Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 23, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | EMPIRE RESOURCES INC /NEW/ | ||
Entity Central Index Key | 1019272 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Trading Symbol | ERS | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
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 | 8,747,523 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Public Float | $18,664,933 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $1,130 | $2,477 |
Trade accounts receivable (less allowance for doubtful accounts of $562 and $562) | 89,693 | 52,696 |
Inventories | 192,064 | 139,752 |
Deferred tax assets | 3,911 | 3,217 |
Advance to supplier, net of imputed interest of $66 and $176 | 3,277 | 3,147 |
Other current assets, including derivatives | 18,605 | 6,081 |
Total current assets | 308,680 | 207,370 |
Advance to supplier, net of imputed interest of $- and $56, and net of current maturities | 0 | 3,287 |
Preferential supply agreement, net | 321 | 641 |
Long-term financing costs, net of amortization | 1,024 | 358 |
Property and equipment, net | 4,258 | 3,949 |
Deferred tax assets | 0 | 215 |
Total assets | 314,283 | 215,820 |
Current liabilities: | ||
Notes payable - banks | 201,088 | 107,922 |
Current maturities of mortgage payable | 0 | 1,290 |
Trade accounts payable | 42,626 | 44,058 |
Income taxes payable | 4,190 | 2,042 |
Accrued expenses and derivative liabilities | 4,137 | 2,844 |
Dividends payable | 449 | 215 |
Total current liabilities | 252,490 | 158,371 |
Subordinated convertible debt net of unamortized discount of $803 and $1,368 respectively | 10,197 | 10,632 |
Derivative liability for embedded conversion option | 2,734 | 2,048 |
Deferred taxes payable | 51 | 0 |
Total Liabilities | 265,472 | 171,051 |
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, 2014 and December 31, 2013 | 117 | 117 |
Additional paid-in capital | 13,678 | 11,937 |
Retained earnings | 40,805 | 38,178 |
Accumulated other comprehensive (loss)/income | -334 | 51 |
Treasury stock, 2,843,717 and 3,177,708 shares at December 31, 2014 and December 31, 2013, respectively | -5,455 | -5,514 |
Total stockholders' equity | 48,811 | 44,769 |
Total liabilities and stockholders' equity | $314,283 | $215,820 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, trade accounts | $562 | $562 |
Imputed interest, advance to supplier amortization amount | 66 | 176 |
Imputed interest, advance to supplier amortization amount, current | 0 | 56 |
Unamortized discount, subordinated convertible debt | $803 | $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) | 2,843,717 | 3,177,708 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net sales | $582,279 | $482,683 |
Cost of goods sold | 555,777 | 460,944 |
Gross profit | 26,502 | 21,739 |
Selling, general and administrative expenses | 13,815 | 13,392 |
Operating income | 12,687 | 8,347 |
Interest expense, net | 4,351 | 4,514 |
Income before other expenses | 8,336 | 3,833 |
Other expenses | ||
Change in value of derivative liability | -1,113 | -52 |
Loss related to extinguishment of debt converted into common stock | -164 | 0 |
Income before income taxes | 7,059 | 3,781 |
Income taxes | 3,325 | 1,385 |
Net income | $3,734 | $2,396 |
Weighted average shares outstanding: | ||
Basic (in shares) | 8,768 | 8,583 |
Diluted (in shares) | 9,030 | 8,852 |
Earnings per share: | ||
Basic (in dollars per share) | $0.43 | $0.28 |
Diluted (in dollars per share) | $0.41 | $0.27 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net income | $3,734 | $2,396 |
Other comprehensive (loss)/income before tax | ||
Foreign currency translation adjustments | -418 | 132 |
Decrease in value of interest rate swap liability | 53 | 57 |
Reclassification loss on sale of marketable securities | 0 | 32 |
Other comprehensive (loss)/income before tax | -365 | 221 |
Income tax related to components of other comprehensive (loss)/income | -20 | -34 |
Other comprehensive (loss)/income, net of tax | -385 | 187 |
Comprehensive income | $3,349 | $2,583 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows - operating activities: | ||
Net income | $3,734 | $2,396 |
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | ||
Depreciation and amortization | 598 | 697 |
Change in value of derivative liability | 1,113 | 52 |
Loss related to extinguishment of debt converted into common stock | 164 | 0 |
Amortization of convertible note discount | 481 | 566 |
Imputed interest on vendor advance | -177 | -293 |
Provision for doubtful accounts | 31 | 33 |
Amortization of supply agreement | 321 | 321 |
Deferred income taxes | -448 | -356 |
Foreign exchange loss/(gain) and other | 455 | -29 |
Loss on sale of marketable securities | 0 | 31 |
Stock-based compensation | 630 | 0 |
Changes in: | ||
Trade accounts receivable | -37,867 | 981 |
Inventories | -53,304 | 5,969 |
Other current assets | -12,533 | -2,121 |
Trade accounts payable | -1,421 | 8,008 |
Income taxes payable | 2,156 | -994 |
Accrued expenses and derivative liabilities | 1,409 | -1,893 |
Net cash (used in)/provided by operating activities | -94,658 | 13,368 |
Cash flows - investing activities: | ||
Repayment related to supply agreement | 3,333 | 3,333 |
Net proceeds from sale of marketable securities | 0 | 6 |
Purchases of property and equipment | -430 | -95 |
Net cash provided by investing activities | 2,903 | 3,244 |
Cash flows - financing activities: | ||
Proceeds from/(repayment of) notes payable - banks | 94,126 | -16,361 |
Repayments - mortgage payable | -1,290 | -171 |
Deferred financing costs | -1,143 | -60 |
Dividends paid | -872 | -644 |
Proceeds from stock options exercised | 15 | 0 |
Treasury stock purchased | -352 | -64 |
Net cash provided by/(used in) financing activities | 90,484 | -17,300 |
Net decrease in cash | -1,271 | -688 |
Effect of exchange rate | -76 | 29 |
Cash at beginning of period | 2,477 | 3,136 |
Cash at end of the period | 1,130 | 2,477 |
Supplemental disclosures of cash flow information: | ||
Interest | 4,520 | 3,739 |
Income taxes | 3,388 | 2,553 |
Non cash financing activities: | ||
Dividend declared but not yet paid | 449 | 215 |
Treasury stock issued on conversion of subordinated debt | $1,507 | $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, 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 | ||||
Treasury stock issued on conversion of subordinated debt | 0 | |||||
Stock based compensation | 0 | |||||
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 of $12 | 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 | |||||
Treasury stock acquired | -352 | -352 | ||||
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 | -418 | -418 | ||||
Decrease in value of interest rate swap liability, net of deferred tax | 33 | 33 | ||||
Dividends declared | -1,107 | -1,107 | ||||
Net income | 3,734 | 3,734 | ||||
Balance at Dec. 31, 2014 | $48,811 | $117 | $13,678 | $40,805 | ($334) | ($5,455) |
Balance (in shares) at Dec. 31, 2014 | 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, 2014 | Dec. 31, 2013 |
Decrease in value of interest rate swap liability, net of deferred tax | $19 | $21 |
Increase in value of marketable securities, net of deferred tax | $12 | |
Dividends declared | $0.13 | $0.10 |
Business
Business | 12 Months Ended |
Dec. 31, 2014 | |
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., Australia 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, 2014 | ||||||||||||||||||||
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, Empire Resources de Mexico, the Company’s subsidiary in Mexico, 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 metal 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 May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance, Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. There is no option for early adoption. For public entities, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently evaluating the impact of the new guidance on our consolidated financial statements. | ||||||||||||||||||||
[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, 2014 and 2013 are classified as follows: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 165,586 | $ | 106,903 | ||||||||||||||||
Aluminum futures contracts | 9,769 | 1,047 | ||||||||||||||||||
Foreign currency forward contracts | 1,337 | 316 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap contracts | $ | - | $ | 52 | ||||||||||||||||
Embedded conversion option | $ | 2,734 | $ | 2,048 | ||||||||||||||||
[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 2014 or 2013. | ||||||||||||||||||||
The Company’s purchase of metal products is from several suppliers located throughout the world. Two suppliers, PT. Alumindo and Hulamin Ltd, accounted for 37% of total purchases for the year ended December 31, 2014 as compared to 51% of total purchases during the year ended December 31, 2013. 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, 2014 | |
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, 2014 and 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 December 31, 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 carrying amount of the advance to supplier approximates its fair value at December 31, 2014 and 2013. 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, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note D – Property and Equipment | |||||||||
Property and equipment are summarized as follows: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | Estimated Useful Life | ||||||||
Cost: | ||||||||||
Land | $ | 1,180 | $ | 1,180 | ||||||
Buildings and improvements | 3,551 | 3,165 | 10 and 40 years | |||||||
Other equipment | 1,508 | 1,464 | 3 to 5 years | |||||||
6,239 | 5,809 | |||||||||
Less: Accumulated depreciation | 1,981 | 1,860 | ||||||||
Net Book Value | $ | 4,258 | $ | 3,949 | ||||||
Depreciation expense was $121 and $130 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Risk Management | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 its products denominated in international currencies, primarily the Australian dollar. | ||||||||||||
The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value at December 31, 2014 and 2013 are as follows: | ||||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as fair value hedges | Balance Sheet Location | 2014 | 2013 | |||||||||
Asset derivatives: | ||||||||||||
Aluminum futures contracts | Other current assets | $ | 9,769 | 1,047 | ||||||||
Foreign currency forward contracts | Other current assets | 1,337 | 316 | |||||||||
Total | $ | 11,106 | $ | 1,363 | ||||||||
For the years ended December 31, 2014, and 2013, hedge ineffectiveness associated with derivatives designated as fair value hedges was insignificant, and no fair value hedges were derecognized. | ||||||||||||
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 was designated as a cash flow hedge and the Company’s unrealized liabilities relating to the swap measured at fair value at December 31, 2014 and December 31, 2013 as follows: | ||||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as cash flow hedges | Balance Sheet Location | 2014 | 2013 | |||||||||
Liability derivatives: | ||||||||||||
Interest rate swap contracts | Accrued expenses and derivative liabilities | $ | - | $ | 52 | |||||||
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: | ||||||||||||
Year Ended | ||||||||||||
Derivatives in hedging | Location of Gain or | December 31, | ||||||||||
relationships | (Loss) Recognized | 2014 | 2013 | |||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | 168 | $ | -13 | ||||||
Interest rate swaps | (b) | Interest expense, net | -52 | -56 | ||||||||
Aluminum futures | (c) | Cost of goods sold | -3,272 | 6,975 | ||||||||
Total | $ | -3,156 | $ | 6,906 | ||||||||
(a) Fair value hedge: the related hedged item is accounts receivable and accounts payable denominated in foreign currency and offsetting losses in 2014 and gains in 2013, 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 2014 and 2013. | ||||||||||||
(c) Fair value hedge: the related hedged item is inventory and offsetting gains in 2014 and losses in 2013, in the same respective amounts are included in cost of goods sold in 2014 and 2013. | ||||||||||||
Accrued_expenses_and_derivativ
Accrued expenses and derivative liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued expenses | $ | 4,110 | $ | 2,792 | ||||
Derivative liabilities | - | 52 | ||||||
$ | 4,110 | $ | 2,844 | |||||
Mortgage_Payable
Mortgage Payable | 12 Months Ended |
Dec. 31, 2014 | |
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 required monthly payments of approximately $21.6 including interest, at LIBOR + 1.75% and matured in December 2014. | |
In connection with the mortgage, the Company entered into an interest rate swap with a bank which was designated as a cash flow hedge. Effective 2004 through December 29, 2014, the Company paid 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 paid the Company a floating rate, namely, LIBOR, to reset monthly plus 1.75% on the same notional principal amount. This interest rate swap expired in December 2014. | |
Notes_Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | Note H - Notes Payable |
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 provided for amounts up to $150,000, and the uncommitted facility provided for a maximum amount of $75,000. The agreement also allowed for an additional increase in the committed credit facility of $75,000, for a total of $300,000, subject to certain restrictions and conditions. On December 18, 2014, we amended and increased this working capital credit agreement by $50 million increasing our overall line of credit to $275 million. The amended committed credit agreement has been increased by $35 million to $185 million, and the uncommitted credit facility, increased by $15 million to $90 million. There are no changes to the interest rate or to the maturity date of the committed facility, which remains June 19, 2017. Subsequent to these amendments the additional increase available under the term of these agreements is $25,000, 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 contain 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. The Company is 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 December 31, 2014 and December 31, 2013, the credit utilized amounted to, respectively, $229,386 and $174,605 (including approximately $36,586 and $71,105 of outstanding letters of credit). | |
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 ($9,679) 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, 2014, Imbali had borrowings of EUR 6,850($8,288) under this line of credit bearing interest at EURIBOR plus 1.75%, and was in compliance with all financial covenants. 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. | |
Convertible_Subordinated_Debt
Convertible Subordinated Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 (the “Notes”) Due June 1, 2016 in a private placement to selected accredited investors. As of December 31, 2014, the notes are convertible at the option of the holders into shares of common stock at a conversion price of 257.56 shares of common stock per $1 principal amount of notes (equivalent to a conversion price of $3.88 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, 2013, the notes were 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 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. The conversion price at December 31, 2014 reflects fifteen 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. | |||||||||||||
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. | |||||||||||||
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 $177 and $293 during 2014 and 2013 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 each of the years 2014 and 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, 2014 and December 31, 2013, the change in the fair value of the derivative liability resulted in a loss of $1,113 and $52, respectively, and amortization of the discount amounted to $481 and $565 in the years ended December 31, 2014 and 2013, respectively. | |||||||||||||
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, 2014 | December 31, 2013 | June 3, 2011 | |||||||||||
Equity value | $ | 41,738 | $ | 30,708 | $ | 36,811 | |||||||
Volatility | 35 | % | 45 | % | 70 | % | |||||||
Risk free return | 0.67 | % | 0.38 | % | 1.6 | % | |||||||
Dividend yield | 2.15 | % | 2.79 | % | 2.51 | % | |||||||
Strike price | $ | 3.88 | $ | 3.99 | $ | 4.65 | |||||||
Stock_Options
Stock Options | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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, 2014 and 2013: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | contractual | |||||||||||||
term | ||||||||||||||
(years) | ||||||||||||||
Options outstanding and exercisable at December 31, 2012 | 414,000 | $ | 1.53 | 7.48 | $ | 532,060 | ||||||||
Options canceled | -4,000 | $ | 1.87 | |||||||||||
Options outstanding and exercisable at December 31, 2013 | 410,000 | $ | 1.52 | 5.55 | $ | 843,800 | ||||||||
Options canceled | -6,000 | $ | 3.64 | |||||||||||
Options exercised | -4,000 | $ | 3.64 | |||||||||||
Options outstanding and exercisable at December 31, 2014 | 400,000 | $ | 1.48 | 4.73 | $ | 1,257,960 | ||||||||
Options available for grant under 2006 Plan at December 31, 2014 | 421,000 | |||||||||||||
During 2014 and 2013, there were no stock option grants. As of December 31, 2014 and 2013, there was no unrecognized compensation expense, as all options had vested by December 31, 2009. | ||||||||||||||
TREASURY_STOCK
TREASURY STOCK | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014, the Company repurchased a total of 1,338 shares under the repurchase program for an aggregate cost of $3,638. During the year ended December 31, 2014, the Company purchased 74 common shares at a cost of $352. 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. In addition, in June 2014 the Company issued 4 shares out of treasury stock in connection with the exercise of stock options by employees. | |
During 2013, the Company purchased 19 common shares under the program at a cost of $64. | |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
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 years ended December 31, 2014 and December 31, 2013, on an after tax basis is as follows: | |||||||||||||||
Year ended December 31, 2014 | Foreign | Interest | Available | Total | |||||||||||
Currency | Rate Swap | for Sale | |||||||||||||
Translation | Contract | Marketable | |||||||||||||
Securities | |||||||||||||||
Beginning balance | $ | 84 | $ | -33 | - | $ | 51 | ||||||||
Other comprehensive (loss) before reclassification | -418 | -418 | |||||||||||||
Loss reclassified to operations | - | 33 | (a) | - | 33 | ||||||||||
Net current period other comprehensive (loss)/ income | -418 | 33 | - | -385 | |||||||||||
Ending balance | $ | -334 | $ | - | $ | - | $ | -334 | |||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||
Interest expense, net | $ | 52 | |||||||||||||
Income taxes | -19 | ||||||||||||||
Net of tax | $ | 33 | |||||||||||||
Year ended December 31, 2013 | Foreign | Interest | Available | Total | |||||||||||
Currency | Rate Swap | for Sale | |||||||||||||
Translation | Contract | Marketable | |||||||||||||
Securities | |||||||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | |||||||
Other comprehensive income before reclassification | 132 | - | - | 132 | |||||||||||
Loss reclassified to operations | - | 35 | (a) | 20 | 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, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | Note M - Income Taxes | |||||||
The components of income before income taxes were as follows: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
U.S. | $ | 5,837 | $ | 3,575 | ||||
Foreign | 1,222 | 206 | ||||||
$ | 7,059 | $ | 3,781 | |||||
Income tax expense (benefit) consists of the following: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Current | ||||||||
U.S. Federal | $ | 3,039 | $ | 1,400 | ||||
State and local | 416 | 288 | ||||||
Foreign | 318 | 53 | ||||||
3,773 | 1,741 | |||||||
Deferred | ||||||||
U.S. Federal | -399 | -289 | ||||||
State and local | -49 | -67 | ||||||
Foreign | - | - | ||||||
-448 | -356 | |||||||
$ | 3,325 | $ | 1,385 | |||||
The U.S. statutory rate can be reconciled to the effective tax rate as follows: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Provision for taxes at statutory rate of 34% | $ | 2,400 | $ | 1,286 | ||||
State and local taxes, net of federal tax effect | 242 | 157 | ||||||
Permanent differences | 854 | 46 | ||||||
Reversal of overaccrual of prior year unrecognized tax benefits | -79 | -81 | ||||||
Other | -92 | -23 | ||||||
$ | 3,325 | $ | 1,385 | |||||
Deferred tax assets and liabilities are composed of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred current tax assets | ||||||||
Allowance for doubtful accounts | $ | 215 | $ | 215 | ||||
Accrued expenses | 72 | 73 | ||||||
Inventories | 3,544 | 2,829 | ||||||
Stock Options | 80 | 80 | ||||||
Derivative contracts | 0 | 20 | ||||||
Net deferred current tax assets | 3,911 | 3,217 | ||||||
Deferred long-term tax assets | ||||||||
Derivative liability for embedded conversion option | 306 | 781 | ||||||
306 | 781 | |||||||
Deferred long-term tax liabilities | ||||||||
Property and Equipment | -51 | -45 | ||||||
Unamortized debt discount | -306 | -521 | ||||||
-357 | -566 | |||||||
Net deferred long-term tax assets /(liabilities) | -51 | 215 | ||||||
Net deferred tax assets | $ | 3,860 | $ | 3,432 | ||||
Foreign income and related foreign income taxes primarily relates to the Company’s subsidiary companies Imbali, its Belgian subsidiary and Empire Resources de Mexico. 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. Empire Resources de Mexico is taxed as a corporation in Mexico. Due to U.S. tax rules dealing with constructive repatriation of earnings, such earnings are also currently included in the Company’s consolidated federal income tax return and separate state income tax return. Federal income taxes attributable to the subsidiaries taxable income are offset by tax credits for foreign taxes paid by the subsidiaries. Undistributed earnings of Imbali amounted to approximately $3,531 while those of Empire Resources de Mexico were approximately $506 at December 31, 2014. Upon distribution of Imbali’s 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. Mexico does not have a withholding tax on dividends paid from Mexican corporations. 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, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 249 | $ | 329 | ||||
Reductions from settlements | 0 | -81 | ||||||
Reductions from lapse of statute of limitations | -69 | 0 | ||||||
Settlements | 0 | -294 | ||||||
Net (decrease)/increase for tax positions of prior years | -10 | 295 | ||||||
Balance at December 31 | (a) | $ | 170 | $ | 249 | |||
(a)Liability included in income taxes payable in the consolidated balance sheets. | ||||||||
The total amount of unrecognized tax benefits at December 31, 2014 and 2013 would impact the Company’s effective tax rate, if recognized. During 2014 the Company reversed $79 of the liability principally due to the expiration of the statute of limitations and reduced income tax expense. 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. The Company reversed approximately $41 and $148 of accrued interest related to unrecognized tax benefits in the years ended December 31, 2014 and 2013 as the result of the reduction in unrecognized benefits and the California settlement, respectively. Interest related to unrecognized tax benefits accrued in the Company’s balance sheet at December 31, 2014 and 2013 amounted to approximately $66 and $107, respectively. | ||||||||
The Company files a consolidated federal income tax return and also files income tax returns in various state jurisdictions. With certain exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by taxing authorities for years before 2011. | ||||||||
Employee_Retirement_Benefits
Employee Retirement Benefits | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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 $75 in 2014 and $82 in 2013. | |||||
Per_Share_Data
Per Share Data | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 3,734 | $ | 2,396 | ||||
Numerator for diluted earnings per share | $ | 3,734 | $ | 2,396 | ||||
Denominator: | ||||||||
Weighted average shares outstanding-basic | 8,768 | 8,583 | ||||||
Dilutive effect of convertible subordinated debt | ||||||||
Dilutive effect of stock options | 262 | 269 | ||||||
Weighted average shares outstanding-diluted | 9,030 | 8,852 | ||||||
Basic Earnings per Share | $ | 0.43 | $ | 0.28 | ||||
Diluted Earnings per Share | $ | 0.41 | $ | 0.27 | ||||
In computing diluted earnings per share for the years ended December 31, 2014 and 2013, no effect has been given to the 2,833 and 3,007 common shares issuable upon conversion of subordinated debt as the effect is anti-dilutive. | ||||||||
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Dividend Disclosure [Text Block] | Note P – Dividends |
On December 12, 2014 our Board of Directors announced a regular cash dividend of $0.025 and a special dividend of $0.025 to stockholders of record at the close of business on December 31, 2014. The dividend totaling $449 was paid on January 14, 2015. 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. | |
Business_Segment_and_Geographi
Business Segment and Geographic Area Information | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
United States | $ | 350,510 | $ | 311,127 | ||||
Latin America | 103,294 | 66,126 | ||||||
Canada | 46,048 | 48,394 | ||||||
Australia & New Zealand | 42,750 | 38,698 | ||||||
Europe | 39,677 | 18,338 | ||||||
$ | 582,279 | $ | 482,683 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | Note R - Commitments and Contingencies | ||||
[1] | Lease: | ||||
The Company currently leases office facilities under a lease expiring April 30, 2015. On November 20, 2014 the Company entered into a new ten year lease for its corporate headquarters effective May 2015. The minimum non-cancelable scheduled rentals under this lease are as follows: | |||||
Year Ending December 31, | |||||
2015 | 313 | ||||
2016 | 321 | ||||
2017 | 328 | ||||
2018 | 336 | ||||
2019 | 343 | ||||
Thereafter | 1829 | ||||
$ | 3,470 | ||||
Rent expense for the years ended December 31, 2014 and 2013 was $306 and $302, respectively. | |||||
[2] | Letters of credit: | ||||
Outstanding letters of credit at December 31, 2014, amounted to approximately $36,586 all of which expire prior to April 30, 2015. Outstanding letters of credit at December 31, 2013 amounted to approximately $71,105. | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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, Empire Resources de Mexico, the Company’s subsidiary in Mexico, 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 [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 metal 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. | ||||||||||||||||||||
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. | ||||||||||||||||||||
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 May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance, Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, on revenue recognition. The new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. There is no option for early adoption. For public entities, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently evaluating the impact of the new guidance on our consolidated financial statements. | ||||||||||||||||||||
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, 2014 and 2013 are classified as follows: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 165,586 | $ | 106,903 | ||||||||||||||||
Aluminum futures contracts | 9,769 | 1,047 | ||||||||||||||||||
Foreign currency forward contracts | 1,337 | 316 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap contracts | $ | - | $ | 52 | ||||||||||||||||
Embedded conversion option | $ | 2,734 | $ | 2,048 | ||||||||||||||||
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 2014 or 2013. | ||||||||||||||||||||
The Company’s purchase of metal products is from several suppliers located throughout the world. Two suppliers, PT. Alumindo and Hulamin Ltd, accounted for 37% of total purchases for the year ended December 31, 2014 as compared to 51% of total purchases during the year ended December 31, 2013. 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, 2014 | ||||||||||||||||||||
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, 2014 and 2013 are classified as follows: | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | ||||||||||||||||||||
Inventories | $ | 165,586 | $ | 106,903 | ||||||||||||||||
Aluminum futures contracts | 9,769 | 1,047 | ||||||||||||||||||
Foreign currency forward contracts | 1,337 | 316 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap contracts | $ | - | $ | 52 | ||||||||||||||||
Embedded conversion option | $ | 2,734 | $ | 2,048 | ||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment are summarized as follows: | |||||||||
December 31, | ||||||||||
2014 | 2013 | Estimated Useful Life | ||||||||
Cost: | ||||||||||
Land | $ | 1,180 | $ | 1,180 | ||||||
Buildings and improvements | 3,551 | 3,165 | 10 and 40 years | |||||||
Other equipment | 1,508 | 1,464 | 3 to 5 years | |||||||
6,239 | 5,809 | |||||||||
Less: Accumulated depreciation | 1,981 | 1,860 | ||||||||
Net Book Value | $ | 4,258 | $ | 3,949 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Risk Management (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 at December 31, 2014 and 2013 are as follows: | |||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as fair value hedges | Balance Sheet Location | 2014 | 2013 | |||||||||
Asset derivatives: | ||||||||||||
Aluminum futures contracts | Other current assets | $ | 9,769 | 1,047 | ||||||||
Foreign currency forward contracts | Other current assets | 1,337 | 316 | |||||||||
Total | $ | 11,106 | $ | 1,363 | ||||||||
Schedule Of Derivatives Designated As Fair Value Hedges [Table Text Block] | 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 was designated as a cash flow hedge and the Company’s unrealized liabilities relating to the swap measured at fair value at December 31, 2014 and December 31, 2013 as follows: | |||||||||||
Derivatives designated | December 31, | December 31, | ||||||||||
as cash flow hedges | Balance Sheet Location | 2014 | 2013 | |||||||||
Liability derivatives: | ||||||||||||
Interest rate swap contracts | Accrued expenses and derivative liabilities | $ | - | $ | 52 | |||||||
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: | |||||||||||
Year Ended | ||||||||||||
Derivatives in hedging | Location of Gain or | December 31, | ||||||||||
relationships | (Loss) Recognized | 2014 | 2013 | |||||||||
Foreign currency forward contracts | (a) | Cost of goods sold | $ | 168 | $ | -13 | ||||||
Interest rate swaps | (b) | Interest expense, net | -52 | -56 | ||||||||
Aluminum futures | (c) | Cost of goods sold | -3,272 | 6,975 | ||||||||
Total | $ | -3,156 | $ | 6,906 | ||||||||
(a) Fair value hedge: the related hedged item is accounts receivable and accounts payable denominated in foreign currency and offsetting losses in 2014 and gains in 2013, 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 2014 and 2013. | ||||||||||||
(c) Fair value hedge: the related hedged item is inventory and offsetting gains in 2014 and losses in 2013, in the same respective amounts are included in cost of goods sold in 2014 and 2013. | ||||||||||||
Accrued_expenses_and_derivativ1
Accrued expenses and derivative liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued expenses | $ | 4,110 | $ | 2,792 | ||||
Derivative liabilities | - | 52 | ||||||
$ | 4,110 | $ | 2,844 | |||||
Convertible_Subordinated_Debt_
Convertible Subordinated Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2014 | December 31, 2013 | June 3, 2011 | |||||||||||
Equity value | $ | 41,738 | $ | 30,708 | $ | 36,811 | |||||||
Volatility | 35 | % | 45 | % | 70 | % | |||||||
Risk free return | 0.67 | % | 0.38 | % | 1.6 | % | |||||||
Dividend yield | 2.15 | % | 2.79 | % | 2.51 | % | |||||||
Strike price | $ | 3.88 | $ | 3.99 | $ | 4.65 | |||||||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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, 2014 and 2013: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | contractual | |||||||||||||
term | ||||||||||||||
(years) | ||||||||||||||
Options outstanding and exercisable at December 31, 2012 | 414,000 | $ | 1.53 | 7.48 | $ | 532,060 | ||||||||
Options canceled | -4,000 | $ | 1.87 | |||||||||||
Options outstanding and exercisable at December 31, 2013 | 410,000 | $ | 1.52 | 5.55 | $ | 843,800 | ||||||||
Options canceled | -6,000 | $ | 3.64 | |||||||||||
Options exercised | -4,000 | $ | 3.64 | |||||||||||
Options outstanding and exercisable at December 31, 2014 | 400,000 | $ | 1.48 | 4.73 | $ | 1,257,960 | ||||||||
Options available for grant under 2006 Plan at December 31, 2014 | 421,000 | |||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income/(loss) for the years ended December 31, 2014 and December 31, 2013, on an after tax basis is as follows: | ||||||||||||||
Year ended December 31, 2014 | Foreign | Interest | Available | Total | |||||||||||
Currency | Rate Swap | for Sale | |||||||||||||
Translation | Contract | Marketable | |||||||||||||
Securities | |||||||||||||||
Beginning balance | $ | 84 | $ | -33 | - | $ | 51 | ||||||||
Other comprehensive (loss) before reclassification | -418 | -418 | |||||||||||||
Loss reclassified to operations | - | 33 | (a) | - | 33 | ||||||||||
Net current period other comprehensive (loss)/ income | -418 | 33 | - | -385 | |||||||||||
Ending balance | $ | -334 | $ | - | $ | - | $ | -334 | |||||||
(a) Reclassified to following line items in the statement of income: | |||||||||||||||
Interest expense, net | $ | 52 | |||||||||||||
Income taxes | -19 | ||||||||||||||
Net of tax | $ | 33 | |||||||||||||
Year ended December 31, 2013 | Foreign | Interest | Available | Total | |||||||||||
Currency | Rate Swap | for Sale | |||||||||||||
Translation | Contract | Marketable | |||||||||||||
Securities | |||||||||||||||
Beginning balance | $ | -48 | $ | -68 | $ | -20 | $ | -136 | |||||||
Other comprehensive income before reclassification | 132 | - | - | 132 | |||||||||||
Loss reclassified to operations | - | 35 | (a) | 20 | 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_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes were as follows: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
U.S. | $ | 5,837 | $ | 3,575 | ||||
Foreign | 1,222 | 206 | ||||||
$ | 7,059 | $ | 3,781 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consists of the following: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Current | ||||||||
U.S. Federal | $ | 3,039 | $ | 1,400 | ||||
State and local | 416 | 288 | ||||||
Foreign | 318 | 53 | ||||||
3,773 | 1,741 | |||||||
Deferred | ||||||||
U.S. Federal | -399 | -289 | ||||||
State and local | -49 | -67 | ||||||
Foreign | - | - | ||||||
-448 | -356 | |||||||
$ | 3,325 | $ | 1,385 | |||||
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: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Provision for taxes at statutory rate of 34% | $ | 2,400 | $ | 1,286 | ||||
State and local taxes, net of federal tax effect | 242 | 157 | ||||||
Permanent differences | 854 | 46 | ||||||
Reversal of overaccrual of prior year unrecognized tax benefits | -79 | -81 | ||||||
Other | -92 | -23 | ||||||
$ | 3,325 | $ | 1,385 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets and liabilities are composed of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred current tax assets | ||||||||
Allowance for doubtful accounts | $ | 215 | $ | 215 | ||||
Accrued expenses | 72 | 73 | ||||||
Inventories | 3,544 | 2,829 | ||||||
Stock Options | 80 | 80 | ||||||
Derivative contracts | 0 | 20 | ||||||
Net deferred current tax assets | 3,911 | 3,217 | ||||||
Deferred long-term tax assets | ||||||||
Derivative liability for embedded conversion option | 306 | 781 | ||||||
306 | 781 | |||||||
Deferred long-term tax liabilities | ||||||||
Property and Equipment | -51 | -45 | ||||||
Unamortized debt discount | -306 | -521 | ||||||
-357 | -566 | |||||||
Net deferred long-term tax assets /(liabilities) | -51 | 215 | ||||||
Net deferred tax assets | $ | 3,860 | $ | 3,432 | ||||
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, 2014 and 2013 is as follows: | |||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 249 | $ | 329 | ||||
Reductions from settlements | 0 | -81 | ||||||
Reductions from lapse of statute of limitations | -69 | 0 | ||||||
Settlements | 0 | -294 | ||||||
Net (decrease)/increase for tax positions of prior years | -10 | 295 | ||||||
Balance at December 31 | (a) | $ | 170 | $ | 249 | |||
(a)Liability included in income taxes payable in the consolidated balance sheets. | ||||||||
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 3,734 | $ | 2,396 | ||||
Numerator for diluted earnings per share | $ | 3,734 | $ | 2,396 | ||||
Denominator: | ||||||||
Weighted average shares outstanding-basic | 8,768 | 8,583 | ||||||
Dilutive effect of convertible subordinated debt | ||||||||
Dilutive effect of stock options | 262 | 269 | ||||||
Weighted average shares outstanding-diluted | 9,030 | 8,852 | ||||||
Basic Earnings per Share | $ | 0.43 | $ | 0.28 | ||||
Diluted Earnings per Share | $ | 0.41 | $ | 0.27 | ||||
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Sales to domestic and foreign customers were as follows: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
United States | $ | 350,510 | $ | 311,127 | ||||
Latin America | 103,294 | 66,126 | ||||||
Canada | 46,048 | 48,394 | ||||||
Australia & New Zealand | 42,750 | 38,698 | ||||||
Europe | 39,677 | 18,338 | ||||||
$ | 582,279 | $ | 482,683 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The minimum non-cancelable scheduled rentals under this lease are as follows: | ||||
Year Ending December 31, | |||||
2015 | 313 | ||||
2016 | 321 | ||||
2017 | 328 | ||||
2018 | 336 | ||||
2019 | 343 | ||||
Thereafter | 1829 | ||||
$ | 3,470 | ||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | Inventories [Member] | ||
Assets, Fair Value Disclosure | $165,586 | $106,903 |
Fair Value, Inputs, Level 1 [Member] | Foreign currency forward contracts [Member] | ||
Assets, Fair Value Disclosure | 1,337 | 316 |
Fair Value, Inputs, Level 1 [Member] | Aluminum futures contracts [Member] | ||
Assets, Fair Value Disclosure | 9,769 | 1,047 |
Fair Value, Inputs, Level 2 [Member] | Interest rate swap contracts [Member] | ||
Liabilities, Fair Value Disclosure | 0 | 52 |
Fair Value, Inputs, Level 3 [Member] | Embedded conversion option [Member] | ||
Liabilities, Fair Value Disclosure | $2,734 | $2,048 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 37.00% | 51.00% |
Sales Revenue, Goods, Net [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $11,000 | $12,000 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 6,239 | $5,809 |
Less: Accumulated depreciation | 1,981 | 1,860 |
Property, Plant and Equipment, Net | 4,258 | 3,949 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 1,180 | 1,180 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 3,551 | 3,165 |
Buildings and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Buildings and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 1,508 | $1,464 |
Other equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Other equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $121 | $130 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Risk Management (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedge Assets | $11,106 | $1,363 |
Other current assets Member] | Foreign currency forward contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedge Assets | 1,337 | 316 |
Other current assets Member] | Aluminum futures contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedge Assets | $9,769 | $1,047 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Risk Management (Details 1) (Accrued expenses and derivative liabilities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses and derivative liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate swap contracts | $0 | $52 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Risk Management (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | ($3,156) | $6,906 | ||
Foreign currency forward contracts [Member] | Cost of goods sold [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | 168 | [1] | -13 | [1] |
Interest rate swaps [Member] | Interest expense, net [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | -52 | [2] | -56 | [2] |
Aluminum futures [Member] | Cost of goods sold [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | ($3,272) | [3] | $6,975 | [3] |
[1] | Fair value hedge: the related hedged item is accounts receivable and accounts payable denominated in foreign currency and offsetting losses in 2014 and gains in 2013, 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 2014 and 2013. | |||
[3] | Fair value hedge: the related hedged item is inventory and offsetting gains in 2014 and losses in 2013, in the same respective amounts are included in cost of goods sold in 2014 and 2013. |
Accrued_expenses_and_derivativ2
Accrued expenses and derivative liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Derivative Liabilities [Line Items] | ||
Accrued expenses | $4,110 | $2,792 |
Derivative liabilities | 0 | 52 |
Accrued Expenses Derivative Liabilities | $4,110 | $2,844 |
Mortgage_Payable_Details_Textu
Mortgage Payable (Details Textual) (Mortgage Loans [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Mortgage Loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Debt Instrument, Periodic Payment | $21,600 |
Loans Receivable, Description of Variable Rate Basis | LIBOR + 1.75% |
Debt Instrument, Interest Rate, Stated Percentage | 6.37% |
Debt Instrument, Maturity Date | 31-Dec-14 |
Notes_Payable_Details_Textual
Notes Payable (Details Textual) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Dec. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2014 | Dec. 18, 2014 | Dec. 18, 2014 | Jun. 19, 2014 | |
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | Committed Facility [Member] | Uncommitted Facility [Member] | Rabobank International [Member] | |
USD ($) | USD ($) | USD ($) | |||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $275,000,000 | $36,586,000 | $71,105,000 | $200,000,000 | $300,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 185,000,000 | 90,000,000 | 150,000,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 25,000,000 | 75,000,000 | |||||||
Excess Capital | 50,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 229,386,000 | 174,605,000 | 35,000,000 | 15,000,000 | |||||
Line of Credit Facility, Expiration Date | 19-Jun-17 | 30-Apr-15 | 30-Apr-15 | ||||||
Line of Credit Facility, Commitment Fee Amount | 9,679,000 | 8,000,000 | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 8,288,000 | 6,850,000 | 4,422,000 | 3,217,000 | |||||
Line Of Credit Facility, Interest Rate, Variable Rate Basis | EURIBOR plus 1.75% | EURIBOR plus 1.75% | EURIBOR plus 1.75% | EURIBOR plus 1.75% | |||||
Line of Credit Facility, Increase (Decrease), Other, Net | $75,000,000 |
Convertible_Subordinated_Debt_1
Convertible Subordinated Debt (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 03, 2011 |
Convertible Subordinated Debt [Line Items] | |||
Equity value | $41,738 | $30,708 | $36,811 |
Volatility | 35.00% | 45.00% | 70.00% |
Risk free return | 0.67% | 0.38% | 1.60% |
Dividend yield | 2.15% | 2.79% | 2.51% |
Strike price | $3.88 | $3.99 | $4.65 |
Convertible_Subordinated_Debt_2
Convertible Subordinated Debt (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 03, 2011 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price | $3.88 | $3.99 | ||
Convertible Subordinated Debt | $4,000 | |||
Unrealized Gain (Loss) on Derivatives | 1,113 | 52 | ||
Accounts Payable, Interest-bearing | 962 | |||
Related Party Loan Monthly Installment Upon Disagreement | 481 | 565 | ||
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 | 321 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | |||
Investment Income, Interest | 177 | 293 | ||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | 1,507 | 1,507 | 0 | |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 916 | |||
Gains (Losses) on Extinguishment of Debt | 164 | -164 | 0 | |
Embedded Derivative Financial Instruments [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 427 | |||
Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Subordinated Debt | 1,000 | |||
Pt Alumindo [Member] | ||||
Debt Instrument [Line Items] | ||||
Due from Affiliates | 10,000 | |||
Convertible Senior Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate During Period | 10.00% | |||
Debt Instrument, Convertible, Conversion Ratio | 254 | 257.56 | 250.62 | |
Debt Instrument, Convertible, Conversion Price | $7 | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | 2,829 | |||
Amortization Of Intangible Assets | 12,000 | |||
Debt Instrument, Maturity Date | 1-Jan-16 | |||
Debt Instrument, Convertible, Beneficial Conversion Feature | 1 | 1 | ||
Supply Agreement With Pt. Alumindo [Member] | ||||
Debt Instrument [Line Items] | ||||
Related Party Loan Monthly Installment | 278 | |||
Related Party Loan Monthly Installment Upon Disagreement | $556 |
Stock_Options_Details
Stock Options (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option [Line Items] | |||
Options outstanding and exercisable Number of Shares | 400,000 | 410,000 | 414,000 |
Options canceled Number of Shares | -6,000 | -4,000 | |
Options exercised | -4,000 | ||
Options available for grant under 2006 Plan at December 31, 2014 | 421,000 | ||
Options outstanding and exercisable Weighted Average Exercise Price | $1.48 | $1.52 | $1.53 |
Options exercised Weighted Average Exercise Price | $3.64 | ||
Options canceled Weighted Average Exercise Price | $3.64 | $1.87 | |
Options outstanding and exercisable Weighted Average Exercise Price Remaining Contratual term | 4 years 8 months 23 days | 5 years 6 months 18 days | 7 years 5 months 23 days |
Options outstanding and exercisable Aggregate Intrinisic Value | $1,257,960 | $843,800 | $532,060 |
Stock_Options_Details_Textual
Stock Options (Details Textual) (2006 Stock Option Plan [Member]) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2006 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 $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | 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 | $352 | $64 | ||
Stock Issued During Period, Shares, Treasury Stock Reissued | 4 | 150 | ||
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 | 1,338 | |||
Treasury Stock Shares Acquired Cost Method | 3,638 | |||
Repurchase Two [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock acquired | 74 | |||
Treasury Stock Shares Acquired Cost Method | 352 | |||
Repurchase Three [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock acquired | $19 | |||
Treasury Stock Shares Acquired Cost Method | 64 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Foreign currency translation | $84 | ($48) | ||
Other comprehensive income/(loss) before reclassification, Foreign Currency Translation | -418 | 132 | ||
Loss reclassified to operations, Foreign Currency Translation | 0 | 0 | ||
Net current period other comprehensive (loss)/ income, Foreign Currency Translation | -418 | 132 | ||
Ending balance, Foreign Currency Translation | -334 | 84 | ||
Beginning balance, Interest Rate Swap Contract | -33 | -68 | ||
Other comprehensive income/(loss) before reclassification, Interest Rate Swap Contract | 0 | |||
Loss reclassified to operations, Interest Rate Swap Contract | 33 | [1] | 35 | [2] |
Net current period other comprehensive (loss)/ income, Interest Rate Swap Contract | 33 | 35 | ||
Ending balance, Interest Rate SwapContract | 0 | -33 | ||
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 forSale Marketable Securities | 0 | 20 | ||
Net current period other comprehensive (loss)/ income, Available forSale Marketable Securities | 0 | 20 | ||
Ending balance, Available for Sale Marketable Securities | 0 | 0 | ||
Beginning balance | 51 | -136 | ||
Other comprehensive income/(loss) before reclassification | -418 | 132 | ||
Loss reclassified to operations | 33 | 55 | ||
Net current period other comprehensive (loss)/ income | -385 | 187 | ||
Ending balance | ($334) | $51 | ||
[1] | Reclassified to following line items in the statement of income: Interest expense, net $ 52 Income taxes (19) Net of tax $ 33 | |||
[2] | 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 INCOME/(LOSS) (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
(a) Reclassified to following line items in the statement of income: | ||
Income taxes | $3,325 | $1,385 |
Net of tax | 33 | 55 |
Interest Rate Swap [Member] | ||
(a) Reclassified to following line items in the statement of income: | ||
Interest expense, net | 52 | 56 |
Income taxes | -19 | -21 |
Net of tax | 33 | 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 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Line Items] | ||
U.S. | $5,837 | $3,575 |
Foreign | 1,222 | 206 |
Income before income taxes | $7,059 | $3,781 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Current | ||
U.S. Federal | $3,039 | $1,400 |
State and local | 416 | 288 |
Foreign | 318 | 53 |
Current Income Tax Expense (Benefit) | 3,773 | 1,741 |
Deferred | ||
U.S. Federal | -399 | -289 |
State and local | -49 | -67 |
Foreign | 0 | 0 |
Deferred income taxes | -448 | -356 |
Income Tax Expense (Benefit) | $3,325 | $1,385 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Line Items] | ||
Provision for taxes at statutory rate of 34% | $2,400 | $1,286 |
State and local taxes, net of federal tax effect | 242 | 157 |
Permanent differences | 854 | 46 |
Reversal of overaccrual of prior year unrecognized tax benefits | -79 | -81 |
Other | -92 | -23 |
Income Tax Expense (Benefit) | $3,325 | $1,385 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred current tax assets | ||
Allowance for doubtful accounts | $215 | $215 |
Accrued expenses | 72 | 73 |
Inventories | 3,544 | 2,829 |
Stock Options | 80 | 80 |
Derivative contracts | 0 | 20 |
Net deferred current tax assets | 3,911 | 3,217 |
Deferred long-term tax assets | ||
Derivative liability for embedded conversion option | 306 | 781 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 306 | 781 |
Deferred long-term tax liabilities | ||
Property and Equipment | -51 | -45 |
Unamortized debt discount | -306 | -521 |
Deferred Tax Liabilities, Net, Noncurrent | -357 | -566 |
Net deferred long-term tax assets /(liabilities) | -51 | 215 |
Net deferred tax assets | $3,860 | $3,432 |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes [Line Items] | ||||
Balance at January 1 | $249 | [1] | $329 | |
Reductions from settlements | 0 | -81 | ||
Reductions from lapse of statute of limitations | -69 | 0 | ||
Settlements | 0 | -294 | ||
Net (decrease)/increase for tax positions of prior years | -10 | 295 | ||
Balance at December 31 | $170 | [1] | $249 | [1] |
[1] | Liability included in income taxes payable in the consolidated balance sheets. |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Line Items] | ||
Percentage Of Withholding Tax | 5.00% | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $66 | $107 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Unrecognized Tax Benefits, Value of Accrued Interest reversed | 41 | 148 |
Unrecognized Tax Benefits, Value of Liability reversed | 79 | 81 |
MEXICO | ||
Income Taxes [Line Items] | ||
Undistributed Earnings of Foreign Subsidiaries | 506 | |
IMBALI | ||
Income Taxes [Line Items] | ||
Undistributed Earnings of Foreign Subsidiaries | $3,531 |
Employee_Retirement_Benefits_D
Employee Retirement Benefits (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | Dec. 31, 2013 |
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 Company’s matching contribution | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $75 | $82 |
Per_Share_Data_Details
Per Share Data (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator: | ||
Net income | $3,734 | $2,396 |
Numerator for diluted earnings per share | $3,734 | $2,396 |
Denominator: | ||
Weighted average shares outstanding-basic (in shares) | 8,768 | 8,583 |
Dilutive effect of convertible subordinated debt (in shares) | ||
Dilutive effect of stock options (in shares) | 262 | 269 |
Weighted average shares outstanding-diluted (in shares) | 9,030 | 8,852 |
Basic Earnings per Share (in dollars per share) | $0.43 | $0.28 |
Diluted Earnings per Share (in dollars per share) | $0.41 | $0.27 |
Per_Share_Data_Details_Textual
Per Share Data (Details Textual) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,833 | 3,007 |
Dividends_Details_Textual
Dividends (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 12, 2014 | Oct. 15, 2014 | Sep. 19, 2014 | Jul. 18, 2014 | Jun. 18, 2014 | Apr. 14, 2014 | Mar. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 14, 2015 |
Dividends Payable [Line Items] | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.03 | $0.03 | $0.03 | $0.03 | ||||||
Special Dividend Declared Per Share | $0.03 | |||||||||
Payments of Dividends, Total | $224 | $217 | $217 | $872 | $644 | |||||
Subsequent Event [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Payments of Dividends, Total | $449 |
Business_Segment_and_Geographi2
Business Segment and Geographic Area Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||
Other Revenue, Net | $582,279 | $482,683 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, Net | 350,510 | 311,127 |
Latin America [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, Net | 103,294 | 66,126 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, Net | 46,048 | 48,394 |
Australia and New Zealand [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, Net | 42,750 | 38,698 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, Net | $39,677 | $18,338 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Line Items] | |
2015 | $313 |
2016 | 321 |
2017 | 328 |
2018 | 336 |
2019 | 343 |
Thereafter | 1,829 |
Operating Leases, Future Minimum Payments Due | $3,470 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies [Line Items] | |||
Letters of Credit Outstanding, Amount | $36,586 | $71,105 | |
Operating Leases, Rent Expense | $306 | $302 | |
Line of Credit Facility, Expiration Date | 19-Jun-17 | 30-Apr-15 |