Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | INTEST CORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 10,562,678 | ||
Entity Public Float | $31,037,908 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1036262 | ||
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 | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $23,126 | $19,018 |
Trade accounts receivable, net of allowance for doubtful accounts of $146 and $147, respectively | 5,034 | 5,748 |
Inventories | 3,769 | 3,243 |
Deferred tax assets | 529 | 701 |
Prepaid expenses and other current assets | 473 | 371 |
Total current assets | 32,931 | 29,081 |
Property and equipment: | ||
Machinery and equipment | 4,322 | 4,190 |
Leasehold improvements | 593 | 594 |
Gross property and equipment | 4,915 | 4,784 |
Less: accumulated depreciation | -3,647 | -3,530 |
Net property and equipment | 1,268 | 1,254 |
Deferred tax assets | 884 | 1,030 |
Goodwill | 1,706 | 1,706 |
Intangible assets, net | 1,393 | 1,748 |
Restricted certificates of deposit | 350 | 450 |
Other assets | 206 | 212 |
Total assets | 38,738 | 35,481 |
Current liabilities: | ||
Accounts payable | 1,234 | 1,064 |
Accrued wages and benefits | 1,528 | 1,635 |
Accrued rent | 615 | 577 |
Accrued professional fees | 390 | 367 |
Accrued sales commissions | 328 | 305 |
Domestic and foreign income taxes payable | 22 | 83 |
Other current liabilities | 253 | 301 |
Total current liabilities | 4,370 | 4,332 |
Commitments and Contingencies (Notes 9 and 11) | ||
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 |
Addtional paid-in capital | 26,321 | 26,187 |
Retained earnings | 7,152 | 3,713 |
Accumulated other comprehensive earnings | 993 | 1,347 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | -204 | -204 |
Total stockholders' equity | 34,368 | 31,149 |
Total liabilities and stockholders' equity | $38,738 | $35,481 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, respectively (in Dollars) | $146 | $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 (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net revenues | $41,796 | $39,426 |
Cost of revenues | 21,334 | 20,411 |
Gross margin | 20,462 | 19,015 |
Operating expenses: | ||
Selling expense | 5,735 | 5,395 |
Engineering and product development expense | 3,580 | 3,683 |
General and administrative expense | 6,231 | 5,975 |
Total operating expenses | 15,546 | 15,053 |
Operating income | 4,916 | 3,962 |
Other income (expense) | -7 | 46 |
Earnings before income tax expense | 4,909 | 4,008 |
Income tax expense | 1,470 | 931 |
Net earnings | $3,439 | $3,077 |
Net earnings per common share: | ||
- Basic (in Dollars per share) | $0.33 | $0.30 |
- Diluted (in Dollars per share) | $0.33 | $0.30 |
Weighted average common shares outstanding: | ||
- Basic (in Shares) | 10,431,743 | 10,363,678 |
- Diluted (in Shares) | 10,466,064 | 10,419,103 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net earnings | $3,439 | $3,077 |
Foreign currency translation adjustments | -354 | 94 |
Comprehensive earnings | $3,085 | $3,171 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (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, January 1, 2013 at Dec. 31, 2012 | $105 | $26,030 | $636 | $1,253 | ($204) | $27,820 |
Balance, January 1, 2013 (in Shares) at Dec. 31, 2012 | 10,453,255 | |||||
Net earnings | 3,077 | 3,077 | ||||
Other comprehensive earnings (loss) | 94 | 94 | ||||
Amortization of deferred compensation related to restricted stock | 128 | 128 | ||||
Issuance of non-vested shares of restricted stock (in Shares) | 127,500 | |||||
Issuance of non-vested shares of restricted stock | 1 | -1 | 462 | |||
Issuance of non-vested shares of restricted stock (in Shares) | 127,500 | |||||
Stock options exercised | 30 | 30 | ||||
Stock options exercised (in Shares) | 10,000 | 10,000 | ||||
Balance (in Shares) | 10,590,755 | 10,590,755 | ||||
Balance at Dec. 31, 2013 | 106 | 26,187 | 3,713 | 1,347 | -204 | 31,149 |
Balance, January 1, 2013 (in Shares) at Dec. 31, 2013 | 10,590,755 | 10,590,755 | ||||
Net earnings | 3,439 | 3,439 | ||||
Other comprehensive earnings (loss) | -354 | -354 | ||||
Amortization of deferred compensation related to restricted stock | 134 | 134 | ||||
Forfeiture of non-vested shares of restricted stock (in Shares) | -5,000 | |||||
Issuance of non-vested shares of restricted stock (in Shares) | 10,000 | |||||
Issuance of non-vested shares of restricted stock | 41 | |||||
Issuance of non-vested shares of restricted stock (in Shares) | 10,000 | |||||
Balance (in Shares) | 10,595,755 | 10,595,755 | ||||
Balance at Dec. 31, 2014 | $106 | $26,321 | $7,152 | $993 | ($204) | $34,368 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $3,439 | $3,077 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 879 | 847 |
Provision for excess and obsolete inventory | 344 | 311 |
Foreign exchange loss | 44 | 4 |
Amortization of deferred compensation related to restricted stock | 134 | 128 |
(Gain) loss on sale of property and equipment | 44 | -3 |
Proceeds from sale of demonstration equipment, net of gain | 161 | 32 |
Deferred income tax expense | 318 | 307 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 610 | -233 |
Inventories | -893 | -416 |
Prepaid expenses and other current assets | -113 | -6 |
Restricted certificates of deposit | 100 | |
Other assets | -17 | -18 |
Accounts payable | 172 | 23 |
Accrued wages and benefits | -75 | 63 |
Accrued rent | 38 | 48 |
Accrued professional fees | 25 | -19 |
Accrued sales commissions | 23 | -43 |
Domestic and foreign income taxes payable | -61 | |
Other current liabilities | -43 | -332 |
Net cash provided by operating activities | 5,129 | 3,770 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | -831 | -424 |
Proceeds from sale of property and equipment | 8 | 10 |
Net cash used in investing activitites | -823 | -414 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from stock options exercised | 30 | |
Net cash provided by financing activities | 30 | |
Effects of exchange rates on cash | -198 | 56 |
Net cash provided by all activities | 4,108 | 3,442 |
Cash and cash equivalents at beginning of period | 19,018 | 15,576 |
Cash and cash equivalents at end of period | 23,126 | 19,018 |
Cash payments for: | ||
Domestic and foreign income taxes | 1,213 | 623 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Issuance of non-vested shares of restricted stock | 41 | 462 |
Forfeiture of non-vested shares of restricted stock | ($20) |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 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 as well as seasonal 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 | 12 Months Ended | ||||||||
Dec. 31, 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 (“U.S. GAAP”) 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 and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates. | |||||||||
Reclassification | |||||||||
Certain prior year amounts have been reclassified to be comparable with the current year's presentation. | |||||||||
Cash and Cash Equivalents | |||||||||
Short-term investments that have maturities of three months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates market value. Our cash balances, which are deposited with highly reputable financial institutions, at times may exceed the federally insurance limits. We have not experienced any losses related to these cash balances and believe the credit risk to be minimal. | |||||||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit to customers and generally require no collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience and the aging of such receivables, among other factors. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. There was no bad debt expense recorded in either of the years ended December 31, 2014 or 2013. Cash flows from accounts receivable are recorded in operating cash flows. | |||||||||
Fair Value of Financial Instruments | |||||||||
Our financial instruments, principally accounts receivable and accounts payable, are carried at cost which approximates fair value, due to the short maturities of the accounts. | |||||||||
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 $344 and $311 for the years ended December 31, 2014 and 2013, respectively. | |||||||||
Property and Equipment | |||||||||
Machinery and equipment are stated at cost. As further discussed below under "Goodwill, Intangible and Long-Lived Assets," machinery and equipment that has been determined to be impaired is written down to its fair value at the time of the impairment. Depreciation is based upon the estimated useful life of the assets using the straight-line method. The estimated useful lives range from one to ten years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. Total depreciation expense was $524 and $401 for the years ended December 31, 2014 and 2013, 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 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 could 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, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 12. | |||||||||
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 year ended December 31, 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 Products 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. | |||||||||
Engineering and Product Development | |||||||||
Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. | |||||||||
Foreign Currency | |||||||||
For our foreign subsidiary whose functional currency is not the U.S. dollar, assets and liabilities are translated using the exchange rate in effect at the balance sheet date. The results of operations are translated using an average exchange rate for the period. The effects of rate fluctuations in translating assets and liabilities of these international operations into U.S. dollars are included in accumulated other comprehensive earnings in stockholders' equity. Transaction gains or losses are included in net earnings. For the years ended December 31, 2014 and 2013, foreign currency transaction losses were $44 and $4, respectively. | |||||||||
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 years 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 and their respective weighted average exercise prices that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding - basic | 10,431,743 | 10,363,678 | |||||||
Potentially dilutive securities: | |||||||||
Employee stock options and unvested shares of restricted stock | 34,321 | 55,425 | |||||||
Weighted average common shares outstanding - diluted | 10,466,064 | 10,419,103 | |||||||
Average number of potentially dilutive securities excluded from calculation | 48,021 | 32,836 | |||||||
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_Intangible_and
Note 3 - Goodwill, Intangible and Long-lived Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | |||||||||||||
(3) GOODWILL, INTANGIBLE AND LONG-LIVED 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”) in January 2012. | |||||||||||||
Goodwill | |||||||||||||
All of our goodwill is allocated to our Thermal Products segment. There were no changes in the amount of the carrying value of goodwill for the year ended December 31, 2014. | |||||||||||||
Intangible Assets | |||||||||||||
The following table provides further detail about our intangible assets as of December 31, 2014 and 2013: | |||||||||||||
31-Dec-14 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 979 | $ | 501 | |||||||
Patented technology | 590 | 346 | 244 | ||||||||||
Software | 270 | 169 | 101 | ||||||||||
Trade name | 140 | 103 | 37 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,715 | 883 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,715 | $ | 1,393 | |||||||
31-Dec-13 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated Amortization | Carrying | |||||||||||
Amount | 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 finite-lived assets have any residual value. The following table provides further information about the estimated useful lives of our finite-lived intangible assets as of December 31, 2014: | |||||||||||||
Remaining | |||||||||||||
Estimated | |||||||||||||
Estimated | Useful Life at | ||||||||||||
Useful Life | Dec. 31, 2014 | ||||||||||||
- - - - (in months) - - - - | |||||||||||||
Finite-lived intangible assets resulting from the acquisition of Sigma: | |||||||||||||
Customer relationships | 72 | - | |||||||||||
Software | 120 | 45 | |||||||||||
Patented technology | 60 | - | |||||||||||
Finite-lived intangible assets resulting from the acquisition of Thermonics: | |||||||||||||
Customer relationships | 72 | 36.5 | |||||||||||
Customer backlog | 3 | - | |||||||||||
Trade name | 48 | 12.5 | |||||||||||
Patented technology | 132 | 96.5 | |||||||||||
Non-compete/non-solicitation agreement | 18 | - | |||||||||||
The following table sets forth changes in the amount of the carrying value of finite-lived intangible assets for the year ended December 31, 2014: | |||||||||||||
Balance - January 1, 2014 | $ | 1,238 | |||||||||||
Amortization | (355 | ) | |||||||||||
Balance - December 31, 2014 | $ | 883 | |||||||||||
Total amortization expense for the years ended December 31, 2014 and 2013 was $355 and $446, respectively. The following table sets forth the estimated annual amortization expense for our finite-lived intangible assets for each of the next five years: | |||||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
2018 | $ | 65 | |||||||||||
2019 | $ | 39 | |||||||||||
Impairment of Goodwill and Indefinite Life Intangible Assets | |||||||||||||
During December 2014 and 2013, we assessed our goodwill and indefinite life intangible asset for impairment in accordance with the requirements of ASC Topic 350 (Intangibles - Goodwill and Other). Our 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 discount rates used in 2014 and 2013 for the discounted cash flows were 17% and 20%, respectively. The selection of these rates was based upon our analysis of market based estimates of capital costs and discount rates. The peer companies used in the market approach operate in our market segment. 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 could have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge. | |||||||||||||
During the goodwill impairment assessment in both 2014 and 2013, we performed a Step I test to identify potential impairment, in which the fair value of the reporting unit was compared with its book value. This assessment indicated no impairment existed as the fair value of this reporting unit was determined to exceed its carrying value by 68% or $15,971 at December 31, 2014 and by 65% or $13,888 at December 31, 2013. | |||||||||||||
During the indefinite life intangible asset impairment assessment in both 2014 and 2013, we compared the fair value of our intangible asset with its carrying amount. This assessment indicated no impairment existed as the fair value of the intangible assets exceeded their carrying values in both 2014 and 2013. | |||||||||||||
Impairment of Long-Lived Assets and Finite-lived Intangible Assets | |||||||||||||
As previously noted, our long-lived assets consist of our finite-lived intangible assets and property and equipment. During both December 2014 and 2013, due to continued operating losses experienced in our Mechanical Products segment, we assessed the long-lived assets of this segment for impairment. Our assessments indicated that the property and equipment that is allocated to this segment was not impaired. During 2014 and 2013, we did not review our Thermal and Electrical Products segment's long lived assets for impairment as there were no events or changes in business circumstances that would indicate an impairment might exist. |
Note_4_Major_Customers
Note 4 - Major Customers | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | |
(4) MAJOR CUSTOMERS | |
Texas Instruments Incorporated accounted for 13% of our consolidated net revenues in both 2014 and 2013. While all three of our operating segments sold products to this customer, these revenues were primarily generated by our Mechanical Products and Electrical Products segments. Hakuto Co. Ltd. accounted for 11% of our consolidated net revenues in 2014. These revenues were generated by our Thermal Products segment. During the years ended December 31, 2014 and 2013, no other customer accounted for 10% or more of our consolidated net revenues. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | (5) INVENTORIES | ||||||||
Inventories held at December 31 were comprised of the following: | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 2,505 | $ | 2,753 | |||||
Work in process | 406 | 222 | |||||||
Inventory consigned to others | 129 | 94 | |||||||
Finished goods | 729 | 174 | |||||||
$ | 3,769 | $ | 3,243 | ||||||
Note_6_Other_Current_Liabiliti
Note 6 - Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | (6) OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities at December 31 were comprised of the following: | |||||||||
2014 | 2013 | ||||||||
Accrued warranty | $ | 118 | $ | 123 | |||||
Deferred revenue and customer deposits | 70 | 74 | |||||||
Other | 65 | 104 | |||||||
$ | 253 | $ | 301 | ||||||
Note_7_Debt
Note 7 - Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Debt Disclosure [Text Block] | (7) 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 sheets. 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. The terms of our leases also allow us to request a reduction in the amount of these letters of credit at certain points during the lease term if there have been no events of default. As of December 31, 2014, there have been no events of default. Our outstanding letters of credit at December 31, 2014 and 2013 consisted of the following: | |||||||||||||||
L/C | Lease | Letters of Credit | |||||||||||||
Amount Outstanding | |||||||||||||||
Facility | Original L/C | Expiration | Expiration | Dec. 31 | 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 | 11/8/15 | 8/23/21 | 100 | 200 | ||||||||||
$ | 350 | $ | 450 | ||||||||||||
Note_8_Equipment_Leasing
Note 8 - Equipment Leasing | 12 Months Ended |
Dec. 31, 2014 | |
Leases, Operating [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | |
(8) EQUIPMENT LEASING | |
In our Thermal Products 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. | |
The total cost of leased equipment at December 31, 2014 and 2013 was $692 and $561, respectively, and is included in Machinery and Equipment on our balance sheet. As of December 31, 2014 and 2013, accumulated depreciation for leased equipment was $167 and $138, respectively. | |
As of December 31, 2014, total minimum payments receivable under non-cancellable operating leases were $151. All of these payments will be received in 2015. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | (9) COMMITMENTS AND CONTINGENCIES | ||||
Operating Lease Commitments | |||||
We lease our offices, warehouse facilities, automobiles and certain equipment under non-cancellable operating leases which expire at various dates through 2021. Total rental expense for the years ended December 31, 2014 and 2013 was $1,307 and $1,221, respectively. Certain of our operating leases contain predetermined fixed escalations of minimum rentals and rent holidays during the original lease terms. Rent holidays are periods during which we have control of the leased facility but are not obligated to pay rent. For these leases, we recognize the related rental expense on a straight-line basis over the life of the lease, which includes any rent holiday, and record the difference between the amounts charged to operations and amounts paid as Accrued Rent on our balance sheet. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities require us to pay our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are generally included in rental expense in our statement of operations, but they are not included in the minimum rental commitments disclosed below as they are based on actual charges incurred in the periods to which they apply. | |||||
The aggregate minimum rental commitments under the non-cancellable operating leases in effect at December 31, 2014 are as follows: | |||||
2015 | $ | 1,045 | |||
2016 | 1,097 | ||||
2017 | 1,062 | ||||
2018 | 981 | ||||
2019 | 999 | ||||
Thereafter | 1,504 | ||||
$ | 6,688 | ||||
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | |||||||||
(10) INCOME TAXES | |||||||||
We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries. As of December 31, 2014 and 2013, there were no cumulative undistributed earnings of our foreign subsidiaries for which U.S. income taxes have not been provided. | |||||||||
Earnings before income taxes was as follows: | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Domestic | $ | 4,061 | $ | 3,245 | |||||
Foreign | 848 | 763 | |||||||
$ | 4,909 | $ | 4,008 | ||||||
Income tax expense (benefit) was as follows: | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current | |||||||||
Domestic -- Federal | $ | 1,073 | $ | 515 | |||||
Domestic -- state | 78 | 74 | |||||||
Foreign | 1 | 35 | |||||||
$ | 1,152 | 624 | |||||||
Deferred | |||||||||
Domestic -- Federal | 401 | 218 | |||||||
Domestic -- state | 256 | 212 | |||||||
Foreign | (339 | ) | (123 | ) | |||||
318 | 307 | ||||||||
Income tax expense | $ | 1,470 | $ | 931 | |||||
Deferred income taxes reflect the net tax effect of net operating loss and credit carryforwards as well as temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
Deferred tax assets: | 2014 | 2013 | |||||||
Depreciation of property and equipment | $ | 596 | $ | 646 | |||||
Net operating loss ("NOL") (state and foreign) | 513 | 829 | |||||||
Intangibles | 224 | 162 | |||||||
Inventories | 184 | 180 | |||||||
Accrued vacation pay and stock-based compensation | 126 | 169 | |||||||
Tax credit carryforwards (foreign, research and AMT) | 92 | 269 | |||||||
Allowance for doubtful accounts | 56 | 56 | |||||||
Acquisition costs | 34 | 37 | |||||||
Accrued warranty | 6 | 11 | |||||||
Other | 21 | 26 | |||||||
1,852 | 2,385 | ||||||||
Valuation allowance | (100 | ) | (287 | ) | |||||
Deferred tax assets | 1,752 | 2,098 | |||||||
Deferred tax liabilities: | |||||||||
Net intangible assets | (232 | ) | (260 | ) | |||||
Unremitted earnings of foreign subsidiaries | (107 | ) | (107 | ) | |||||
Deferred tax liabilities | (339 | ) | (367 | ) | |||||
Net deferred tax asset | $ | 1,413 | $ | 1,731 | |||||
The valuation allowance for deferred tax assets as of the beginning of 2014 and 2013 was $287 and $573, respectively. The net change in the valuation allowance for the years ended December 31, 2014 and 2013 were decreases of $187 and $286, respectively. In assessing the ability to realize the deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. In order to fully realize the total deferred tax assets, we will need to generate future taxable income prior to the expiration of net operating loss and credit carryforwards which expire in various years through 2034. | |||||||||
An analysis of the effective tax rate for the years ended December 31, 2014 and 2013 and a reconciliation from the expected statutory rate of 34% is as follows: | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Expected income tax provision at U.S. statutory rate | $ | 1,669 | $ | 1,363 | |||||
Increase (decrease) in tax from: | |||||||||
Changes in valuation allowance | (187 | ) | (286 | ) | |||||
Current year tax credits (foreign and research) | (179 | ) | (417 | ) | |||||
Foreign income tax rate differences | (63 | ) | (80 | ) | |||||
Deemed dividend from foreign subsidiaries | 208 | 135 | |||||||
NOL carryforwards utilized | 93 | 200 | |||||||
Domestic tax expense, net of Federal benefit | 52 | 127 | |||||||
Nondeductible expenses | 7 | 10 | |||||||
Other | (130 | ) | (121 | ) | |||||
Income tax expense | $ | 1,470 | $ | 931 | |||||
In accounting for income taxes, we follow the guidance in ASC Topic 740 (Income Taxes) regarding the recognition and measurement of uncertain tax positions in our financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. Our policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of December 31, 2014 and 2013, we did not have an accrual for uncertain tax positions. | |||||||||
We file U.S. income tax returns and multiple state and foreign income tax returns. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2011 and thereafter are subject to examination by the relevant taxing authorities. |
Note_11_Legal_Proceedings
Note 11 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | (11) LEGAL PROCEEDINGS |
From time to time we may be a party to legal proceedings occurring in the ordinary course of business. We are not currently involved in any legal proceedings the resolution of which we believe could have a material effect on our business, financial position, results of operations or long-term liquidity. |
Note_12_Stockbased_Compensatio
Note 12 - Stock-based Compensation Plan | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (12) STOCK-BASED COMPENSATION PLAN | ||||||||
As of December 31, 2014, we have unvested restricted stock awards granted under the inTEST Corporation 2007 Stock Plan (the "2007 Stock Plan"). The 2007 Stock Plan was approved at our annual meeting of stockholders held on June 13, 2007. The 2007 Stock Plan permits the granting of stock options or restricted stock, for up to 500,000 shares of our common stock, to officers, other key employees and consultants. As of December 31, 2014, 57,500 shares remain available to grant under the 2007 Stock Plan. | |||||||||
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 December 31, 2014, no stock awards have been granted under the 2014 Stock Plan. | |||||||||
We have not granted any stock options during 2014 or 2013. Our unvested restricted stock awards outstanding are accounted for based on their grant date fair value. As of December 31, 2014, total compensation expense to be recognized in future periods was $326. All of this expense is related to nonvested shares of restricted stock. The weighted average period over which this expense is expected to be recognized is 2.7 years. | |||||||||
Stock Options | |||||||||
The following table summarizes the stock option activity for the two years ended December 31, 2014: | |||||||||
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 | ||||||
Canceled | (199,000 | ) | 3.05 | ||||||
Options outstanding, December 31, 2013 (10,000 exercisable) | 10,000 | 5.66 | |||||||
Granted | - | - | |||||||
Exercised | - | - | |||||||
Canceled | (10,000 | ) | 5.66 | ||||||
Options outstanding, December 31, 2014 | - | - | |||||||
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 summarizes the compensation expense we recorded during 2014 and 2013, related to nonvested shares: | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Cost of revenues | $ | 11 | $ | 8 | |||||
Selling expense | 6 | 10 | |||||||
Engineering and product development expense | 16 | 28 | |||||||
General and administrative expense | 101 | 82 | |||||||
$ | 134 | $ | 128 | ||||||
There was no compensation expense capitalized in 2014 or 2013. The following table summarizes the activity related to nonvested shares for the two years ended December 31, 2014: | |||||||||
Weighted Average | |||||||||
Grant Date | |||||||||
Number | Fair Value | ||||||||
of Shares | |||||||||
Nonvested shares outstanding, January 1, 2013 | 108,750 | $ | 1.63 | ||||||
Granted | 127,500 | 3.62 | |||||||
Vested | (56,250 | ) | 1.7 | ||||||
Forfeited | - | - | |||||||
Nonvested shares outstanding, December 31, 2013 | 180,000 | 2.69 | |||||||
Granted | 10,000 | 4.14 | |||||||
Vested | (83,125 | ) | 2.31 | ||||||
Forfeited | (5,000 | ) | 3.97 | ||||||
Nonvested shares outstanding, December 31, 2014 | 101,875 | 2.82 | |||||||
The total fair value of the shares that vested during the years ended December 31, 2014 and 2013 was $351 and $176, respectively, as of the vesting dates of these shares. |
Note_13_Employee_Benefit_Plans
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | |
(13) 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 years ended December 31, 2014 and 2013, we recorded $317 and $320 of expense for matching contributions, respectively. |
Note_14_Segment_Information
Note 14 - Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | |||||||||
(14) 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 Corporation, 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 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 ATE 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. | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
Net revenues from unaffiliated customers: | 2014 | 2013 | |||||||
Thermal Products | $ | 23,446 | $ | 22,962 | |||||
Mechanical Products | 11,245 | 9,962 | |||||||
Electrical Products | 7,105 | 6,502 | |||||||
$ | 41,796 | $ | 39,426 | ||||||
Depreciation/amortization: | |||||||||
Thermal Products | $ | 720 | $ | 695 | |||||
Mechanical Products | 87 | 79 | |||||||
Electrical Products | 72 | 73 | |||||||
$ | 879 | $ | 847 | ||||||
Operating income (loss): | |||||||||
Thermal Products | $ | 4,740 | $ | 4,322 | |||||
Mechanical Products | (18 | ) | (784 | ) | |||||
Electrical Products | 781 | 722 | |||||||
Corporate | (587 | ) | (298 | ) | |||||
$ | 4,916 | $ | 3,962 | ||||||
Earnings (loss) before income tax expense (benefit): | |||||||||
Thermal Products | $ | 4,699 | $ | 4,327 | |||||
Mechanical Products | (5 | ) | (772 | ) | |||||
Electrical Products | 802 | 751 | |||||||
Corporate | (587 | ) | (298 | ) | |||||
$ | 4,909 | $ | 4,008 | ||||||
Income tax expense (benefit): | |||||||||
Thermal Products | $ | 1,407 | $ | 1,005 | |||||
Mechanical Products | (2 | ) | (179 | ) | |||||
Electrical Products | 240 | 174 | |||||||
Corporate | (175 | ) | (69 | ) | |||||
$ | 1,470 | $ | 931 | ||||||
Net earnings (loss): | |||||||||
Thermal Products | $ | 3,292 | $ | 3,322 | |||||
Mechanical Products | (3 | ) | (593 | ) | |||||
Electrical Products | 562 | 577 | |||||||
Corporate | (412 | ) | (229 | ) | |||||
$ | 3,439 | $ | 3,077 | ||||||
Capital expenditures: | |||||||||
Thermal Products | $ | 595 | $ | 349 | |||||
Mechanical Products | 96 | 16 | |||||||
Electrical Products | 140 | 59 | |||||||
$ | 831 | $ | 424 | ||||||
December 31, | |||||||||
Identifiable assets: | 2014 | 2013 | |||||||
Thermal Products | $ | 26,211 | $ | 23,934 | |||||
Mechanical Products | 7,801 | 7,093 | |||||||
Electrical Products | 4,726 | 4,454 | |||||||
$ | 38,738 | $ | 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. | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
Net revenues from unaffiliated customers: | 2014 | 2013 | |||||||
U.S. | $ | 14,363 | $ | 13,337 | |||||
Foreign | 27,433 | 26,089 | |||||||
$ | 41,796 | $ | 39,426 | ||||||
December 31, | |||||||||
Property and equipment: | 2014 | 2013 | |||||||
U.S. | $ | 621 | $ | 700 | |||||
Foreign | 647 | 554 | |||||||
$ | 1,268 | $ | 1,254 | ||||||
Note_15_Quarterly_Consolidated
Note 15 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Information [Text Block] | |||||||||||||||||||||
(15) QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters ended December 31, 2014. In our opinion, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of results for the full year or for any future period. | |||||||||||||||||||||
Year-over-year quarterly comparisons of our results of operations may not be as meaningful as the sequential quarterly comparisons set forth below that tend to reflect the cyclical activity of the semiconductor and ATE markets. Quarterly fluctuations in expenses are related directly to sales activity and volume and may also reflect the timing of operating expenses incurred throughout the year. | |||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/14 | 6/30/14 | 9/30/14 | 12/31/14 | Total | |||||||||||||||||
Net revenues | $ | 8,797 | $ | 12,343 | $ | 10,794 | $ | 9,862 | $ | 41,796 | |||||||||||
Gross margin | 4,185 | 6,082 | 5,168 | 5,027 | 20,462 | ||||||||||||||||
Earnings before income tax expense | 411 | 2,054 | 1,268 | 1,176 | 4,909 | ||||||||||||||||
Income tax expense | 125 | 697 | 431 | 217 | 1,470 | ||||||||||||||||
Net earnings | 286 | 1,357 | 837 | 959 | 3,439 | ||||||||||||||||
Net earnings per common share - basic | $ | 0.03 | $ | 0.13 | $ | 0.08 | $ | 0.09 | $ | 0.33 | |||||||||||
Weighted average common shares outstanding - basic | 10,393,956 | 10,436,730 | 10,440,803 | 10,454,716 | 10,431,743 | ||||||||||||||||
Net earnings per common share - diluted | $ | 0.03 | $ | 0.13 | $ | 0.08 | $ | 0.09 | $ | 0.33 | |||||||||||
Weighted average common shares outstanding - diluted | 10,448,911 | 10,456,183 | 10,477,814 | 10,480,867 | 10,466,064 | ||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | Total | |||||||||||||||||
Net revenues | $ | 8,973 | $ | 11,218 | $ | 9,900 | $ | 9,335 | $ | 39,426 | |||||||||||
Gross margin | 4,105 | 5,465 | 4,756 | 4,689 | 19,015 | ||||||||||||||||
Earnings before income tax expense | 370 | 1,487 | 1,114 | 1,037 | 4,008 | ||||||||||||||||
Income tax expense | 78 | 484 | 24 | 345 | 931 | ||||||||||||||||
Net earnings | 292 | 1,003 | 1,090 | 692 | 3,077 | ||||||||||||||||
Net earnings per common share - basic | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - basic | 10,327,428 | 10,371,716 | 10,377,189 | 10,377,678 | 10,363,678 | ||||||||||||||||
Net earnings per common share - diluted | $ | 0.03 | $ | 0.1 | $ | 0.1 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - diluted | 10,366,312 | 10,394,094 | 10,404,095 | 10,435,096 | 10,419,103 | ||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 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 (“U.S. GAAP”) 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 and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates. | |||||||||
Reclassification, Policy [Policy Text Block] | Reclassification | ||||||||
Certain prior year amounts have been reclassified to be comparable with the current year's presentation. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||
Short-term investments that have maturities of three months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates market value. Our cash balances, which are deposited with highly reputable financial institutions, at times may exceed the federally insurance limits. We have not experienced any losses related to these cash balances and believe the credit risk to be minimal. | |||||||||
Receivables, Policy [Policy Text Block] | Trade Accounts Receivable and Allowance for Doubtful Accounts | ||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit to customers and generally require no collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience and the aging of such receivables, among other factors. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. There was no bad debt expense recorded in either of the years ended December 31, 2014 or 2013. Cash flows from accounts receivable are recorded in operating cash flows. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments | ||||||||
Our financial instruments, principally accounts receivable and accounts payable, are carried at cost which approximates fair value, due to the short maturities of the accounts. | |||||||||
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 $344 and $311 for the years ended December 31, 2014 and 2013, respectively. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||
Machinery and equipment are stated at cost. As further discussed below under "Goodwill, Intangible and Long-Lived Assets," machinery and equipment that has been determined to be impaired is written down to its fair value at the time of the impairment. Depreciation is based upon the estimated useful life of the assets using the straight-line method. The estimated useful lives range from one to ten years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. Total depreciation expense was $524 and $401 for the years ended December 31, 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") 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 could 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, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 12. | |||||||||
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 year ended December 31, 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 Products 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. | |||||||||
Research and Development Expense, Policy [Policy Text Block] | Engineering and Product Development | ||||||||
Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency | ||||||||
For our foreign subsidiary whose functional currency is not the U.S. dollar, assets and liabilities are translated using the exchange rate in effect at the balance sheet date. The results of operations are translated using an average exchange rate for the period. The effects of rate fluctuations in translating assets and liabilities of these international operations into U.S. dollars are included in accumulated other comprehensive earnings in stockholders' equity. Transaction gains or losses are included in net earnings. For the years ended December 31, 2014 and 2013, foreign currency transaction losses were $44 and $4, respectively. | |||||||||
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 years 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 and their respective weighted average exercise prices that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding - basic | 10,431,743 | 10,363,678 | |||||||
Potentially dilutive securities: | |||||||||
Employee stock options and unvested shares of restricted stock | 34,321 | 55,425 | |||||||
Weighted average common shares outstanding - diluted | 10,466,064 | 10,419,103 | |||||||
Average number of potentially dilutive securities excluded from calculation | 48,021 | 32,836 | |||||||
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) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding - basic | 10,431,743 | 10,363,678 | |||||||
Potentially dilutive securities: | |||||||||
Employee stock options and unvested shares of restricted stock | 34,321 | 55,425 | |||||||
Weighted average common shares outstanding - diluted | 10,466,064 | 10,419,103 | |||||||
Average number of potentially dilutive securities excluded from calculation | 48,021 | 32,836 |
Note_3_Goodwill_Intangible_and1
Note 3 - Goodwill, Intangible and Long-lived Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Note 3 - Goodwill, Intangible and Long-lived Assets (Tables) [Line Items] | |||||||||||||
Schedule of Intangible Assets [Table Text Block] | 31-Dec-14 | ||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 979 | $ | 501 | |||||||
Patented technology | 590 | 346 | 244 | ||||||||||
Software | 270 | 169 | 101 | ||||||||||
Trade name | 140 | 103 | 37 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,715 | 883 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,715 | $ | 1,393 | |||||||
31-Dec-13 | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated Amortization | Carrying | |||||||||||
Amount | 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 [Table Text Block] | Remaining | ||||||||||||
Estimated | |||||||||||||
Estimated | Useful Life at | ||||||||||||
Useful Life | Dec. 31, 2014 | ||||||||||||
- - - - (in months) - - - - | |||||||||||||
Finite-lived intangible assets resulting from the acquisition of Sigma: | |||||||||||||
Customer relationships | 72 | - | |||||||||||
Software | 120 | 45 | |||||||||||
Patented technology | 60 | - | |||||||||||
Finite-lived intangible assets resulting from the acquisition of Thermonics: | |||||||||||||
Customer relationships | 72 | 36.5 | |||||||||||
Customer backlog | 3 | - | |||||||||||
Trade name | 48 | 12.5 | |||||||||||
Patented technology | 132 | 96.5 | |||||||||||
Non-compete/non-solicitation agreement | 18 | - | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | $ | 289 | ||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
2018 | $ | 65 | |||||||||||
2019 | $ | 39 | |||||||||||
Carrying Value Changes [Member] | |||||||||||||
Note 3 - Goodwill, Intangible and Long-lived Assets (Tables) [Line Items] | |||||||||||||
Schedule of Intangible Assets [Table Text Block] | Balance - January 1, 2014 | $ | 1,238 | ||||||||||
Amortization | (355 | ) | |||||||||||
Balance - December 31, 2014 | $ | 883 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 2014 | 2013 | |||||||
Raw materials | $ | 2,505 | $ | 2,753 | |||||
Work in process | 406 | 222 | |||||||
Inventory consigned to others | 129 | 94 | |||||||
Finished goods | 729 | 174 | |||||||
$ | 3,769 | $ | 3,243 |
Note_6_Other_Current_Liabiliti1
Note 6 - Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Current Liabilities [Table Text Block] | 2014 | 2013 | |||||||
Accrued warranty | $ | 118 | $ | 123 | |||||
Deferred revenue and customer deposits | 70 | 74 | |||||||
Other | 65 | 104 | |||||||
$ | 253 | $ | 301 |
Note_7_Debt_Tables
Note 7 - Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
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 | Dec. 31 | 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 | 11/8/15 | 8/23/21 | 100 | 200 | ||||||||||
$ | 350 | $ | 450 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 | $ | 1,045 | ||
2016 | 1,097 | ||||
2017 | 1,062 | ||||
2018 | 981 | ||||
2019 | 999 | ||||
Thereafter | 1,504 | ||||
$ | 6,688 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Domestic | $ | 4,061 | $ | 3,245 | |||||
Foreign | 848 | 763 | |||||||
$ | 4,909 | $ | 4,008 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current | |||||||||
Domestic -- Federal | $ | 1,073 | $ | 515 | |||||
Domestic -- state | 78 | 74 | |||||||
Foreign | 1 | 35 | |||||||
$ | 1,152 | 624 | |||||||
Deferred | |||||||||
Domestic -- Federal | 401 | 218 | |||||||
Domestic -- state | 256 | 212 | |||||||
Foreign | (339 | ) | (123 | ) | |||||
318 | 307 | ||||||||
Income tax expense | $ | 1,470 | $ | 931 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||
Deferred tax assets: | 2014 | 2013 | |||||||
Depreciation of property and equipment | $ | 596 | $ | 646 | |||||
Net operating loss ("NOL") (state and foreign) | 513 | 829 | |||||||
Intangibles | 224 | 162 | |||||||
Inventories | 184 | 180 | |||||||
Accrued vacation pay and stock-based compensation | 126 | 169 | |||||||
Tax credit carryforwards (foreign, research and AMT) | 92 | 269 | |||||||
Allowance for doubtful accounts | 56 | 56 | |||||||
Acquisition costs | 34 | 37 | |||||||
Accrued warranty | 6 | 11 | |||||||
Other | 21 | 26 | |||||||
1,852 | 2,385 | ||||||||
Valuation allowance | (100 | ) | (287 | ) | |||||
Deferred tax assets | 1,752 | 2,098 | |||||||
Deferred tax liabilities: | |||||||||
Net intangible assets | (232 | ) | (260 | ) | |||||
Unremitted earnings of foreign subsidiaries | (107 | ) | (107 | ) | |||||
Deferred tax liabilities | (339 | ) | (367 | ) | |||||
Net deferred tax asset | $ | 1,413 | $ | 1,731 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Expected income tax provision at U.S. statutory rate | $ | 1,669 | $ | 1,363 | |||||
Increase (decrease) in tax from: | |||||||||
Changes in valuation allowance | (187 | ) | (286 | ) | |||||
Current year tax credits (foreign and research) | (179 | ) | (417 | ) | |||||
Foreign income tax rate differences | (63 | ) | (80 | ) | |||||
Deemed dividend from foreign subsidiaries | 208 | 135 | |||||||
NOL carryforwards utilized | 93 | 200 | |||||||
Domestic tax expense, net of Federal benefit | 52 | 127 | |||||||
Nondeductible expenses | 7 | 10 | |||||||
Other | (130 | ) | (121 | ) | |||||
Income tax expense | $ | 1,470 | $ | 931 |
Note_12_Stockbased_Compensatio1
Note 12 - Stock-based Compensation Plan (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
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 | ||||||
Canceled | (199,000 | ) | 3.05 | ||||||
Options outstanding, December 31, 2013 (10,000 exercisable) | 10,000 | 5.66 | |||||||
Granted | - | - | |||||||
Exercised | - | - | |||||||
Canceled | (10,000 | ) | 5.66 | ||||||
Options outstanding, December 31, 2014 | - | - | |||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years Ended | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Cost of revenues | $ | 11 | $ | 8 | |||||
Selling expense | 6 | 10 | |||||||
Engineering and product development expense | 16 | 28 | |||||||
General and administrative expense | 101 | 82 | |||||||
$ | 134 | $ | 128 | ||||||
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average | ||||||||
Grant Date | |||||||||
Number | Fair Value | ||||||||
of Shares | |||||||||
Nonvested shares outstanding, January 1, 2013 | 108,750 | $ | 1.63 | ||||||
Granted | 127,500 | 3.62 | |||||||
Vested | (56,250 | ) | 1.7 | ||||||
Forfeited | - | - | |||||||
Nonvested shares outstanding, December 31, 2013 | 180,000 | 2.69 | |||||||
Granted | 10,000 | 4.14 | |||||||
Vested | (83,125 | ) | 2.31 | ||||||
Forfeited | (5,000 | ) | 3.97 | ||||||
Nonvested shares outstanding, December 31, 2014 | 101,875 | 2.82 |
Note_14_Segment_Information_Ta
Note 14 - Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Note 14 - Segment Information (Tables) [Line Items] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended | ||||||||
December 31, | |||||||||
Net revenues from unaffiliated customers: | 2014 | 2013 | |||||||
Thermal Products | $ | 23,446 | $ | 22,962 | |||||
Mechanical Products | 11,245 | 9,962 | |||||||
Electrical Products | 7,105 | 6,502 | |||||||
$ | 41,796 | $ | 39,426 | ||||||
Depreciation/amortization: | |||||||||
Thermal Products | $ | 720 | $ | 695 | |||||
Mechanical Products | 87 | 79 | |||||||
Electrical Products | 72 | 73 | |||||||
$ | 879 | $ | 847 | ||||||
Operating income (loss): | |||||||||
Thermal Products | $ | 4,740 | $ | 4,322 | |||||
Mechanical Products | (18 | ) | (784 | ) | |||||
Electrical Products | 781 | 722 | |||||||
Corporate | (587 | ) | (298 | ) | |||||
$ | 4,916 | $ | 3,962 | ||||||
Earnings (loss) before income tax expense (benefit): | |||||||||
Thermal Products | $ | 4,699 | $ | 4,327 | |||||
Mechanical Products | (5 | ) | (772 | ) | |||||
Electrical Products | 802 | 751 | |||||||
Corporate | (587 | ) | (298 | ) | |||||
$ | 4,909 | $ | 4,008 | ||||||
Income tax expense (benefit): | |||||||||
Thermal Products | $ | 1,407 | $ | 1,005 | |||||
Mechanical Products | (2 | ) | (179 | ) | |||||
Electrical Products | 240 | 174 | |||||||
Corporate | (175 | ) | (69 | ) | |||||
$ | 1,470 | $ | 931 | ||||||
Net earnings (loss): | |||||||||
Thermal Products | $ | 3,292 | $ | 3,322 | |||||
Mechanical Products | (3 | ) | (593 | ) | |||||
Electrical Products | 562 | 577 | |||||||
Corporate | (412 | ) | (229 | ) | |||||
$ | 3,439 | $ | 3,077 | ||||||
Capital expenditures: | |||||||||
Thermal Products | $ | 595 | $ | 349 | |||||
Mechanical Products | 96 | 16 | |||||||
Electrical Products | 140 | 59 | |||||||
$ | 831 | $ | 424 | ||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended | ||||||||
December 31, | |||||||||
Net revenues from unaffiliated customers: | 2014 | 2013 | |||||||
U.S. | $ | 14,363 | $ | 13,337 | |||||
Foreign | 27,433 | 26,089 | |||||||
$ | 41,796 | $ | 39,426 | ||||||
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, | ||||||||
Property and equipment: | 2014 | 2013 | |||||||
U.S. | $ | 621 | $ | 700 | |||||
Foreign | 647 | 554 | |||||||
$ | 1,268 | $ | 1,254 | ||||||
Asset [Member] | |||||||||
Note 14 - Segment Information (Tables) [Line Items] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, | ||||||||
Identifiable assets: | 2014 | 2013 | |||||||
Thermal Products | $ | 26,211 | $ | 23,934 | |||||
Mechanical Products | 7,801 | 7,093 | |||||||
Electrical Products | 4,726 | 4,454 | |||||||
$ | 38,738 | $ | 35,481 |
Note_15_Quarterly_Consolidated1
Note 15 - Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Quarters Ended | ||||||||||||||||||||
3/31/14 | 6/30/14 | 9/30/14 | 12/31/14 | Total | |||||||||||||||||
Net revenues | $ | 8,797 | $ | 12,343 | $ | 10,794 | $ | 9,862 | $ | 41,796 | |||||||||||
Gross margin | 4,185 | 6,082 | 5,168 | 5,027 | 20,462 | ||||||||||||||||
Earnings before income tax expense | 411 | 2,054 | 1,268 | 1,176 | 4,909 | ||||||||||||||||
Income tax expense | 125 | 697 | 431 | 217 | 1,470 | ||||||||||||||||
Net earnings | 286 | 1,357 | 837 | 959 | 3,439 | ||||||||||||||||
Net earnings per common share - basic | $ | 0.03 | $ | 0.13 | $ | 0.08 | $ | 0.09 | $ | 0.33 | |||||||||||
Weighted average common shares outstanding - basic | 10,393,956 | 10,436,730 | 10,440,803 | 10,454,716 | 10,431,743 | ||||||||||||||||
Net earnings per common share - diluted | $ | 0.03 | $ | 0.13 | $ | 0.08 | $ | 0.09 | $ | 0.33 | |||||||||||
Weighted average common shares outstanding - diluted | 10,448,911 | 10,456,183 | 10,477,814 | 10,480,867 | 10,466,064 | ||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | Total | |||||||||||||||||
Net revenues | $ | 8,973 | $ | 11,218 | $ | 9,900 | $ | 9,335 | $ | 39,426 | |||||||||||
Gross margin | 4,105 | 5,465 | 4,756 | 4,689 | 19,015 | ||||||||||||||||
Earnings before income tax expense | 370 | 1,487 | 1,114 | 1,037 | 4,008 | ||||||||||||||||
Income tax expense | 78 | 484 | 24 | 345 | 931 | ||||||||||||||||
Net earnings | 292 | 1,003 | 1,090 | 692 | 3,077 | ||||||||||||||||
Net earnings per common share - basic | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - basic | 10,327,428 | 10,371,716 | 10,377,189 | 10,377,678 | 10,363,678 | ||||||||||||||||
Net earnings per common share - diluted | $ | 0.03 | $ | 0.1 | $ | 0.1 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - diluted | 10,366,312 | 10,394,094 | 10,404,095 | 10,435,096 | 10,419,103 |
Note_1_Nature_of_Operations_De
Note 1 - Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Provision for Doubtful Accounts | $0 | $0 |
Inventory Write-down | 344 | 311 |
Depreciation | 524 | 401 |
Foreign Currency Transaction Gain (Loss), before Tax | ($44) | ($4) |
Thermal Products and Mechanical Products [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Equipment Leased to Customers, Initial Term | 6 months | |
Minimum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | one | |
Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | ten |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Weighted Average Common Shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Common Shares [Abstract] | ||||||||||
Weighted average common shares outstanding - basic | 10,454,716 | 10,440,803 | 10,436,730 | 10,393,956 | 10,377,678 | 10,377,189 | 10,371,716 | 10,327,428 | 10,431,743 | 10,363,678 |
Employee stock options and unvested shares of restricted stock | 34,321 | 55,425 | ||||||||
Weighted average common shares outstanding - diluted | 10,480,867 | 10,477,814 | 10,456,183 | 10,448,911 | 10,435,096 | 10,404,095 | 10,394,094 | 10,366,312 | 10,466,064 | 10,419,103 |
Average number of potentially dilutive securities excluded from calculation | 48,021 | 32,836 |
Note_3_Goodwill_Intangible_and2
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Period Increase (Decrease) | $0 | |
Amortization of Intangible Assets | 355,000 | 446,000 |
Fair Value Inputs, Discount Rate | 17.00% | 20.00% |
Percent by which Goodwill Exceeds Fair Value | 68.00% | 65.00% |
Amount by which Goodwill Exceeds Fair Value | $15,971,000 | $13,888,000 |
Note_3_Goodwill_Intangible_and3
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | $2,598 | $2,598 |
Accumulated Amortization | 1,715 | 1,360 |
Net Carrying Amount | 883 | 1,238 |
Gross Carrying Amount | 3,108 | 3,108 |
Accumulated Amortization | 1,715 | 1,360 |
Net Carrying Amount | 1,393 | 1,748 |
Trademarks [Member] | ||
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | 510 | 510 |
Net Carrying Amount | 510 | 510 |
Customer Relationships [Member] | ||
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,480 | 1,480 |
Accumulated Amortization | 979 | 725 |
Net Carrying Amount | 501 | 755 |
Accumulated Amortization | 979 | 725 |
Patented Technology [Member] | ||
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | 590 | 590 |
Accumulated Amortization | 346 | 307 |
Net Carrying Amount | 244 | 283 |
Accumulated Amortization | 346 | 307 |
Computer Software, Intangible Asset [Member] | ||
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | 270 | 270 |
Accumulated Amortization | 169 | 142 |
Net Carrying Amount | 101 | 128 |
Accumulated Amortization | 169 | 142 |
Trade Names [Member] | ||
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | 140 | 140 |
Accumulated Amortization | 103 | 68 |
Net Carrying Amount | 37 | 72 |
Accumulated Amortization | 103 | 68 |
Order or Production Backlog [Member] | ||
Note 3 - Goodwill, Intangible and Long-lived 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, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48 | 48 |
Accumulated Amortization | 48 | 48 |
Accumulated Amortization | $48 | $48 |
Note_3_Goodwill_Intangible_and4
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Estimated Useful Lives of Finite Lived Intangible Assets | 12 Months Ended |
Dec. 31, 2014 | |
Customer Relationships [Member] | Sigma [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 72 months |
Customer Relationships [Member] | Thermonics [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 72 months |
Remaining estimated life | 36 months 15 days |
Computer Software, Intangible Asset [Member] | Sigma [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 120 months |
Remaining estimated life | 45 months |
Patented Technology [Member] | Sigma [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 60 months |
Patented Technology [Member] | Thermonics [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 132 months |
Remaining estimated life | 96 months 15 days |
Order or Production Backlog [Member] | Thermonics [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 3 months |
Trade Names [Member] | Thermonics [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 48 months |
Remaining estimated life | 12 months 15 days |
Noncompete Agreements [Member] | Thermonics [Member] | |
Finite-lived intangible assets resulting from the acquisition of Sigma: | |
Estimated life | 18 months |
Note_3_Goodwill_Intangible_and5
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Changes in the Amount of the Carrying Value of Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in the Amount of the Carrying Value of Intangible Assets [Abstract] | ||
Balance - January 1, 2014 | $1,238 | |
Amortization | -355 | -446 |
Balance - December 31, 2014 | $883 | $1,238 |
Note_3_Goodwill_Intangible_and6
Note 3 - Goodwill, Intangible and Long-lived Assets (Details) - Future Amortization Expense (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Amortization Expense [Abstract] | |
2015 | $289 |
2016 | 229 |
2017 | 212 |
2018 | 65 |
2019 | $39 |
Note_4_Major_Customers_Details
Note 4 - Major Customers (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 4 - Major Customers (Details) [Line Items] | ||
Number of Operating Segments | 3 | |
Texas Instruments Incorporated [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Note 4 - Major Customers (Details) [Line Items] | ||
Concentration Risk, Percentage | 13.00% | 13.00% |
Hakuto Co., Ltd. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Note 4 - Major Customers (Details) [Line Items] | ||
Concentration Risk, Percentage | 11.00% |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $2,505 | $2,753 |
Work in process | 406 | 222 |
Inventory consigned to others | 129 | 94 |
Finished goods | 729 | 174 |
$3,769 | $3,243 |
Note_6_Other_Current_Liabiliti2
Note 6 - Other Current Liabilities (Details) - Other Current Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ||
Accrued warranty | $118 | $123 |
Deferred revenue and customer deposits | 70 | 74 |
Other | 65 | 104 |
$253 | $301 |
Note_7_Debt_Details_Outstandin
Note 7 - Debt (Details) - Outstanding Letters of Credit (Letter of Credit [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 7 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ||
Letters of Credit Amount Outstanding | $350 | $450 |
Mt. Laurel [Member] | ||
Note 7 - 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 7 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ||
Original L/C Issue Date | 27-Oct-10 | |
L/C Expiration Date | 8-Nov-15 | |
Lease Expiration Date | 23-Aug-21 | |
Letters of Credit Amount Outstanding | $100 | $200 |
Note_8_Equipment_Leasing_Detai
Note 8 - Equipment Leasing (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 8 - Equipment Leasing (Details) [Line Items] | ||
Machinery and Equipment, Gross | 4,322 | $4,190 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 3,647 | 3,530 |
Equipment Leased to Other Party [Member] | ||
Note 8 - Equipment Leasing (Details) [Line Items] | ||
Machinery and Equipment, Gross | 692 | 561 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 167 | 138 |
Operating Leases, Future Minimum Payments Receivable, Current | 151 | |
Thermal Products and Mechanical Products [Member] | ||
Note 8 - Equipment Leasing (Details) [Line Items] | ||
Equipment Leased to Customers, Initial Term | 6 months |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases, Rent Expense | $1,307 | $1,221 |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Minimum Rental Commitments Under Noncancellable Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum Rental Commitments Under Noncancellable Operating Leases [Abstract] | |
2015 | $1,045 |
2016 | 1,097 |
2017 | 1,062 |
2018 | 981 |
2019 | 999 |
Thereafter | 1,504 |
$6,688 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $0 | $0 | |
Deferred Tax Assets, Valuation Allowance | 100,000 | 287,000 | 573,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -187,000 | -286,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |
Liability for Uncertain Tax Positions, Current | $0 | $0 |
Note_10_Income_Taxes_Details_E
Note 10 - Income Taxes (Details) - Earnings Before Income Taxes (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Before Income Taxes [Abstract] | ||||||||||
Domestic | $4,061 | $3,245 | ||||||||
Foreign | 848 | 763 | ||||||||
$1,176 | $1,268 | $2,054 | $411 | $1,037 | $1,114 | $1,487 | $370 | $4,909 | $4,008 |
Note_10_Income_Taxes_Details_I
Note 10 - Income Taxes (Details) - Income Tax Expense (Benefit) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Current | ||||||||||
Domestic -- Federal | $1,073 | $515 | ||||||||
Domestic -- state | 78 | 74 | ||||||||
Foreign | 1 | 35 | ||||||||
1,152 | 624 | |||||||||
Deferred | ||||||||||
Domestic -- Federal | 401 | 218 | ||||||||
Domestic -- state | 256 | 212 | ||||||||
Foreign | -339 | -123 | ||||||||
318 | 307 | |||||||||
Income tax expense | $217 | $431 | $697 | $125 | $345 | $24 | $484 | $78 | $1,470 | $931 |
Note_10_Income_Taxes_Details_D
Note 10 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred Tax Assets and Liabilities [Abstract] | |||
Depreciation of property and equipment | $596 | $646 | |
Net operating loss ("NOL") (state and foreign) | 513 | 829 | |
Intangibles | 224 | 162 | |
Inventories | 184 | 180 | |
Accrued vacation pay and stock-based compensation | 126 | 169 | |
Tax credit carryforwards (foreign, research and AMT) | 92 | 269 | |
Allowance for doubtful accounts | 56 | 56 | |
Acquisition costs | 34 | 37 | |
Accrued warranty | 6 | 11 | |
Other | 21 | 26 | |
1,852 | 2,385 | ||
Valuation allowance | -100 | -287 | -573 |
Deferred tax assets | 1,752 | 2,098 | |
Deferred tax liabilities: | |||
Net intangible assets | -232 | -260 | |
Unremitted earnings of foreign subsidiaries | -107 | -107 | |
Deferred tax liabilities | -339 | -367 | |
Net deferred tax asset | $1,413 | $1,731 |
Note_10_Income_Taxes_Details_E1
Note 10 - Income Taxes (Details) - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate [Abstract] | ||||||||||
Expected income tax provision at U.S. statutory rate | $1,669 | $1,363 | ||||||||
Increase (decrease) in tax from: | ||||||||||
Changes in valuation allowance | -187 | -286 | ||||||||
Current year tax credits (foreign and research) | -179 | -417 | ||||||||
Foreign income tax rate differences | -63 | -80 | ||||||||
Deemed dividend from foreign subsidiaries | 208 | 135 | ||||||||
NOL carryforwards utilized | 93 | 200 | ||||||||
Domestic tax expense, net of Federal benefit | 52 | 127 | ||||||||
Nondeductible expenses | 7 | 10 | ||||||||
Other | -130 | -121 | ||||||||
Income tax expense | $217 | $431 | $697 | $125 | $345 | $24 | $484 | $78 | $1,470 | $931 |
Note_12_Stockbased_Compensatio2
Note 12 - Stock-based Compensation Plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Stock-based Compensation Plan (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Restricted Stock [Member] | ||
Note 12 - Stock-based Compensation Plan (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 326,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount (in Dollars) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | 351,000 | 176,000 |
Stock Plan 2007 [Member] | ||
Note 12 - Stock-based Compensation Plan (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 57,500 | |
Stock Plan 2014 [Member] | ||
Note 12 - Stock-based Compensation Plan (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Note_12_Stockbased_Compensatio3
Note 12 - Stock-based Compensation Plan (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Activity [Abstract] | ||
Options outstanding, January 1, 2013 (219,000 exercisable) | 10,000 | 219,000 |
Options outstanding, January 1, 2013 (219,000 exercisable) | $5.66 | $3.17 |
Options Outstanding Balance - Number of Shares | 0 | 10,000 |
Options Outstanding Balance - Weighted Average Exercise Price | $0 | $5.66 |
Options granted - Number of shares | 0 | 0 |
Options granted - Weighted average exercise price | $0 | |
Options exercised - Number of shares | -10,000 | |
Options exercised - Weighted average exercise price | $3.04 | |
Options Cancelled - Number of Shares | -10,000 | -199,000 |
Options Cancelled - Weighted Average Exercise Price | $5.66 | $3.05 |
Note_12_Stockbased_Compensatio4
Note 12 - Stock-based Compensation Plan (Details) - Stock Option Activity (Parentheticals) | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option Activity [Abstract] | ||
Options exercisable - Number of Shares | 10,000 | 219,000 |
Options exercisable - Number of Shares | 10,000 | 219,000 |
Note_12_Stockbased_Compensatio5
Note 12 - Stock-based Compensation Plan (Details) - Allocation of Share-Based Compensation Expense (Restricted Stock [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-Based Compensation Expense | $134 | $128 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-Based Compensation Expense | 11 | 8 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-Based Compensation Expense | 6 | 10 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-Based Compensation Expense | 16 | 28 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-Based Compensation Expense | $101 | $82 |
Note_12_Stockbased_Compensatio6
Note 12 - Stock-based Compensation Plan (Details) - Nonvested Shares (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||
Note 12 - Stock-based Compensation Plan (Details) - Nonvested Shares [Line Items] | ||
Nonvested shares outstanding, January 1, 2013 | 180,000 | 108,750 |
Nonvested shares outstanding, January 1, 2013 | $2.69 | $1.63 |
Nonvested shares outstanding - Number of Shares | 101,875 | 180,000 |
Nonvested shares outstanding - Weighted Average Grant Date Fair Value | $2.82 | $2.69 |
Shares Granted - Number of Shares | 10,000 | 127,500 |
Shares Granted - Weighted Average Grant Date Fair Value | $4.14 | $3.62 |
Shares Vested - Number of Shares | -83,125 | -56,250 |
Shares Vested - Weighted Average Grant Date Fair Value | $2.31 | $1.70 |
Shares Forfeited - Number of Shares | -5,000 | |
Shares Forfeited - Weighted Average Grant Date Fair Value | $3.97 |
Note_13_Employee_Benefit_Plans1
Note 13 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | |
Defined Contribution Plan, Maximum Annual Employer Matching Contribution per Emplyee, Amount | $5 | |
Defined Contribution Plan Employer Matching Contribution Vesting Period | 4 years | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $317 | $320 |
Note_14_Segment_Information_De
Note 14 - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Note_14_Segment_Information_De1
Note 14 - Segment Information (Details) - Segment Information (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||||||||
Net revenues from unaffiliated customers | $9,862 | $10,794 | $12,343 | $8,797 | $9,335 | $9,900 | $11,218 | $8,973 | $41,796 | $39,426 |
Depreciation/amortization | 879 | 847 | ||||||||
Operating Income (loss) | 4,916 | 3,962 | ||||||||
Earnings (loss) before income tax expense (benefit) | 1,176 | 1,268 | 2,054 | 411 | 1,037 | 1,114 | 1,487 | 370 | 4,909 | 4,008 |
Income tax expense (benefit) | 217 | 431 | 697 | 125 | 345 | 24 | 484 | 78 | 1,470 | 931 |
Net earnings (loss) | 959 | 837 | 1,357 | 286 | 692 | 1,090 | 1,003 | 292 | 3,439 | 3,077 |
Capital expenditures | 831 | 424 | ||||||||
Thermal Products [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net revenues from unaffiliated customers | 23,446 | 22,962 | ||||||||
Depreciation/amortization | 720 | 695 | ||||||||
Operating Income (loss) | 4,740 | 4,322 | ||||||||
Earnings (loss) before income tax expense (benefit) | 4,699 | 4,327 | ||||||||
Income tax expense (benefit) | 1,407 | 1,005 | ||||||||
Net earnings (loss) | 3,292 | 3,322 | ||||||||
Capital expenditures | 595 | 349 | ||||||||
Mechanical Products [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net revenues from unaffiliated customers | 11,245 | 9,962 | ||||||||
Depreciation/amortization | 87 | 79 | ||||||||
Operating Income (loss) | -18 | -784 | ||||||||
Earnings (loss) before income tax expense (benefit) | -5 | -772 | ||||||||
Income tax expense (benefit) | -2 | -179 | ||||||||
Net earnings (loss) | -3 | -593 | ||||||||
Capital expenditures | 96 | 16 | ||||||||
Electrical Products [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net revenues from unaffiliated customers | 7,105 | 6,502 | ||||||||
Depreciation/amortization | 72 | 73 | ||||||||
Operating Income (loss) | 781 | 722 | ||||||||
Earnings (loss) before income tax expense (benefit) | 802 | 751 | ||||||||
Income tax expense (benefit) | 240 | 174 | ||||||||
Net earnings (loss) | 562 | 577 | ||||||||
Capital expenditures | 140 | 59 | ||||||||
Corporate Segment [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Operating Income (loss) | -587 | -298 | ||||||||
Earnings (loss) before income tax expense (benefit) | -587 | -298 | ||||||||
Income tax expense (benefit) | -175 | -69 | ||||||||
Net earnings (loss) | ($412) | ($229) |
Note_14_Segment_Information_De2
Note 14 - Segment Information (Details) - Identifiable Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $38,738 | $35,481 |
Thermal Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 26,211 | 23,934 |
Mechanical Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 7,801 | 7,093 |
Electrical Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $4,726 | $4,454 |
Note_14_Segment_Information_De3
Note 14 - Segment Information (Details) - Net Revenue from Unaffiliated Customers (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 14 - Segment Information (Details) - Net Revenue from Unaffiliated Customers [Line Items] | ||||||||||
Revenues | $9,862 | $10,794 | $12,343 | $8,797 | $9,335 | $9,900 | $11,218 | $8,973 | $41,796 | $39,426 |
UNITED STATES | ||||||||||
Note 14 - Segment Information (Details) - Net Revenue from Unaffiliated Customers [Line Items] | ||||||||||
Revenues | 14,363 | 13,337 | ||||||||
Foreign [Member] | ||||||||||
Note 14 - Segment Information (Details) - Net Revenue from Unaffiliated Customers [Line Items] | ||||||||||
Revenues | $27,433 | $26,089 |
Note_14_Segment_Information_De4
Note 14 - Segment Information (Details) - Long-lived Assets by Geographical Area (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 14 - Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items] | ||
Long-lived assets | $1,268 | $1,254 |
UNITED STATES | ||
Note 14 - Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items] | ||
Long-lived assets | 621 | 700 |
Foreign [Member] | ||
Note 14 - Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items] | ||
Long-lived assets | $647 | $554 |
Note_15_Quarterly_Consolidated2
Note 15 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Consolidated Financial Data [Abstract] | ||||||||||
Net revenues | $9,862 | $10,794 | $12,343 | $8,797 | $9,335 | $9,900 | $11,218 | $8,973 | $41,796 | $39,426 |
Gross margin | 5,027 | 5,168 | 6,082 | 4,185 | 4,689 | 4,756 | 5,465 | 4,105 | 20,462 | 19,015 |
Earnings before income tax expense | 1,176 | 1,268 | 2,054 | 411 | 1,037 | 1,114 | 1,487 | 370 | 4,909 | 4,008 |
Income tax expense | 217 | 431 | 697 | 125 | 345 | 24 | 484 | 78 | 1,470 | 931 |
Net earnings | $959 | $837 | $1,357 | $286 | $692 | $1,090 | $1,003 | $292 | $3,439 | $3,077 |
Net earnings per common share - basic (in Dollars per share) | $0.09 | $0.08 | $0.13 | $0.03 | $0.07 | $0.11 | $0.10 | $0.03 | $0.33 | $0.30 |
Weighted average common shares outstanding - basic (in Shares) | 10,454,716 | 10,440,803 | 10,436,730 | 10,393,956 | 10,377,678 | 10,377,189 | 10,371,716 | 10,327,428 | 10,431,743 | 10,363,678 |
Net earnings per common share - diluted (in Dollars per share) | $0.09 | $0.08 | $0.13 | $0.03 | $0.07 | $0.10 | $0.10 | $0.03 | $0.33 | $0.30 |
Weighted average common shares outstanding - diluted (in Shares) | 10,480,867 | 10,477,814 | 10,456,183 | 10,448,911 | 10,435,096 | 10,404,095 | 10,394,094 | 10,366,312 | 10,466,064 | 10,419,103 |