Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CORE MOLDING TECHNOLOGIES INC. | ' |
Entity Central Index Key | '0001026655 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,596,461 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $1,289,000 | $2,266,000 |
Accounts receivable (less allowance for doubtful accounts) | 27,448,000 | 22,069,000 |
Inventories: | ' | ' |
Finished goods | 1,416,000 | 1,739,000 |
Work in process | 1,702,000 | 1,515,000 |
Stores | 7,072,000 | 7,573,000 |
Total inventories, net | 10,190,000 | 10,827,000 |
Deferred tax asset-current portion | 1,615,000 | 1,615,000 |
Foreign sales tax receivable | 1,372,000 | 1,324,000 |
Income Taxes Receivable | 0 | 327,000 |
Prepaid expenses and other current assets | 783,000 | 822,000 |
Tooling in progress | 530,000 | 0 |
Total current assets | 43,227,000 | 39,250,000 |
Property, plant and equipment — net | 59,858,000 | 56,478,000 |
Deferred tax asset | 296,000 | 296,000 |
Goodwill | 1,097,000 | 1,097,000 |
Total Assets | 104,478,000 | 97,121,000 |
Current liabilities: | ' | ' |
Revolving line of credit | 4,837,000 | 0 |
Current portion of long-term debt | 1,714,000 | 3,314,000 |
Current portion of interest rate swaps | 63,000 | 71,000 |
Accounts payable | 12,992,000 | 9,625,000 |
Tooling in progress | 0 | 334,000 |
Current portion of post retirement benefits liability | 943,000 | 943,000 |
Accrued liabilities: | ' | ' |
Compensation and related benefits | 4,601,000 | 5,952,000 |
Taxes | 500,000 | 199,000 |
Other | 997,000 | 943,000 |
Total current liabilities | 26,647,000 | 21,381,000 |
Long-term debt | 2,000,000 | 2,429,000 |
Interest rate swaps | 22,000 | 32,000 |
Post retirement benefits liability | 5,720,000 | 5,831,000 |
Total Liabilities | 34,389,000 | 29,673,000 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity: | ' | ' |
Preferred stock - $0.01 par value, authorized shares - 10,000,000 | 0 | 0 |
Common stock - $0.01 par value, authorized shares - 20,000,000 | 75,000 | 73,000 |
Paid-in capital | 27,350,000 | 26,757,000 |
Accumulated other comprehensive income, net of income taxes | 4,798,000 | 4,872,000 |
Treasury stock | -27,082,000 | -27,082,000 |
Retained earnings | 64,948,000 | 62,828,000 |
Total Stockholders' Equity | 70,089,000 | 67,448,000 |
Total Liabilities and Stockholders' Equity | $104,478,000 | $97,121,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Allowance for doubtful accounts | $172,000 | $141,000 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 7,498,179 | 7,318,773 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales: | ' | ' |
Products | $40,664,000 | $32,858,000 |
Tooling | 411,000 | 1,504,000 |
Total net sales | 41,075,000 | 34,362,000 |
Total cost of sales | 34,430,000 | 28,472,000 |
Gross margin | 6,645,000 | 5,890,000 |
Total selling, general and administrative expense | 3,529,000 | 3,273,000 |
Income before interest and taxes | 3,116,000 | 2,617,000 |
Interest expense | 32,000 | 89,000 |
Income before income taxes | 3,084,000 | 2,528,000 |
Income tax expense | 964,000 | 847,000 |
Net income | $2,120,000 | $1,681,000 |
Net income per common share: | ' | ' |
Basic | $0.29 | $0.24 |
Diluted | $0.28 | $0.23 |
Weighted average shares outstanding: | ' | ' |
Basic | 7,415,000 | 7,131,000 |
Diluted | 7,468,000 | 7,386,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net income | $2,120,000 | $1,681,000 |
Interest rate swaps: | ' | ' |
Adjustment for amortization of losses included in net income | 5,000 | 21,000 |
Income tax expense | 2,000 | 7,000 |
Post retirement benefit plan adjustments: | ' | ' |
Net actuarial loss | 12,000 | 50,000 |
Prior service costs | -124,000 | -124,000 |
Income tax benefit | 35,000 | 21,000 |
Comprehensive income | $2,046,000 | $1,642,000 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock Outstanding | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
Balance at Dec. 31, 2013 | ($67,448,000) | ($73,000) | ($26,757,000) | ($62,828,000) | ($4,872,000) | ($27,082,000) |
Balance, shares at Dec. 31, 2013 | ' | 7,318,773 | ' | ' | ' | ' |
Net income | 2,120,000 | ' | ' | ' | ' | ' |
Change in post retirement benefits, net of tax | -77,000 | ' | ' | ' | -77,000 | ' |
Change in interest rate swaps, net of tax | 3,000 | ' | ' | ' | 3,000 | ' |
Common stock issued, shares | ' | 179,406 | ' | ' | ' | ' |
Common stock issued | 281,000 | 2,000 | 279,000 | ' | ' | ' |
Purchase of treasury stock, shares | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | 223,000 | ' | ' | ' | ' | ' |
Excess tax benefit - equity transactions | ' | ' | 223,000 | ' | ' | ' |
Share-based compensation | 91,000 | ' | 91,000 | ' | ' | ' |
Balance at Mar. 31, 2014 | ($70,089,000) | ($75,000) | ($27,350,000) | ($64,948,000) | ($4,798,000) | ($27,082,000) |
Balance, shares at Mar. 31, 2014 | ' | 7,498,179 | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Tax effect of change in post retirement benefits | $35,000 |
Tax effect of change in interest rate swaps | $2,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $2,120,000 | $1,681,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,363,000 | 1,239,000 |
Deferred income taxes | ' | -15,000 |
Interest rate swaps - Mark-to-market and amortization of losses | -13,000 | -21,000 |
Share-based compensation | 91,000 | 90,000 |
(Gain) loss on foreign currency translation and transaction | 13,000 | -34,000 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -5,379,000 | -2,480,000 |
Inventories | 637,000 | 715,000 |
Prepaid and other assets | -31,000 | -189,000 |
Accounts payable | 2,068,000 | 2,644,000 |
Taxes receivable | 327,000 | 0 |
Accrued and other liabilities | -1,826,000 | -2,220,000 |
Post retirement benefits liability | -223,000 | -100,000 |
Net cash provided by operating activities | -853,000 | 1,310,000 |
Cash flows from investing activities: | ' | ' |
Purchase of property, plant and equipment | -3,436,000 | -2,308,000 |
Net cash used in investing activities | -3,436,000 | -2,308,000 |
Cash flows from financing activities: | ' | ' |
Gross repayments on revolving line of credit | -6,361,000 | 0 |
Gross borrowings on revolving line of credit | 11,198,000 | 0 |
Payment of principal on Mexican loan | -1,600,000 | -1,600,000 |
Payments of principal on capex loan | -429,000 | -428,000 |
Payment of principal on industrial development revenue bond | 0 | -210,000 |
Excess tax benefit from equity plans | 223,000 | 0 |
Proceeds from issuance of common stock | 281,000 | 14,000 |
Net cash used in financing activities | 3,312,000 | -2,224,000 |
Net change in cash and cash equivalents | -977,000 | -3,222,000 |
Cash and cash equivalents at beginning of period | 2,266,000 | 7,838,000 |
Cash and cash equivalents at end of period | 1,289,000 | 4,616,000 |
Cash paid for: | ' | ' |
Interest (net of amounts capitalized) | 40,000 | 82,000 |
Income taxes | -6,000 | 17,000 |
Non Cash: | ' | ' |
Fixed asset purchases in accounts payable | $1,993,000 | $145,000 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America for interim reporting, which are less than those required for annual reporting. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) necessary to present fairly the financial position of Core Molding Technologies, Inc. and its subsidiaries (“Core Molding Technologies” or the “Company”) at March 31, 2014, and the results of operations and cash flows for the three months ended March 31, 2014. The “Notes to Consolidated Financial Statements,” which are contained in the Company's 2013 Annual Report to Shareholders, should be read in conjunction with these consolidated financial statements. | |
Core Molding Technologies and its subsidiaries operate in the plastics market in a family of products known as “reinforced plastics.” Reinforced plastics are combinations of resins and reinforcing fibers (typically glass or carbon) that are molded to shape. Core Molding Technologies is a manufacturer of sheet molding compound ("SMC") and molder of fiberglass reinforced plastics. The Company specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastics ("GMT") and bulk molding compounds ("BMC"), spray-up, hand-lay-up, and resin transfer molding ("RTM"). Additionally, the Company offers reaction injection molding ("RIM"), utilizing dicyclopentadiene technology. Core Molding Technologies maintains four production facilities in Columbus, Ohio; Batavia, Ohio; Gaffney, South Carolina; and Matamoros, Mexico. | |
The Company operates in one business segment as a manufacturer of SMC and molder of fiberglass reinforced plastics. The Company produces and sells SMC and molded products for varied markets, including light, medium and heavy-duty trucks, automobiles and automotive aftermarket, marine, construction and other commercial products. |
Net_Income_per_Common_Share
Net Income per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income per Common Share | ' | |||||||
Net Income per Common Share | ||||||||
Net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of dilutive stock options and restricted stock under the treasury stock method. | ||||||||
The computation of basic and diluted net income per common share is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net income | $ | 2,120,000 | $ | 1,681,000 | ||||
Weighted average common shares outstanding — basic | 7,415,000 | 7,131,000 | ||||||
Effect of dilutive securities | 53,000 | 255,000 | ||||||
Weighted average common and potentially issuable common shares outstanding — diluted | 7,468,000 | 7,386,000 | ||||||
Basic net income per common share | $ | 0.29 | $ | 0.24 | ||||
Diluted net income per common share | $ | 0.28 | $ | 0.23 | ||||
All unexercised stock options were included in diluted earnings per share for the three months ended March 31, 2014 and 2013. |
Major_Customers
Major Customers | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Revenue, Net [Abstract] | ' | |||||||
Major Customers | ' | |||||||
Major Customers | ||||||||
Core Molding Technologies has four major customers, Navistar, Inc. (“Navistar”), Volvo Group North America, LLC ("Volvo"), PACCAR, Inc. (“PACCAR”), and Yamaha Motor Manufacturing Corporation ("Yamaha") as of March 31, 2014. Major customers are defined as customers whose sales individually consist of more than ten percent of total sales during any reporting period. The following table presents sales revenue for the above-mentioned customers for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Navistar product sales | $ | 12,702,000 | $ | 12,238,000 | ||||
Navistar tooling sales | 11,000 | 29,000 | ||||||
Total Navistar sales | 12,713,000 | 12,267,000 | ||||||
Volvo product sales | 10,075,000 | 1,169,000 | ||||||
Volvo tooling sales | 171,000 | 577,000 | ||||||
Total Volvo sales | 10,246,000 | 1,746,000 | ||||||
PACCAR product sales | 8,187,000 | 10,822,000 | ||||||
PACCAR tooling sales | 205,000 | 649,000 | ||||||
Total PACCAR sales | 8,392,000 | 11,471,000 | ||||||
Yamaha product sales | 5,000,000 | 4,007,000 | ||||||
Yamaha tooling sales | — | — | ||||||
Total Yamaha sales | 5,000,000 | 4,007,000 | ||||||
Other product sales | 4,700,000 | 4,622,000 | ||||||
Other tooling sales | 24,000 | 249,000 | ||||||
Total other sales | 4,724,000 | 4,871,000 | ||||||
Total product sales | 40,664,000 | 32,858,000 | ||||||
Total tooling sales | 411,000 | 1,504,000 | ||||||
Total sales | $ | 41,075,000 | $ | 34,362,000 | ||||
Property_Plant_Equipment
Property, Plant & Equipment | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Property, Plant & Equipment | ' | |||||||
Property, Plant & Equipment | ||||||||
Property, plant and equipment consisted of the following at March 31, 2014 and December 31, 2013: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Property, plant and equipment | $ | 114,127,000 | $ | 109,407,000 | ||||
Accumulated depreciation | (54,269,000 | ) | (52,929,000 | ) | ||||
Property, plant and equipment — net | $ | 59,858,000 | $ | 56,478,000 | ||||
Property, plant, and equipment are recorded at cost. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if an adjustment to the depreciation period or to the unamortized balance is warranted. Additions in progress were $7,955,000 and $5,953,000 at March 31, 2014 and December 31, 2013, respectively. The Company capitalized $22,000 and $0 of interest expense for the three months ended March 31, 2014 and 2013, respectively. At March 31, 2014, and December 31, 2013, purchase commitments for capital expenditures in progress were $5,868,000 and $4,629,000, respectively. |
Post_Retirement_Benefits
Post Retirement Benefits | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Post Retirement Benefits | ' | |||||||
Post Retirement Benefits | ||||||||
The components of expense for Core Molding Technologies’ post retirement benefit plans for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Pension expense: | ||||||||
Multi-employer plan contributions | $ | 165,000 | $ | 105,000 | ||||
Defined contribution plan contributions | 213,000 | 169,000 | ||||||
Total pension expense | 378,000 | 274,000 | ||||||
Health and life insurance: | ||||||||
Interest cost | 69,000 | 83,000 | ||||||
Amortization of prior service costs | (124,000 | ) | (124,000 | ) | ||||
Amortization of net loss | 12,000 | 50,000 | ||||||
Net periodic benefit cost | (43,000 | ) | 9,000 | |||||
Total post retirement benefits expense | $ | 335,000 | $ | 283,000 | ||||
The Company made payments of $232,000 to pension plans and $180,000 for post retirement healthcare and life insurance during the three months ended March 31, 2014. For the remainder of 2014, the Company expects to make approximately $1,063,000 of pension plan payments. The Company also expects to make approximately $763,000 of post retirement healthcare and life insurance payments for the remainder of 2014, all of which were accrued at March 31, 2014. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Debt consists of the following at: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Capex loan payable to a bank, interest at a variable rate (1.75% at March 31, 2014 and 1.77% at December 31, 2013) with monthly payments of interest and principal through May 2016. | $ | 3,714,000 | $ | 4,143,000 | ||||
Mexican loan payable to a bank, interest at a variable rate (1.73% at December 31, 2013) with annual principal and monthly interest payments through January 2014. Paid in full January 2014. | — | 1,600,000 | ||||||
Revolving Line of Credit | 4,837,000 | — | ||||||
Total | 8,551,000 | 5,743,000 | ||||||
Less current portion | (6,551,000 | ) | (3,314,000 | ) | ||||
Long-term debt | $ | 2,000,000 | $ | 2,429,000 | ||||
Credit Agreement | ||||||||
In 2008, the Company and its wholly owned subsidiary, CoreComposites de Mexico, S. de R.L. de C.V., entered into a credit agreement (the “Credit Agreement”) to refinance certain existing debt and borrow funds to finance the construction of the Company’s manufacturing facility in Mexico. | ||||||||
Under this Credit Agreement, the Company received certain loans, subject to the terms and conditions stated in the agreement, which included (1) a $12,000,000 Capex loan; (2) an $8,000,000 Mexican loan; (3) an $8,000,000 variable rate revolving line of credit; (4) a letter of credit in an undrawn face amount of $3,332,493 with respect to the Company’s existing Industrial Development Revenue Bond (“IDRB”) financing. The Credit Agreement is secured by a guarantee of each U.S. subsidiary of the Company, and by a lien on substantially all of the present and future assets of the Company and its U.S. subsidiaries, except that only 65% of the stock issued by CoreComposites de Mexico, S. de C.V. has been pledged. The $8,000,000 Mexican loan is also secured by substantially all of the present and future assets of the Company’s Mexican subsidiary. | ||||||||
On March 27, 2013, the Company and its wholly owned subsidiary, CoreComposites de Mexico, S. de R.L. de C.V., entered into an eighth amendment (the "Eighth Amendment") to the Credit Agreement. Pursuant to the terms of the Eighth Amendment, the parties agreed to modify certain terms of the Credit Agreement. These modifications included (1) an increase to the borrowing limit on the revolving line of credit from $8,000,000 to $18,000,000; (2) modification to the fixed charge definition to exclude capital expenditures of up to $18,000,000 associated with the Company's compression molding capacity expansion and any sheet molding compound manufacturing capacity expansion; (3) to extend the commitment period for the revolving line of credit to May 31, 2015; and (4) to cancel, effective immediately, the unused $10,000,000 Mexican Expansion Revolving Loan that was added as part of the sixth amendment to the Credit Agreement, which had no borrowings outstanding at December 31, 2012 and was scheduled to expire on May 31, 2013. | ||||||||
On October 31, 2013, the Company and its wholly owned subsidiary, CoreComposites de Mexico, S. de R.L. de C.V., entered into a ninth amendment (the "Ninth Amendment") to the Credit Agreement. Pursuant to the terms of the Ninth Amendment, the parties agreed to decrease the applicable margin for interest rates to 160 basis points from 175 basis points. | ||||||||
Revolving Line of Credit | ||||||||
The $18,000,000 revolving line of credit bears interest at daily LIBOR plus 160 basis points and is collateralized by all of the present and future assets of the Company and its U.S. subsidiaries (except that only 65% of the stock issued by CoreComposites de Mexico, S. de C.V. has been pledged). The Revolving Line of Credit, as amended, is scheduled to mature on May 31, 2015. The outstanding balance on the Revolving Line of Credit at March 31, 2014 was $4,837,000 and there was no outstanding borrowing at December 31, 2013. | ||||||||
Bank Covenants | ||||||||
The Company is required to meet certain financial covenants included in the Credit Agreement with respect to leverage ratios, fixed charge ratios, capital expenditures as well as other customary affirmative and negative covenants. As of March 31, 2014, the Company was in compliance with its financial covenants associated with the loans made under the Credit Agreement as described above. | ||||||||
Management regularly evaluates the Company’s ability to meet its debt covenants. Based upon the Company’s forecasts, which are primarily based on industry analysts’ estimates of heavy and medium-duty truck production volumes, as well as other assumptions, management believes that the Company will be able to maintain compliance with its financial covenants for the next 12 months. | ||||||||
Interest Rate Swaps | ||||||||
In conjunction with its variable rate IDRB, the Company entered into an interest rate swap agreement through April 2013, which was initially designated as a cash flow hedging instrument. The IDRB interest rate swap expired in April 2013 upon the payment in full of the IDRB financing. Under this agreement, the Company paid a fixed rate of 4.89% to the counterparty and received 76% of the 30-day commercial paper rate. During 2010, the Company determined this interest rate swap was no longer highly effective. As a result, the Company discontinued the use of hedge accounting effective January 1, 2010 related to this swap, and began recording mark-to-market adjustments within interest expense in the Company’s Consolidated Statements of Income. The pre-tax loss previously recognized in Accumulated Other Comprehensive Income, totaling $200,000 as of December 31, 2009, was amortized as an increase to interest expense of $5,000 per month, or $3,000 net of tax, over the remaining term of the interest rate swap agreement. The IDRB was paid in full in April 2013. | ||||||||
On December 18, 2008, the Company entered into an interest rate swap agreement that became effective May 1, 2009 and continues through May 2016, which was designated as a cash flow hedge of the $12,000,000 Capex loan. Under this agreement, the Company pays a fixed rate of 2.295% to the counterparty and receives LIBOR (0.15% at March 31, 2014). Effective March 31, 2009, the interest terms in the Company’s Credit Agreement related to the $12,000,000 Capex loan were amended. The Company then determined that this interest rate swap was no longer highly effective. As a result, the Company discontinued the use of hedge accounting effective March 31, 2009 related to this swap, and began recording mark-to-market adjustments within interest expense in the Company’s Consolidated Statements of Income. The pre-tax loss previously recognized in Accumulated Other Comprehensive Income, totaling $146,000 as of March 31, 2009, is being amortized as an increase to interest expense of approximately $2,000 per month, or $1,000 net of tax, over the remaining term of the interest rate swap agreement. The fair value of the swap as of March 31, 2014 and December 31, 2013 was a liability of $85,000 and $103,000, respectively. The Company recorded interest income for the three months ended March 31, 2014 of $18,000 for a mark-to-market adjustment of this swap. The notional amount of the swap at March 31, 2014 and December 31, 2013 was $3,714,000 and $4,143,000, respectively. | ||||||||
Interest expense included $21,000 and $31,000 of expense for settlements related to the Company’s swaps for the three months ended March 31, 2014 and 2013, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s consolidated balance sheets include a net deferred tax asset of $1,911,000 at March 31, 2014 and December 31, 2013. The Company evaluates the balance of deferred tax assets that will be realized. Such evaluations are based on the premise that the Company is, and will continue to be, a going concern and that it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. | |
Income tax expense for the three months ended March 31, 2014 is estimated to be $964,000, or 31% of income before income taxes. Income tax expense for the three months ended March 31, 2013 was estimated to be $847,000, or 34% of income before income taxes. | |
As of March 31, 2014 and December 31, 2013, the Company had no liability for unrecognized tax benefits. The Company does not anticipate that unrecognized tax benefits will significantly change within the next twelve months. | |
The Company files income tax returns in the U.S. federal jurisdiction, Mexico and various state jurisdictions. The Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for the years before 2010, and no longer subject to Mexican income tax examinations by Mexican authorities for the years before 2009. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Stock Based Compensation | ' | ||||||
Share Based Compensation | |||||||
The Company has a Long Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006. This 2006 Plan replaced the Long Term Equity Incentive Plan (the “Original Plan”) as originally approved by the stockholders in May 1997 and as amended in May 2000. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2015, or the date the maximum number of available awards under the 2006 Plan have been granted. | |||||||
Stock Options | |||||||
The following summarizes the activity relating to stock options under the plans mentioned above for the three months ended March 31, 2014: | |||||||
Number | Weighted | ||||||
of | Average | ||||||
Options | Exercise Price | ||||||
Outstanding at December 31, 2013 | 227,750 | $ | 3.57 | ||||
Exercised | (218,096 | ) | 3.42 | ||||
Granted | — | — | |||||
Forfeited | — | — | |||||
Outstanding at March 31, 2014 | 9,654 | $ | 6.95 | ||||
Exercisable at March 31, 2014 | 9,654 | $ | 6.95 | ||||
During the three months ended March 31, 2014, employees surrendered 38,690 options as part of a net settlement transaction to cover the strike price of option exercises. The surrendered options are included in the amount exercised above. Total compensation cost related to incentive stock options was $0 and $1,000 for the three months ended March 31, 2014 and 2013, respectively, which was included in selling, general and administrative expenses. | |||||||
Tax benefits received as a result of disqualified dispositions related to stock options were $298,000 during the three months ended March 31, 2014, which was recorded as a credit to income tax expense of $75,000 and a credit to additional paid in capital of $223,000. There were no disqualified dispositions for the three months ended March 31, 2013. | |||||||
Restricted Stock | |||||||
In 2006, the Company began granting shares of its common stock to certain directors, officers, and key managers in the form of unvested stock (“Restricted Stock”). These awards are recorded at the market value of Core Molding Technologies’ common stock on the date of issuance and amortized ratably as compensation expense over the applicable vesting period. | |||||||
The following summarizes the status of Restricted Stock grants as of March 31, 2014 and changes during the three months ended March 31, 2014: | |||||||
Number | Weighted | ||||||
of | Average | ||||||
Shares | Grant Date | ||||||
Fair Value | |||||||
Unvested balance at December 31, 2013 | 98,281 | $ | 8.91 | ||||
Granted | — | — | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Unvested balance at March 31, 2014 | 98,281 | $ | 8.91 | ||||
At March 31, 2014 and 2013, there was $480,000 and $442,000, respectively, of total unrecognized compensation expense related to Restricted Stock granted under the 2006 Plan. That cost is expected to be recognized over the weighted-average period of 1.5 years. Total compensation cost related to restricted stock grants for the three months ended March 31, 2014 and 2013 was $91,000 and $89,000, respectively, all of which was recorded to selling, general and administrative expense. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||
Fair Value of Financial Instruments | ' | ||||||||||
Fair Value of Financial Instruments | |||||||||||
The Company’s financial instruments consist of long-term debt, interest rate swaps, accounts receivable, and accounts payable. The carrying amount of these financial instruments approximated their fair value. | |||||||||||
The level in the fair value hierarchy disclosed is based on the lowest level of input that is significant to the fair value measurement. Level 2 inputs are inputs, other than quoted prices in active markets for identical asset or liabilities, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. | |||||||||||
The Company has two Level 2 fair value measurements both of which relate to the Company’s interest rate swaps. The IDRB interest rate swap expired in April 2013 upon the payment in full of the IDRB facility. The Company utilizes interest rate swap contracts to manage its targeted mix of fixed and floating rate debt, and these swaps are valued using observable benchmark rates at commonly quoted intervals for the full term of the swaps (market approach). These interest rate swaps are discussed in detail in Note 6. | |||||||||||
The following table presents financial liabilities measured and recorded at fair value on the Company’s Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014 and December 31, 2013: | |||||||||||
(Level 2) | |||||||||||
Balance Sheet | March 31, | December 31, | |||||||||
Location | 2014 Fair Value | 2013 Fair Value | |||||||||
Derivatives not designated as hedging instruments Interest rate risk activities | Interest rate swaps | $ | 85,000 | $ | 103,000 | ||||||
There were no non-recurring fair value measurements for the three months ended March 31, 2014. | |||||||||||
The effect of derivative instruments on the Consolidated Statements of Income was as follows: | |||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain | Amount of Realized/Unrealized Gain Recognized in Income on | |||||||||
Recognized | Derivatives | ||||||||||
in Income on Derivative | |||||||||||
Three months ended | March 31, | March 31, | |||||||||
2014 | 2013 | ||||||||||
Interest rate swaps | Interest expense | $ | 13,000 | $ | 14,000 | ||||||
As discussed in Note 6, the Company discontinued the use of hedge accounting for its interest rate swaps, effective March 31, 2009 for the Capex swap and January 1, 2010 for the IDRB swap. The Company now records all mark-to-market adjustments related to these interest rate swaps within interest expense in the Company’s Consolidated Statements of Income, since the date the Company discontinued hedge accounting for each swap. It is anticipated that during the next twelve months the expiration and settlement of cash flow hedge contracts along with the amortization of losses on discontinued hedges will result in income statement recognition of amounts currently classified in accumulated other comprehensive loss of approximately $21,000, or $14,000 net of taxes. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The following table presents changes in Accumulated Other Comprehensive Income by component, net of tax, for the three months ended March 31, 2014 and March 31, 2013: | ||||||||||||
Losses on Interest Rate Swaps(A) | Post Retirement Benefit Plan Items(B) | Total | ||||||||||
2013:00:00 | ||||||||||||
Balance at December 31, 2012 | $ | (54,000 | ) | $ | 3,241,000 | $ | 3,187,000 | |||||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | 21,000 | (74,000 | ) | (53,000 | ) | |||||||
Income tax (expense) benefit | (7,000 | ) | 21,000 | 14,000 | ||||||||
Balance at March 31, 2013 | $ | (40,000 | ) | $ | 3,188,000 | $ | 3,148,000 | |||||
2014:00:00 | ||||||||||||
Balance at December 31, 2013 | $ | (30,000 | ) | $ | 4,902,000 | $ | 4,872,000 | |||||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | 5,000 | (112,000 | ) | (107,000 | ) | |||||||
Income tax (expense) benefit | (2,000 | ) | 35,000 | 33,000 | ||||||||
Balance at March 31, 2014 | $ | (27,000 | ) | $ | 4,825,000 | $ | 4,798,000 | |||||
(A) The losses on interest rate swaps reclassified from Accumulated Other Comprehensive Income is included in interest expense on the Consolidated Statements of Income. The tax effect of losses on interest rate swaps reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. | ||||||||||||
(B) The effect of post retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in total cost of sales on the Consolidated Statements of Income. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 5 Post Retirement Benefits for additional details). The tax effect of post retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. |
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of basic and diluted net income per common share: | ' | |||||||
The computation of basic and diluted net income per common share is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net income | $ | 2,120,000 | $ | 1,681,000 | ||||
Weighted average common shares outstanding — basic | 7,415,000 | 7,131,000 | ||||||
Effect of dilutive securities | 53,000 | 255,000 | ||||||
Weighted average common and potentially issuable common shares outstanding — diluted | 7,468,000 | 7,386,000 | ||||||
Basic net income per common share | $ | 0.29 | $ | 0.24 | ||||
Diluted net income per common share | $ | 0.28 | $ | 0.23 | ||||
Major_Customers_Tables
Major Customers (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Revenue, Net [Abstract] | ' | |||||||
Major Customers [Table Text Block] | ' | |||||||
The following table presents sales revenue for the above-mentioned customers for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Navistar product sales | $ | 12,702,000 | $ | 12,238,000 | ||||
Navistar tooling sales | 11,000 | 29,000 | ||||||
Total Navistar sales | 12,713,000 | 12,267,000 | ||||||
Volvo product sales | 10,075,000 | 1,169,000 | ||||||
Volvo tooling sales | 171,000 | 577,000 | ||||||
Total Volvo sales | 10,246,000 | 1,746,000 | ||||||
PACCAR product sales | 8,187,000 | 10,822,000 | ||||||
PACCAR tooling sales | 205,000 | 649,000 | ||||||
Total PACCAR sales | 8,392,000 | 11,471,000 | ||||||
Yamaha product sales | 5,000,000 | 4,007,000 | ||||||
Yamaha tooling sales | — | — | ||||||
Total Yamaha sales | 5,000,000 | 4,007,000 | ||||||
Other product sales | 4,700,000 | 4,622,000 | ||||||
Other tooling sales | 24,000 | 249,000 | ||||||
Total other sales | 4,724,000 | 4,871,000 | ||||||
Total product sales | 40,664,000 | 32,858,000 | ||||||
Total tooling sales | 411,000 | 1,504,000 | ||||||
Total sales | $ | 41,075,000 | $ | 34,362,000 | ||||
Property_Plant_Equipment_Table
Property, Plant & Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment [Table] | ' | |||||||
Property, Plant & Equipment | ||||||||
Property, plant and equipment consisted of the following at March 31, 2014 and December 31, 2013: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Property, plant and equipment | $ | 114,127,000 | $ | 109,407,000 | ||||
Accumulated depreciation | (54,269,000 | ) | (52,929,000 | ) | ||||
Property, plant and equipment — net | $ | 59,858,000 | $ | 56,478,000 | ||||
Post_Retirement_Benefits_Table
Post Retirement Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||
The components of expense for Core Molding Technologies’ post retirement benefit plans for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Pension expense: | ||||||||
Multi-employer plan contributions | $ | 165,000 | $ | 105,000 | ||||
Defined contribution plan contributions | 213,000 | 169,000 | ||||||
Total pension expense | 378,000 | 274,000 | ||||||
Health and life insurance: | ||||||||
Interest cost | 69,000 | 83,000 | ||||||
Amortization of prior service costs | (124,000 | ) | (124,000 | ) | ||||
Amortization of net loss | 12,000 | 50,000 | ||||||
Net periodic benefit cost | (43,000 | ) | 9,000 | |||||
Total post retirement benefits expense | $ | 335,000 | $ | 283,000 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Table Text Block Supplemental [Abstract] | ' | |||||||
Schedule of Debt [Table Text Block] | ' | |||||||
Debt consists of the following at: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Capex loan payable to a bank, interest at a variable rate (1.75% at March 31, 2014 and 1.77% at December 31, 2013) with monthly payments of interest and principal through May 2016. | $ | 3,714,000 | $ | 4,143,000 | ||||
Mexican loan payable to a bank, interest at a variable rate (1.73% at December 31, 2013) with annual principal and monthly interest payments through January 2014. Paid in full January 2014. | — | 1,600,000 | ||||||
Revolving Line of Credit | 4,837,000 | — | ||||||
Total | 8,551,000 | 5,743,000 | ||||||
Less current portion | (6,551,000 | ) | (3,314,000 | ) | ||||
Long-term debt | $ | 2,000,000 | $ | 2,429,000 | ||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Stock Options [Member] | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table text block] | ' | ||||||
The following summarizes the activity relating to stock options under the plans mentioned above for the three months ended March 31, 2014: | |||||||
Number | Weighted | ||||||
of | Average | ||||||
Options | Exercise Price | ||||||
Outstanding at December 31, 2013 | 227,750 | $ | 3.57 | ||||
Exercised | (218,096 | ) | 3.42 | ||||
Granted | — | — | |||||
Forfeited | — | — | |||||
Outstanding at March 31, 2014 | 9,654 | $ | 6.95 | ||||
Exercisable at March 31, 2014 | 9,654 | $ | 6.95 | ||||
Restricted Stock [Member] | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||
The following summarizes the status of Restricted Stock grants as of March 31, 2014 and changes during the three months ended March 31, 2014: | |||||||
Number | Weighted | ||||||
of | Average | ||||||
Shares | Grant Date | ||||||
Fair Value | |||||||
Unvested balance at December 31, 2013 | 98,281 | $ | 8.91 | ||||
Granted | — | — | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Unvested balance at March 31, 2014 | 98,281 | $ | 8.91 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||
The following table presents financial liabilities measured and recorded at fair value on the Company’s Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014 and December 31, 2013: | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||
(Level 2) | |||||||||||
Balance Sheet | March 31, | December 31, | |||||||||
Location | 2014 Fair Value | 2013 Fair Value | |||||||||
Derivatives not designated as hedging instruments Interest rate risk activities | Interest rate swaps | $ | 85,000 | $ | 103,000 | ||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||
The effect of derivative instruments on the Consolidated Statements of Income was as follows: | |||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain | Amount of Realized/Unrealized Gain Recognized in Income on | |||||||||
Recognized | Derivatives | ||||||||||
in Income on Derivative | |||||||||||
Three months ended | March 31, | March 31, | |||||||||
2014 | 2013 | ||||||||||
Interest rate swaps | Interest expense | $ | 13,000 | $ | 14,000 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
The following table presents changes in Accumulated Other Comprehensive Income by component, net of tax, for the three months ended March 31, 2014 and March 31, 2013: | ||||||||||||
Losses on Interest Rate Swaps(A) | Post Retirement Benefit Plan Items(B) | Total | ||||||||||
2013:00:00 | ||||||||||||
Balance at December 31, 2012 | $ | (54,000 | ) | $ | 3,241,000 | $ | 3,187,000 | |||||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | 21,000 | (74,000 | ) | (53,000 | ) | |||||||
Income tax (expense) benefit | (7,000 | ) | 21,000 | 14,000 | ||||||||
Balance at March 31, 2013 | $ | (40,000 | ) | $ | 3,188,000 | $ | 3,148,000 | |||||
2014:00:00 | ||||||||||||
Balance at December 31, 2013 | $ | (30,000 | ) | $ | 4,902,000 | $ | 4,872,000 | |||||
Other comprehensive income before reclassifications | — | — | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | 5,000 | (112,000 | ) | (107,000 | ) | |||||||
Income tax (expense) benefit | (2,000 | ) | 35,000 | 33,000 | ||||||||
Balance at March 31, 2014 | $ | (27,000 | ) | $ | 4,825,000 | $ | 4,798,000 | |||||
(A) The losses on interest rate swaps reclassified from Accumulated Other Comprehensive Income is included in interest expense on the Consolidated Statements of Income. The tax effect of losses on interest rate swaps reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. | ||||||||||||
(B) The effect of post retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in total cost of sales on the Consolidated Statements of Income. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 5 Post Retirement Benefits for additional details). The tax effect of post retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. |
Net_Income_per_Common_Share_De
Net Income per Common Share (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net income | $2,120,000 | $1,681,000 |
Weighted average common shares outstanding b basic | 7,415,000 | 7,131,000 |
Effect of dilutive securities | $53,000 | $255,000 |
Weighted average common and potentially issuable common shares outstanding b diluted | 7,468,000 | 7,386,000 |
Basic net income per common share | $0.29 | $0.24 |
Diluted net income per common share | $0.28 | $0.23 |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Major_Customers_Details
Major Customers (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue, Major Customer [Line Items] | ' | ' |
Total product sales | $40,664,000 | $32,858,000 |
Total tooling sales | 411,000 | 1,504,000 |
Total sales | 41,075,000 | 34,362,000 |
Navistar [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 12,713,000 | 12,267,000 |
Volvo [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 10,246,000 | 1,746,000 |
Paccar [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 8,392,000 | 11,471,000 |
Yamaha [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 5,000,000 | 4,007,000 |
Other Customers [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 4,724,000 | 4,871,000 |
Product Sales [Member] | Navistar [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 12,702,000 | 12,238,000 |
Product Sales [Member] | Volvo [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 10,075,000 | 1,169,000 |
Product Sales [Member] | Paccar [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 8,187,000 | 10,822,000 |
Product Sales [Member] | Yamaha [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 5,000,000 | 4,007,000 |
Product Sales [Member] | Other Customers [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 4,700,000 | 4,622,000 |
Tooling Sales [Member] | Navistar [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 11,000 | 29,000 |
Tooling Sales [Member] | Volvo [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 171,000 | 577,000 |
Tooling Sales [Member] | Paccar [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 205,000 | 649,000 |
Tooling Sales [Member] | Yamaha [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | 0 | 0 |
Tooling Sales [Member] | Other Customers [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Total sales | $24,000 | $249,000 |
Property_Plant_Equipment_Detai
Property, Plant & Equipment (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | $114,127,000 | ' | $109,407,000 |
Accumulated depreciation | -54,269,000 | ' | -52,929,000 |
Property, plant and equipment b net | 59,858,000 | ' | 56,478,000 |
Capital expenditures in progress | 7,955,000 | ' | 5,953,000 |
Capitalized interest expense | 22,000 | 0 | ' |
Commitments for capital expenditures in progress | $5,868,000 | ' | $4,629,000 |
Post_Retirement_Benefits_Detai
Post Retirement Benefits (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Pension, health and life insurance expense: | ' | ' |
Multi-employer plan contributions | $165,000 | $105,000 |
Defined contribution plan contributions | 213,000 | 169,000 |
Total pension expense | 378,000 | 274,000 |
Interest cost | 69,000 | 83,000 |
Amortization of prior service costs | -124,000 | -124,000 |
Amortization of net loss | 12,000 | 50,000 |
Net periodic benefit cost | -43,000 | 9,000 |
Total post retirement benefits expense | 335,000 | 283,000 |
Payments to pension plans | 232,000 | ' |
Payments for post retirement healthcare and life insurance | 180,000 | ' |
Expected payments to pension plans | 1,063,000 | ' |
Expected future payments for other post retirement benefits | $763,000 | ' |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | $8,551,000 | ' | $5,743,000 |
Current portion of long-term debt | -6,551,000 | ' | -3,314,000 |
Long-term debt | 2,000,000 | ' | 2,429,000 |
Letter of credit - original face amount | 3,332,493 | ' | ' |
Percent of subsidiary stock not security for financing | 65.00% | ' | ' |
Interest expense for settlements related to swaps | 21,000 | 31,000 | ' |
Deferred Tax Assets, Net of Valuation Allowance | 1,911,000 | ' | 1,911,000 |
Capex Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | 3,714,000 | ' | 4,143,000 |
Long-term Debt, Maturities, Repayment Term | '7 years | ' | ' |
Mexican Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | 0 | ' | 1,600,000 |
Long-term Debt, Maturities, Repayment Term | '5 years | ' | ' |
Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | 4,837,000 | ' | 0 |
Revolving Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 18,000,000 | ' | ' |
Capex Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 12,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ' | 1.77% |
Mexican Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 8,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 1.73% |
Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 8,000,000 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | 'daily LIBOR | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.73% | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ' | ' |
Industrial Development Revenue Bond Swap Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Derivative, Fixed Interest Rate | 4.89% | ' | ' |
Derivative, Description of Variable Rate Basis | '76% of the 30-day commercial paper rate | ' | ' |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 'The pre-tax loss previously recognized in Accumulated Other Comprehensive Income, totaling $200,000 as of DecemberB 31, 2009, was amortized as an increase to interest expense of $5,000 per month, or $3,000 net of tax, over the remaining term of the interest rate swap agreement. | ' | ' |
Capex Loan Swap Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Derivative, Fixed Interest Rate | 2.30% | ' | ' |
Derivative, Description of Variable Rate Basis | 'LIBOR | ' | ' |
Derivative, Variable Interest Rate | 0.15% | ' | ' |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 'The pre-tax loss previously recognized in Accumulated Other Comprehensive Income, totaling $146,000 as of MarchB 31, 2009, is being amortized as an increase to interest expense of approximately $2,000 per month, or $1,000 net of tax, over the remaining term of the interest rate swap agreement. | ' | ' |
Interest rate swaps | 85,000 | ' | 103,000 |
Interest income (loss) for mark-to-market adjustment of swap fair value | 18,000 | ' | ' |
Derivative, Notional Amount | $3,714,000 | ' | $4,143,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Deferred tax assets | $1,911,000 | ' | $1,911,000 |
Income tax expense (benefit) | $964,000 | $847,000 | ' |
Effective income tax rate | 31.00% | 34.00% | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | -9,654 | ' | -227,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $6.95 | ' | $3.57 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -218,096 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $3.42 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 9,654 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $6.95 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '1 year | ' | ' |
Unvested Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 0 |
Share-based Compensation Arrangements by Share-based Payment Awards, Options, Nonvested, Weighted Average Exercise Price | ' | ' | $0 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '1 year 7 months 6 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 98,281 | ' | 98,281 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $8.91 | ' | $8.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures in Period, Weighted Average Grant Date Fair Value | $0 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $480,000 | $442,000 | ' |
Allocated Share-based Compensation Expense | 91,000 | 89,000 | ' |
Selling, General and Administrative Expenses [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $0 | $1,000 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest rate swaps | $85,000 | ' | $103,000 |
Amount of Realized/Unrealized Gain (Loss) Recognized in Income on Derivatives | 13,000 | 14,000 | ' |
Amortization of gain (loss) on discontinued hedges during next 12 months | 21,000 | ' | ' |
Amortization of gain (loss) on discontinued hedges during next 12 months, net of tax | $14,000 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $4,798,000 | $3,148,000 | $4,872,000 | $3,187,000 |
Other comprehensive income before reclassifications | 0 | 0 | ' | ' |
Amounts reclassified from accumulated other comprehensive income, before tax | -107,000 | -53,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | 33,000 | 14,000 | ' | ' |
Derivative [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -27,000 | -40,000 | -30,000 | -54,000 |
Other comprehensive income before reclassifications | 0 | 0 | ' | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 5,000 | 21,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | -2,000 | -7,000 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,825,000 | 3,188,000 | 4,902,000 | 3,241,000 |
Other comprehensive income before reclassifications | 0 | 0 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -112,000 | -74,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | $35,000 | $21,000 | ' | ' |