Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 10, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | EMPIRE RESOURCES INC /NEW/ | |
Entity Central Index Key | 1,019,272 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | ERS | |
Entity Common Stock, Shares Outstanding | 8,551,634 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 5,536 | $ 1,130 |
Trade accounts receivable (less allowance for doubtful accounts of $356 and $562) | 76,248 | 89,693 |
Inventories | 153,507 | 192,064 |
Deferred tax assets | 3,834 | 3,911 |
Advance to supplier, net of imputed interest of $3 and $66 | 831 | 3,277 |
Other current assets, including derivatives | 13,232 | 18,605 |
Total current assets | 253,188 | 308,680 |
Preferential supply agreement, net | 80 | 321 |
Long-term financing costs, net of amortization | 817 | 1,024 |
Property and equipment, net | 4,372 | 4,258 |
Total assets | 258,457 | 314,283 |
Current liabilities: | ||
Notes payable - banks | 166,471 | 201,088 |
Subordinated convertible debt net of unamortized discount of $346 | 10,654 | 0 |
Trade accounts payable | 22,928 | 42,626 |
Income taxes payable | 1,209 | 4,190 |
Accrued expenses and derivative liabilities | 6,737 | 4,137 |
Dividends payable | 217 | 449 |
Total current liabilities | 208,216 | 252,490 |
Subordinated convertible debt net of unamortized discount of $803 | 0 | 10,197 |
Derivative liability for embedded conversion option | 1,550 | 2,734 |
Deferred taxes payable | 47 | 51 |
Total liabilities | $ 209,813 | $ 265,472 |
Commitments (Note 18) | ||
Stockholders' equity: | ||
Common stock $0.01 par value, 20,000,000 shares authorized and 11,749,651 shares issued at September 30, 2015 and December 31, 2014 | $ 117 | $ 117 |
Additional paid-in capital | 13,038 | 13,678 |
Retained earnings | 42,927 | 40,805 |
Accumulated other comprehensive loss | (576) | (334) |
Treasury stock, 3,173,843 and 2,843,717 shares at September 30, 2015 and December 31, 2014, respectively | (6,862) | (5,455) |
Total stockholders' equity | 48,644 | 48,811 |
Total liabilities and stockholders' equity | $ 258,457 | $ 314,283 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts, trade accounts | $ 356 | $ 562 |
Imputed interest, advance to supplier amortization amount | 3 | 66 |
Unamortized discount, subordinated convertible debt | $ 346 | $ 803 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 11,749,651 | 11,749,651 |
Treasury stock (in shares) | 3,173,843 | 2,843,717 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales | $ 121,950 | $ 159,366 | $ 424,689 | $ 444,199 |
Cost of goods sold | 116,603 | 151,897 | 406,488 | 423,228 |
Gross profit | 5,347 | 7,469 | 18,201 | 20,971 |
Selling, general and administrative expenses | 3,094 | 3,819 | 10,632 | 10,600 |
Operating income | 2,253 | 3,650 | 7,569 | 10,371 |
Interest expense, net | 1,419 | 1,041 | 4,665 | 3,223 |
Income before other expenses | 834 | 2,609 | 2,904 | 7,148 |
Other expenses | ||||
Change in value of derivative liability | (224) | (2,059) | 1,184 | (2,239) |
Loss related to extinguishment of debt converted into common stock | 0 | (164) | 0 | (164) |
Income before income taxes | 610 | 386 | 4,088 | 4,745 |
Income taxes | 295 | 1,080 | 1,314 | 2,985 |
Net income (loss) | $ 315 | $ (694) | $ 2,774 | $ 1,760 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 8,870 | 8,814 | 8,709 | 8,705 |
Diluted (in shares) | 8,898 | 8,814 | 11,736 | 8,964 |
Earnings (loss) per share: | ||||
Basic (in dollars per share) | $ 0.04 | $ (0.08) | $ 0.32 | $ 0.20 |
Diluted (in dollars per share) | $ 0.04 | $ (0.08) | $ 0.22 | $ 0.20 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income (loss) | $ 315 | $ (694) | $ 2,774 | $ 1,760 |
Other comprehensive income/(loss) before tax | ||||
Foreign currency translation adjustments | 13 | (278) | $ (242) | (292) |
Decrease in value of interest rate swap liability | 0 | 13 | 39 | |
Other comprehensive income (loss) before tax | 13 | (265) | $ (242) | (253) |
Income tax related to components of other comprehensive income | 0 | (5) | 0 | (15) |
Other comprehensive income (loss), net of tax | 13 | (270) | (242) | (268) |
Comprehensive income (loss) | $ 328 | $ (964) | $ 2,532 | $ 1,492 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows - operating activities: | ||
Net income | $ 2,774 | $ 1,760 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 487 | 482 |
Change in value of derivative liability | (1,184) | 2,239 |
Amortization of convertible note discount | 457 | 419 |
Imputed interest on vendor advance | (53) | (144) |
Loss related to extinguishment of debt converted into common stock | 0 | 164 |
Reduction in allowance for doubtful accounts | (188) | 0 |
Amortization of supply agreement | 240 | 240 |
Deferred income taxes | 73 | 271 |
Foreign exchange loss and other | 437 | 296 |
Stock-based compensation | 0 | 630 |
Changes in: | ||
Trade accounts receivable | 13,043 | (45,330) |
Inventories | 37,828 | 18,947 |
Other current assets | 5,353 | 27 |
Trade accounts payable | (19,689) | (10,751) |
Income taxes payable | (2,973) | 995 |
Accrued expenses and derivative liabilities | 2,649 | 5,708 |
Net cash provided by/(used in) operating activities | 39,254 | (24,047) |
Cash flows - investing activities: | ||
Repayment related to supply agreement | 2,500 | 2,500 |
Purchases of property and equipment | (237) | (19) |
Net cash provided by investing activities | 2,263 | 2,481 |
Cash flows - financing activities: | ||
(Repayment of)/proceeds from notes payable - banks | (33,978) | 25,602 |
Repayments - mortgage payable | 0 | (136) |
Deferred financing costs | (158) | (1,005) |
Dividends paid | (884) | (648) |
Treasury stock purchased | (1,407) | (13) |
Purchase of stock options | (922) | 0 |
Proceeds from stock options exercised | 0 | 15 |
Excess tax benefit related to purchase of stock options | 282 | 0 |
Net cash (used in)/provided by financing activities | (37,067) | 23,815 |
Net increase in cash | 4,450 | 2,249 |
Effect of exchange rate | (44) | (63) |
Cash at beginning of period | 1,130 | 2,477 |
Cash at end of the period | 5,536 | 4,663 |
Supplemental disclosures of cash flow information: | ||
Interest | 4,024 | 3,476 |
Income taxes | 2,480 | 2,737 |
Non cash financing activities: | ||
Dividend declared but not yet paid | $ 217 | 224 |
Treasury stock issued on conversion of subordinated debt | $ 1,507 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2014 | $ 48,811 | $ 117 | $ 13,678 | $ 40,805 | $ (334) | $ (5,455) |
Balance (in shares) at Dec. 31, 2014 | 11,750 | |||||
Treasury stock acquired | (1,407) | (1,407) | ||||
Stock options purchased | (922) | (922) | ||||
Excess tax benefit related to purchase of stock options | 282 | 282 | ||||
Net change in cumulative translation adjustment | (242) | (242) | ||||
Dividends declared ($0.075 per share) | (652) | (652) | ||||
Net income | 2,774 | 2,774 | ||||
Balance at Sep. 30, 2015 | $ 48,644 | $ 117 | $ 13,038 | $ 42,927 | $ (576) | $ (6,862) |
Balance (in shares) at Sep. 30, 2015 | 11,750 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Stockholders' Equity [Parenthetical] | Sep. 30, 2015$ / shares |
Dividends declared | $ 0.075 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The Company The condensed consolidated financial statements include the accounts of Empire Resources, Inc. (the “Company”) and its wholly-owned subsidiaries, Empire Resources Pacific Ltd., the Company’s sales agent in Australia, 6900 Quad Avenue LLC, the owner of a warehouse facility in Baltimore, Maryland, Imbali Metals BVBA (“Imbali”), the Company’s operating subsidiary in Europe, Empire Resources (UK) Ltd., the Company’s operating subsidiary in the UK, which was organized in February 2015, and Empire Resources de Mexico, the Company’s operating subsidiary in Mexico. All significant inter-company transactions and accounts have been eliminated on consolidation. The Company purchases and sells semi-finished aluminum and steel products to a diverse customer base located in the Americas, Australia, Europe and New Zealand. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Recently Issued 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. In August 2015 the FASB extended the deadline of ASU 2014-09 by a year. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In April 2015, the FASB issued accounting guidance, Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. The guidance will be effective for fiscal years beginning after December 15, 2015. The Company does not believe that the new standard will have a material impact on its consolidated financial statements. ln July 2015, the FASB issued accounting Standards Update 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory ("ASU 2015-11") which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Condensed Financial Statements [Text Block] | 3. Interim Financial Statements The condensed consolidated interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. The information and note disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s management is responsible for interim financial information. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, necessary to present fairly the Company’s financial position as of September 30, 2015 and the results of its operations and cash flows for the three and nine months ended September 30, 2015 and 2014. Interim results may not be indicative of the results that may be expected for the year. |
Use of Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2015 | |
Use Of Estimates [Abstract] | |
Use Of Estimates [Text Block] | 4. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 5. Concentrations During the nine month period ended September 30, 2015 one customer, Ryerson, Inc., accounted for 10.6 10 The Company purchases metal products from a limited number of suppliers throughout the world. Two suppliers, PT Alumindo Light Metal Industry Tbk (“PT. Alumindo”) and Southeast Aluminum accounted for an aggregate of 44 39 The loss of any one of the Company’s largest suppliers or a material default by any such supplier in its obligations to the Company could have a material adverse effect on the Company’s business. |
Stock Options
Stock Options | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Stock Options Stock-based compensation for an award of equity instruments, including stock options, is recognized as an expense over the vesting period based on the fair value of the award at the grant date. On May 19 and May 20, 2015 the Company repurchased 350 922 282 50 |
Treasury Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Treasury Stock [Text Block] | 7. Treasury Stock On July 22, 2008, the Board of Directors authorized the Company to repurchase up to 2,000 1,668 5,045 330 3 1,407 13 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 8. Inventories Inventories, which consist of purchased semi-finished metal products, are stated at the lower of cost or market value. Cost is determined by the specific-identification method. Inventory is purchased for specific customer orders and the Company’s own inventory. The carrying amount of inventory which is hedged by futures contracts designated as fair value hedges, is adjusted to fair value. |
Notes Payable - Banks
Notes Payable - Banks | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 9. Notes PayableBanks Prior to June 19, 2014, the Company was a party to a 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 On June 19, 2014, the Company 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 75,000 75,000 300,000 50,000 275,000 35,000 185,000 15,000 90,000 June 19, 2017 25,000 Amounts borrowed bear interest at Eurodollar, money market or base rates, at the Company’s option, plus an applicable margin. The credit agreements contains financial and other covenants, including but not limited to, covenants requiring maintenance of minimum tangible net working capital and compliance with leverage ratios, as well as an ownership minimum and limitations on other indebtedness, liens, distributions or dividends, and investments and dispositions of assets. As of September 30, 2015, the Company was in compliance with all covenants under the credit agreements. 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. On June 11, 2015, the Company entered into a Second Amendment to the Uncommitted Credit Agreement which amended the termination date to June 18, 2016 from June 19, 2015. As of September 30, 2015, the committed line of credit had loans outstanding of $ 134,000 28,000 197,915 229,386 35,915 36,586 The Company’s wholly owned Belgian subsidiary, Imbali, maintained a line of credit with ING Belgium S.A./N.V., (“ING”) for a EUR 8,000 8,942 12,500 US$13,973 4,000 4,471 6,850 8,288 |
Convertible Subordinated Debt
Convertible Subordinated Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | 10. Convertible Subordinated Debt On June 3, 2011, the Company issued $ 12,000 10 262.21 1 3.81 7.00 4,000 On August 18, 2014, a note holder converted $ 1,000 254 1,507 916 427 164 As a result of transactions which cause adjustments to the conversion rate, the embedded conversion option was bifurcated and recorded as a separate derivative liability at a fair value at issuance of the notes of $ 2,829 224 1,184 130 457 2,059 2,239 136 419 The derivative liability was valued using a lattice model using unobservable level 3 inputs. This technique was selected because it embodies all of the types of inputs that the Company expects market participants would consider in determining the fair value of equity linked derivatives embedded in hybrid debt agreements. September 30, 2015 December 31, 2014 June 3, 2011 Equity value $ 32,101 $ 41,738 $ 36,811 Volatility 60 % 35 % 70 % Risk free return 0.33 % 0.67 % 1.60 % Dividend yield 2.69 % 2.15 % 2.51 % Strike price $ 3.81 $ 3.88 $ 4.65 The majority of the proceeds from the notes were earmarked for a long term advance in connection with a supply agreement with the Indonesian company PT. Alumindo, a leading producer of high quality semi-finished aluminum products, and its affiliates, as described below. The Company provided a $ 10,000 278 556 3.5 January 1, 2016 Interest at the rate of 3.74 962 240 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 11. Earnings per Share Basic earnings per share are based upon weighted average number of shares of common stock outstanding during each period. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding during each period, plus potential dilutive shares of common stock from assumed exercise of the outstanding stock options using the treasury stock method and assumed conversion of subordinated debt. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net income (loss) $ 315 $ (694) $ 2,774 $ 1,760 Add back of interest on convertible subordinated debt, net of taxes 510 Add back of amortization of discount on convertible subordinated debt, net of taxes 283 Adjustment for change in value of convertible note derivative, net of taxes (1,010) Numerator for diluted earnings (loss) per share $ 315 $ (694) $ 2,557 $ 1,760 Denominator: Weighted average shares outstanding-basic 8,870 8,814 8,709 8,705 Dilutive effect of convertible subordinated debt 2,884 Dilutive effect of stock options 28 143 259 Weighted average shares outstanding-diluted 8,898 8,814 11,736 8,964 Basic earnings (loss) per share 0.04 $ (0.08) $ 0.32 $ 0.20 Diluted earnings (loss) per share $ 0.04 $ (0.08) $ 0.22 $ 0.20 In computing earnings (loss) per share for the three months ended September 30, 2015, and 2014 and the nine months ended September 30, 2014, no effect has been given to the 2,884 2,804 2,804 266 |
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Dividend Disclosure [Text Block] | 12. Dividends On March 19, 2015, the Company announced a cash dividend of $ 0.025 218 0.025 217 0.025 217 |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. Derivative Financial Instruments and Risk Management The Company uses derivative financial instruments designated as fair value hedges to manage its exposure to commodity price risk and foreign currency exchange risk inherent in its operations. It is the Company’s policy to hedge such risks to the extent practicable. The Company enters into high-grade aluminum futures contracts to limit its gross margin exposure by hedging the metal content element of firmly committed purchase and sales commitments. The Company also enters into foreign exchange forward contracts to hedge its exposure related to commitments to buy and sell metals as well as its accounts receivable denominated in international currencies. Derivatives designated September 30, December 31, as fair value hedges Balance Sheet Location 2015 2014 Asset derivatives: Aluminum futures contracts Other current assets $ 5,011 9,769 Foreign currency forward contracts Other current assets 711 1,337 Total $ 5,722 $ 11,106 For the periods ended September 30, 2015 and September 30, 2014, hedge ineffectiveness associated with derivatives designated as fair value hedges was insignificant, and no fair value hedges were derecognized. Three Months Ended Nine Months Ended Derivatives in hedging Location of Gain or September 30, September 30, relationships (Loss) Recognized 2015 2014 2015 2014 Foreign currency forward contracts (a) Cost of goods sold $ 283 $ 392 $ (196) $ (9) Interest rate swaps (b) Interest expense, net - (13) - (41) Aluminum futures (c) Cost of goods sold 7,175 (3,399) 17,171 (1,694) Total $ 7,458 $ (3,020) $ 16,975 $ (1,744) a) Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three and nine months ended September 30, 2015 and b) Cash flow hedge: recognized loss is reclassified from accumulated other comprehensive loss. c) Fair value hedge: the related hedged item is inventory and offsetting losses in 2015 and gains in 2014 are included in cost of goods sold in the same respective amounts. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 14. Fair Value Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, as described below: · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. · Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Derivative contracts consisting of aluminum contracts, foreign currency contracts and interest rates swaps are valued using quoted market prices and significant other observable inputs. These financial instruments are typically exchange-traded and are generally classified within Level 1 or Level 2 of the fair value hierarchy depending on whether the exchange is deemed to be an active market or not. September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Inventories $ 143,394 $ 165,586 Aluminum futures contracts $ 5,011 9,769 Foreign currency forward contracts $ 711 1,337 Liabilities: Embedded conversion option $ 1,550 $ 2,734 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 15. Fair Value of Financial Instruments The carrying amounts of variable rate notes payable to the banks approximate fair value as of September 30, 2015 and December 31, 2014, because these notes reflect market changes to interest rates. The fair value of the subordinated convertible debt approximates its principal amount of $ 11,000 |
Business Segment and Geographic
Business Segment and Geographic Area Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. Business Segment and Geographic Area Information Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States $ 88,920 $ 101,907 $ 314,337 $ 264,604 Latin America 921 23,995 15,509 81,263 Canada 9,426 10,665 33,757 35,348 Australia & New Zealand 10,004 11,241 29,738 33,647 Europe 12,679 11,558 31,348 29,337 $ 121,950 $ 159,366 $ 424,689 $ 444,199 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss)/Income | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 17. Accumulated Other Comprehensive (Loss)/Income Three Months ended September 30, 2015 Foreign Interest Rate Total Beginning balance $ (589) $ - $ (589) Other comprehensive income 13 - 13 Net current period other comprehensive income 13 - 13 Ending balance $ (576) $ - $ (576) Three Months ended September 30, 2014 Foreign Interest Rate Total Beginning balance $ 70 $ (17) $ 53 Other comprehensive loss before reclassification (278) - (278) Loss reclassified to operations - 8 (a) 8 Net current period other comprehensive loss (278) 8 (270) Ending balance $ (208) $ (9) $ (217) (a) Reclassified to following line items in the statement of income: Interest expense, net $ 13 Income taxes (5) Net of tax $ 8 Nine Months ended September 30, 2015 Foreign Interest Rate Total Beginning balance $ (334) $ - $ (334) Other comprehensive loss (242) - (242) Net current period other comprehensive loss (242) - (242) Ending balance $ (576) $ - $ (576) Foreign Interest Rate Nine Months ended September 30, 2014 Currency Swap Total Beginning balance $ 84 $ (33) $ 51 Other comprehensive loss before reclassification (292) - (292) Loss reclassified to operations - 24 (a) $ 24 Net current period other comprehensive (loss)/income (292) 24 (268) Ending balance $ (208) $ (9) $ (217) (a) Reclassified to following line items in the statement of income: Interest expense, net $ 39 Income taxes (15) Net of tax $ 24 |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments The Company had $ 35,915 36,586 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 19. Income Taxes For interim income tax reporting, the Company estimates its annual effective tax rate and applies it to its year to date ordinary income. The effect on the tax rate related to income or loss attributable to the change in value of the derivative liability is separately computed and recognized as such income or loss occurs. The disproportionate relationship between income taxes and pre-tax income for the nine months ended September 30, 2015, results primarily from no deferred tax being provided on the non-taxable gain resulting from the change in the value of the derivative liability to the extent such gains exceeds the $ 457 The disproportionate relationship between income taxes and pre-tax income for the three and nine month periods ended September 30, 2014 is primarily attributable to no tax benefit being recognized for the loss from change in value of the derivative liability and the loss related to extinguishment of debt, as such losses will not be deductible for income tax purposes. |
Convertible Subordinated Debt (
Convertible Subordinated Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes the significant inputs resulting from the calculations as of September 30, 2015, December 31, 2014 and issuance: September 30, 2015 December 31, 2014 June 3, 2011 Equity value $ 32,101 $ 41,738 $ 36,811 Volatility 60 % 35 % 70 % Risk free return 0.33 % 0.67 % 1.60 % Dividend yield 2.69 % 2.15 % 2.51 % Strike price $ 3.81 $ 3.88 $ 4.65 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings/(loss) per share: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net income (loss) $ 315 $ (694) $ 2,774 $ 1,760 Add back of interest on convertible subordinated debt, net of taxes 510 Add back of amortization of discount on convertible subordinated debt, net of taxes 283 Adjustment for change in value of convertible note derivative, net of taxes (1,010) Numerator for diluted earnings (loss) per share $ 315 $ (694) $ 2,557 $ 1,760 Denominator: Weighted average shares outstanding-basic 8,870 8,814 8,709 8,705 Dilutive effect of convertible subordinated debt 2,884 Dilutive effect of stock options 28 143 259 Weighted average shares outstanding-diluted 8,898 8,814 11,736 8,964 Basic earnings (loss) per share 0.04 $ (0.08) $ 0.32 $ 0.20 Diluted earnings (loss) per share $ 0.04 $ (0.08) $ 0.22 $ 0.20 |
Derivative Financial Instrume30
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The Company’s unrealized assets and liabilities in respect of its fair value hedges measured at fair value are as follows: Derivatives designated September 30, December 31, as fair value hedges Balance Sheet Location 2015 2014 Asset derivatives: Aluminum futures contracts Other current assets $ 5,011 9,769 Foreign currency forward contracts Other current assets 711 1,337 Total $ 5,722 $ 11,106 |
Schedule Of Derivatives Designated As Cash Flow Hedges [Table Text Block] | The table below summarizes the realized gains or (losses) of the Company’s derivative instruments and their location in the income statement: Three Months Ended Nine Months Ended Derivatives in hedging Location of Gain or September 30, September 30, relationships (Loss) Recognized 2015 2014 2015 2014 Foreign currency forward contracts (a) Cost of goods sold $ 283 $ 392 $ (196) $ (9) Interest rate swaps (b) Interest expense, net - (13) - (41) Aluminum futures (c) Cost of goods sold 7,175 (3,399) 17,171 (1,694) Total $ 7,458 $ (3,020) $ 16,975 $ (1,744) a) Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three and nine months ended September 30, 2015 and b) Cash flow hedge: recognized loss is reclassified from accumulated other comprehensive loss. c) Fair value hedge: the related hedged item is inventory and offsetting losses in 2015 and gains in 2014 are included in cost of goods sold in the same respective amounts. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Major categories of assets and liabilities measured at fair value at September 30, 2015 and December 31, 2014 are classified as follows: September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Inventories $ 143,394 $ 165,586 Aluminum futures contracts $ 5,011 9,769 Foreign currency forward contracts $ 711 1,337 Liabilities: Embedded conversion option $ 1,550 $ 2,734 |
Business Segment and Geograph32
Business Segment and Geographic Area Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s only business segment is the sale and distribution of metals. Sales are attributed to countries based on location of customers as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States $ 88,920 $ 101,907 $ 314,337 $ 264,604 Latin America 921 23,995 15,509 81,263 Canada 9,426 10,665 33,757 35,348 Australia & New Zealand 10,004 11,241 29,738 33,647 Europe 12,679 11,558 31,348 29,337 $ 121,950 $ 159,366 $ 424,689 $ 444,199 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive (Loss)/Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive (loss)/ income by component on an after tax basis are as follows: Three Months ended September 30, 2015 Foreign Interest Rate Total Beginning balance $ (589) $ - $ (589) Other comprehensive income 13 - 13 Net current period other comprehensive income 13 - 13 Ending balance $ (576) $ - $ (576) Three Months ended September 30, 2014 Foreign Interest Rate Total Beginning balance $ 70 $ (17) $ 53 Other comprehensive loss before reclassification (278) - (278) Loss reclassified to operations - 8 (a) 8 Net current period other comprehensive loss (278) 8 (270) Ending balance $ (208) $ (9) $ (217) (a) Reclassified to following line items in the statement of income: Interest expense, net $ 13 Income taxes (5) Net of tax $ 8 Nine Months ended September 30, 2015 Foreign Interest Rate Total Beginning balance $ (334) $ - $ (334) Other comprehensive loss (242) - (242) Net current period other comprehensive loss (242) - (242) Ending balance $ (576) $ - $ (576) Foreign Interest Rate Nine Months ended September 30, 2014 Currency Swap Total Beginning balance $ 84 $ (33) $ 51 Other comprehensive loss before reclassification (292) - (292) Loss reclassified to operations - 24 (a) $ 24 Net current period other comprehensive (loss)/income (292) 24 (268) Ending balance $ (208) $ (9) $ (217) (a) Reclassified to following line items in the statement of income: Interest expense, net $ 39 Income taxes (15) Net of tax $ 24 |
Concentrations (Details Textual
Concentrations (Details Textual) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Sales Revenue, Goods, Net [Member] | Ryerson, Inc [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.60% | |
Cost Of Goods, Total [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 44.00% | 39.00% |
Stock Options (Details Textual)
Stock Options (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | May. 20, 2015 | May. 19, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 50 | 350 | 350 | |
Payments for Stock Options | $ 922 | $ 0 | ||
Excess tax benefit related to purchase of stock options | 282 | |||
Additional Paid-in Capital [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for Stock Options | 922 | |||
Excess tax benefit related to purchase of stock options | $ 282 |
Treasury Stock (Details Textual
Treasury Stock (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jul. 22, 2008 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000 | ||
Treasury stock acquired | $ 1,407 | ||
Repurchase One [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock acquired | $ 5,045 | ||
Treasury Stock Shares Acquired Cost Method | 1,668 | ||
Repurchase Two [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock acquired | $ 1,407 | $ 13 | |
Treasury Stock Shares Acquired Cost Method | 330 | 3 |
Notes Payable - Banks (Details
Notes Payable - Banks (Details Textual) € in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | |||||||
Dec. 18, 2014USD ($) | Jun. 19, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015EUR (€) | Jul. 30, 2015USD ($) | Jul. 30, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | |
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $ 275,000 | $ 200,000 | $ 35,915 | $ 36,586 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 25,000 | ||||||||
Excess Capital | $ 50,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 197,915 | 229,386 | |||||||
Line of Credit Facility, Expiration Date | Jun. 19, 2017 | ||||||||
Line of Credit Facility, Commitment Fee Amount | 8,942 | € 8,000 | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 4,471 | € 4,000 | $ 8,288 | € 6,850 | |||||
Line Of Credit Facility, Interest Rate, Variable Rate Basis | EURIBOR plus 1.9% | EURIBOR plus 1.9% | |||||||
Committed Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $ 134,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 185,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 35,000 | ||||||||
Uncommitted Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $ 28,000 | $ 13,973 | € 12,500 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 15,000 | ||||||||
Rabobank Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $ 4,471 | € 4,000 | |||||||
Rabobank International [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | 300,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 75,000 | ||||||||
Line of Credit Facility, Increase (Decrease), Other, Net | $ 75,000 |
Convertible Subordinated Debt38
Convertible Subordinated Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Jun. 03, 2011 | |
Debt Instrument [Line Items] | |||
Equity value | $ 32,101 | $ 41,738 | $ 36,811 |
Volatility | 60.00% | 35.00% | 70.00% |
Risk free return | 0.33% | 0.67% | 1.60% |
Dividend yield | 2.69% | 2.15% | 2.51% |
Strike price | $ 3.81 | $ 3.88 | $ 4.65 |
Convertible Subordinated Debt39
Convertible Subordinated Debt (Details Textual) $ / shares in Units, $ in Thousands | Jan. 01, 2013 | Aug. 18, 2014USD ($) | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($) | Jun. 03, 2011USD ($) |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.81 | $ 3.81 | |||||
Convertible Subordinated Debt | $ 4,000 | $ 4,000 | |||||
Unrealized Gain (Loss) on Derivatives | 224 | $ 2,059 | 1,184 | $ 2,239 | |||
Accounts Payable, Interest-bearing | 962 | 962 | |||||
Related Party Loan Monthly Installment Upon Disagreement | 130 | 136 | $ 457 | 419 | |||
Related Party Loan Effective Interest Rate Upon Disagreement | 3.50% | ||||||
Related Party Loan Interest Rate Basis Upon Disagreement | 3.74% | ||||||
Amortization Of Intangible Assets | $ 240 | 240 | |||||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 1,507 | 1,507 | |||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 916 | 916 | |||||
Gains (Losses) on Extinguishment of Debt | 0 | (164) | $ 0 | (164) | |||
Embedded Derivative Financial Instruments [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 427 | $ 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 | $ 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 | 262.21 | |||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7 | $ 7 | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 2,829 | $ 2,829 | |||||
Debt Instrument, Maturity Date | Jan. 1, 2016 | ||||||
Debt Instrument, Face Amount | $ 1 | $ 1 | $ 12,000 | ||||
Supply Agreement With Pt. Alumindo [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Related Party Loan Monthly Installment | 278 | ||||||
Related Party Loan Monthly Installment Upon Disagreement | $ 556 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income (loss) | $ 315 | $ (694) | $ 2,774 | $ 1,760 |
Add back of interest on convertible subordinated debt, net of taxes | 510 | |||
Add back of amortization of discount on convertible subordinated debt, net of taxes | 283 | |||
Adjustment for change in value of convertible note derivative, net of taxes | (1,010) | |||
Numerator for diluted earnings (loss) per share | $ 315 | $ (694) | $ 2,557 | $ 1,760 |
Denominator: | ||||
Weighted average shares outstanding-basic (in shares) | 8,870 | 8,814 | 8,709 | 8,705 |
Dilutive effect of convertible subordinated debt (in shares) | 2,884 | |||
Dilutive effect of stock options (in shares) | 28 | 143 | 259 | |
Weighted average shares outstanding-diluted (in shares) | 8,898 | 8,814 | 11,736 | 8,964 |
Basic earnings (loss) per share (in dollars per share) | $ 0.04 | $ (0.08) | $ 0.32 | $ 0.20 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.04 | $ (0.08) | $ 0.22 | $ 0.20 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Effect Of Stock Option | 266 | ||
Subordinated Debt [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,884 | 2,804 | 2,804 |
Dividends (Details Textual)
Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 14, 2015 | Apr. 13, 2015 | Sep. 17, 2015 | Jul. 17, 2015 | Jun. 19, 2015 | Mar. 19, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Dividends Payable [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.025 | $ 0.025 | $ 0.025 | |||||
Payments of Dividends, Total | $ 218 | $ 217 | $ 884 | $ 648 | ||||
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Payments of Dividends, Total | $ 217 |
Derivative Financial Instrume43
Derivative Financial Instruments and Risk Management (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedge Assets | $ 5,722 | $ 11,106 |
Other current assets Member] | Foreign currency forward contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedge Assets | 711 | 1,337 |
Other current assets Member] | Aluminum futures contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedge Assets | $ 5,011 | $ 9,769 |
Derivative Financial Instrume44
Derivative Financial Instruments and Risk Management (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 7,458 | $ (3,020) | $ 16,975 | $ (1,744) | |
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 | [1] | $ 283 | 392 | $ (196) | (9) |
Interest rate swaps [Member] | Interest expense, net [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | [2] | (13) | (41) | ||
Aluminum futures [Member] | Cost of goods sold [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | [3] | $ 7,175 | $ (3,399) | $ 17,171 | $ (1,694) |
[1] | Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three and nine months ended September 30, 2015 and gains in the three and nine months ended September 30, 2014 are included in cost of goods sold in the same respective amounts. | ||||
[2] | Cash flow hedge: recognized loss is reclassified from accumulated other comprehensive loss. | ||||
[3] | Fair value hedge: the related hedged item is inventory and offsetting losses in 2015 and gains in 2014 are included in cost of goods sold in the same respective amounts. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Inputs, Level 1 [Member] | Inventories [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 143,394 | $ 165,586 |
Fair Value, Inputs, Level 1 [Member] | Aluminum futures contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 5,011 | 9,769 |
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Future Contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 711 | 1,337 |
Fair Value, Inputs, Level 1 [Member] | Embedded Derivative Financial Instruments [Member] | ||
Liabilities: | ||
Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | Inventories [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | Foreign currency forward contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | Aluminum futures contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | Embedded Derivative Financial Instruments [Member] | ||
Liabilities: | ||
Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Inventories [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Foreign currency forward contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Aluminum futures contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Embedded conversion option [Member] | ||
Liabilities: | ||
Liabilities, Fair Value Disclosure | $ 1,550 | $ 2,734 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value of Financial Instruments [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 11,000 | $ 11,000 |
Business Segment and Geograph47
Business Segment and Geographic Area Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Other Revenue, Net | $ 121,950 | $ 159,366 | $ 424,689 | $ 444,199 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, Net | 88,920 | 101,907 | 314,337 | 264,604 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, Net | 921 | 23,995 | 15,509 | 81,263 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, Net | 9,426 | 10,665 | 33,757 | 35,348 |
Australia & New Zealand [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, Net | 10,004 | 11,241 | 29,738 | 33,647 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, Net | $ 12,679 | $ 11,558 | $ 31,348 | $ 29,337 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive (Loss)/Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance, Foreign currency translation | $ (589) | $ 70 | $ (334) | $ 84 | ||
Other comprehensive income (loss) before reclassification, Foreign Currency Translation | 13 | (278) | (242) | (292) | ||
Loss reclassified to operations, Foreign Currency Translation | 0 | 0 | ||||
Net current period other comprehensive (loss)/income, Foreign Currency Translation | 13 | (278) | (242) | (292) | ||
Ending balance, Foreign Currency Translation | (576) | (208) | (576) | (208) | ||
Beginning balance, Interest Rate Swap Contract | 0 | (17) | 0 | (33) | ||
Other comprehensive income (loss) before reclassification, Interest Rate Swap Contract | 0 | 0 | 0 | 0 | ||
Loss reclassified to operations, Interest Rate Swap Contract | 8 | [1] | 24 | [2] | ||
Net current period other comprehensive (loss)/income, Interest Rate Swap Contract | 0 | 8 | 0 | 24 | ||
Ending balance, Interest Rate Swap Contract | 0 | (9) | 0 | (9) | ||
Beginning balance | (589) | 53 | (334) | 51 | ||
Other comprehensive income (loss) before reclassification | 13 | (278) | (242) | (292) | ||
Loss reclassified to operations | 8 | 24 | ||||
Net current period other comprehensive income | 13 | (270) | (242) | (268) | ||
Ending balance | $ (576) | $ (217) | $ (576) | $ (217) | ||
[1] | Reclassified to following line items in the statement of income: Interest expense, net $ 13 Income taxes (5) Net of tax $ 8 | |||||
[2] | Reclassified to following line items in the statement of income: Interest expense, net $ 39 Income taxes (15) Net of tax $ 24 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive (Loss)/Income (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
(a) Reclassified to following line items in the statement of income: | ||||
Income taxes | $ 295 | $ 1,080 | $ 1,314 | $ 2,985 |
Interest Rate Swap [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
(a) Reclassified to following line items in the statement of income: | ||||
Interest expense, net | 13 | 39 | ||
Income taxes | (5) | (15) | ||
Net of tax | $ 8 | $ 24 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 35,915 | $ 36,586 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Line Items] | ||
Amortization Of Debt Discount (Premium) | $ 457 | $ 419 |