changes in AOCI balances. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2012, with early adoption permitted. The Company adopted this guidance effective January 1, 2013. | |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2013 | |
Concentrations [Abstract] | ' |
Concentrations [Text Block] | ' |
5. Concentrations | |
During the nine month period ended September 30, 2013, no one customer accounted for 10% of our consolidated sales. During the nine month period ended September 30, 2012 one customer accounted for approximately 10% of our consolidated net sales. | |
The Company purchases metal products from a limited number of suppliers throughout the world. Two suppliers, PT Alumindo Light Metal Industry and Hulamin Ltd. accounted for 50% of total purchases during the nine month period ended September 30, 2013, as compared to 59% during the same period ended September 30, 2012. | |
The loss of any one of our largest suppliers or a material default by any such supplier in its obligations to us could have a material adverse effect on our business. | |
Stock_Options
Stock Options | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
6. Stock Options | |
Stock-based compensation for an award of equity instruments, including stock options, is recognized as an expense over the vesting period based on the fair value of the award at the grant date. As of September 30, 2013, there were outstanding employee stock options to acquire 414 shares of common stock, which had vested in prior years. During the nine month period ended September 30, 2013, the Company did not grant any stock options. | |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Treasury Stock [Text Block] | ' |
7. Treasury Stock | |
On July 22, 2008, the Board of Directors authorized the Company to repurchase up to 2,000 shares of its common stock. As of December 31, 2012, the Company repurchased a total of 1,245 shares under the repurchase program for an aggregate cost of $3,222 of which, pursuant to a tender offer which expired on June 29, 2012, 600 shares were purchased in 2012 at a cost of $1,800 ($3.00 per share). During the nine month period ended September 30, 2013, the Company purchased 7 shares at a cost of $23. As of September 30, 2013, the Company repurchased 1,252 shares under the repurchase program for an aggregate cost of $3,245. | |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2013 | |
Inventory Disclosure [Abstract] | ' |
Inventory Disclosure [Text Block] | ' |
8. Inventories | |
Inventories, which consist of purchased semi-finished metal products, are stated at the lower of cost or market value. Cost is determined by the specific-identification method. Inventory is purchased for specific customer orders and the Company’s own inventory. The carrying amount of inventory, which is hedged by futures contracts designated as fair value hedges, is adjusted to fair value. | |
Notes_PayableBanks
Notes Payable-Banks | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-term Debt [Text Block] | ' |
9. Notes Payable—Banks | |
On April 28, 2011, the Company entered into a working capital credit agreement with Rabobank International, for itself and as Lead Arranger and Agent, JPMorgan Chase, for itself and as Syndication Agent, and ABN AMRO, BNP Paribas, RBS Citizens, Société Générale, and Brown Brothers Harriman. The $200,000 secured, asset-based credit facility matures on June 30, 2014 and refinanced the Company’s previous $175,000 credit agreement which would have matured on June 30, 2011. This credit agreement also allows additional increases in the line of credit of up to $50,000, subject to certain restrictions. Amounts borrowed bear interest (0.19% at September 30, 2013) at Eurodollar, money market or base rates, at our option, plus an applicable margin. Our borrowings under this credit agreement are secured by substantially all of our assets. The credit agreement contains financial and other covenants, including but not limited to, covenants requiring maintenance of minimum tangible net worth and compliance with leverage ratios, as well as an ownership minimum and limitations on other indebtedness, liens, and investments and dispositions of assets. As of September 30, 2013, the Company was in compliance with all covenants under this line of credit. | |
The credit agreement provides that amounts under the facility may be borrowed and repaid, and re-borrowed, subject to a borrowing base test, until the maturity date of June 30, 2014. As of September 30, 2013 and December 31, 2012, the credit utilized amounted to, respectively, $161,676 and $151,784 (including approximately $48,676 and $33,534 of outstanding letters of credit). | |
Our wholly owned Belgian subsidiary, Imbali, maintains a line of credit with ING Belgium S.A./N.V., for a EUR 8,000 (US$10,821) commitment for loans and documentary letters of credit. Loan advances are limited to a percentage of Imbali’s pledged accounts receivables and inventory and bear interest at EURIBOR plus 1.75%. This secured credit arrangement is unconditionally guaranteed by the Company. As of September 30, 2013, the outstanding loan amounted to EUR 3,410 (US $4,612), as compared to EUR 4,430 (US $5,845) on December 31, 2012. As of September 30, 2013 Imbali was in compliance with all financial covenants. | |
Mortgage_Payable
Mortgage Payable | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Mortgage Notes Payable Disclosure [Text Block] | ' |
10. Mortgage Payable | |
In connection with the purchase of its Baltimore warehouse, the Company entered into a mortgage loan, which had outstanding balances of $1,333 at September 30, 2013 and $1,461 at December 31, 2012. The loan requires monthly payments of approximately $21.6, including interest at LIBOR plus 1.75%, and matures in December 2014. Under a related interest rate swap, which has been designated as a cash flow hedge and remains effective through the maturity of the mortgage loan, the Company pays a monthly fixed interest rate of 6.37% to the counterparty bank on a notional principal equal to the outstanding principal balance of the mortgage. In return, the bank pays the Company a floating rate, namely, LIBOR, which resets monthly, plus 1.75% on the same notional principal amount. | |
Convertible_Subordinated_Debt
Convertible Subordinated Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Subordinated Borrowings Disclosure [Text Block] | ' | ||||||||
11. Convertible Subordinated Debt | |||||||||
On June 3, 2011, the Company issued $12,000 principal amount of 10% Convertible Senior Subordinated Notes Due June 1, 2016 in a private placement to selected accredited investors. As of September 30, 2013, the notes are convertible at the option of the holders into shares of common stock at a conversion rate of 248.80 shares of common stock per $1,000 principal amount of notes (equivalent to a conversion price of $4.02 per share of common stock), subject to dilutive adjustment for cash and stock dividends, stock splits and similar transactions, at any time before maturity. The current conversion price reflects ten adjustments for dividends declared on the Company’s common stock since the issuance of the notes. In addition, if the last reported sale price of the Company’s common stock for 30 consecutive trading days is equal to or greater than $7.00, and a registration statement is effective covering the resale of the shares of common stock issuable upon conversion of the notes, the Company has the right, in its sole discretion, to require the holders to convert all or part of their notes at the then applicable conversion rate. Interest on the notes is payable in arrears on the first day of June and December every year the notes are outstanding. The purchase agreement pursuant to which the notes were issued contains covenants, including restrictions on the Company’s ability to incur certain indebtedness and create certain liens. As of September 30, 2013, the Company was in compliance with all covenants. Officers and directors of the Company and certain affiliated entities purchased $4,000 principal amount of the notes. | |||||||||
As a result of transactions which cause adjustments to the conversion rate, the embedded conversion option has been bifurcated and recorded as a separate derivative liability at a fair value at issuance of the notes of $2,829, with a corresponding discount recorded on the notes. The derivative liability is carried at fair value with changes therein recorded in income. The quarterly mark to market of the derivative liability will result in non-operating, non-cash gains or losses based on decreases or increases in the Company’s stock price, respectively, among other factors. The non-cash discount is being amortized as additional interest expense over the term of the notes. During the three month period ended September 30, 2013, the decrease in the fair value of the derivative liability resulted in a gain of $1,715. During the nine month period ended September 30, 2013 the increase in the fair value of the derivative liability resulted in a loss of $452. During the three and nine month period ended September 30, 2013, amortization of the discount amounted to $141 and $424, respectively. During the three and nine month period ended September 30, 2012, the change in the fair value of the derivative liability resulted in gains of $410 and $361, respectively. During the three and nine month period ended September 30, 2012 amortization of the discount amounted to $141 and $424, respectively. | |||||||||
The derivative liability was valued using a lattice model using unobservable (level 3) inputs. This technique was selected because it embodies all of the types of inputs that the Company expects market participants would consider in determining the fair value of equity linked derivatives embedded in hybrid debt agreements. | |||||||||
The following table summarizes the significant inputs resulting from the calculations as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Equity value | $ | 32,619 | $ | 25,696 | |||||
Volatility | 50 | % | 55 | % | |||||
Risk free return | 0.63 | % | 0.54 | % | |||||
Dividend Yield | 2.63 | % | 3.34 | % | |||||
Strike Price | $ | 4.02 | $ | 4.09 | |||||
The majority of the proceeds from the notes were earmarked for a long term advance in connection with a supply agreement with the Indonesian company PT. Alumindo Light Metal Industry Tbk (“PT. Alumindo”), a leading producer of high quality semi-finished aluminum products, and its affiliates, as described below. The Company provided a $10 million non-interest bearing loan to an affiliate of PT. Alumindo to enable the expansion of capacity within that group of companies’ production network. Agreements entered into in connection with this loan also provide for a long term, multi-year substantial and preferential supply position from PT. Alumindo's premier aluminum rolling mill located in Surabaya, Indonesia. The pre-payment advance became repayable to us beginning on January 1, 2013 in monthly installments of $278. As of November 12, 2013, the payments are up to date and current. If the Company and PT. Alumindo are unable to agree on a product price under the supply agreement for any given quarter, the monthly re-payment obligation will increase to $556 and the outstanding balance will accrue interest, at the one month U.S. dollar LIBOR rate plus 3.5% per annum, per month. The entire remaining balance, if any, must be repaid on January 1, 2016. As consideration for this loan, PT. Alumindo agreed to make available a committed and significant tonnage of production to the Company on a guaranteed and long-term basis, which will help the Company lessen the risk of an interruption in the sources of its metal supply from PT. Alumindo’s mill in Surabaya, Indonesia, with which the Company has had substantial experience. The supply agreement calls for increased supply and minimum tonnages. | |||||||||
Interest at the rate of 3.74%, based on the interest rate chargeable in the agreement in the event the supplier does not meet its supply commitments, has been imputed on the non-interest bearing advance and the resulting discount which amounted to $962 has been ascribed to the preferential supply agreement. Imputed interest is recorded in income over the term of the advance by use of the interest method. The preferential supply agreement is being amortized by the straight line method over three years starting from January 1, 2013, the date that the increased supply began. During the three and nine month period ended September 30, 2013, amortization amounted to $80 and $240, respectively. | |||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
12. Earnings per Share | ||||||||||||||
Basic earnings per share are based upon weighted average number of shares of common stock outstanding during each period. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding during each period, plus potential dilutive shares of common stock from assumed exercise of the outstanding stock options using the treasury stock method and assumed conversion of subordinated debt. | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator: | ||||||||||||||
Net income | $ | 1,471 | $ | 1,052 | $ | 1,923 | $ | 3,051 | ||||||
Add back of interest on convertible subordinated debt, net of taxes | 185 | 185 | - | 556 | ||||||||||
Add back of amortization of discount on convertible subordinated debt, net of taxes | 87 | 87 | - | 262 | ||||||||||
Adjustment for change in value of convertible note derivative, net of taxes | -1,060 | -254 | - | -223 | ||||||||||
Numerator for diluted earnings per share | $ | 683 | $ | 1,070 | $ | 1,923 | $ | 3,646 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding-basic | 8,586 | 8,594 | 8,585 | 9,000 | ||||||||||
Dilutive effect of stock options | 263 | 190 | 271 | 195 | ||||||||||
Dilutive effect of convertible subordinated debt | 2,986 | 2,719 | - | 2,719 | ||||||||||
Weighted average shares outstanding-diluted | 11,835 | 11,503 | 8,856 | 11,914 | ||||||||||
Basic Earnings per Share | $ | 0.17 | $ | 0.12 | $ | 0.22 | $ | 0.34 | ||||||
Diluted Earnings per Share | $ | 0.06 | $ | 0.09 | $ | 0.22 | $ | 0.31 | ||||||
In computing diluted earnings per share for the nine months ended September 30, 2013, no effect has been given to the 2,986 common shares issuable upon conversion of subordinated debt as the effect thereof is anti-dilutive. | ||||||||||||||
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Dividend Disclosure [Text Block] | ' |
13. Dividends | |
On September 12, 2013, our Board of Directors declared a cash dividend of $0.025 per share to stockholders of record at the close of business on September 27, 2013. The dividend, totaling $215, was paid on October 11, 2013. On March 21, 2013, our Board of Directors declared a cash dividend of $0.025 per share to stockholders of record at the close of business on April 4, 2013. The dividend, totaling $215, was paid on April 11, 2013. On June 18, 2013, our Board of Directors declared a cash dividend of $0.025 per share to stockholders of record at the close of business on July 5, 2013. The dividend, totaling $215, was paid on July 17, 2013. The Board of Directors will review its dividend policy on a quarterly basis, and make a determination subject to the profitability and free cash flow and the other requirements of the business. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Risk Management | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||
14. Derivative Financial Instruments and Risk Management | ||||||||||||||||||
The Company uses derivative financial instruments designated as fair value hedges to manage its exposure to commodity price risk and foreign currency exchange risk inherent in its operations. It is the Company’s policy to hedge such risks to the extent practicable. The Company enters into high-grade aluminum futures contracts to limit its gross margin exposure by hedging the metal content element of firmly committed purchase and sales commitments. The Company also enters into foreign exchange forward contracts to hedge its exposure related to commitments to buy and sell metals denominated in international currencies. | ||||||||||||||||||
The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value are as follows: | ||||||||||||||||||
Derivatives designated | September 30, | December 31, | ||||||||||||||||
as fair value hedges | Balance Sheet Location | 2013 | 2012 | |||||||||||||||
Asset derivatives: | ||||||||||||||||||
Aluminum futures contracts | Other current assets | $ | 308 | - | ||||||||||||||
Total | $ | 308 | $ | - | ||||||||||||||
Liability derivatives: | ||||||||||||||||||
Foreign currency forward contracts | Accrued expenses and derivative liabilities | $ | 101 | $ | 27 | |||||||||||||
Aluminum futures contracts | Accrued expenses and derivative liabilities | 61 | 842 | |||||||||||||||
Total | $ | 162 | $ | 869 | ||||||||||||||
For the periods ended September 30, 2013 and September 30, 2012, hedge ineffectiveness associated with derivatives designated as fair value hedges was insignificant, and no fair value hedges were derecognized. | ||||||||||||||||||
The Company has entered into interest rate swaps to convert the mortgage for its Baltimore warehouse from a variable rate to a fixed rate obligation. The swap has been designated as a cash flow hedge and the Company’s unrealized liabilities relating to it measured at fair value are as follows: | ||||||||||||||||||
Derivatives designated | September 30, | December 31, | ||||||||||||||||
as cash flow hedges | Balance Sheet Location | 2013 | 2012 | |||||||||||||||
Liability derivatives: | ||||||||||||||||||
Interest rate swap contracts | Accrued expenses and derivative liabilities | $ | 66 | $ | 111 | |||||||||||||
A corresponding debit, net of deferred taxes, is reflected in accumulated other comprehensive loss in the accompanying balance sheets. | ||||||||||||||||||
The table below summarizes the realized gains or (losses) of the Company’s derivative instruments and their location in the income statement: | ||||||||||||||||||
Derivatives in hedging | Location of Gain or | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||||
relationships | (Loss) Recognized | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | -357 | $ | -141 | $ | 521 | $ | -750 | ||||||||
Interest rate swaps | (b) | Interest expense, net | -9 | -17 | -41 | -51 | ||||||||||||
Aluminum futures | (c) | Cost of goods sold | 2,329 | 5,157 | 5,482 | 10,648 | ||||||||||||
Total | $ | 1,963 | $ | 4,999 | $ | 5,962 | $ | 9,847 | ||||||||||
a) | Fair value hedge: the related hedged item is accounts receivable and offsetting gains and losses in 2013 and gains in 2012 are included in cost of goods sold in the same respective amounts. | |||||||||||||||||
b) | Cash flow hedge: recognized losses reclassified from accumulated other comprehensive loss. | |||||||||||||||||
c) | Fair value hedge: the related hedged item is inventory and offsetting losses in 2013 and 2012 are included in cost of goods sold in the same respective amounts. | |||||||||||||||||
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||||
15. Fair Value | ||||||||||||||||||||
Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, as described below: | ||||||||||||||||||||
⋅ | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||||
⋅ | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||
⋅ | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||
Derivative contracts consisting of aluminum contracts, foreign currency contracts and interest rates swaps are valued using quoted market prices and significant other observable inputs. These financial instruments are typically exchange-traded and are generally classified within Level 1 or Level 2 of the fair value hierarchy depending on whether the exchange is deemed to be an active market or not. | ||||||||||||||||||||
Major categories of assets and liabilities measured at fair value at September 30, 2013 and December 31, 2012 are classified as follows: | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 107,307 | $ | 124,274 | ||||||||||||||||
Aluminum futures contracts | 308 | - | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Foreign currency forward contracts | 101 | 27 | ||||||||||||||||||
Interest rate swap contracts | $ | 66 | $ | 111 | ||||||||||||||||
Aluminum futures contracts | 61 | 842 | ||||||||||||||||||
Embedded conversion option | $ | 2,448 | $ | 1,996 | ||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Investments, All Other Investments [Abstract] | ' |
Financial Instruments Disclosure [Text Block] | ' |
16. Fair Value of Financial Instruments | |
The carrying amounts of variable rate notes payable to the banks and the variable rate mortgage payable approximate fair value (level 2) as of September 30, 2013 and December 31, 2012, because these notes reflect market changes to interest rates. The fair value (level 2) of the subordinated convertible debt approximates its principal amount of $12,000 at September 30, 2013 and December 31, 2012, which exceeds its carrying amount as a result of the unamortized discount related to the bifurcation of the embedded conversion option. The fair value (level 2) of the advance to supplier approximates its carrying value. Derivative financial instruments are carried at fair value (see Note 14). | |
Business_Segment_and_Geographi
Business Segment and Geographic Area Information | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
17. Business Segment and Geographic Area Information | ||||||||||||||
The Company’s only business segment is the sale and distribution of metals. Sales are attributed to countries based on location of customers as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
United States | $ | 75,667 | $ | 88,041 | $ | 239,818 | $ | 293,366 | ||||||
Latin America | 26,374 | 19,378 | 52,336 | 44,838 | ||||||||||
Canada | 11,932 | 11,827 | 36,587 | 40,482 | ||||||||||
Australia & New Zealand | 8,052 | 14,196 | 29,530 | 36,681 | ||||||||||
Europe | 4,365 | 4,263 | 12,017 | 13,639 | ||||||||||
$ | 126,390 | $ | 137,705 | $ | 370,288 | $ | 429,006 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||
18. Accumulated Other Comprehensive Loss (“AOCL”) | ||||||||||||||||
Changes in AOCL by component for the three and nine month periods ended September 30, 2013 on an after tax basis is as follows: | ||||||||||||||||
Three months ended September 30, 2013 | Foreign | Interest | Available | Total | ||||||||||||
Currency | Rate Swap | for Sale | ||||||||||||||
Translation | Contract | Marketable | ||||||||||||||
Securities | ||||||||||||||||
Beginning balance | $ | -86 | $ | -50 | $ | - | $ | -136 | ||||||||
Other comprehensive income before reclassification | 119 | 3 | - | 122 | ||||||||||||
Loss reclassified to operations | - | 5 | (a) | - | 5 | |||||||||||
Net current period other comprehensive income | 119 | 8 | - | 127 | ||||||||||||
Ending balance | $ | 33 | $ | -42 | $ | - | $ | -9 | ||||||||
(a) Reclassified to following line items in the statement of income: | ||||||||||||||||
Interest expense, net | $ | 9 | ||||||||||||||
Income taxes | -4 | |||||||||||||||
Net of tax | $ | 5 | ||||||||||||||
Nine months ended September 30, 2013 | Foreign | Interest | Available | Total | ||||||||||||
Currency | Rate Swap | for Sale | ||||||||||||||
Translation | Contract | Marketable | ||||||||||||||
Securities | ||||||||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | ||||||||
Other comprehensive income before reclassification | 81 | 1 | - | 82 | ||||||||||||
Loss reclassified to operations | - | 25 | (a) | 20 | (a) | 45 | ||||||||||
Net current period other comprehensive income | 81 | 26 | 20 | 127 | ||||||||||||
Ending balance | $ | 33 | $ | -42 | $ | - | $ | -9 | ||||||||
(a) Reclassified to following line items in the statement of income: | ||||||||||||||||
Interest expense, net | $ | 41 | $ | 32 | ||||||||||||
Income taxes | -16 | -12 | ||||||||||||||
Net of tax | $ | 25 | $ | 20 | ||||||||||||
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
19. Commitments | |
The Company had $48,676 in outstanding letters of credit to certain of its suppliers at September 30, 2013. | |
Convertible_Subordinated_Debt_
Convertible Subordinated Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||
The following table summarizes the significant inputs resulting from the calculations as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Equity value | $ | 32,619 | $ | 25,696 | |||||
Volatility | 50 | % | 55 | % | |||||
Risk free return | 0.63 | % | 0.54 | % | |||||
Dividend Yield | 2.63 | % | 3.34 | % | |||||
Strike Price | $ | 4.02 | $ | 4.09 | |||||
Earnings_per_Share_Tables
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] | ' | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator: | ||||||||||||||
Net income | $ | 1,471 | $ | 1,052 | $ | 1,923 | $ | 3,051 | ||||||
Add back of interest on convertible subordinated debt, net of taxes | 185 | 185 | - | 556 | ||||||||||
Add back of amortization of discount on convertible subordinated debt, net of taxes | 87 | 87 | - | 262 | ||||||||||
Adjustment for change in value of convertible note derivative, net of taxes | -1,060 | -254 | - | -223 | ||||||||||
Numerator for diluted earnings per share | $ | 683 | $ | 1,070 | $ | 1,923 | $ | 3,646 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding-basic | 8,586 | 8,594 | 8,585 | 9,000 | ||||||||||
Dilutive effect of stock options | 263 | 190 | 271 | 195 | ||||||||||
Dilutive effect of convertible subordinated debt | 2,986 | 2,719 | - | 2,719 | ||||||||||
Weighted average shares outstanding-diluted | 11,835 | 11,503 | 8,856 | 11,914 | ||||||||||
Basic Earnings per Share | $ | 0.17 | $ | 0.12 | $ | 0.22 | $ | 0.34 | ||||||
Diluted Earnings per Share | $ | 0.06 | $ | 0.09 | $ | 0.22 | $ | 0.31 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||
The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value are as follows: | ||||||||||||||||||
Derivatives designated | September 30, | December 31, | ||||||||||||||||
as fair value hedges | Balance Sheet Location | 2013 | 2012 | |||||||||||||||
Asset derivatives: | ||||||||||||||||||
Aluminum futures contracts | Other current assets | $ | 308 | - | ||||||||||||||
Total | $ | 308 | $ | - | ||||||||||||||
Liability derivatives: | ||||||||||||||||||
Foreign currency forward contracts | Accrued expenses and derivative liabilities | $ | 101 | $ | 27 | |||||||||||||
Aluminum futures contracts | Accrued expenses and derivative liabilities | 61 | 842 | |||||||||||||||
Total | $ | 162 | $ | 869 | ||||||||||||||
Schedule Of Derivatives Designated As Fair Value Hedges [Table Text Block] | ' | |||||||||||||||||
The swap has been designated as a cash flow hedge and the Company’s unrealized liabilities relating to it measured at fair value are as follows: | ||||||||||||||||||
Derivatives designated | September 30, | December 31, | ||||||||||||||||
as cash flow hedges | Balance Sheet Location | 2013 | 2012 | |||||||||||||||
Liability derivatives: | ||||||||||||||||||
Interest rate swap contracts | Accrued expenses and derivative liabilities | $ | 66 | $ | 111 | |||||||||||||
Schedule Of Derivatives Designated As Cash Flow Hedges [Table Text Block] | ' | |||||||||||||||||
The table below summarizes the realized gains or (losses) of the Company’s derivative instruments and their location in the income statement: | ||||||||||||||||||
Derivatives in hedging | Location of Gain or | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||||
relationships | (Loss) Recognized | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | -357 | $ | -141 | $ | 521 | $ | -750 | ||||||||
Interest rate swaps | (b) | Interest expense, net | -9 | -17 | -41 | -51 | ||||||||||||
Aluminum futures | (c) | Cost of goods sold | 2,329 | 5,157 | 5,482 | 10,648 | ||||||||||||
Total | $ | 1,963 | $ | 4,999 | $ | 5,962 | $ | 9,847 | ||||||||||
a) | Fair value hedge: the related hedged item is accounts receivable and offsetting gains and losses in 2013 and gains in 2012 are included in cost of goods sold in the same respective amounts. | |||||||||||||||||
b) | Cash flow hedge: recognized losses reclassified from accumulated other comprehensive loss. | |||||||||||||||||
c) | Fair value hedge: the related hedged item is inventory and offsetting losses in 2013 and 2012 are included in cost of goods sold in the same respective amounts. | |||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||||||
Major categories of assets and liabilities measured at fair value at September 30, 2013 and December 31, 2012 are classified as follows: | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 107,307 | $ | 124,274 | ||||||||||||||||
Aluminum futures contracts | 308 | - | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Foreign currency forward contracts | 101 | 27 | ||||||||||||||||||
Interest rate swap contracts | $ | 66 | $ | 111 | ||||||||||||||||
Aluminum futures contracts | 61 | 842 | ||||||||||||||||||
Embedded conversion option | $ | 2,448 | $ | 1,996 | ||||||||||||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
The Company’s only business segment is the sale and distribution of metals. Sales are attributed to countries based on location of customers as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
United States | $ | 75,667 | $ | 88,041 | $ | 239,818 | $ | 293,366 | ||||||
Latin America | 26,374 | 19,378 | 52,336 | 44,838 | ||||||||||
Canada | 11,932 | 11,827 | 36,587 | 40,482 | ||||||||||
Australia & New Zealand | 8,052 | 14,196 | 29,530 | 36,681 | ||||||||||
Europe | 4,365 | 4,263 | 12,017 | 13,639 | ||||||||||
$ | 126,390 | $ | 137,705 | $ | 370,288 | $ | 429,006 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Changes in AOCL by component for the three and nine month periods ended September 30, 2013 on an after tax basis is as follows: | |||||||||||||||||
Three months ended September 30, 2013 | Foreign | Interest | Available | Total | |||||||||||||
Currency | Rate Swap | for Sale | |||||||||||||||
Translation | Contract | Marketable | |||||||||||||||
Securities | |||||||||||||||||
Beginning balance | $ | -86 | $ | -50 | $ | - | $ | -136 | |||||||||
Other comprehensive income before reclassification | 119 | 3 | - | 122 | |||||||||||||
Loss reclassified to operations | - | 5 | (a) | - | 5 | ||||||||||||
Net current period other comprehensive income | 119 | 8 | - | 127 | |||||||||||||
Ending balance | $ | 33 | $ | -42 | $ | - | $ | -9 | |||||||||
Nine months ended September 30, 2013 | Foreign | Interest | Available | Total | |||||||||||||
Currency | Rate Swap | for Sale | |||||||||||||||
Translation | Contract | Marketable | |||||||||||||||
Securities | |||||||||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | |||||||||
Other comprehensive income before reclassification | 81 | 1 | - | 82 | |||||||||||||
Loss reclassified to operations | - | 25 | (a) | 20 | (a) | 45 | |||||||||||
Net current period other comprehensive income | 81 | 26 | 20 | 127 | |||||||||||||
Ending balance | $ | 33 | $ | -42 | $ | - | $ | -9 | |||||||||
Schedule Of Reclassified Line Items In Statement Of Income [Table Text Block] | ' | ||||||||||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||||
Interest expense, net | $ | 9 | |||||||||||||||
Income taxes | (4 | ) | |||||||||||||||
Net of tax | $ | 5 | |||||||||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||||
Interest expense, net | $ | 41 | $ | 32 | |||||||||||||
Income taxes | (16 | ) | (12 | ) | |||||||||||||
Net of tax | $ | 25 | $ | 20 | |||||||||||||
Concentrations_Details_Textual
Concentrations (Details Textual) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Cost Of Goods, Total [Member] | ||
Customer One [Member] | ||||
Concentration Risk, Percentage | 50.00% | 10.00% | 10.00% | 59.00% |
Stock_Options_Details_Textual
Stock Options (Details Textual) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 414 |
Treasury_Stock_Details_Textual
Treasury Stock (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jul. 22, 2008 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Repurchase One [Member] | Repurchase Two [Member] | Repurchase Three [Member] | Repurchase Four [Member] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 2,000 | ' | ' | ' | ' |
Treasury stock acquired | $23 | ' | $3,222 | $1,800 | $23 | $3,245 |
Treasury Stock Shares Acquired Cost Method | ' | ' | 1,245 | 600 | 7 | 1,252 |
Repurchase Price (in dollar per share) | ' | ' | ' | $3 | ' | ' |
Notes_PayableBanks_Details_Tex
Notes Payable-Banks (Details Textual) | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2011 | Apr. 28, 2011 |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $4,612 | € 3,410 | $5,845 | € 4,430 | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 0.19% | 0.19% | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 48,676 | ' | 33,534 | ' | ' | 200,000 |
Revolving Line Of Credit Facility | ' | ' | ' | ' | 175,000 | ' |
Additional Line Of Credit Facility | ' | ' | ' | ' | ' | 50,000 |
Line Of Credit Facility, Amount Utilized | 161,676 | ' | 151,784 | ' | ' | ' |
Line of Credit Facility, Commitment Fee Amount | $10,821 | € 8,000 | ' | ' | ' | ' |
Line Of Credit Facility, Interest Rate, Variable Rate Basis | 'EURIBOR plus 1.75% | 'EURIBOR plus 1.75% | ' | ' | ' | ' |
Mortgage_Payable_Details_Textu
Mortgage Payable (Details Textual) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Mortgage Loans, Periodic Payment Including Interest | $21,600 | ' |
Loans Receivable, Description of Variable Rate Basis | 'LIBOR plus 1.75% | ' |
Debt Instrument, Maturity Date | 31-Dec-14 | ' |
Mortgage Loans, Interest Rate | 6.37% | ' |
Mortgage Loans Outstanding | $1,333,000 | $1,461,000 |
Convertible_Subordinated_Debt_1
Convertible Subordinated Debt (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Equity value | $32,619 | $25,696 |
Volatility | 50.00% | 55.00% |
Risk free return | 0.63% | 0.54% |
Dividend Yield | 2.63% | 3.34% |
Strike Price | $4.02 | $4.09 |
Convertible_Subordinated_Debt_2
Convertible Subordinated Debt (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Supply Agreement With Pt. Alumindo [Member] | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | ' | ' | ' | ' | ' | $12,000 | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 31-Dec-14 | ' | ' | 1-Jun-16 | ' | ' |
Debt Instrument, Convertible, Conversion Price | $4.02 | ' | $4.02 | ' | ' | ' | $7 | ' |
Convertible Subordinated Debt | 4,000 | ' | 4,000 | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | 2,829 | ' | 2,829 | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | 1,715 | 410 | 452 | 361 | ' | ' | ' | ' |
Amortization of convertible note discount | 141 | 141 | 424 | 424 | ' | ' | ' | ' |
Payments to Fund Long-term Loans to Related Parties | ' | ' | 1,000 | ' | ' | ' | ' | 10,000 |
Finite-Lived Intangible Assets, Net | 721 | ' | 721 | ' | 962 | ' | ' | 962 |
Debt Conversion Number Of Common Stock Per 1000 Principal Amount | ' | ' | 249 | ' | ' | ' | ' | ' |
Related Party Loan Monthly Installment | ' | ' | ' | ' | ' | ' | ' | 278 |
Related Party Loan Monthly Installment Upon Disagreement | ' | ' | ' | ' | ' | ' | ' | 556 |
Related Party Loan Effective Interest Rate Upon Disagreement | ' | ' | ' | ' | ' | ' | ' | 3.50% |
Related Party Loan Interest Rate Basis Upon Disagreement | ' | ' | 3.74% | ' | ' | ' | ' | ' |
Amortization Of Intangible Assets | $80 | ' | $240 | $0 | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (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 |
Numerator: | ' | ' | ' | ' |
Net income | $1,471 | $1,052 | $1,923 | $3,051 |
Add back of interest on convertible subordinated debt, net of taxes | 185 | 185 | 0 | 556 |
Add back of amortization of discount on convertible subordinated debt, net of taxes | 87 | 87 | 0 | 262 |
Adjustment for change in value of convertible note derivative, net of taxes | -1,060 | -254 | 0 | -223 |
Numerator for diluted earnings per share | $683 | $1,070 | $1,923 | $3,646 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding-basic (in shares) | 8,586 | 8,594 | 8,585 | 9,000 |
Dilutive effect of stock options (in shares) | 263 | 190 | 271 | 195 |
Dilutive effect of convertible subordinated debt | 2,986 | 2,719 | 0 | 2,719 |
Weighted average shares outstanding-diluted (in shares) | 11,835 | 11,503 | 8,856 | 11,914 |
Basic Earnings per Share (in dollars per share) | $0.17 | $0.12 | $0.22 | $0.34 |
Diluted Earnings per Share (in dollars per share) | $0.06 | $0.09 | $0.22 | $0.31 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,986 |
Dividends_Details_Textual
Dividends (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Oct. 11, 2013 | Jul. 17, 2013 | Apr. 11, 2013 | |
Common Stock, Dividends, Per Share, Cash Paid | $0.03 | $0.03 | $0.03 | ' | ' | ' |
Special Dividend Declared Per Share | ' | ' | ' | $215 | $215 | $215 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Risk Management (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Hedge Assets | $308 | $0 |
Fair Value Hedge Liabilities | 162 | 869 |
Other Current Assets [Member] | Aluminum Futures [Member] | ' | ' |
Fair Value Hedge Assets | 308 | 0 |
Accrued Expenses and Derivative Liabilities [Member] | Foreign Exchange Forward [Member] | ' | ' |
Fair Value Hedge Liabilities | 101 | 27 |
Accrued Expenses and Derivative Liabilities [Member] | Aluminum Futures [Member] | ' | ' |
Fair Value Hedge Liabilities | $61 | $842 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Risk Management (Details 1) (Accrued expenses and derivative liabilities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued expenses and derivative liabilities [Member] | ' | ' |
Interest rate swap contracts | $66 | $111 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Risk Management (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | $1,963 | $4,999 | $5,962 | $9,847 | ||||
Foreign currency forward contracts [Member] | Cost of goods sold [Member] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | -357 | [1] | -141 | [1] | 521 | [1] | -750 | [1] |
Interest rate swaps [Member] | Interest expense, net [Member] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | -9 | [2] | -17 | [2] | -41 | [2] | -51 | [2] |
Aluminum futures [Member] | Cost of goods sold [Member] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | $2,329 | [3] | $5,157 | [3] | $5,482 | [3] | $10,648 | [3] |
[1] | Fair value hedge: the related hedged item is accounts receivable and offsetting gains and losses in 2013 and gains in 2012 are included in cost of goods sold in the same respective amounts. | |||||||
[2] | Cash flow hedge: recognized losses reclassified from accumulated other comprehensive loss. | |||||||
[3] | Fair value hedge: the related hedged item is inventory and offsetting losses in 2013 and 2012 are included in cost of goods sold in the same respective amounts. |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | ' | ' |
Liabilities, Fair Value Disclosure | $101 | $27 |
Fair Value, Inputs, Level 1 [Member] | Aluminum Futures [Member] | ' | ' |
Liabilities, Fair Value Disclosure | 61 | 842 |
Assets, Fair Value Disclosure | 308 | 0 |
Fair Value, Inputs, Level 1 [Member] | Inventories [Member] | ' | ' |
Assets, Fair Value Disclosure | 107,307 | 124,274 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities, Fair Value Disclosure | 66 | 111 |
Fair Value, Inputs, Level 3 [Member] | Embedded Derivative Financial Instruments [Member] | ' | ' |
Liabilities, Fair Value Disclosure | $2,448 | $1,996 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details Textual) (Fair Value, Inputs, Level 2 [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Debt Instrument, Fair Value Disclosure | $12,000 | $12,000 |
Business_Segment_and_Geographi2
Business Segment and Geographic Area Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Revenue, Net | $126,390 | $137,705 | $370,288 | $429,006 |
United States [Member] | ' | ' | ' | ' |
Other Revenue, Net | 75,667 | 88,041 | 239,818 | 293,366 |
Latin America [Member] | ' | ' | ' | ' |
Other Revenue, Net | 26,374 | 19,378 | 52,336 | 44,838 |
Canada [Member] | ' | ' | ' | ' |
Other Revenue, Net | 11,932 | 11,827 | 36,587 | 40,482 |
Australia and New Zealand [Member] | ' | ' | ' | ' |
Other Revenue, Net | 8,052 | 14,196 | 29,530 | 36,681 |
Europe [Member] | ' | ' | ' | ' |
Other Revenue, Net | $4,365 | $4,263 | $12,017 | $13,639 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Beginning balance, Foreign Currency Translation | ($86) | ' | ($48) | ' |
Other comprehensive income before reclassification, Foreign Currency Translation | 119 | ' | 81 | ' |
Loss reclassified to operations, Foreign Currency Translation | 0 | ' | 0 | ' |
Net current period comprehensive income, Foreign Currency Translation | 119 | ' | 81 | ' |
Ending Balance, Foreign Currency Translation | 33 | ' | 33 | ' |
Beginning Balance, Interest Rate SwapContract | -50 | ' | -68 | ' |
Other comprehensive income before reclassification, Interest Rate SwapContract | 3 | ' | 1 | ' |
Loss reclassified to operations, Interest Rate SwapContract | 5 | ' | 25 | ' |
Net current period comprehensive income, Interest Rate SwapContract | 8 | ' | 26 | ' |
Ending Balance, Interest Rate SwapContract | -42 | ' | -42 | ' |
Beginning Balance, Available forSale Marketable Securities | 0 | ' | -20 | ' |
Other comprehensive income before reclassification, Available forSale Marketable Securities | 0 | ' | 0 | ' |
Loss reclassified to operations, Available forSale Marketable Securities | 0 | ' | 20 | ' |
Net current period comprehensive income, Available forSale Marketable Securities | 0 | ' | 20 | ' |
Ending Balance, Available forSale Marketable Securities | 0 | ' | 0 | ' |
Beginning Balance | -136 | ' | -136 | ' |
Other comprehensive income before reclassification | 122 | ' | 82 | ' |
Loss reclassified to operations | 132 | 52 | 155 | 6 |
Net current period comprehensive income | 127 | 49 | 127 | -6 |
Ending Balance | ($9) | ' | ($9) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Details 1) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Interest Rate Swap [Member] | ' | ' |
(a) Reclassified to following line items in the statement of income: | ' | ' |
Interest expense, net | $9 | $41 |
Income taxes | -4 | -16 |
Net of tax | 5 | 25 |
Available-for-sale Securities [Member] | ' | ' |
(a) Reclassified to following line items in the statement of income: | ' | ' |
Interest expense, net | ' | 32 |
Income taxes | ' | -12 |
Net of tax | ' | $20 |
Commitments_Details_Textual
Commitments (Details Textual) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Letters of Credit Outstanding, Amount | $48,676 |