Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 11, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'EMPIRE RESOURCES INC /NEW/ | ' |
Entity Central Index Key | '0001019272 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'ERS | ' |
Entity Common Stock, Shares Outstanding | ' | 8,976,231 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $4,663 | $2,477 |
Trade accounts receivable (less allowance for doubtful accounts of $543 and $562) | 97,393 | 52,696 |
Inventories | 120,104 | 139,752 |
Deferred tax assets | 3,194 | 3,217 |
Advance to supplier, net of imputed interest of $87 and $176 | 3,236 | 3,147 |
Other current assets, including derivatives | 6,051 | 6,081 |
Total current assets | 234,641 | 207,370 |
Advance to supplier, net of imputed interest of $3 and $56, and net of current maturities | 841 | 3,287 |
Preferential supply agreement, net | 401 | 641 |
Long-term financing costs, net of amortization | 962 | 358 |
Property and equipment, net | 3,886 | 3,949 |
Deferred tax assets | 0 | 215 |
Total assets | 240,731 | 215,820 |
Current liabilities: | ' | ' |
Notes payable - banks | 132,785 | 107,922 |
Current maturities of mortgage payable | 1,154 | 1,290 |
Trade accounts payable | 33,488 | 44,058 |
Income taxes payable | 3,037 | 2,042 |
Accrued expenses and derivative liabilities | 8,257 | 2,844 |
Dividends payable | 224 | 215 |
Total current liabilities | 178,945 | 158,371 |
Subordinated convertible debt net of unamortized discount of $865 and $1,368 respectively | 10,135 | 10,632 |
Derivative liability for embedded conversion option | 3,860 | 2,048 |
Deferred taxes payable | 49 | 0 |
Total Liabilities | 192,989 | 171,051 |
Commitments (Note 19) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock $0.01 par value, 20,000,000 shares authorized and 11,749,651 shares issued at September 30, 2014 and December 31, 2013 | 117 | 117 |
Additional paid-in capital | 13,678 | 11,937 |
Retained earnings | 39,280 | 38,178 |
Accumulated other comprehensive (loss) income | -217 | 51 |
Treasury stock, 2,773,420 and 3,177,708 shares at September 30, 2014 and December 31, 2013, respectively | -5,116 | -5,514 |
Total stockholders' equity | 47,742 | 44,769 |
Total liabilities and stockholders' equity | $240,731 | $215,820 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets [Parenthetical] (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, trade accounts | $543 | $562 |
Imputed interest, advance to supplier amortization amount, current | 87 | 176 |
Imputed interest, advance to supplier amortization amount | 3 | 56 |
Unamortized discount, subordinated convertible debt | $865 | $1,368 |
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) | 2,773,420 | 3,177,708 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $159,366 | $126,390 | $444,199 | $370,288 |
Cost of goods sold | 151,897 | 121,082 | 423,228 | 353,083 |
Gross profit | 7,469 | 5,308 | 20,971 | 17,205 |
Selling, general and administrative expenses | 3,819 | 3,602 | 10,600 | 10,361 |
Operating income | 3,650 | 1,706 | 10,371 | 6,844 |
Interest expense, net | 1,041 | 1,156 | 3,223 | 3,403 |
Income before other expenses | 2,609 | 550 | 7,148 | 3,441 |
Other expenses | ' | ' | ' | ' |
Change in value of derivative liability | -2,059 | 1,715 | -2,239 | -452 |
Loss related to extinguishment of debt converted into common stock | -164 | 0 | -164 | 0 |
Income before income taxes | 386 | 2,265 | 4,745 | 2,989 |
Income taxes | 1,080 | 194 | 2,985 | 1,066 |
Net (loss)/income | ($694) | $2,071 | $1,760 | $1,923 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 8,814 | 8,586 | 8,705 | 8,585 |
Diluted (in shares) | 8,814 | 11,835 | 8,964 | 8,856 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.08) | $0.24 | $0.20 | $0.22 |
Diluted (in dollars per share) | ($0.08) | $0.06 | $0.20 | $0.22 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net (loss)/income | ($694) | $2,071 | $1,760 | $1,923 |
Other comprehensive (loss)/income before tax | ' | ' | ' | ' |
Foreign currency translation adjustments | -278 | 119 | -292 | 81 |
Decrease in value of interest rate swap liability | 13 | 13 | 39 | 42 |
Increase in value of marketable securities | 0 | 0 | 0 | 32 |
Other comprehensive (loss)/income before tax | -265 | 132 | -253 | 155 |
Income tax related to components of other comprehensive (loss)/income | -5 | -5 | -15 | -28 |
Other comprehensive (loss)/income, net of tax | -270 | 127 | -268 | 127 |
Comprehensive (loss) /income | ($964) | $2,198 | $1,492 | $2,050 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows - operating activities: | ' | ' |
Net income | $1,760 | $1,923 |
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | ' | ' |
Depreciation and amortization | 482 | 518 |
Change in value of derivative liability | 2,239 | 452 |
Loss related to extinguishment of debt converted into common stock | 164 | 0 |
Amortization of convertible note discount | 419 | 424 |
Imputed interest on vendor advance | -144 | -231 |
Loss on sale of marketable securities | 0 | 32 |
Amortization of supply agreement | 240 | 240 |
Deferred income taxes | 271 | -503 |
Foreign exchange loss and other | 296 | -23 |
Stock-based compensation | 630 | 0 |
Changes in: | ' | ' |
Trade accounts receivable | -45,330 | -9,932 |
Inventories | 18,947 | 21,708 |
Other current assets | 27 | -666 |
Trade accounts payable | -10,751 | -8,061 |
Income taxes payable | 995 | -818 |
Accrued expenses and derivative liabilities | 5,708 | -1,221 |
Net cash (used in)/provided by operating activities | -24,047 | 3,842 |
Cash flows - investing activities: | ' | ' |
Repayment related to supply agreement | 2,500 | 2,500 |
Net proceeds from sale of marketable securities | 0 | 6 |
Purchases of property and equipment | -19 | -6 |
Net cash provided by investing activities | 2,481 | 2,500 |
Cash flows - financing activities: | ' | ' |
Proceeds from/(repayments) of notes payable - banks | 25,602 | -6,594 |
Repayments - mortgage payable | -136 | -127 |
Deferred Financing Costs | -1,005 | -60 |
Dividends paid | -648 | -429 |
Proceeds from stock options exercised | 15 | 0 |
Treasury stock purchased | -13 | -23 |
Net cash provided by/(used in) financing activities | 23,815 | -7,233 |
Net increase/(decrease) in cash | 2,249 | -891 |
Effect of exchange rate | -63 | 1 |
Cash at beginning of period | 2,477 | 3,136 |
Cash at end of the period | 4,663 | 2,246 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest | 3,476 | 2,913 |
Income taxes | 2,737 | 1,955 |
Non cash financing activities: | ' | ' |
Dividend declared but not yet paid | 224 | 215 |
Treasury stock issued on conversion of subordinated debt | $1,507 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2013 | $44,769 | $117 | $11,937 | $38,178 | $51 | ($5,514) |
Balance (in shares) at Dec. 31, 2013 | ' | 11,750 | ' | ' | ' | ' |
Treasury stock acquired | -13 | ' | ' | ' | ' | -13 |
Treasury stock issued on conversion of subordinated debt | 1,507 | ' | 1,256 | ' | ' | 251 |
Stock based compensation | 630 | ' | 475 | ' | ' | 155 |
Stock options exercised | 15 | ' | 10 | ' | ' | 5 |
Net change in cumulative translation adjustment | -292 | ' | ' | ' | -292 | ' |
Decrease in value of interest rate swap liability, net of deferred tax of $15 | 24 | ' | ' | ' | 24 | ' |
Dividends declared ($0.075 per share) | -658 | ' | ' | -658 | ' | ' |
Net income | 1,760 | ' | ' | 1,760 | ' | ' |
Balance at Sep. 30, 2014 | $47,742 | $117 | $13,678 | $39,280 | ($217) | ($5,116) |
Balance (in shares) at Sep. 30, 2014 | ' | 11,750 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Stockholders' Equity [Parenthetical] (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Decrease in value of interest rate swap liability, net of deferred tax | $15 |
Dividends declared | $0.08 |
The_Company
The Company | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. The Company | |
The condensed consolidated financial statements include the accounts of Empire Resources, Inc. (the “Company”) and its wholly-owned subsidiaries, including Empire Resources Pacific Ltd., the Company’s sales agent in Australia, 6900 Quad Avenue LLC, the owner of a warehouse facility in Baltimore, Maryland and Imbali Metals BVBA (“Imbali”), the Company’s operating subsidiary in Europe and Empire Resources de Mexico, our operating subsidiary in Mexico. All significant inter-company transactions and accounts have been eliminated on consolidation. The Company purchases and sells semi-finished aluminum and steel products to a diverse customer base located in the Americas, Australia, Europe and New Zealand. | |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Condensed Financial Statements [Text Block] | ' |
2. Interim Financial Statements | |
The condensed consolidated interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. The information and note disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The Company’s management is responsible for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments which are of a normal and recurring nature, necessary to present fairly the Company’s financial position as of September 30, 2014 and the results of its operations and cash flows for the three and nine months ended September 30, 2014 and 2013. Interim results may not be indicative of the results that may be expected for the year. | |
Use_of_Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2014 | |
Use Of Estimates [Abstract] | ' |
Use Of Estimates [Text Block] | ' |
3. Use of Estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. | |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
4. Concentrations | |
During the nine month period ended September 30, 2014 and 2013 no one customer accounted for 10% or more of our consolidated sales. | |
The Company purchases metal products from a limited number of suppliers throughout the world. Two suppliers, PT Alumindo Light Metal Industry and Hulamin Ltd. accounted for an aggregate of 39% of total purchases during the nine month period ended September 30, 2014, as compared to 50% during the same period ended September 30, 2013. | |
The loss of any one of our largest suppliers or a material default by any such supplier in its obligations to us could have a material adverse effect on our business. | |
Stock_Options
Stock Options | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
5. Stock Options | |
Stock-based compensation for an award of equity instruments, including stock options, is recognized as an expense over the vesting period based on the fair value of the award at the grant date. As of September 30, 2014, there were outstanding employee stock options to acquire 400 shares of common stock, which had vested in prior years. During the nine month period ended September 30, 2014, the Company did not grant any stock options. Treasury shares were issued for 4 stock options exercised during the nine months ended September 30, 2014. | |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Treasury Stock [Text Block] | ' |
6. 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 September 30, 2014, the Company repurchased a total of 1,268 shares under the repurchase program for an aggregate cost of $3,299. During the nine month period ended September 30, 2014, the Company purchased 3 common shares at a cost of $13. In January 2014 and August 2014, the Company issued a total of 150 common shares out of treasury stock to a non-executive employee as part of a compensation arrangement, and in August 2014 issued 254 common shares out of treasury stock on conversion of debt | |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventory Disclosure [Text Block] | ' |
7. Inventories | |
Inventories, which consist of purchased semi-finished metal products, are stated at the lower of cost or market value. Cost is determined by the specific-identification method. Inventory is purchased for specific customer orders and the Company’s own inventory. The carrying amount of inventory, which is hedged by futures contracts designated as fair value hedges, is adjusted to fair value. | |
Notes_Payable_Banks
Notes Payable - Banks | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-term Debt [Text Block] | ' |
8. Notes Payable—Banks | |
Prior to June 19, 2014, we were a party to 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 which provided for a $200,000 revolving line of credit, including a commitment to issue letters of credit and a swing-line loan sub facility, with a maturity date of June 30, 2014. | |
On June 19, 2014 we entered into an amended and restated committed credit agreement with Rabobank International, for itself and as lead arranger and agent, BNP Paribas, for itself and as syndication agent, and Société Générale, ABN AMRO, RB International, and Brown Brothers Harriman as well as a new uncommitted line of credit with Rabobank International, BNP Paribas and Société Générale. Both credit lines are secured, asset-based credit facilities. The committed credit facility is in the amount of $150,000, and the uncommitted facility is in the amount of $75,000. The agreement also allows for an additional increase in the committed credit facility of $75,000, for a total of $300,000, subject to certain restrictions and conditions. Our borrowings under this line of credit are secured by substantially all of our assets. | |
Amounts borrowed bear interest at Eurodollar, money market or base rates, at our option, plus an applicable margin. The credit agreements contains financial and other covenants, including but not limited to, covenants requiring maintenance of minimum tangible net working capital and compliance with leverage ratios, as well as an ownership minimum and limitations on other indebtedness, liens, distributions or dividends, and investments and dispositions of assets. As of September 30, 2014, the Company was in compliance with all covenants under this credit agreement. | |
Both credit agreements provide that amounts under the facilities may be borrowed and repaid, and re-borrowed, subject to a borrowing base test. The committed line of credit matures June 19, 2017 and the uncommitted credit agreement must be repaid by the Company on or before June 19, 2015 unless otherwise agreed to. As of September 30, 2014 and December 31, 2013, the credit utilized amounted to, respectively, $213,835 and $174,605 (including approximately $90,335 and $71,105 of outstanding letters of credit). | |
Our wholly owned Belgian subsidiary, Imbali, maintains a line of credit with ING Belgium S.A./N.V., for a EUR 8,000 (US$10,106) commitment for loans and documentary letters of credit. Loan advances are limited to a percentage of Imbali’s pledged accounts receivables and inventory and bear interest at EURIBOR plus 1.75%. This secured credit arrangement is unconditionally guaranteed by the Company. As of September 30, 2014, the outstanding loan amounted to EUR 7,350 (US $9,285), as compared to EUR 3,217 (US $4,422) on December 31, 2013. As of September 30, 2014 Imbali was in compliance with all financial covenants. | |
Mortgage_Payable
Mortgage Payable | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Mortgage Notes Payable Disclosure [Text Block] | ' |
9. Mortgage Payable | |
In connection with the purchase of its Baltimore warehouse, the Company entered into a mortgage loan, which had outstanding balances of $1,154 at September 30, 2014 and $1,290 at December 31, 2013. The loan requires monthly payments of approximately $21.6, including interest at LIBOR plus 1.75%, and matures in December 2014. Under a related interest rate swap, which has been designated as a cash flow hedge and remains effective through the maturity of the mortgage loan, the Company pays a monthly fixed interest rate of 6.37% to the counterparty bank on a notional principal equal to the outstanding principal balance of the mortgage. In return, the bank pays the Company a floating rate, namely, LIBOR, which resets monthly, plus 1.75% on the same notional principal amount. | |
Convertible_Subordinated_Debt
Convertible Subordinated Debt | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Subordinated Borrowings Disclosure [Text Block] | ' | ||||||||||||
10. Convertible Subordinated Debt | |||||||||||||
On June 3, 2011, the Company issued $12,000 principal amount of 10% Convertible Senior Subordinated Notes Due June 1, 2016 in a private placement to selected accredited investors. As of September 30, 2014, the notes are convertible at the option of the holders into shares of common stock at a conversion rate of 254.90 shares of common stock per $1,000 principal amount of notes (equivalent to a conversion price of $3.92 per share of common stock), subject to dilutive adjustment for cash and stock dividends, stock splits and similar transactions, at any time before maturity. The current conversion price reflects fourteen adjustments for dividends declared on the Company’s common stock since the issuance of the notes. In addition, if the last reported sale price of the Company’s common stock for 30 consecutive trading days is equal to or greater than $7.00, and a registration statement is effective covering the resale of the shares of common stock issuable upon conversion of the notes, the Company has the right, in its sole discretion, to require the holders to convert all or part of their notes at the then applicable conversion rate. Interest on the notes is payable in arrears on the first day of June and December every year the notes are outstanding. The purchase agreement pursuant to which the notes were issued contains covenants, including restrictions on the Company’s ability to incur certain indebtedness and create certain liens. As of September 30, 2014, the Company was in compliance with all covenants. Officers and directors of the Company and certain affiliated entities purchased $4,000 principal amount of the notes. | |||||||||||||
On August 18, 2014, a note holder converted $1,000 principal amount of notes into 254 shares of common stock having a fair value on such date of $1,507. The carrying value of the note converted was $916, and the carrying value of the related embedded conversion option was $427 resulting in a loss on extinguishment of the debt of $164. | |||||||||||||
As a result of transactions which cause adjustments to the conversion rate, the embedded conversion option has been bifurcated and recorded as a separate derivative liability at a fair value at issuance of the notes of $2,829, with a corresponding discount recorded on the notes. The derivative liability is carried at fair value with changes therein recorded in income. The quarterly mark to market of the derivative liability will result in non-operating, non-cash gains or losses based on decreases or increases in the Company’s stock price, respectively, among other factors. The non-cash discount is being amortized as additional interest expense over the term of the notes. During the three and nine month periods ended September 30, 2014, the change in the fair value of the derivative liability resulted in a loss of $2,059 and $2,239, respectively, and amortization of the discount amounted to $136 and $419, respectively. During the three month period ended September 30, 2013, the decrease in the fair value of the derivative liability resulted in a gain of $1,715 and during the nine month period ended September 30, 2013 the increase in the fair value of the derivative liability resulted in a loss of $452. Amortization of the discount amounted to $141 for the three month period and $424 for the nine month period. | |||||||||||||
The derivative liability was valued using a lattice model using unobservable level 3 inputs. This technique was selected because it embodies all of the types of inputs that the Company expects market participants would consider in determining the fair value of equity linked derivatives embedded in hybrid debt agreements. | |||||||||||||
The following table summarizes the significant inputs resulting from the calculations as of September 30, 2014, December 31, 2013 and issuance: | |||||||||||||
September 30, 2014 | December 31, 2013 | June 3, 2011 | |||||||||||
Equity value | $ | 47,401 | $ | 30,708 | $ | 36,811 | |||||||
Volatility | 35 | % | 45 | % | 70 | % | |||||||
Risk free return | 0.58 | % | 0.38 | % | 1.6 | % | |||||||
Dividend yield | 1.88 | % | 2.79 | % | 2.51 | % | |||||||
Strike price | $ | 3.92 | $ | 3.99 | $ | 4.65 | |||||||
The majority of the proceeds from the notes were earmarked for a long term advance in connection with a supply agreement with the Indonesian company PT. Alumindo Light Metal Industry Tbk (“PT. Alumindo”), a leading producer of high quality semi-finished aluminum products, and its affiliates, as described below. The Company provided a $10 million non-interest bearing advance to an affiliate of PT. Alumindo to enable the expansion of capacity within that group of companies’ production network. Agreements entered into in connection with this loan also provide for a long term, multi-year substantial and preferential supply position from PT. Alumindo's premier aluminum rolling mill located in Surabaya, Indonesia. The pre-payment advance became repayable to us beginning on January 1, 2013 in monthly installments of $278. As of November 4, 2014, the payments are up to date and current. If the Company and PT. Alumindo are unable to agree on a product price under the supply agreement for any given quarter, the monthly re-payment obligation will increase to $556 and the outstanding balance will accrue interest, at the one month U.S. dollar LIBOR rate plus 3.5% per annum, per month. The entire remaining balance, if any, must be repaid on January 1, 2016. As consideration for this loan, PT. Alumindo agreed to make available a committed and significant tonnage of production to the Company on a guaranteed and long-term basis, which should help the Company lessen the risk of an interruption in the sources of its metal supply from PT. Alumindo’s mill in Surabaya, Indonesia, with which the Company has had substantial experience. The supply agreement calls for increased supply and minimum tonnages. | |||||||||||||
Interest at the rate of 3.74%, based on the interest rate chargeable in the agreement in the event the supplier does not meet its supply commitments, has been imputed on the non-interest bearing advance and the resulting discount which amounted to $962 has been ascribed to the preferential supply agreement. Imputed interest is recorded in income over the term of the advance by use of the interest method. The preferential supply agreement is being amortized by the straight line method over three years starting from January 1, 2013, the date that the increased supply agreement began. During the three and nine month periods ended September 30, 2014 and 2013 amortization amounted to $80 in each three month period and $240 in each nine month period. | |||||||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
11. Earnings per Share | ||||||||||||||
Basic earnings per share are based upon weighted average number of shares of common stock outstanding during each period. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding during each period, plus potential dilutive shares of common stock from assumed exercise of the outstanding stock options using the treasury stock method and assumed conversion of subordinated debt. | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Net income | $ | -694 | $ | 2,071 | $ | 1,760 | $ | 1,923 | ||||||
Add back of interest on convertible subordinated debt, net of taxes | 185 | |||||||||||||
Add back of amortization of discount on convertible subordinated debt | 141 | |||||||||||||
Adjustment for change in value of convertible | -1,715 | |||||||||||||
note derivative | ||||||||||||||
Numerator for diluted earnings per share | $ | -694 | $ | 682 | $ | 1,760 | $ | 1,923 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding-basic | 8,814 | 8,586 | 8,705 | 8,585 | ||||||||||
Dilutive effect of convertible subordinated debt | - | 2,986 | - | - | ||||||||||
Dilutive effect of stock options | - | 263 | 259 | 271 | ||||||||||
Weighted average shares outstanding-diluted | 8,814 | 11,835 | 8,964 | 8,856 | ||||||||||
Basic Earnings per Share | $ | -0.08 | $ | 0.24 | $ | 0.2 | $ | 0.22 | ||||||
Diluted Earnings per Share | $ | -0.08 | $ | 0.06 | $ | 0.2 | $ | 0.22 | ||||||
In computing diluted earnings per share for the three and nine months ended September 30, 2014 no effect has been give to the 2,804 common shares issuable upon conversion of subordinated debt as the effect thereof is anti-dilutive. Similarly, for the nine months ended September 30, 2013, no effect has been given to the 2,986, common shares issuable upon conversion of subordinated debt as the effect thereof is anti-dilutive. In addition, no effect has been given to options to acquire 266 common shares in computing diluted earnings per share data for the three month period ended September 30, 2014 as the effect thereof is anti-dilutive. | ||||||||||||||
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2014 | |
Notes To Financial Statements [Abstract] | ' |
Dividend Disclosure [Text Block] | ' |
12. Dividends | |
On September 19, 2014, our Board of Directors announced a cash dividend of $0.025 per share to stockholders of record at the close of business on September 30, 2014. The dividend totaling $224 was paid on October 15, 2014. On June 18, 2014, our Board of Directors announced a cash dividend of $0.025 per share to stockholders of record at the close of business on July 7, 2014. The dividend totaling $217 was paid on July 18, 2014. On March 25, 2014, our Board of Directors announced a cash dividend of $0.025 per share to stockholders of record at the close of business on April 7, 2014. The dividend, totaling $217, was paid on April 14, 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. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Risk Management | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
13. Derivative Financial Instruments and Risk Management | |||||||||||||||||
The Company uses derivative financial instruments designated as fair value hedges to manage its exposure to commodity price risk and foreign currency exchange risk inherent in its operations. It is the Company’s policy to hedge such risks to the extent practicable. The Company enters into high-grade aluminum futures contracts to limit its gross margin exposure by hedging the metal content element of firmly committed purchase and sales commitments. The Company also enters into foreign exchange forward contracts to hedge its exposure related to commitments to buy and sell metals as well as its accounts receivable denominated in international currencies. | |||||||||||||||||
The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value are as follows: | |||||||||||||||||
Derivatives designated | September 30, | December 31, | |||||||||||||||
as fair value hedges | Balance Sheet Location | 2014 | 2013 | ||||||||||||||
Asset derivatives: | |||||||||||||||||
Aluminum futures contracts | Other current assets | $ | 608 | $ | 1,047 | ||||||||||||
Foreign currency forward contracts | Other current assets | 1,143 | 316 | ||||||||||||||
Total | $ | 1,751 | $ | 1,363 | |||||||||||||
Liability derivatives: | |||||||||||||||||
Aluminum futures contracts | Accrued expenses and derivative liabilities | -157 | - | ||||||||||||||
Total | $ | -157 | $ | - | |||||||||||||
For the periods ended September 30, 2014 and December 31, 2013, hedge ineffectiveness associated with derivatives designated as fair value hedges was insignificant, and no fair value hedges were derecognized. | |||||||||||||||||
The Company has entered into interest rate swaps to convert the mortgage for its Baltimore warehouse from a variable rate to a fixed rate obligation. The swap has been designated as a cash flow hedge and the Company’s unrealized liabilities relating to it measured at fair value are as follows: | |||||||||||||||||
Derivatives designated | September 30, | December 31, | |||||||||||||||
as cash flow hedges | Balance Sheet Location | 2014 | 2013 | ||||||||||||||
Liability derivatives: | |||||||||||||||||
Interest rate swap contracts | Accrued expenses and derivative liabilities | $ | 12 | $ | 52 | ||||||||||||
A corresponding debit, net of deferred taxes, is reflected in accumulated other comprehensive income in the accompanying balance sheets. | |||||||||||||||||
The table below summarizes the realized gains or (losses) of the Company’s derivative instruments and their location in the income statement: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Derivatives in hedging | Location of Gain or | September 30, | September 30, | ||||||||||||||
relationships | (Loss) Recognized | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | 392 | $ | -357 | $ | -9 | $ | 521 | |||||||
Interest rate swaps | (b) | Interest expense, net | -13 | -9 | -41 | -41 | |||||||||||
Aluminum futures | (c) | Cost of goods sold | -3,399 | 2,329 | -1,694 | 5,482 | |||||||||||
Total | $ | -3,020 | $ | 1,963 | $ | -1,744 | $ | 5,962 | |||||||||
a) | Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three months September 30, 2014 and nine months ended September 30, 2013 are included in cost of goods sold in the same respective amounts. Similarly offsetting gains in the three months September 30, 2013 and nine months ended September 30, 2014 are included in cost of goods sold in the same respective amounts. | ||||||||||||||||
b) | Cash flow hedge: recognized loss is reclassified from accumulated other comprehensive loss. | ||||||||||||||||
c) | Fair value hedge: the related hedged item is inventory and offsetting gains in 2014 and losses in 2013 are included in cost of goods sold in the same respective amounts. | ||||||||||||||||
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||||
14. Fair Value | ||||||||||||||||||||
Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, as described below: | ||||||||||||||||||||
⋅ | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||||
⋅ | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||||
⋅ | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||
Derivative contracts consisting of aluminum contracts, foreign currency contracts and interest rates swaps are valued using quoted market prices and significant other observable inputs. These financial instruments are typically exchange-traded and are generally classified within Level 1 or Level 2 of the fair value hierarchy depending on whether the exchange is deemed to be an active market or not. | ||||||||||||||||||||
Major categories of assets and liabilities measured at fair value at September 30, 2014 and December 31, 2013 are classified as follows: | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 94,909 | $ | 106,903 | ||||||||||||||||
Aluminum futures contracts | 608 | 1,047 | ||||||||||||||||||
Foreign currency forward | 1,143 | 316 | ||||||||||||||||||
contracts | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap contracts | $ | 12 | $ | 52 | ||||||||||||||||
Aluminum futures contracts | 157 | - | ||||||||||||||||||
Embedded conversion option | $ | 3,860 | $ | 2,048 | ||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2014 | |
Investments, All Other Investments [Abstract] | ' |
Financial Instruments Disclosure [Text Block] | ' |
15. 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 September 30, 2014 and December 31, 2013, because these notes reflect market changes to interest rates. The fair value of the subordinated convertible debt approximates its principal amount of $11,000 at September 30, 2014 and $12,000 at December 31, 2013, which exceeds its carrying amount as a result of the unamortized discount related to the bifurcation of the embedded conversion option. The fair value of the advance to supplier approximates its carrying value. Derivative financial instruments are carried at fair value (see Note 14). | |
Business_Segment_and_Geographi
Business Segment and Geographic Area Information | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
16. Business Segment and Geographic Area Information | ||||||||||||||
The Company’s only business segment is the sale and distribution of metals. Sales are attributed to countries based on location of customers as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
United States | $ | 101,907 | $ | 75,667 | $ | 264,604 | $ | 239,818 | ||||||
Latin America | 23,995 | 26,374 | 81,263 | 52,336 | ||||||||||
Canada | 10,665 | 11,932 | 35,348 | 36,587 | ||||||||||
Australia & New Zealand | 11,241 | 8,052 | 33,647 | 29,530 | ||||||||||
Europe | 11,558 | 4,365 | 29,337 | 12,017 | ||||||||||
$ | 159,366 | $ | 126,390 | $ | 444,199 | $ | 370,288 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/(Loss) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||
17. Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||
Changes in accumulated other comprehensive income/(loss) by component on an after tax basis are as follows: | |||||||||||||||
Foreign | |||||||||||||||
Currency | |||||||||||||||
Three Months ended September 30, 2014 | Translation | Interest Rate Swap Contract | Total | ||||||||||||
Beginning balance | $ | 70 | $ | -17 | $ | 53 | |||||||||
Other comprehensive (loss) before reclassification | -278 | - | -278 | ||||||||||||
Loss reclassified to operations | - | 8 | (a) | 8 | |||||||||||
Net current period other comprehensive (loss)/income | -278 | 8 | -270 | ||||||||||||
Ending balance | $ | -208 | $ | -9 | $ | -217 | |||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||
Interest expense, net | $ | 13 | |||||||||||||
Income taxes | -5 | ||||||||||||||
Net of tax | $ | 8 | |||||||||||||
Foreign | |||||||||||||||
Currency | |||||||||||||||
Three Months ended September 30, 2013 | Translation | Interest Rate Swap Contract | Total | ||||||||||||
Beginning balance | $ | -86 | $ | -50 | $ | -136 | |||||||||
Other comprehensive income before reclassification | 119 | 3 | 122 | ||||||||||||
Loss reclassified to operations | - | 5 | (a) | 5 | |||||||||||
Net current period other comprehensive income | 119 | 8 | 127 | ||||||||||||
Ending balance | $ | 33 | $ | -42 | $ | -9 | |||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||
Interest expense, net | $ | 9 | |||||||||||||
Income taxes | -4 | ||||||||||||||
Net of tax | $ | 5 | |||||||||||||
Foreign | |||||||||||||||
Currency | Available for Sale | ||||||||||||||
Nine months ended September 30, 2014 | Translation | Interest Rate Swap Contract | Marketable Securities | Total | |||||||||||
Beginning balance | $ | 84 | $ | -33 | - | $ | 51 | ||||||||
Other comprehensive (loss) before reclassification | -292 | -292 | |||||||||||||
Loss reclassified to operations | - | 24 | (a) | - | 24 | ||||||||||
Net current period other comprehensive (loss)/ income | -292 | 24 | - | -268 | |||||||||||
Ending balance | $ | -208 | $ | -9 | $ | - | $ | -217 | |||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||
Interest expense, net | $ | 39 | |||||||||||||
Income taxes | -15 | ||||||||||||||
Net of tax | $ | 24 | |||||||||||||
Foreign | |||||||||||||||
Currency | |||||||||||||||
Nine months ended September 30, 2013 | Translation | Interest Rate Swap Contract | Available for Sale Marketable Securities | Total | |||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | |||||||
Other comprehensive income before reclassification | 81 | 1 | - | 82 | |||||||||||
Loss reclassified to operations | - | 25 | (a) | 20 | 45 | ||||||||||
Net current period other comprehensive income | 81 | 26 | 20 | 127 | |||||||||||
Ending balance | $ | 33 | $ | -42 | $ | - | $ | -9 | |||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||
Interest expense, net | $ | 41 | $ | 32 | |||||||||||
Income taxes | -16 | -12 | |||||||||||||
Net of tax | $ | 25 | $ | 20 | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
18. Income Taxes | |
The disproportionate relationship between income taxes and pre-tax income for the three and nine month periods ended September 30, 2014 is primarily attributable to no tax benefit being recognized for the loss from change in value of the derivative liability and the loss related to extinguishment of debt, as such losses will not be deductible for income tax purposes. | |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
19. Commitments | |
The Company had $90,335 in outstanding letters of credit to certain of its suppliers at September 30, 2014 and $71,105 at December 31, 2013. | |
Restatement
Restatement | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Restatement [Abstract] | ' | ||||||||||
Restatement [Text Block] | ' | ||||||||||
20. Restatement | |||||||||||
Net income for the three months ended September 30, 2013 has been increased by $600 ($0.07 per share basic and $-0.00 per share diluted) from the previously reported amount, to reflect a reduction in the deferred income tax provision attributable to the income from the change in value of the derivative liability. Correspondingly, the net income for the three months ended March 31, 2013 has been decreased by $600 ($0.07 per share,basic and diluted) from the previously reported amount, to reflect an increase in the deferred income tax provision attributable to the loss from change in value of the derivative liability. Additionally, the net income for the three months ended March 31, 2014 has been decreased by $218 ($0.03 per share,basic and diluted) from the previously reported amount. Such adjustments reflect that the loss arising from the change in value of the derivative liability for the first quarter of 2013 and 2014 and the income from the change in value of the derivative liability in the third quarter of 2013 are not recognized for income tax purposes. | |||||||||||
Adjusted amounts after restatement are as follows: | |||||||||||
Three months ended | |||||||||||
March 31, 2014 | September 30, 2013 | March 31, 2013 | |||||||||
Net income as previously reported | $ | 1,026 | $ | 1,471 | $ | 85 | |||||
Adjustment | $ | -218 | $ | 600 | $ | -600 | |||||
Net income/(loss) as restated | $ | 808 | $ | 2,071 | $ | -515 | |||||
Earnings/(loss) per share as restated: | |||||||||||
Basic | $ | 0.09 | $ | 0.24 | $ | -0.06 | |||||
Diluted | $ | 0.09 | $ | 0.06 | $ | -0.06 | |||||
Convertible_Subordinated_Debt_
Convertible Subordinated Debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||
The following table summarizes the significant inputs resulting from the calculations as of September 30, 2014, December 31, 2013 and issuance: | |||||||||||||
September 30, 2014 | December 31, 2013 | June 3, 2011 | |||||||||||
Equity value | $ | 47,401 | $ | 30,708 | $ | 36,811 | |||||||
Volatility | 35 | % | 45 | % | 70 | % | |||||||
Risk free return | 0.58 | % | 0.38 | % | 1.6 | % | |||||||
Dividend yield | 1.88 | % | 2.79 | % | 2.51 | % | |||||||
Strike price | $ | 3.92 | $ | 3.99 | $ | 4.65 | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator: | ||||||||||||||
Net income | $ | -694 | $ | 2,071 | $ | 1,760 | $ | 1,923 | ||||||
Add back of interest on convertible subordinated debt, net of taxes | 185 | |||||||||||||
Add back of amortization of discount on convertible subordinated debt | 141 | |||||||||||||
Adjustment for change in value of convertible | -1,715 | |||||||||||||
note derivative | ||||||||||||||
Numerator for diluted earnings per share | $ | -694 | $ | 682 | $ | 1,760 | $ | 1,923 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding-basic | 8,814 | 8,586 | 8,705 | 8,585 | ||||||||||
Dilutive effect of convertible subordinated debt | - | 2,986 | - | - | ||||||||||
Dilutive effect of stock options | - | 263 | 259 | 271 | ||||||||||
Weighted average shares outstanding-diluted | 8,814 | 11,835 | 8,964 | 8,856 | ||||||||||
Basic Earnings per Share | $ | -0.08 | $ | 0.24 | $ | 0.2 | $ | 0.22 | ||||||
Diluted Earnings per Share | $ | -0.08 | $ | 0.06 | $ | 0.2 | $ | 0.22 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||
The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value are as follows: | |||||||||||||||||
Derivatives designated | September 30, | December 31, | |||||||||||||||
as fair value hedges | Balance Sheet Location | 2014 | 2013 | ||||||||||||||
Asset derivatives: | |||||||||||||||||
Aluminum futures contracts | Other current assets | $ | 608 | $ | 1,047 | ||||||||||||
Foreign currency forward contracts | Other current assets | 1,143 | 316 | ||||||||||||||
Total | $ | 1,751 | $ | 1,363 | |||||||||||||
Liability derivatives: | |||||||||||||||||
Aluminum futures contracts | Accrued expenses and derivative liabilities | -157 | - | ||||||||||||||
Total | $ | -157 | $ | - | |||||||||||||
Schedule Of Derivatives Designated As Fair Value Hedges [Table Text Block] | ' | ||||||||||||||||
The Company has entered into interest rate swaps to convert the mortgage for its Baltimore warehouse from a variable rate to a fixed rate obligation. The swap has been designated as a cash flow hedge and the Company’s unrealized liabilities relating to it measured at fair value are as follows: | |||||||||||||||||
Derivatives designated | September 30, | December 31, | |||||||||||||||
as cash flow hedges | Balance Sheet Location | 2014 | 2013 | ||||||||||||||
Liability derivatives: | |||||||||||||||||
Interest rate swap contracts | Accrued expenses and derivative liabilities | $ | 12 | $ | 52 | ||||||||||||
Schedule Of Derivatives Designated As Cash Flow Hedges [Table Text Block] | ' | ||||||||||||||||
The table below summarizes the realized gains or (losses) of the Company’s derivative instruments and their location in the income statement: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Derivatives in hedging | Location of Gain or | September 30, | September 30, | ||||||||||||||
relationships | (Loss) Recognized | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | 392 | $ | -357 | $ | -9 | $ | 521 | |||||||
Interest rate swaps | (b) | Interest expense, net | -13 | -9 | -41 | -41 | |||||||||||
Aluminum futures | (c) | Cost of goods sold | -3,399 | 2,329 | -1,694 | 5,482 | |||||||||||
Total | $ | -3,020 | $ | 1,963 | $ | -1,744 | $ | 5,962 | |||||||||
a) | Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three months September 30, 2014 and nine months ended September 30, 2013 are included in cost of goods sold in the same respective amounts. Similarly offsetting gains in the three months September 30, 2013 and nine months ended September 30, 2014 are included in cost of goods sold in the same respective amounts. | ||||||||||||||||
b) | Cash flow hedge: recognized loss is reclassified from accumulated other comprehensive loss. | ||||||||||||||||
c) | Fair value hedge: the related hedged item is inventory and offsetting gains in 2014 and losses in 2013 are included in cost of goods sold in the same respective amounts. | ||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||||||
Major categories of assets and liabilities measured at fair value at September 30, 2014 and December 31, 2013 are classified as follows: | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 94,909 | $ | 106,903 | ||||||||||||||||
Aluminum futures contracts | 608 | 1,047 | ||||||||||||||||||
Foreign currency forward | 1,143 | 316 | ||||||||||||||||||
contracts | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap contracts | $ | 12 | $ | 52 | ||||||||||||||||
Aluminum futures contracts | 157 | - | ||||||||||||||||||
Embedded conversion option | $ | 3,860 | $ | 2,048 | ||||||||||||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
The Company’s only business segment is the sale and distribution of metals. Sales are attributed to countries based on location of customers as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
United States | $ | 101,907 | $ | 75,667 | $ | 264,604 | $ | 239,818 | ||||||
Latin America | 23,995 | 26,374 | 81,263 | 52,336 | ||||||||||
Canada | 10,665 | 11,932 | 35,348 | 36,587 | ||||||||||
Australia & New Zealand | 11,241 | 8,052 | 33,647 | 29,530 | ||||||||||
Europe | 11,558 | 4,365 | 29,337 | 12,017 | ||||||||||
$ | 159,366 | $ | 126,390 | $ | 444,199 | $ | 370,288 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Changes in accumulated other comprehensive income/(loss) by component on an after tax basis are as follows: | |||||||||||||||||
Three Months ended September 30, 2014 | Foreign | Interest Rate Swap Contract | Total | ||||||||||||||
Currency | |||||||||||||||||
Translation | |||||||||||||||||
Beginning balance | $ | 70 | $ | (17 | ) | $ | 53 | ||||||||||
Other comprehensive (loss) before reclassification | (278 | ) | - | (278 | ) | ||||||||||||
Loss reclassified to operations | - | 8 | (a) | 8 | |||||||||||||
Net current period other comprehensive (loss)/income | (278 | ) | 8 | (270 | ) | ||||||||||||
Ending balance | $ | (208 | ) | $ | (9 | ) | $ | (217 | ) | ||||||||
Three Months ended September 30, 2013 | Foreign | Interest Rate Swap Contract | Total | ||||||||||||||
Currency | |||||||||||||||||
Translation | |||||||||||||||||
Beginning balance | $ | (86 | ) | $ | (50 | ) | $ | (136 | ) | ||||||||
Other comprehensive income before reclassification | 119 | 3 | 122 | ||||||||||||||
Loss reclassified to operations | - | 5 | (a) | 5 | |||||||||||||
Net current period other comprehensive income | 119 | 8 | 127 | ||||||||||||||
Ending balance | $ | 33 | $ | (42 | ) | $ | (9 | ) | |||||||||
Nine months ended September 30, 2014 | Foreign | Interest Rate Swap Contract | Available for Sale | Total | |||||||||||||
Currency | Marketable Securities | ||||||||||||||||
Translation | |||||||||||||||||
Beginning balance | $ | 84 | $ | (33 | ) | - | $ | 51 | |||||||||
Other comprehensive (loss) before reclassification | (292 | ) | (292 | ) | |||||||||||||
Loss reclassified to operations | - | 24 | (a) | - | 24 | ||||||||||||
Net current period other comprehensive (loss)/ income | (292 | ) | 24 | - | (268 | ) | |||||||||||
Ending balance | $ | (208 | ) | $ | (9 | ) | $ | - | $ | (217 | ) | ||||||
Nine months ended September 30, 2013 | Foreign | Interest Rate Swap Contract | Available for Sale Marketable Securities | Total | |||||||||||||
Currency | |||||||||||||||||
Translation | |||||||||||||||||
Beginning balance | $ | (48 | ) | $ | (68 | ) | $ | (20 | ) | $ | (136 | ) | |||||
Other comprehensive income before reclassification | 81 | 1 | - | 82 | |||||||||||||
Loss reclassified to operations | - | 25 | (a) | 20 | 45 | ||||||||||||
Net current period other comprehensive income | 81 | 26 | 20 | 127 | |||||||||||||
Ending balance | $ | 33 | $ | (42 | ) | $ | - | $ | (9 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||||
Interest expense, net | $ | 13 | |||||||||||||||
Income taxes | -5 | ||||||||||||||||
Net of tax | $ | 8 | |||||||||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||||
Interest expense, net | $ | 9 | |||||||||||||||
Income taxes | -4 | ||||||||||||||||
Net of tax | $ | 5 | |||||||||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||||
Interest expense, net | $ | 39 | |||||||||||||||
Income taxes | -15 | ||||||||||||||||
Net of tax | $ | 24 | |||||||||||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||||
Interest expense, net | $ | 41 | $ | 32 | |||||||||||||
Income taxes | -16 | -12 | |||||||||||||||
Net of tax | $ | 25 | $ | 20 | |||||||||||||
Restatement_Tables
Restatement (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Restatement [Abstract] | ' | ||||||||||
Restatement To Prior Year Income [Table Text Block] | ' | ||||||||||
Adjusted amounts after restatement are as follows: | |||||||||||
Three months ended | |||||||||||
March 31, 2014 | September 30, 2013 | March 31, 2013 | |||||||||
Net income as previously reported | $ | 1,026 | $ | 1,471 | $ | 85 | |||||
Adjustment | $ | -218 | $ | 600 | $ | -600 | |||||
Net income/(loss) as restated | $ | 808 | $ | 2,071 | $ | -515 | |||||
Earnings/(loss) per share as restated: | |||||||||||
Basic | $ | 0.09 | $ | 0.24 | $ | -0.06 | |||||
Diluted | $ | 0.09 | $ | 0.06 | $ | -0.06 | |||||
Concentrations_Details_Textual
Concentrations (Details Textual) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Sales Revenue, Goods, Net [Member] | ' | ' |
Concentration Risk, Percentage | 10.00% | 10.00% |
Cost Of Goods, Total [Member] | ' | ' |
Concentration Risk, Percentage | 39.00% | 50.00% |
Stock_Options_Details_Textual
Stock Options (Details Textual) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 400 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 4 |
Treasury_Stock_Details_Textual
Treasury Stock (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jul. 22, 2008 |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 2,000,000 |
Treasury stock acquired | $13 | ' |
Stock Repurchased During Period, Shares | 3,000 | ' |
Stock Repurchased During Period, Value | 13 | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | 150,000 | ' |
Convertible Senior Subordinated Notes [Member] | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | 254 | ' |
Repurchase One [Member] | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Treasury stock acquired | $3,299 | ' |
Treasury Stock Shares Acquired Cost Method | 1,268,000 | ' |
Notes_Payable_Banks_Details_Te
Notes Payable - Banks (Details Textual) | 9 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 19, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2014 |
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | Rabobank International [Member] | |
USD ($) | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Fair Value of Amount Outstanding | $9,285 | € 7,350 | ' | $4,422 | € 3,217 | ' |
Line of Credit Facility, Amount Outstanding | 90,335 | ' | 200,000 | 71,105 | ' | 300,000 |
Line Of Credit Facility, Amount Utilized | 213,835 | ' | ' | 174,605 | ' | ' |
Line of Credit Facility, Commitment Fee Amount | 10,106 | 8,000 | ' | ' | ' | ' |
Line Of Credit Facility, Interest Rate, Variable Rate Basis | 'EURIBOR plus 1.75% | 'EURIBOR plus 1.75% | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 150,000 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | 75,000 |
Line of Credit Facility, Increase (Decrease), Other, Net | ' | ' | ' | ' | ' | $75,000 |
Mortgage_Payable_Details_Textu
Mortgage Payable (Details Textual) (Mortgage Loans [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Mortgage Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Debt Instrument, Periodic Payment | $21,600 | ' |
Loans Receivable, Description of Variable Rate Basis | 'LIBOR plus 1.75% | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.37% | ' |
Debt Instrument, Face Amount | $1,154,000 | $1,290,000 |
Debt Instrument, Maturity Date | 31-Dec-14 | ' |
Convertible_Subordinated_Debt_1
Convertible Subordinated Debt (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 03, 2011 | Sep. 30, 2014 | Dec. 31, 2013 |
Equity value | $36,811 | $47,401 | $30,708 |
Volatility | 70.00% | 35.00% | 45.00% |
Risk free return | 1.60% | 0.58% | 0.38% |
Dividend Yield | 2.51% | 1.88% | 2.79% |
Strike Price | $4.65 | $3.92 | $3.99 |
Convertible_Subordinated_Debt_2
Convertible Subordinated Debt (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||
Aug. 18, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 18, 2014 | Aug. 18, 2014 | Nov. 04, 2014 | Sep. 30, 2014 | Aug. 18, 2014 | Sep. 30, 2014 | Jun. 03, 2011 | Sep. 30, 2014 | |
Embedded Derivative Financial Instruments [Member] | Common Stock [Member] | Subsequent Event [Member] | Pt Alumindo [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Supply Agreement With Pt. Alumindo [Member] | ||||||
Convertible Subordinated Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Debt Instrument, Convertible, Conversion Price | ' | $3.92 | ' | $3.92 | ' | ' | ' | ' | ' | ' | $7 | ' | ' |
Convertible Subordinated Debt | ' | $4,000,000 | ' | $4,000,000 | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,829,000 | ' | ' |
Unrealized Gain (Loss) on Derivatives | ' | 2,059,000 | 1,751,000 | 2,239,000 | 452,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Payable, Interest-bearing | ' | 962,000 | ' | 962,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 254 | 254.9 | ' | ' |
Related Party Loan Monthly Instalment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278,000 |
Related Party Loan Monthly Installment Upon Disagreement | ' | 136,000 | 141,000 | 419,000 | 424,000 | ' | ' | 556,000 | ' | ' | ' | ' | ' |
Related Party Loan Interest Rate Basis Upon Disagreement | ' | ' | ' | 3.74% | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' |
Amortization Of Intangible Assets | ' | 80,000 | 80,000 | 240,000 | 240,000 | ' | ' | ' | ' | ' | ' | 12,000,000 | ' |
Due from Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' |
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Convertible Subordinated Debt | ' | 4,000,000 | ' | 4,000,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 916,000 | ' | ' | ' | ' | 427,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | 1,507,000 | ' | ' | 1,507,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | $164,000 | ($164,000) | $0 | ($164,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | ($694) | $2,071 | $1,760 | $1,923 |
Add back of interest on convertible subordinated debt, net of taxes | 0 | 185 | 0 | 0 |
Add back of amortization of discount on convertible subordinated debt | 0 | 141 | 0 | 0 |
Adjustment for change in value of convertible note derivative | 0 | -1,715 | 0 | 0 |
Numerator for diluted earnings per share | ($694) | $682 | $1,760 | $1,923 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding-basic (in shares) | 8,814 | 8,586 | 8,705 | 8,585 |
Dilutive effect of convertible subordinated debt (in shares) | 0 | 2,986 | 0 | 0 |
Dilutive effect of stock option (in shares) | 0 | 263 | 259 | 271 |
Weighted average shares outstanding-diluted (in shares) | 8,814 | 11,835 | 8,964 | 8,856 |
Basic Earnings per Share (in dollars per share) | ($0.08) | $0.24 | $0.20 | $0.22 |
Diluted Earnings per Share (in dollars per share) | ($0.08) | $0.06 | $0.20 | $0.22 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,804 | 2,986 |
Stock Issued During Period, Shares, Acquisitions | 266 | ' |
Dividends_Details_Textual
Dividends (Details Textual) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 19, 2014 | Jul. 18, 2014 | Jun. 18, 2014 | Apr. 14, 2014 | Mar. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 15, 2014 |
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.03 | ' | $0.03 | ' | $0.03 | ' | ' | ' |
Payments of Dividends, Total | ' | $217 | ' | $217 | ' | $648 | $429 | $224 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Risk Management (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Assets | $1,751 | $1,363 |
Fair Value Hedge Liabilities | -157 | 0 |
Other Current Assets [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Assets | 608 | 1,047 |
Other Current Assets [Member] | Foreign currency forward contracts [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Assets | 1,143 | 316 |
Accrued Expenses and Derivative Liabilities [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Fair Value Hedge Liabilities | ($157) | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Risk Management (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' |
Interest rate swap contracts | $12 | $52 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Risk Management (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | ($3,020) | $1,963 | ($1,744) | $5,962 | ||||
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 | 392 | [1] | -357 | [1] | -9 | [1] | 521 | [1] |
Interest rate swaps [Member] | Interest expense, net [Member] | ' | ' | ' | ' | ||||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | -13 | [2] | -9 | [2] | -41 | [2] | -41 | [2] |
Aluminum futures [Member] | Cost of goods sold [Member] | ' | ' | ' | ' | ||||
Derivative Financial Instruments and Risk Management [Line Items] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | ($3,399) | [3] | $2,329 | [3] | ($1,694) | [3] | $5,482 | [3] |
[1] | Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three months September 30, 2014 and nine months ended September 30, 2013 are included in cost of goods sold in the same respective amounts. Similarly offsetting gains in the three months September 30, 2013 and nine months ended September 30, 2014 are included in cost of goods sold in the same respective amounts. | |||||||
[2] | Cash flow hedge: recognized loss is reclassified from accumulated other comprehensive loss. | |||||||
[3] | Fair value hedge: the related hedged item is inventory and offsetting gains in 2014 and losses in 2013 are included in cost of goods sold in the same respective amounts. |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | Inventories [Member] | ' | ' |
Assets, Fair Value Disclosure | $94,909 | $106,903 |
Fair Value, Inputs, Level 1 [Member] | Aluminum Futures Contracts [Member] | ' | ' |
Assets, Fair Value Disclosure | 608 | 1,047 |
Liabilities, Fair Value Disclosure | 157 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Forward Contracts [Member] | ' | ' |
Assets, Fair Value Disclosure | 1,143 | 316 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities, Fair Value Disclosure | 12 | 52 |
Fair Value, Inputs, Level 3 [Member] | Embedded Conversion Option [Member] | ' | ' |
Liabilities, Fair Value Disclosure | $3,860 | $2,048 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument, Fair Value Disclosure | $11,000 | $12,000 |
Business_Segment_and_Geographi2
Business Segment and Geographic Area Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other Revenue, Net | $159,366 | $126,390 | $444,199 | $370,288 |
United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other Revenue, Net | 101,907 | 75,667 | 264,604 | 239,818 |
Latin America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other Revenue, Net | 23,995 | 26,374 | 81,263 | 52,336 |
Canada [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other Revenue, Net | 10,665 | 11,932 | 35,348 | 36,587 |
Australia and New Zealand [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other Revenue, Net | 11,241 | 8,052 | 33,647 | 29,530 |
Europe [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Other Revenue, Net | $11,558 | $4,365 | $29,337 | $12,017 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income/(Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance, Foreign currency translation | $70 | ($86) | $84 | ($48) |
Other comprehensive income/(loss) before reclassification, Foreign Currency Translation | -278 | 119 | -292 | 81 |
Loss reclassified to operations, Foreign Currency Translation | 0 | 0 | 0 | 0 |
Net current period other comprehensive (loss)/ income, Foreign Currency Translation | -278 | 119 | -292 | 81 |
Ending Balance, Foreign Currency Translation | -208 | 33 | -208 | 33 |
Beginning Balance, Interest Rate Swap Contract | -17 | -50 | -33 | -68 |
Other comprehensive income/(loss) before reclassification, Interest Rate Swap Contract | 0 | 3 | ' | 1 |
Loss reclassified to operations, Interest Rate Swap Contract | 8 | 5 | 24 | 25 |
Net current period other comprehensive (loss)/ income, Interest Rate Swap Contract | 8 | 8 | 24 | 26 |
Ending Balance, Interest Rate Swap Contract | -9 | -42 | -9 | -42 |
Beginning Balance, Available for Sale Marketable Securities | ' | ' | 0 | -20 |
Other comprehensive income/(loss) before reclassification, Available for Sale Marketable Securities | ' | ' | ' | 0 |
Loss reclassified to operations, Available for Sale Marketable Securities | ' | ' | 0 | 20 |
Net current period other comprehensive (loss)/ income, Available for Sale Marketable Securities | ' | ' | 0 | 20 |
Ending Balance, Available for Sale Marketable Securities | 0 | 0 | 0 | 0 |
Beginning Balance | 53 | -136 | 51 | -136 |
Other comprehensive income/(loss) before reclassification | -278 | 122 | -292 | 82 |
Loss reclassified to operations | 8 | 5 | 24 | 45 |
Net current period other comprehensive (loss)/ income | -270 | 127 | -268 | 127 |
Ending Balance | ($217) | ($9) | ($217) | ($9) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income/(Loss) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
(a) Reclassified to following line items in the statement of income: | ' | ' | ' | ' |
Income taxes | $1,080 | $194 | $2,985 | $1,066 |
Net of tax | 8 | 5 | 24 | 45 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
(a) Reclassified to following line items in the statement of income: | ' | ' | ' | ' |
Interest expense, net | 13 | 9 | 39 | 41 |
Income taxes | -5 | -4 | -15 | -16 |
Net of tax | 8 | 5 | 24 | 25 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
(a) Reclassified to following line items in the statement of income: | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | 32 |
Income taxes | ' | ' | ' | -12 |
Net of tax | ' | ' | ' | $20 |
Commitments_Details_Textual
Commitments (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Letters of Credit Outstanding, Amount | $90,335 | $71,105 |
Restatement_Details
Restatement (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income (Loss) Attributable To Parent | ($694) | $808 | $2,071 | ($515) | $1,760 | $1,923 |
Impact of Restatement on Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' |
Impact of Restatement on Earnings Per Share, Basic (in per shares) | ' | $0.09 | $0.24 | ($0.06) | ' | ' |
Impact of Restatement on Earnings Per Share, Diluted (in per share) | ' | $0.09 | $0.06 | ($0.06) | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Parent | ' | 1,026 | 1,471 | 85 | ' | ' |
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Parent | ' | ($218) | $600 | ($600) | ' | ' |
Restatement_Details_Textual
Restatement (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income (Loss) Attributable To Parent | ($694) | $808 | $2,071 | ($515) | $1,760 | $1,923 |
Impact of Restatement on Earnings Per Share, Basic | ' | $0.09 | $0.24 | ($0.06) | ' | ' |
Impact of Restatement on Earnings Per Share, Diluted | ' | $0.09 | $0.06 | ($0.06) | ' | ' |
Impact Of Restatement On Earnings PerShare Basic And Diluted | ' | $0.03 | ' | $0.07 | ' | ' |
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable To Parent | ' | ($218) | $600 | ($600) | ' | ' |