inTEST (INTT) 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

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