inTEST (INTT) 10-Q 13 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
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)		10,489,958
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 10,713	$ 13,290
Trade accounts receivable, net of allowance for doubtful accounts of $233 and $213, respectively	11,596	12,166
Inventories	6,859	4,966
Prepaid expenses and other current assets	434	577
Total current assets	29,602	30,999
Property and equipment:
Machinery and equipment	5,139	5,033
Leasehold improvements	2,332	822
Gross property and equipment	7,471	5,855
Less: accumulated depreciation	(4,530)	(4,314)
Net property and equipment	2,941	1,541
Goodwill	13,738	13,738
Intangible assets, net	15,551	16,014
Restricted certificates of deposit	175	175
Other assets	30	26
Total assets	62,037	62,493
Current liabilities:
Accounts payable	2,738	2,032
Accrued wages and benefits	2,292	2,781
Customer deposits and deferred revenue	731	886
Domestic and foreign income taxes payable	1,286	1,199
Earnout payable	6,282	5,355
Other current liabilities	2,351	2,166
Total current liabilities	15,680	14,419
Federal transition tax payable, net of current portion		436
Deferred tax liabilities	2,464	2,606
Contingent consideration liability, net of current portion		5,744
Total liabilities	18,144	23,205
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; 10,518,535 and 10,427,435 shares issued, respectively	105	104
Additional paid-in capital	26,151	25,860
Retained earnings	17,041	12,646
Accumulated other comprehensive earnings, foreign currency translation adjustments	800	882
Treasury stock, at cost; 33,077 shares	(204)	(204)
Total stockholders' equity	43,893	39,288
Total liabilities and stockholders' equity	$ 62,037	$ 62,493

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 233	$ 213
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)	10,518,535	10,427,435
Treasury stock, shares (in shares)	33,077	33,077

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net revenues	$ 21,097	$ 15,888	$ 39,968	$ 30,068
Cost of revenues	10,187	7,467	19,663	13,919
Gross margin	10,910	8,421	20,305	16,149
Operating expenses:
Selling expense	2,538	1,871	5,014	3,539
Engineering and product development expense	1,230	982	2,526	1,917
General and administrative expense	3,335	3,286	6,325	5,280
Adjustment to contingent consideration liability	(710)		1,016
Total operating expenses	6,393	6,139	14,881	10,736
Operating income	4,517	2,282	5,424	5,413
Other income (loss)	(121)	54	(46)	95
Earnings before income tax expense	4,396	2,336	5,378	5,508
Income tax expense	382	891	983	1,985
Net earnings	$ 4,014	$ 1,445	$ 4,395	$ 3,523
Net earnings per common share - basic (in dollars per share)	$ 0.39	$ 0.14	$ 0.43	$ 0.34
Weighted average common shares outstanding - basic (in shares)	10,342,674	10,277,155	10,334,492	10,270,860
Net earnings per common share - diluted (in dollars per share)	$ 0.39	$ 0.14	$ 0.42	$ 0.34
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,370,318	10,334,894	10,367,812	10,315,115

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net earnings	$ 4,014	$ 1,445	$ 4,395	$ 3,523
Foreign currency translation adjustments	(120)	155	(82)	183
Comprehensive earnings	$ 3,894	$ 1,600	$ 4,313	$ 3,706

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - 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, 2017	10,427,435					10,427,435
Balance at Dec. 31, 2017	$ 104	$ 25,860	$ 12,646	$ 882	$ (204)	$ 39,288
Net earnings			4,395			4,395
Other comprehensive income				(82)		(82)
Amortization of deferred compensation related to stock-based awards		292				$ 292
Issuance of unvested shares of restricted stock (in shares)	91,100
Issuance of unvested shares of restricted stock	$ 1	(1)
Balance (in shares) at Jun. 30, 2018	10,518,535					10,518,535
Balance at Jun. 30, 2018	$ 105	$ 26,151	$ 17,041	$ 800	$ (204)	$ 43,893

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 4,395	$ 3,523
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	840	523
Payment of earnout for 2017 related to Ambrell acquisition	(1,710)
Adjustment to earnout payable for 2018	1,016
Provision for excess and obsolete inventory	129	90
Foreign exchange gain	(49)	(29)
Amortization of deferred compensation related to stock-based awards	292	186
Loss on disposal of property and equipment	11
Proceeds from sale of demonstration equipment, net of gain	99	32
Deferred income tax expense (benefit)	(142)	59
Changes in assets and liabilities:
Trade accounts receivable	606	(2,884)
Inventories	(2,025)	(697)
Prepaid expenses and other current assets	143	(84)
Other assets	(4)	(3)
Accounts payable	707	35
Accrued wages and benefits	(488)	(134)
Customer deposits and deferred revenue	(153)	(19)
Domestic and foreign income taxes payable	86	324
Long-term portion of Federal transition tax payable	(436)
Other current liabilities	186	154
Net cash provided by operating activities	3,503	1,076
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired		(21,962)
Purchase of property and equipment	(1,920)	(203)
Proceeds from sale of property and equipment		7
Net cash used in investing activities	(1,920)	(22,158)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of earnout for 2017 related to Ambrell acquisition	(4,123)
Repurchases of common stock		(62)
Net cash used in financing activities	(4,123)	(62)
Effects of exchange rates on cash	(37)	129
Net cash used in all activities	(2,577)	(21,015)
Cash and cash equivalents at beginning of period	13,290	28,611
Cash and cash equivalents at end of period	10,713	7,596
Cash payments for:
Domestic and foreign income taxes	1,425	1,583
Net cash paid for acquisition		21,962
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	6 Months Ended
	Jun. 30, 2018
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. We have two On May 24, 2017, 3. The ATE market in which we operate is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. This market is subject to significant economic downturns at various times. Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2017 ( “2017 10 March 28, 2018 Reclassification Business Combinations Acquired businesses are accounted for using the purchase method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Fair values of intangible assets are estimated by valuation models prepared by our management and third Fair Value Measurements three 3, 3 4 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 Indefinite-lived intangible assets are assessed for impairment annually in the fourth not not no not may not no Revenue Recognition January 1, 2018, 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 60 not Nature of Products and Services We sell thermal management products and semiconductor ATE interface solutions. Our thermal management products include ThermoStreams, ThermoChambers, ThermoChucks and process chillers which we sell under our Temptronic, Sigma and Thermonics product lines, and Ambrell’s precision induction heating systems, including EkoHeat and EasyHeat products. Our semiconductor ATE interface solutions include manipulators, docking hardware and electrical interface products. We provide post-warranty service for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the ATE market, which provides automated test equipment to the semiconductor market. We also sell our thermal products to markets outside the semiconductor market which include the automotive, defense/aerospace, industrial, telecommunications and other markets. We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties one two not not Refer to Notes 6 12 Inventories first first not not twelve three $129 $90 six June 30, 2018 2017, Stock-Based Compensation 718 10. Subsequent Events no six June 30, 2018. Income Taxes not not 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: Three Months Ended 30 , Six Months Ended 30 , 2018 2017 2018 2017 Weighted average common shares outstanding - basic 10,342,674 10,277,155 10,334,492 10,270,860 Potentially dilutive securities: Unvested shares of restricted stock and stock options 27,644 57,739 33,320 44,255 Weighted average common shares and common share equivalents outstanding - diluted 10,370,318 10,334,894 10,367,812 10,315,115 Average number of potentially dilutive securities excluded from calculation 275,831 96,000 189,794 71,630 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In May 2014, May 2014, 606 January 1, 2018. fourth 2017, not not January 1, 2018 not not 6 12 In November 2016, January 1, 2018, not In January 2017, January 1, 2018. not In May 2017, January 1, 2018. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance January 2017, not January 1, 2020, January 1, 2017. not In February 2016, 842 February 2016, 12 January 1, 2019. fourth 2017, none not may two

Note 3 - Acquisition

Note 3 - Acquisition	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	( 3 ACQUISITION May 24, 2017, $22,000 $18,000 2017 2018, $935. May 24, 2017. not $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 adjusted EBITDA of Ambrell for 2017 2018. first 2017 8x 2017 $22,000 $5,833 April 2018. second 2018 8x 2018 $22,000 $5,833, 2017. 2017 2018 $18,000. $4,123 2017 2018 June 30, 2018, $6,282 2018 The total purchase price of $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. Fair Weighted (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 The following unaudited pro forma information gives effect to the acquisition of Ambrell as if the acquisition occurred on January 1, 2017. not may not Three Months Ended June 30, 2017 Six Months Ended Net revenues $ 18,896 $ 37,688 Net earnings $ 2,059 $ 3,719 Diluted earnings per share $ 0.20 $ 0.36 The pro forma results shown above do not $935

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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 sheets is measured at fair value on a recurring basis using Level 3 May 24, 2017, 3. 3 first six 2018, $1,016 December 31, 2018. Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of June 30, 2018 Earnout payable $ 6,282 $ - $ - $ 6,282 Changes in the fair value of our Level 3 six June 30, 2018 Six Months Balance at beginning of period $ 11,099 Fair value adjustment 1,016 Payment of 2017 earnout (5,833 ) Balance at end of period $ 6,282

Note 5 - Goodwill and Intangibl

Note 5 - Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2018
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, January 2012 May 2017. $ 13,738 June 30, 2018 December 31, 2017. Intangible Assets six June 30, 2018 Balance - January 1, 2018 $ 9,304 Amortization (463 ) Balance - June 30, 2018 $ 8,841 The following tables provide further detail about our intangible assets as of June 30, 2018 December 31, 2017: June 30, 2018 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 10,480 $ 2,177 $ 8,303 Technology 600 176 424 Patents 590 483 107 Software 270 263 7 Trade name 140 140 - Customer backlog 500 500 - Total finite-lived intangible assets 12,580 3,739 8,841 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 19,290 $ 3,739 $ 15,551 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Amount 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 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 $463 $303 six June 30, 2018 2017. five 2018 (remainder) $ 640 2019 $ 1,257 2020 $ 1,233 2021 $ 1,227 2022 $ 1,167

Note 6 - Revenue From Contracts

Note 6 - Revenue From Contracts with Customers	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	( 6 REVENUE FROM CONTRACTS WITH CUSTOMERS Changes in the amount of the allowance for doubtful accounts for the six June 30, 2018 Balance - January 1, 2018 $ 213 Bad debt expense 50 Write-offs (30 ) Balance - June 30, 2018 $ 233 The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. See also Note 12 Three Months Ended Six Months Ended 2018 2017 2018 2017 Net revenues by customer type: End user $ 18,173 $ 15,029 $ 34,502 $ 27,515 OEM/Integrator 2,924 859 5,466 2,553 $ 21,097 $ 15,888 $ 39,968 $ 30,068 Net revenues by product type: Thermal test $ 6,389 $ 6,312 $ 12,420 $ 13,134 Induction heating 5,937 1,725 11,559 1,725 Semiconductor production test 6,809 6,053 12,148 12,216 Service/other 1,962 1,798 3,841 2,993 $ 21,097 $ 15,888 $ 39,968 $ 30,068 Net revenues by market: Semiconductor $ 13,043 $ 10,155 $ 23,582 $ 20,594 Industrial 5,000 2,178 10,653 2,298 Telecommunications 1,343 2,196 2,622 4,891 Other non-semiconductor markets 1,711 1,359 3,111 2,285 $ 21,097 $ 15,888 $ 39,968 $ 30,068

Note 7 - Major Customers

Note 7 - Major Customers	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	( 7 MAJOR CUSTOMERS During the six June 30, 2018 2017, 13% 15% six June 30, 2017, one 13% No 10% six June 30, 2018 2017.

Note 8 - Inventories

Note 8 - Inventories	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	( 8 INVENTORIES Inventories held at June 30, 2018 December 31, 2017 June 30, December 31, Raw materials $ 4,569 $ 3,424 Work in process 1,291 791 Inventory consigned to others 68 64 Finished goods 931 687 Total inventories $ 6,859 $ 4,966

Note 9 - Debt

Note 9 - Debt	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	( 9 DEBT Letters of Credit 30 not one June 30, 2018 December 31, 2017 Letters of Credit Original L/C L/C Lease June 30, December 31, Mt. Laurel, NJ 3/29/2010 3/31/2019 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2018 8/23/2021 50 50 $ 175 $ 175

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 10 STOCK-BASED COMPENSATION As of June 30, 2018, 13 2017 10 June 27, 2018, 2014 may 500,000 1,000,000 June 30, 2018, $1,539. 3.2 three six June 30, 2018 2017, Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of revenues $ - $ 1 $ - $ 4 Selling expense - - - - Engineering and product development expense 2 1 3 4 General and administrative expense 169 96 289 178 $ 171 $ 98 $ 292 $ 186 There was no three six June 30, 2018 2017. Restricted Stock Awards four March 2018 2017, 32,000 22,500 25% March 31, June 30, September 30, December 31 $270 $143, The following table summarizes the activity related to unvested shares of restricted stock for the six June 30, 2018: Number Weighted Unvested shares outstanding, January 1, 2018 75,225 $ 5.29 Granted 91,100 8.29 Vested (31,700 ) 7.09 Forfeited - - Unvested shares outstanding, June 30, 2018 134,625 6.98 The total fair value of the shares that vested during the six June 30, 2018 2017 $238 $197, Stock Options No may ten four six June 30, 2018 2017 2018 2017 Risk-free interest rate 2.74 % 2.14 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .39 .39 Weighted average expected life of stock options (years) 6.25 6.25 The per share weighted average fair value of stock options issued during the six June 30, 2018 2017 $3.52 $2.64, six June 30, 2018: Number Weighted Options outstanding, January 1, 2018 (4,950 exercisable) 76,400 $ 5.98 Granted 176,400 8.21 Exercised - - Forfeited - - Options outstanding, June 30, 2018 (22,700 exercisable) 252,800 7.53

Note 11 - Employee Benefit Plan

Note 11 - Employee Benefit Plans	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 11 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 10% $5. four six June 30, 2018 2017, $205 $245 one 100% 25% 2% six June 30, 2018 2017, $36 $5

Note 12 - Segment Information

Note 12 - Segment Information	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 12 SEGMENT INFORMATION We have two May 2017, 3. EMS includes the operations of our manufacturing facilities in Mt. Laurel, New Jersey and Fremont, California. Sales of this segment consist primarily of manipulator, docking hardware and tester interface products, which we design, manufacture and market. We operate our business worldwide and sell our products both domestically and internationally. Both of our segments sell to semiconductor manufacturers, third Three Months Ended Six Months Ended 2018 2017 2018 2017 Net Revenues: Thermal $ 13,999 $ 9,194 $ 27,233 $ 16,970 EMS 7,098 6,694 12,735 13,098 $ 21,097 $ 15,888 $ 39,968 $ 30,068 Earnings (loss) before income tax expense (benefit): Thermal $ 2,592 $ 1,350 $ 2,500 $ 3,196 EMS 2,194 2,163 3,486 3,861 Corporate (390 ) (1,177 ) (608 ) (1,549 ) $ 4,396 $ 2,336 $ 5,378 $ 5,508 Net earnings (loss): Thermal $ 2,415 $ 835 $ 1,960 $ 2,045 EMS 1,945 1,338 2,950 2,450 Corporate (346 ) (728 ) (515 ) (972 ) $ 4,014 $ 1,445 $ 4,395 $ 3,523 June 30, December 31, Identifiable assets: Thermal $ 52,156 $ 50,408 EMS 9,881 12,085 $ 62,037 $ 62,493 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 Six Months Ended 2018 2017 2018 2017 Net revenues: U.S. $ 6,818 $ 4,580 $ 13,361 $ 7,466 Foreign 14,279 11,308 26,607 22,602 $ 21,097 $ 15,888 $ 39,968 $ 30,068 June 30, December 31, Property and equipment: U.S. $ 2,571 $ 991 Foreign 370 550 $ 2,941 $ 1,541

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis Of Presentation And Use Of Estimates [Policy Text Block]	Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2017 ( “2017 10 March 28, 2018
Reclassification, Policy [Policy Text Block]	Reclassification
Business Combinations Policy [Policy Text Block]	Business Combinations Acquired businesses are accounted for using the purchase method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Fair values of intangible assets are estimated by valuation models prepared by our management and third
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements three 3, 3 4
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 Indefinite-lived intangible assets are assessed for impairment annually in the fourth not not no not may not no
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition January 1, 2018, 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 60 not Nature of Products and Services We sell thermal management products and semiconductor ATE interface solutions. Our thermal management products include ThermoStreams, ThermoChambers, ThermoChucks and process chillers which we sell under our Temptronic, Sigma and Thermonics product lines, and Ambrell’s precision induction heating systems, including EkoHeat and EasyHeat products. Our semiconductor ATE interface solutions include manipulators, docking hardware and electrical interface products. We provide post-warranty service for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the ATE market, which provides automated test equipment to the semiconductor market. We also sell our thermal products to markets outside the semiconductor market which include the automotive, defense/aerospace, industrial, telecommunications and other markets. We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties one two not not Refer to Notes 6 12
Inventory, Policy [Policy Text Block]	Inventories first first not not twelve three $129 $90 six June 30, 2018 2017,
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation 718 10.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events no six June 30, 2018.
Income Tax, Policy [Policy Text Block]	Income Taxes not not
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: Three Months Ended 30 , Six Months Ended 30 , 2018 2017 2018 2017 Weighted average common shares outstanding - basic 10,342,674 10,277,155 10,334,492 10,270,860 Potentially dilutive securities: Unvested shares of restricted stock and stock options 27,644 57,739 33,320 44,255 Weighted average common shares and common share equivalents outstanding - diluted 10,370,318 10,334,894 10,367,812 10,315,115 Average number of potentially dilutive securities excluded from calculation 275,831 96,000 189,794 71,630
New Accounting Pronouncements, Policy [Policy Text Block]	Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In May 2014, May 2014, 606 January 1, 2018. fourth 2017, not not January 1, 2018 not not 6 12 In November 2016, January 1, 2018, not In January 2017, January 1, 2018. not In May 2017, January 1, 2018. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance January 2017, not January 1, 2020, January 1, 2017. not In February 2016, 842 February 2016, 12 January 1, 2019. fourth 2017, none not may two

Note 2 - Summary of Significa21

Note 2 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended 30 , Six Months Ended 30 , 2018 2017 2018 2017 Weighted average common shares outstanding - basic 10,342,674 10,277,155 10,334,492 10,270,860 Potentially dilutive securities: Unvested shares of restricted stock and stock options 27,644 57,739 33,320 44,255 Weighted average common shares and common share equivalents outstanding - diluted 10,370,318 10,334,894 10,367,812 10,315,115 Average number of potentially dilutive securities excluded from calculation 275,831 96,000 189,794 71,630

Note 3 - Acquisition (Tables)

Note 3 - Acquisition (Tables)	6 Months Ended
	Jun. 30, 2018
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 (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]	Three Months Ended June 30, 2017 Six Months Ended Net revenues $ 18,896 $ 37,688 Net earnings $ 2,059 $ 3,719 Diluted earnings per share $ 0.20 $ 0.36

Note 4 - Fair Value Measureme23

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 Earnout payable $ 6,282 $ - $ - $ 6,282
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Six Months Balance at beginning of period $ 11,099 Fair value adjustment 1,016 Payment of 2017 earnout (5,833 ) Balance at end of period $ 6,282

Note 5 - Goodwill and Intangi24

Note 5 - Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Goodwill [Table Text Block]	Balance - January 1, 2018 $ 9,304 Amortization (463 ) Balance - June 30, 2018 $ 8,841
Schedule Of Intangible Assets [Table Text Block]	June 30, 2018 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 10,480 $ 2,177 $ 8,303 Technology 600 176 424 Patents 590 483 107 Software 270 263 7 Trade name 140 140 - Customer backlog 500 500 - Total finite-lived intangible assets 12,580 3,739 8,841 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 19,290 $ 3,739 $ 15,551 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Amount 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
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2018 (remainder) $ 640 2019 $ 1,257 2020 $ 1,233 2021 $ 1,227 2022 $ 1,167

Note 6 - Revenue From Contrac25

Note 6 - Revenue From Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Changes in Allowance for Doubtful Accounts Receivable [Table Text Block]	Balance - January 1, 2018 $ 213 Bad debt expense 50 Write-offs (30 ) Balance - June 30, 2018 $ 233
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended 2018 2017 2018 2017 Net revenues by customer type: End user $ 18,173 $ 15,029 $ 34,502 $ 27,515 OEM/Integrator 2,924 859 5,466 2,553 $ 21,097 $ 15,888 $ 39,968 $ 30,068 Net revenues by product type: Thermal test $ 6,389 $ 6,312 $ 12,420 $ 13,134 Induction heating 5,937 1,725 11,559 1,725 Semiconductor production test 6,809 6,053 12,148 12,216 Service/other 1,962 1,798 3,841 2,993 $ 21,097 $ 15,888 $ 39,968 $ 30,068 Net revenues by market: Semiconductor $ 13,043 $ 10,155 $ 23,582 $ 20,594 Industrial 5,000 2,178 10,653 2,298 Telecommunications 1,343 2,196 2,622 4,891 Other non-semiconductor markets 1,711 1,359 3,111 2,285 $ 21,097 $ 15,888 $ 39,968 $ 30,068

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, Raw materials $ 4,569 $ 3,424 Work in process 1,291 791 Inventory consigned to others 68 64 Finished goods 931 687 Total inventories $ 6,859 $ 4,966

Note 9 - Debt (Tables)

Note 9 - Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule Of Outstanding Letters Of Credit [Table Text Block]	Letters of Credit Original L/C L/C Lease June 30, December 31, Mt. Laurel, NJ 3/29/2010 3/31/2019 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2018 8/23/2021 50 50 $ 175 $ 175

Note 10 - Stock-based Compens28

Note 10 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended Six Months Ended 2018 2017 2018 2017 Cost of revenues $ - $ 1 $ - $ 4 Selling expense - - - - Engineering and product development expense 2 1 3 4 General and administrative expense 169 96 289 178 $ 171 $ 98 $ 292 $ 186
Schedule of Nonvested Share Activity [Table Text Block]	Number Weighted Unvested shares outstanding, January 1, 2018 75,225 $ 5.29 Granted 91,100 8.29 Vested (31,700 ) 7.09 Forfeited - - Unvested shares outstanding, June 30, 2018 134,625 6.98
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2018 2017 Risk-free interest rate 2.74 % 2.14 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .39 .39 Weighted average expected life of stock options (years) 6.25 6.25
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number Weighted Options outstanding, January 1, 2018 (4,950 exercisable) 76,400 $ 5.98 Granted 176,400 8.21 Exercised - - Forfeited - - Options outstanding, June 30, 2018 (22,700 exercisable) 252,800 7.53

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Six Months Ended 2018 2017 2018 2017 Net Revenues: Thermal $ 13,999 $ 9,194 $ 27,233 $ 16,970 EMS 7,098 6,694 12,735 13,098 $ 21,097 $ 15,888 $ 39,968 $ 30,068 Earnings (loss) before income tax expense (benefit): Thermal $ 2,592 $ 1,350 $ 2,500 $ 3,196 EMS 2,194 2,163 3,486 3,861 Corporate (390 ) (1,177 ) (608 ) (1,549 ) $ 4,396 $ 2,336 $ 5,378 $ 5,508 Net earnings (loss): Thermal $ 2,415 $ 835 $ 1,960 $ 2,045 EMS 1,945 1,338 2,950 2,450 Corporate (346 ) (728 ) (515 ) (972 ) $ 4,014 $ 1,445 $ 4,395 $ 3,523
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended Six Months Ended 2018 2017 2018 2017 Net revenues: U.S. $ 6,818 $ 4,580 $ 13,361 $ 7,466 Foreign 14,279 11,308 26,607 22,602 $ 21,097 $ 15,888 $ 39,968 $ 30,068
Long-lived Assets by Geographic Areas [Table Text Block]	June 30, December 31, Property and equipment: U.S. $ 2,571 $ 991 Foreign 370 550 $ 2,941 $ 1,541
Asset [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	June 30, December 31, Identifiable assets: Thermal $ 52,156 $ 50,408 EMS 9,881 12,085 $ 62,037 $ 62,493

Note 1 - Nature of Operations (

Note 1 - Nature of Operations (Details Textual)	6 Months Ended
	Jun. 30, 2018
Number of Reportable Segments	2

Note 2 - Summary of Significa31

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Inventory Write-down	$ 129	$ 90
Thermal Products and Mechanical Products [Member]
Equipment Leased To Customers Initial Term	180 days

Note 2 - Summary of Significa32

Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Weighted average common shares outstanding - basic (in shares)	10,342,674	10,277,155	10,334,492	10,270,860
Potentially dilutive securities:
Unvested shares of restricted stock and stock options (in shares)	27,644	57,739	33,320	44,255
Weighted average common shares and common share equivalents outstanding - diluted (in shares)	10,370,318	10,334,894	10,367,812	10,315,115
Average number of potentially dilutive securities excluded from calculation (in shares)	275,831	96,000	189,794	71,630

Note 3 - Acquisition (Details T

Note 3 - Acquisition (Details Textual) - USD ($) $ in Thousands	May 24, 2017	Apr. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Business Combination, Contingent Consideration, Liability, Noncurrent				$ 5,744
Business Combination, Contingent Consideration, Liability, Current			6,282	$ 5,355
Ambrell [Member]
Payments to Acquire Businesses, Gross	$ 22,610
Business Acquisition, Transaction Costs	935
Business Combination, Consideration Transferred, Total	26,733
Business Combination, Contingent Consideration Arrangements, Payment of Earnout for Prior Year Acquisition		$ 5,833
Business Combination, Contingent Consideration, Liability, Noncurrent	4,123
Business Combination, Contingent Consideration, Liability, Current			$ 6,282
Ambrell [Member] | Aggregate Total Payout [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	18,000
Ambrell [Member] | Maximum [Member]
Business Combination, Liabilities Arising from Contingencies, Amount Recognized	$ 18,000

Note 3 - Acquisition - Purchase

Note 3 - Acquisition - Purchase Price (Details) - USD ($) $ in Thousands	May 24, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Goodwill, Ending Balance		$ 13,738	$ 13,738	$ 13,738
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, Ending Balance	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) - Ambrell [Member] $ in Thousands	May 24, 2017USD ($)
Finite-lived intangible assets	$ 10,100
Finite-lived intangible assets, weighted average estimated useful life (Year)	8 years 219 days
Total finite-lived intangible assets	$ 10,100
Identifiable intangible assets	16,300
Trademarks [Member]
Indefinite-lived intangible assets	6,200
Customer Relationships [Member]
Finite-lived intangible assets	$ 9,000
Finite-lived intangible assets, weighted average estimated useful life (Year)	9 years
Total finite-lived intangible assets	$ 9,000
Patented Technology [Member]
Finite-lived intangible assets	$ 600
Finite-lived intangible assets, weighted average estimated useful life (Year)	9 years
Total finite-lived intangible assets	$ 600
Order or Production Backlog [Member]
Finite-lived intangible assets	$ 500
Finite-lived intangible assets, weighted average estimated useful life (Year)	109 days
Total finite-lived intangible assets	$ 500

Note 3 - Acquisition - Proforma

Note 3 - Acquisition - Proforma Information (Details) - Ambrell [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Net revenues	$ 18,896	$ 37,688
Net earnings	$ 2,059	$ 3,719
Diluted earnings per share (in dollars per share)	$ 0.20	$ 0.36

Note 4 - Fair Value Measureme37

Note 4 - Fair Value Measurements (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Ambrell [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 1,016

Note 4 - Fair Value Measureme38

Note 4 - Fair Value Measurements - Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Business Combination, Contingent Consideration, Liability, Current	$ 6,282	$ 5,355
Fair Value, Measurements, Recurring [Member]
Business Combination, Contingent Consideration, Liability, Current	6,282
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Business Combination, Contingent Consideration, Liability, Current
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Business Combination, Contingent Consideration, Liability, Current
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Current	$ 6,282

Note 4 - Fair Value Measureme39

Note 4 - Fair Value Measurements - Change in Fair Value of Contingent Consideration Liability (Details) - Contingent Consideration Liability [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Balance at beginning of period	$ 11,099
Fair value adjustment	1,016
Payment of 2017 earnout	(5,833)
Balance at end of period	$ 6,282

Note 5 - Goodwill and Intangi40

Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Goodwill, Ending Balance	$ 13,738	$ 13,738	$ 13,738
Amortization of Intangible Assets, Total	$ 463	$ 303

Note 5 - Goodwill and Intangi41

Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Balance	$ 9,304
Amortization	(463)	$ (303)
Balance	$ 8,841

Note 5 - Goodwill and Intangi42

Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	$ 12,580	$ 12,580
Finite-lived, Accumulated Amortization	3,739	3,276
Net Carrying Amount	8,841	9,304
Indefinite-lived intangible assets:
Intangible Assets, Gross Carrying Amount	19,290	19,290
Finite-lived, Accumulated Amortization	3,739	3,276
Net Carrying Amount	15,551	16,014
Trademarks [Member]
Indefinite-lived intangible assets:
Indefinite-lived, Gross Carrying Amount	6,710	6,710
Net Carrying Amount	6,710	6,710
Customer Relationships [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	10,480	10,480
Finite-lived, Accumulated Amortization	2,177	1,828
Net Carrying Amount	8,303	8,652
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	2,177	1,828
Patented Technology [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	600	600
Finite-lived, Accumulated Amortization	176	95
Net Carrying Amount	424	505
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	176	95
Patents [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	590	590
Finite-lived, Accumulated Amortization	483	463
Net Carrying Amount	107	127
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	483	463
Computer Software, Intangible Asset [Member]
Finite-lived intangible assets:
Finite-lived, Gross Carrying Amount	270	270
Finite-lived, Accumulated Amortization	263	250
Net Carrying Amount	7	20
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	263	250
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	500
Finite-lived, Accumulated Amortization	500	500
Net Carrying Amount
Indefinite-lived intangible assets:
Finite-lived, Accumulated Amortization	$ 500	$ 500

Note 5 - Goodwill and Intangi43

Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2018USD ($)
2018 (remainder)	$ 640
2,019	1,257
2,020	1,233
2,021	1,227
2,022	$ 1,167

Note 6 - Revenue From Contrac44

Note 6 - Revenue From Contracts with Customers - Changes in Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Balance - January 1, 2018	$ 213
Bad debt expense	50
Write-offs	(30)
Balance - June 30, 2018	$ 233

Note 6 - Revenue From Contrac45

Note 6 - Revenue From Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net revenues	$ 21,097	$ 15,888	$ 39,968	$ 30,068
Semiconductor Market [Member]
Net revenues	13,043	10,155	23,582	20,594
Industrial Market [Member]
Net revenues	5,000	2,178	10,653	2,298
Telecommunications Market [Member]
Net revenues	1,343	2,196	2,622	4,891
Other Non-semiconductors Markets [Member]
Net revenues	1,711	1,359	3,111	2,285
Thermal Testing Products [Member]
Net revenues	6,389	6,312	12,420	13,134
Induction Heating Products [Member]
Net revenues	5,937	1,725	11,559	1,725
Semiconductor Production Test Products [Member]
Net revenues	6,809	6,053	12,148	12,216
Service and Other Products [Member]
Net revenues	1,962	1,798	3,841	2,993
End User [Member]
Net revenues	18,173	15,029	34,502	27,515
OEM and Integrators [Member]
Net revenues	$ 2,924	$ 859	$ 5,466	$ 2,553

Note 7 - Major Customers (Detai

Note 7 - Major Customers (Details Textual) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Texas Instruments Incorporated [Member]
Concentration Risk, Percentage	13.00%	15.00%
Hakuto Co Ltd [Member]
Concentration Risk, Percentage		13.00%

Note 8 - Inventories - Inventor

Note 8 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Raw materials	$ 4,569	$ 3,424
Work in process	1,291	791
Inventory consigned to others	68	64
Finished goods	931	687
Total inventories	$ 6,859	$ 4,966

Note 9 - Debt - Outstanding Let

Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Letters of Credit Amount Outstanding	$ 175	$ 175
Mt Laurel [Member]
Line of Credit, Issue Date	Mar. 29, 2010
Line of Credit, ExpirationDate	Mar. 31, 2019
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. 23, 2021
Letters of Credit Amount Outstanding	$ 50	$ 50

Note 10 - Stock-based Compens49

Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended				6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 27, 2018	Jun. 26, 2018
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 1,539				$ 1,539
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition							3 years 73 days
Restricted Stock [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount							$ 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, Grants in Period							91,100
Allocated Share-based Compensation Expense, Total			$ 171		$ 98		$ 292	$ 186
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value							$ 238	$ 197
Restricted Stock [Member] | Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	32,000	22,500
Allocated Share-based Compensation Expense, Total	$ 270	$ 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%
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	$ 3.52
Stock Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized									1,000,000	500,000

Note 10 - Stock-based Compens50

Note 10 - Stock-based Compensation - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Allocated Share-based Compensation Expense, Total	$ 171	$ 98	$ 292	$ 186
Cost of Sales [Member]
Allocated Share-based Compensation Expense, Total		1		4
Selling and Marketing Expense [Member]
Allocated Share-based Compensation Expense, Total
Research and Development Expense [Member]
Allocated Share-based Compensation Expense, Total	2	1	3	4
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense, Total	$ 169	$ 96	$ 289	$ 178

Note 10 - Stock-based Compens51

Note 10 - Stock-based Compensation - Nonvested Shares (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Unvested shares outstanding (in shares) | shares	75,225
Unvested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 5.29
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	91,100
Granted,, weighted average grant date fair value (in dollars per share) | $ / shares	$ 8.29
Vested (in shares) | shares	(31,700)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 7.09
Forfeited (in shares) | shares
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares
Unvested shares outstanding (in shares) | shares	134,625
Unvested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 6.98

Note 10 - Stock-based Compens52

Note 10 - Stock-based Compensation - Stock Options Valuation Assumptions (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Risk-free interest rate	2.74%	2.14%
Dividend yield	0.00%	0.00%
Expected common stock market price volatility factor	0.39%	0.39%
Weighted average expected life of stock options (years) (Year)	6 years 91 days	6 years 91 days

Note 10 - Stock-based Compens53

Note 10 - Stock-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Options outstanding, number of shares (in shares)	76,400
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 5.98
Granted, number of shares (in shares)	176,400
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 8.21
Exercised, number of shares (in shares)
Options outstanding, number of shares (in shares)	252,800
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 7.53
Restricted Stock [Member]
Forfeited, number of shares (in shares)
Forfeited (in dollars per share) | $ / shares

Note 10 - Stock-based Compens54

Note 10 - Stock-based Compensation - Stock Option Activity (Details) (Parentheticals) - shares	Jun. 30, 2018	Dec. 31, 2017
Options exercisable (in shares)	22,700	4,950

Note 11 - Employee Benefit Pl55

Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
401(k) Plan [Member]
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, Cost	$ 205	$ 245
The Ambrell Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	25.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 36	$ 5

Note 12 - Segment Information56

Note 12 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2018
Number of Reportable Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net revenues	$ 21,097	$ 15,888	$ 39,968	$ 30,068
Earnings (loss) before income tax expense (benefit)	4,396	2,336	5,378	5,508
Net earnings (loss)	4,014	1,445	4,395	3,523
Corporate, Non-Segment [Member]
Earnings (loss) before income tax expense (benefit)	(390)	(1,177)	(608)	(1,549)
Net earnings (loss)	(346)	(728)	(515)	(972)
Thermal Testing Products [Member] | Operating Segments [Member]
Net revenues	13,999	9,194	27,233	16,970
Earnings (loss) before income tax expense (benefit)	2,592	1,350	2,500	3,196
Net earnings (loss)	2,415	835	1,960	2,045
EMS [Member] | Operating Segments [Member]
Net revenues	7,098	6,694	12,735	13,098
Earnings (loss) before income tax expense (benefit)	2,194	2,163	3,486	3,861
Net earnings (loss)	$ 1,945	$ 1,338	$ 2,950	$ 2,450

Note 12 - Segment Information58

Note 12 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Identifiable assets:
Identifiable Assets	$ 62,037	$ 62,493
Thermal Testing Products [Member]
Identifiable assets:
Identifiable Assets	52,156	50,408
EMS [Member]
Identifiable assets:
Identifiable Assets	$ 9,881	$ 12,085

Note 12 - Segment Information59

Note 12 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net revenues	$ 21,097	$ 15,888	$ 39,968	$ 30,068
UNITED STATES
Net revenues	6,818	4,580	13,361	7,466
Foreign [Member]
Net revenues	$ 14,279	$ 11,308	$ 26,607	$ 22,602

Note 12 - Segment Information60

Note 12 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property and equipment:
Property and Equipment	$ 2,941	$ 1,541
UNITED STATES
Property and equipment:
Property and Equipment	2,571	991
Foreign [Member]
Property and equipment:
Property and Equipment	$ 370	$ 550