Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
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 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 27,455 | $ 28,611 |
Trade accounts receivable, net of allowance for doubtful accounts of $146 and $146, respectively | 9,817 | 5,377 |
Inventories | 3,921 | 3,676 |
Prepaid expenses and other current assets | 374 | 342 |
Total current assets | 41,567 | 38,006 |
Property and equipment: | ||
Machinery and equipment | 4,418 | 4,383 |
Leasehold improvements | 604 | 603 |
Gross property and equipment | 5,022 | 4,986 |
Less: accumulated depreciation | (4,088) | (4,042) |
Net property and equipment | 934 | 944 |
Deferred tax assets | 1,116 | 1,110 |
Goodwill | 1,706 | 1,706 |
Intangible assets, net | 822 | 875 |
Restricted certificates of deposit | 175 | 175 |
Other assets | 33 | 28 |
Total assets | 46,353 | 42,844 |
Current liabilities: | ||
Accounts payable | 1,833 | 1,368 |
Accrued wages and benefits | 1,191 | 1,588 |
Accrued rent | 544 | 572 |
Accrued professional fees | 408 | 419 |
Accrued sales commissions | 435 | 287 |
Domestic and foreign income taxes payable | 1,625 | 575 |
Other current liabilities | 397 | 247 |
Total current liabilities | 6,433 | 5,056 |
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; 10,435,135 and 10,394,018 shares issued, respectively | 104 | 104 |
Addtional paid-in capital | 25,604 | 25,578 |
Retained earnings | 13,749 | 11,671 |
Accumulated other comprehensive earnings | 667 | 639 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | (204) | (204) |
Total stockholders' equity | 39,920 | 37,788 |
Total liabilities and stockholders' equity | $ 46,353 | $ 42,844 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
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) | 10,435,135 | 10,394,018 |
Treasury stock, at cost, shares (in shares) | 33,077 | 33,077 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net revenues | $ 14,180 | $ 8,647 |
Cost of revenues | 6,452 | 4,580 |
Gross margin | 7,728 | 4,067 |
Operating expenses: | ||
Selling expense | 1,668 | 1,335 |
Engineering and product development expense | 935 | 991 |
General and administrative expense | 1,994 | 1,645 |
Total operating expenses | 4,597 | 3,971 |
Operating income | 3,131 | 96 |
Other income | 41 | 28 |
Earnings before income tax expense | 3,172 | 124 |
Income tax expense | 1,094 | 43 |
Net earnings | $ 2,078 | $ 81 |
Net earnings per common share - basic (in dollars per share) | $ 0.20 | $ 0.01 |
Weighted average common shares outstanding - basic (in shares) | 10,264,565 | 10,390,002 |
Net earnings per common share - diluted (in dollars per share) | $ 0.20 | $ 0.01 |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 10,295,337 | 10,404,244 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net earnings | $ 2,078 | $ 81 |
Foreign currency translation adjustments | 28 | 108 |
Comprehensive earnings | $ 2,106 | $ 189 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2017 - 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, 2016 | 10,394,018 | 10,394,018 | ||||
Balance at Dec. 31, 2016 | $ 104 | $ 25,578 | $ 11,671 | $ 639 | $ (204) | $ 37,788 |
Net earnings | 2,078 | 2,078 | ||||
Other comprehensive income | 28 | 28 | ||||
Amortization of deferred compensation related to stock-based awards | 88 | $ 88 | ||||
Issuance of unvested shares of restricted stock (in shares) | 55,000 | |||||
Repurchase and retirement of common stock (in shares) | (13,883) | (13,883) | ||||
Repurchase and retirement of common stock | (62) | $ (62) | ||||
Balance (in shares) at Mar. 31, 2017 | 10,435,135 | 10,435,135 | ||||
Balance at Mar. 31, 2017 | $ 104 | $ 25,604 | $ 13,749 | $ 667 | $ (204) | $ 39,920 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 2,078 | $ 81 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 150 | 160 |
Provision for excess and obsolete inventory | 47 | 69 |
Foreign exchange gain | (12) | (10) |
Amortization of deferred compensation related to stock-based awards | 88 | 39 |
Proceeds from sale of demonstration equipment, net of gain | 31 | 47 |
Deferred income tax expense (benefit) | (6) | 25 |
Changes in assets and liabilities: | ||
Trade accounts receivable | (4,423) | (907) |
Inventories | (291) | 7 |
Prepaid expenses and other current assets | (31) | 29 |
Other assets | (5) | (7) |
Accounts payable | 465 | 456 |
Accrued wages and benefits | (400) | (299) |
Accrued rent | (28) | (51) |
Accrued professional fees | (11) | |
Accrued sales commissions | 148 | 19 |
Domestic and foreign income taxes payable | 1,050 | 23 |
Other current liabilities | 150 | |
Net cash used in operating activities | (1,000) | (319) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (114) | (38) |
Net cash used in investing activities | (114) | (38) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchases of common stock | (62) | (471) |
Net cash used in financing activities | (62) | (471) |
Effects of exchange rates on cash | 20 | 69 |
Net cash used in all activities | (1,156) | (759) |
Cash and cash equivalents at beginning of period | 28,611 | 25,710 |
Cash and cash equivalents at end of period | 27,455 | 24,951 |
Cash payments for: | ||
Domestic and foreign income taxes | $ 39 | $ 2 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | (1) 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. 2016, three two first 2016 3 10 December 31, 2016 March 27, 2017 "2016 10 January 1, 2017, two 2017.We may may may may may may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (2) Basis of Presentation and Use of Estimates 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 c onformity 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. 2016 10 Reclassification Inventories first first twelve three $47 $69 three March 31, 2017 2016, Goodwill, Intangible and Long-Lived Assets 350 fourth may two two two two two fourth may Stock-Based Compensation 718 7. Subsequent Events three March 31, 2017. Revenue Recognition third six Product Warranties Income Taxes Net Earnings Per Common Share Three Months Ended March 31, 2017 2016 Weighted average common shares outstanding - basic 10,264,565 10,390,002 Potentially dilutive securities: Unvested shares of restricted stock and stock options 30,772 14,242 Weighted average common shares and common share equivalents outstanding - diluted 10,295,337 10,404,244 Average number of potentially dilutive securities excluded from calculation 47,260 15,231 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance March 2016, 718 January 1, 2017. July 2015, 330 first January 1, 2017. 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, February 2016, 842 12 January 1, 2019. May 2014, May, 2014, 606 August 2015, one January 1, 2018. January 1, 2017. January 1, 2018 fourth 2016, |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | (3) 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 three March 31, 2017. Intangible Assets March 31, 2017 December 31, 2016: March 31, 201 7 Gross Amount Amortization Net Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,365 $ 115 Patented technology 590 434 156 Software 270 229 41 Trade name 140 140 - Total finite-lived intangible assets 2,480 2,168 312 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 2,168 $ 822 December 31, 2016 Gross Carrying Amount Amortization Net Carrying 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 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. Total amortization expense for the three March 31, 2017 2016 $53 $59, five 2017 (remainder) $ 158 2018 $ 65 2019 $ 39 2020 $ 30 2021 $ 15 |
Note 4 - Major Customers
Note 4 - Major Customers | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | (4) During the three March 31, 2017, 13% both three March 31, 2017 2016, one 13% 15% 10% three March 31, 2017 2016. |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (5) INVENTORIES Inventories held at March 31, 2017 December 31, 2016 Mar. 31, 2017 Dec. 31, 2016 Raw materials $ 2,576 $ 2,695 Work in process 891 728 Inventory consigned to others 80 81 Finished goods 374 172 Total inventories $ 3,921 $ 3,676 |
Note 6 - Debt
Note 6 - Debt | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (6) Letters of Credit 30 one March 31, 2017 December 31, 2016 Letters of Credit Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2017 Dec. 31, 2016 Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2017 8/23/2021 50 50 $ 175 $ 175 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (7) As of March 31, 2017, 12 2016 10 March 31, 2017, $830. 3.1 three March 31, 2017 2016, Three Months Ended March 31, 201 7 2016 Cost of revenues $ 3 $ 3 Selling expense - 1 Engineering and product development expense 3 2 General and administrative expense 82 33 $ 88 $ 39 There was no three March 31, 2017 2016. Restricted Stock Awards four January 2016, 22,500 three 100% June 2016. 2016 $98, March 2017, 22,500 25% 25% June 30, September 30, December 31, 2017. $143 2017. three March 31, 2017: of Shares Weighted Fair Value Unvested shares outstanding, January 1, 2017 97,025 $ 4.04 Granted 55,000 6.35 Vested (20,975 ) 4.56 Forfeited - - Unvested shares outstanding, March 31, 2017 131,050 4.92 The total fair value of the shares that vested during the three March 31, 2017 2016 $105 $22, Stock Options may ten four three March 31, 2017 2016 2017 2016 Risk-free interest rate 2.14 % 1.30 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor 0.39 0.40 Weighted average expected life of stock options (years) 6 4 The per share weighted average fair value of stock options issued during the three March 31, 2017 2016 $2.64 $1.43, three March 31, 2017: of Shares Weighted Price Options outstanding, January 1, 2017 (none exercisable) 19,800 $ 4.37 Granted 96,000 6.35 Vested - - Forfeited - - Options outstanding, March 31, 2017 (4,950 exercisable) 115,800 6.01 |
Note 8 - Stock Repurchase Plan
Note 8 - Stock Repurchase Plan | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stock Repurchase Plan [Text Block] | (8) STOCK REPURCHASE PLAN On October 27, 2015, $5,000 10b 18 1934 "2015 may “10b5 1 2015 10b5 1 10b5 1 August 8, 2016, 2015 may 2015 three March 31, 2017 2016, 13,883 114,688 2015 $62 $471, March 31, 2017, 297,020 2015 $1,195. |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (9) EMPLOYEE BENEFIT PLANS We have a defined contribution 401(k) 18 10% $5. four three March 31, 2017 2016, $163 $160 |
Note 10 - Segment Information
Note 10 - Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (10) As discussed in Note 1, 2016, three two January 1, 2017, two 2017. third Three Months Ended March 31, 2017 2016 Net revenues: iTS $ 7,776 $ 5,194 EMS 6,404 3,453 $ 14,180 $ 8,647 Earnings (loss) before income tax expense (benefit): iTS $ 1,846 $ 573 EMS 1.698 (349 ) Corporate (372 ) (100 ) $ 3.172 $ 124 Net earnings (loss): iTS $ 1,210 $ 373 EMS 1,112 (227 ) Corporate (244 ) (65 ) $ 2,078 $ 81 Mar. 31, Dec. 31, Identifiable assets: iTS $ 15,958 $ 19,893 EMS 30,395 22,951 $ 46,353 $ 42,844 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, 2017 2016 Net revenues: U.S. $ 2,886 $ 2,727 Foreign 11,294 5,920 $ 14,180 $ 8,647 Mar. 31, Dec. 31, Property and equipment: U.S. $ 688 $ 691 Foreign 246 253 $ 934 $ 944 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates 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 c onformity 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. 2016 10 |
Reclassification, Policy [Policy Text Block] | Reclassification |
Inventory, Policy [Policy Text Block] | Inventories first first twelve three $47 $69 three March 31, 2017 2016, |
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 7. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events three March 31, 2017. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition third six |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings Per Common Share Three Months Ended March 31, 2017 2016 Weighted average common shares outstanding - basic 10,264,565 10,390,002 Potentially dilutive securities: Unvested shares of restricted stock and stock options 30,772 14,242 Weighted average common shares and common share equivalents outstanding - diluted 10,295,337 10,404,244 Average number of potentially dilutive securities excluded from calculation 47,260 15,231 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Adopted Amendments to Authoritative Accounting Guidance March 2016, 718 January 1, 2017. July 2015, 330 first January 1, 2017. 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, February 2016, 842 12 January 1, 2019. May 2014, May, 2014, 606 August 2015, one January 1, 2018. January 1, 2017. January 1, 2018 fourth 2016, |
Note 2 - Summary of Significa19
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2017 2016 Weighted average common shares outstanding - basic 10,264,565 10,390,002 Potentially dilutive securities: Unvested shares of restricted stock and stock options 30,772 14,242 Weighted average common shares and common share equivalents outstanding - diluted 10,295,337 10,404,244 Average number of potentially dilutive securities excluded from calculation 47,260 15,231 |
Note 3 - Goodwill and Intangi20
Note 3 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule Of Intangible Assets [Table Text Block] | March 31, 201 7 Gross Amount Amortization Net Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,365 $ 115 Patented technology 590 434 156 Software 270 229 41 Trade name 140 140 - Total finite-lived intangible assets 2,480 2,168 312 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 2,168 $ 822 December 31, 2016 Gross Carrying Amount Amortization Net Carrying 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 (remainder) $ 158 2018 $ 65 2019 $ 39 2020 $ 30 2021 $ 15 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Mar. 31, 2017 Dec. 31, 2016 Raw materials $ 2,576 $ 2,695 Work in process 891 728 Inventory consigned to others 80 81 Finished goods 374 172 Total inventories $ 3,921 $ 3,676 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 Dec. 31, 2016 Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2017 8/23/2021 50 50 $ 175 $ 175 |
Note 7 - Stock-based Compensa23
Note 7 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 201 7 2016 Cost of revenues $ 3 $ 3 Selling expense - 1 Engineering and product development expense 3 2 General and administrative expense 82 33 $ 88 $ 39 |
Schedule of Nonvested Share Activity [Table Text Block] | of Shares Weighted Fair Value Unvested shares outstanding, January 1, 2017 97,025 $ 4.04 Granted 55,000 6.35 Vested (20,975 ) 4.56 Forfeited - - Unvested shares outstanding, March 31, 2017 131,050 4.92 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 Risk-free interest rate 2.14 % 1.30 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor 0.39 0.40 Weighted average expected life of stock options (years) 6 4 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | of Shares Weighted Price Options outstanding, January 1, 2017 (none exercisable) 19,800 $ 4.37 Granted 96,000 6.35 Vested - - Forfeited - - Options outstanding, March 31, 2017 (4,950 exercisable) 115,800 6.01 |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2017 2016 Net revenues: iTS $ 7,776 $ 5,194 EMS 6,404 3,453 $ 14,180 $ 8,647 Earnings (loss) before income tax expense (benefit): iTS $ 1,846 $ 573 EMS 1.698 (349 ) Corporate (372 ) (100 ) $ 3.172 $ 124 Net earnings (loss): iTS $ 1,210 $ 373 EMS 1,112 (227 ) Corporate (244 ) (65 ) $ 2,078 $ 81 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, 2017 2016 Net revenues: U.S. $ 2,886 $ 2,727 Foreign 11,294 5,920 $ 14,180 $ 8,647 |
Long-lived Assets by Geographic Areas [Table Text Block] | Mar. 31, Dec. 31, Property and equipment: U.S. $ 688 $ 691 Foreign 246 253 $ 934 $ 944 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Mar. 31, Dec. 31, Identifiable assets: iTS $ 15,958 $ 19,893 EMS 30,395 22,951 $ 46,353 $ 42,844 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Number of Reportable Segments | 2 | 3 |
Note 2 - Summary of Significa26
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Inventory Write-down | $ 47 | $ 69 |
Thermal Products and Mechanical Products [Member] | ||
Equipment Leased To Customers Initial Term | 180 days |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average common shares outstanding - basic (in shares) | 10,264,565 | 10,390,002 |
Potentially dilutive securities: | ||
Unvested shares of restricted stock and stock options (in shares) | 30,772 | 14,242 |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 10,295,337 | 10,404,244 |
Average number of potentially dilutive securities excluded from calculation (in shares) | 47,260 | 15,231 |
Note 3 - Goodwill and Intangi28
Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of Intangible Assets | $ 53 | $ 59 |
Goodwill, Period Increase (Decrease) | $ 0 |
Note 3 - Goodwill and Intangi29
Note 3 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-lived, Gross Carrying Amount | $ 2,480 | $ 2,480 |
Finite-lived, Accumulated Amortization | 2,168 | 2,115 |
Net Carrying Amount | 312 | 365 |
Intangible Assets, Gross Carrying Amount | 2,990 | 2,990 |
Net Carrying Amount | 822 | 875 |
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 | 1,365 | 1,328 |
Net Carrying Amount | 115 | 152 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 434 | 424 |
Net Carrying Amount | 156 | 166 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 229 | 223 |
Net Carrying Amount | 41 | 47 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Net Carrying Amount | $ 0 |
Note 3 - Goodwill and Intangi30
Note 3 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2017 (remainder) | $ 158 |
2,018 | 65 |
2,019 | 39 |
2,020 | 30 |
2,021 | $ 15 |
Note 4 - Major Customers (Detai
Note 4 - Major Customers (Details Textual) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Operating Segments | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Texas Instruments Incorporated [Member] | ||
Concentration Risk, Percentage | 13.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Hakuto Co Ltd [Member] | ||
Concentration Risk, Percentage | 13.00% | 15.00% |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 2,576 | $ 2,695 |
Work in process | 891 | 728 |
Inventory consigned to others | 80 | 81 |
Finished goods | 374 | 172 |
Total inventories | $ 3,921 | $ 3,676 |
Note 6 - Debt - Outstanding Let
Note 6 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Letters of Credit Amount Outstanding | $ 175 | $ 175 |
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 | 125 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, ExpirationDate | Nov. 8, 2017 | |
Lease Expiration Date | Aug. 23, 2021 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 7 - Stock-based Compensa34
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 10 Months Ended | ||
Mar. 31, 2017 | Jan. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 830 | $ 830 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days | ||||
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 | 55,000 | ||||
Allocated Share-based Compensation Expense | $ 88 | $ 39 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 105 | 22 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 | |||
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 | 22,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
Allocated Share-based Compensation Expense | $ 98 | ||||
Restricted Stock [Member] | Independent Directors [Member] | Scenario, Forecast [Member] | |||||
Allocated Share-based Compensation Expense | $ 143 | ||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche Four [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
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, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.64 | $ 1.43 |
Note 7 - Stock-based Compensa35
Note 7 - Stock-based Compensation - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 88 | $ 39 |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | 3 | 3 |
Selling and Marketing Expense [Member] | ||
Allocated Share-based Compensation Expense | 1 | |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 3 | 2 |
General and Administrative Expense [Member] | ||
Allocated Share-based Compensation Expense | $ 82 | $ 33 |
Note 7 - Stock-based Compensa36
Note 7 - Stock-based Compensation - Nonvested Shares (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Unvested shares outstanding (in shares) | shares | 97,025 |
Unvested shares outstanding (in dollars per share) | $ / shares | $ 4.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 55,000 |
Granted (in dollars per share) | $ / shares | $ 6.35 |
Vested (in shares) | shares | (20,975) |
Vested (in dollars per share) | $ / shares | $ 4.56 |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Unvested shares outstanding (in shares) | shares | 131,050 |
Unvested shares outstanding (in dollars per share) | $ / shares | $ 4.92 |
Note 7 - Stock-based Compensa37
Note 7 - Stock-based Compensation - Stock Options Valuation Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Risk-free interest rate | 2.14% | 1.30% |
Dividend yield | 0.00% | 0.00% |
Expected common stock market price volatility factor | 0.39% | 0.40% |
Weighted average expected life of stock options (years) (Year) | 6 years | 4 years |
Note 7 - Stock-based Compensa38
Note 7 - Stock-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Options outstanding (in shares) | shares | 19,800 |
Options outstanding (in dollars per share) | $ / shares | $ 4.37 |
Granted (in shares) | shares | 96,000 |
Granted (in dollars per share) | $ / shares | $ 6.35 |
Options outstanding (in shares) | shares | 115,800 |
Options outstanding (in dollars per share) | $ / shares | $ 6.01 |
Note 7 - Stock-based Compensa39
Note 7 - Stock-based Compensation - Stock Option Activity (Details) (Parentheticals) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Options exercisable (in shares) | 4,950 | 0 |
Note 8 - Stock Repurchase Plan
Note 8 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Oct. 27, 2015 |
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||
Stock Repurchased and Retired During Period, Shares | 297,020 | 13,883 | 114,688 | |
Stock Repurchased and Retired During Period, Value | $ 1,195 | $ 62 | $ 471 |
Note 9 - Employee Benefit Pla41
Note 9 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 163 | $ 160 |
Note 10 - Segment Information42
Note 10 - Segment Information (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Number of Reportable Segments | 2 | 3 |
Note 10 - Segment Information -
Note 10 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net revenues | $ 14,180 | $ 8,647 |
Earnings before income tax expense | 3,172 | 124 |
Net earnings | 2,078 | 81 |
Corporate, Non-Segment [Member] | ||
Earnings before income tax expense | (372) | (100) |
Net earnings | (244) | (65) |
iTS [Member] | Operating Segments [Member] | ||
Net revenues | 7,776 | 5,194 |
Earnings before income tax expense | 1,846 | 573 |
Net earnings | 1,210 | 373 |
EMS [Member] | Operating Segments [Member] | ||
Net revenues | 6,404 | 3,453 |
Earnings before income tax expense | 1,698 | (349) |
Net earnings | $ 1,112 | $ (227) |
Note 10 - Segment Information44
Note 10 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Identifiable assets: | ||
Identifiable Assets | $ 46,353 | $ 42,844 |
iTS [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 15,958 | 19,893 |
EMS [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 30,395 | $ 22,951 |
Note 10 - Segment Information45
Note 10 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | $ 14,180 | $ 8,647 |
UNITED STATES | ||
Revenues | 2,886 | 2,727 |
Foreign [Member] | ||
Revenues | $ 11,294 | $ 5,920 |
Note 10 - Segment Information46
Note 10 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property and Equipment | $ 934 | $ 944 |
UNITED STATES | ||
Property and Equipment | 688 | 691 |
Foreign [Member] | ||
Property and Equipment | $ 246 | $ 253 |