Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
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 | ' | 10,562,678 |
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-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $19,616 | $19,018 |
Trade accounts receivable, net of allowance for doubtful accounts of $147 and $147, respectively | 7,744 | 5,748 |
Inventories | 3,873 | 3,243 |
Deferred tax assets | 717 | 701 |
Prepaid expenses and other current assets | 261 | 371 |
Total current assets | 32,211 | 29,081 |
Property and equipment: | ' | ' |
Machinery and equipment | 4,318 | 4,190 |
Leasehold improvements | 594 | 594 |
Gross property and equipment | 4,912 | 4,784 |
Less: accumulated depreciation | -3,582 | -3,530 |
Net property and equipment | 1,330 | 1,254 |
Deferred tax assets | 924 | 1,030 |
Goodwill | 1,706 | 1,706 |
Intangible assets, net | 1,563 | 1,748 |
Restricted certificates of deposit | 450 | 450 |
Other assets | 211 | 212 |
Total assets | 38,395 | 35,481 |
Current liabilities: | ' | ' |
Accounts payable | 1,713 | 1,064 |
Accrued wages and benefits | 1,443 | 1,635 |
Accrued rent | 593 | 577 |
Accrued professional fees | 329 | 367 |
Accrued sales commissions | 432 | 305 |
Domestic and foreign income taxes payable | 617 | 83 |
Other current liabilities | 413 | 301 |
Total current liabilities | 5,540 | 4,332 |
Commitments and Contingencies | ' | ' |
Stockholders' equity: | ' | ' |
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; 10,595,755 and 10,590,755 shares issued, respectively | 106 | 106 |
Additional paid-in capital | 26,261 | 26,187 |
Retained earnings | 5,356 | 3,713 |
Accumulated other comprehensive earnings | 1,336 | 1,347 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | -204 | -204 |
Total stockholders' equity | 32,855 | 31,149 |
Total liabilities and stockholders' equity | $38,395 | $35,481 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 |
Common stock, shares issued | 10,595,755 | 10,590,755 |
Treasury stock, at cost, shares, respectively | 33,077 | 33,077 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenues | $12,343 | $11,218 | $21,140 | $20,191 |
Cost of revenues | 6,261 | 5,753 | 10,873 | 10,621 |
Gross margin | 6,082 | 5,465 | 10,267 | 9,570 |
Selling expense | 1,530 | 1,528 | 2,856 | 2,717 |
Engineering and product development expense | 887 | 925 | 1,810 | 1,921 |
General and administrative expense | 1,621 | 1,523 | 3,153 | 3,079 |
Total operating expenses | 4,038 | 3,976 | 7,819 | 7,717 |
Operating income | 2,044 | 1,489 | 2,448 | 1,853 |
Other income (expense) | 10 | -2 | 17 | 4 |
Earnings before income tax expense | 2,054 | 1,487 | 2,465 | 1,857 |
Income tax expense | 697 | 484 | 822 | 562 |
Net earnings | $1,357 | $1,003 | $1,643 | $1,295 |
Net earnings per common share - basic (in Dollars per share) | $0.13 | $0.10 | $0.16 | $0.13 |
Weighted average common shares outstanding - basic (in Shares) | 10,436,730 | 10,371,716 | 10,415,461 | 10,349,695 |
Net earnings per common share - diluted (in Dollars per share) | $0.13 | $0.10 | $0.16 | $0.13 |
Weighted average common shares and common share equivalents outstanding - diluted (in Shares) | 10,456,183 | 10,394,094 | 10,452,567 | 10,380,279 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net earnings | $1,357 | $1,003 | $1,643 | $1,295 |
Foreign currency translation adjustments | -15 | 30 | -11 | -32 |
Comprehensive earnings | $1,342 | $1,033 | $1,632 | $1,263 |
Consolidated_Statements_of_Sto
Consolidated Statements 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, 2013 | $106 | $26,187 | $3,713 | $1,347 | ($204) | $31,149 |
Balance (in Shares) at Dec. 31, 2013 | 10,590,755 | ' | ' | ' | ' | 10,590,755 |
Net earnings | ' | ' | 1,643 | ' | ' | 1,643 |
Other comprehensive earnings | ' | ' | ' | -11 | ' | -11 |
Amortization of deferred compensation related to restricted stock | ' | 74 | ' | ' | ' | 74 |
Forefeiture of non-vested shares of restricted stock (in Shares) | -5,000 | ' | ' | ' | ' | ' |
Issuance of non-vested shares of restricted stock (in Shares) | 10,000 | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | $106 | $26,261 | $5,356 | $1,336 | ($204) | $32,855 |
Balance (in Shares) at Jun. 30, 2014 | 10,595,755 | ' | ' | ' | ' | 10,595,755 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net earnings | $1,643 | $1,295 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 438 | 426 |
Provision for excess and obsolete inventory | 138 | 197 |
Foreign exchange loss | 1 | 14 |
Amortization of deferred compensation related to restricted stock | 74 | 58 |
Loss on sale of property and equipment | 20 | 6 |
Proceeds from sale of demonstration equipment, net of gain | 65 | 3 |
Deferred income tax expense | 90 | 170 |
Changes in assets and liabilities: | ' | ' |
Trade accounts receivable | -1,999 | -1,753 |
Inventories | -768 | -423 |
Prepaid expenses and other current assets | 110 | 116 |
Other assets | -1 | ' |
Accounts payable | 649 | 287 |
Accrued wages and benefits | -191 | -238 |
Accrued rent | 16 | 29 |
Accrued professional fees | -38 | 1 |
Accrued sales commissions | 127 | 194 |
Domestic and foreign income taxes payable | 534 | 255 |
Other current liabilities | 112 | -96 |
Net cash provided by operating activities | 1,020 | 541 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of property and equipment | -424 | -95 |
Proceeds from sale of property and equipment | 8 | ' |
Net cash used in investing activitites | -416 | -95 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from stock options exercised | ' | 30 |
Net cash provided by financing activities | ' | 30 |
Effects of exchange rates on cash | -6 | -20 |
Net cash provided by all activities | 598 | 456 |
Cash and cash equivalents at beginning of period | 19,018 | 15,576 |
Cash and cash equivalents at end of period | 19,616 | 16,032 |
Cash payments for: | ' | ' |
Domestic and foreign income taxes | 199 | 137 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Issuance of non-vested shares of restricted stock | 41 | 124 |
Forfeiture of non-vested shares of restricted stock | ($20) | ' |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 6 Months Ended |
Jun. 30, 2014 | |
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 markets outside the ATE market, such as the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. | |
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. | |
The semiconductor market in which we operate is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. This market 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 market and the other markets 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 markets that we serve. 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 tax assets and liabilities including related 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, 2013 filed with the Securities and Exchange Commission on March 27, 2014 (the "2013 Form 10-K"). | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts have been reclassified to be comparable with the current period's presentation. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are valued at cost 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 market 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 $138 and $197 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Goodwill, Intangible and Long-Lived Assets | |||||||||||||||||
We account for goodwill and intangible assets in accordance with Accounting Standards Codification ("ASC") Topic 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 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 rate, 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. As a part of the impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the 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 7. | |||||||||||||||||
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 six months ended June 30, 2014. | |||||||||||||||||
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 collection of the related receivable 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. | |||||||||||||||||
In addition, in our Thermal and Mechanical Products segments, we lease certain of our equipment to customers under non-cancellable operating leases. These leases generally have an initial term of six months. We recognize revenue for these leases on a straight-line basis over the term of the lease. | |||||||||||||||||
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. | |||||||||||||||||
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 Per Common Share | |||||||||||||||||
Net earnings per common share - basic is computed by dividing net earnings by the weighted average number of common shares outstanding during each period. Net earnings per common share - diluted is computed by dividing net earnings 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 | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares outstanding - basic | 10,436,730 | 10,371,716 | 10,415,461 | 10,349,695 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Employee stock options and unvested shares of restricted stock | 19,453 | 22,378 | 37,106 | 30,584 | |||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 10,456,183 | 10,394,094 | 10,452,567 | 10,380,279 | |||||||||||||
Average number of potentially dilutive securities excluded from calculation | 94,807 | 18,462 | 96,037 | 28,605 | |||||||||||||
Effect of Recently Issued Amendments to Authoritative Accounting Guidance | |||||||||||||||||
In May 2014, the FASB issued new guidance on the recognition of revenue from contracts with customers. This guidance is presented in ASC Topic 606 (Revenue from Contracts with Customers). This new guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Companies can use either the retrospective or cumulative effect transition method. This new guidance is effective for us on January 1, 2017. Early application is not permitted. We have not yet selected a transition method and we are still evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures. |
Note_3_Goodwill_and_Intangible
Note 3 - Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
(3) 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, Inc. ("Thermonics"), a division of Test Enterprises, Inc. in January 2012. | |||||||||||||
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 six months ended June 30, 2014. | |||||||||||||
Intangible Assets | |||||||||||||
The following tables provide further detail about our intangible assets as of June 30, 2014 and December 31, 2013: | |||||||||||||
30-Jun-14 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 860 | $ | 620 | |||||||
Patented technology | 590 | 326 | 264 | ||||||||||
Software | 270 | 155 | 115 | ||||||||||
Trade name | 140 | 86 | 54 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,545 | 1,053 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,545 | $ | 1,563 | |||||||
31-Dec-13 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 725 | $ | 755 | |||||||
Patented technology | 590 | 307 | 283 | ||||||||||
Software | 270 | 142 | 128 | ||||||||||
Trade name | 140 | 68 | 72 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,360 | 1,238 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,360 | $ | 1,748 | |||||||
We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line 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 six months ended June 30, 2014: | |||||||||||||
Balance - January 1, 2014 | $ | 1,748 | |||||||||||
Amortization | (185 | ) | |||||||||||
Balance – June 30, 2014 | $ | 1,563 | |||||||||||
Total amortization expense for the six months ended June 30, 2014 and 2013 was $185 and $232, respectively. The following table sets forth the estimated annual amortization expense for our finite-lived intangible assets for each of the next five years: | |||||||||||||
2014 (remainder) | $ | 170 | |||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
2018 | $ | 65 | |||||||||||
Note_4_Major_Customers
Note 4 - Major Customers | 6 Months Ended |
Jun. 30, 2014 | |
Table Text Block [Abstract] | ' |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' |
(4) MAJOR CUSTOMERS | |
During the six months ended June 30, 2014 and 2013, Texas Instruments Incorporated accounted for 13% and 11%, 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 six months ended June 30, 2014, Hakuto Co., Ltd., one of our distributors, accounted for 11% of our consolidated net revenues. These revenues were generated by our Thermal Products segment. No other customers accounted for 10% or more of our consolidated net revenues during the six months ended June 30, 2014 and 2013. |
Note_5_Inventories
Note 5 - Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
(5) INVENTORIES | |||||||||
Inventories held at June 30, 2014 and December 31, 2013 were comprised of the following: | |||||||||
June 30, | Dec. 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 2,876 | $ | 2,753 | |||||
Work in process | 371 | 222 | |||||||
Inventory consigned to others | 86 | 94 | |||||||
Finished goods | 540 | 174 | |||||||
$ | 3,873 | $ | 3,243 | ||||||
Note_6_Debt
Note 6 - Debt | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||
(6) 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 June 30, 2014 and December 31, 2013 consisted of the following: | ||||||||||||||
Letters of Credit | ||||||||||||||
L/C | Lease | Amount Outstanding | ||||||||||||
Original L/C | Expiration | Expiration | June 30, | Dec. 31, | ||||||||||
Issue Date | Date | Date | 2014 | 2013 | ||||||||||
Mt. Laurel, NJ | 3/29/10 | 3/31/15 | 4/30/21 | $ | 250 | $ | 250 | |||||||
Mansfield, MA | 10/27/10 | 11/8/14 | 8/23/21 | 200 | 200 | |||||||||
$ | 450 | $ | 450 | |||||||||||
Note_7_StockBased_Compensation
Note 7 - Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
(7) STOCK-BASED COMPENSATION | |||||||||||||||||
As of June 30, 2014, we had unvested restricted stock awards granted under stock-based employee compensation plans that are described more fully in Note 14 to the consolidated financial statements in our 2013 Form 10-K. | |||||||||||||||||
In addition, at our annual meeting on June 25, 2014, our stockholders approved the inTEST Corporation 2014 Stock Plan (the "2014 Stock Plan"). The 2014 Stock Plan permits the granting of stock options, restricted stock, stock appreciation rights or restricted stock units for up to 500,000 shares of our common stock to directors, officers, other key employees and consultants. | |||||||||||||||||
As of June 30, 2014, total compensation expense to be recognized in future periods was $386. The weighted average period over which this expense is expected to be recognized is 3.2 years. | |||||||||||||||||
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 six months ended June 30, 2014 and 2013, respectively, related to nonvested shares: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenues | $ | 3 | $ | 2 | $ | 6 | $ | 3 | |||||||||
Selling expense | 1 | 2 | 4 | 4 | |||||||||||||
Engineering and product development expense | 5 | 8 | 11 | 14 | |||||||||||||
General and administrative expense | 24 | 19 | 53 | 37 | |||||||||||||
$ | 33 | $ | 31 | $ | 74 | $ | 58 | ||||||||||
There was no compensation expense capitalized in the six months ended June 30, 2014 or 2013. | |||||||||||||||||
The following table summarizes the activity related to nonvested shares for the six months ended June 30, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested shares outstanding, January 1, 2014 | 180,000 | $ | 2.69 | ||||||||||||||
Granted | 10,000 | 4.14 | |||||||||||||||
Vested | (63,125 | ) | 1.78 | ||||||||||||||
Forfeited | (5,000 | ) | 3.97 | ||||||||||||||
Nonvested shares outstanding, June 30, 2014 | 121,875 | 3.01 | |||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes the stock option activity for the six months ended June 30, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Options outstanding, January 1, 2014 (10,000 exercisable) | 10,000 | $ | 5.66 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited/Expired | (10,000 | ) | 5.66 | ||||||||||||||
Options outstanding, June 30, 2014 | - | - | |||||||||||||||
Note_8_Employee_Benefit_Plans
Note 8 - Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
(8) 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 Corporation 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. For the six months ended June 30, 2014 and 2013, we recorded $229 and $223 of expense for matching contributions, respectively. |
Note_9_Segment_Information
Note 9 - Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
(9) 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, Sigma, inTEST Thermal Solutions 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 markets outside of the semiconductor market, including the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. Intercompany pricing between segments is either a multiple of cost for component parts or list price for finished goods. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Net revenues from unaffiliated customers: | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Thermal Products | $ | 6,116 | $ | 5,772 | $ | 11,359 | $ | 11,670 | |||||||||
Mechanical Products | 4,137 | 3,798 | 6,184 | 5,591 | |||||||||||||
Electrical Products | 2,090 | 1,648 | 3,597 | 2,930 | |||||||||||||
$ | 12,343 | $ | 11,218 | $ | 21,140 | $ | 20,191 | ||||||||||
Earnings (loss) before income tax expense (benefit): | |||||||||||||||||
Thermal Products | $ | 1,207 | $ | 1,078 | $ | 2,018 | $ | 2,236 | |||||||||
Mechanical Products | 637 | 290 | 354 | (396 | ) | ||||||||||||
Electrical Products | 400 | 207 | 405 | 199 | |||||||||||||
Corporate | (190 | ) | (88 | ) | (312 | ) | (182 | ) | |||||||||
$ | 2,054 | $ | 1,487 | $ | 2,465 | $ | 1,857 | ||||||||||
Net earnings (loss): | |||||||||||||||||
Thermal Products | $ | 797 | $ | 727 | $ | 1,361 | $ | 1,641 | |||||||||
Mechanical Products | 421 | 196 | 224 | (346 | ) | ||||||||||||
Electrical Products | 264 | 140 | 268 | 134 | |||||||||||||
Corporate | (125 | ) | (59 | ) | (210 | ) | (133 | ) | |||||||||
$ | 1,357 | $ | 1,003 | $ | 1,643 | $ | 1,295 | ||||||||||
June 30, | Dec. 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Identifiable assets: | |||||||||||||||||
Thermal Products | $ | 25,410 | $ | 23,934 | |||||||||||||
Mechanical Products | 7,866 | 7,093 | |||||||||||||||
Electrical Products | 5,119 | 4,454 | |||||||||||||||
$ | 38,395 | $ | 35,481 | ||||||||||||||
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 | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||
U.S. | $ | 3,723 | $ | 3,504 | $ | 6,872 | $ | 6,718 | |||||||||
Foreign | 8,620 | 7,714 | 14,268 | 13,473 | |||||||||||||
$ | 12,343 | $ | 11,218 | $ | 21,140 | $ | 20,191 | ||||||||||
June 30, | Dec. 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Long-lived assets: | |||||||||||||||||
U.S. | $ | 693 | $ | 700 | |||||||||||||
Foreign | 637 | 554 | |||||||||||||||
$ | 1,330 | $ | 1,254 | ||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 tax assets and liabilities including related 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, 2013 filed with the Securities and Exchange Commission on March 27, 2014 (the "2013 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 at cost 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 market 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 $138 and $197 for the six months ended June 30, 2014 and 2013, 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") Topic 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 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 rate, 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. As a part of the impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the 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 7. | |||||||||||||||||
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 six months ended June 30, 2014. | |||||||||||||||||
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 collection of the related receivable 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. | |||||||||||||||||
In addition, in our Thermal and Mechanical Products segments, we lease certain of our equipment to customers under non-cancellable operating leases. These leases generally have an initial term of six months. We recognize revenue for these leases on a straight-line basis over the term of the lease. | |||||||||||||||||
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. | |||||||||||||||||
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 Per Common Share | |||||||||||||||||
Net earnings per common share - basic is computed by dividing net earnings by the weighted average number of common shares outstanding during each period. Net earnings per common share - diluted is computed by dividing net earnings 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 | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares outstanding - basic | 10,436,730 | 10,371,716 | 10,415,461 | 10,349,695 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Employee stock options and unvested shares of restricted stock | 19,453 | 22,378 | 37,106 | 30,584 | |||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 10,456,183 | 10,394,094 | 10,452,567 | 10,380,279 | |||||||||||||
Average number of potentially dilutive securities excluded from calculation | 94,807 | 18,462 | 96,037 | 28,605 | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
Effect of Recently Issued Amendments to Authoritative Accounting Guidance | |||||||||||||||||
In May 2014, the FASB issued new guidance on the recognition of revenue from contracts with customers. This guidance is presented in ASC Topic 606 (Revenue from Contracts with Customers). This new guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. Companies can use either the retrospective or cumulative effect transition method. This new guidance is effective for us on January 1, 2017. Early application is not permitted. We have not yet selected a transition method and we are still evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares outstanding - basic | 10,436,730 | 10,371,716 | 10,415,461 | 10,349,695 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Employee stock options and unvested shares of restricted stock | 19,453 | 22,378 | 37,106 | 30,584 | |||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 10,456,183 | 10,394,094 | 10,452,567 | 10,380,279 | |||||||||||||
Average number of potentially dilutive securities excluded from calculation | 94,807 | 18,462 | 96,037 | 28,605 |
Note_3_Goodwill_and_Intangible1
Note 3 - Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Note 3 - Goodwill and Intangible Assets (Tables) [Line Items] | ' | ||||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | ||||||||||||
30-Jun-14 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 860 | $ | 620 | |||||||
Patented technology | 590 | 326 | 264 | ||||||||||
Software | 270 | 155 | 115 | ||||||||||
Trade name | 140 | 86 | 54 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,545 | 1,053 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,545 | $ | 1,563 | |||||||
31-Dec-13 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 725 | $ | 755 | |||||||
Patented technology | 590 | 307 | 283 | ||||||||||
Software | 270 | 142 | 128 | ||||||||||
Trade name | 140 | 68 | 72 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,360 | 1,238 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,360 | $ | 1,748 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
2014 (remainder) | $ | 170 | |||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
2018 | $ | 65 | |||||||||||
Carrying Value Changes [Member] | ' | ||||||||||||
Note 3 - Goodwill and Intangible Assets (Tables) [Line Items] | ' | ||||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | ||||||||||||
Balance - January 1, 2014 | $ | 1,748 | |||||||||||
Amortization | (185 | ) | |||||||||||
Balance – June 30, 2014 | $ | 1,563 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
June 30, | Dec. 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 2,876 | $ | 2,753 | |||||
Work in process | 371 | 222 | |||||||
Inventory consigned to others | 86 | 94 | |||||||
Finished goods | 540 | 174 | |||||||
$ | 3,873 | $ | 3,243 |
Note_6_Debt_Tables
Note 6 - Debt (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule Of Outstanding Letters Of Credit [Table Text Block] | ' | |||||||||||||
Letters of Credit | ||||||||||||||
L/C | Lease | Amount Outstanding | ||||||||||||
Original L/C | Expiration | Expiration | June 30, | Dec. 31, | ||||||||||
Issue Date | Date | Date | 2014 | 2013 | ||||||||||
Mt. Laurel, NJ | 3/29/10 | 3/31/15 | 4/30/21 | $ | 250 | $ | 250 | |||||||
Mansfield, MA | 10/27/10 | 11/8/14 | 8/23/21 | 200 | 200 | |||||||||
$ | 450 | $ | 450 |
Note_7_StockBased_Compensation1
Note 7 - Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenues | $ | 3 | $ | 2 | $ | 6 | $ | 3 | |||||||||
Selling expense | 1 | 2 | 4 | 4 | |||||||||||||
Engineering and product development expense | 5 | 8 | 11 | 14 | |||||||||||||
General and administrative expense | 24 | 19 | 53 | 37 | |||||||||||||
$ | 33 | $ | 31 | $ | 74 | $ | 58 | ||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested shares outstanding, January 1, 2014 | 180,000 | $ | 2.69 | ||||||||||||||
Granted | 10,000 | 4.14 | |||||||||||||||
Vested | (63,125 | ) | 1.78 | ||||||||||||||
Forfeited | (5,000 | ) | 3.97 | ||||||||||||||
Nonvested shares outstanding, June 30, 2014 | 121,875 | 3.01 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Options outstanding, January 1, 2014 (10,000 exercisable) | 10,000 | $ | 5.66 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited/Expired | (10,000 | ) | 5.66 | ||||||||||||||
Options outstanding, June 30, 2014 | - | - |
Note_9_Segment_Information_Tab
Note 9 - Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Note 9 - Segment Information (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Net revenues from unaffiliated customers: | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Thermal Products | $ | 6,116 | $ | 5,772 | $ | 11,359 | $ | 11,670 | |||||||||
Mechanical Products | 4,137 | 3,798 | 6,184 | 5,591 | |||||||||||||
Electrical Products | 2,090 | 1,648 | 3,597 | 2,930 | |||||||||||||
$ | 12,343 | $ | 11,218 | $ | 21,140 | $ | 20,191 | ||||||||||
Earnings (loss) before income tax expense (benefit): | |||||||||||||||||
Thermal Products | $ | 1,207 | $ | 1,078 | $ | 2,018 | $ | 2,236 | |||||||||
Mechanical Products | 637 | 290 | 354 | (396 | ) | ||||||||||||
Electrical Products | 400 | 207 | 405 | 199 | |||||||||||||
Corporate | (190 | ) | (88 | ) | (312 | ) | (182 | ) | |||||||||
$ | 2,054 | $ | 1,487 | $ | 2,465 | $ | 1,857 | ||||||||||
Net earnings (loss): | |||||||||||||||||
Thermal Products | $ | 797 | $ | 727 | $ | 1,361 | $ | 1,641 | |||||||||
Mechanical Products | 421 | 196 | 224 | (346 | ) | ||||||||||||
Electrical Products | 264 | 140 | 268 | 134 | |||||||||||||
Corporate | (125 | ) | (59 | ) | (210 | ) | (133 | ) | |||||||||
$ | 1,357 | $ | 1,003 | $ | 1,643 | $ | 1,295 | ||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||
U.S. | $ | 3,723 | $ | 3,504 | $ | 6,872 | $ | 6,718 | |||||||||
Foreign | 8,620 | 7,714 | 14,268 | 13,473 | |||||||||||||
$ | 12,343 | $ | 11,218 | $ | 21,140 | $ | 20,191 | ||||||||||
Long-lived Assets by Geographic Areas [Table Text Block] | ' | ||||||||||||||||
June 30, | Dec. 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Long-lived assets: | |||||||||||||||||
U.S. | $ | 693 | $ | 700 | |||||||||||||
Foreign | 637 | 554 | |||||||||||||||
$ | 1,330 | $ | 1,254 | ||||||||||||||
Asset [Member] | ' | ||||||||||||||||
Note 9 - Segment Information (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
June 30, | Dec. 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Identifiable assets: | |||||||||||||||||
Thermal Products | $ | 25,410 | $ | 23,934 | |||||||||||||
Mechanical Products | 7,866 | 7,093 | |||||||||||||||
Electrical Products | 5,119 | 4,454 | |||||||||||||||
$ | 38,395 | $ | 35,481 |
Note_1_Nature_of_Operations_De
Note 1 - Nature of Operations (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' |
Inventory Write-down | $138 | $197 |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Weighted Average Common Shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Weighted Average Common Shares [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 10,436,730 | 10,371,716 | 10,415,461 | 10,349,695 |
Employee stock options and unvested shares of restricted stock | 19,453 | 22,378 | 37,106 | 30,584 |
Weighted average common shares and common share equivalents outstanding - diluted | 10,456,183 | 10,394,094 | 10,452,567 | 10,380,279 |
Average number of potentially dilutive securities excluded from calculation | 94,807 | 18,462 | 96,037 | 28,605 |
Note_3_Goodwill_and_Intangible2
Note 3 - Goodwill and Intangible Assets (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill, Period Increase (Decrease) | $0 | ' |
Amortization of Intangible Assets | $185,000 | $232,000 |
Note_3_Goodwill_and_Intangible3
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $2,598 | $2,598 |
Accumulated Amortization | 1,545 | 1,360 |
Net Carrying Amount | 1,053 | 1,238 |
Gross Carrying Amount | 3,108 | 3,108 |
Accumulated Amortization | 1,545 | 1,360 |
Net Carrying Amount | 1,563 | 1,748 |
Trademarks [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 510 | 510 |
Net Carrying Amount | 510 | 510 |
Customer Relationships [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,480 | 1,480 |
Accumulated Amortization | 860 | 725 |
Net Carrying Amount | 620 | 755 |
Accumulated Amortization | 860 | 725 |
Patented Technology [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 590 | 590 |
Accumulated Amortization | 326 | 307 |
Net Carrying Amount | 264 | 283 |
Accumulated Amortization | 326 | 307 |
Computer Software, Intangible Asset [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 270 | 270 |
Accumulated Amortization | 155 | 142 |
Net Carrying Amount | 115 | 128 |
Accumulated Amortization | 155 | 142 |
Trade Names [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 140 | 140 |
Accumulated Amortization | 86 | 68 |
Net Carrying Amount | 54 | 72 |
Accumulated Amortization | 86 | 68 |
Order or Production Backlog [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 70 | 70 |
Accumulated Amortization | 70 | 70 |
Accumulated Amortization | 70 | 70 |
Noncompete Agreements [Member] | ' | ' |
Note 3 - Goodwill and Intangible Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 48 | 48 |
Accumulated Amortization | 48 | 48 |
Accumulated Amortization | $48 | $48 |
Note_3_Goodwill_and_Intangible4
Note 3 - Goodwill and Intangible Assets (Details) - Changes in the Amount of the Carrying Value of Intangible Assets (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in the Amount of the Carrying Value of Intangible Assets [Abstract] | ' | ' |
Balance - January 1, 2014 | $1,748 | ' |
Amortization | -185 | -232 |
Balance b June 30, 2014 | $1,563 | ' |
Note_3_Goodwill_and_Intangible5
Note 3 - Goodwill and Intangible Assets (Details) - Future Amortization Expense (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Future Amortization Expense [Abstract] | ' |
2014 (remainder) | $170 |
2015 | 289 |
2016 | 229 |
2017 | 212 |
2018 | $65 |
Note_4_Major_Customers_Details
Note 4 - Major Customers (Details) (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Texas Instruments Incorporated [Member] | ' | ' |
Note 4 - Major Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 13.00% | 11.00% |
Hakuto Co., Ltd. [Member] | ' | ' |
Note 4 - Major Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 11.00% | ' |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $2,876 | $2,753 |
Work in process | 371 | 222 |
Inventory consigned to others | 86 | 94 |
Finished goods | 540 | 174 |
$3,873 | $3,243 |
Note_6_Debt_Details_Outstandin
Note 6 - Debt (Details) - Outstanding Letters of Credit (Letter of Credit [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Note 6 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Letters of Credit Amount Outstanding | $450 | $450 |
Mt. Laurel [Member] | ' | ' |
Note 6 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Original L/C Issue Date | 29-Mar-10 | ' |
L/C Expiration Date | 31-Mar-15 | ' |
Lease Expiration Date | 30-Apr-21 | ' |
Letters of Credit Amount Outstanding | 250 | 250 |
Mansfield [Member] | ' | ' |
Note 6 - 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_7_StockBased_Compensation2
Note 7 - Stock-Based Compensation (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $386,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 73 days | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $0 | $0 |
Restricted Stock [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Stock Plan 2014 [Member] | ' | ' |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 500,000 | ' |
Note_7_StockBased_Compensation3
Note 7 - Stock-Based Compensation (Details) - Allocation of Share-Based Compensation Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | $33 | $31 | $74 | $58 |
Cost of Sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | 3 | 2 | 6 | 3 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | 1 | 2 | 4 | 4 |
Engineering and Product Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | 5 | 8 | 11 | 14 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Allocated Share-Based Compensation Expense | $24 | $19 | $53 | $37 |
Note_7_StockBased_Compensation4
Note 7 - Stock-Based Compensation (Details) - Nonvested Shares (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Nonvested Shares [Abstract] | ' |
Nonvested shares outstanding, January 1, 2014 | 180,000 |
Nonvested shares outstanding, January 1, 2014 | $2.69 |
Granted | 10,000 |
Granted | $4.14 |
Vested | -63,125 |
Vested | $1.78 |
Forfeited | -5,000 |
Forfeited | $3.97 |
Nonvested shares outstanding, June 30, 2014 | 121,875 |
Nonvested shares outstanding, June 30, 2014 | $3.01 |
Note_7_StockBased_Compensation5
Note 7 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Stock Option Activity [Abstract] | ' |
Options outstanding, January 1, 2014 (10,000 exercisable) | 10,000 |
Options outstanding, January 1, 2014 (10,000 exercisable) | $5.66 |
Granted | 0 |
Granted | $0 |
Exercised | 0 |
Exercised | $0 |
Forfeited/Expired | -10,000 |
Forfeited/Expired | $5.66 |
Options outstanding, June 30, 2014 | 0 |
Options outstanding, June 30, 2014 | $0 |
Note_7_StockBased_Compensation6
Note 7 - Stock-Based Compensation (Details) - Stock Option Activity (Parentheticals) | Dec. 31, 2013 |
Stock Option Activity [Abstract] | ' |
Options exercisable | 10,000 |
Note_8_Employee_Benefit_Plans_
Note 8 - Employee Benefit Plans (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 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 | $5 | ' |
Defined Contribution Plan Employer Matching Contribution Vesting Period | '4 years | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $229 | $223 |
Note_9_Segment_Information_Det
Note 9 - Segment Information (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_9_Segment_Information_Det1
Note 9 - Segment Information (Details) - Segment Information (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | $12,343 | $11,218 | $21,140 | $20,191 |
Earnings (loss) before income tax expense (benefit): | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | 2,054 | 1,487 | 2,465 | 1,857 |
Net earnings (loss): | ' | ' | ' | ' |
Net earnings (loss) | 1,357 | 1,003 | 1,643 | 1,295 |
Thermal Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 6,116 | 5,772 | 11,359 | 11,670 |
Earnings (loss) before income tax expense (benefit): | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | 1,207 | 1,078 | 2,018 | 2,236 |
Net earnings (loss): | ' | ' | ' | ' |
Net earnings (loss) | 797 | 727 | 1,361 | 1,641 |
Mechanical Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 4,137 | 3,798 | 6,184 | 5,591 |
Earnings (loss) before income tax expense (benefit): | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | 637 | 290 | 354 | -396 |
Net earnings (loss): | ' | ' | ' | ' |
Net earnings (loss) | 421 | 196 | 224 | -346 |
Electrical Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues from unaffiliated customers | 2,090 | 1,648 | 3,597 | 2,930 |
Earnings (loss) before income tax expense (benefit): | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | 400 | 207 | 405 | 199 |
Net earnings (loss): | ' | ' | ' | ' |
Net earnings (loss) | 264 | 140 | 268 | 134 |
Corporate Segment [Member] | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit): | ' | ' | ' | ' |
Earnings (loss) before income tax expense (benefit) | -190 | -88 | -312 | -182 |
Net earnings (loss): | ' | ' | ' | ' |
Net earnings (loss) | ($125) | ($59) | ($210) | ($133) |
Note_9_Segment_Information_Det2
Note 9 - Segment Information (Details) - Identifiable Assets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Identifiable assets: | ' | ' |
Identifiable assets | $38,395 | $35,481 |
Thermal Products [Member] | ' | ' |
Identifiable assets: | ' | ' |
Identifiable assets | 25,410 | 23,934 |
Mechanical Products [Member] | ' | ' |
Identifiable assets: | ' | ' |
Identifiable assets | 7,866 | 7,093 |
Electrical Products [Member] | ' | ' |
Identifiable assets: | ' | ' |
Identifiable assets | $5,119 | $4,454 |
Note_9_Segment_Information_Det3
Note 9 - Segment Information (Details) - Net Revenue from Unaffiliated Customers (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenues from unaffiliated customers: | ' | ' | ' | ' |
Revenues | $12,343 | $11,218 | $21,140 | $20,191 |
UNITED STATES | ' | ' | ' | ' |
Net revenues from unaffiliated customers: | ' | ' | ' | ' |
Revenues | 3,723 | 3,504 | 6,872 | 6,718 |
Foreign [Member] | ' | ' | ' | ' |
Net revenues from unaffiliated customers: | ' | ' | ' | ' |
Revenues | $8,620 | $7,714 | $14,268 | $13,473 |
Note_9_Segment_Information_Det4
Note 9 - Segment Information (Details) - Long-lived Assets by Geographical Area (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 9 - Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items] | ' | ' |
Long-lived assets | $1,330 | $1,254 |
UNITED STATES | ' | ' |
Note 9 - Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items] | ' | ' |
Long-lived assets | 693 | 700 |
Foreign [Member] | ' | ' |
Note 9 - Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items] | ' | ' |
Long-lived assets | $637 | $554 |