Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INTEST CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 10,557,678 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001036262 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $16,751 | $15,576 |
Trade accounts receivable, net of allowance for doubtful accounts of $147 and $147, respectively | 7,398 | 5,501 |
Inventories | 3,484 | 3,135 |
Deferred tax assets | 1,132 | 1,004 |
Prepaid expenses and other current assets | 387 | 363 |
Total current assets | 29,152 | 25,579 |
Machinery and equipment | 4,045 | 3,948 |
Leasehold improvements | 594 | 591 |
Gross property and equipment | 4,639 | 4,539 |
Less: accumulated depreciation | -3,443 | -3,289 |
Net property and equipment | 1,196 | 1,250 |
Deferred tax assets | 958 | 1,034 |
Goodwill | 1,706 | 1,706 |
Intangible assets, net | 1,845 | 2,194 |
Restricted certificates of deposit | 450 | 450 |
Other assets | 191 | 186 |
Total assets | 35,498 | 32,399 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 1,507 | 1,041 |
Accrued wages and benefits | 1,479 | 1,562 |
Accrued sales commissions | 402 | 348 |
Accrued rent | 570 | 529 |
Accrued professional fees | 427 | 385 |
Deferred revenue and customer deposits | 147 | 255 |
Domestic and foreign income taxes payable | 332 | 83 |
Other current liabilities | 257 | 376 |
Total current liabilities | 5,121 | 4,579 |
Commitments and Contingencies (Note 10) | ' | ' |
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,505,755 and 10,453,255 shares issued, respectively | 105 | 105 |
Addtional paid-in capital | 26,146 | 26,030 |
Retained earnings | 3,021 | 636 |
Accumulated other comprehensive earnings | 1,309 | 1,253 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | -204 | -204 |
Total stockholders' equity | 30,377 | 27,820 |
Total liabilities and stockholders' equity | 35,498 | 32,399 |
Common Stock [Member] | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Total stockholders' equity | $105 | $105 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, respectively (in Dollars) | $147 | $147 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Treasury stock, at cost, shares, respectively | 33,077 | 33,077 |
Common Stock [Member] | ' | ' |
Common stock, shares issued | 10,505,755 | 10,453,255 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenues | $9,900 | $10,799 | $30,091 | $35,106 |
Cost of revenues | 5,144 | 6,037 | 15,765 | 19,554 |
Gross margin | 4,756 | 4,762 | 14,326 | 15,552 |
Selling expense | 1,255 | 1,322 | 3,972 | 4,283 |
Engineering and product development expense | 945 | 1,006 | 2,866 | 2,910 |
General and administrative expense | 1,469 | 1,445 | 4,548 | 5,101 |
Restructuring and other charges | ' | ' | ' | 359 |
Total operating expenses | 3,669 | 3,773 | 11,386 | 12,653 |
Operating income | 1,087 | 989 | 2,940 | 2,899 |
Other income | 27 | 23 | 31 | 36 |
Earnings before income tax expense | 1,114 | 1,012 | 2,971 | 2,935 |
Income tax expense | 24 | 348 | 586 | 980 |
Net earnings | $1,090 | $664 | $2,385 | $1,955 |
Net earnings per common share - basic (in Dollars per share) | $0.11 | $0.06 | $0.23 | $0.19 |
Weighted average common shares outstanding - basic (in Shares) | 10,377,189 | 10,302,417 | 10,358,960 | 10,260,601 |
Net earnings per common share - diluted (in Dollars per share) | $0.10 | $0.06 | $0.23 | $0.19 |
Weighted average common shares and common share equivalents outstanding - diluted (in Shares) | 10,404,095 | 10,360,377 | 10,383,970 | 10,348,180 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net earnings | $1,090 | $664 | $2,385 | $1,955 |
Foreign currency translation adjustments | 88 | 26 | 56 | -16 |
Comprehensive earnings | $1,178 | $690 | $2,441 | $1,939 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2012 | $105 | $26,030 | $636 | $1,253 | ($204) | $27,820 |
Balance (in Shares) at Dec. 31, 2012 | 10,453,255 | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 2,385 | ' | ' | 2,385 |
Other comprehensive earnings | ' | ' | ' | 56 | ' | 56 |
Amortization of deferred compensation related to restricted stock | ' | 86 | ' | ' | ' | 86 |
Issuance of non-vested shares of restricted stock (in Shares) | 42,500 | ' | ' | ' | ' | ' |
Stock options exercised | ' | 30 | ' | ' | ' | 30 |
Stock options exercised (in Shares) | 10,000 | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $105 | $26,146 | $3,021 | $1,309 | ($204) | $30,377 |
Balance (in Shares) at Sep. 30, 2013 | 10,505,755 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net earnings | $2,385 | $1,955 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 640 | 696 |
Provision for excess and obsolete inventory | 264 | 522 |
Foreign exchange (gain) loss | 6 | -10 |
Amortization of deferred compensation related to restricted stock | 86 | 93 |
Profit sharing expense funded through the issuance of treasury stock | ' | 150 |
(Gain) loss on sale of property and equipment | -3 | 5 |
Proceeds from sale of demonstration equipment, net of gain | 24 | 86 |
Deferred income tax expense (benefit) | -52 | 489 |
Changes in assets and liabilities: | ' | ' |
Trade accounts receivable | -1,892 | 465 |
Inventories | -612 | 404 |
Prepaid expenses and other current assets | -23 | -71 |
Restricted certificates of deposit | ' | 50 |
Other assets | -1 | 14 |
Accounts payable | 465 | 380 |
Accrued wages and benefits | -88 | -255 |
Accrued sales commissions | 54 | -50 |
Accrued rent | 41 | 101 |
Accrued professional fees | 42 | -44 |
Deferred revenue and customer deposits | -110 | -239 |
Domestic and foreign income taxes payable | 249 | 208 |
Other current liabilities | -119 | -123 |
Net cash provided by operating activities | 1,356 | 4,826 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition of business | ' | -3,802 |
Purchase of property and equipment | -257 | -283 |
Proceeds from sale of property and equipment | 10 | 13 |
Net cash used in investing activities | -247 | -4,072 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from stock options exercised | 30 | ' |
Net cash provided by financing activities | 30 | ' |
Effects of exchange rates on cash | 36 | -11 |
Net cash provided by all activities | 1,175 | 743 |
Cash and cash equivalents at beginning of period | 15,576 | 13,957 |
Cash and cash equivalents at end of period | 16,751 | 14,700 |
Cash payments for: | ' | ' |
Domestic and foreign income taxes | 389 | 283 |
Interest | ' | 8 |
Details of acquisition: | ' | ' |
Fair value of assets acquired | ' | 4,026 |
Liabilities assumed | ' | -274 |
Goodwill resulting from acquisition | ' | 50 |
Net cash paid for acquisition | ' | 3,802 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Issuance of non-vested shares of restricted stock | $124 | ' |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
(1) NATURE OF OPERATIONS | |
We are an independent designer, manufacturer and marketer of thermal, mechanical and electrical products that are primarily used by semiconductor manufacturers in conjunction with automatic test equipment ("ATE") in the testing of integrated circuits ("ICs" or "semiconductors"). In addition, in recent years, we have begun marketing our thermal products in industries outside the ATE industry, such as the automotive, consumer electronics, defense/aerospace, energy and telecommunications industries. | |
The consolidated entity is comprised of inTEST Corporation (parent) and our wholly-owned subsidiaries. We have three reportable segments which are also our reporting units: Thermal Products, Mechanical Products and Electrical Products. We manufacture our products in the U.S. Marketing and support activities are conducted worldwide from our facilities in the U.S., Germany and Singapore. On January 16, 2012, Temptronic Corporation ("Temptronic"), a wholly-owned subsidiary of inTEST Corporation, acquired substantially all of the assets and certain liabilities of Thermonics, Inc. ("Thermonics"), a division of Test Enterprises, Inc. The acquisition of the Thermonics business broadens the product line of inTEST's Thermal Products segment. This acquisition is discussed further in Note 3. | |
The semiconductor industry in which we operate is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. This industry is subject to significant economic downturns at various times. Our financial results are affected by a wide variety of factors, including, but not limited to, general economic conditions worldwide and in the markets in which we operate, economic conditions specific to the semiconductor industry and the other industries we serve, our ability to safeguard patented technology and intellectual property in a rapidly evolving market, downward pricing pressures from customers, and our reliance on a relatively few number of customers for a significant portion of our sales. In addition, we are exposed to the risk of obsolescence of our inventory depending on the mix of future business and technological changes within the industry. As a result of these or other factors, we may experience significant period-to-period fluctuations in future operating results. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||
Basis of Presentation and Use of Estimates | |||||||||||||||||
The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles, deferred income tax valuation allowances and product warranty reserves, are particularly impacted by estimates. | |||||||||||||||||
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 29, 2013 (the "2012 Form 10-K"). | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts have been reclassified to be comparable with the current period's presentation. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are valued on a first-in, first-out basis, not in excess of market value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. These criteria identify material that has not been used in a work order during the prior twelve months and the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. In certain cases, additional excess and obsolete inventory charges are recorded based upon current industry conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of $264 and $522 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Goodwill, Intangible and Long-Lived Assets | |||||||||||||||||
We account for goodwill and intangible assets in accordance with Accounting Standards Codification ("ASC") 350 (Intangibles- Goodwill and Other). Finite-lived intangible assets are amortized over their estimated useful economic life and are carried at cost less accumulated amortization. Goodwill is assessed for impairment at least annually in the fourth quarter, on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. As a part of the goodwill impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If we determine this is the case, we are required to perform a two-step goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss, if any, to be recognized. The two-step test is discussed below. If we determine that it is more-likely-than-not that the fair value of the reporting unit is greater than its carrying amounts, the two-step goodwill impairment test is not required. | |||||||||||||||||
If we determine it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a result of our qualitative assessment, we will perform a quantitative two-step goodwill impairment test. In the Step I test, the fair value of a reporting unit is computed and compared with its book value. If the book value of a reporting unit exceeds its fair value, a Step II test is performed in which the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded in an amount equal to that excess. The two-step goodwill impairment assessment is based upon a combination of the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach, and the market approach which estimates the fair value of our reporting units based upon comparable market multiples. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of appropriate peer group companies, control premiums, discount rates, terminal growth rates, forecasts of revenue and expense growth rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions would have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge. | |||||||||||||||||
Indefinite-lived intangible assets are assessed for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |||||||||||||||||
Long-lived assets, which consist of finite-lived intangible assets and property and equipment, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation) which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value of stock options granted, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 9. | |||||||||||||||||
Subsequent Events | |||||||||||||||||
We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the nine months ended September 30, 2013, other than the issuance of 85,000 shares of restricted stock on October 29, 2013, as discussed further in Note 12. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Sales of our products are made through our sales employees, third-party sales representatives and distributors. There are no differences in revenue recognition policies based on the sales channel. We do not provide our customers with rights of return or exchanges. Revenue is generally recognized upon product shipment. Our customers' purchase orders do not typically contain any customer-specific acceptance criteria, other than that the product performs within the agreed upon specifications. We test all products manufactured as part of our quality assurance process to determine that they comply with specifications prior to shipment to a customer. To the extent that any customer purchase order contains customer-specific acceptance criteria, revenue recognition is deferred until customer acceptance. | |||||||||||||||||
With respect to sales tax collected from customers and remitted to governmental authorities, we use a net presentation in our consolidated statement of operations. As a result, there are no amounts included in either our net revenues or cost of revenues related to sales tax. | |||||||||||||||||
Product Warranties | |||||||||||||||||
We generally provide product warranties and record estimated warranty expense at the time of sale based upon historical claims experience. Warranty expense is included in selling expense in the consolidated financial statements. | |||||||||||||||||
Restructuring and Other Charges | |||||||||||||||||
We recognize a liability for restructuring charges at fair value only when the liability is incurred. The three main components of our restructuring plans have been related to workforce reductions, the consolidation of excess facilities and asset impairments. Workforce-related charges are accrued when it is determined that a liability has been incurred, which is generally after individuals have been notified of their termination dates and expected severance benefits. Plans to consolidate excess facilities result in charges for lease termination fees and future commitments to pay lease charges, net of estimated future sub-lease income. We recognize these charges when we have vacated the premises. In addition, as a result of plans to consolidate excess facilities, we may incur other associated costs such as charges to relocate inventory, equipment or personnel. We recognize charges for other associated costs when these costs are incurred, which is generally when the goods or services have been provided to us. Assets that may be impaired consist of property, plant and equipment and identifiable intangible assets. Asset impairment charges are based on an estimate of the amounts and timing of future cash flows related to the expected future remaining use and ultimate sale or disposal of the asset. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||||||||||||
Net Earnings (Loss) Per Common Share | |||||||||||||||||
Net earnings (loss) per common share - basic is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during each period. Net earnings (loss) per common share - diluted is computed by dividing net earnings (loss) by the weighted average number of common shares and common share equivalents outstanding during each period. Common share equivalents represent stock options and unvested shares of restricted stock and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti-dilutive. | |||||||||||||||||
The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding - basic | 10,377,189 | 10,302,417 | 10,358,960 | 10,260,601 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Employee stock options and unvested shares of restricted stock | 26,906 | 57,960 | 25,010 | 87,579 | |||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 10,404,095 | 10,360,377 | 10,383,970 | 10,348,180 | |||||||||||||
Average number of potentially dilutive securities excluded from calculation | 12,500 | 229,675 | 16,715 | 42,720 | |||||||||||||
Effect of Recently Adopted Amendments to Authoritative Accounting Guidance | |||||||||||||||||
In July 2012, the FASB issued amendments to existing guidance on the assessment of impairment for indefinite-lived intangible assets other than goodwill. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. However, an entity can choose to adopt this guidance early even if its annual test date is before the issuance of the final standard, provided that the entity has not yet issued its financial statements for the most recent annual or interim period. We adopted these amendments on January 1, 2013. The adoption of these amendments did not have a material impact on our consolidated financial statements. | |||||||||||||||||
In February 2013, the FASB issued amendments to existing guidance on the accounting for accumulated other comprehensive income. The amendments require entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The amendments are effective for annual and interim periods beginning after December 15, 2012. We adopted these amendments on January 1, 2013. The adoption of these amendments did not have a material impact on our consolidated financial statements. |
Note_3_Acquisition
Note 3 - Acquisition | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||
(3) ACQUISITION | |||||||||
On January 16, 2012, Temptronic acquired substantially all of the assets and certain liabilities of Thermonics pursuant to the Asset Purchase Agreement dated December 9, 2011. Thermonics is engaged in the business of designing, manufacturing, selling and distributing temperature forcing systems used in the testing of various products under temperature controlled situations. The acquisition of the Thermonics business broadened the product line of inTEST's Thermal Products segment. | |||||||||
The purchase price for the assets was approximately $3,802 in cash, plus the assumption of specified liabilities, including trade payables and certain customer contract obligations. In connection with this acquisition, we also signed a separate one year lease for the facility then occupied by Thermonics in Sunnyvale, California. This facility was owned by certain shareholders of the seller. We ceased operations at this facility in February 2012 and relocated the Thermonics product line to our facility in Mansfield, Massachusetts where our Temptronic operations are located. During 2012, we recorded a restructuring charge of $313 related to this action. See Note 5 for further detail regarding this charge. | |||||||||
Total acquisition costs incurred to complete this transaction were $485. The portion of these costs that was incurred in 2011 was $148. Acquisition costs are expensed as incurred and included in general and administrative expense. | |||||||||
The Thermonics acquisition was accounted for as a purchase business combination and, accordingly, the results of Thermonics have been included in our consolidated results of operations from the date of acquisition. The allocation of the total purchase price of Thermonics net tangible and identifiable intangible assets was based on their estimated fair values as of the acquisition date. The tangible assets acquired include accounts receivable, inventory, and property and equipment. Liabilities assumed include trade payables, certain customer contract obligations and accrued payments under a non-compete/non-solicitation agreement with a former employee of Thermonics. Identifiable intangible assets acquired include customer relationships, customer backlog, the Thermonics trade name, patented technology, and a non-compete/non-solicitation agreement with a former employee of Thermonics. The excess of the purchase price over the identifiable intangible and net tangible assets in the amount of $50 was allocated to goodwill and is deductible for tax purposes. Goodwill is attributed to the synergies that are expected to result from the operations of the combined businesses. The determination of fair value reflects the assistance of third-party valuation specialists, as well as our own estimates and assumptions. | |||||||||
The following represents the allocation of the purchase price: | |||||||||
Goodwill | $ | 50 | |||||||
Identifiable intangible assets | 1,728 | ||||||||
Tangible assets acquired and liabilities assumed: | |||||||||
Trade accounts receivable | 1,161 | ||||||||
Inventories | 874 | ||||||||
Property and equipment | 263 | ||||||||
Accounts payable | (77 | ) | |||||||
Accrued non-compete/non-solicitation payments | (48 | ) | |||||||
Accrued sales commissions | (82 | ) | |||||||
Accrued warranty | (67 | ) | |||||||
Total purchase price | $ | 3,802 | |||||||
We estimated the fair value of identifiable intangible assets acquired using a combination of the income, cost and market approaches. The following table provides further information about the finite-lived intangible assets acquired in connection with the acquisition of Thermonics as of the acquisition date: | |||||||||
Weighted | |||||||||
Average | |||||||||
Fair | Estimated | ||||||||
Value | Useful Life | ||||||||
(in months) | |||||||||
Customer relationships | $ | 1,110 | 72 | ||||||
Customer backlog | 70 | 3 | |||||||
Thermonics trade name | 140 | 48 | |||||||
Patented technology | 360 | 132 | |||||||
Non-compete/non-solicitation agreement | 48 | 18 | |||||||
Total intangible assets | $ | 1,728 | 78.3 | ||||||
For the period from January 16, 2012 to September 30, 2012, Thermonics contributed $3,467 of net revenues. We do not track net income within our Thermal Products segment by product line. As a result, the net income for Thermonics for the period from January 16, 2012 to September 30, 2012 is not available. |
Note_4_Goodwill_and_Intangible
Note 4 - Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
(4) GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008 and Thermonics in January 2012. The acquisition of Thermonics is discussed further in Note 3. | |||||||||||||
Goodwill | |||||||||||||
All of our goodwill is allocated to our Thermal Products segment. There was no change in the amount of the carrying value of goodwill for the nine months ended September 30, 2013. | |||||||||||||
Intangible Assets | |||||||||||||
The following tables provide further detail about our intangible assets as of September 30, 2013 and December 31, 2012: | |||||||||||||
Sept. 30, 2013 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 653 | $ | 827 | |||||||
Patented technology | 590 | 297 | 293 | ||||||||||
Software | 270 | 135 | 135 | ||||||||||
Trade name | 140 | 60 | 80 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,263 | 1,335 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,263 | $ | 1,845 | |||||||
31-Dec-12 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying Amount | |||||||||||
Amount | Amortization | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 439 | $ | 1,041 | |||||||
Patented technology | 590 | 233 | 357 | ||||||||||
Software | 270 | 115 | 155 | ||||||||||
Trade name | 140 | 33 | 107 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 24 | 24 | ||||||||||
Total finite-lived intangible assets | 2,598 | 914 | 1,684 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 914 | $ | 2,194 | |||||||
We generally amortize our finite-lived intangible assets over their estimated useful lives on a straightline basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value. | |||||||||||||
The following table sets forth changes in the amount of the carrying value of intangible assets for the nine months ended September 30, 2013: | |||||||||||||
Balance - January 1, 2013 | $ | 2,194 | |||||||||||
Amortization | (349 | ) | |||||||||||
Balance - September 30, 2013 | $ | 1,845 | |||||||||||
Total amortization expense for the nine months ended September 30, 2013 and 2012 was $349 and $370, respectively. The following table sets forth the estimated annual amortization expense for our finite-lived intangible assets for each of the next five years: | |||||||||||||
2013 | $ | 446 | |||||||||||
2014 | $ | 355 | |||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
Note_5_Restructuring_and_Other
Note 5 - Restructuring and Other Charges | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||
(5) RESTRUCTURING AND OTHER CHARGES | |||||
In connection with the acquisition of Thermonics, as discussed further in Note 3, we signed a separate one year lease for the facility in Sunnyvale, California then occupied by Thermonics at the time of the acquisition. This facility was owned by certain shareholders of the seller. We ceased operations at this facility in February 2012 and relocated the Thermonics product line to our facility in Mansfield, Massachusetts where our Temptronic operations are located. During the first quarter of 2012, we incurred approximately $359 of facility closure costs related to this action. These costs included lease termination fees of approximately $220 and other costs associated with this consolidation of facilities, including the cost to relocate inventory and equipment, of approximately $139. During the fourth quarter of 2012 we received a refund of $46 of lease termination fees paid in the first quarter due to the sale of the leased facility. | |||||
Changes in our liability for restructuring and other charges for the nine months ended September 30, 2012 are summarized as follows: | |||||
Thermonics | |||||
Relocation | |||||
Balance - January 1, 2012 | $ | - | |||
Accruals for facility closure costs | 359 | ||||
Cash payments related to facility closure costs | (359 | ) | |||
Balance - September 30, 2012 | $ | - | |||
Note_6_Major_Customers
Note 6 - Major Customers | 9 Months Ended |
Sep. 30, 2013 | |
Table Text Block [Abstract] | ' |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' |
(6) MAJOR CUSTOMERS | |
During the nine months ended September 30, 2013 and 2012, Texas Instruments Incorporated accounted for 12% and 16%, respectively, of our consolidated net revenues. While all three of our operating segments sold products to this customer, these revenues were primarily generated by our Mechanical Products and our Electrical Products segments. During the nine months ended September 30, 2012, Teradyne, Inc. accounted for 13% of our consolidated net revenues. While both our Mechanical Products and our Electrical Products segments sold products to this customer, these revenues were primarily generated by our Electrical Products segment. No other customers accounted for 10% or more of our consolidated net revenues during the nine months ended September 30, 2013 and 2012. |
Note_7_Inventories
Note 7 - Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
(7) INVENTORIES | |||||||||
Inventories held at September 30, 2013 and December 31, 2012 were comprised of the following: | |||||||||
Sept. 30, | Dec. 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 2,816 | $ | 2,157 | |||||
Work in process | 334 | 454 | |||||||
Inventory consigned to others | 86 | 105 | |||||||
Finished goods | 248 | 419 | |||||||
$ | 3,484 | $ | 3,135 | ||||||
Note_8_Debt
Note 8 - Debt | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||
(8) DEBT | ||||||||||||||
Letters of Credit | ||||||||||||||
We have issued letters of credit as the security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our balance sheet. The terms of our leases require us to renew these letters of credit at least 30 days prior to their expiration dates for successive terms of not less than one year until lease expiration. Our outstanding letters of credit at September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||||||||
L/C | Lease | Letters of Credit | ||||||||||||
Amount Outstanding | ||||||||||||||
Facility | Original L/C | Expiration | Expiration | Sept. 30, | Dec. 31, | |||||||||
Issue Date | Date | Date | 2013 | 2012 | ||||||||||
Mt. Laurel, NJ | 3/29/10 | 3/31/14 | 4/30/21 | $ | 250 | $ | 250 | |||||||
Mansfield, MA | 10/27/10 | 11/8/14 | 8/23/21 | 200 | 200 | |||||||||
$ | 450 | $ | 450 | |||||||||||
Note_9_StockBased_Compensation
Note 9 - Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
(9) STOCK-BASED COMPENSATION | |||||||||||||||||
As of September 30, 2013, we had outstanding stock options and unvested restricted stock awards granted under stock-based employee compensation plans that are described more fully in Note 15 to the consolidated financial statements in our 2012 Form 10-K. | |||||||||||||||||
As of September 30, 2013, total compensation expense to be recognized in future periods was $144. The weighted average period over which this expense is expected to be recognized is 1.8 years. All of this expense is related to nonvested shares of restricted stock. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
We record compensation expense for restricted stock awards (nonvested shares) based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over four years. The following table shows the allocation of the compensation expense we recorded during the three and nine months ended September 30, 2013 and 2012, respectively, related to nonvested shares: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of revenues | $ | 2 | $ | 1 | $ | 5 | $ | 5 | |||||||||
Selling expense | 3 | 3 | 7 | 7 | |||||||||||||
Engineering and product development expense | 7 | 7 | 21 | 19 | |||||||||||||
General and administrative expense | 16 | 21 | 53 | 62 | |||||||||||||
$ | 28 | $ | 32 | $ | 86 | $ | 93 | ||||||||||
There was no compensation expense capitalized in the three or nine months ended September 30, 2013 or 2012. | |||||||||||||||||
The following table summarizes the activity related to nonvested shares for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested shares outstanding, January 1, 2013 | 108,750 | $ | 1.63 | ||||||||||||||
Granted | 42,500 | 2.92 | |||||||||||||||
Vested | (56,250 | ) | 1.7 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 95,000 | 1.54 | |||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes the stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Options outstanding, January 1, 2013 (219,000 exercisable) | 219,000 | $ | 3.17 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (10,000 | ) | 3.04 | ||||||||||||||
Forfeited/Expired | (199,000 | ) | 3.05 | ||||||||||||||
Options outstanding, September 30, 2013 (10,000 exercisable) | 10,000 | 5.66 | |||||||||||||||
Note_10_Employee_Benefit_Plans
Note 10 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
(10) EMPLOYEE BENEFIT PLANS | |
We have a defined contribution 401(k) plan for our employees who work in the U.S. (the "inTEST 401(k) Plan"). All permanent employees of inTEST Corporation, Temptronic (effective January 1, 2013) and inTEST Silicon Valley Corporation who are at least 18 years of age are eligible to participate in the plan. We match employee contributions dollar for dollar up to 10% of the employee's annual compensation, with a maximum limit of $5. Employer contributions vest ratably over four years. Matching contributions are discretionary. |
Note_11_Segment_Information
Note 11 - Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
(11) SEGMENT INFORMATION | |||||||||||||||||
We have three reportable segments, which are also our reporting units: Thermal Products, Mechanical Products and Electrical Products. | |||||||||||||||||
The Thermal Products segment includes the operations of Temptronic, Thermonics (which we acquired in January 2012 as discussed further in Note 3), Sigma, inTEST Thermal Solutions GmbH (formerly Temptronic GmbH) (Germany), and inTEST Pte, Limited (Singapore). Sales of this segment consist primarily of temperature management systems which we design, manufacture and market under our Temptronic, Thermonics and Sigma Systems product lines. In addition, this segment provides post warranty service and support. | |||||||||||||||||
The Mechanical Products segment includes the operations of our Mt. Laurel, New Jersey manufacturing facility. Sales of our Mechanical Products segment consist primarily of manipulator and docking hardware products, which we design, manufacture and market. In addition, this segment provides post warranty service and support for various ATE equipment. | |||||||||||||||||
The Electrical Products segment includes the operations of inTEST Silicon Valley Corporation. Sales of this segment consist primarily of tester interface products which we design, manufacture and market. | |||||||||||||||||
We operate our business worldwide, and all three segments sell their products both domestically and internationally. All three segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers. Our Thermal Products segment also sells into a variety of industries outside of the semiconductor industry, including the automotive, consumer electronics, defense/aerospace, energy and telecommunications industries. Intercompany pricing between segments is either a multiple of cost for component parts or list price for finished goods. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||
Thermal Products | $ | 5,844 | $ | 6,037 | $ | 17,514 | $ | 18,651 | |||||||||
Mechanical Products | 2,193 | 2,677 | 7,784 | 8,267 | |||||||||||||
Electrical Products | 1,863 | 2,085 | 4,793 | 8,188 | |||||||||||||
$ | 9,900 | $ | 10,799 | $ | 30,091 | $ | 35,106 | ||||||||||
Earnings (loss) before income tax expense (benefit): | |||||||||||||||||
Thermal Products | $ | 1,232 | $ | 895 | $ | 3,468 | $ | 2,267 | |||||||||
Mechanical Products | (346 | ) | (324 | ) | (742 | ) | (1,256 | ) | |||||||||
Electrical Products | 294 | 376 | 493 | 2,115 | |||||||||||||
Corporate | (66 | ) | 65 | (248 | ) | (191 | ) | ||||||||||
$ | 1,114 | $ | 1,012 | $ | 2,971 | $ | 2,935 | ||||||||||
Net earnings (loss): | |||||||||||||||||
Thermal Products | $ | 1,206 | $ | 587 | $ | 2,847 | $ | 1,483 | |||||||||
Mechanical Products | (339 | ) | (212 | ) | (686 | ) | (797 | ) | |||||||||
Electrical Products | 288 | 246 | 422 | 1,384 | |||||||||||||
Corporate | (65 | ) | 43 | (198 | ) | (115 | ) | ||||||||||
$ | 1,090 | $ | 664 | $ | 2,385 | $ | 1,955 | ||||||||||
Identifiable assets: | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Thermal Products | $ | 23,504 | $ | 20,849 | |||||||||||||
Mechanical Products | 7,388 | 7,737 | |||||||||||||||
Electrical Products | 4,606 | 3,813 | |||||||||||||||
$ | 35,498 | $ | 32,399 | ||||||||||||||
The following table provides information about our geographic areas of operation. Net revenues from unaffiliated customers are based on the location to which the goods are shipped. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
Net revenues from unaffiliated customers: | 2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. | $ | 3,098 | $ | 4,123 | $ | 9,816 | $ | 12,052 | |||||||||
Foreign | 6,802 | 6,676 | 20,275 | 23,054 | |||||||||||||
$ | 9,900 | $ | 10,799 | $ | 30,091 | $ | 35,106 | ||||||||||
Sept. 30, | Dec. 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Property and equipment: | |||||||||||||||||
U.S. | $ | 735 | $ | 899 | |||||||||||||
Foreign | 461 | 351 | |||||||||||||||
$ | 1,196 | $ | 1,250 | ||||||||||||||
Note_12_Subsequent_Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(12) SUBSEQUENT EVENTS | |
On October 29, 2013, we issued 85,000 shares of restricted stock to various key employees and certain executive officers, one of which is a director. Based on a grant date fair value of $3.97 per share, we will record total compensation expense of $337 related to these shares. This expense will be recorded on a straight-line basis over the four year vesting period. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Use of Estimates [Policy Text Block] | ' |
Basis of Presentation and Use of Estimates | |
The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles, deferred income tax valuation allowances and product warranty reserves, are particularly impacted by estimates. | |
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 29, 2013 (the "2012 Form 10-K"). | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassification | |
Certain prior period amounts have been reclassified to be comparable with the current period's presentation. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are valued on a first-in, first-out basis, not in excess of market value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. These criteria identify material that has not been used in a work order during the prior twelve months and the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. In certain cases, additional excess and obsolete inventory charges are recorded based upon current industry conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of $264 and $522 for the nine months ended September 30, 2013 and 2012, respectively. | |
Goodwill Intangible and Long Lived Assets [Policy Text Block] | ' |
Goodwill, Intangible and Long-Lived Assets | |
We account for goodwill and intangible assets in accordance with Accounting Standards Codification ("ASC") 350 (Intangibles- Goodwill and Other). Finite-lived intangible assets are amortized over their estimated useful economic life and are carried at cost less accumulated amortization. Goodwill is assessed for impairment at least annually in the fourth quarter, on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. As a part of the goodwill impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If we determine this is the case, we are required to perform a two-step goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss, if any, to be recognized. The two-step test is discussed below. If we determine that it is more-likely-than-not that the fair value of the reporting unit is greater than its carrying amounts, the two-step goodwill impairment test is not required. | |
If we determine it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a result of our qualitative assessment, we will perform a quantitative two-step goodwill impairment test. In the Step I test, the fair value of a reporting unit is computed and compared with its book value. If the book value of a reporting unit exceeds its fair value, a Step II test is performed in which the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded in an amount equal to that excess. The two-step goodwill impairment assessment is based upon a combination of the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach, and the market approach which estimates the fair value of our reporting units based upon comparable market multiples. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of appropriate peer group companies, control premiums, discount rates, terminal growth rates, forecasts of revenue and expense growth rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions would have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge. | |
Indefinite-lived intangible assets are assessed for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |
Long-lived assets, which consist of finite-lived intangible assets and property and equipment, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation) which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value of stock options granted, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 9. | |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events | |
We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the nine months ended September 30, 2013, other than the issuance of 85,000 shares of restricted stock on October 29, 2013, as discussed further in Note 12. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Sales of our products are made through our sales employees, third-party sales representatives and distributors. There are no differences in revenue recognition policies based on the sales channel. We do not provide our customers with rights of return or exchanges. Revenue is generally recognized upon product shipment. Our customers' purchase orders do not typically contain any customer-specific acceptance criteria, other than that the product performs within the agreed upon specifications. We test all products manufactured as part of our quality assurance process to determine that they comply with specifications prior to shipment to a customer. To the extent that any customer purchase order contains customer-specific acceptance criteria, revenue recognition is deferred until customer acceptance. | |
With respect to sales tax collected from customers and remitted to governmental authorities, we use a net presentation in our consolidated statement of operations. As a result, there are no amounts included in either our net revenues or cost of revenues related to sales tax. | |
Standard Product Warranty, Policy [Policy Text Block] | ' |
Product Warranties | |
We generally provide product warranties and record estimated warranty expense at the time of sale based upon historical claims experience. Warranty expense is included in selling expense in the consolidated financial statements. | |
Restructuring and Other Charges [Policy Text Block] | ' |
Restructuring and Other Charges | |
We recognize a liability for restructuring charges at fair value only when the liability is incurred. The three main components of our restructuring plans have been related to workforce reductions, the consolidation of excess facilities and asset impairments. Workforce-related charges are accrued when it is determined that a liability has been incurred, which is generally after individuals have been notified of their termination dates and expected severance benefits. Plans to consolidate excess facilities result in charges for lease termination fees and future commitments to pay lease charges, net of estimated future sub-lease income. We recognize these charges when we have vacated the premises. In addition, as a result of plans to consolidate excess facilities, we may incur other associated costs such as charges to relocate inventory, equipment or personnel. We recognize charges for other associated costs when these costs are incurred, which is generally when the goods or services have been provided to us. Assets that may be impaired consist of property, plant and equipment and identifiable intangible assets. Asset impairment charges are based on an estimate of the amounts and timing of future cash flows related to the expected future remaining use and ultimate sale or disposal of the asset. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Earnings (Loss) Per Common Share | |
Net earnings (loss) per common share - basic is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during each period. Net earnings (loss) per common share - diluted is computed by dividing net earnings (loss) by the weighted average number of common shares and common share equivalents outstanding during each period. Common share equivalents represent stock options and unvested shares of restricted stock and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti-dilutive. | |
The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Effect of Recently Adopted Amendments to Authoritative Accounting Guidance | |
In July 2012, the FASB issued amendments to existing guidance on the assessment of impairment for indefinite-lived intangible assets other than goodwill. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. However, an entity can choose to adopt this guidance early even if its annual test date is before the issuance of the final standard, provided that the entity has not yet issued its financial statements for the most recent annual or interim period. We adopted these amendments on January 1, 2013. The adoption of these amendments did not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued amendments to existing guidance on the accounting for accumulated other comprehensive income. The amendments require entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The amendments are effective for annual and interim periods beginning after December 15, 2012. We adopted these amendments on January 1, 2013. The adoption of these amendments did not have a material impact on our consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding - basic | 10,377,189 | 10,302,417 | 10,358,960 | 10,260,601 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Employee stock options and unvested shares of restricted stock | 26,906 | 57,960 | 25,010 | 87,579 | |||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 10,404,095 | 10,360,377 | 10,383,970 | 10,348,180 | |||||||||||||
Average number of potentially dilutive securities excluded from calculation | 12,500 | 229,675 | 16,715 | 42,720 |
Note_3_Acquisition_Tables
Note 3 - Acquisition (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Note 3 - Acquisition (Tables) [Line Items] | ' | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||
Goodwill | $ | 50 | |||||||
Identifiable intangible assets | 1,728 | ||||||||
Tangible assets acquired and liabilities assumed: | |||||||||
Trade accounts receivable | 1,161 | ||||||||
Inventories | 874 | ||||||||
Property and equipment | 263 | ||||||||
Accounts payable | (77 | ) | |||||||
Accrued non-compete/non-solicitation payments | (48 | ) | |||||||
Accrued sales commissions | (82 | ) | |||||||
Accrued warranty | (67 | ) | |||||||
Total purchase price | $ | 3,802 | |||||||
Thermonics [Member] | ' | ||||||||
Note 3 - Acquisition (Tables) [Line Items] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
Weighted | |||||||||
Average | |||||||||
Fair | Estimated | ||||||||
Value | Useful Life | ||||||||
(in months) | |||||||||
Customer relationships | $ | 1,110 | 72 | ||||||
Customer backlog | 70 | 3 | |||||||
Thermonics trade name | 140 | 48 | |||||||
Patented technology | 360 | 132 | |||||||
Non-compete/non-solicitation agreement | 48 | 18 | |||||||
Total intangible assets | $ | 1,728 | 78.3 |
Note_4_Goodwill_and_Intangible1
Note 4 - Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Note 4 - Goodwill and Intangible Assets (Tables) [Line Items] | ' | ||||||||||||
' | |||||||||||||
Sept. 30, 2013 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 653 | $ | 827 | |||||||
Patented technology | 590 | 297 | 293 | ||||||||||
Software | 270 | 135 | 135 | ||||||||||
Trade name | 140 | 60 | 80 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,263 | 1,335 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,263 | $ | 1,845 | |||||||
31-Dec-12 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying Amount | |||||||||||
Amount | Amortization | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 439 | $ | 1,041 | |||||||
Patented technology | 590 | 233 | 357 | ||||||||||
Software | 270 | 115 | 155 | ||||||||||
Trade name | 140 | 33 | 107 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 24 | 24 | ||||||||||
Total finite-lived intangible assets | 2,598 | 914 | 1,684 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 914 | $ | 2,194 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
2013 | $ | 446 | |||||||||||
2014 | $ | 355 | |||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
Carrying Value Changes [Member] | ' | ||||||||||||
Note 4 - Goodwill and Intangible Assets (Tables) [Line Items] | ' | ||||||||||||
' | |||||||||||||
Balance - January 1, 2013 | $ | 2,194 | |||||||||||
Amortization | (349 | ) | |||||||||||
Balance - September 30, 2013 | $ | 1,845 |
Note_5_Restructuring_and_Other1
Note 5 - Restructuring and Other Charges (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Costs [Table Text Block] | ' | ||||
Thermonics | |||||
Relocation | |||||
Balance - January 1, 2012 | $ | - | |||
Accruals for facility closure costs | 359 | ||||
Cash payments related to facility closure costs | (359 | ) | |||
Balance - September 30, 2012 | $ | - |
Note_7_Inventories_Tables
Note 7 - Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
Sept. 30, | Dec. 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 2,816 | $ | 2,157 | |||||
Work in process | 334 | 454 | |||||||
Inventory consigned to others | 86 | 105 | |||||||
Finished goods | 248 | 419 | |||||||
$ | 3,484 | $ | 3,135 |
Note_8_Debt_Tables
Note 8 - Debt (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule Of Outstanding Letters Of Credit [Table Text Block] | ' | |||||||||||||
L/C | Lease | Letters of Credit | ||||||||||||
Amount Outstanding | ||||||||||||||
Facility | Original L/C | Expiration | Expiration | Sept. 30, | Dec. 31, | |||||||||
Issue Date | Date | Date | 2013 | 2012 | ||||||||||
Mt. Laurel, NJ | 3/29/10 | 3/31/14 | 4/30/21 | $ | 250 | $ | 250 | |||||||
Mansfield, MA | 10/27/10 | 11/8/14 | 8/23/21 | 200 | 200 | |||||||||
$ | 450 | $ | 450 |
Note_9_StockBased_Compensation1
Note 9 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of revenues | $ | 2 | $ | 1 | $ | 5 | $ | 5 | |||||||||
Selling expense | 3 | 3 | 7 | 7 | |||||||||||||
Engineering and product development expense | 7 | 7 | 21 | 19 | |||||||||||||
General and administrative expense | 16 | 21 | 53 | 62 | |||||||||||||
$ | 28 | $ | 32 | $ | 86 | $ | 93 | ||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested shares outstanding, January 1, 2013 | 108,750 | $ | 1.63 | ||||||||||||||
Granted | 42,500 | 2.92 | |||||||||||||||
Vested | (56,250 | ) | 1.7 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Nonvested shares outstanding, September 30, 2013 | 95,000 | 1.54 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Options outstanding, January 1, 2013 (219,000 exercisable) | 219,000 | $ | 3.17 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (10,000 | ) | 3.04 | ||||||||||||||
Forfeited/Expired | (199,000 | ) | 3.05 | ||||||||||||||
Options outstanding, September 30, 2013 (10,000 exercisable) | 10,000 | 5.66 |
Note_11_Segment_Information_Ta
Note 11 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Note 11 - Segment Information (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Identifiable assets: | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Thermal Products | $ | 23,504 | $ | 20,849 | |||||||||||||
Mechanical Products | 7,388 | 7,737 | |||||||||||||||
Electrical Products | 4,606 | 3,813 | |||||||||||||||
$ | 35,498 | $ | 32,399 | ||||||||||||||
Sept. 30, | Dec. 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Property and equipment: | |||||||||||||||||
U.S. | $ | 735 | $ | 899 | |||||||||||||
Foreign | 461 | 351 | |||||||||||||||
$ | 1,196 | $ | 1,250 | ||||||||||||||
Nine Months [Member] | ' | ||||||||||||||||
Note 11 - Segment Information (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||
Thermal Products | $ | 5,844 | $ | 6,037 | $ | 17,514 | $ | 18,651 | |||||||||
Mechanical Products | 2,193 | 2,677 | 7,784 | 8,267 | |||||||||||||
Electrical Products | 1,863 | 2,085 | 4,793 | 8,188 | |||||||||||||
$ | 9,900 | $ | 10,799 | $ | 30,091 | $ | 35,106 | ||||||||||
Earnings (loss) before income tax expense (benefit): | |||||||||||||||||
Thermal Products | $ | 1,232 | $ | 895 | $ | 3,468 | $ | 2,267 | |||||||||
Mechanical Products | (346 | ) | (324 | ) | (742 | ) | (1,256 | ) | |||||||||
Electrical Products | 294 | 376 | 493 | 2,115 | |||||||||||||
Corporate | (66 | ) | 65 | (248 | ) | (191 | ) | ||||||||||
$ | 1,114 | $ | 1,012 | $ | 2,971 | $ | 2,935 | ||||||||||
Net earnings (loss): | |||||||||||||||||
Thermal Products | $ | 1,206 | $ | 587 | $ | 2,847 | $ | 1,483 | |||||||||
Mechanical Products | (339 | ) | (212 | ) | (686 | ) | (797 | ) | |||||||||
Electrical Products | 288 | 246 | 422 | 1,384 | |||||||||||||
Corporate | (65 | ) | 43 | (198 | ) | (115 | ) | ||||||||||
$ | 1,090 | $ | 664 | $ | 2,385 | $ | 1,955 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
Net revenues from unaffiliated customers: | 2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. | $ | 3,098 | $ | 4,123 | $ | 9,816 | $ | 12,052 | |||||||||
Foreign | 6,802 | 6,676 | 20,275 | 23,054 | |||||||||||||
$ | 9,900 | $ | 10,799 | $ | 30,091 | $ | 35,106 | ||||||||||
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | Subsequent Event [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Inventory Adjustments (in Dollars) | $264 | $522 | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | 85,000 |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Weighted Average Common Shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted Average Common Shares [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 10,377,189 | 10,302,417 | 10,358,960 | 10,260,601 |
Potentially dilutive securities: | ' | ' | ' | ' |
Employee stock options and unvested shares of restricted stock | 26,906 | 57,960 | 25,010 | 87,579 |
Weighted average common shares and common share equivalents outstanding - diluted | 10,404,095 | 10,360,377 | 10,383,970 | 10,348,180 |
Average number of potentially dilutive securities excluded from calculation | 12,500 | 229,675 | 16,715 | 42,720 |
Note_3_Acquisition_Details
Note 3 - Acquisition (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 16, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | $3,802 | $3,802 | ' | ' | ' |
Restructuring Charges | ' | ' | ' | 359 | ' | ' | 313 | ' |
Business Acquisition, Transaction Costs | ' | ' | ' | ' | 485 | ' | ' | 148 |
Goodwill, Acquired During Period | ' | ' | ' | 50 | 50 | ' | ' | ' |
Revenues | $9,900 | $10,799 | $30,091 | $35,106 | ' | $3,467 | ' | ' |
Note_3_Acquisition_Details_All
Note 3 - Acquisition (Details) - Allocation of the Purchase Price: (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Business Acquisition [Line Items] | ' |
Goodwill | $50 |
Identifiable intangible assets | 1,728 |
Tangible assets acquired and liabilities assumed: | ' |
Trade accounts receivable | 1,161 |
Inventories | 874 |
Property and equipment | 263 |
Accounts payable | -77 |
Total purchase price | 3,802 |
Accrued Non-Compete/Non-Solicitation Payments [Member] | ' |
Tangible assets acquired and liabilities assumed: | ' |
Other Current Liabilities | -48 |
Accrued Sales Commissions [Member] | ' |
Tangible assets acquired and liabilities assumed: | ' |
Other Current Liabilities | -82 |
Accured Warranty [Member] | ' |
Tangible assets acquired and liabilities assumed: | ' |
Other Current Liabilities | ($67) |
Note_3_Acquisition_Details_Fin
Note 3 - Acquisition (Details) - Finite-Lived Intangible Assets Acquired with Acquisition of Thermonics (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | ' | $2,598 | $2,598 |
Weighted Average Estimated Useful Life | '78 months 9 days | ' | ' |
Fair Value [Member] | Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | 1,110 | ' | ' |
Fair Value [Member] | Customer Backlog [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | 70 | ' | ' |
Fair Value [Member] | Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | 140 | ' | ' |
Fair Value [Member] | Patented Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | 360 | ' | ' |
Fair Value [Member] | Noncompete Agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | 48 | ' | ' |
Fair Value [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | 1,728 | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | ' | 1,480 | 1,480 |
Weighted Average Estimated Useful Life | '72 months | ' | ' |
Customer Backlog [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | ' | 70 | 70 |
Weighted Average Estimated Useful Life | '3 months | ' | ' |
Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | ' | 140 | 140 |
Weighted Average Estimated Useful Life | '48 months | ' | ' |
Patented Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | ' | 590 | 590 |
Weighted Average Estimated Useful Life | '132 months | ' | ' |
Noncompete Agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair Value (in Dollars) | ' | $48 | $48 |
Weighted Average Estimated Useful Life | '18 months | ' | ' |
Note_4_Goodwill_and_Intangible2
Note 4 - Goodwill and Intangible Assets (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of Intangible Assets | $349 | $370 |
Note_4_Goodwill_and_Intangible3
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $2,598 | $2,598 |
Accumulated Amortization | 1,263 | 914 |
Net Carrying Amount | 1,335 | 1,684 |
Gross Carrying Amount | 3,108 | 3,108 |
Net Carrying Amount | 1,845 | 2,194 |
Trademarks [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 510 | 510 |
Net Carrying Amount | 510 | 510 |
Customer Relationships [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,480 | 1,480 |
Accumulated Amortization | 653 | 439 |
Net Carrying Amount | 827 | 1,041 |
Patented Technology [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 590 | 590 |
Accumulated Amortization | 297 | 233 |
Net Carrying Amount | 293 | 357 |
Computer Software, Intangible Asset [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 270 | 270 |
Accumulated Amortization | 135 | 115 |
Net Carrying Amount | 135 | 155 |
Trade Names [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 140 | 140 |
Accumulated Amortization | 60 | 33 |
Net Carrying Amount | 80 | 107 |
Customer Backlog [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 70 | 70 |
Accumulated Amortization | 70 | 70 |
Noncompete Agreements [Member] | ' | ' |
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 48 | 48 |
Accumulated Amortization | 48 | 24 |
Net Carrying Amount | ' | $24 |
Note_4_Goodwill_and_Intangible4
Note 4 - Goodwill and Intangible Assets (Details) - Changes in the Amount of the Carrying Value of Intangible Assets (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in the Amount of the Carrying Value of Intangible Assets [Abstract] | ' | ' |
Balance - January 1, 2013 | $2,194 | ' |
Amortization | -349 | -370 |
Balance - September 30, 2013 | $1,845 | ' |
Note_4_Goodwill_and_Intangible5
Note 4 - Goodwill and Intangible Assets (Details) - Future Amortization Expense (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Future Amortization Expense [Abstract] | ' |
2013 | $446 |
2014 | 355 |
2015 | 289 |
2016 | 229 |
2017 | $212 |
Note_5_Restructuring_and_Other2
Note 5 - Restructuring and Other Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 |
Termination Fees [Member] | Facility Closure Costs [Member] | Relocation Fees [Member] | |||
Note 5 - Restructuring and Other Charges (Details) [Line Items] | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | $359 | ' |
Restructuring Charges | ' | 359 | 220 | ' | 139 |
Restructuring Reserve, Accrual Adjustment | $46 | ' | ' | ' | ' |
Note_5_Restructuring_and_Other3
Note 5 - Restructuring and Other Charges (Details) - Liability for Restructuring and Other Charges (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Liability for Restructuring and Other Charges [Abstract] | ' |
Balance | $0 |
Accruals for facility closure costs | 359 |
Cash payments related to facility closure costs | -359 |
Balance | $0 |
Note_6_Major_Customers_Details
Note 6 - Major Customers (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Texas Instruments Incorporated [Member] | ' | ' |
Note 6 - Major Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 12.00% | 16.00% |
Teradyne Inc [Member] | ' | ' |
Note 6 - Major Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | ' | 13.00% |
Note_7_Inventories_Details_Inv
Note 7 - Inventories (Details) - Inventories (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $2,816 | $2,157 |
Work in process | 334 | 454 |
Inventory consigned to others | 86 | 105 |
Finished goods | 248 | 419 |
$3,484 | $3,135 |
Note_8_Debt_Details_Outstandin
Note 8 - Debt (Details) - Outstanding Letters of Credit (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Note 8 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Letters of Credit Amount Outstanding | $450 | $450 |
Mt. Laurel [Member] | Lease Expiration Date: 4/30/2021 [Member] | Original L/C Issue Date: 3/29/2010 [Member] | Letter of Credit Expiration Date: 3/31/2014 [Member] | ' | ' |
Note 8 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Original L/C Issue Date | 29-Mar-10 | ' |
L/C Expiration Date | 31-Mar-14 | ' |
Lease Expiration Date | 30-Apr-21 | ' |
Letters of Credit Amount Outstanding | 250 | 250 |
Mansfield [Member] | Lease Expiration Date: 8/23/2021 [Member] | Original L/C Issue Date: 10/27/2010 [Member] | Letter of Credit Expiration Date: 11/08/2013 [Member] | ' | ' |
Note 8 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Original L/C Issue Date | 27-Oct-10 | ' |
L/C Expiration Date | 8-Nov-14 | ' |
Lease Expiration Date | 23-Aug-21 | ' |
Letters of Credit Amount Outstanding | $200 | $200 |
Note_9_StockBased_Compensation2
Note 9 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $144 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 292 days |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years |
Note_9_StockBased_Compensation3
Note 9 - Stock-Based Compensation (Details) - Allocation of Share-Based Compensation Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cost of Sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | $2 | $1 | $5 | $5 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | 3 | 3 | 7 | 7 |
Engineering and Product Development Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | 7 | 7 | 21 | 19 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | 16 | 21 | 53 | 62 |
Total [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | $28 | $32 | $86 | $93 |
Note_9_StockBased_Compensation4
Note 9 - Stock-Based Compensation (Details) - Nonvested Shares (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Nonvested Shares [Abstract] | ' |
Number of Shares Outstanding | 108,750 |
Weighted Average Grant Date Fair Value Outstanding (in Dollars per share) | $1.63 |
Granted | 42,500 |
Granted (in Dollars per share) | $2.92 |
Vested | -56,250 |
Vested (in Dollars per share) | $1.70 |
Number of Shares Outstanding | 95,000 |
Weighted Average Grant Date Fair Value Outstanding (in Dollars per share) | $1.54 |
Note_9_StockBased_Compensation5
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' |
Number of Shares Outstanding | 219,000 |
Weighted Average Exercise Price Outstanding (in Dollars per share) | $3.17 |
Granted | 0 |
Granted (in Dollars per share) | $0 |
Forfeited/Expired | -199,000 |
Forfeited/Expired (in Dollars per share) | $3.05 |
Number of Shares Outstanding | 10,000 |
Weighted Average Exercise Price Outstanding (in Dollars per share) | $5.66 |
Common Stock [Member] | ' |
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' |
Exercised | -10,000 |
Exercised (in Dollars per share) | $3.04 |
Note_10_Employee_Benefit_Plans1
Note 10 - Employee Benefit Plans (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount (in Dollars) | $5 |
Defined Contribution Plan Employer Matching Contribution Vesting Period | '4 years |
Note_11_Segment_Information_De
Note 11 - Segment Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_11_Segment_Information_De1
Note 11 - Segment Information (Details) - Segment Information (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | $9,900 | $10,799 | $30,091 | $35,106 |
Earnings (loss) before income tax expense (benefit) | 1,114 | 1,012 | 2,971 | 2,935 |
Net earnings (loss) | 1,090 | 664 | 2,385 | 1,955 |
Thermal Products [Member] | Net Revenues from Unaffiliated Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 5,844 | 6,037 | 17,514 | 18,651 |
Thermal Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | 1,232 | 895 | 3,468 | 2,267 |
Net earnings (loss) | 1,206 | 587 | 2,847 | 1,483 |
Mechanical Products [Member] | Net Revenues from Unaffiliated Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 2,193 | 2,677 | 7,784 | 8,267 |
Mechanical Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | -346 | -324 | -742 | -1,256 |
Net earnings (loss) | -339 | -212 | -686 | -797 |
Electrical Products [Member] | Net Revenues from Unaffiliated Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 1,863 | 2,085 | 4,793 | 8,188 |
Electrical Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | 294 | 376 | 493 | 2,115 |
Net earnings (loss) | 288 | 246 | 422 | 1,384 |
Corporate Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | -66 | 65 | -248 | -191 |
Net earnings (loss) | -65 | 43 | -198 | -115 |
UNITED STATES | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 3,098 | 4,123 | 9,816 | 12,052 |
Foreign [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 6,802 | 6,676 | 20,275 | 23,054 |
Net Revenues from Unaffiliated Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | $9,900 | $10,799 | $30,091 | $35,106 |
Note_11_Segment_Information_De2
Note 11 - Segment Information (Details) - Segment Information Identifiable Assets & Long Lived Assets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Identifiable Assets | $35,498 | $32,399 |
Long-Lived Assets | 1,196 | 1,250 |
Thermal Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable Assets | 23,504 | 20,849 |
Mechanical Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable Assets | 7,388 | 7,737 |
Electrical Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Identifiable Assets | 4,606 | 3,813 |
UNITED STATES | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-Lived Assets | 735 | 899 |
Foreign [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-Lived Assets | $461 | $351 |
Note_12_Subsequent_Events_Deta
Note 12 - Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended |
Sep. 30, 2013 | Oct. 29, 2013 | |
Subsequent Event [Member] | ||
Note 12 - Subsequent Events (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 85,000 |
Share Price (in Dollars per share) | ' | $3.97 |
Share-based Compensation (in Dollars) | ' | $337 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | '4 years |