inTEST (INTT) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Entity Registrant Name	INTEST CORP
Entity Central Index Key	1,036,262
Trading Symbol	intt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,425,278
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Identifiable assets:
Cash and cash equivalents	$ 24,951	$ 25,710
Trade accounts receivable, net of allowance for doubtful accounts of $146 and $146, respectively	5,336	4,395
Inventories	3,454	3,520
Prepaid expenses and other current assets	611	639
Total current assets	34,352	34,264
Property and equipment:
Machinery and equipment	4,350	4,377
Leasehold improvements	603	603
Gross property and equipment	4,953	4,980
Less: accumulated depreciation	(3,938)	(3,868)
Net property and equipment	1,015	1,112
Deferred tax assets	1,220	1,245
Goodwill	1,706	1,706
Intangible assets, net	1,045	1,104
Restricted certificates of deposit	350	350
Other assets	218	203
Total assets	39,906	39,984
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	1,365	909
Accrued wages and benefits	1,179	1,466
Accrued rent	606	657
Accrued professional fees	364	363
Accrued sales commissions	316	297
Other current liabilities	394	367
Total current liabilities	$ 4,224	$ 4,059
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,498,635 and 10,549,423 shares issued, respectively	$ 105	$ 105
Addtional paid-in capital	25,854	26,286
Retained earnings	9,094	9,013
Accumulated other comprehensive earnings	833	725
Treasury stock, at cost; 33,077 and 33,077 shares, respectively	(204)	(204)
Total stockholders' equity	35,682	35,925
Total liabilities and stockholders' equity	$ 39,906	$ 39,984

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 146	$ 146
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	10,498,635	10,549,423
Treasury stock, at cost, shares (in shares)	33,077	33,077

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net revenues	$ 8,647	$ 10,188
Cost of revenues	4,580	5,270
Gross margin	4,067	4,918
Operating expenses:
Selling expense	1,335	1,487
Engineering and product development expense	991	942
General and administrative expense	1,645	1,807
Total operating expenses	3,971	4,236
Operating income	96	682
Other income (expense)	28	(11)
Earnings before income tax expense	124	671
Income tax expense	43	233
Net earnings	$ 81	$ 438
Net earnings per common share - basic (in dollars per share)	$ 0.01	$ 0.04
Weighted average common shares outstanding - basic (in shares)	10,390,002	10,465,414
Net earnings per common share - diluted (in dollars per share)	$ 0.01	$ 0.04
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,404,244	10,483,527

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net earnings	$ 81	$ 438
Foreign currency translation adjustments	108	(329)
Comprehensive earnings	$ 189	$ 109

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2015	10,549,423					10,549,423
Balance at Dec. 31, 2015	$ 105	$ 26,286	$ 9,013	$ 725	$ (204)	$ 35,925
Net earnings			$ 81			81
Other comprehensive income				$ 108		108
Amortization of deferred compensation related to stock-based awards		39				$ 39
Issuance of unvested shares of restricted stock (in shares)	63,900
Issuance of unvested shares of restricted stock	$ 1	(1)
Repurchase and retirement of common stock (in shares)	(114,688)					(114,688)
Repurchase and retirement of common stock	$ (1)	(470)				$ (471)
Balance (in shares) at Mar. 31, 2016	10,498,635					10,498,635
Balance at Mar. 31, 2016	$ 105	$ 25,854	$ 9,094	$ 833	$ (204)	$ 35,682

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 81	$ 438
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	160	200
Provision for excess and obsolete inventory	69	51
Foreign exchange (gain) loss	(10)	19
Amortization of deferred compensation related to restricted stock	39	30
Proceeds from sale of demonstration equipment, net of gain	47	16
Deferred income tax expense (benefit)	25	(8)
Changes in assets and liabilities:
Trade accounts receivable	(907)	(1,484)
Inventories	7	(475)
Prepaid expenses and other current assets	29	50
Other assets	(7)	(7)
Accounts payable	456	676
Accrued wages and benefits	(299)	(170)
Accrued rent	$ (51)	(19)
Accrued professional fees		142
Accrued sales commissions	$ 19	40
Other current liabilities	23	238
Net cash used in operating activities	(319)	(263)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(38)	(179)
Net cash used in investing activities	(38)	$ (179)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock	(471)
Net cash used in financing activities	(471)
Effects of exchange rates on cash	69	$ (199)
Net cash used in all activities	(759)	(641)
Cash and cash equivalents at beginning of period	25,710	23,126
Cash and cash equivalents at end of period	24,951	22,485
Cash payments for:
Domestic and foreign income taxes	$ 2	$ 124

Note 1 - Nature of Operations

Note 1 - Nature of Operations	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
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.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates Reclassification Inventories Goodwill, Intangible and Long-Lived Assets Stock-Based Compensation Subsequent Events Revenue Recognition Product Warranties Income Taxes Net Earnings Per Common Share Three Months Ended March 31, 2016 2015 Weighted average common shares outstanding - basic 10,390,002 10,465,414 Potentially dilutive securities: Unvested shares of restricted stock and stock options 14,242 18,113 Weighted average common shares and common share equivalents outstanding - diluted 10,404,244 10,483,527 Average number of potentially dilutive securities excluded from calculation 15,231 - Effect of Recently Adopted Amendments to Authoritative Accounting Guidance Effect of Recently Issued Amendments to Authoritative Accounting Guidance

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	(3) Restructuring Charges In recent years, our Mechanical Products segment has experienced significant operating losses. We have undertaken actions at various times over the last few years to address these losses. On January 4, 2016, we implemented a workforce reduction which resulted in our recording a restructuring charge of $99 in the first quarter of 2016. This entire amount was paid out in the first quarter of 2016.

Note 4 - Goodwill and Intangibl

Note 4 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	(4) GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008 and Thermonics, Inc. ("Thermonics"), a division of Test Enterprises, Inc. in January 2012. Goodwill Intangible Assets March 31, 2016 Gross Amount Accumulated Amortization Net Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,207 $ 273 Patented technology 590 396 194 Software 270 202 68 Trade name 140 140 - Total finite-lived intangible assets 2,480 1,945 535 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 1,945 $ 1,045 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,166 $ 314 Patented technology 590 386 204 Software 270 196 74 Trade name 140 138 2 Total finite-lived intangible assets 2,480 1,886 594 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 1,886 $ 1,104 We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value. 2016 (remainder) $ 170 2017 $ 212 2018 $ 65 2019 $ 39 2020 $ 30

Note 5 - Major Customers

Note 5 - Major Customers	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	(5) MAJOR CUSTOMERS During the three months ended March 31, 2016 and 2015, Hakuto Co., Ltd., one of our distributors, accounted for 15% and 10% of our consolidated net revenues, respectively. These revenues were generated by our Thermal Products segment. No other customers accounted for 10% or more of our consolidated net revenues during the three months ended March 31, 2016 and 2015.

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	(6) INVENTORIES Inventories held at March 31, 2016 and December 31, 2015 were comprised of the following: Mar. 31, 2016 Dec. 31, 2015 Raw materials $ 2,312 $ 2,535 Work in process 625 295 Inventory consigned to others 118 119 Finished goods 399 571 Total inventories $ 3,454 $ 3,520

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	(7) DEBT Letters of Credit Letters of Credit Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2016 Dec. 31, 2015 Mt. Laurel, NJ 3/29/2010 3/31/2017 4/30/2021 $ 250 $ 250 Mansfield, MA 10/27/2010 11/08/2016 8/23/2021 100 100 $ 350 $ 350

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(8) STOCK-BASED COMPENSATION As of March 31, 2016, we have unvested restricted stock awards and stock options granted under stock-based employee compensation plans that are described more fully in Note 12 to the consolidated financial statements in our 2015 Form 10-K. Three Months Ended March 31, 2016 2015 Cost of revenues $ 3 $ 3 Selling expense 1 1 Engineering and product development expense 2 2 General and administrative expense 33 24 $ 39 $ 30 There was no stock-based compensation expense capitalized in the three months ended March 31, 2016 or 2015. Restricted Stock Awards of Shares Weighted Fair Value Unvested shares outstanding, January 1, 2016 63,750 $ 3.64 Granted 63,900 4.37 Vested (5,000 ) 2.94 Forfeited - - Unvested shares outstanding, March 31, 2016 122,650 4.05 The total fair value of the shares that vested during the three months ended March 31, 2016 and 2015 was $22 and $21, respectively, as of the vesting dates of these shares. Stock Options Risk-free interest rate 1.30 % Dividend yield 0.00 % Expected common stock market price volatility factor 0.40 Weighted average expected life of stock options (years) 4 The per share weighted average fair value of stock options issued during the first quarter of 2016 was $1.43. The following table summarizes the activity related to stock options for the three months ended March 31, 2016: of Shares Weighted Price Options outstanding, January 1, 2016 (none exercisable) - $ - Granted 19,800 4.37 Vested - - Forfeited - - Options outstanding, March 31, 2016 (none exercisable) 19,800 4.37

Note 9 - Stock Repurchase Plan

Note 9 - Stock Repurchase Plan	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stock Repurchase Plan [Text Block]	(9) STOCK REPURCHASE PLAN On October 27, 2015, our Board of Directors authorized the repurchase of up to $5,000 of our common stock from time to time on the open market, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, or in privately negotiated transactions (the “2015 Repurchase Plan”). Repurchases may also be made under a Rule 10b5-1 plan entered into with RW Baird & Co, which permits shares to be repurchased when we might otherwise be precluded from doing so under insider trading laws. The timing and amount of any shares repurchased under the 2015 Repurchase Plan will be determined by our management, based on our evaluation of market conditions and other factors. The 2015 Repurchase Plan does not obligate us to repurchase any particular amount of common stock and may be suspended or discontinued at any time without prior notice. The 2015 Repurchase Plan will be funded using our operating cash flow or available cash.

Note 10 - Employee Benefit Plan

Note 10 - Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	(10) EMPLOYEE BENEFIT PLANS We have a defined contribution 401(k) plan for our employees who work in the U.S. 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 three months ended March 31, 2016 and 2015, we recorded $160 and $141 of expense for matching contributions, respectively.

Note 11 - Segment Information

Note 11 - Segment Information	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(11) SEGMENT INFORMATION We have three reportable segments, which are also our reporting units: Thermal Products, Mechanical Products and Electrical Products. Three Months Ended March 31, 2016 2015 Net revenues: Thermal Products $ 5,194 $ 5,717 Mechanical Products 1,936 2,435 Electrical Products 1,517 2,036 $ 8,647 $ 10,188 Earnings (loss) before income tax expense (benefit): Thermal Products $ 573 $ 1,029 Mechanical Products (370 ) (285 ) Electrical Products 21 319 Corporate (100 ) (392 ) $ 124 $ 671 Net earnings (loss): Thermal Products $ 373 $ 672 Mechanical Products (241 ) (186 ) Electrical Products 14 208 Corporate (65 ) (256 ) $ 81 $ 438 Mar. 31, Dec. 31, Identifiable assets: Thermal Products $ 17,246 $ 16,983 Mechanical Products 18,960 19,733 Electrical Products 3,700 3,268 $ 39,906 $ 39,984 The following table provides information about our geographic areas of operation. Net revenues from unaffiliated customers are based on the location to which the goods are shipped. Three Months Ended March 31, 2016 2015 Net revenues: U.S. $ 2,727 $ 3,489 Foreign 5,920 6,699 $ 8,647 $ 10,188 Mar. 31, Dec. 31, Property and equipment: U.S. $ 765 $ 797 Foreign 250 315 $ 1,015 $ 1,112

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10 K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 29, 2016 (the "2015 Form 10 K").
Reclassification, Policy [Policy Text Block]	Reclassification Certain prior period amounts have been reclassified to be comparable with the current period's presentation.
Inventory, Policy [Policy Text Block]	Inventories Inventories are valued at cost on a first in, first out basis, not in excess of market value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. These criteria identify material that has not been used in a work order during the prior twelve months and the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. In certain cases, additional excess and obsolete inventory charges are recorded based upon current market conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of $69 and $51 for the three months ended March 31, 2016 and 2015, 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 of stock options granted, which is then amortized to expense over the service periods. See further disclosures related to our stock based compensation plan in Note 8.
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 three months ended March 31, 2016.
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.
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 unvested shares of restricted stock and stock options and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti dilutive. The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding basic to weighted average common shares and common share equivalents outstanding diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti dilutive: Three Months Ended March 31, 2016 2015 Weighted average common shares outstanding - basic 10,390,002 10,465,414 Potentially dilutive securities: Unvested shares of restricted stock and stock options 14,242 18,113 Weighted average common shares and common share equivalents outstanding - diluted 10,404,244 10,483,527 Average number of potentially dilutive securities excluded from calculation 15,231 -
New Accounting Pronouncements, Policy [Policy Text Block]	Effect of Recently Adopted Amendments to Authoritative Accounting Guidance Effect of Recently Issued Amendments to Authoritative Accounting Guidance

Note 2 - Summary of Significa20

Note 2 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2016 2015 Weighted average common shares outstanding - basic 10,390,002 10,465,414 Potentially dilutive securities: Unvested shares of restricted stock and stock options 14,242 18,113 Weighted average common shares and common share equivalents outstanding - diluted 10,404,244 10,483,527 Average number of potentially dilutive securities excluded from calculation 15,231 -

Note 4 - Goodwill and Intangi21

Note 4 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule Of Intangible Assets [Table Text Block]	March 31, 2016 Gross Amount Accumulated Amortization Net Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,207 $ 273 Patented technology 590 396 194 Software 270 202 68 Trade name 140 140 - Total finite-lived intangible assets 2,480 1,945 535 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 1,945 $ 1,045 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,166 $ 314 Patented technology 590 386 204 Software 270 196 74 Trade name 140 138 2 Total finite-lived intangible assets 2,480 1,886 594 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 1,886 $ 1,104
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2016 (remainder) $ 170 2017 $ 212 2018 $ 65 2019 $ 39 2020 $ 30

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Mar. 31, 2016 Dec. 31, 2015 Raw materials $ 2,312 $ 2,535 Work in process 625 295 Inventory consigned to others 118 119 Finished goods 399 571 Total inventories $ 3,454 $ 3,520

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule Of Outstanding Letters Of Credit [Table Text Block]	Letters of Credit Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2016 Dec. 31, 2015 Mt. Laurel, NJ 3/29/2010 3/31/2017 4/30/2021 $ 250 $ 250 Mansfield, MA 10/27/2010 11/08/2016 8/23/2021 100 100 $ 350 $ 350

Note 8 - Stock-based Compensa24

Note 8 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended March 31, 2016 2015 Cost of revenues $ 3 $ 3 Selling expense 1 1 Engineering and product development expense 2 2 General and administrative expense 33 24 $ 39 $ 30
Schedule of Nonvested Share Activity [Table Text Block]	of Shares Weighted Fair Value Unvested shares outstanding, January 1, 2016 63,750 $ 3.64 Granted 63,900 4.37 Vested (5,000 ) 2.94 Forfeited - - Unvested shares outstanding, March 31, 2016 122,650 4.05
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 1.30 % Dividend yield 0.00 % Expected common stock market price volatility factor 0.40 Weighted average expected life of stock options (years) 4
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	of Shares Weighted Price Options outstanding, January 1, 2016 (none exercisable) - $ - Granted 19,800 4.37 Vested - - Forfeited - - Options outstanding, March 31, 2016 (none exercisable) 19,800 4.37

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Asset [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Mar. 31, Dec. 31, Identifiable assets: Thermal Products $ 17,246 $ 16,983 Mechanical Products 18,960 19,733 Electrical Products 3,700 3,268 $ 39,906 $ 39,984
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2016 2015 Net revenues: Thermal Products $ 5,194 $ 5,717 Mechanical Products 1,936 2,435 Electrical Products 1,517 2,036 $ 8,647 $ 10,188 Earnings (loss) before income tax expense (benefit): Thermal Products $ 573 $ 1,029 Mechanical Products (370 ) (285 ) Electrical Products 21 319 Corporate (100 ) (392 ) $ 124 $ 671 Net earnings (loss): Thermal Products $ 373 $ 672 Mechanical Products (241 ) (186 ) Electrical Products 14 208 Corporate (65 ) (256 ) $ 81 $ 438
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended March 31, 2016 2015 Net revenues: U.S. $ 2,727 $ 3,489 Foreign 5,920 6,699 $ 8,647 $ 10,188
Long-lived Assets by Geographic Areas [Table Text Block]	Mar. 31, Dec. 31, Property and equipment: U.S. $ 765 $ 797 Foreign 250 315 $ 1,015 $ 1,112

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	3 Months Ended
	Mar. 31, 2016
Number of Reportable Segments	3

Note 2 - Summary of Significa27

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Thermal Products and Mechanical Products [Member]
Equipment Leased To Customers Initial Term	180 days
Inventory Write-down	$ 69	$ 51

Note 2 - Summary of Significa28

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Weighted average common shares outstanding - basic (in shares)	10,390,002	10,465,414
Potentially dilutive securities:
Unvested shares of restricted stock and stock options (in shares)	14,242	18,113
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,404,244	10,483,527
Average number of potentially dilutive securities excluded from calculation (in shares)	15,231

Note 3 - Restructuring Charges

Note 3 - Restructuring Charges (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Restructuring Costs	$ 99

Note 4 - Goodwill and Intangi30

Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill, Period Increase (Decrease)	$ 0
Amortization of Intangible Assets	$ 59,000	$ 73,000

Note 4 - Goodwill and Intangi31

Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Customer Relationships [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	$ 1,480	$ 1,480
Finite-lived, Accumulated Amortization	1,207	1,166
Net Carrying Amount	273	314
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	1,207	1,166
Patented Technology [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	396	386
Net Carrying Amount	194	204
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	396	386
Computer Software, Intangible Asset [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	270	270
Finite-lived, Accumulated Amortization	202	196
Net Carrying Amount	68	74
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	202	196
Trade Names [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	140	140
Finite-lived, Accumulated Amortization	$ 140	138
Net Carrying Amount		2
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	$ 140	138
Trademarks [Member]
Indefinite-lived intangible assets:
Indefinite-lived, Gross Carrying Amount	510	510
Finite-lived, Gross Carrying Amount	2,480	2,480
Finite-lived, Accumulated Amortization	1,945	1,886
Net Carrying Amount	535	594
Intangible Assets, Gross Carrying Amount	2,990	2,990
Finite-lived, Accumulated Amortization	1,945	1,886
Net Carrying Amount	$ 1,045	$ 1,104

Note 4 - Goodwill and Intangi32

Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2016USD ($)
2016 (remainder)	$ 170
2,017	212
2,018	65
2,019	39
2,020	$ 30

Note 5 - Major Customers (Detai

Note 5 - Major Customers (Details Textual)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Hakuto Co Ltd [Member]
Concentration Risk, Percentage	15.00%	10.00%

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Raw materials	$ 2,312	$ 2,535
Work in process	625	295
Inventory consigned to others	118	119
Finished goods	399	571
Total inventories	$ 3,454	$ 3,520

Note 7 - Debt - Outstanding Let

Note 7 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, ExpirationDate	Mar. 31, 2017
Lease Expiration Date	Apr. 30, 2021
Letters of Credit Amount Outstanding	$ 250	$ 250
Mansfield [Member]
Line of Credit, Issue Date	Oct. 27, 2010
Line of Credit, ExpirationDate	Nov. 8, 2016
Lease Expiration Date	Aug. 23, 2021
Letters of Credit Amount Outstanding	$ 100	100
Letters of Credit Amount Outstanding	$ 350	$ 350

Note 8 - Stock-based Compensa36

Note 8 - Stock-based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock [Member] | Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	22,500
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Allocated Share-based Compensation Expense	$ 98,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		63,900
Allocated Share-based Compensation Expense		$ 39,000	$ 30,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 22,000	21,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 1.43
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount		$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 456,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 109 days

Note 8 - Stock-based Compensa37

Note 8 - Stock-based Compensation - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cost of Sales [Member]
Allocated Share-based Compensation Expense	$ 3	$ 3
Selling and Marketing Expense [Member]
Allocated Share-based Compensation Expense	1	1
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	2	2
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	33	24
Allocated Share-based Compensation Expense	$ 39	$ 30

Note 8 - Stock-based Compensa38

Note 8 - Stock-based Compensation - Nonvested Shares (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Unvested shares outstanding (in shares) | shares	63,750
Unvested shares outstanding (in dollars per share) | $ / shares	$ 3.64
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	63,900
Granted (in dollars per share) | $ / shares	$ 4.37
Vested (in shares) | shares	(5,000)
Vested (in dollars per share) | $ / shares	$ 2.94
Forfeited (in shares) | shares
Forfeited (in dollars per share) | $ / shares
Unvested shares outstanding (in shares) | shares	122,650
Unvested shares outstanding (in dollars per share) | $ / shares	$ 4.05

Note 8 - Stock-based Compensa39

Note 8 - Stock-based Compensation - Stock Options Valuation Assumptions (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2016
Risk-free interest rate	1.30%
Dividend yield	0.00%
Expected common stock market price volatility factor	0.40%
Weighted average expected life of stock options (years)	4 years

Note 8 - Stock-based Compensa40

Note 8 - Stock-based Compensation - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Options outstanding, January 1, 2016 (none exercisable) (in shares) | shares
Options outstanding, January 1, 2016 (none exercisable) (in dollars per share) | $ / shares
Granted (in shares) | shares	19,800
Granted (in dollars per share) | $ / shares	$ 4.37
Options outstanding, March 31, 2016 (none exercisable) (in shares) | shares	19,800
Options outstanding, March 31, 2016 (none exercisable) (in dollars per share) | $ / shares	$ 4.37

Note 9 - Stock Repurchase Plan

Note 9 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2016	Oct. 27, 2015
Stock Repurchase Program, Authorized Amount			$ 5,000
Stock Repurchased and Retired During Period, Shares	156,020	114,688
Stock Repurchased and Retired During Period, Value	$ 625	$ 471
Payments for Brokerage Fees	$ 4	$ 3

Note 10 - Employee Benefit Pl42

Note 10 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ 160	$ 141

Note 11 - Segment Information43

Note 11 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2016
Number of Reportable Segments	3

Note 11 - Segment Information -

Note 11 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Thermal Products [Member]
Revenues	$ 5,194	$ 5,717
Income (Loss) From Continuing Operations	573	1,029
Net Income (Loss)	373	672
Mechanical Products [Member]
Revenues	1,936	2,435
Income (Loss) From Continuing Operations	(370)	(285)
Net Income (Loss)	(241)	(186)
Electrical Products [Member]
Revenues	1,517	2,036
Income (Loss) From Continuing Operations	21	319
Net Income (Loss)	14	208
Corporate Segment [Member]
Income (Loss) From Continuing Operations	(100)	(392)
Net Income (Loss)	(65)	(256)
Revenues	8,647	10,188
Income (Loss) From Continuing Operations	124	671
Net Income (Loss)	$ 81	$ 438

Note 11 - Segment Information45

Note 11 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Thermal Products [Member]
Identifiable assets:
Identifiable Assets	$ 17,246	$ 16,983
Mechanical Products [Member]
Identifiable assets:
Identifiable Assets	18,960	19,733
Electrical Products [Member]
Identifiable assets:
Identifiable Assets	3,700	3,268
Identifiable Assets	$ 39,906	$ 39,984

Note 11 - Segment Information46

Note 11 - Segment Information - Net Revenue from Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
UNITED STATES
Revenues	$ 2,727	$ 3,489
Foreign [Member]
Revenues	5,920	6,699
Revenues	$ 8,647	$ 10,188

Note 11 - Segment Information47

Note 11 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
UNITED STATES
Property and equipment:
Property and Equipment	$ 765	$ 797
Foreign [Member]
Property and equipment:
Property and Equipment	250	315
Property and Equipment	$ 1,015	$ 1,112