inTEST (INTT) 10-K 28 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 16, 2018	Jun. 30, 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)		10,473,558
Entity Public Float			$ 57,738,020
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 13,290	$ 28,611
Trade accounts receivable, net of allowance for doubtful accounts of $213 and $146, respectively	12,166	5,377
Inventories	4,966	3,676
Prepaid expenses and other current assets	577	342
Total current assets	30,999	38,006
Property and equipment:
Machinery and equipment	5,033	4,383
Leasehold improvements	822	603
Gross property and equipment	5,855	4,986
Less: accumulated depreciation	(4,314)	(4,042)
Net property and equipment	1,541	944
Deferred tax assets		1,110
Goodwill	13,738	1,706
Intangible assets, net	16,014	875
Restricted certificates of deposit	175	175
Other assets	26	28
Total assets	62,493	42,844
Current liabilities:
Accounts payable	2,032	1,368
Accrued wages and benefits	2,781	1,588
Accrued rent	521	572
Accrued professional fees	717	419
Accrued sales commissions	529	287
Customer deposits and deferred revenue	886	74
Domestic and foreign income taxes payable	1,199	575
Earnout payable	5,355
Other current liabilities	399	173
Total current liabilities	14,419	5,056
Federal transition tax payable, net of current portion	436
Deferred tax liabilities	2,606
Contingent consideration liability, net of current portion	5,744
Total liabilities	23,205	5,056
Commitments and Contingencies (Notes 10 and 12)
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; 10,427,435 and 10,394,018 shares issued, respectively	104	104
Addtional paid-in capital	25,860	25,578
Retained earnings	12,646	11,671
Accumulated other comprehensive earnings	882	639
Treasury stock, at cost; 33,077 and 33,077 shares, respectively	(204)	(204)
Total stockholders' equity	39,288	37,788
Total liabilities and stockholders' equity	$ 62,493	$ 42,844

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 213	$ 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)	10,427,435	10,394,018
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, 2017	Dec. 31, 2016
Net revenues	$ 66,801	$ 40,227
Cost of revenues	32,111	19,849
Gross margin	34,690	20,378
Operating expenses:
Selling expense	8,108	5,567
Engineering and product development expense	4,301	3,660
General and administrative expense	11,694	7,005
Adjustment to contingent consideration liability	6,976
Total operating expenses	31,079	16,232
Operating income	3,611	4,146
Other income	227	61
Earnings before income tax expense	3,838	4,207
Income tax expense	2,863	1,549
Net earnings	$ 975	$ 2,658
Net earnings per common share - basic (in dollars per share)	$ 0.09	$ 0.26
Weighted average common shares outstanding - basic (in shares)	10,284,572	10,313,747
Net earnings per common share - diluted (in dollars per share)	$ 0.09	$ 0.26
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,339,313	10,332,920

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net earnings	$ 975	$ 2,658
Foreign currency translation adjustments	243	(86)
Comprehensive earnings	$ 1,218	$ 2,572

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, 2015	10,549,423
Balance at Dec. 31, 2015	$ 105	$ 26,286	$ 9,013	$ 725	$ (204)	$ 35,925
Net earnings			2,658			2,658
Other comprehensive loss				(86)		(86)
Amortization of deferred compensation related to stock-based awards		269				269
Issuance of unvested shares of restricted stock (in shares)	86,400
Issuance of unvested shares of restricted stock	$ 1	(1)				$ 369
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
Net earnings			975			975
Other comprehensive loss				243		243
Amortization of deferred compensation related to stock-based awards		344				344
Issuance of unvested shares of restricted stock (in shares)	66,000
Issuance of unvested shares of restricted stock						$ 432
Repurchase and retirement of common stock (in shares)	(13,883)					(13,883)
Repurchase and retirement of common stock		(62)				$ (62)
Forfeiture of unvested shares of restricted stock (in shares)	(18,700)
Balance (in shares) at Dec. 31, 2017	10,427,435					10,427,435
Balance at Dec. 31, 2017	$ 104	$ 25,860	$ 12,646	$ 882	$ (204)	$ 39,288

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 975	$ 2,658
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,779	599
Adjustment to earnout payable	5,355
Adjustment to contingent consideration liability	1,621
Provision for excess and obsolete inventory	251	226
Foreign exchange (gain) loss	(146)	16
Amortization of deferred compensation related to stock-based awards	344	269
Proceeds from sale of demonstration equipment, net of gain	152	129
Deferred income tax (benefit) expense	(1,630)	135
Changes in assets and liabilities:
Trade accounts receivable	(2,983)	(1,009)
Inventories	388	(384)
Prepaid expenses and other current assets	(31)	295
Restricted certificates of deposit		175
Other assets	2	178
Accounts payable	(756)	459
Accrued wages and benefits	512	126
Accrued rent	(51)	(85)
Accrued professional fees	210	57
Accrued sales commissions	137	(10)
Customer deposits and deferred revenue	55	(118)
Domestic and foreign income taxes payable	586	549
Other current liabilities	36	23
Federal transition tax payable	436
Net cash provided by operating activities	7,242	4,288
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired	(21,962)
Purchase of property and equipment	(745)	(339)
Proceeds from sale of property and equipment	36
Net cash used in investing activities	(22,671)	(339)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock	(62)	(978)
Net cash used in financing activities	(62)	(978)
Effects of exchange rates on cash	170	(70)
Net cash provided by (used in) all activities	(15,321)	2,901
Cash and cash equivalents at beginning of period	28,611	25,710
Cash and cash equivalents at end of period	13,290	28,611
Cash payments for:
Domestic and foreign income taxes	3,467	635
Goodwill resulting from acquisition	12,032
Net cash paid for acquisition	21,962
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of unvested shares of restricted stock	432	369
Forfeiture of unvested shares of restricted stock	(104)
Ambrell [Member]
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired	(21,962)
Cash payments for:
Fair value of assets acquired, net of cash	22,652
Liabilities assumed	(8,599)
Goodwill resulting from acquisition	12,032
Contingent consideration	(4,123)
Net cash paid for acquisition	$ 21,962

Note 1 - Nature of Operations

Note 1 - Nature of Operations	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	( 1 NATURE OF OPERATIONS We are an independent designer, manufacturer and marketer of thermal management products and semiconductor automated test equipment (“ ATE”) interface solutions. Our products are used by semiconductor manufacturers to perform development, qualifying and final testing of integrated circuits (“ICs”) and wafers, and for other electronic testing across a range of industries including the automotive, defense/aerospace, energy, industrial and telecommunications markets. We also offer induction heating products for joining and forming metals in a variety of industrial markets, including automotive, aerospace, machinery, wire & fasteners, medical, semiconductor, food & beverage, and packaging. We manufacture our products in the U.S. Marketing and support activities are conducted worldwide from our facilities in the U.S., Germany, Singapore, the Netherlands and the U.K. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. 2016, three two January 1, 2017, two 2017. May 24, 2017, 3. not may may may not may not may not may

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles, contingent consideration and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates. Reclassification Cash and Cash Equivalents three may not Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not no not $68 December 31, 2017. no December 31, 2016. Fair Value of Financial Instruments Our financial instruments include accounts receivable , accounts payable and our liability for contingent consideration . Our accounts receivable and accounts payable are carried at cost which approximates fair value, due to the short maturities of the accounts. Our liability for contingent consideration is accounted for in accordance with the guidance in Accounting Standards Codification ("ASC") 820 820 3 4 Inventories Inventories are valued at cost on a first first not not twelve three $251 $226 December 31, 2017 2016, Property and Equipment one ten $618 $370 December 31, 2017 2016, Goodwill, Intangible and Long-Lived Assets 350 fourth may not two two not two not If we determine it is more-likely-than- not two two fourth not not no may not no Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718 13. Subsequent Events We have made an assessment of our operations and determined that there were no December 31, 2017. Revenue Recognition third no not not six With respect to sales tax collected from customers and remitted to governmental authorities, we use a net presentation in our consolidated statement of operations. As a result, there are no Product Warranties Engineering and Product Development Foreign Currency not December 31, 2017 2016, $146 16 Income Taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not not December 22, 2017, 21% 2018 one December 2017, No. 118 118” 118 one 118, December 31, 2017, 11 Net Earnings Per Common Share The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Years Ended December 31, 2017 2016 Weighted average common shares outstanding - basic 10,284,572 10,313,747 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 54,741 19,173 Weighted average common shares outstanding - diluted 10,339,313 10,332,920 Average number of potentially dilutive securities excluded from calculation 77,047 18,658 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In March 2016, 718 January 1, 2017. not July 2015, 330 first January 1, 2017. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance May 2017, January 1, 2018. not January 2017, not January 1, 2020, January 1, 2017. not January 2017, January 1, 2018, not November 2016, January 1, 2018, not In February 2016, 842 February 2016, 12 January 1, 2019. fourth 2017, none not may May 2014, May 2014, 606 August 2015, one January 1, 2018. January 1, 2018 fourth 2017, not not not

Note 3 - Acquisition

Note 3 - Acquisition	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	( 3 ACQUISITION On May 24, 2017, The purchase price for Ambrell was $22,000 may 2017 2018, $935. May 24, 2017. third not The total purchase price of $26,733 Cash paid to acquire the capital stock of Ambrell $ 22,610 Estimated fair value of contingent consideration 4,123 Total purchase price $ 26,733 As noted above, the consideration paid for the acquisition of Ambrell includes contingent consideration in the form of earnouts based on the future adjusted EBITDA of Ambrell. Adjusted EBITDA is earnings (or loss) from operations before interest expense, benefit or provision for income taxes, depreciation and amortization, and excludes other non-recurring income and expense items as defined in the stock purchase agreement for Ambrell. The first 2017 8x 2017 $22,000 as well as the $175 2017 December 31, 2017, $5,355 first second 2018 8x 2018 $22,000 2017. 2017 2018 $18,000. $4,123, $26,733 Goodwill $ 12,032 Identifiable intangible assets 16,300 Tangible assets acquired and liabilities assumed: Cash 648 Trade accounts receivable 3,621 Inventories 1,917 Other current assets 200 Property and equipment 614 Accounts payable (1,420 ) Accrued expenses (1,280 ) Customer advances (554 ) Deferred tax liability (5,345 ) Total purchase price $ 26,733 We estimated the fair value of identifiable intangible assets acquired using a combination of the income, cost and market approaches. Identifiable intangible assets acquired include customer relationships, customer backlog, technology and trademarks. 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. The following table summarizes the estimated fair value of Ambrell's identifiable intangible assets and their estimated useful lives as of the acquisition date: Fair Weighted Average (in years) Finite-lived intangible assets: Customer relationships $ 9,000 9.0 Technology 600 9.0 Customer backlog 500 0.3 Total finite-lived intangible assets 10,100 8.6 Indefinite-lived intangible assets: Trademarks 6,200 Total intangible assets $ 16,300 For the period from May 24, 2017 December 31, 2017, $13,562 $6,23 8, $6,976 January 1, 2016. not may not Year Ended December 31, 2017 2016 Net revenues $ 74,421 $ 60,410 Net earnings $ 1,637 $ 1,796 Diluted earnings per share $ 0.16 $ 0.17 The pro forma results shown above do not 935 $6,976 second 2017.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 4 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC 820 820 three Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Recurring Fair Value Measurements The contingent consideration liability on our balance sheet is measured at fair value on a recurring basis using Level 3 May 24, 2017, 2018, 3. We use an option based income approach using a Monte Carlo simulation model to estimate the fair value of the contingent consideration as of the end of each quarter which involves generating various scenarios for projected adjusted EBITDA over a specified time period, calculating the associated contingent consideration payments and discounting the average payments to present value. Significant variation in the amount of the estimated fair value of contingent consideration from period to period is possible as the fair value is affected by our then current estimation of future events including future net revenues and other items that affect future projected adjusted EBITDA. During the second 2017, $6,976 December 31, 2017 fourth 2017 December 31, 2018, 2018 Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2017 Contingent consideration liability $ 5,744 $ - $ - $ 5,744 Changes in the fair value of our Level 3 December 31, 2017 Year Ended 2017 Balance at beginning of period $ - Contingent consideration liability established in connection with the acquisition of Ambrell 4,123 Fair value adjustment 6,976 Transfer of contingent consideration liability to 2017 earnout payable (5,355 ) Balance at end of period $ 5,744

Note 5 - Goodwill and Intangibl

Note 5 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	( 5 GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008, ") in January 2012 May 2017. Goodwill December 31, 2017 Sigma Thermonics Ambrell Total Balance - January 1, 2017 $ 1,656 $ 50 $ - $ 1,706 Acquisition of Ambrell - - 12,032 12,032 Balance - December 31, 2017 $ 1,656 $ 50 $ 12,032 $ 13,738 Intangible Assets Changes in the amount of the carrying value of finite-lived intangible assets for the year ended December 31, 2017 Balance - January 1, 2017 $ 365 Acquisition of Ambrell 10,100 Amortization (1,161 ) Balance - December 31, 2017 $ 9,304 The following tables provide further detail about our intangible assets as of December 31, 2017 2016: December 31, 2017 Gross Carrying Accumulated Amortization Net Carrying Finite-lived intangible assets: Customer relationships $ 10,480 $ 1,828 $ 8,652 Technology 600 95 505 Patents 590 463 127 Software 270 250 20 Trade name 140 140 - Customer backlog 500 500 - Total finite-lived intangible assets 12,580 3,276 9,304 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 19,290 $ 3,276 $ 16,014 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,328 $ 152 Patents 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 Total amortization expense for our finite-lived intangible assets was $1,161 $229, December 31, 2017 2016. expense for each of the next five 2018 $ 1,102 2019 $ 1,257 2020 $ 1,234 2021 $ 1,227 2022 $ 1,167 Impairment of Goodwill and Indefinite Life Intangible Assets During December 2017 2016, 350 2017 2016 14.5% 18.5%, 2017 2016, no 2017 2016, no 2017 2016. Impairment of Long-Lived Assets and Finite-lived Intangible Assets As previously noted, our long-lived assets consist of our finite-lived intangible assets and property and equipment. During 2016, 2016, December 2016. not 2016, not no 2017, not no

Note 6 - Major Customers

Note 6 - Major Customers	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	( 6 MAJOR CUSTOMERS During the years ended December 31, 2017 2016, one 11% 13% nues, respectively. These revenues were generated by our Thermal segment. During the years ended December 31, 2017 2016, 11% 10% both December 31, 2017 2016, no 10%

Note 7 - Inventories

Note 7 - Inventories	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 7 INVENTORIES Inventor ies held at December 31 2017 2016 Raw materials $ 3,424 $ 2,695 Work in process 791 728 Inventory consigned to others 64 81 Finished goods 687 172 Total inventories $ 4,966 $ 3,676

Note 8 - Other Current Liabilit

Note 8 - Other Current Liabilities	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	( 8 OTHER CURRENT LIABILITIES Other current liabilities at December 31 2017 2016 Accrued warranty $ 233 $ 125 Other 166 48 Total other current liabilities $ 399 $ 173

Note 9 - Debt

Note 9 - Debt	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	( 9 DEBT Letters of Credit We have issued letters of credit as the security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our balance sheets. The terms of our leases require us to renew these letters of credit at least 30 not one December 31, 2017 2016 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 2017 Dec. 31 2016 Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2018 8/31/2021 50 50 $ 175 $ 175

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 10 COMMITMENTS AND CONTINGENCIES Operating Lease Commitments We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases which expire at various dates through 2029. December 31, 2017 2016 $1,600 $1,241, not not December 31, 2017 2018 $ 1,778 2019 1,638 2020 1,592 2021 844 2022 291 Thereafter 1,739 Total $ 7,882

Note 11 - Income Taxes

Note 11 - Income Taxes	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 1 1 ) INCOME TAXES We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries. As previously discussed in Note 2, December 22, 2017 The two 2017 December 31, 2017 35% 21% one As a result of the legislative changes enacted, we were required to revalue our deferred tax assets and liabilities to the new rate of 21% December 31, 2017, $1,743 2017 $476. 14% Earnings before income taxes was as follows: Years Ended December 31, 2017 2016 Domestic $ 2,580 $ 3,345 Foreign 1,258 862 Total $ 3,838 $ 4,207 Income tax expense (benefit) was as follows: Years Ended December 31, 2017 2016 Current Domestic -- Federal $ 4,106 $ 1,295 Domestic -- state 175 74 Foreign 212 45 Total $ 4,493 $ 1,414 Deferred Domestic -- Federal $ (1,886 ) $ (39 ) Domestic -- state 244 10 Foreign 12 164 Total (1,630 ) 135 Income tax expense $ 2,863 $ 1,549 Deferred income taxes reflect the net tax effect of net operating loss and tax 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, 2017 2016: December 31, 2017 2016 Deferred tax assets: Net operating loss (state and foreign) $ 444 $ 71 Tax credit carryforwards 206 - Inventories 185 182 Accrued vacation pay and stock-based compensation 156 161 Depreciation of property and equipment 97 580 Allowance for doubtful accounts 47 55 Accrued warranty 20 9 Acquisition costs 15 28 Intangibles - 311 Other 15 7 Total 1,185 1,404 Valuation allowance (370 ) - Deferred tax assets 815 1,404 Deferred tax liabilities: Net intangible assets (3,421 ) (212 ) Unremitted earnings of foreign subsidiaries - (82 ) Deferred tax liabilities (3,421 ) (294 ) Net deferred tax assets (l iabilities) $ (2,606 ) $ 1,110 The net change in the valuation allowance for the years ended December 31, 2017 2016 $370 $15, ot that some portion or all of the deferred tax assets will not 2037. An analysis of the effective tax rate for the years ended December 31, 2017 2016 f 35% 2017 34% 2016 Years Ended December 31, 2017 201 6 Expected income tax provision at U.S. statutory rate $ 1,343 $ 1,430 Increase (decrease) in tax from: Federal tax rate changes (1,843 ) - Current year tax credits (foreign and research) (379 ) (140 ) Domestic production activities deduction (290 ) (112 ) Foreign income tax rate differences (229 ) (258 ) Restricted stock (59 ) - Nondeductible expenses 2,463 14 Domestic tax expense, net of Federal benefit 791 55 Federal transition tax payable 476 - Deemed dividend from foreign subsidiaries 423 396 Acquisition costs 142 - NOL carryforwards utilized 36 180 Changes in valuation allowance 17 (15 ) Other (28 ) (1 ) Income tax expense $ 2,863 $ 1,549 In accounting for income taxes, we follow the guidance in ASC Topic 740 not December 31, 2017 2016, not December 31, 2015 first 2017, December 31, 2014 no

Note 12 - Legal Proceedings

Note 12 - Legal Proceedings	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	( 12 LEGAL PROCEEDINGS From time to time we may ring in the ordinary course of business. We are not

Note 13 - Stock-based Compensat

Note 13 - Stock-based Compensation Plan	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 13 STOCK-BASED COMPENSATION PLAN As of December 31, 2017, 2007 "2007 2014 (the "2014 2007 June 13, 2007 500,000 2014 June 25, 2014 500,000 December 31, 2017, 345,200 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of December 31, 2017, $455. 2.9 2017 2016, Years Ended December 31, 2017 2016 Cost of revenues $ 6 $ 10 Selling expense - 6 Engineering and product development expense 5 11 General and administrative expense 333 242 $ 344 $ 269 There was no 2017 2016. Stock Options We record compensation expense for stock options based on the fair market value of the options as of the grant date. No may ten four 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 .39 .40 Weighted average expected life of stock options (years) 6 4 The per share weighted average fair value of stock options issued during 2017 2016 $2.64 $1.43, The following table summarizes the activity related to stock options for the two December 31, 2017: Number of Shares Weighted Average 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 Granted 96,000 6.35 Exercised - - Canceled (39,400 ) 6.08 Options outstanding, December 31, 2017 (4,950 exercisable) 76,400 5.98 Restricted Stock Awards We record compensation expense for restricted stock awards (unvested shares) based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over four The follow ing table summarizes the activity related to unvested shares for the two December 31, 2017: Number of Shares Weighted Average Fair Value Unvested shares outstanding, January 1, 2016 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 Granted 66,000 6.54 Vested (69,100 ) 4.65 Forfeited (18,700 ) 5.59 Unvested shares outstanding, December 31, 2017 75,225 5.29 The total fair value of the shares that vested during the years ended December 31, 2017 2016 $493 $208,

Note 14 - Stock Repurchase Plan

Note 14 - Stock Repurchase Plan	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Stock Repurchase Plan [Text Block]	( 14 STOCK REPURCHASE PLAN On October 27, 2015, $5,000 10b 18 1934, "2015 may "10b5 1 2015 not may 2015 2015 10b5 1 not may 10b5 1 December 31, 2017, ’s 10b5 1 During 2017 2016, 13,883 241,805 2015 $62 $978, December 31, 2017, 297,020 2015 $1,195.

Note 15 - Employee Benefit Plan

Note 15 - Employee Benefit Plans	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 15 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 10% $5. four For the years ended December 31, 2017 2016, $338 $347 All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing one 100% 25% 2% December 31, 2017, $35.

Note 16 - Segment Information

Note 16 - Segment Information	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 16 SEGMENT INFORMATION As discussed in Note 1, 2016, three two January 1, 2017, two 2017. Thermal includes the operations of Temptronic, Thermonics, Sigma, inTEST Thermal Solutions GmbH (Germany), inTEST Pte, Limited (Singapore) and Ambrell, which we acquired in May 2017, 3. third Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: Ther mal $ 42,233 $ 24,033 EMS 24,568 16,194 $ 66,801 $ 40,227 Depreciation/amortization: Ther mal $ 1,628 $ 440 EMS 151 159 $ 1,779 $ 599 Operating income (loss): Ther mal $ (822 ) $ 4,210 EMS 6,830 989 Corporate (2,397 ) (1,053 ) $ 3,611 $ 4,146 Earnings (loss) before income tax expense (benefit): Ther mal $ (686 ) $ 4,193 EMS 6,869 1,021 Corporate (2,345 ) (1,007 ) $ 3,838 $ 4,207 Income tax expense (benefit): Ther mal $ 1,665 $ 1,544 EMS 1,819 376 Corporate (621 ) (371 ) $ 2,863 $ 1,549 Net earnings (loss): Ther mal $ (2,351 ) $ 2,649 EMS 5,050 645 Corporate (1,724 ) (636 ) $ 975 $ 2,658 Years Ended December 31, 2017 2016 Capital expenditures: Ther mal $ 659 $ 262 EMS 86 77 $ 745 $ 339 December 31, 2017 2016 Identifiable assets: Ther mal $ 50,408 $ 19,893 EMS 12,085 22,951 $ 62,493 $ 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. Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: U.S. $ 20,205 $ 13,061 Foreign 46,596 27,166 $ 66,801 $ 40,227 December 31, 2017 2016 Property and equipment: U.S. $ 991 $ 691 Foreign 550 253 $ 1,541 $ 944

Note 17 - Quarterly Consolidate

Note 17 - Quarterly Consolidated Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Quarterly Financial Information [Text Block]	( 17 QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) The following tables present certain unaudited consolidated quarterly financial information for each of the eight December 31, 2017. quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not Year-over-year quarterly comparisons of our results of operations may not et forth below that tend to reflect the cyclical and seasonal activity of the semiconductor and ATE markets. Quarterly fluctuations in expenses are related directly to sales activity and volume and may Quarters Ended 3/31/17 6/30/17 9/30/17 (1) 12/31/17 (2) (3) Total Net revenues $ 14,180 $ 15,888 $ 17,352 $ 19,381 $ 66,801 Gross margin 7,728 8,421 8,796 9,745 34,690 Earnings (loss) before income tax expense 3,172 2,336 2,841 (4,511 ) 3,838 Income tax expense 1,094 891 823 55 2,863 Net earnings (loss) 2,078 1,445 2,018 (4,566 ) 975 Net earnings (loss)per common share - basic $ 0.20 $ 0.14 $ 0.20 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - basic 10,264,565 10,277,155 10,288,325 10,308,243 10,284,572 Net earnings (loss) per common share - diluted $ 0.20 $ 0.14 $ 0.19 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - diluted 10,295,337 10,334,894 10,351,009 10,308,243 10,339,313 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 ( 1 The quarter ended September 30, 2017 s a $549 not . ( 2 The quarter ended December 31, 2017 s a $7,525 not . ( 3 The quarter ended December 31, 2017 s adjustments related to tax legislation enacted in December 2017, 2 11.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	inTEST CORPORATION (in thousands) Balance at Beginning of Period Expense (Recovery) Deductions Balance at End of Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 146 $ 68 $ (1 ) $ 213 Warranty reserve 125 209 (101 ) 233 Year Ended December 31, 2016 Allowance for doubtful accounts $ 146 $ - $ - $ 146 Warranty reserve 94 125 (94 ) 125

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis Of Presentation And Use Of Estimates [Policy Text Block]	Basis of Presentation and Use of Estimates The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles, contingent consideration and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates.
Reclassification, Policy [Policy Text Block]	Reclassification
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents three may not
Receivables, Policy [Policy Text Block]	Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not no not $68 December 31, 2017. no December 31, 2016.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments Our financial instruments include accounts receivable , accounts payable and our liability for contingent consideration . Our accounts receivable and accounts payable are carried at cost which approximates fair value, due to the short maturities of the accounts. Our liability for contingent consideration is accounted for in accordance with the guidance in Accounting Standards Codification ("ASC") 820 820 3 4
Inventory, Policy [Policy Text Block]	Inventories Inventories are valued at cost on a first first not not twelve three $251 $226 December 31, 2017 2016,
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment one ten $618 $370 December 31, 2017 2016,
Goodwill Intangible And Long Lived Assets [Policy Text Block]	Goodwill, Intangible and Long-Lived Assets 350 fourth may not two two not two not If we determine it is more-likely-than- not two two fourth not not no may not no
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718 13.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events We have made an assessment of our operations and determined that there were no December 31, 2017.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition third no not not six With respect to sales tax collected from customers and remitted to governmental authorities, we use a net presentation in our consolidated statement of operations. As a result, there are no
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 not December 31, 2017 2016, $146 16
Income Tax, Policy [Policy Text Block]	Income Taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not not December 22, 2017, 21% 2018 one December 2017, No. 118 118” 118 one 118, December 31, 2017, 11
Earnings Per Share, Policy [Policy Text Block]	Net Earnings Per Common Share The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Years Ended December 31, 2017 2016 Weighted average common shares outstanding - basic 10,284,572 10,313,747 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 54,741 19,173 Weighted average common shares outstanding - diluted 10,339,313 10,332,920 Average number of potentially dilutive securities excluded from calculation 77,047 18,658
New Accounting Pronouncements, Policy [Policy Text Block]	Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In March 2016, 718 January 1, 2017. not July 2015, 330 first January 1, 2017. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance May 2017, January 1, 2018. not January 2017, not January 1, 2020, January 1, 2017. not January 2017, January 1, 2018, not November 2016, January 1, 2018, not In February 2016, 842 February 2016, 12 January 1, 2019. fourth 2017, none not may May 2014, May 2014, 606 August 2015, one January 1, 2018. January 1, 2018 fourth 2017, not not not

Note 2 - Summary of Significa27

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Years Ended December 31, 2017 2016 Weighted average common shares outstanding - basic 10,284,572 10,313,747 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 54,741 19,173 Weighted average common shares outstanding - diluted 10,339,313 10,332,920 Average number of potentially dilutive securities excluded from calculation 77,047 18,658

Note 3 - Acquisition (Tables)

Note 3 - Acquisition (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Cash paid to acquire the capital stock of Ambrell $ 22,610 Estimated fair value of contingent consideration 4,123 Total purchase price $ 26,733 Goodwill $ 12,032 Identifiable intangible assets 16,300 Tangible assets acquired and liabilities assumed: Cash 648 Trade accounts receivable 3,621 Inventories 1,917 Other current assets 200 Property and equipment 614 Accounts payable (1,420 ) Accrued expenses (1,280 ) Customer advances (554 ) Deferred tax liability (5,345 ) Total purchase price $ 26,733
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Fair Weighted Average (in years) Finite-lived intangible assets: Customer relationships $ 9,000 9.0 Technology 600 9.0 Customer backlog 500 0.3 Total finite-lived intangible assets 10,100 8.6 Indefinite-lived intangible assets: Trademarks 6,200 Total intangible assets $ 16,300
Business Acquisition, Pro Forma Information [Table Text Block]	Year Ended December 31, 2017 2016 Net revenues $ 74,421 $ 60,410 Net earnings $ 1,637 $ 1,796 Diluted earnings per share $ 0.16 $ 0.17

Note 4 - Fair Value Measureme29

Note 4 - Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2017 Contingent consideration liability $ 5,744 $ - $ - $ 5,744
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Year Ended 2017 Balance at beginning of period $ - Contingent consideration liability established in connection with the acquisition of Ambrell 4,123 Fair value adjustment 6,976 Transfer of contingent consideration liability to 2017 earnout payable (5,355 ) Balance at end of period $ 5,744

Note 5 - Goodwill and Intangi30

Note 5 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Goodwill [Table Text Block]	Sigma Thermonics Ambrell Total Balance - January 1, 2017 $ 1,656 $ 50 $ - $ 1,706 Acquisition of Ambrell - - 12,032 12,032 Balance - December 31, 2017 $ 1,656 $ 50 $ 12,032 $ 13,738
Schedule of Carrying Value of Finite-lived Intangible Assets [Table Text Block]	Balance - January 1, 2017 $ 365 Acquisition of Ambrell 10,100 Amortization (1,161 ) Balance - December 31, 2017 $ 9,304
Schedule Of Intangible Assets [Table Text Block]	December 31, 2017 Gross Carrying Accumulated Amortization Net Carrying Finite-lived intangible assets: Customer relationships $ 10,480 $ 1,828 $ 8,652 Technology 600 95 505 Patents 590 463 127 Software 270 250 20 Trade name 140 140 - Customer backlog 500 500 - Total finite-lived intangible assets 12,580 3,276 9,304 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 19,290 $ 3,276 $ 16,014 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,328 $ 152 Patents 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]	2018 $ 1,102 2019 $ 1,257 2020 $ 1,234 2021 $ 1,227 2022 $ 1,167

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	2017 2016 Raw materials $ 3,424 $ 2,695 Work in process 791 728 Inventory consigned to others 64 81 Finished goods 687 172 Total inventories $ 4,966 $ 3,676

Note 8 - Other Current Liabil32

Note 8 - Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Current Liabilities [Table Text Block]	2017 2016 Accrued warranty $ 233 $ 125 Other 166 48 Total other current liabilities $ 399 $ 173

Note 9 - Debt (Tables)

Note 9 - Debt (Tables)	12 Months Ended
	Dec. 31, 2017
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 2017 Dec. 31 2016 Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2018 8/31/2021 50 50 $ 175 $ 175

Note 10 - Commitments and Con34

Note 10 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2018 $ 1,778 2019 1,638 2020 1,592 2021 844 2022 291 Thereafter 1,739 Total $ 7,882

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	Years Ended December 31, 2017 2016 Domestic $ 2,580 $ 3,345 Foreign 1,258 862 Total $ 3,838 $ 4,207
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years Ended December 31, 2017 2016 Current Domestic -- Federal $ 4,106 $ 1,295 Domestic -- state 175 74 Foreign 212 45 Total $ 4,493 $ 1,414 Deferred Domestic -- Federal $ (1,886 ) $ (39 ) Domestic -- state 244 10 Foreign 12 164 Total (1,630 ) 135 Income tax expense $ 2,863 $ 1,549
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2017 2016 Deferred tax assets: Net operating loss (state and foreign) $ 444 $ 71 Tax credit carryforwards 206 - Inventories 185 182 Accrued vacation pay and stock-based compensation 156 161 Depreciation of property and equipment 97 580 Allowance for doubtful accounts 47 55 Accrued warranty 20 9 Acquisition costs 15 28 Intangibles - 311 Other 15 7 Total 1,185 1,404 Valuation allowance (370 ) - Deferred tax assets 815 1,404 Deferred tax liabilities: Net intangible assets (3,421 ) (212 ) Unremitted earnings of foreign subsidiaries - (82 ) Deferred tax liabilities (3,421 ) (294 ) Net deferred tax assets (l iabilities) $ (2,606 ) $ 1,110
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years Ended December 31, 2017 201 6 Expected income tax provision at U.S. statutory rate $ 1,343 $ 1,430 Increase (decrease) in tax from: Federal tax rate changes (1,843 ) - Current year tax credits (foreign and research) (379 ) (140 ) Domestic production activities deduction (290 ) (112 ) Foreign income tax rate differences (229 ) (258 ) Restricted stock (59 ) - Nondeductible expenses 2,463 14 Domestic tax expense, net of Federal benefit 791 55 Federal transition tax payable 476 - Deemed dividend from foreign subsidiaries 423 396 Acquisition costs 142 - NOL carryforwards utilized 36 180 Changes in valuation allowance 17 (15 ) Other (28 ) (1 ) Income tax expense $ 2,863 $ 1,549

Note 13 - Stock-based Compens36

Note 13 - Stock-based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Years Ended December 31, 2017 2016 Cost of revenues $ 6 $ 10 Selling expense - 6 Engineering and product development expense 5 11 General and administrative expense 333 242 $ 344 $ 269
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 .39 .40 Weighted average expected life of stock options (years) 6 4
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Shares Weighted Average 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 Granted 96,000 6.35 Exercised - - Canceled (39,400 ) 6.08 Options outstanding, December 31, 2017 (4,950 exercisable) 76,400 5.98
Schedule of Nonvested Share Activity [Table Text Block]	Number of Shares Weighted Average Fair Value Unvested shares outstanding, January 1, 2016 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 Granted 66,000 6.54 Vested (69,100 ) 4.65 Forfeited (18,700 ) 5.59 Unvested shares outstanding, December 31, 2017 75,225 5.29

Note 16 - Segment Information (

Note 16 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: Ther mal $ 42,233 $ 24,033 EMS 24,568 16,194 $ 66,801 $ 40,227 Depreciation/amortization: Ther mal $ 1,628 $ 440 EMS 151 159 $ 1,779 $ 599 Operating income (loss): Ther mal $ (822 ) $ 4,210 EMS 6,830 989 Corporate (2,397 ) (1,053 ) $ 3,611 $ 4,146 Earnings (loss) before income tax expense (benefit): Ther mal $ (686 ) $ 4,193 EMS 6,869 1,021 Corporate (2,345 ) (1,007 ) $ 3,838 $ 4,207 Income tax expense (benefit): Ther mal $ 1,665 $ 1,544 EMS 1,819 376 Corporate (621 ) (371 ) $ 2,863 $ 1,549 Net earnings (loss): Ther mal $ (2,351 ) $ 2,649 EMS 5,050 645 Corporate (1,724 ) (636 ) $ 975 $ 2,658 Years Ended December 31, 2017 2016 Capital expenditures: Ther mal $ 659 $ 262 EMS 86 77 $ 745 $ 339
Revenue from External Customers by Geographic Areas [Table Text Block]	Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: U.S. $ 20,205 $ 13,061 Foreign 46,596 27,166 $ 66,801 $ 40,227
Long-lived Assets by Geographic Areas [Table Text Block]	December 31, 2017 2016 Property and equipment: U.S. $ 991 $ 691 Foreign 550 253 $ 1,541 $ 944
Asset [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	December 31, 2017 2016 Identifiable assets: Ther mal $ 50,408 $ 19,893 EMS 12,085 22,951 $ 62,493 $ 42,844

Note 17 - Quarterly Consolida38

Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarters Ended 3/31/17 6/30/17 9/30/17 (1) 12/31/17 (2) (3) Total Net revenues $ 14,180 $ 15,888 $ 17,352 $ 19,381 $ 66,801 Gross margin 7,728 8,421 8,796 9,745 34,690 Earnings (loss) before income tax expense 3,172 2,336 2,841 (4,511 ) 3,838 Income tax expense 1,094 891 823 55 2,863 Net earnings (loss) 2,078 1,445 2,018 (4,566 ) 975 Net earnings (loss)per common share - basic $ 0.20 $ 0.14 $ 0.20 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - basic 10,264,565 10,277,155 10,288,325 10,308,243 10,284,572 Net earnings (loss) per common share - diluted $ 0.20 $ 0.14 $ 0.19 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - diluted 10,295,337 10,334,894 10,351,009 10,308,243 10,339,313 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

Schedule II - Valuation and Q39

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Valuation Allowances and Reserves [Table Text Block]	Balance at Beginning of Period Expense (Recovery) Deductions Balance at End of Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 146 $ 68 $ (1 ) $ 213 Warranty reserve 125 209 (101 ) 233 Year Ended December 31, 2016 Allowance for doubtful accounts $ 146 $ - $ - $ 146 Warranty reserve 94 125 (94 ) 125

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Reportable Segments	2	3

Note 2 - Summary of Significa41

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Provision for Doubtful Accounts		$ 68	$ 0
Inventory Write-down		251	226
Depreciation		618	370
Foreign Currency Transaction Gain (Loss), before Tax		$ 146	$ (16)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		35.00%	34.00%
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
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 Significa42

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended										12 Months Ended
	Dec. 31, 2017	[1],[2]	Sep. 30, 2017	[3]	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Weighted average common shares outstanding - basic (in shares)	10,308,243		10,288,325		10,277,155	10,264,565	10,273,702	10,295,447	10,295,836	10,390,002	10,284,572	10,313,747
Potentially dilutive securities:
Unvested shares of restricted stock and employee stock options (in shares)											54,741	19,173
Weighted average common shares outstanding - diluted (in shares)	10,308,243		10,351,009		10,334,894	10,295,337	10,297,439	10,318,715	10,310,692	10,404,244	10,339,313	10,332,920
Average number of potentially dilutive securities excluded from calculation (in shares)											77,047	18,658
[1]	The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.
[3]	The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Note 3 - Acquisition (Details T

Note 3 - Acquisition (Details Textual) - USD ($) $ in Thousands	May 24, 2017	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Combination, Contingent Consideration, Liability, Current		$ 5,355		$ 5,355	$ 5,355	$ 5,355
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		7,525	$ (549)			1,621
Ambrell [Member]
Payments to Acquire Businesses, Gross	$ 22,610
Business Acquisition, Transaction Costs	935
Business Combination, Consideration Transferred	26,733
Business Combination, Contingent Consideration, Liability, Current		$ 5,355		5,355	5,355	$ 5,355
Business Combination, Contingent Consideration, Liability	4,123
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual					13,562
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual					(6,238)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				$ 6,976	6,976
Ambrell [Member] | Management Bonus [Member]
Business Combination, Amount Removed From EBITDA Calculation					$ 175
Ambrell [Member] | Aggregate Total Payout [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 18,000

Note 3 - Acquisition - Purchase

Note 3 - Acquisition - Purchase Price (Details) - USD ($) $ in Thousands	May 24, 2017	Dec. 31, 2017	Dec. 31, 2016
Goodwill		$ 13,738	$ 1,706
Ambrell [Member]
Cash paid to acquire the capital stock of Ambrell	$ 22,610
Estimated fair value of contingent consideration	4,123	4,123
Total purchase price	26,733
Goodwill	12,032	$ 12,032
Identifiable intangible assets	16,300
Cash	648
Trade accounts receivable	3,621
Inventories	1,917
Other current assets	200
Property and equipment	614
Accounts payable	(1,420)
Accrued expenses	(1,280)
Customer advances	(554)
Deferred tax liability	(5,345)
Total purchase price	$ 26,733

Note 3 - Acquisition - Intangib

Note 3 - Acquisition - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	May 24, 2017	Dec. 31, 2017
Finite-lived intangible assets		$ 10,100
Acquisition of Ambrell		$ 10,100
Ambrell [Member]
Finite-lived intangible assets	$ 10,100
Finite-lived intangible assets, weighted average estimated useful life (Year)	8 years 219 days
Acquisition of Ambrell	$ 10,100
Identifiable intangible assets	16,300
Ambrell [Member] | Trademarks [Member]
Indefinite-lived intangible assets	6,200
Ambrell [Member] | Customer Relationships [Member]
Finite-lived intangible assets	$ 9,000
Finite-lived intangible assets, weighted average estimated useful life (Year)	9 years
Acquisition of Ambrell	$ 9,000
Ambrell [Member] | Patented Technology [Member]
Finite-lived intangible assets	$ 600
Finite-lived intangible assets, weighted average estimated useful life (Year)	9 years
Acquisition of Ambrell	$ 600
Ambrell [Member] | Order or Production Backlog [Member]
Finite-lived intangible assets	$ 500
Finite-lived intangible assets, weighted average estimated useful life (Year)	109 days
Acquisition of Ambrell	$ 500

Note 3 - Acquisition - Proforma

Note 3 - Acquisition - Proforma Information (Details) - Ambrell [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net revenues	$ 74,421	$ 60,410
Net earnings	$ 1,637	$ 1,796
Diluted earnings per share (in dollars per share)	$ 0.16	$ 0.17

Note 4 - Fair Value Measureme47

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 7,525	$ (549)			$ 1,621
Ambrell [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ 6,976	$ 6,976

Note 4 - Fair Value Measureme48

Note 4 - Fair Value Measurements - Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands	Dec. 31, 2017USD ($)
Contingent consideration liability	$ 5,744
Fair Value, Inputs, Level 1 [Member]
Contingent consideration liability
Fair Value, Inputs, Level 2 [Member]
Contingent consideration liability
Fair Value, Inputs, Level 3 [Member]
Contingent consideration liability	$ 5,744

Note 4 - Fair Value Measureme49

Note 4 - Fair Value Measurements - Change in Fair Value of Contingent Consideration Liability (Details) - Contingent Consideration Liability [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Balance at beginning of period
Contingent consideration liability established in connection with the acquisition of Ambrell	4,123
Fair value adjustment	6,976
Transfer of contingent consideration liability to 2017 earnout payable	(5,355)
Balance at end of period	$ 5,744

Note 5 - Goodwill and Intangi50

Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Amortization of Intangible Assets	$ 1,161	$ 229
Fair Value Inputs, Discount Rate	14.50%	18.50%
Goodwill and Intangible Asset Impairment	$ 0	$ 0

Note 5 - Goodwill and Intangi51

Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance	$ 1,706
Acquisition of Ambrell	12,032
Balance	13,738	$ 1,706
Sigma [Member]
Balance	1,656
Balance	1,656	1,656
Thermonics [Member]
Balance	50
Balance	50	50
Ambrell [Member]
Balance
Acquisition of Ambrell	12,032
Balance	$ 12,032

Note 5 - Goodwill and Intangi52

Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance	$ 365
Acquisition of Ambrell	10,100
Amortization	(1,161)	$ (229)
Balance	$ 9,304	$ 365

Note 5 - Goodwill and Intangi53

Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	$ 12,580	$ 2,480
Finite-lived, Accumulated Amortization	3,276	2,115
Net Carrying Amount	9,304	365
Indefinite-lived intangible assets:
Intangible Assets, Gross Carrying Amount	19,290	2,990
Finite-lived, Accumulated Amortization	3,276	2,115
Net Carrying Amount	16,014	875
Trademarks [Member]
Indefinite-lived intangible assets:
Indefinite-lived, Gross Carrying Amount	6,710	510
Net Carrying Amount	6,710	510
Indefinite-lived, Gross Carrying Amount	6,710	510
Customer Relationships [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	10,480	1,480
Finite-lived, Accumulated Amortization	1,828	1,328
Net Carrying Amount	8,652	152
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	1,828	1,328
Patented Technology [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	600
Finite-lived, Accumulated Amortization	95
Net Carrying Amount	505
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	95
Patents [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	463	424
Net Carrying Amount	127	166
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	463	424
Computer Software, Intangible Asset [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	270	270
Finite-lived, Accumulated Amortization	250	223
Net Carrying Amount	20	47
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	250	223
Trade Names [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	140	140
Finite-lived, Accumulated Amortization	140	140
Net Carrying Amount
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	140	$ 140
Order or Production Backlog [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	500
Finite-lived, Accumulated Amortization	500
Net Carrying Amount
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	$ 500

Note 5 - Goodwill and Intangi54

Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 1,102
2,019	1,257
2,020	1,234
2,021	1,227
2,022	$ 1,167

Note 6 - Major Customers (Detai

Note 6 - Major Customers (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Operating Segments	2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Hakuto Co Ltd [Member]
Concentration Risk, Percentage	11.00%	13.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Texas Instruments Incorporated [Member]
Concentration Risk, Percentage	11.00%	10.00%

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Raw materials	$ 3,424	$ 2,695
Work in process	791	728
Inventory consigned to others	64	81
Finished goods	687	172
Total inventories	$ 4,966	$ 3,676

Note 8 - Other Current Liabil57

Note 8 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued warranty	$ 233	$ 125
Other	166	48
Total other current liabilities	$ 399	$ 173

Note 9 - Debt - Outstanding Let

Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 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, 2018
Lease Expiration Date	Aug. 31, 2021
Letters of Credit Amount Outstanding	$ 50	$ 50

Note 10 - Commitments and Con59

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating Leases, Rent Expense	$ 1,600	$ 1,241

Note 10 - Commitments and Con60

Note 10 - Commitments and Contingencies - Minimum Rental Commitments Under Noncancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 1,778
2,019	1,638
2,020	1,592
2,021	844
2,022	291
Thereafter	1,739
Total	$ 7,882

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		35.00%	34.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ (1,743)
Effective Income Tax Rate Reconciliation, Federal Transition Tax Payable, Amount		$ 476
Transition Tax Rate on Undistributed Foreign Earnings		14.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 370	(15)
Liability for Uncertainty in Income Taxes, Current		$ 0	$ 0
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Note 11 - Income Taxes - Earnin

Note 11 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

[1],[2]

Sep. 30, 2017

[3]

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Domestic

$ 2,580

$ 3,345

Foreign

1,258

862

Total

$ (4,511)

$ 2,841

$ 2,336

$ 3,172

$ 1,613

$ 1,721

$ 749

$ 124

$ 3,838

$ 4,207

[1]

The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

[2]

The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.

[3]

The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Note 11 - Income Taxes - Income

Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2017	[1],[2]	Sep. 30, 2017	[3]	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Current
Domestic -- Federal											$ 4,106	$ 1,295
Domestic -- state											175	74
Foreign											212	45
Total											4,493	1,414
Deferred
Domestic -- Federal											(1,886)	(39)
Domestic -- state											244	10
Foreign											12	164
Total											(1,630)	135
Income tax expense	$ 55		$ 823		$ 891	$ 1,094	$ 612	$ 631	$ 263	$ 43	$ 2,863	$ 1,549
[1]	The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.
[3]	The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Note 11 - Income Taxes - Deferr

Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Net operating loss (state and foreign)	$ 444	$ 71
Tax credit carryforwards	206
Inventories	185	182
Accrued vacation pay and stock-based compensation	156	161
Depreciation of property and equipment	97	580
Allowance for doubtful accounts	47	55
Accrued warranty	20	9
Acquisition costs	15	28
Intangibles		311
Other	15	7
Total	1,185	1,404
Valuation allowance	(370)
Deferred tax assets	815	1,404
Deferred tax liabilities:
Net intangible assets	(3,421)	(212)
Unremitted earnings of foreign subsidiaries		(82)
Deferred tax liabilities	(3,421)	(294)
Net deferred tax assets (liabilities)	(2,606)	(1,110)
Net deferred tax assets (liabilities)	$ 2,606	$ 1,110

Note 11 - Income Taxes - Effect

Note 11 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2017	[1],[2]	Sep. 30, 2017	[3]	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Expected income tax provision at U.S. statutory rate											$ 1,343	$ 1,430
Federal tax rate changes											(1,843)
Current year tax credits (foreign and research)											(379)	(140)
Domestic production activities deduction											(290)	(112)
Foreign income tax rate differences											(229)	(258)
Restricted stock											(59)
Nondeductible expenses											2,463	14
Domestic tax expense, net of Federal benefit											791	55
Effective Income Tax Rate Reconciliation, Federal Transition Tax Payable, Amount											476
Deemed dividend from foreign subsidiaries											423	396
Acquisition costs											142
NOL carryforwards utilized											36	180
Changes in valuation allowance											17	(15)
Other											(28)	(1)
Income tax expense	$ 55		$ 823		$ 891	$ 1,094	$ 612	$ 631	$ 263	$ 43	$ 2,863	$ 1,549
[1]	The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.
[3]	The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Note 13 - Stock-based Compens66

Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 455
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 328 days
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	$ 493	$ 208
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	$ 2.64	$ 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	345,200
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	345,200

Note 13 - Stock-based Compens67

Note 13 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Allocation of Share-based Compensation Expense	$ 344	$ 269
Cost of Sales [Member]
Allocation of Share-based Compensation Expense	6	10
Selling and Marketing Expense [Member]
Allocation of Share-based Compensation Expense		6
Research and Development Expense [Member]
Allocation of Share-based Compensation Expense	5	11
General and Administrative Expense [Member]
Allocation of Share-based Compensation Expense	$ 333	$ 242

Note 13 - Stock-based Compens68

Note 13 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Employee Stock Option [Member]	12 Months Ended
	Dec. 31, 2017	Dec. 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 13 - Stock-based Compens69

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Options outstanding, number of shares (in shares)	19,800
Options outstanding, weighted average exercise price (in dollars per share)
Granted, number of shares (in shares)	96,000	19,800
Granted, weighted average exercise price (in dollars per share)	$ 6.35	$ 4.37
Canceled, number of shares (in shares)	39,400
Canceled, weighted average exercise price (in dollars per share)	$ 6.08
Canceled, number of shares (in shares)	(39,400)
Options outstanding, weighted average exercise price (in dollars per share)	$ 5.98
Options outstanding, number of shares (in shares)	76,400	19,800

Note 13 - Stock-based Compens70

Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares	Dec. 31, 2017	Dec. 31, 2016
Options exercisable (in shares)	4,950	0

Note 13 - Stock-based Compens71

Note 13 - Stock-based Compensation Plan - Nonvested Shares (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Unvested shares outstanding (in shares)	97,025	63,750
Unvested shares outstanding (in dollars per share)	$ 4.04	$ 3.64
Granted (in shares)	66,000	86,400
Granted (in dollars per share)	$ 6.54	$ 4.27
Vested (in shares)	(69,100)	(53,125)
Vested (in dollars per share)	$ 4.65	$ 3.94
Forfeited (in shares)	(18,700)
Forfeited (in dollars per share)	$ 5.59
Unvested shares outstanding (in shares)	75,225	97,025
Unvested shares outstanding (in dollars per share)	$ 5.29	$ 4.04

Note 14 - Stock Repurchase Pl72

Note 14 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended		26 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Oct. 27, 2015
Stock Repurchase Program, Authorized Amount				$ 5,000
Stock Repurchased and Retired During Period, Shares	13,883	241,805	297,020
Stock Repurchased and Retired During Period, Value	$ 62	$ 978	$ 1,195

Note 15 - Employee Benefit Pl73

Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 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		$ 338	$ 347
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 35
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	25.00%

Note 16 - Segment Information74

Note 16 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Reportable Segments	2	3

Note 16 - Segment Information -

Note 16 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2017	[1],[2]	Sep. 30, 2017	[3]	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net revenues	$ 19,381		$ 17,352		$ 15,888	$ 14,180	$ 10,272	$ 10,823	$ 10,485	$ 8,647	$ 66,801	$ 40,227
Depreciation/amortization											1,779	599
Operating income (loss)											3,611	4,146
Earnings (loss) before income tax expense (benefit)	(4,511)		2,841		2,336	3,172	1,613	1,721	749	124	3,838	4,207
Income tax expense (benefit)	55		823		891	1,094	612	631	263	43	2,863	1,549
Net earnings (loss)	$ (4,566)		$ 2,018		$ 1,445	$ 2,078	$ 1,001	$ 1,090	$ 486	$ 81	975	2,658
Capital expenditures											745	339
Corporate, Non-Segment [Member]
Operating income (loss)											(2,397)	(1,053)
Earnings (loss) before income tax expense (benefit)											(2,345)	(1,007)
Income tax expense (benefit)											(621)	(371)
Net earnings (loss)											(1,724)	(636)
Thermal Products [Member] | Operating Segments [Member]
Net revenues											42,233	24,033
Depreciation/amortization											1,628	440
Operating income (loss)											(822)	4,210
Earnings (loss) before income tax expense (benefit)											(686)	4,193
Income tax expense (benefit)											1,665	1,544
Net earnings (loss)											(2,351)	2,649
Capital expenditures											659	262
EMS [Member] | Operating Segments [Member]
Net revenues											24,568	16,194
Depreciation/amortization											151	159
Operating income (loss)											6,830	989
Earnings (loss) before income tax expense (benefit)											6,869	1,021
Income tax expense (benefit)											1,819	376
Net earnings (loss)											5,050	645
Capital expenditures											$ 86	$ 77
[1]	The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.
[3]	The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Note 16 - Segment Information76

Note 16 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Identifiable assets:
Identifiable Assets	$ 62,493	$ 42,844
Thermal Products [Member]
Identifiable assets:
Identifiable Assets	50,408	19,893
EMS [Member]
Identifiable assets:
Identifiable Assets	$ 12,085	$ 22,951

Note 16 - Segment Information77

Note 16 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

[1],[2]

Sep. 30, 2017

[3]

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Net revenues

$ 19,381

$ 17,352

$ 15,888

$ 14,180

$ 10,272

$ 10,823

$ 10,485

$ 8,647

$ 66,801

$ 40,227

UNITED STATES

Net revenues

20,205

13,061

Foreign [Member]

Net revenues

$ 46,596

$ 27,166

[1]

The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.

[2]

The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.

[3]

The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Note 16 - Segment Information78

Note 16 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property and equipment:
Property and Equipment	$ 1,541	$ 944
UNITED STATES
Property and equipment:
Property and Equipment	991	691
Foreign [Member]
Property and equipment:
Property and Equipment	$ 550	$ 253

Note 17 - Quarterly Consolida79

Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 7,525	$ (549)	$ 1,621

Note 17 - Quarterly Consolida80

Note 17 - Quarterly Consolidated Financial Data - Quarterly Consolidated Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2017	[1],[2]	Sep. 30, 2017	[3]	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net revenues	$ 19,381		$ 17,352		$ 15,888	$ 14,180	$ 10,272	$ 10,823	$ 10,485	$ 8,647	$ 66,801	$ 40,227
Gross margin	9,745		8,796		8,421	7,728	5,405	5,577	5,329	4,067	34,690	20,378
Earnings (loss) before income tax expense	(4,511)		2,841		2,336	3,172	1,613	1,721	749	124	3,838	4,207
Income tax expense	55		823		891	1,094	612	631	263	43	2,863	1,549
Net earnings (loss)	$ (4,566)		$ 2,018		$ 1,445	$ 2,078	$ 1,001	$ 1,090	$ 486	$ 81	$ 975	$ 2,658
Net earnings (loss)per common share - basic (in dollars per share)	$ (0.44)		$ 0.20		$ 0.14	$ 0.20	$ 0.10	$ 0.11	$ 0.05	$ 0.01	$ 0.09	$ 0.26
Weighted average common shares outstanding - basic (in shares)	10,308,243		10,288,325		10,277,155	10,264,565	10,273,702	10,295,447	10,295,836	10,390,002	10,284,572	10,313,747
Net earnings (loss) per common share - diluted (in dollars per share)	$ (0.44)		$ 0.19		$ 0.14	$ 0.20	$ 0.10	$ 0.11	$ 0.05	$ 0.01	$ 0.09	$ 0.26
Weighted average common shares outstanding - diluted (in shares)	10,308,243		10,351,009		10,334,894	10,295,337	10,297,439	10,318,715	10,310,692	10,404,244	10,339,313	10,332,920
[1]	The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes.
[2]	The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11.
[3]	The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable.

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts [Member]
Balance at Beginning of Period	$ 146	$ 146
Expense (Recovery)	68
Deductions	(1)
Balance at End of Period	213	146
Warranty Reserves [Member]
Balance at Beginning of Period	125	94
Expense (Recovery)	209	125
Deductions	(101)	(94)
Balance at End of Period	$ 233	$ 125