Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 24, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'EMPIRE RESOURCES INC /NEW/ | ' | ' |
Entity Central Index Key | '0001019272 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Trading Symbol | 'ERS | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,668,565 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Public Float | ' | ' | $22,436,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $2,477 | $3,136 |
Trade accounts receivable (less allowance for doubtful accounts of $562 and $521) | 52,696 | 53,551 |
Inventories | 139,752 | 145,547 |
Deferred tax assets | 3,217 | 3,306 |
Advance to supplier, net of imputed interest of $176 and $292 | 3,147 | 3,061 |
Other current assets, including derivatives | 6,081 | 3,965 |
Total current assets | 207,370 | 212,566 |
Advance to supplier, net of imputed interest of $56 and $234, net of current maturities | 3,287 | 6,413 |
Preferential supply agreement, net | 641 | 962 |
Long-term financing costs, net of amortization | 358 | 862 |
Property and equipment, net | 3,949 | 3,987 |
Deferred Tax assets | 215 | 0 |
Total assets | 215,820 | 224,790 |
Current liabilities: | ' | ' |
Notes payable - banks | 107,922 | 124,095 |
Current maturities of mortgage payable | 1,290 | 171 |
Trade accounts payable | 44,058 | 36,048 |
Income taxes payable | 2,042 | 3,036 |
Accrued expenses and derivative liabilities | 2,844 | 4,783 |
Dividends payable | 215 | 0 |
Total current liabilities | 158,371 | 168,133 |
Mortgage payable, net of current maturities | 0 | 1,290 |
Subordinated convertible debt net of unamortized discount of $1,368 and $1,933 respectively | 10,632 | 10,067 |
Derivative liability for embedded conversion option | 2,048 | 1,996 |
Deferred taxes payable | 0 | 195 |
Total Liabilities | 171,051 | 181,681 |
Commitments (Note R) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock $0.01 par value, 20,000,000 shares authorized and 11,749,651 shares issued at December 31, 2013 and December 31, 2012 | 117 | 117 |
Additional paid-in capital | 11,937 | 11,937 |
Retained earnings | 38,178 | 36,641 |
Accumulated other comprehensive income/(loss) | 51 | -136 |
Treasury stock, 3,177,708 and 3,158,597 shares at December 31, 2013 and December 31, 2012, respectively | -5,514 | -5,450 |
Total stockholders' equity | 44,769 | 43,109 |
Total liabilities and stockholders' equity | $215,820 | $224,790 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, trade accounts | $562 | $521 |
Imputed interest, advance to supplier amortization amount | 176 | 292 |
Imputed interest, advance to supplier amortization amount, current | 56 | 234 |
Unamortized discount, subordinated convertible debt | $1,368 | $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) | 3,177,708 | 3,158,597 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $482,683 | $538,527 |
Cost of goods sold | 460,944 | 513,560 |
Gross profit | 21,739 | 24,967 |
Selling, general and administrative expenses | 13,392 | 13,258 |
Operating income | 8,347 | 11,709 |
Other expenses | ' | ' |
Change in value of derivative liability | -52 | -63 |
Interest expense, net | -4,514 | -5,225 |
Income before income taxes | 3,781 | 6,421 |
Income taxes | 1,385 | 2,457 |
Net income | $2,396 | $3,964 |
Weighted average shares outstanding: | ' | ' |
Basic (in shares) | 8,583 | 8,897 |
Diluted (in shares) | 8,852 | 12,028 |
Earnings per share: | ' | ' |
Basic (in dollars per share) | $0.28 | $0.45 |
Diluted (in dollars per share) | $0.27 | $0.42 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $2,396 | $3,964 |
Other comprehensive income/(loss) before tax | ' | ' |
Foreign currency translation adjustments | 132 | 49 |
Decrease in value of interest rate swap liability | 57 | 53 |
Reclassification of loss on sale/(decrease) in value of marketable securities | 32 | -6 |
Other comprehensive income before tax | 221 | 96 |
Income tax related to components of other comprehensive income | -34 | -18 |
Other comprehensive income, net of tax | 187 | 78 |
Comprehensive income | $2,583 | $4,042 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $2,396 | $3,964 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 697 | 686 |
Change in value of derivative liability | 52 | 63 |
Amortization of convertible note discount | 566 | 566 |
Imputed interest on vendor advance | -293 | -436 |
Provision for doubtful accounts | 33 | -6 |
Amortization of supply agreement | 321 | 0 |
Deferred income taxes | -356 | 45 |
Foreign exchange gain and other | -29 | -6 |
Loss on sale of marketable securities | 31 | 0 |
Changes in: | ' | ' |
Trade accounts receivable | 981 | 3,012 |
Inventories | 5,969 | 38,655 |
Other current assets | -2,121 | 7,083 |
Trade accounts payable | 8,008 | -14,016 |
Income taxes payable | -994 | -1,024 |
Accrued expenses and derivative liabilities | -1,893 | 741 |
Net cash provided by operating activities | 13,368 | 39,327 |
Cash flows provided by/(used in) investing activities: | ' | ' |
Repayment/(advance) related to supply agreement | 3,333 | -5,000 |
Net proceeds from sale of marketable securities | 6 | 0 |
Purchases of property and equipment | -95 | -73 |
Net cash provided by/(used in) investing activities | 3,244 | -5,073 |
Cash flows used in financing activities: | ' | ' |
Repayments of notes payable - banks | -16,361 | -30,412 |
Repayments - mortgage payable | -171 | -160 |
Dividends paid | -644 | -2,825 |
Deferred financing costs | -60 | -62 |
Treasury stock purchased | -64 | -1,941 |
Net cash used in financing activities | -17,300 | -35,400 |
Net decrease in cash | -688 | -1,146 |
Effect of exchange rate | 29 | 8 |
Cash at beginning of period | 3,136 | 4,274 |
Cash at end of the period | 2,477 | 3,136 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest | 3,739 | 5,107 |
Income taxes | 2,553 | 3,197 |
Non cash financing activities: | ' | ' |
Dividend declared but not yet paid | $215 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2011 | $43,602 | $117 | $11,937 | $35,271 | ($214) | ($3,509) |
Balance (in shares) at Dec. 31, 2011 | ' | 11,750 | ' | ' | ' | ' |
Treasury stock acquired | -1,941 | ' | ' | ' | ' | -1,941 |
Net change in cumulative translation adjustment | 49 | ' | ' | ' | 49 | ' |
Decrease in value of interest rate swap liability, net of deferred tax | 33 | ' | ' | ' | 33 | ' |
Reclassification on loss of sale of marketable securities, net of deferred tax | -4 | ' | ' | ' | -4 | ' |
Dividends declared | -2,594 | ' | ' | -2,594 | ' | ' |
Net income | 3,964 | ' | ' | 3,964 | ' | ' |
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 | -64 | ' | ' | ' | ' | -64 |
Net change in cumulative translation adjustment | 132 | ' | ' | ' | 132 | ' |
Decrease in value of interest rate swap liability, net of deferred tax | 35 | ' | ' | ' | 35 | ' |
Reclassification on loss of sale of marketable securities, net of deferred tax | 20 | ' | ' | ' | 20 | ' |
Dividends declared | -859 | ' | ' | -859 | ' | ' |
Net income | 2,396 | ' | ' | 2,396 | ' | ' |
Balance at Dec. 31, 2013 | $44,769 | $117 | $11,937 | $38,178 | $51 | ($5,514) |
Balance (in shares) at Dec. 31, 2013 | ' | 11,750 | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity [Parenthetical] (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Decrease in value of interest rate swap liability, net of deferred tax | $21 | $20 |
Increase in value of marketable securities, net of deferred tax | $12 | $2 |
Dividends declared | $0.10 | $0.30 |
Business
Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note A – Business | |
Empire Resources, Inc. (“the Company”) is engaged principally in the purchase, sale and distribution of value added semi-finished aluminum and steel products to a diverse customer base located throughout the Americas, Australia, Europe and New Zealand. The Company sells its products through its own marketing and sales personnel and through independent sales agents located in the U.S. and Europe who receive commissions on sales. The Company purchases from several suppliers located throughout the world (see Note B [14]). | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||||||||||
Note B - Summary of Significant Accounting Policies | ||||||||||||||||||||
[1] Principles of consolidation: | ||||||||||||||||||||
The consolidated financial statements include the accounts of 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 the warehouse facility in Baltimore, Maryland, and Imbali Metals BVBA, the Company’s operating subsidiary in Europe. All intercompany balances and transactions have been eliminated on consolidation. | ||||||||||||||||||||
[2] Revenue recognition: | ||||||||||||||||||||
Revenue on product sales is recognized at the point in time when the product has been shipped or delivered, title and risk of loss has been transferred to the customer, and the following conditions are met: persuasive evidence of an arrangement exists, the price is fixed and determinable, and collectability of the resulting receivable is reasonably assured. | ||||||||||||||||||||
[3] Accounts receivable and allowance policy: | ||||||||||||||||||||
Accounts receivable are stated as the outstanding balance due from customers, net of an allowance for doubtful accounts. The Company maintains a credit insurance policy with a 10% co-pay provision for most accounts receivable. The Company will provide an allowance for doubtful accounts in the event that it determines there may be probable losses beyond the credit insurance coverage. | ||||||||||||||||||||
[4] Inventories: | ||||||||||||||||||||
Inventories which consist of purchased semi-finished metal products are stated at the lower of cost or market. Cost is determined by the specific-identification method. Inventory has generally been purchased for specific customer orders. The carrying amount of inventory which is hedged by futures contracts designated as fair value hedges is adjusted to fair value. | ||||||||||||||||||||
[5] Property and equipment: | ||||||||||||||||||||
Property and equipment are stated at cost and depreciated by the straight-line method over their estimated useful lives. Impaired assets are written down to their fair value. | ||||||||||||||||||||
[6] Derivatives: | ||||||||||||||||||||
The Company recognizes all derivatives in the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If the derivative is a hedge, depending upon the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings (fair value hedge), or recognized in other comprehensive income until the hedged item is recognized in earnings (cash flow hedge). The ineffective portion of a derivative’s change in fair value, if any, is immediately recognized in earnings. When a hedged item in a fair value hedge is sold, the adjustment in the carrying amount of the hedged item is recognized in earnings (see Note E). | ||||||||||||||||||||
[7] Foreign currency translation: | ||||||||||||||||||||
The functional currency of Empire Resources Pacific Ltd., a wholly-owned domestic subsidiary which acts as a sales agent in Australia and New Zealand, is the Australian dollar. The Company also has a wholly owned foreign subsidiary incorporated in Belgium which sells semi-finished aluminum products in Europe. The functional currency of this subsidiary is the Euro. Cumulative translation adjustments, which are charged or credited to accumulated other comprehensive income, arise from translation of functional currency amounts into U.S. dollars. | ||||||||||||||||||||
[8] Income taxes: | ||||||||||||||||||||
The Company follows the asset and liability approach for deferred income taxes. This method provides that deferred tax assets and liabilities are recorded, using currently enacted tax rates, based upon the difference between the tax bases of assets and liabilities and their carrying amounts for financial statement purposes. | ||||||||||||||||||||
Deferred tax asset valuation allowances are recorded when management does not believe that it is more likely than not that the related deferred tax assets will be realized. | ||||||||||||||||||||
[9] Per share data: | ||||||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share give effect to all dilutive outstanding stock options, using the treasury stock method and assumed conversion of subordinated debt (see Note O). | ||||||||||||||||||||
[10] Stock - based compensation: | ||||||||||||||||||||
Stock-based compensation expense for an award of equity instruments, including stock options, is recognized over the vesting period based on the fair value of the award at the grant date. | ||||||||||||||||||||
[11] 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. | ||||||||||||||||||||
[12] 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 rate 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. The conversion option embedded in convertible subordinated notes issued in 2011 was valued using Level 3 inputs. | ||||||||||||||||||||
Major categories of assets and liabilities measured at fair value at December 31, 2013 and 2012 are classified as follows (in thousands): | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 106,903 | $ | 124,274 | ||||||||||||||||
Aluminum futures contracts | 1,047 | |||||||||||||||||||
Foreign Currency forward | 316 | |||||||||||||||||||
contracts | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Foreign currency forward | 27 | |||||||||||||||||||
contracts | ||||||||||||||||||||
Interest rate swap contracts | $ | 52 | $ | 111 | ||||||||||||||||
Aluminum futures contracts | 842 | |||||||||||||||||||
Embedded conversion option | $ | 2,048 | $ | 1,996 | ||||||||||||||||
[13] Use of estimates: | ||||||||||||||||||||
The preparation of financial statements in accordance with generally accepted accounting principles (“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. | ||||||||||||||||||||
[14] Significant customers and concentration of suppliers: | ||||||||||||||||||||
No customer accounted for sales in excess of 10% during 2013. Two customers accounted for 19% of sales in 2012. | ||||||||||||||||||||
The Company’s purchase of metal products is from a limited number of suppliers located throughout the world. Two suppliers, PT. Alumindo and Hulamin Ltd, accounted for 51% of total purchases for the year ended December 31, 2013 as compared to 57% of total purchases during the year ended December 31, 2012. The Company’s loss of any of its largest suppliers or a material default by any such supplier in its obligations to the Company would have at least a short-term material adverse effect on the Company’s business. | ||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Investments, All Other Investments [Abstract] | ' |
Financial Instruments Disclosure [Text Block] | ' |
Note C – 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 as of December 31, 2013 and 2012 because these notes reflect market changes to interest rates. The fair value of the subordinated convertible debt approximates its principal amount of $12 million at December 31, 2013 and 2012, which exceeds its carrying amount as a result of the unamortized discount related to the bifurcation of the embedded conversion option. The carrying amount of the advance to supplier approximates its fair value at December 31, 2013 and 2012. Fair value of financial instruments are based on level 2 inputs. Derivative financial instruments are carried at fair value (see Note B [12]). | |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||
Note D – Property and Equipment | ||||||||||
Property and equipment are summarized as follows: (in thousands) | ||||||||||
December 31, | ||||||||||
2013 | 2012 | Estimated Useful Life | ||||||||
Cost: | ||||||||||
Land | $ | 1,180 | $ | 1,180 | ||||||
Buildings and improvements | 3,165 | 3,165 | 10 and 40 years | |||||||
Other equipment | 1,464 | 1,369 | 3 to 5 years | |||||||
5,809 | 5,714 | |||||||||
Less: Accumulated depreciation | 1,860 | 1,727 | ||||||||
Net Book Value | $ | 3,949 | $ | 3,987 | ||||||
Depreciation expense was $130 and $126 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Risk Management | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||
Note E – 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 non-ferrous metals denominated in international currencies. | ||||||||||||
The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as fair value hedges | Balance Sheet Location | 2013 | 2012 | |||||||||
Asset derivatives: | ||||||||||||
Aluminum futures contracts | Other current assets | $ | 1,047 | - | ||||||||
Foreign currency forward contracts | Other current assets | 316 | - | |||||||||
Total | $ | 1,363 | $ | - | ||||||||
Liability derivatives: | ||||||||||||
Foreign currency forward contracts | Accrued expenses and derivative | - | $ | 27 | ||||||||
liabilities | ||||||||||||
Aluminum futures contracts | Accrued expenses and derivative | - | 842 | |||||||||
liabilities | ||||||||||||
Total | $ | - | $ | 869 | ||||||||
For the years ended December 31, 2013, and 2012, hedge ineffectiveness associated with derivatives designated as fair value hedges was insignificant, and no fair value hedges were derecognized. | ||||||||||||
On October 31, 2011, MF Global UK Limited, one of the Company’s London Metal Exchange clearing brokers, went into special administration under The Investment Bank Special Administration Regulations 2011 in the UK. On October 31, 2011 we had no cash balances with MF Global UK Limited. The majority of the positions cleared through MF Global UK Limited were transferred to another London Metal Exchange broker. There were some unsettled contracts that were not transferred at that time. For the contracts not transferred, the Company had a claim of approximately $800 against MF Global UK Limited, representing the fair value of the contracts on October 31, 2011. Of such amount, unsettled contracts valued at $536 and $264, which hedged inventory sold in 2011 and 2012, respectively, have been written off to cost of goods sold in such years based on the uncertainty of recoverability. On November 20, 2012, the Company sold its claim on a non-recourse basis to a third party for $497, which was credited to cost of goods sold. | ||||||||||||
As discussed in Note G, the Company entered into an interest rate swap to convert a mortgage from a variable rate to a fixed rate obligation. This swap has been designated as a cash flow hedge and the Company’s unrealized liabilities relating to the swap measured at fair value at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as cash flow hedges | Balance Sheet Location | 2013 | 2012 | |||||||||
Liability derivatives: | ||||||||||||
Interest rate swap contracts | Accrued expenses and derivative | $ | 52 | $ | 111 | |||||||
liabilities | ||||||||||||
A corresponding debit, net of deferred taxes, is reflected in accumulated other comprehensive loss in the accompanying balance sheet (see Note L). | ||||||||||||
The table below summarizes the realized gain or (loss) on the Company’s derivative instruments and their location in the income statement (in thousands): | ||||||||||||
Derivatives in hedging | Location of Gain or | Year Ended December 31, | ||||||||||
relationships | (Loss) Recognized | 2013 | 2012 | |||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | -13 | $ | -754 | ||||||
Interest rate swaps | (b) | Interest expense, net | -56 | -67 | ||||||||
Aluminum futures | (c) | Cost of goods sold | 6,975 | 11,447 | ||||||||
Total | $ | 6,906 | $ | 10,626 | ||||||||
(a) | Fair value hedge: the related hedged item is accounts receivable and accounts payable denominated in foreign currency and offsetting gains in 2013 and 2012, in the same respective amounts are included in cost of goods sold. | |||||||||||
(b) | Cash flow hedge: recognized loss reclassified from accumulated other comprehensive loss in 2013 and 2012. | |||||||||||
(c) | Fair value hedge: the related hedged item is inventory and offsetting losses in the same respective amounts are included in cost of goods sold in 2013 and 2012. Also included in 2012 is a loss of approximately $264, related to the write off of unsettled contracts and a gain of $497 related to the sale of the claim for the unsettled contracts referred to above. | |||||||||||
Accrued_expenses_and_derivativ
Accrued expenses and derivative liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
Note F – Accrued expenses and derivative liabilities | ||||||||
Accrued expenses and derivative liabilities consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued expenses | $ | 2,792 | $ | 3,804 | ||||
Derivative liabilities | 52 | 979 | ||||||
$ | 2,844 | $ | 4,783 | |||||
Mortgage_Payable
Mortgage Payable | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Mortgage Notes Payable Disclosure [Text Block] | ' |
Note G – Mortgage Payable | |
In December 2004, the Company entered into a mortgage in connection with the purchase of a warehouse. The mortgage, which requires monthly payments of approximately $21.6 including interest, bears interest at LIBOR + 1.75% and matures in December 2014. | |
In connection with the mortgage, the Company entered into an interest rate swap with a bank which has been designated as a cash flow hedge. Effective 2004 through December 29, 2014, each month the Company will pay a fixed interest rate of 6.37% to the bank on a notional principal equal to the outstanding principal balance of the mortgage. In return, the bank will pay to the Company a floating rate, namely, LIBOR, to reset monthly plus 1.75% on the same notional principal amount. | |
Notes_Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-term Debt [Text Block] | ' |
Note H - Notes Payable | |
On April 28, 2011, the Company entered into a new 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 $175,000 credit agreement. The agreement includes a commitment to issue letters of credit and also allows additional increases in the line of credit of up to $50,000, subject to certain restrictions. Amounts borrowed bear interest at Eurodollar, money market or base rates, at the Company’s option, plus an applicable margin. The Company’s borrowings under this line of credit are secured by substantially all of the Company’s assets. The credit agreement contains financial and other covenants including but not limited to, covenants requiring maintenance of minimum tangible net worth of $25,000 plus an aggregate amount equal to 25% of the Company’s positive net earnings after December 31, 2011 and compliance with a leverage ratio of not more than 6.00 to 1, as well as an ownership minimum and limitations on other indebtedness, liens, and investments and dispositions of assets. 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 December 31, 2013, the Company had borrowings of $103,500 outstanding under the credit agreement, bearing interest at 2.66%, and the Company was in compliance with all financial covenants. In addition, the credit utilized under the agreement included $71,105 outstanding letters of credit. As of December 31, 2012, the Company had borrowings of $118,250 outstanding under the credit agreement, bearing interest at 2.75%, and the outstanding letters of credit utilized under the agreement totaled $33,534. The Company is negotiating a new line of credit and anticipates that a new credit agreement will be in effect prior to the expiration of the current agreement; however there can be no assurances that it will be able to successfully conclude a new agreement. | |
The Company’s wholly owned Belgian subsidiary, Imbali Metals BVBA, (“Imbali”) operates under a line of credit with ING Belgium S.A./N.V., with a EUR 8,000 ($10,996) commitment for loans and documentary letters of credit. Loan advances are limited to a percentage of Imbali’s pledged accounts receivable and inventory. This secured credit arrangement is unconditionally guaranteed by the Company. As of December 31, 2013, Imbali had borrowings of EUR 3,217($4,422) under this line of credit, bearing interest at EURIBOR plus 1.75%, and was in compliance with all financial covenants. As of December 31, 2012, Imbali had borrowings of EUR 4,430 ($5,845) outstanding under this line of credit, and was in compliance with all financial covenants. | |
Convertible_Subordinated_Debt
Convertible Subordinated Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Subordinated Borrowings Disclosure [Text Block] | ' | ||||||||||||
Note I – Convertible Subordinated Debt | |||||||||||||
On June 3, 2011, the Company sold $12,000 principal amount of 10% Convertible Senior Subordinated Notes Due June 1, 2016 in a private placement to selected accredited investors. As of December 31, 2013, the notes are convertible at the option of the holders into shares of common stock at a conversion price of 250.62 shares of common stock per $1,000 principal amount of notes (equivalent to a conversion price of $3.99 per share of common stock), subject to dilutive adjustment for cash and stock dividends, stock splits and similar transactions, at any time before maturity. As of December 31, 2012, the notes were convertible at the option of the holders into shares of common stock at a conversion price of 244.61 shares of common stock per $1,000 principal amount of notes (equivalent to a conversion price of $4.09 per share of common stock), subject to dilutive adjustment for cash and stock dividends, stock splits and similar transactions. The conversion price at December 31, 2013 reflects eleven adjustments for dividends declared on common stock subsequent to the issuance of the notes through such date. 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 note contains covenants, including restrictions on the Company’s ability to incur certain indebtedness and create certain liens. Officers and directors of the Company and certain affiliated entities purchased $4,000 principal amount of the notes. | |||||||||||||
The majority of proceeds of the convertible subordinated debt was 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 agreement called for, and the Company provided a $10,000 non-interest bearing loan to an affiliate of PT. Alumindo to enable the expansion of capacity within that group of companies’ production network. The agreements 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 loan is being repaid to the Company beginning on January 1, 2013 in monthly installments of $278. 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. The specific parties to the agreement, PT. Alumindo, Southern Aluminum Industry and Fung Lam Trading Company, are related parties controlled by the Maspion Group - Indonesia. The Fung Lam Trading Company Ltd, which is wholly owned by the Maspion Group, is a holding company for the group’s investments in China, including 70% ownership of Southern Aluminum Industry. The loan was made to Fung Lam Trading Company Ltd at the request of Maspion Group – Indonesia. The purpose of the loan was to allow the Maspion Group - Indonesia to increase their overall production capacity, specifically for regional markets and for distribution in China. As consideration for this loan the Maspion Group - Indonesia 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 3.69%, 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 income is being recognized over the term of the advance by use of the interest method and amounted to $293 and $436 during 2013 and 2012 respectively, and is included in interest expense, net. 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. Amortization expense for 2013 amounted to $321. | |||||||||||||
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 market price, respectively, among other factors. The non-cash discount is being amortized as additional interest expense over the term of the notes. During the years ended December 31, 2013 and December 31, 2012, the change in the fair value of the derivative liability resulted in a loss of $52 and $63, respectively, and amortization of the discount amounted to $566. | |||||||||||||
The derivative liability was valued using a lattice model using 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 at issuance and year end: | |||||||||||||
December 31, 2013 | December 31, 2012 | June 3, 2011 | |||||||||||
Equity value | $ | 30,708 | $ | 25,696 | $ | 36,811 | |||||||
Volatility | 45 | % | 55 | % | 70 | % | |||||||
Risk free return | 0.38 | % | 0.54 | % | 1.6 | % | |||||||
Dividend Yield | 2.79 | % | 3.34 | % | 2.51 | % | |||||||
Strike Price | $ | 3.99 | $ | 4.09 | $ | 4.65 | |||||||
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
Note J - Stock Options | |||||||||||||
The Company’s 2006 Stock Option Plan (the “2006 Plan”), as amended, provides for the granting of options to purchase not more than an aggregate of 559,000 shares of common stock. Under the 2006 Plan, all canceled or terminated options are available for grants. All officers, directors and employees of the Company and other persons who perform services for the Company are eligible to participate in the 2006 Plan. Some or all of the options may be “incentive stock options” within the meaning of the Internal Revenue Code of 1986, as amended. | |||||||||||||
The 2006 Plan provides that it is to be administered by the Board of Directors, or by a committee appointed by the Board, which will be responsible for determining, subject to the provisions of the 2006 Plan, to whom the options are granted, the number of shares of common stock subject to an option, whether an option shall be incentive or non-qualified, the exercise price of each option (which, other than in the case of incentive stock options, may be less than the fair market value of the shares on the date of grant), the period during which each option may be exercised and the other terms and conditions of each option. No options may be granted under the 2006 Plan after June 26, 2016. | |||||||||||||
The following is a summary of stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Weighted | Remaining | ||||||||||||
Average | contractual | Aggregate | |||||||||||
Number of | Exercise | term | Intrinsic | ||||||||||
Shares | Price | (years) | Value | ||||||||||
Options outstanding and exercisable at December | 416,000 | $ | 1.53 | 7.48 | $ | 532,060 | |||||||
31, 2011 | |||||||||||||
Options canceled | -2,000 | $ | 1.13 | ||||||||||
Options outstanding and exercisable at December | 414,000 | $ | 1.53 | 7.48 | $ | 532,060 | |||||||
31, 2012 | |||||||||||||
Options canceled | -4,000 | $ | 1.87 | ||||||||||
Options outstanding and exercisable at December | 410,000 | $ | 1.52 | 5.55 | $ | 843,800 | |||||||
31, 2013 | |||||||||||||
Options available for grant under 2006 Plan at | 415,000 | ||||||||||||
December 31, 2013 | |||||||||||||
During 2013 and 2012, there were no stock option grants. As of December 31, 2013 and 2012, there was no unrecognized compensation expense, as all options had vested by December 31, 2009. | |||||||||||||
TREASURY_STOCK
TREASURY STOCK | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Treasury Stock [Text Block] | ' |
Note K - 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, 2013, the Company repurchased a total of 1,264 shares under the repurchase program for an aggregate cost of $3,287. During 2013, the Company purchased 19 common shares under the program at a cost of $64 and in 2012 the Company purchased 647 shares at a cost of $1,941. | |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||
Note L – accumulated other comprehensive INCOME/(loss) | ||||||||||||||||
Changes in accumulated other comprehensive income/(loss) for the year ended December 31, 2013, on an after tax basis is as follows (in thousands): | ||||||||||||||||
Available | ||||||||||||||||
Foreign | Interest | for Sale | ||||||||||||||
Currency | Rate Swap | Marketable | ||||||||||||||
Translation | Contract | Securities | Total | |||||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | ||||||||
Other comprehensive income before reclassification | 132 | - | 132 | |||||||||||||
Loss reclassified to operations | - | 35 | (a) | 20 | (a) | 55 | ||||||||||
Net current period other comprehensive income | 132 | 35 | 20 | 187 | ||||||||||||
Ending balance | $ | 84 | $ | -33 | $ | - | $ | 51 | ||||||||
(a) Reclassified to following line items in the statement of income: | ||||||||||||||||
Interest expense, net | $ | 56 | $ | 32 | ||||||||||||
Income taxes | -21 | -12 | ||||||||||||||
Net of tax | $ | 35 | $ | 20 | ||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
Note M - Income Taxes | ||||||||
The components of income/(loss) before income taxes were as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
U.S. | $ | 3,575 | $ | 6,595 | ||||
Foreign | 206 | -174 | ||||||
$ | 3,781 | $ | 6,421 | |||||
Income tax expense (benefit) consists of the following (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Current | ||||||||
U.S. Federal | $ | 1,400 | $ | 2,101 | ||||
State and local | 288 | 390 | ||||||
Foreign | 53 | -79 | ||||||
1,741 | 2,412 | |||||||
Deferred | ||||||||
U.S. Federal | -289 | -41 | ||||||
State and local | -67 | 7 | ||||||
Foreign | - | 79 | ||||||
-356 | 45 | |||||||
$ | 1,385 | $ | 2,457 | |||||
The U.S. statutory rate can be reconciled to the effective tax rate as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Provision for taxes at statutory rate of 34% | $ | 1,286 | $ | 2,183 | ||||
State and local taxes, net of federal tax effect | 157 | 263 | ||||||
Permanent differences and other current year adjustments | 46 | 35 | ||||||
Reversal of overaccrual of prior year unrecognized tax benefits | -81 | - | ||||||
Other | -23 | -24 | ||||||
$ | 1,385 | $ | 2,457 | |||||
Deferred tax assets and liabilities are composed of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred current tax assets | ||||||||
Allowance for doubtful accounts | $ | 215 | $ | 201 | ||||
Accrued expenses | 73 | 273 | ||||||
Inventories | 2,829 | 2,697 | ||||||
Marketable Securities | - | 12 | ||||||
Stock Options | 80 | 80 | ||||||
Derivative contracts | 20 | 43 | ||||||
Net deferred current tax assets | 3,217 | 3,306 | ||||||
Deferred long-term tax assets | ||||||||
Derivative liability for embedded conversion option | 781 | 762 | ||||||
Advance to supplier | - | 201 | ||||||
781 | 963 | |||||||
Deferred long-term tax liabilities | ||||||||
Property and Equipment | -45 | -53 | ||||||
Unamortized debt discount | -521 | -738 | ||||||
Preferrential supplier agreement | - | -367 | ||||||
-566 | -1,158 | |||||||
Net deferred long-term tax assets /(liabilities) | 215 | -195 | ||||||
Net deferred tax assets | $ | 3,432 | $ | 3,111 | ||||
Foreign income and related foreign income taxes primarily relate to Imbali, the Company’s Belgian subsidiary. For US income tax purposes, the Company has elected to treat Imbali as a disregarded entity and include its taxable income in the Company’s consolidated federal income tax return and separate state income tax returns. Federal income taxes attributable to Imbali’s taxable income are offset by tax credits for foreign taxes paid by Imbali. Undistributed earnings of Imbali amounted to approximately $3,171 at December 31, 2013. Upon distribution of the earnings in the form of dividends, the Company would be required to pay Belgian withholding tax at the rate of 5%. As the Company intends to indefinitely reinvest such earnings, no provision for such withholding tax has been provided. For federal income tax purposes, foreign tax credits would be available to the Company for the withholding tax, subject to limitations. | ||||||||
The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | $ | 329 | $ | 343 | ||||
Settlements | -294 | -137 | ||||||
Net increase for tax positions of prior years | 214 | 123 | ||||||
Balance at December 31 | $ | 249 | $ | 329 | ||||
The total amount of unrecognized tax benefits at December 31, 2013 and 2012 would impact the Company’s effective tax rate, if recognized. During 2013, upon settlement of a tax assessment with the State of California covering the years 2007 through 2012, the Company reversed $81 of the liability for unrecognized tax benefits and reduced income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. In connection with the settlement the Company reversed approximately $148 of accrued interest related to unrecognized tax benefits in the year ended December 31, 2013. The Company recognized approximatel y $39 of interest expense related to unrecognized tax benefits during the year ended December 31, 2012. Interest related to unrecognized tax benefits accrued in the Company’s balance sheet at December 31, 2013 and 2012 amounted to approximately $107 and $255, respectively. | ||||||||
The Company’s federal and certain state income tax returns remain open to examination by the tax authorities for the years 2010 and thereafter. Certain other state income tax returns remain open for examination for the years 2008 through 2012. | ||||||||
Employee_Retirement_Benefits
Employee Retirement Benefits | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Compensation and Retirement Disclosure [Abstract] | ' | |||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||
Note N - Employee Retirement Benefits | ||||
The Company has implemented a salary reduction employee benefit plan, under Section 401(k) of the Internal Revenue Code. Employees may contribute up to the maximum amount allowable by law and the Company will provide a matching contribution of 50% of employee contributions, limited to 2% of employee compensation. The plan covers all employees who have attained age 18, and most of the eligible employees have elected to participate. | ||||
Each employee’s pre-tax contributions are immediately vested upon participation in the plan. The employees’ vesting of the Company’s matching contribution is based upon length of service as follows: | ||||
Years of service | Vested | |||
1 | 25 | % | ||
2 | 50 | % | ||
3 | 75 | % | ||
4 | 100 | % | ||
Employees who terminate prior to 100% vesting forfeit their non-vested portion of the Company’s matching contribution, and those funds are used to reduce future matching contributions. Employees in active service on the effective date of the plan were granted retroactive service credit for the purpose of determining their vested percentage. Company matching contributions amounted to $82 in 2013 and $77 in 2012. | ||||
Per_Share_Data
Per Share Data | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
Note O – Per Share Data | ||||||||
The following is the reconciliation of the numerators and denominators of the basic and diluted earnings per share: | ||||||||
Year Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Net income | $ | 2,396 | $ | 3,964 | ||||
Add back of interest on convertible subordinated debt, net of taxes | - | 742 | ||||||
Add back of amortization of discount on convertible subordinated debt, net of taxes | - | 350 | ||||||
Adjustment for change in value of convertible note derivative, net of taxes | - | 39 | ||||||
Numerator for diluted earnings per share | $ | 2,396 | $ | 5,095 | ||||
Denominator: | ||||||||
Weighted average shares outstanding-basic | 8,583 | 8,897 | ||||||
Dilutive effect of stock options | 269 | 196 | ||||||
Dilutive effect of convertible subordinated debt | - | 2,935 | ||||||
Weighted average shares outstanding-diluted | 8,852 | 12,028 | ||||||
Basic Earnings per Share | $ | 0.28 | $ | 0.45 | ||||
Diluted Earnings per Share | $ | 0.27 | $ | 0.42 | ||||
In computing diluted earnings per share for the year ended December 31, 2013, no effect has been given to the 3,007 common shares issuable upon conversion of subordinated debt as the effect is anti-dilutive. | ||||||||
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Dividend Disclosure [Text Block] | ' |
Note P – Dividends | |
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 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 17, 2013. 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 October 11, 2013. On December 10, 2013 our Board of Directors declared a regular cash dividend of $0.025 to stockholders of record at the close of business on December 24, 2013, payable January 7, 2014. | |
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. | |
Business_Segment_and_Geographi
Business Segment and Geographic Area Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||
Note Q – Business Segment and Geographic Area Information | ||||||||
The Company’s only business segment is the sale and distribution of non-ferrous and ferrous metals. Sales are attributed to countries based on location of customer. Sales to domestic and foreign customers were as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
United States | $ | 311,127 | $ | 365,315 | ||||
Latin America | 66,126 | 56,694 | ||||||
Canada | 48,394 | 50,824 | ||||||
Australia & New Zealand | 38,698 | 48,172 | ||||||
Europe | 18,338 | 17,522 | ||||||
$ | 482,683 | $ | 538,527 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note R - Commitments and Contingencies | |||||
[1] Lease: | |||||
The Company leases office facilities under a lease expiring in 2015. The minimum non-cancelable scheduled rentals under such lease are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | 284 | ||||
2015 | 74 | ||||
$ | 358 | ||||
Rent expense under the lease for the years ended December 31, 2013 and 2012 was $302 and $301, respectively. | |||||
[2] Letters of credit: | |||||
Outstanding letters of credit at December 31, 2013, amounted to approximately $71,105 all of which expire prior to April 30, 2014. | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||||||||
[1] Principles of consolidation: | ||||||||||||||||||||
The consolidated financial statements include the accounts of 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 the warehouse facility in Baltimore, Maryland, and Imbali Metals BVBA, the Company’s operating subsidiary in Europe. All intercompany balances and transactions have been eliminated on consolidation. | ||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||||||||
[2] Revenue recognition: | ||||||||||||||||||||
Revenue on product sales is recognized at the point in time when the product has been shipped or delivered, title and risk of loss has been transferred to the customer, and the following conditions are met: persuasive evidence of an arrangement exists, the price is fixed and determinable, and collectability of the resulting receivable is reasonably assured. | ||||||||||||||||||||
Accounts Receivable And Allowance Policy [Text Block] | ' | |||||||||||||||||||
[3] Accounts receivable and allowance policy: | ||||||||||||||||||||
Accounts receivable are stated as the outstanding balance due from customers, net of an allowance for doubtful accounts. The Company maintains a credit insurance policy with a 10% co-pay provision for most accounts receivable. The Company will provide an allowance for doubtful accounts in the event that it determines there may be probable losses beyond the credit insurance coverage. | ||||||||||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||||||||||
[4] Inventories: | ||||||||||||||||||||
Inventories which consist of purchased semi-finished metal products are stated at the lower of cost or market. Cost is determined by the specific-identification method. Inventory has generally been purchased for specific customer orders. The carrying amount of inventory which is hedged by futures contracts designated as fair value hedges is adjusted to fair value. | ||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||||||||||
[5] Property and equipment: | ||||||||||||||||||||
Property and equipment are stated at cost and depreciated by the straight-line method over their estimated useful lives. Impaired assets are written down to their fair value. | ||||||||||||||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||||||||||||||
[6] Derivatives: | ||||||||||||||||||||
The Company recognizes all derivatives in the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If the derivative is a hedge, depending upon the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings (fair value hedge), or recognized in other comprehensive income until the hedged item is recognized in earnings (cash flow hedge). The ineffective portion of a derivative’s change in fair value, if any, is immediately recognized in earnings. When a hedged item in a fair value hedge is sold, the adjustment in the carrying amount of the hedged item is recognized in earnings (see Note E). | ||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||||||||||||||
[7] Foreign currency translation: | ||||||||||||||||||||
The functional currency of Empire Resources Pacific Ltd., a wholly-owned domestic subsidiary which acts as a sales agent in Australia and New Zealand, is the Australian dollar. The Company also has a wholly owned foreign subsidiary incorporated in Belgium which sells semi-finished aluminum products in Europe. The functional currency of this subsidiary is the Euro. Cumulative translation adjustments, which are charged or credited to accumulated other comprehensive income, arise from translation of functional currency amounts into U.S. dollars. | ||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||||||||
[8] Income taxes: | ||||||||||||||||||||
The Company follows the asset and liability approach for deferred income taxes. This method provides that deferred tax assets and liabilities are recorded, using currently enacted tax rates, based upon the difference between the tax bases of assets and liabilities and their carrying amounts for financial statement purposes. | ||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||||||||
[9] Per share data: | ||||||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share give effect to all dilutive outstanding stock options, using the treasury stock method and assumed conversion of subordinated debt (see Note O). | ||||||||||||||||||||
Compensation Related Costs, Policy [Policy Text Block] | ' | |||||||||||||||||||
[10] Stock - based compensation: | ||||||||||||||||||||
Stock-based compensation expense for an award of equity instruments, including stock options, is recognized over the vesting period based on the fair value of the award at the grant date. | ||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||||||||
[11] 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. | ||||||||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | |||||||||||||||||||
[12] 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 rate 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. The conversion option embedded in convertible subordinated notes issued in 2011 was valued using Level 3 inputs. | ||||||||||||||||||||
Major categories of assets and liabilities measured at fair value at December 31, 2013 and 2012 are classified as follows (in thousands): | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 106,903 | $ | 124,274 | ||||||||||||||||
Aluminum futures contracts | 1,047 | |||||||||||||||||||
Foreign Currency forward | 316 | |||||||||||||||||||
contracts | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Foreign currency forward | 27 | |||||||||||||||||||
contracts | ||||||||||||||||||||
Interest rate swap contracts | $ | 52 | $ | 111 | ||||||||||||||||
Aluminum futures contracts | 842 | |||||||||||||||||||
Embedded conversion option | $ | 2,048 | $ | 1,996 | ||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||||||||
[13] Use of estimates: | ||||||||||||||||||||
The preparation of financial statements in accordance with generally accepted accounting principles (“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. | ||||||||||||||||||||
Major Customers, Policy [Policy Text Block] | ' | |||||||||||||||||||
[14] Significant customers and concentration of suppliers: | ||||||||||||||||||||
No customer accounted for sales in excess of 10% during 2013. Two customers accounted for 19% of sales in 2012. | ||||||||||||||||||||
The Company’s purchase of metal products is from a limited number of suppliers located throughout the world. Two suppliers, PT. Alumindo and Hulamin Ltd, accounted for 51% of total purchases for the year ended December 31, 2013 as compared to 57% of total purchases during the year ended December 31, 2012. The Company’s loss of any of its largest suppliers or a material default by any such supplier in its obligations to the Company would have at least a short-term material adverse effect on the Company’s business. | ||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||||||
Major categories of assets and liabilities measured at fair value at December 31, 2013 and 2012 are classified as follows (in thousands): | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 106,903 | $ | 124,274 | ||||||||||||||||
Aluminum futures contracts | 1,047 | |||||||||||||||||||
Foreign Currency forward | 316 | |||||||||||||||||||
contracts | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Foreign currency forward | 27 | |||||||||||||||||||
contracts | ||||||||||||||||||||
Interest rate swap contracts | $ | 52 | $ | 111 | ||||||||||||||||
Aluminum futures contracts | 842 | |||||||||||||||||||
Embedded conversion option | $ | 2,048 | $ | 1,996 | ||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||
Property and equipment are summarized as follows: (in thousands) | ||||||||||
December 31, | ||||||||||
2013 | 2012 | Estimated Useful Life | ||||||||
Cost: | ||||||||||
Land | $ | 1,180 | $ | 1,180 | ||||||
Buildings and improvements | 3,165 | 3,165 | 10 and 40 years | |||||||
Other equipment | 1,464 | 1,369 | 3 to 5 years | |||||||
5,809 | 5,714 | |||||||||
Less: Accumulated depreciation | 1,860 | 1,727 | ||||||||
Net Book Value | $ | 3,949 | $ | 3,987 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Risk Management (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as fair value hedges | Balance Sheet Location | 2013 | 2012 | |||||||||
Asset derivatives: | ||||||||||||
Aluminum futures contracts | Other current assets | $ | 1,047 | - | ||||||||
Foreign currency forward contracts | Other current assets | 316 | - | |||||||||
Total | $ | 1,363 | $ | - | ||||||||
Liability derivatives: | ||||||||||||
Foreign currency forward contracts | Accrued expenses and derivative | - | $ | 27 | ||||||||
liabilities | ||||||||||||
Aluminum futures contracts | Accrued expenses and derivative | - | 842 | |||||||||
liabilities | ||||||||||||
Total | $ | - | $ | 869 | ||||||||
Schedule Of Derivatives Designated As Fair Value Hedges [Table Text Block] | ' | |||||||||||
This swap has been designated as a cash flow hedge and the Company’s unrealized liabilities relating to the swap measured at fair value at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as cash flow hedges | Balance Sheet Location | 2013 | 2012 | |||||||||
Liability derivatives: | ||||||||||||
Interest rate swap contracts | Accrued expenses and derivative | $ | 52 | $ | 111 | |||||||
liabilities | ||||||||||||
Schedule Of Derivatives Designated As Cash Flow Hedges [Table Text Block] | ' | |||||||||||
The table below summarizes the realized gain or (loss) on the Company’s derivative instruments and their location in the income statement (in thousands): | ||||||||||||
Derivatives in hedging | Location of Gain or | Year Ended December 31, | ||||||||||
relationships | (Loss) Recognized | 2013 | 2012 | |||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | -13 | $ | -754 | ||||||
Interest rate swaps | (b) | Interest expense, net | -56 | -67 | ||||||||
Aluminum futures | (c) | Cost of goods sold | 6,975 | 11,447 | ||||||||
Total | $ | 6,906 | $ | 10,626 | ||||||||
(a) | Fair value hedge: the related hedged item is accounts receivable and accounts payable denominated in foreign currency and offsetting gains in 2013 and 2012, in the same respective amounts are included in cost of goods sold. | |||||||||||
(b) | Cash flow hedge: recognized loss reclassified from accumulated other comprehensive loss in 2013 and 2012. | |||||||||||
(c) | Fair value hedge: the related hedged item is inventory and offsetting losses in the same respective amounts are included in cost of goods sold in 2013 and 2012. Also included in 2012 is a loss of approximately $264, related to the write off of unsettled contracts and a gain of $497 related to the sale of the claim for the unsettled contracts referred to above. | |||||||||||
Accrued_expenses_and_derivativ1
Accrued expenses and derivative liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Schedule Of Accrued Expenses And Derivative Liabilities Text Block [Table Text Block] | ' | |||||||
Accrued expenses and derivative liabilities consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued expenses | $ | 2,792 | $ | 3,804 | ||||
Derivative liabilities | 52 | 979 | ||||||
$ | 2,844 | $ | 4,783 | |||||
Convertible_Subordinated_Debt_
Convertible Subordinated Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||
The following table summarizes the significant inputs resulting from the calculations at issuance and year end: | |||||||||||||
December 31, 2013 | December 31, 2012 | June 3, 2011 | |||||||||||
Equity value | $ | 30,708 | $ | 25,696 | $ | 36,811 | |||||||
Volatility | 45 | % | 55 | % | 70 | % | |||||||
Risk free return | 0.38 | % | 0.54 | % | 1.6 | % | |||||||
Dividend Yield | 2.79 | % | 3.34 | % | 2.51 | % | |||||||
Strike Price | $ | 3.99 | $ | 4.09 | $ | 4.65 | |||||||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
The following is a summary of stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Weighted | Remaining | ||||||||||||
Average | contractual | Aggregate | |||||||||||
Number of | Exercise | term | Intrinsic | ||||||||||
Shares | Price | (years) | Value | ||||||||||
Options outstanding and exercisable at December | 416,000 | $ | 1.53 | 7.48 | $ | 532,060 | |||||||
31, 2011 | |||||||||||||
Options canceled | -2,000 | $ | 1.13 | ||||||||||
Options outstanding and exercisable at December | 414,000 | $ | 1.53 | 7.48 | $ | 532,060 | |||||||
31, 2012 | |||||||||||||
Options canceled | -4,000 | $ | 1.87 | ||||||||||
Options outstanding and exercisable at December | 410,000 | $ | 1.52 | 5.55 | $ | 843,800 | |||||||
31, 2013 | |||||||||||||
Options available for grant under 2006 Plan at | 415,000 | ||||||||||||
December 31, 2013 | |||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
Changes in accumulated other comprehensive income/(loss) for the year ended December 31, 2013, on an after tax basis is as follows (in thousands): | ||||||||||||||||
Available | ||||||||||||||||
Foreign | Interest | for Sale | ||||||||||||||
Currency | Rate Swap | Marketable | ||||||||||||||
Translation | Contract | Securities | Total | |||||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | ||||||||
Other comprehensive income before reclassification | 132 | - | 132 | |||||||||||||
Loss reclassified to operations | - | 35 | (a) | 20 | (a) | 55 | ||||||||||
Net current period other comprehensive income | 132 | 35 | 20 | 187 | ||||||||||||
Ending balance | $ | 84 | $ | -33 | $ | - | $ | 51 | ||||||||
(a) Reclassified to following line items in the statement of income: | ||||||||||||||||
Interest expense, net | $ | 56 | $ | 32 | ||||||||||||
Income taxes | -21 | -12 | ||||||||||||||
Net of tax | $ | 35 | $ | 20 | ||||||||||||
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 | $ | 56 | $ | 32 | ||||||||||||
Income taxes | -21 | -12 | ||||||||||||||
Net of tax | $ | 35 | $ | 20 | ||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||
The components of income/(loss) before income taxes were as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
U.S. | $ | 3,575 | $ | 6,595 | ||||
Foreign | 206 | -174 | ||||||
$ | 3,781 | $ | 6,421 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
Income tax expense (benefit) consists of the following (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Current | ||||||||
U.S. Federal | $ | 1,400 | $ | 2,101 | ||||
State and local | 288 | 390 | ||||||
Foreign | 53 | -79 | ||||||
1,741 | 2,412 | |||||||
Deferred | ||||||||
U.S. Federal | -289 | -41 | ||||||
State and local | -67 | 7 | ||||||
Foreign | - | 79 | ||||||
-356 | 45 | |||||||
$ | 1,385 | $ | 2,457 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
The U.S. statutory rate can be reconciled to the effective tax rate as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Provision for taxes at statutory rate of 34% | $ | 1,286 | $ | 2,183 | ||||
State and local taxes, net of federal tax effect | 157 | 263 | ||||||
Permanent differences and other current year adjustments | 46 | 35 | ||||||
Reversal of overaccrual of prior year unrecognized tax benefits | -81 | - | ||||||
Other | -23 | -24 | ||||||
$ | 1,385 | $ | 2,457 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
Deferred tax assets and liabilities are composed of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred current tax assets | ||||||||
Allowance for doubtful accounts | $ | 215 | $ | 201 | ||||
Accrued expenses | 73 | 273 | ||||||
Inventories | 2,829 | 2,697 | ||||||
Marketable Securities | - | 12 | ||||||
Stock Options | 80 | 80 | ||||||
Derivative contracts | 20 | 43 | ||||||
Net deferred current tax assets | 3,217 | 3,306 | ||||||
Deferred long-term tax assets | ||||||||
Derivative liability for embedded conversion option | 781 | 762 | ||||||
Advance to supplier | - | 201 | ||||||
781 | 963 | |||||||
Deferred long-term tax liabilities | ||||||||
Property and Equipment | -45 | -53 | ||||||
Unamortized debt discount | -521 | -738 | ||||||
Preferrential supplier agreement | - | -367 | ||||||
-566 | -1,158 | |||||||
Net deferred long-term tax assets /(liabilities) | 215 | -195 | ||||||
Net deferred tax assets | $ | 3,432 | $ | 3,111 | ||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | $ | 329 | $ | 343 | ||||
Settlements | -294 | -137 | ||||||
Net increase for tax positions of prior years | 214 | 123 | ||||||
Balance at December 31 | $ | 249 | $ | 329 | ||||
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Compensation and Retirement Disclosure [Abstract] | ' | |||
Schedule Of Defined Contribution Plan Matching Contribution Vested Based On Length Of Service [Table Text Block] | ' | |||
The employees’ vesting of the Company’s matching contribution is based upon length of service as follows: | ||||
Years of service | Vested | |||
1 | 25 | % | ||
2 | 50 | % | ||
3 | 75 | % | ||
4 | 100 | % | ||
Per_Share_Data_Tables
Per Share Data (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following is the reconciliation of the numerators and denominators of the basic and diluted earnings per share: | ||||||||
Year Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Net income | $ | 2,396 | $ | 3,964 | ||||
Add back of interest on convertible subordinated debt, net of taxes | - | 742 | ||||||
Add back of amortization of discount on convertible subordinated debt, net of taxes | - | 350 | ||||||
Adjustment for change in value of convertible note derivative, net of taxes | - | 39 | ||||||
Numerator for diluted earnings per share | $ | 2,396 | $ | 5,095 | ||||
Denominator: | ||||||||
Weighted average shares outstanding-basic | 8,583 | 8,897 | ||||||
Dilutive effect of stock options | 269 | 196 | ||||||
Dilutive effect of convertible subordinated debt | - | 2,935 | ||||||
Weighted average shares outstanding-diluted | 8,852 | 12,028 | ||||||
Basic Earnings per Share | $ | 0.28 | $ | 0.45 | ||||
Diluted Earnings per Share | $ | 0.27 | $ | 0.42 | ||||
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||
Sales to domestic and foreign customers were as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
United States | $ | 311,127 | $ | 365,315 | ||||
Latin America | 66,126 | 56,694 | ||||||
Canada | 48,394 | 50,824 | ||||||
Australia & New Zealand | 38,698 | 48,172 | ||||||
Europe | 18,338 | 17,522 | ||||||
$ | 482,683 | $ | 538,527 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
The minimum non-cancelable scheduled rentals under such lease are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | 284 | ||||
2015 | 74 | ||||
$ | 358 | ||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | Inventories [Member] | ' | ' |
Assets, Fair Value Disclosure | $106,903 | $124,274 |
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Forward Contracts [Member] | ' | ' |
Liabilities, Fair Value Disclosure | ' | 27 |
Fair Value, Inputs, Level 1 [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Assets, Fair Value Disclosure | 1,047 | ' |
Liabilities, Fair Value Disclosure | ' | 842 |
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Forward Contracts [Member] | ' | ' |
Assets, Fair Value Disclosure | 316 | ' |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities, Fair Value Disclosure | 52 | 111 |
Fair Value, Inputs, Level 3 [Member] | Embedded Conversion Option [Member] | ' | ' |
Liabilities, Fair Value Disclosure | $2,048 | $1,996 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Percentage Of Provision For Accounts Receivable | 10.00% | ' |
Cost Of Goods, Total [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Concentration Risk, Percentage | 51.00% | 57.00% |
Sales Revenue, Goods, Net [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Concentration Risk, Percentage | 10.00% | 19.00% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details Textual) (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value of Financial Instruments [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $12 | $12 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Buildings and improvements [Member] | Other equipment [Member] | Other equipment [Member] | Other equipment [Member] | Other equipment [Member] | ||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross, Total | $5,809 | $5,714 | $1,180 | $1,180 | $3,165 | $3,165 | ' | ' | $1,464 | $1,369 | ' | ' |
Less: Accumulated depreciation | 1,860 | 1,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | $3,949 | $3,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '40 years | '10 years | ' | ' | '5 years | '3 years |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation | $130 | $126 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Risk Management (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Assets | $1,363 | $0 |
Fair Value Hedge Liabilities | 0 | 869 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Assets | 316 | 0 |
Other Current Assets [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Assets | 1,047 | 0 |
Accrued Expenses and Derivative Liabilities [Member] | Foreign Exchange Forward [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Liabilities | 0 | 27 |
Accrued Expenses and Derivative Liabilities [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Liabilities | $0 | $842 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Risk Management (Details 1) (Accrued expenses and derivative liabilities [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued expenses and derivative liabilities [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Interest rate swap contracts | $52 | $111 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Risk Management (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $6,906 | $10,626 | ||
Foreign currency forward contracts [Member] | Cost of goods sold [Member] | ' | ' | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ||
Derivative, Gain (Loss) on Derivative, Net, Total | -13 | [1] | -754 | [1] |
Interest rate swaps [Member] | Interest expense, net [Member] | ' | ' | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ||
Derivative, Gain (Loss) on Derivative, Net, Total | -56 | [2] | -67 | [2] |
Aluminum futures [Member] | Cost of goods sold [Member] | ' | ' | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $6,975 | [3] | $11,447 | [3] |
[1] | Fair value hedge: the related hedged item is accounts receivable and accounts payable denominated in foreign currency and offsetting gains in 2013 and 2012, in the same respective amounts are included in cost of goods sold. | |||
[2] | Cash flow hedge: recognized loss reclassified from accumulated other comprehensive loss in 2013 and 2012. | |||
[3] | Fair value hedge: the related hedged item is inventory and offsetting losses in the same respective amounts are included in cost of goods sold in 2013 and 2012. Also included in 2012 is a loss of approximately $264, related to the write off of unsettled contracts and a gain of $497 related to the sale of the claim for the unsettled contracts referred to above. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments and Risk Management (Details Textual) (USD $) | Dec. 31, 2012 | Nov. 20, 2012 | Dec. 31, 2011 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ' | ' |
Gain Contingency, Unrecorded Amount | ' | ' | ' | $800 |
Un settled Contract | 264 | ' | 536 | ' |
Claims Transferred To Third Party | ' | $497 | ' | ' |
Accrued_expenses_and_derivativ2
Accrued expenses and derivative liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Derivative Liabilities [Line Items] | ' | ' |
Accrued expenses | $2,792 | $3,804 |
Derivative liabilities | 52 | 979 |
Accrued Expenses Derivative Liabilities | $2,844 | $4,783 |
Mortgage_Payable_Details_Textu
Mortgage Payable (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2004 | |
Mortgage Loans on Real Estate [Line Items] | ' |
Mortgage Loans, Periodic Payment Including Interest | $21,600 |
Loans Receivable, Description of Variable Rate Basis | 'LIBOR + 1.75% |
Mortgage Loans, Interest Rate | 6.37% |
Notes_Payable_Details_Textual
Notes Payable (Details Textual) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 28, 2011 |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | |
Notes Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $4,422 | € 3,217 | $5,845 | € 4,430 | ' | ' |
Line of Credit Facility, Amount Outstanding | 103,500 | ' | 118,250 | ' | ' | 200,000 |
Revolving Line Of Credit Facility | ' | ' | ' | ' | ' | 175,000 |
Additional Line Of Credit Facility | ' | ' | ' | ' | ' | 50,000 |
Minimum Tangible Net Worth Covenants | ' | ' | ' | ' | 25,000 | ' |
Percentage Of Positive Net Earnings | ' | ' | ' | ' | 25.00% | ' |
Line of Credit Facility, Interest Rate at Period End | '6.00 to 1 | '6.00 to 1 | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | 2.66% | 2.66% | 2.75% | 2.75% | ' | ' |
Line Of Credit Facility, Amount Utilized | 71,105 | ' | 33,534 | ' | ' | ' |
Line of Credit Facility, Commitment Fee Amount | $10,996 | € 8,000 | ' | ' | ' | ' |
Line Of Credit Facility, Interest Rate, Variable Rate Basis | 'EURIBOR plus 1.75% | 'EURIBOR plus 1.75% | ' | ' | ' | ' |
Convertible_Subordinated_Debt_1
Convertible Subordinated Debt (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 03, 2011 |
Convertible Subordinated Debt [Line Items] | ' | ' | ' |
Equity value | $30,708 | $25,696 | $36,811 |
Volatility | 45.00% | 55.00% | 70.00% |
Risk free return | 0.38% | 0.54% | 1.60% |
Dividend Yield | 2.79% | 3.34% | 2.51% |
Strike Price | $3.99 | $4.09 | $4.65 |
Convertible_Subordinated_Debt_2
Convertible Subordinated Debt (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Convertible Subordinated Debt [Line Items] | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | $3.99 | 4.09 | ' |
Convertible Subordinated Debt | $4,000 | ' | ' |
Unrealized Gain (Loss) on Derivatives | 52 | 63 | ' |
Accounts Payable, Interest-bearing | 962 | ' | ' |
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 | 3.69% | ' | ' |
Amortization Of Intangible Assets | 321 | 0 | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | ' | ' |
Interest Expense, Debt | -293 | -436 | ' |
Pt Alumindo [Member] | ' | ' | ' |
Convertible Subordinated Debt [Line Items] | ' | ' | ' |
Due from Affiliates | 10,000 | ' | ' |
Convertible Senior Subordinated Notes [Member] | ' | ' | ' |
Convertible Subordinated Debt [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | 10.00% |
Debt Instrument, Convertible, Conversion Price | $7 | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | 2,829 | ' | ' |
Debt Conversion Number Of Common Stock Per 1000 Principal Amount | 250,620 | 244,610 | ' |
Amortization Of Intangible Assets | 12,000 | ' | ' |
Debt Instrument, Maturity Date | 1-Jun-16 | ' | ' |
Supply Agreement With Pt. Alumindo [Member] | ' | ' | ' |
Convertible Subordinated Debt [Line Items] | ' | ' | ' |
Payments to Fund Long-term Loans to Related Parties | 1,000 | 1,000 | ' |
Related Party Loan Monthly Installment | 278 | ' | ' |
Related Party Loan Monthly Installment Upon Disagreement | $566 | ' | ' |
Stock_Options_Details
Stock Options (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Option [Line Items] | ' | ' | ' |
Options outstanding and exercisable Number of Shares | 410,000 | 414,000 | 416,000 |
Options canceled Number Of Shares | -4,000 | -2,000 | ' |
Options available for grant under 2006 Plan at December 31, 2013 | 415,000 | ' | ' |
Options outstanding and exercisable Weighted Average Exercise Price | $1.52 | $1.53 | $1.53 |
Options canceled Weighted Average Exercise Price | $1.87 | $1.13 | ' |
Options outstanding and exercisable Weighted Average Exercise Price Remaining Contratual term | ' | '7 years 5 months 23 days | '7 years 5 months 23 days |
Options canceled Weighted Average Remaining contractual term | '5 years 6 months 18 days | ' | ' |
Options outstanding and exercisable Aggregate Intrinisic Value | ' | $532,060 | $532,060 |
Options canceled Aggregate Intrinsic Value | $843,800 | ' | ' |
Stock_Options_Details_Textual
Stock Options (Details Textual) (Two Thousand and Six Stock Option Plan [Member]) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Two Thousand and Six Stock Option Plan [Member] | ' |
Stock Option [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 559,000 |
TREASURY_STOCK_Details_Textual
TREASURY STOCK (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 22, 2008 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | 2,000 |
Treasury stock acquired | $64 | $1,941 | ' |
Repurchase One [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Treasury stock acquired | 3,287 | ' | ' |
Treasury Stock Shares Acquired Cost Method | 1,264 | ' | ' |
Repurchase Two [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Treasury stock acquired | 19 | ' | ' |
Treasury Stock Shares Acquired Cost Method | 64 | ' | ' |
Repurchase Three [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Treasury stock acquired | ' | $647 | ' |
Treasury Stock Shares Acquired Cost Method | ' | 1,941 | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning balance, Foreign currency translation | ($48) | ' | |
Other comprehensive income before reclassification, Foreign Currency Translation | 132 | ' | |
Loss reclassified to operations, Foreign Currency Translation | 0 | ' | |
Net current period comprehensive income, Foreign Currency Translation | 132 | 49 | |
Ending Balance, Foreign Currency Translation | 84 | -48 | |
Beginning Balance, Interest Rate Swap Contract | -68 | ' | |
Other comprehensive income before reclassification, Interest Rate Swap Contract | 35 | [1] | ' |
Net current period comprehensive income, Interest Rate Swap Contract | 35 | ' | |
Ending Balance, Interest Rate SwapContract | -33 | -68 | |
Beginning Balance, Available for Sale Marketable Securities | -20 | ' | |
Other comprehensive income before reclassification, Available forSale Marketable Securities | 0 | ' | |
Loss reclassified to operations, Available forSale Marketable Securities | 20 | [1] | ' |
Net current period comprehensive income, Available forSale Marketable Securities | 20 | ' | |
Ending Balance, Available for Sale Marketable Securities | 0 | -20 | |
Beginning Balance | -136 | ' | |
Other comprehensive income before reclassification | 132 | ' | |
Loss reclassified to operations | 221 | 96 | |
Net current period comprehensive income | 187 | 78 | |
Ending Balance | $51 | ($136) | |
[1] | Reclassified to following line items in the statement of income: Interest expense, net $56 $32 Income taxes (21) (12) Net of tax $35 $20 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Interest Rate Swap [Member] | ' |
(a) Reclassified to following line items in the statement of income: | ' |
Interest expense, net | $56 |
Income taxes | -21 |
Net of tax | 35 |
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 |
ACCUMULATED_OTHER_COMPREHENSIV4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Available-for-sale Securities, Current, Total | ' | $6 |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Income Tax | 19 | 43 |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Income Tax | $12 | $12 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
U.S. | $3,575 | $6,595 |
Foreign | 206 | -174 |
Income before income taxes | $3,781 | $6,421 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current | ' | ' |
U.S. Federal | $1,400 | $2,101 |
State and local | 288 | 390 |
Foreign | 53 | -79 |
Current Income Tax Expense (Benefit) | 1,741 | 2,412 |
Deferred | ' | ' |
U.S. Federal | -289 | -41 |
State and local | -67 | 7 |
Foreign | 0 | 79 |
Deferred income taxes | -356 | 45 |
Income Tax Expense (Benefit) | $1,385 | $2,457 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
Provision for taxes at statutory rate of 34% | $1,286 | $2,183 |
State and local taxes, net of federal tax effect | 157 | 263 |
Permanent differences and other current year adjustments | 46 | 35 |
Reversal of overaccrual of prior year unrecognized tax benefits | -81 | 0 |
Other | -23 | -24 |
Income Tax Expense (Benefit) | $1,385 | $2,457 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred current tax assets | ' | ' |
Allowance for doubtful accounts | $215 | $201 |
Accrued expenses | 73 | 273 |
Inventories | 2,829 | 2,697 |
Marketable Securities | 0 | 12 |
Stock Options | 80 | 80 |
Derivative contracts | 20 | 43 |
Deferred current tax liabilities | ' | ' |
Net deferred current tax assets | 3,217 | 3,306 |
Deferred long-term tax assets | ' | ' |
Derivative liability for embedded conversion option | 781 | 762 |
Advance to supplier | 0 | 201 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 781 | 963 |
Deferred long-term tax liabilities | ' | ' |
Property and Equipment | -45 | -53 |
Unamortized debt discount | -521 | -738 |
Preferential supplier agreement | 0 | -367 |
Deferred Tax Liabilities, Net, Noncurrent | -566 | -1,158 |
Net deferred long-term tax assets /(liabilities) | 215 | -195 |
Net deferred tax assets | $3,432 | $3,111 |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
Balance, Opening | $329 | $343 |
Settlements | -294 | -137 |
Net increase for tax positions of prior years | 214 | 123 |
Balance, Ending | $249 | $329 |
INCOME_TAXES_Details_textual
INCOME TAXES (Details textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $3,171 | ' |
Percentage Of Withholding Tax | 5.00% | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | ' | 39 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 107 | 255 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ' |
Unrecognized Tax Benefits, Value of Accrued Interest reversed | 148 | ' |
Unrecognized Tax Benefits, Value of Liability reversed | $81 | ' |
Employee_Retirement_Benefits_D
Employee Retirement Benefits (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Year One [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 25.00% |
Year Two [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 50.00% |
Year Three [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 75.00% |
Year Four [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% |
Employee_Retirement_Benefits_D1
Employee Retirement Benefits (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 2.00% | ' |
Condition For Forfeiture Of Non Vested Portion Of Matching Contribution | 'Employees who terminate prior to 100% vesting forfeit their non-vested portion of the Companys matching contribution | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $82 | $77 |
Per_Share_Data_Details
Per Share Data (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | ' | ' |
Net income | $2,396 | $3,964 |
Add back of interest on convertible subordinated debt, net of taxes | 0 | 742 |
Add back of amortization of discount on convertible subordinated debt, net of taxes | 0 | 350 |
Adjustment for change in value of convertible note derivative, net of taxes | 0 | 39 |
Numerator for diluted earnings per share | $2,396 | $5,095 |
Denominator: | ' | ' |
Weighted average shares outstanding-basic (in shares) | 8,583 | 8,897 |
Dilutive effect of stock options (in shares) | 269 | 196 |
Dilutive effect of convertible subordinated debt (in shares) | 0 | 2,935 |
Weighted average shares outstanding-diluted (in shares) | 8,852 | 12,028 |
Basic Earnings per Share (in dollars per share) | $0.28 | $0.45 |
Diluted Earnings per Share (in dollars per share) | $0.27 | $0.42 |
Per_Share_Data_Details_Textual
Per Share Data (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,007 |
Dividends_Details_Textual
Dividends (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 24, 2013 | Oct. 11, 2013 | Jul. 17, 2013 | |
Dividends Payable [Line Items] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.03 | ' | ' | ' |
Special Dividend Declared Per Share | ' | $0.03 | $0.03 | $0.03 |
Business_Segment_and_Geographi2
Business Segment and Geographic Area Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Segment And Geographic Area Information [Line Items] | ' | ' |
Other Revenue, Net | $482,683 | $538,527 |
United States [Member] | ' | ' |
Business Segment And Geographic Area Information [Line Items] | ' | ' |
Other Revenue, Net | 311,127 | 365,315 |
Latin America [Member] | ' | ' |
Business Segment And Geographic Area Information [Line Items] | ' | ' |
Other Revenue, Net | 66,126 | 56,694 |
Canada [Member] | ' | ' |
Business Segment And Geographic Area Information [Line Items] | ' | ' |
Other Revenue, Net | 48,394 | 50,824 |
Australia and New Zealand [Member] | ' | ' |
Business Segment And Geographic Area Information [Line Items] | ' | ' |
Other Revenue, Net | 38,698 | 48,172 |
Europe [Member] | ' | ' |
Business Segment And Geographic Area Information [Line Items] | ' | ' |
Other Revenue, Net | $18,338 | $17,522 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Line Items] | ' |
2014 | $284 |
2015 | 74 |
Operating Leases, Future Minimum Payments Due | $358 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $71,105 | ' |
Operating Leases, Rent Expense | $302 | $301 |