Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 8,403,150 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 5,719 | $ 7,315 |
Trade accounts receivable (less allowance for doubtful accounts of $1,192 and $1,190) | 64,143 | 60,525 |
Inventories | 116,717 | 157,025 |
Deferred tax assets | 5,102 | 5,101 |
Other current assets, including derivatives | 4,177 | 10,601 |
Total current assets | 195,858 | 240,567 |
Property and equipment, net | 7,364 | 7,340 |
Total assets | 203,222 | 247,907 |
Current liabilities: | ||
Notes payable - banks (net of unamortized financing costs of $369 and $629) | 108,556 | 138,517 |
Current maturities of mortgage payable | 265 | 265 |
Subordinated convertible debt net of unamortized discount of $216 | 0 | 10,784 |
Trade accounts payable | 26,403 | 35,741 |
Income taxes payable | 3,429 | 2,092 |
Accrued expenses and derivative liabilities | 9,417 | 6,177 |
Derivative liability for embedded conversion option | 0 | 942 |
Dividends payable | 339 | 213 |
Total current liabilities | 148,409 | 194,731 |
Mortgage payable, net of current maturities | 4,770 | 4,969 |
Deferred taxes payable | 6 | 8 |
Total liabilities | 153,185 | 199,708 |
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, 2016 and December 31, 2015 | 117 | 117 |
Additional paid-in capital | 13,037 | 13,037 |
Retained earnings | 44,858 | 42,749 |
Accumulated other comprehensive loss | (484) | (666) |
Treasury stock, 3,327,371 and 3,218,691 shares at September 30, 2016 and December 31, 2015 | (7,491) | (7,038) |
Total stockholders' equity | 50,037 | 48,199 |
Total liabilities and stockholders' equity | $ 203,222 | $ 247,907 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts, trade accounts | $ 1,192 | $ 1,190 |
Unamortized Debt Issuance Expense | 369 | 629 |
Unamortized discount, subordinated convertible debt | $ 216 | $ 216 |
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) | 3,327,371 | 3,218,691 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 113,599 | $ 121,950 | $ 358,235 | $ 424,689 |
Cost of goods sold | 108,088 | 116,603 | 341,536 | 406,488 |
Gross profit | 5,511 | 5,347 | 16,699 | 18,201 |
Selling, general and administrative expenses | 3,335 | 3,094 | 9,918 | 10,632 |
Operating income | 2,176 | 2,253 | 6,781 | 7,569 |
Interest expense, net | 786 | 1,419 | 3,128 | 4,665 |
Income before change in value of derivative liability | 1,390 | 834 | 3,653 | 2,904 |
Reduction (increase) in value of derivative liability | 0 | (224) | 942 | 1,184 |
Income before income taxes | 1,390 | 610 | 4,595 | 4,088 |
Income taxes | 502 | 295 | 1,596 | 1,314 |
Net income | $ 888 | $ 315 | $ 2,999 | $ 2,774 |
Weighted average shares outstanding: | ||||
Basic | 8,504 | 8,870 | 8,486 | 8,709 |
Diluted | 8,536 | 8,898 | 10,137 | 11,736 |
Earnings per share: | ||||
Basic | $ 0.10 | $ 0.04 | $ 0.35 | $ 0.32 |
Diluted | $ 0.10 | $ 0.04 | $ 0.25 | $ 0.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 888 | $ 315 | $ 2,999 | $ 2,774 |
Other comprehensive (loss)/income | ||||
Foreign currency translation adjustments | 37 | 13 | 182 | (242) |
Comprehensive income | $ 925 | $ 328 | $ 3,181 | $ 2,532 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows - operating activities: | ||
Net income | $ 2,999 | $ 2,774 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 543 | 487 |
Reduction in value of derivative liability | (942) | (1,184) |
Amortization of convertible note discount | 216 | 457 |
Imputed interest on vendor advance | 0 | (53) |
Provision for doubtful accounts | (7) | (188) |
Amortization of supply agreement | 0 | 240 |
Deferred income taxes | (3) | 73 |
Foreign exchange loss and other | 928 | 437 |
Changes in: | ||
Trade accounts receivable | (3,790) | 13,043 |
Inventories | 40,209 | 37,828 |
Other current assets | 6,389 | 5,353 |
Trade accounts payable | (9,341) | (19,689) |
Income taxes payable | 1,335 | (2,973) |
Accrued expenses and derivative liabilities | 3,232 | 2,649 |
Net cash provided by operating activities | 41,768 | 39,254 |
Cash flows - investing activities: | ||
Repayment related to supply agreement | 0 | 2,500 |
Purchases of property and equipment | (159) | (237) |
Net cash (used in)/provided by investing activities | (159) | 2,263 |
Cash flows - financing activities: | ||
Repayment of notes payable - banks | (30,514) | (33,978) |
Repayment of convertible subordinated debt | (11,000) | 0 |
Purchase of stock options | 0 | (922) |
Excess tax benefit related to purchase of stock options | 0 | 282 |
Repayments of mortgage loan | (199) | 0 |
Deferred financing costs | (148) | (158) |
Dividends paid | (766) | (884) |
Treasury stock purchased | (453) | (1,407) |
Net cash used in financing activities | (43,080) | (37,067) |
Net (decrease)/increase in cash | (1,471) | 4,450 |
Effect of exchange rate | (125) | (44) |
Cash at beginning of period | 7,315 | 1,130 |
Cash at end of period | 5,719 | 5,536 |
Supplemental disclosures of cash flow information: | ||
Interest | 3,001 | 4,024 |
Income taxes | 1,444 | 2,480 |
Non cash financing activities: | ||
Dividend declared but not yet paid | $ 339 | $ 217 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2015 | $ 48,199 | $ 117 | $ 13,037 | $ 42,749 | $ (666) | $ (7,038) |
Balance (in shares) at Dec. 31, 2015 | 11,750 | |||||
Treasury stock acquired | (453) | (453) | ||||
Change in cumulative translation adjustment | 182 | 182 | ||||
Dividends declared ($0.105 per share) | (890) | (890) | ||||
Net income | 2,999 | 2,999 | ||||
Balance at Sep. 30, 2016 | $ 50,037 | $ 117 | $ 13,037 | $ 44,858 | $ (484) | $ (7,491) |
Balance (in shares) at Sep. 30, 2016 | 11,750 |
Consolidated Statement of Stoc8
Consolidated Statement of Stockholders' Equity [Parenthetical] | Sep. 30, 2016$ / shares |
Dividends declared | $ 0.105 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2016 | |
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 the Company and its wholly owned subsidiaries, Empire Resources Pacific Ltd., the Company’s sales agent in Australia, 8911 Kelso Drive, (organized in June 2015) the owner of the warehouse facility in Essex, Maryland, 6900 Quad Avenue, LLC, the former owner of a warehouse facility in Baltimore, Maryland which was sold in 2015, Imbali Metals BVBA, Empire Resources (UK) Ltd (organized in February 2015), and Empire Resources de Mexico, the Company’s operating subsidiaries in Europe and Mexico. All intercompany balances and transactions 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, 2016 | |
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 requiring 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. For public entities, this ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted for fiscal years and interim periods within those years beginning after December 15, 2016, the original effective date of the statement. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In April 2015, the FASB issued 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. ASU No. 2015-03 requires the new guidance to be applied on a retroactive basis. The Company adopted this guidance in the quarter ended March 31, 2016 and resulted in the Company reclassifying long term unamortized financing costs of $ 369 629 In 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. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes- Balance Sheet Classification of Deferred Taxes. To simplify the presentation of deferred income taxes, the amendments in this ASU require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”) which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under ASU 2016-02, lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee’s obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of a specified asset for the lease term. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Payments, which addresses the classification of certain specific cash receipts and payments within the statement of cash flows, with the objective of reducing the existing diversity in practice of such classifications. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017 with early adoption permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. 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, 2016 and the results of its operations and cash flows for the three and nine months ended September 30, 2016 and 2015. 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, 2016 | |
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, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 5. Concentrations During the nine month periods ended September 30, 2016 and September 30, 2015 one customer, Ryerson Inc., accounted for 10.6% and 10.3 The Company purchases metal products from a limited number of suppliers throughout the world. Three suppliers, Hulamin Ltd, Southeast Aluminum and PT Alumindo Light Metal Industry Tbk (“PT. Alumindo”) accounted for an aggregate of 54 44 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, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Stock Options Stock-based compensation for an award of equity instruments, including stock options, is recognized as an expense over the vesting period based on the fair value of the award at the grant date. As of September 30, 2016, there were outstanding employee stock options to acquire 50 |
Treasury Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2016 | |
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 1,821 5,670 109 330 453 1,407 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 9. Notes PayableBanks 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 90,000 162,500 50,000 40,000 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. As of September 30, 2016, the Company was in compliance with all covenants under this credit agreement. Both credit agreements provide that amounts under the facilities may be borrowed and repaid, and re-borrowed, subject to a borrowing base test. The committed and uncommitted lines of credit mature June 19, 2017 160,994 158,922 61,994 27,922 84,000 15,000 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 8,992 12,500 14,050 4,000 4,496 EURIBOR plus 1.9% 8,830 9,925 2,208 7,500 8,430 1,500 |
Convertible Subordinated Debt
Convertible Subordinated Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | 10. Convertible Subordinated Debt On June 3, 2011, the Company issued $ 12,000 10 11,000 265.82 1 3.762 4,000 As a result of transactions which caused 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 0 224 942 1,184 0 130 216 457 The derivative liability had a carrying value of $ 0 December 31, 2015 June 30, 2015 June 3, 2011 Equity value $ 29,846 $ 35,215 $ 36,811 Volatility 60 % 30 % 70 % Risk free return 0.49 % 0.28 % 1.60 % Dividend yield 2.87 % 2.47 % 2.51 % Strike price $ 3.79 $ 3.84 $ 4.65 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. The agreement called for, and the Company provided a $ 10,000 278 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 11. Earnings per Share Basic earnings per share are based upon weighted average number of shares of common stock outstanding during each period. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding during each period, plus potential dilutive shares of common stock from assumed exercise of the outstanding stock options using the treasury stock method and assumed conversion of subordinated debt. The convertible debt is assumed to have been converted at the beginning of the period and the related dilutive common shares assumed issued upon conversion are included in the denominator for the period up to the date the debt was repaid. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income $ 888 $ 315 $ 2,999 $ 2,774 Add back of interest on convertible subordinated debt, net of taxes 283 510 Add back of amortization of discount on convertible subordinated debt, net of taxes 134 283 Adjustment for change in value of convertible note derivative, net of taxes (859) (1,010) Numerator for diluted earnings per share $ 888 $ 315 $ 2,557 $ 2,557 Denominator: Weighted average shares outstanding-basic 8,504 8,870 8,486 8,709 Dilutive effect of convertible subordinated debt 1,623 2,884 Dilutive effect of stock options 32 28 28 143 Weighted average shares outstanding-diluted 8,536 8,898 10,137 11,736 Basic earnings per share $ 0.10 $ 0.04 $ 0.35 $ 0.32 Diluted earnings per share $ 0.10 $ 0.04 $ 0.25 $ 0.22 In computing earnings per share for the three months ended September 30, 2015 no effect has been given to the 2,884 |
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Dividend Disclosure [Text Block] | 12. Dividends On March 23, 2016, the Company announced a cash dividend of $ 0.025 212 0.04 340 0.04 339 |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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 Balance Sheet Location September 30, December 31, (Liability) asset derivatives: Aluminum futures contracts Other current assets, including derivatives - $ 3,892 Aluminum futures contracts Accrued expenses and derivative liabilities (1,883) - Foreign currency forward contracts Accrued expenses and derivative liabilities (89) (348) Total $ (1,972) $ 3,544 For the three and nine month periods ended September 30, 2016 and September 30, 2015, hedge ineffectiveness associated with derivatives designated as fair value hedges was insignificant, and no fair value hedges were derecognized. Location of Gain Derivatives in hedging or Three Months Ended Nine Months Ended relationships Recognized 2016 2015 2016 2015 Foreign currency forward contracts (a) Cost of goods sold $ 103 $ 283 $ (269) $ (196) Aluminum futures (b) Cost of goods sold (649) 7,175 3,299 17,171 Total $ (546) $ 7,458 $ 3,030 $ 16,975 a) Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three months ended September 30, 2016 and 2015 and gains in the nine months ended September 30, 2016 and September 30, 2015 are included in cost of goods sold in the same respective amounts. b) Fair value hedge: the related hedged item is inventory and offsetting gains in the three months ended September 30, 2016 and offsetting losses in the three months ended September 30, 2015 and the nine months ended September 30, 2016 and 2015 are included in cost of goods sold in the same respective amounts. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
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 and foreign currency contracts 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, 2016 December 31, 2015 Level 1 Level 3 Level 2 Level 1 Level 2 Level 3 Assets: Inventories $ 107,962 $ 149,451 Aluminum futures contracts 3,892 Foreign currency forward contracts Liabilities: Foreign currency forward contracts $ 89 348 Embedded conversion option $ 942 Aluminum futures contracts 1,883 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015, 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, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. Business Segment and Geographic Area Information The Company’s only business segment is the sale and distribution of metals. Sales are attributed to countries based on location of customers as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 United States $ 82,764 $ 88,920 $ 261,816 $ 314,337 Europe 10,820 12,679 36,343 31,348 Canada 10,378 9,426 31,041 33,757 Australia & New Zealand 9,196 10,004 27,438 29,738 Latin America 441 921 1,597 15,509 $ 113,599 $ 121,950 $ 358,235 $ 424,689 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 17. Accumulated Other Comprehensive (Loss) Three Months ended September 30, 2016 Foreign Currency Total Beginning balance $ (521) $ (521) Other comprehensive (loss) for the period 37 37 Ending balance $ (484) $ (484) Three Months ended September 30, 2015 Foreign Currency Total Beginning balance $ (589) $ (589) Other comprehensive income for the period 13 13 Ending balance $ (576) $ (576) Nine Months ended September 30, 2016 Foreign Currency Total Beginning balance $ (666) $ (666) Other comprehensive income for the period 182 182 Ending balance $ (484) $ (484) Nine Months ended September 30, 2015 Foreign Currency Total Beginning balance $ (334) $ (334) Other comprehensive loss for the period (242) (242) Ending balance $ (576) $ (576) |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments The Company had $ 64,202 29,422 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016, 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 the gain exceeds the $ 216 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 months ended September 30, 2015, results primarily from no tax benefit being recognized on the non-deductible loss resulting from the change in the value of the derivative liability. |
Convertible Subordinated Debt (
Convertible Subordinated Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 December 31, 2015, June 30, 2015 and issuance: December 31, 2015 June 30, 2015 June 3, 2011 Equity value $ 29,846 $ 35,215 $ 36,811 Volatility 60 % 30 % 70 % Risk free return 0.49 % 0.28 % 1.60 % Dividend yield 2.87 % 2.47 % 2.51 % Strike price $ 3.79 $ 3.84 $ 4.65 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income $ 888 $ 315 $ 2,999 $ 2,774 Add back of interest on convertible subordinated debt, net of taxes 283 510 Add back of amortization of discount on convertible subordinated debt, net of taxes 134 283 Adjustment for change in value of convertible note derivative, net of taxes (859) (1,010) Numerator for diluted earnings per share $ 888 $ 315 $ 2,557 $ 2,557 Denominator: Weighted average shares outstanding-basic 8,504 8,870 8,486 8,709 Dilutive effect of convertible subordinated debt 1,623 2,884 Dilutive effect of stock options 32 28 28 143 Weighted average shares outstanding-diluted 8,536 8,898 10,137 11,736 Basic earnings per share $ 0.10 $ 0.04 $ 0.35 $ 0.32 Diluted earnings per share $ 0.10 $ 0.04 $ 0.25 $ 0.22 |
Derivative Financial Instrume30
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Balance Sheet Location September 30, December 31, (Liability) asset derivatives: Aluminum futures contracts Other current assets, including derivatives - $ 3,892 Aluminum futures contracts Accrued expenses and derivative liabilities (1,883) - Foreign currency forward contracts Accrued expenses and derivative liabilities (89) (348) Total $ (1,972) $ 3,544 |
Schedule Of Derivatives Designated As Cash Flow Hedges [Table Text Block] | Location of Gain Derivatives in hedging or Three Months Ended Nine Months Ended relationships Recognized 2016 2015 2016 2015 Foreign currency forward contracts (a) Cost of goods sold $ 103 $ 283 $ (269) $ (196) Aluminum futures (b) Cost of goods sold (649) 7,175 3,299 17,171 Total $ (546) $ 7,458 $ 3,030 $ 16,975 a) Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three months ended September 30, 2016 and 2015 and gains in the nine months ended September 30, 2016 and September 30, 2015 are included in cost of goods sold in the same respective amounts. b) Fair value hedge: the related hedged item is inventory and offsetting gains in the three months ended September 30, 2016 and offsetting losses in the three months ended September 30, 2015 and the nine months ended September 30, 2016 and 2015 are included in cost of goods sold in the same respective amounts. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015 are classified as follows: September 30, 2016 December 31, 2015 Level 1 Level 3 Level 2 Level 1 Level 2 Level 3 Assets: Inventories $ 107,962 $ 149,451 Aluminum futures contracts 3,892 Foreign currency forward contracts Liabilities: Foreign currency forward contracts $ 89 348 Embedded conversion option $ 942 Aluminum futures contracts 1,883 |
Business Segment and Geograph32
Business Segment and Geographic Area Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 2015 2016 2015 United States $ 82,764 $ 88,920 $ 261,816 $ 314,337 Europe 10,820 12,679 36,343 31,348 Canada 10,378 9,426 31,041 33,757 Australia & New Zealand 9,196 10,004 27,438 29,738 Latin America 441 921 1,597 15,509 $ 113,599 $ 121,950 $ 358,235 $ 424,689 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive (loss) are as follows: Three Months ended September 30, 2016 Foreign Currency Total Beginning balance $ (521) $ (521) Other comprehensive (loss) for the period 37 37 Ending balance $ (484) $ (484) Three Months ended September 30, 2015 Foreign Currency Total Beginning balance $ (589) $ (589) Other comprehensive income for the period 13 13 Ending balance $ (576) $ (576) Nine Months ended September 30, 2016 Foreign Currency Total Beginning balance $ (666) $ (666) Other comprehensive income for the period 182 182 Ending balance $ (484) $ (484) Nine Months ended September 30, 2015 Foreign Currency Total Beginning balance $ (334) $ (334) Other comprehensive loss for the period (242) (242) Ending balance $ (576) $ (576) |
Recently Issued Accounting Pr34
Recently Issued Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Unamortized Debt Issuance Expense | $ 369 | $ 369 | $ 629 |
Concentrations (Details Textual
Concentrations (Details Textual) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Customer One [Member] | Ryerson, Inc [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.60% | 10.30% |
Cost Of Goods, Total [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 54.00% | 44.00% |
Stock Options (Details Textual)
Stock Options (Details Textual) shares in Thousands | Sep. 30, 2016shares |
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 |
Treasury Stock (Details Textual
Treasury Stock (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | 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 | $ 453 | ||
Repurchase One [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock acquired | $ 5,670 | ||
Treasury Stock Shares Acquired Cost Method | 1,821 | ||
Repurchase Two [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock acquired | $ 453 | $ 1,407 | |
Treasury Stock Shares Acquired Cost Method | 109 | 330 |
Notes Payable-Banks (Details Te
Notes Payable-Banks (Details Textual) € in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||||
Jun. 19, 2014USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016EUR (€) | Jul. 14, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Jul. 30, 2015USD ($) | Jul. 30, 2015EUR (€) | Dec. 18, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Amount Outstanding | $ 61,994 | $ 27,922 | $ 275,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 40,000 | |||||||||
Excess Capital | 50,000 | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 160,994 | 158,922 | ||||||||
Line of Credit Facility, Commitment Fee Amount | 8,992 | € 8,000 | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 9,925 | € 8,830 | 8,430 | € 7,500 | ||||||
Line Of Credit Facility, Interest Rate, Variable Rate Basis | EURIBOR plus 1.9% | EURIBOR plus 1.9% | ||||||||
Borrowings [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Amount Outstanding | $ 2,208 | $ 1,500 | ||||||||
Committed Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 162,500 | 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 | $ 14,050 | € 12,500 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | 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 | $ 4,496 | € 4,000 | ||||||||
Committed Line Of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Amount Outstanding | $ 84,000 | |||||||||
Line of Credit Facility, Expiration Date | Jun. 19, 2017 | Jun. 19, 2017 | ||||||||
Uncommitted Line Of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Amount Outstanding | $ 15,000 | |||||||||
Line of Credit Facility, Expiration Date | Jun. 19, 2017 | Jun. 19, 2017 | ||||||||
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 Debt39
Convertible Subordinated Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | Jun. 03, 2011 | |
Debt Instrument [Line Items] | |||
Equity value | $ 35,215 | $ 29,846 | $ 36,811 |
Volatility | 30.00% | 60.00% | 70.00% |
Risk free return | 0.28% | 0.49% | 1.60% |
Dividend yield | 2.47% | 2.87% | 2.51% |
Strike price | $ 3.84 | $ 3.79 | $ 4.65 |
Convertible Subordinated Debt40
Convertible Subordinated Debt (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 01, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Jun. 03, 2011USD ($) | Jun. 30, 2016USD ($)$ / shares | |
Debt Instrument [Line Items] | ||||||||
Convertible Subordinated Debt | $ 4,000 | |||||||
Unrealized Gain (Loss) on Derivatives | $ 0 | $ 224 | $ 942 | $ 1,184 | ||||
Related Party Loan Monthly Installment Upon Disagreement | $ 0 | $ 130 | 216 | 457 | ||||
Repayments of Convertible Debt | $ 11,000 | $ 11,000 | $ 0 | |||||
Derivative Liability | 0 | |||||||
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 | 265.82 | |||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.762 | |||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 2,829 | |||||||
Debt Instrument, Face Amount | $ 12,000 | $ 1 | ||||||
Supply Agreement With Pt. Alumindo [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Related Party Loan Monthly Installment | $ 278 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income | $ 888 | $ 315 | $ 2,999 | $ 2,774 |
Add back of interest on convertible subordinated debt, net of taxes | 283 | 510 | ||
Add back of amortization of discount on convertible subordinated debt, net of taxes | 134 | 283 | ||
Adjustment for change in value of convertible note derivative, net of taxes | (859) | (1,010) | ||
Numerator for diluted earnings per share | $ 888 | $ 315 | $ 2,557 | $ 2,557 |
Denominator: | ||||
Weighted average shares outstanding-basic | 8,504 | 8,870 | 8,486 | 8,709 |
Dilutive effect of convertible subordinated debt | 1,623 | 2,884 | ||
Dilutive effect of stock options | 32 | 28 | 28 | 143 |
Weighted average shares outstanding-diluted | 8,536 | 8,898 | 10,137 | 11,736 |
Basic earnings per share | $ 0.10 | $ 0.04 | $ 0.35 | $ 0.32 |
Diluted earnings per share | $ 0.10 | $ 0.04 | $ 0.25 | $ 0.22 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) | 3 Months Ended |
Sep. 30, 2015shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,884 |
Dividends (Details Textual)
Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 07, 2016 | Jul. 14, 2016 | Apr. 12, 2016 | Sep. 30, 2016 | Jul. 22, 2016 | Mar. 23, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Dividends Payable [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.04 | $ 0.04 | $ 0.025 | |||||
Payments of Dividends, Total | $ 212 | $ 340 | $ 766 | $ 884 | ||||
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Payments of Dividends, Total | $ 339 |
Derivative Financial Instrume44
Derivative Financial Instruments and Risk Management (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedges, Net, Total | $ (1,972) | $ 3,544 |
Other current assets, including derivatives Member] | Aluminum futures contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedges, Net, Total | 0 | 3,892 |
Accrued Expenses and Derivative Liabilities [Member] | Foreign currency forward contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedges, Net, Total | (89) | (348) |
Accrued Expenses and Derivative Liabilities [Member] | Aluminum futures contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value Hedges, Net, Total | $ (1,883) | $ 0 |
Derivative Financial Instrume45
Derivative Financial Instruments and Risk Management (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ (546) | $ 7,458 | $ 3,030 | $ 16,975 | |
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] | 103 | 283 | (269) | (196) |
Aluminum futures [Member] | Cost of goods sold [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | [2] | $ (649) | $ 7,175 | $ 3,299 | $ 17,171 |
[1] | Fair value hedge: the related hedged item is accounts receivable and offsetting losses in the three months ended September 30, 2016 and 2015 and gains in the nine months ended September 30, 2016 and September 30, 2015 are included in cost of goods sold in the same respective amounts. | ||||
[2] | Fair value hedge: the related hedged item is inventory and offsetting gains in the three months ended September 30, 2016 and offsetting losses in the three months ended September 30, 2015 and the nine months ended September 30, 2016 and 2015 are included in cost of goods sold in the same respective amounts. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Inventories [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 107,962 | $ 149,451 |
Fair Value, Inputs, Level 1 [Member] | Foreign currency forward contracts [Member] | ||
Liabilities: | ||
Liabilities, Fair Value Disclosure | 89 | 348 |
Fair Value, Inputs, Level 1 [Member] | Aluminum futures contracts [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 3,892 | |
Liabilities: | ||
Liabilities, Fair Value Disclosure | 1,883 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Embedded conversion option [Member] | ||
Liabilities: | ||
Liabilities, Fair Value Disclosure | $ 942 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments (Details Textual) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value of Financial Instruments [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 11,000 |
Business Segment and Geograph48
Business Segment and Geographic Area Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 113,599 | $ 121,950 | $ 358,235 | $ 424,689 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 82,764 | 88,920 | 261,816 | 314,337 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,820 | 12,679 | 36,343 | 31,348 |
CANADA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,378 | 9,426 | 31,041 | 33,757 |
Australia & New Zealand [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 9,196 | 10,004 | 27,438 | 29,738 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 441 | $ 921 | $ 1,597 | $ 15,509 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Foreign currency translation | $ (521) | $ (589) | $ (666) | $ (334) |
Other comprehensive income (loss) for the period, Foreign Currency Translation | 37 | 13 | 182 | (242) |
Ending balance, Foreign Currency Translation | (484) | (576) | (484) | (576) |
Beginning balance | (521) | (589) | (666) | (334) |
Other comprehensive income (loss) for the period | 37 | 13 | 182 | (242) |
Ending balance | $ (484) | $ (576) | $ (484) | $ (576) |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 64,202 | $ 29,422 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes [Line Items] | ||
Amortization Of Debt Discount (Premium) | $ 216 | $ 457 |