Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 17, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
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) | 10,402,058 | ||
Entity Public Float | $ 31,138,682 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 28,611 | $ 25,710 |
Trade accounts receivable, net of allowance for doubtful accounts of $146 and $146, respectively | 5,377 | 4,395 |
Inventories | 3,676 | 3,520 |
Prepaid expenses and other current assets | 342 | 639 |
Total current assets | 38,006 | 34,264 |
Property and equipment: | ||
Machinery and equipment | 4,383 | 4,377 |
Leasehold improvements | 603 | 603 |
Gross property and equipment | 4,986 | 4,980 |
Less: accumulated depreciation | (4,042) | (3,868) |
Net property and equipment | 944 | 1,112 |
Deferred tax assets | 1,110 | 1,245 |
Goodwill | 1,706 | 1,706 |
Intangible assets, net | 875 | 1,104 |
Restricted certificates of deposit | 175 | 350 |
Other assets | 28 | 203 |
Total assets | 42,844 | 39,984 |
Current liabilities: | ||
Accounts payable | 1,368 | 909 |
Accrued wages and benefits | 1,588 | 1,466 |
Accrued rent | 572 | 657 |
Accrued professional fees | 419 | 363 |
Accrued sales commissions | 287 | 297 |
Domestic and foreign income taxes payable | 575 | 26 |
Other current liabilities | 247 | 341 |
Total current liabilities | 5,056 | 4,059 |
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 | ||
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,394,018 and 10,549,423 shares issued, respectively | 104 | 105 |
Addtional paid-in capital | 25,578 | 26,286 |
Retained earnings | 11,671 | 9,013 |
Accumulated other comprehensive earnings | 639 | 725 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | (204) | (204) |
Total stockholders' equity | 37,788 | 35,925 |
Total liabilities and stockholders' equity | $ 42,844 | $ 39,984 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 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) | 10,394,018 | 10,549,423 |
Treasury stock, at cost, shares (in shares) | 33,077 | 33,077 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues | $ 40,227 | $ 38,889 |
Cost of revenues | 19,849 | 20,191 |
Gross margin | 20,378 | 18,698 |
Operating expenses: | ||
Selling expense | 5,567 | 5,797 |
Engineering and product development expense | 3,660 | 3,935 |
General and administrative expense | 7,005 | 6,404 |
Total operating expenses | 16,232 | 16,136 |
Operating income | 4,146 | 2,562 |
Other income | 61 | 21 |
Earnings before income tax expense | 4,207 | 2,583 |
Income tax expense | 1,549 | 722 |
Net earnings | $ 2,658 | $ 1,861 |
Net earnings per common share - basic (in dollars per share) | $ 0.26 | $ 0.18 |
Weighted average common shares outstanding - basic (in shares) | 10,313,747 | 10,473,210 |
Net earnings per common share - diluted (in dollars per share) | $ 0.26 | $ 0.18 |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 10,332,920 | 10,493,830 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net earnings | $ 2,658 | $ 1,861 |
Foreign currency translation adjustments | (86) | (268) |
Comprehensive earnings | $ 2,572 | $ 1,593 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2014 | 10,595,755 | |||||
Balance at Dec. 31, 2014 | $ 106 | $ 26,321 | $ 7,152 | $ 993 | $ (204) | $ 34,368 |
Net earnings | 1,861 | 1,861 | ||||
Other comprehensive loss | (268) | (268) | ||||
Amortization of deferred compensation related to stock-based awards | 119 | $ 119 | ||||
Forfeiture of unvested shares of restricted stock (in shares) | (5,000) | |||||
Repurchase and retirement of common stock (in shares) | (41,332) | (41,332) | ||||
Repurchase and retirement of common stock | $ (1) | (154) | $ (155) | |||
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 |
Issuance of unvested shares of restricted stock | ||||||
Net earnings | 2,658 | 2,658 | ||||
Other comprehensive loss | (86) | (86) | ||||
Amortization of deferred compensation related to stock-based awards | 269 | $ 269 | ||||
Repurchase and retirement of common stock (in shares) | (241,805) | (241,805) | ||||
Repurchase and retirement of common stock | $ (2) | (976) | $ (978) | |||
Balance (in shares) at Dec. 31, 2016 | 10,394,018 | 10,394,018 | ||||
Balance at Dec. 31, 2016 | $ 104 | 25,578 | $ 11,671 | $ 639 | $ (204) | $ 37,788 |
Issuance of unvested shares of restricted stock (in shares) | 86,400 | |||||
Issuance of unvested shares of restricted stock | $ 1 | $ (1) | $ 369 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 2,658 | $ 1,861 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 599 | 754 |
Provision for excess and obsolete inventory | 226 | 342 |
Foreign exchange loss | 16 | 33 |
Amortization of deferred compensation related to stock-based awards | 269 | 119 |
Loss on sale of property and equipment | 15 | |
Proceeds from sale of demonstration equipment, net of gain | 129 | 214 |
Deferred income tax expense | 135 | 168 |
Changes in assets and liabilities: | ||
Trade accounts receivable | (1,009) | 570 |
Inventories | (384) | (113) |
Prepaid expenses and other current assets | 295 | (174) |
Restricted certificates of deposit | 175 | |
Other assets | 178 | (15) |
Accounts payable | 459 | (324) |
Accrued wages and benefits | 126 | (36) |
Accrued rent | (85) | 42 |
Accrued professional fees | 57 | (25) |
Accrued sales commissions | (10) | (31) |
Domestic and foreign income taxes payable | 549 | 4 |
Other current liabilities | (95) | 94 |
Net cash provided by operating activities | 4,288 | 3,498 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (339) | (599) |
Net cash used in investing activities | (339) | (599) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchases of common stock | (978) | (155) |
Net cash used in financing activities | (978) | (155) |
Effects of exchange rates on cash | (70) | (160) |
Net cash provided by all activities | 2,901 | 2,584 |
Cash and cash equivalents at beginning of period | 25,710 | 23,126 |
Cash and cash equivalents at end of period | 28,611 | 25,710 |
Cash payments for: | ||
Domestic and foreign income taxes | 635 | 792 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Issuance of unvested shares of restricted stock | 369 | |
Forfeiture of unvested shares of restricted stock | $ (20) |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 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"). We also market our thermal products in markets outside the ATE market, such as the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. three January 2016, 3, 2016 may may may may may may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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 Cash and Cash Equivalents three may Trade Accounts Receivable and Allowance for Doubtful Accounts no December 31, 2016 2015. Fair Value of Financial Instruments Inventories first first twelve three $226 $342 December 31, 2016 2015, Property and Equipment one ten $370 $465 December 31, 2016 2015, Goodwill, Intangible and Long-Lived Assets 350 fourth may two two two two two fourth may Stock-Based Compensation 718 12. Subsequent Events December 31, 2016. third six Product Warranties Engineering and Product Development Foreign Currency December 31, 2016 2015, $16 $33, Income Taxes Net Earnings Per Common Share Years Ended December 31, 2016 2015 Weighted average common shares outstanding - basic 10,313,747 10,473,210 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 19,173 20,620 Weighted average common shares outstanding - diluted 10,332,920 10,493,830 Average number of potentially dilutive securities excluded from calculation 18,658 - Effect of Recently Adopted Amendments to Authoritative Accounting Guidance November 2015, 740 one one January 1, 2017. January 1, 2016. Effect of Recently Issued Amendments to Authoritative Accounting Guidance January 2017, January 1, 2020, January 1, 2017. January 2017, January 1, 2018 November 2016, January 1, 2018, March 2016, 718 January 1, 2017. February 2016, 842 12 January 1, 2019. July 2015, 330 first January 1, 2017. May 2014, May, 2014, 606 August 2015, one January 1, 2018. January 1, 2017. January 1, 2018 fourth 2016, |
Note 3 - Restructuring Charges
Note 3 - Restructuring Charges | 12 Months Ended |
Dec. 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, $99 first 2016, first 2016. |
Note 4 - Goodwill, Intangible a
Note 4 - Goodwill, Intangible and Long-lived Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | (4) 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 January 2012. Goodwill no December 31, 2016. Intangible Assets December 31, 2016 2015: December 31, 2016 Gross Amount Amortization Net Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,328 $ 152 Patented technology 590 424 166 Software 270 223 47 Trade name 140 140 - Total finite-lived intangible assets 2,480 2,115 365 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 2,115 $ 875 December 31, 2015 Gross Amount Amortization Net 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 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, 2016: Remaining Dec. 31, 2016 - - - - (in months) - - - - Finite-lived intangible assets resulting from the acquisition of Sigma: Customer relationships 72 - Software 120 21.0 Patented technology 60 - Finite-lived intangible assets resulting from the acquisition of Thermonics: Customer relationships 72 12.5 Trade name 48 - Patented technology 132 72.5 Total amortization expense for the years ended December 31, 2016 2015 $229 $289, five 2017 $ 212 2018 65 2019 39 2020 30 2021 15 Impairment of Goodwill and Indefinite Life Intangible Assets December 2016 2015, 350 2016 2015 18.5% 20.0%, 2016 2015, 2016 2015, no 2016 2015. Impairment of Long-Lived Assets and Finite-lived Intangible Assets December 2015, 2016, 2016, December 2016. 2016 2015, |
Note 5 - Major Customers
Note 5 - Major Customers | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | (5) MAJOR CUSTOMERS During the years ended December 31, 2016 2015, one 13% 12% December 31, 2016, 10% three December 31, 2016 2015, 10% |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (6) INVENTORIES Inventories held at December 31 2016 2015 Raw materials $ 2,695 $ 2,535 Work in process 728 295 Inventory consigned to others 81 119 Finished goods 172 571 Total inventories $ 3,676 $ 3,520 |
Note 7 - Other Current Liabilit
Note 7 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | (7) OTHER CURRENT LIABILITIES Other current liabilities at December 31 2016 2015 Accrued warranty $ 125 $ 94 Deferred revenue and customer deposits 74 173 Other 48 74 Total other current liabilities $ 247 $ 341 |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (8) DEBT Letters of Credit 30 one December 31, 2016 2015 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 Dec. 31, Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 250 Mansfield, MA 10/27/2010 11/08/2017 8/31/2021 50 100 $ 175 $ 350 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (9) COMMITMENTS AND CONTINGENCIES Operating Lease Commitments 2021. December 31, 2016 2015 $1,241 $1,351, December 31, 2016 2017 $ 1,164 2018 1,224 2019 1,216 2020 1,172 2021 508 Total $ 5,284 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015, no Years Ended 2016 2015 Domestic $ 3,345 $ 1,868 Foreign 862 715 Total $ 4,207 $ 2,583 Income tax expense (benefit) was as follows: Years Ended 2016 2015 Current Domestic -- Federal $ 1,295 $ 523 Domestic -- state 74 45 Foreign 45 (14 ) Total $ 1,414 $ 554 Deferred Domestic -- Federal $ (39 ) $ 12 Domestic -- state 10 (9 ) Foreign 164 165 Total 135 168 Income tax expense $ 1,549 $ 722 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, 2016 2015: December 31, 2016 2015 Deferred tax assets: Depreciation of property and equipment $ 580 $ 580 Intangibles 311 279 Inventories 182 186 Accrued vacation pay and stock-based compensation 161 151 Net operating loss ("NOL") (state and foreign) 71 264 Allowance for doubtful accounts 55 55 Acquisition costs 28 31 Accrued warranty 9 5 Other 7 13 Total 1,404 1,564 Valuation allowance - (15 ) Deferred tax assets 1,404 1,549 Deferred tax liabilities: Net intangible assets (212 ) (222 ) Unremitted earnings of foreign subsidiaries (82 ) (82 ) Deferred tax liabilities (294 ) (304 ) Net deferred tax assets $ 1,110 $ 1,245 The net change in the valuation allowance for the years ended December 31, 2016 2015 $15 $85, 2036. December 31, 2016 2015 34% Years Ended December 31, 2016 2015 Expected income tax provision at U.S. statutory rate $ 1,430 $ 878 Increase (decrease) in tax from: Foreign income tax rate differences (258 ) (64 ) Current year tax credits (foreign and research) (140 ) (207 ) Domestic production activities deduction (112 ) (68 ) Changes in valuation allowance (15 ) (85 ) Deemed dividend from foreign subsidiaries 396 151 NOL carryforwards utilized 180 99 Domestic tax expense, net of Federal benefit 55 33 Nondeductible expenses 14 15 Other (1 ) (30 ) Income tax expense $ 1,549 $ 722 In accounting for income taxes, we follow the guidance in ASC Topic 740 December 31, 2016 2015, not December 31, 2013 first 2017, December 31, 2014 |
Note 11 - Legal Proceedings
Note 11 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | (11) LEGAL PROCEEDINGS From time to time we may |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (12) STOCK-BASED COMPENSATION PLAN As of December 31, 2016, 2007 "2007 2014 "2014 2007 June 13, 2007 500,000 December 31, 2016, no 2007 2014 June 25, 2014 500,000 December 31, 2016, 456,300 2014 December 31, 2016, $316. 2.5 2016 2015, Years Ended December 31, 2016 2015 Cost of revenues $ 10 $ 10 Selling expense 6 5 Engineering and product development expense 11 10 General and administrative expense 242 94 $ 269 $ 119 There was no 2016 2015. Stock Options may ten four No 2015. 2016 Risk-free interest rate 1.30 % Dividend yield 0.00 % Expected common stock market price volatility factor .40 Weighted average expected life of stock options (years) 4 The per share weighted average fair value of stock options issued during 2016 $1.43. December 31, 2016: of Shares Weighted Exercise Price Options outstanding, January 1, 2016 - $ - Granted 19,800 4.37 Exercised - - Canceled - - Options outstanding, December 31, 2016 (none exercisable) 19,800 4.37 Restricted Stock Awards four two December 31, 2016: of Shares Weighted Fair Value Unvested shares outstanding, January 1, 2015 101,875 $ 3.66 Granted - - Vested (33,125 ) 3.65 Forfeited (5,000 ) 3.97 Unvested shares outstanding, December 31, 2015 63,750 3.64 Granted 86,400 4.27 Vested (53,125 ) 3.94 Forfeited - - Unvested shares outstanding, December 31, 2016 97,025 4.04 The total fair value of the shares that vested during the years ended December 31, 2016 2015 $208 $138, |
Note 13 - Stock Repurchase Plan
Note 13 - Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stock Repurchase Plan [Text Block] | (13) STOCK REPURCHASE PLAN On October 27, 2015, $5,000 10b 18 1934, "2015 may 10b5 1 2015 2015 may 2015 2016 2015, 241,805 41,332 2015 $978 $155, December 31, 2016, 283,137 2015 $1,133, $7. 2015 May 2016 September 2016. |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (14) EMPLOYEE BENEFIT PLANS We have a defined contribution 401(k) 401(k) 18 10% $5. four December 31, 2016 2015, $347 $329 |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (15) SEGMENT INFORMATION We have three three three third Years Ended December 31, 2016 2015 Net revenues from unaffiliated customers: Thermal Products $ 24,033 $ 24,084 Mechanical Products 8,309 7,539 Electrical Products 7,885 7,266 $ 40,227 $ 38,889 Depreciation/amortization: Thermal Products $ 440 $ 581 Mechanical Products 58 79 Electrical Products 101 94 $ 599 $ 754 Operating income (loss): Thermal Products $ 4,210 $ 4,517 Mechanical Products (74 ) (1,902 ) Electrical Products 1,063 673 Corporate (1,053 ) (726 ) $ 4,146 $ 2,562 Earnings (loss) before income tax expense (benefit): Thermal Products $ 4,193 $ 4,479 Mechanical Products (72 ) (1,874 ) Electrical Products 1,093 704 Corporate (1,007 ) (726 ) $ 4,207 $ 2,583 Income tax expense (benefit): Thermal Products $ 1,544 $ 1,252 Mechanical Products (26 ) (524 ) Electrical Products 402 197 Corporate (371 ) (203 ) $ 1,549 $ 722 Net earnings (loss): Thermal Products $ 2,649 $ 3,227 Mechanical Products (46 ) (1,350 ) Electrical Products 691 507 Corporate (636 ) (523 ) $ 2,658 $ 1,861 Capital expenditures: Thermal Products $ 262 $ 389 Mechanical Products 44 101 Electrical Products 33 109 $ 339 $ 599 December 31, 2016 2015 Identifiable assets: Thermal Products $ 19,893 $ 16,983 Mechanical Products 18,359 19,733 Electrical Products 4,592 3,268 $ 42,844 $ 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. Years Ended December 31, 2016 2015 Net revenues from unaffiliated customers: U.S. $ 13,061 $ 14,294 Foreign 27,166 24,595 $ 40,227 $ 38,889 December 31, 2016 2015 Property and equipment: U.S. $ 691 $ 797 Foreign 253 315 $ 944 $ 1,112 |
Note 16 - Quarterly Consolidate
Note 16 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | (16) QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) The following tables present certain unaudited consolidated quarterly financial information for each of the eight December 31, 2016. may tend may Quarters Ended 3/31/16 6/30/16 9/30/16 12/31/16 Total Net revenues $ 8,647 $ 10,485 $ 10,823 $ 10,272 $ 40,227 Gross margin 4,067 5,329 5,577 5,405 20,378 Earnings before income tax expense 124 749 1,721 1,613 4,207 Income tax expense 43 263 631 612 1,549 Net earnings 81 486 1,090 1,001 2,658 Net earnings per common share - basic $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - basic 10,390,002 10,295,836 10,295,447 10,273,702 10,313,747 Net earnings per common share - diluted $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - diluted 10,404,244 10,310,692 10,318,715 10,297,439 10,332,920 Quarters Ended 3/31/15 6/30/15 9/30/15 12/31/15 Total Net revenues $ 10,188 $ 11,559 $ 9,203 $ 7,939 $ 38,889 Gross margin 4,918 5,846 4,323 3,611 18,698 Earnings (loss) before income tax expense (benefit) 671 1,659 407 (154 ) 2,583 Income tax expense (benefit) 233 579 97 (187 ) 722 Net earnings 438 1,080 310 33 1,861 Net earnings per common share - basic $ 0.04 $ 0.10 $ 0.03 $ 0.00 $ 0.18 Weighted average common shares outstanding - basic 10,465,414 10,471,888 10,473,928 10,481,612 10,473,210 Net earnings per common share - diluted $ 0.04 $ 0.10 $ 0.03 $ 0.00 $ 0.18 Weighted average common shares outstanding - diluted 10,483,527 10,494,457 10,498,911 10,498,369 10,493,830 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates |
Reclassification, Policy [Policy Text Block] | Reclassification |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Receivables, Policy [Policy Text Block] | Trade Accounts Receivable and Allowance for Doubtful Accounts no December 31, 2016 2015. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Inventory, Policy [Policy Text Block] | Inventories first first twelve three $226 $342 December 31, 2016 2015, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment one ten $370 $465 December 31, 2016 2015, |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets 350 fourth may two two two two two fourth may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation 718 12. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events December 31, 2016. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition third six |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties |
Research and Development Expense, Policy [Policy Text Block] | Engineering and Product Development |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency December 31, 2016 2015, $16 $33, |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings Per Common Share Years Ended December 31, 2016 2015 Weighted average common shares outstanding - basic 10,313,747 10,473,210 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 19,173 20,620 Weighted average common shares outstanding - diluted 10,332,920 10,493,830 Average number of potentially dilutive securities excluded from calculation 18,658 - |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Adopted Amendments to Authoritative Accounting Guidance November 2015, 740 one one January 1, 2017. January 1, 2016. Effect of Recently Issued Amendments to Authoritative Accounting Guidance January 2017, January 1, 2020, January 1, 2017. January 2017, January 1, 2018 November 2016, January 1, 2018, March 2016, 718 January 1, 2017. February 2016, 842 12 January 1, 2019. July 2015, 330 first January 1, 2017. May 2014, May, 2014, 606 August 2015, one January 1, 2018. January 1, 2017. January 1, 2018 fourth 2016, |
Note 2 - Summary of Significa25
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2016 2015 Weighted average common shares outstanding - basic 10,313,747 10,473,210 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 19,173 20,620 Weighted average common shares outstanding - diluted 10,332,920 10,493,830 Average number of potentially dilutive securities excluded from calculation 18,658 - |
Note 4 - Goodwill, Intangible26
Note 4 - Goodwill, Intangible and Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule Of Intangible Assets [Table Text Block] | December 31, 2016 Gross Amount Amortization Net Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,328 $ 152 Patented technology 590 424 166 Software 270 223 47 Trade name 140 140 - Total finite-lived intangible assets 2,480 2,115 365 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 2,115 $ 875 December 31, 2015 Gross Amount Amortization Net 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 [Table Text Block] | Remaining Dec. 31, 2016 - - - - (in months) - - - - Finite-lived intangible assets resulting from the acquisition of Sigma: Customer relationships 72 - Software 120 21.0 Patented technology 60 - Finite-lived intangible assets resulting from the acquisition of Thermonics: Customer relationships 72 12.5 Trade name 48 - Patented technology 132 72.5 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 $ 212 2018 65 2019 39 2020 30 2021 15 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Raw materials $ 2,695 $ 2,535 Work in process 728 295 Inventory consigned to others 81 119 Finished goods 172 571 Total inventories $ 3,676 $ 3,520 |
Note 7 - Other Current Liabil28
Note 7 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Current Liabilities [Table Text Block] | 2016 2015 Accrued warranty $ 125 $ 94 Deferred revenue and customer deposits 74 173 Other 48 74 Total other current liabilities $ 247 $ 341 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 Dec. 31, Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 250 Mansfield, MA 10/27/2010 11/08/2017 8/31/2021 50 100 $ 175 $ 350 |
Note 9 - Commitments and Cont30
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2017 $ 1,164 2018 1,224 2019 1,216 2020 1,172 2021 508 Total $ 5,284 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended 2016 2015 Domestic $ 3,345 $ 1,868 Foreign 862 715 Total $ 4,207 $ 2,583 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended 2016 2015 Current Domestic -- Federal $ 1,295 $ 523 Domestic -- state 74 45 Foreign 45 (14 ) Total $ 1,414 $ 554 Deferred Domestic -- Federal $ (39 ) $ 12 Domestic -- state 10 (9 ) Foreign 164 165 Total 135 168 Income tax expense $ 1,549 $ 722 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 Deferred tax assets: Depreciation of property and equipment $ 580 $ 580 Intangibles 311 279 Inventories 182 186 Accrued vacation pay and stock-based compensation 161 151 Net operating loss ("NOL") (state and foreign) 71 264 Allowance for doubtful accounts 55 55 Acquisition costs 28 31 Accrued warranty 9 5 Other 7 13 Total 1,404 1,564 Valuation allowance - (15 ) Deferred tax assets 1,404 1,549 Deferred tax liabilities: Net intangible assets (212 ) (222 ) Unremitted earnings of foreign subsidiaries (82 ) (82 ) Deferred tax liabilities (294 ) (304 ) Net deferred tax assets $ 1,110 $ 1,245 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2016 2015 Expected income tax provision at U.S. statutory rate $ 1,430 $ 878 Increase (decrease) in tax from: Foreign income tax rate differences (258 ) (64 ) Current year tax credits (foreign and research) (140 ) (207 ) Domestic production activities deduction (112 ) (68 ) Changes in valuation allowance (15 ) (85 ) Deemed dividend from foreign subsidiaries 396 151 NOL carryforwards utilized 180 99 Domestic tax expense, net of Federal benefit 55 33 Nondeductible expenses 14 15 Other (1 ) (30 ) Income tax expense $ 1,549 $ 722 |
Note 12 - Stock-based Compens32
Note 12 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years Ended December 31, 2016 2015 Cost of revenues $ 10 $ 10 Selling expense 6 5 Engineering and product development expense 11 10 General and administrative expense 242 94 $ 269 $ 119 |
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 .40 Weighted average expected life of stock options (years) 4 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | of Shares Weighted Exercise Price Options outstanding, January 1, 2016 - $ - Granted 19,800 4.37 Exercised - - Canceled - - Options outstanding, December 31, 2016 (none exercisable) 19,800 4.37 |
Schedule of Nonvested Share Activity [Table Text Block] | of Shares Weighted Fair Value Unvested shares outstanding, January 1, 2015 101,875 $ 3.66 Granted - - Vested (33,125 ) 3.65 Forfeited (5,000 ) 3.97 Unvested shares outstanding, December 31, 2015 63,750 3.64 Granted 86,400 4.27 Vested (53,125 ) 3.94 Forfeited - - Unvested shares outstanding, December 31, 2016 97,025 4.04 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2016 2015 Net revenues from unaffiliated customers: Thermal Products $ 24,033 $ 24,084 Mechanical Products 8,309 7,539 Electrical Products 7,885 7,266 $ 40,227 $ 38,889 Depreciation/amortization: Thermal Products $ 440 $ 581 Mechanical Products 58 79 Electrical Products 101 94 $ 599 $ 754 Operating income (loss): Thermal Products $ 4,210 $ 4,517 Mechanical Products (74 ) (1,902 ) Electrical Products 1,063 673 Corporate (1,053 ) (726 ) $ 4,146 $ 2,562 Earnings (loss) before income tax expense (benefit): Thermal Products $ 4,193 $ 4,479 Mechanical Products (72 ) (1,874 ) Electrical Products 1,093 704 Corporate (1,007 ) (726 ) $ 4,207 $ 2,583 Income tax expense (benefit): Thermal Products $ 1,544 $ 1,252 Mechanical Products (26 ) (524 ) Electrical Products 402 197 Corporate (371 ) (203 ) $ 1,549 $ 722 Net earnings (loss): Thermal Products $ 2,649 $ 3,227 Mechanical Products (46 ) (1,350 ) Electrical Products 691 507 Corporate (636 ) (523 ) $ 2,658 $ 1,861 Capital expenditures: Thermal Products $ 262 $ 389 Mechanical Products 44 101 Electrical Products 33 109 $ 339 $ 599 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended December 31, 2016 2015 Net revenues from unaffiliated customers: U.S. $ 13,061 $ 14,294 Foreign 27,166 24,595 $ 40,227 $ 38,889 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2016 2015 Property and equipment: U.S. $ 691 $ 797 Foreign 253 315 $ 944 $ 1,112 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, 2016 2015 Identifiable assets: Thermal Products $ 19,893 $ 16,983 Mechanical Products 18,359 19,733 Electrical Products 4,592 3,268 $ 42,844 $ 39,984 |
Note 16 - Quarterly Consolida34
Note 16 - Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended 3/31/16 6/30/16 9/30/16 12/31/16 Total Net revenues $ 8,647 $ 10,485 $ 10,823 $ 10,272 $ 40,227 Gross margin 4,067 5,329 5,577 5,405 20,378 Earnings before income tax expense 124 749 1,721 1,613 4,207 Income tax expense 43 263 631 612 1,549 Net earnings 81 486 1,090 1,001 2,658 Net earnings per common share - basic $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - basic 10,390,002 10,295,836 10,295,447 10,273,702 10,313,747 Net earnings per common share - diluted $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - diluted 10,404,244 10,310,692 10,318,715 10,297,439 10,332,920 Quarters Ended 3/31/15 6/30/15 9/30/15 12/31/15 Total Net revenues $ 10,188 $ 11,559 $ 9,203 $ 7,939 $ 38,889 Gross margin 4,918 5,846 4,323 3,611 18,698 Earnings (loss) before income tax expense (benefit) 671 1,659 407 (154 ) 2,583 Income tax expense (benefit) 233 579 97 (187 ) 722 Net earnings 438 1,080 310 33 1,861 Net earnings per common share - basic $ 0.04 $ 0.10 $ 0.03 $ 0.00 $ 0.18 Weighted average common shares outstanding - basic 10,465,414 10,471,888 10,473,928 10,481,612 10,473,210 Net earnings per common share - diluted $ 0.04 $ 0.10 $ 0.03 $ 0.00 $ 0.18 Weighted average common shares outstanding - diluted 10,483,527 10,494,457 10,498,911 10,498,369 10,493,830 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Number of Reportable Segments | 3 |
Note 2 - Summary of Significa36
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for Doubtful Accounts | $ 0 | $ 0 |
Inventory Write-down | 226 | 342 |
Depreciation | 370 | 465 |
Foreign Currency Transaction Gain (Loss), before Tax | $ (16) | $ (33) |
Thermal Products and Mechanical Products [Member] | ||
Equipment Leased To Customers Initial Term | 180 days | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years |
Note 2 - Summary of Significa37
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average common shares outstanding - basic (in shares) | 10,273,702 | 10,295,447 | 10,295,836 | 10,390,002 | 10,481,612 | 10,473,928 | 10,471,888 | 10,465,414 | 10,313,747 | 10,473,210 |
Potentially dilutive securities: | ||||||||||
Unvested shares of restricted stock and employee stock options (in shares) | 19,173 | 20,620 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 10,297,439 | 10,318,715 | 10,310,692 | 10,404,244 | 10,498,369 | 10,498,911 | 10,494,457 | 10,483,527 | 10,332,920 | 10,493,830 |
Average number of potentially dilutive securities excluded from calculation (in shares) | 18,658 | 0 |
Note 3 - Restructuring Charges
Note 3 - Restructuring Charges (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Costs | $ 99 |
Note 4 - Goodwill, Intangible39
Note 4 - Goodwill, Intangible and Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill, Period Increase (Decrease) | $ 0 | |
Amortization of Intangible Assets | $ 229 | $ 289 |
Fair Value Inputs, Discount Rate | 18.50% | 20.00% |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 |
Note 4 - Goodwill, Intangible40
Note 4 - Goodwill, Intangible and Long-lived Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-lived, Gross Carrying Amount | $ 2,480 | $ 2,480 |
Finite-lived, Accumulated Amortization | 2,115 | 1,886 |
Net Carrying Amount | 365 | 594 |
Intangible Assets, Gross Carrying Amount | 2,990 | 2,990 |
Net Carrying Amount | 875 | 1,104 |
Trademarks [Member] | ||
Indefinite-lived, Gross Carrying Amount | 510 | 510 |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 1,480 | 1,480 |
Finite-lived, Accumulated Amortization | 1,328 | 1,166 |
Net Carrying Amount | 152 | 314 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 424 | 386 |
Net Carrying Amount | 166 | 204 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 223 | 196 |
Net Carrying Amount | 47 | 74 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 138 |
Net Carrying Amount | $ 0 | $ 2 |
Note 4 - Goodwill, Intangible41
Note 4 - Goodwill, Intangible and Long-lived Assets - Estimated Useful Lives of Finite Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Customer Relationships [Member] | Sigma [Member] | |
Estimated Useful Life (Month) | 6 years |
Remaining Estimated Useful Life (Month) | 0 years |
Customer Relationships [Member] | Thermonics [Member] | |
Estimated Useful Life (Month) | 6 years |
Remaining Estimated Useful Life (Month) | 1 year 15 days |
Computer Software, Intangible Asset [Member] | Sigma [Member] | |
Estimated Useful Life (Month) | 10 years |
Remaining Estimated Useful Life (Month) | 1 year 270 days |
Patented Technology [Member] | Sigma [Member] | |
Estimated Useful Life (Month) | 5 years |
Remaining Estimated Useful Life (Month) | 0 years |
Patented Technology [Member] | Thermonics [Member] | |
Estimated Useful Life (Month) | 11 years |
Remaining Estimated Useful Life (Month) | 6 years 15 days |
Trade Names [Member] | Thermonics [Member] | |
Estimated Useful Life (Month) | 4 years |
Remaining Estimated Useful Life (Month) | 0 years |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 212 |
2,018 | 65 |
2,019 | 39 |
2,020 | 30 |
2,021 | $ 15 |
Note 5 - Major Customers (Detai
Note 5 - Major Customers (Details Textual) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Operating Segments | 3 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Hakuto Co Ltd [Member] | ||
Concentration Risk, Percentage | 13.00% | 12.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Texas Instruments Incorporated [Member] | ||
Concentration Risk, Percentage | 10.00% |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 2,695 | $ 2,535 |
Work in process | 728 | 295 |
Inventory consigned to others | 81 | 119 |
Finished goods | 172 | 571 |
Total inventories | $ 3,676 | $ 3,520 |
Note 7 - Other Current Liabil45
Note 7 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued warranty | $ 125 | $ 94 |
Deferred revenue and customer deposits | 74 | 173 |
Other | 48 | 74 |
Total other current liabilities | $ 247 | $ 341 |
Note 8 - Debt - Outstanding Let
Note 8 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Letters of Credit Amount Outstanding | $ 175 | $ 350 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, ExpirationDate | Mar. 31, 2018 | |
Lease Expiration Date | Apr. 30, 2021 | |
Letters of Credit Amount Outstanding | $ 125 | 250 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, ExpirationDate | Nov. 8, 2017 | |
Lease Expiration Date | Aug. 31, 2021 | |
Letters of Credit Amount Outstanding | $ 50 | $ 100 |
Note 9 - Commitments and Cont47
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 1,241 | $ 1,351 |
Note 9 - Commitments and Cont48
Note 9 - Commitments and Contingencies - Minimum Rental Commitments Under Noncancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,164 |
2,018 | 1,224 |
2,019 | 1,216 |
2,020 | 1,172 |
2,021 | 508 |
Total | $ 5,284 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | $ 0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 15 | $ 85 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 |
Note 10 - Income Taxes - Earnin
Note 10 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic | $ 3,345 | $ 1,868 | ||||||||
Foreign | 862 | 715 | ||||||||
Total | $ 1,613 | $ 1,721 | $ 749 | $ 124 | $ (154) | $ 407 | $ 1,659 | $ 671 | $ 4,207 | $ 2,583 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | ||||||||||
Domestic -- Federal | $ 1,295 | $ 523 | ||||||||
Domestic -- state | 74 | 45 | ||||||||
Foreign | 45 | (14) | ||||||||
Total | 1,414 | 554 | ||||||||
Deferred | ||||||||||
Domestic -- Federal | (39) | 12 | ||||||||
Domestic -- state | 10 | (9) | ||||||||
Foreign | 164 | 165 | ||||||||
Total | 135 | 168 | ||||||||
Income tax expense | $ 612 | $ 631 | $ 263 | $ 43 | $ (187) | $ 97 | $ 579 | $ 233 | $ 1,549 | $ 722 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Depreciation of property and equipment | $ 580 | $ 580 |
Intangibles | 311 | 279 |
Inventories | 182 | 186 |
Accrued vacation pay and stock-based compensation | 161 | 151 |
Net operating loss ("NOL") (state and foreign) | 71 | 264 |
Allowance for doubtful accounts | 55 | 55 |
Acquisition costs | 28 | 31 |
Accrued warranty | 9 | 5 |
Other | 7 | 13 |
Total | 1,404 | 1,564 |
Valuation allowance | 0 | (15) |
Deferred tax assets | 1,404 | 1,549 |
Deferred tax liabilities: | ||
Net intangible assets | (212) | (222) |
Unremitted earnings of foreign subsidiaries | (82) | (82) |
Deferred tax liabilities | (294) | (304) |
Net deferred tax assets | $ 1,110 | $ 1,245 |
Note 10 - Income Taxes - Effect
Note 10 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expected income tax provision at U.S. statutory rate | $ 1,430 | $ 878 | ||||||||
Increase (decrease) in tax from: | ||||||||||
Foreign income tax rate differences | (258) | (64) | ||||||||
Current year tax credits (foreign and research) | (140) | (207) | ||||||||
Domestic production activities deduction | (112) | (68) | ||||||||
Changes in valuation allowance | (15) | (85) | ||||||||
Deemed dividend from foreign subsidiaries | 396 | 151 | ||||||||
NOL carryforwards utilized | 180 | 99 | ||||||||
Domestic tax expense, net of Federal benefit | 55 | 33 | ||||||||
Nondeductible expenses | 14 | 15 | ||||||||
Other | (1) | (30) | ||||||||
Income tax expense | $ 612 | $ 631 | $ 263 | $ 43 | $ (187) | $ 97 | $ 579 | $ 233 | $ 1,549 | $ 722 |
Note 12 - Stock-based Compens54
Note 12 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 316 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 19,800 | 0 |
Restricted Stock [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 |
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, Vested in Period, Fair Value | $ 208 | $ 138 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
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 | |
Stock Plan 2007 [Member] | ||
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 | 0 | |
Stock Plan 2014 [Member] | ||
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 | 456,300 |
Note 12 - Stock-based Compens55
Note 12 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allocation of Share-based Compensation Expense | $ 269 | $ 119 |
Cost of Sales [Member] | ||
Allocation of Share-based Compensation Expense | 10 | 10 |
Selling and Marketing Expense [Member] | ||
Allocation of Share-based Compensation Expense | 6 | 5 |
Research and Development Expense [Member] | ||
Allocation of Share-based Compensation Expense | 11 | 10 |
General and Administrative Expense [Member] | ||
Allocation of Share-based Compensation Expense | $ 242 | $ 94 |
Note 12 - Stock-based Compens56
Note 12 - Stock-based Compensation - Stock Options Valuation Assumptions (Details) - Employee Stock Option [Member] | 12 Months Ended |
Dec. 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) (Year) | 4 years |
Note 12 - Stock-based Compens57
Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Options outstanding (in shares) | 0 | |
Options outstanding (in dollars per share) | $ 0 | |
Granted (in shares) | 19,800 | 0 |
Granted (in dollars per share) | $ 4.37 | |
Exercised (in shares) | 0 | |
Exercised (in dollars per share) | $ 0 | |
Canceled (in shares) | 0 | |
Canceled (in dollars per share) | $ 0 | |
Options outstanding (in shares) | 19,800 | 0 |
Options outstanding (in dollars per share) | $ 4.37 | $ 0 |
Note 12 - Stock-based Compens58
Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) shares in Thousands | Dec. 31, 2016shares |
Options exercisable (in shares) | 0 |
Note 12 - Stock-based Compens59
Note 12 - Stock-based Compensation Plan - Nonvested Shares (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested shares outstanding (in shares) | 63,750 | 101,875 |
Unvested shares outstanding (in dollars per share) | $ 3.64 | $ 3.66 |
Granted (in shares) | 86,400 | 0 |
Granted (in dollars per share) | $ 4.27 | $ 0 |
Vested (in shares) | (53,125) | (33,125) |
Vested (in dollars per share) | $ 3.94 | $ 3.65 |
Forfeited (in shares) | 0 | (5,000) |
Forfeited (in dollars per share) | $ 0 | $ 3.97 |
Unvested shares outstanding (in shares) | 97,025 | 63,750 |
Unvested shares outstanding (in dollars per share) | $ 4.04 | $ 3.64 |
Note 13 - Stock Repurchase Pl60
Note 13 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 27, 2015 |
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||
Stock Repurchased and Retired During Period, Shares | 283,137 | 241,805 | 41,332 | |
Stock Repurchased and Retired During Period, Value | $ 1,133 | $ 978 | $ 155 | |
Payments for Brokerage Fees | $ 7 |
Note 14 - Employee Benefit Pl61
Note 14 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 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 | $ 347 | $ 329 |
Note 15 - Segment Information62
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues from unaffiliated customers | $ 10,272 | $ 10,823 | $ 10,485 | $ 8,647 | $ 7,939 | $ 9,203 | $ 11,559 | $ 10,188 | $ 40,227 | $ 38,889 |
Depreciation/amortization | 599 | 754 | ||||||||
Operating income (loss) | 4,146 | 2,562 | ||||||||
Earnings (loss) before income tax expense (benefit) | 1,613 | 1,721 | 749 | 124 | (154) | 407 | 1,659 | 671 | 4,207 | 2,583 |
Income tax expense (benefit) | 612 | 631 | 263 | 43 | (187) | 97 | 579 | 233 | 1,549 | 722 |
Net earnings (loss) | $ 1,001 | $ 1,090 | $ 486 | $ 81 | $ 33 | $ 310 | $ 1,080 | $ 438 | 2,658 | 1,861 |
Capital expenditures | 339 | 599 | ||||||||
Thermal Products [Member] | ||||||||||
Net revenues from unaffiliated customers | 24,033 | 24,084 | ||||||||
Depreciation/amortization | 440 | 581 | ||||||||
Operating income (loss) | 4,210 | 4,517 | ||||||||
Earnings (loss) before income tax expense (benefit) | 4,193 | 4,479 | ||||||||
Income tax expense (benefit) | 1,544 | 1,252 | ||||||||
Net earnings (loss) | 2,649 | 3,227 | ||||||||
Capital expenditures | 262 | 389 | ||||||||
Mechanical Products [Member] | ||||||||||
Net revenues from unaffiliated customers | 8,309 | 7,539 | ||||||||
Depreciation/amortization | 58 | 79 | ||||||||
Operating income (loss) | (74) | (1,902) | ||||||||
Earnings (loss) before income tax expense (benefit) | (72) | (1,874) | ||||||||
Income tax expense (benefit) | (26) | (524) | ||||||||
Net earnings (loss) | (46) | (1,350) | ||||||||
Capital expenditures | 44 | 101 | ||||||||
Electrical Products [Member] | ||||||||||
Net revenues from unaffiliated customers | 7,885 | 7,266 | ||||||||
Depreciation/amortization | 101 | 94 | ||||||||
Operating income (loss) | 1,063 | 673 | ||||||||
Earnings (loss) before income tax expense (benefit) | 1,093 | 704 | ||||||||
Income tax expense (benefit) | 402 | 197 | ||||||||
Net earnings (loss) | 691 | 507 | ||||||||
Capital expenditures | 33 | 109 | ||||||||
Corporate Segment [Member] | ||||||||||
Operating income (loss) | (1,053) | (726) | ||||||||
Earnings (loss) before income tax expense (benefit) | (1,007) | (726) | ||||||||
Income tax expense (benefit) | (371) | (203) | ||||||||
Net earnings (loss) | $ (636) | $ (523) |
Note 15 - Segment Information64
Note 15 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Identifiable assets: | ||
Identifiable Assets | $ 42,844 | $ 39,984 |
Thermal Products [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 19,893 | 16,983 |
Mechanical Products [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 18,359 | 19,733 |
Electrical Products [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 4,592 | $ 3,268 |
Note 15 - Segment Information65
Note 15 - Segment Information - Net Revenue from Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues | $ 10,272 | $ 10,823 | $ 10,485 | $ 8,647 | $ 7,939 | $ 9,203 | $ 11,559 | $ 10,188 | $ 40,227 | $ 38,889 |
UNITED STATES | ||||||||||
Net revenues | 13,061 | 14,294 | ||||||||
Foreign [Member] | ||||||||||
Net revenues | $ 27,166 | $ 24,595 |
Note 15 - Segment Information66
Note 15 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and Equipment | $ 944 | $ 1,112 |
UNITED STATES | ||
Property and Equipment | 691 | 797 |
Foreign [Member] | ||
Property and Equipment | $ 253 | $ 315 |
Note 16 - Quarterly Consolida67
Note 16 - Quarterly Consolidated Financial Data - Quarterly Consolidated Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues | $ 10,272 | $ 10,823 | $ 10,485 | $ 8,647 | $ 7,939 | $ 9,203 | $ 11,559 | $ 10,188 | $ 40,227 | $ 38,889 |
Gross margin | 5,405 | 5,577 | 5,329 | 4,067 | 3,611 | 4,323 | 5,846 | 4,918 | 20,378 | 18,698 |
Earnings before income tax expense | 1,613 | 1,721 | 749 | 124 | (154) | 407 | 1,659 | 671 | 4,207 | 2,583 |
Income tax expense | 612 | 631 | 263 | 43 | (187) | 97 | 579 | 233 | 1,549 | 722 |
Net earnings | $ 1,001 | $ 1,090 | $ 486 | $ 81 | $ 33 | $ 310 | $ 1,080 | $ 438 | $ 2,658 | $ 1,861 |
Net earnings per common share - basic (in dollars per share) | $ 0.10 | $ 0.11 | $ 0.05 | $ 0.01 | $ 0 | $ 0.03 | $ 0.10 | $ 0.04 | $ 0.26 | $ 0.18 |
Weighted average common shares outstanding - basic (in shares) | 10,273,702 | 10,295,447 | 10,295,836 | 10,390,002 | 10,481,612 | 10,473,928 | 10,471,888 | 10,465,414 | 10,313,747 | 10,473,210 |
Net earnings per common share - diluted (in dollars per share) | $ 0.10 | $ 0.11 | $ 0.05 | $ 0.01 | $ 0 | $ 0.03 | $ 0.10 | $ 0.04 | $ 0.26 | $ 0.18 |
Weighted average common shares outstanding - diluted (in shares) | 10,297,439 | 10,318,715 | 10,310,692 | 10,404,244 | 10,498,369 | 10,498,911 | 10,494,457 | 10,483,527 | 10,332,920 | 10,493,830 |