Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001036262 | |
Entity Registrant Name | INTEST CORP | |
Amendment Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q/A | |
Amendment Description | Amendment No. 1 | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-36117 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-2370659 | |
Entity Address, Address Line One | 804 East Gate Drive, Suite 200 | |
Entity Address, City or Town | Mt. Laurel | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08054 | |
City Area Code | 856 | |
Local Phone Number | 505-8800 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | INTT | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,164,698 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||||||||
Cash and cash equivalents | $ 41,685 | $ 13,434 | ||||||
Restricted cash | 0 | 1,142 | ||||||
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively | 20,710 | 21,215 | ||||||
Inventories | 22,156 | 22,565 | ||||||
Prepaid expenses and other current assets | 2,006 | 1,695 | ||||||
Total current assets | 86,557 | 60,051 | ||||||
Property and equipment: | ||||||||
Machinery and equipment | 6,829 | 6,625 | ||||||
Leasehold improvements | 3,581 | 3,242 | ||||||
Gross property and equipment | 10,410 | 9,867 | ||||||
Less: accumulated depreciation | (7,267) | (6,735) | ||||||
Net property and equipment | 3,143 | 3,132 | ||||||
Right-of-use assets, net | 4,755 | 5,770 | ||||||
Goodwill | 21,578 | 21,605 | ||||||
Net Carrying Amount | 16,959 | 18,559 | ||||||
Deferred tax assets | 1,381 | 280 | ||||||
Restricted certificates of deposit | 100 | 100 | ||||||
Other assets | 945 | 569 | ||||||
Total assets | 135,418 | 110,066 | ||||||
Current liabilities: | ||||||||
Current portion of Term Note | 4,100 | 4,100 | ||||||
Current portion of operating lease liabilities | 1,730 | 1,645 | ||||||
Accounts payable | 7,296 | 7,394 | ||||||
Accrued wages and benefits | 4,030 | 3,907 | ||||||
Accrued professional fees | 1,188 | 884 | ||||||
Customer deposits and deferred revenue | 4,398 | 4,498 | ||||||
Accrued sales commissions | 1,176 | 1,468 | ||||||
Domestic and foreign income taxes payable | 1,119 | 1,409 | ||||||
Other current liabilities | 1,557 | 1,564 | ||||||
Total current liabilities | 26,594 | 26,869 | ||||||
Operating lease liabilities, net of current portion | 3,501 | 4,705 | ||||||
Term Note, net of current portion | 8,967 | 12,042 | ||||||
Contingent consideration | 1,002 | 1,039 | ||||||
Deferred revenue, net of current portion | 1,033 | 0 | ||||||
Other liabilities | 397 | 455 | ||||||
Total liabilities | 41,494 | 45,110 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||||||
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively | 122 | 111 | ||||||
Additional paid-in capital | 53,960 | 31,987 | ||||||
Retained earnings | 40,741 | 32,854 | ||||||
Accumulated other comprehensive earnings | 2 | 218 | ||||||
Treasury stock, at cost; 75,758 and 34,308 shares, respectively | (901) | (214) | ||||||
Total stockholders' equity | 93,924 | $ 92,064 | $ 68,498 | 64,956 | $ 60,421 | $ 58,120 | $ 56,001 | $ 54,823 |
Total liabilities and stockholders' equity | $ 135,418 | $ 110,066 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 499 | $ 496 |
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) | 12,237,070 | 11,063,271 |
Treasury stock, shares (in shares) | 75,758 | 34,308 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 30,941 | $ 30,771 | $ 95,418 | $ 84,423 | ||||
Cost of revenue | 16,494 | 16,873 | 50,889 | 45,964 | ||||
Gross profit | 14,447 | 13,898 | 44,529 | 38,459 | ||||
Operating expenses: | ||||||||
Selling expense | 4,295 | 4,009 | 13,411 | 11,498 | ||||
Engineering and product development expense | 1,802 | 1,866 | 5,689 | 5,649 | ||||
General and administrative expense | 5,882 | 4,864 | 16,099 | 14,623 | ||||
Total operating expenses | 11,979 | 10,739 | 35,199 | 31,770 | ||||
Operating income | 2,468 | 3,159 | 9,330 | 6,689 | ||||
Interest expense | (168) | (179) | (526) | (457) | ||||
Other income | 423 | 59 | 678 | 32 | ||||
Earnings before income tax expense | 2,723 | 3,039 | 9,482 | 6,264 | ||||
Income tax expense | 446 | 515 | 1,595 | 1,047 | ||||
Net earnings | $ 2,277 | $ 2,793 | $ 2,817 | $ 2,524 | $ 2,116 | $ 577 | $ 7,887 | $ 5,217 |
Earnings per common share - basic (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.7 | $ 0.49 | ||||
Weighted average common shares outstanding - basic (in shares) | 11,886,005 | 10,695,867 | 11,294,306 | 10,655,469 | ||||
Earnings per common share - diluted (in dollars per share) | $ 0.19 | $ 0.23 | $ 0.68 | $ 0.48 | ||||
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 12,212,317 | 10,864,540 | 11,665,850 | 10,840,644 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net earnings | $ 2,277 | $ 2,524 | $ 7,887 | $ 5,217 |
Unrealized gain (loss) on interest rate swap agreement | (44) | 169 | (115) | 578 |
Foreign currency translation adjustments | (424) | (935) | (101) | (1,774) |
Comprehensive earnings | $ 1,809 | $ 1,758 | $ 7,671 | $ 4,021 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 10,910,460 | |||||
Balance at Dec. 31, 2021 | $ 109 | $ 29,931 | $ 24,393 | $ 594 | $ (204) | $ 54,823 |
Net earnings | 0 | 0 | 577 | 0 | 0 | 577 |
Other comprehensive earnings | 0 | 0 | 0 | 173 | 0 | 173 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 372 | 0 | 0 | 0 | 372 |
Issuance of unvested shares of restricted stock (in shares) | 79,489 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Shares issued under Employee Stock Purchase Plan (in shares) | 5,245 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 56 | 0 | 0 | 0 | 56 |
Balance (in shares) at Mar. 31, 2022 | 10,995,194 | |||||
Balance at Mar. 31, 2022 | $ 110 | 30,358 | 24,970 | 767 | (204) | 56,001 |
Balance (in shares) at Dec. 31, 2021 | 10,910,460 | |||||
Balance at Dec. 31, 2021 | $ 109 | 29,931 | 24,393 | 594 | (204) | 54,823 |
Net earnings | 5,217 | |||||
Balance (in shares) at Sep. 30, 2022 | 11,057,858 | |||||
Balance at Sep. 30, 2022 | $ 111 | 31,516 | 29,610 | (602) | (214) | 60,421 |
Balance (in shares) at Mar. 31, 2022 | 10,995,194 | |||||
Balance at Mar. 31, 2022 | $ 110 | 30,358 | 24,970 | 767 | (204) | 56,001 |
Net earnings | 0 | 0 | 2,116 | 0 | 0 | 2,116 |
Other comprehensive earnings | 0 | 0 | 0 | (603) | 0 | (603) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 551 | 0 | 0 | 0 | 551 |
Issuance of unvested shares of restricted stock (in shares) | 44,044 | |||||
Issuance of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares issued under Employee Stock Purchase Plan (in shares) | 9,470 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 65 | 0 | 0 | 0 | 65 |
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (10) | (10) |
Balance (in shares) at Jun. 30, 2022 | 11,048,708 | |||||
Balance at Jun. 30, 2022 | $ 110 | 30,974 | 27,086 | 164 | (214) | 58,120 |
Net earnings | 0 | 0 | 2,524 | 0 | 0 | 2,524 |
Other comprehensive earnings | 0 | 0 | 0 | (766) | 0 | (766) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 450 | 0 | 0 | 0 | 450 |
Forfeitures of unvested shares of restricted stock (in shares) | (5,944) | |||||
Forfeitures of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 8,060 | |||||
Stock options exercised | $ 0 | 38 | 0 | 0 | 38 | |
Shares issued under Employee Stock Purchase Plan (in shares) | 7,034 | |||||
Shares issued under Employee Stock Purchase Plan | $ 1 | 54 | 0 | 0 | 0 | 55 |
Balance (in shares) at Sep. 30, 2022 | 11,057,858 | |||||
Balance at Sep. 30, 2022 | $ 111 | 31,516 | 29,610 | (602) | (214) | 60,421 |
Balance (in shares) at Dec. 31, 2022 | 11,063,271 | |||||
Balance at Dec. 31, 2022 | $ 111 | 31,987 | 32,854 | 218 | (214) | 64,956 |
Net earnings | 0 | 0 | 2,817 | 0 | 0 | 2,817 |
Other comprehensive earnings | 0 | 0 | 0 | 71 | 0 | 71 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 474 | 0 | 0 | 0 | 474 |
Issuance of unvested shares of restricted stock (in shares) | 90,588 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | 0 |
Forfeitures of unvested shares of restricted stock (in shares) | (13,271) | |||||
Forfeitures of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 25,200 | |||||
Stock options exercised | $ 0 | 165 | 0 | 0 | 0 | 165 |
Shares issued under Employee Stock Purchase Plan (in shares) | 2,292 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 48 | 0 | 0 | 0 | 48 |
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (33) | (33) |
Balance (in shares) at Mar. 31, 2023 | 11,168,080 | |||||
Balance at Mar. 31, 2023 | $ 112 | 32,673 | 35,671 | 289 | (247) | 68,498 |
Balance (in shares) at Dec. 31, 2022 | 11,063,271 | |||||
Balance at Dec. 31, 2022 | $ 111 | 31,987 | 32,854 | 218 | (214) | 64,956 |
Net earnings | $ 7,887 | |||||
Stock options exercised (in shares) | 124,550 | |||||
Balance (in shares) at Sep. 30, 2023 | 12,237,070 | |||||
Balance at Sep. 30, 2023 | $ 122 | 53,960 | 40,741 | 2 | (901) | $ 93,924 |
Balance (in shares) at Mar. 31, 2023 | 11,168,080 | |||||
Balance at Mar. 31, 2023 | $ 112 | 32,673 | 35,671 | 289 | (247) | 68,498 |
Net earnings | 0 | 0 | 2,793 | 0 | 0 | 2,793 |
Other comprehensive earnings | 0 | 0 | 0 | 181 | 0 | 181 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 605 | 0 | 0 | 0 | 605 |
Issuance of unvested shares of restricted stock (in shares) | 6,873 | |||||
Issuance of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 86,600 | |||||
Stock options exercised | $ 1 | 734 | 0 | 0 | 0 | 735 |
Shares issued under Employee Stock Purchase Plan (in shares) | 1,870 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 49 | 0 | 0 | 0 | 49 |
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (41) | (41) |
Shares issued pursuant to At-the-Market Offering (in shares) | 921,797 | |||||
Shares issued pursuant to At-the-Market Offering | $ 9 | 19,235 | 0 | 0 | 0 | 19,244 |
Balance (in shares) at Jun. 30, 2023 | 12,185,220 | |||||
Balance at Jun. 30, 2023 | $ 122 | 53,296 | 38,464 | 470 | (288) | 92,064 |
Net earnings | 0 | 0 | 2,277 | 0 | 0 | 2,277 |
Other comprehensive earnings | 0 | 0 | 0 | (468) | 0 | (468) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 544 | 0 | 0 | 0 | 544 |
Forfeitures of unvested shares of restricted stock (in shares) | (4,220) | |||||
Forfeitures of unvested shares of restricted stock | $ 0 | 0 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 12,750 | |||||
Stock options exercised | $ 0 | 78 | 0 | 0 | 0 | 78 |
Shares issued under Employee Stock Purchase Plan (in shares) | 2,763 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 42 | 0 | 0 | 0 | 42 |
Shares surrendered by employees to satisfy tax liability at vesting of stock-based awards | $ 0 | 0 | 0 | 0 | (613) | (613) |
Issuance of additional shares of restricted stock related to performance-based awards which vested in the period (in shares) | 40,557 | |||||
Balance (in shares) at Sep. 30, 2023 | 12,237,070 | |||||
Balance at Sep. 30, 2023 | $ 122 | $ 53,960 | $ 40,741 | $ 2 | $ (901) | $ 93,924 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ 7,887 | $ 5,217 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,515 | 3,674 |
Provision for excess and obsolete inventory | 385 | 307 |
Foreign exchange loss | 17 | 107 |
Amortization of deferred compensation related to stock-based awards | 1,623 | 1,373 |
Discount on shares sold under Employee Stock Purchase Plan | (21) | (28) |
Loss on disposal of property and equipment | 164 | 45 |
Deferred income tax benefit | (1,101) | (1,162) |
Adjustment to contingent consideration liability | (358) | 0 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 480 | (4,900) |
Inventories | (9) | (8,549) |
Prepaid expenses and other current assets | (313) | (907) |
Other assets | (492) | (1) |
Operating lease liabilities | (1,275) | (1,064) |
Accounts payable | (100) | 3,947 |
Accrued wages and benefits | 125 | (527) |
Accrued professional fees | 305 | (153) |
Customer deposits and deferred revenue | (105) | (827) |
Accrued sales commissions | (292) | 310 |
Domestic and foreign income taxes payable | (292) | (672) |
Other current liabilities | 320 | 35 |
Deferred revenue, net of current portion | 1,033 | 0 |
Other liabilities | (17) | 61 |
Net cash provided by (used in) operating activities | 11,521 | (3,658) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Refund of final working capital adjustment related to Acculogic | 0 | 371 |
Purchase of property and equipment | (983) | (1,043) |
Purchase of short-term investments | 0 | (3,494) |
Net cash used in investing activities | (983) | (4,166) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from public offering of common stock | 19,244 | 0 |
Proceeds from shares sold under Employee Stock Purchase Plan | 118 | 148 |
Proceeds from stock options exercised | 978 | 38 |
Settlement of employee tax liabilities in connection with treasury stock transaction | (687) | (10) |
Net cash provided by (used in) financing activities | 16,578 | (2,757) |
Effects of exchange rates on cash | (7) | (576) |
Net cash provided by (used in) all activities | 27,109 | (11,157) |
Cash, cash equivalents and restricted cash at beginning of period | 14,576 | 21,195 |
Cash and cash equivalents at end of period | 41,685 | 10,038 |
Cash payments for: | ||
Domestic and foreign income taxes | 2,988 | 2,926 |
Term Note [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Term Note | $ (3,075) | $ (2,933) |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We have three The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S., Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. We operate our business worldwide and sell our products both domestically and internationally. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers’ needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period. The semiconductor market (“semi” or the “semi market”) which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ATE”) and wafer production sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The semi market is also subject to periods of significant expansion or contraction in demand. In addition to the semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one Our Electronic Test segment sells its products to semiconductor manufacturers and third third December 2021, Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may On May 11, 2023, May 11, 2023 May 31, 2023. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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, restated consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Except as disclosed elsewhere in this Form 10 10 December 31, 2022 ( “2022 10 March 22, 2023 Reclassification Subsequent Events no nine September 30, 2023. Business Combinations third Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Restricted cash at December 31, 2022 one 2022. September 30, 2023 December 31, 2022, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: September 30, 2023 December 31, 2022 Cash and cash equivalents $ 41,685 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 41,685 $ 14,576 Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do not no January 1, 2023, 326 may Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not For the nine September 30, 2023, no nine September 30, 2023, no nine September 30, 2022. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our short-term investments are classified as held-to-maturity and carried at amortized cost. Our credit facility and our interest rate swap are discussed further below and in Note 10. 820 820 3 4 Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not no Revenue Recognition 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 90 not Nature of Products and Services We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT® and EASYHEAT TM 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 credit losses, is included in current assets on our consolidated balance sheets. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Customer deposits are included in current liabilities on our consolidated balance sheets. To the extent that we do not twelve twelve As discussed above, we follow the guidance in ASC Topic 326 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 In connection with the sale of our products, we generally provide standard one two not not See Notes 6 14 Inventories Inventories are valued at cost on a first first not three not twenty-four Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 9 Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 4 10. 815 Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, three March 31, 2022. 2024. may September 30, 2023, not no September 30, 2023. September 30, 2023, Stock-Based Compensation 718 11. Income Taxes not not 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 Nine Months Ended 2023 2022 2023 2022 Weighted average common shares outstanding - basic 11,886,005 10,695,867 11,294,306 10,655,469 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 326,312 168,673 371,544 185,175 Weighted average common shares and common share equivalents outstanding - diluted 12,212,317 10,864,540 11,665,850 10,840,644 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 107,666 518,145 119,585 491,014 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |
Note 3 - Restatement of Previou
Note 3 - Restatement of Previously Issued Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Error Correction [Text Block] | ( 3 RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS We have restated our consolidated financial statements as of and for the three nine September 30, 2023. Errors were discovered during the course of management’s review of our financial statements in the process of closing the year ended December 31, 2023 three nine September 30, 2023. not Regarding our previously reported unaudited consolidated balance sheet as of September 30, 2023, UNAUDITED CONSOLIDATED BALANCE SHEET (In thousands, except share and per share data) September 30, 2023 As Previously Reported Adjustments As Restated ASSETS Current assets: Cash and cash equivalents $ 41,685 $ - $ 41,685 Restricted cash - - - Trade accounts receivable, net of allowance for credit losses of $ 499 496 20,710 - 20,710 Inventories 22,156 - 22,156 Prepaid expenses and other current assets 1,672 334 2,006 Total current assets 86,223 334 86,557 Property and equipment: Machinery and equipment 6,829 - 6,829 Leasehold improvements 3,581 - 3,581 Gross property and equipment 10,410 - 10,410 Less: accumulated depreciation (7,267 ) - (7,267 ) Net property and equipment 3,143 - 3,143 Right-of-use assets, net 4,755 - 4,755 Goodwill 21,578 - 21,578 Intangible assets, net 16,959 - 16,959 Deferred tax assets 1,381 - 1,381 Restricted certificates of deposit 100 - 100 Other assets 444 501 945 Total assets $ 134,583 $ 835 $ 135,418 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of Term Note $ 4,100 $ - $ 4,100 Current portion of operating lease liabilities 1,730 - 1,730 Accounts payable 7,296 - 7,296 Accrued wages and benefits 4,030 - 4,030 Accrued professional fees 1,188 - 1,188 Customer deposits and deferred revenue 3,709 689 4,398 Accrued sales commissions 1,248 (72 ) 1,176 Domestic and foreign income taxes payable 1,245 (126 ) 1,119 Other current liabilities 1,557 - 1,557 Total current liabilities 26,103 491 26,594 Operating lease liabilities, net of current portion 3,501 - 3,501 Term Note, net of current portion 8,967 - 8,967 Contingent consideration 1,002 - 1,002 Deferred revenue, net of current portion - 1,033 1,033 Other liabilities 397 - 397 Total liabilities 39,970 1,524 41,494 Commitments and Contingencies Stockholders' equity: Preferred stock, $ 0.01 5,000,000 no - - - Common stock, $ 0.01 20,000,000 12,237,070 11,063,271 122 - 122 Additional paid-in capital 53,960 - 53,960 Retained earnings 41,430 (689 ) 40,741 Accumulated other comprehensive earnings 2 - 2 Treasury stock, at cost; 75,758 34,308 (901 ) - (901 ) Total stockholders' equity 94,613 (689 ) 93,924 Total liabilities and stockholders' equity $ 134,583 $ 835 $ 135,418 Regarding our previously reported unaudited consolidated statements of operations for the three nine September 30, 2023, UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except share and per share data) Three Months Ended Nine Months Ended As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Revenue $ 32,663 $ (1,722 ) $ 30,941 $ 97,140 $ (1,722 ) $ 95,418 Cost of revenue 17,329 (835 ) 16,494 51,724 (835 ) 50,889 Gross profit 15,334 (887 ) 14,447 45,416 (887 ) 44,529 Operating expenses: Selling expense 4,367 (72 ) 4,295 13,483 (72 ) 13,411 Engineering and product development expense 1,802 - 1,802 5,689 - 5,689 General and administrative expense 5,882 - 5,882 16,099 - 16,099 Total operating expenses 12,051 (72 ) 11,979 35,271 (72 ) 35,199 Operating income 3,283 (815 ) 2,468 10,145 (815 ) 9,330 Interest expense (168 ) - (168 ) (526 ) - (526 ) Other income 423 - 423 678 - 678 Earnings before income tax expense 3,538 (815 ) 2,723 10,297 (815 ) 9,482 Income tax expense 572 (126 ) 446 1,721 (126 ) 1,595 Net earnings $ 2,966 $ (689 ) $ 2,277 $ 8,576 $ (689 ) $ 7,887 Earnings per common share - basic $ 0.25 $ (0.06 ) $ 0.19 $ 0.76 $ (0.06 ) $ 0.70 Weighted average common shares outstanding - basic 11,886,005 11,886,005 11,294,306 11,294,306 Earnings per common share - diluted $ 0.24 $ (0.05 ) $ 0.19 $ 0.74 $ (0.06 ) $ 0.68 Weighted average common shares and common share equivalents outstanding - diluted 12,212,317 12,212,317 11,665,850 11,665,850 The following table presents the impact of the adjustments discussed above on the unaudited consolidated cash flow statement for the nine September 30, 2023: UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands) Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 8,576 $ (689 ) $ 7,887 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 3,515 - 3,515 Provision for excess and obsolete inventory 385 - 385 Foreign exchange loss 17 - 17 Amortization of deferred compensation related to stock-based awards 1,623 - 1,623 Discount on shares sold under Employee Stock Purchase Plan 21 - 21 Loss on disposal of property and equipment 164 - 164 Deferred income tax benefit (1,101 ) - (1,101 ) Adjustment to contingent consideration liability (358 ) - (358 ) Changes in assets and liabilities: Trade accounts receivable 480 - 480 Inventories (9 ) - (9 ) Prepaid expenses and other current assets 21 (334 ) (313 ) Other assets 9 (501 ) (492 ) Operating lease liabilities (1,275 ) - (1,275 ) Accounts payable (100 ) - (100 ) Accrued wages and benefits 125 - 125 Accrued professional fees 305 - 305 Customer deposits and deferred revenue (794 ) 689 (105 ) Accrued sales commissions (220 ) (72 ) (292 ) Domestic and foreign income taxes payable (166 ) (126 ) (292 ) Other current liabilities 320 - 320 Deferred revenue, net of current portion - 1,033 1,033 Other liabilities (17 ) - (17 ) Net cash provided by (used in) operating activities 11,521 - 11,521 CASH FLOWS FROM INVESTING ACTIVITIES Refund of final working capital adjustment related to Acculogic - - - Purchase of property and equipment (983 ) - (983 ) Purchase of short-term investments - - - Net cash used in investing activities (983 ) - (983 ) CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds from public offering of common stock 19,244 - 19,244 Repayments of Term Note (3,075 ) - (3,075 ) Proceeds from shares sold under Employee Stock Purchase Plan 118 - 118 Proceeds from stock options exercised 978 - 978 Settlement of employee tax liabilities in connection with treasury stock transaction (687 ) - (687 ) Net cash provided by (used in) financing activities 16,578 - 16,578 Effects of exchange rates on cash (7 ) - (7 ) Net cash provided by (used in) all activities 27,109 - 27,109 Cash, cash equivalents and restricted cash at beginning of period 14,576 - 14,576 Cash and cash equivalents at end of period $ 41,685 $ - $ 41,685 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC 820 820 three Level 1 Level 2 not Level 3 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 interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 10 2 3 December 21, 2021, 3 2022 10 September 30, 2023, December 31, 2022, September 30, 2023, five third 2023 The following fair value hierarchy table presents information about assets and (liabilities) measured at fair value on a recurring basis: Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of September 30, 2023 Contingent consideration liability – Acculogic $ (1,002 ) $ - $ - $ (1,002 ) Interest rate swap $ 413 $ - $ 413 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2022 Contingent consideration liability – Acculogic $ (1,363 ) $ - $ - $ (1,363 ) Interest rate swap $ 528 $ - $ 528 $ - Changes in the fair value of our Level 3 nine September 30, 2023 Nine September 30, 2023 Balance at beginning of period $ 1,363 Impact of foreign currency translation adjustments (3 ) Adjustment to contingent consideration liability as a result of reduction in expected payout (358 ) Balance at end of period $ 1,002 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 5 GOODWILL AND INTANGIBLE ASSETS We have three Goodwill nine September 30, 2023 Balance - January 1, 2023 $ 21,605 Impact of foreign currency translation adjustments (27 ) Balance - September 30, 2023 $ 21,578 Goodwill was comprised of the following at September 30, 2023 December 31, 2022: September 30, December 31, 2023 2022 Electronic Test $ 3,364 $ 3,369 Environmental Technologies 1,817 1,817 Process Technologies 16,397 16,419 Total goodwill $ 21,578 $ 21,605 Intangible Assets nine September 30, 2023 Balance - January 1, 2023 $ 8,369 Impact of foreign currency translation adjustments (5 ) Balance – September 30, 2023 $ 8,364 Changes in the amount of the carrying value of finite-lived intangible assets for the nine September 30, 2023 Balance - January 1, 2023 $ 10,190 Impact of foreign currency translation adjustments (13 ) Amortization (1,582 ) Balance - September 30, 2023 $ 8,595 Intangible assets were allocated to our reporting segments at September 30, 2023 December 31, 2022 September 30, December 31, 2023 2022 Electronic Test $ 3,761 $ 4,139 Environmental Technologies 804 832 Process Technologies 12,394 13,588 Total intangible assets $ 16,959 $ 18,559 The following tables provide further detail about our intangible assets as of September 30, 2023 December 31, 2022: September 30, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,296 $ 9,251 $ 7,045 Technology 2,848 1,298 1,550 Patents 590 590 - Backlog 490 490 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,634 12,039 8,595 Indefinite-lived intangible assets: Trademarks 8,364 - 8,364 Total intangible assets $ 28,998 $ 12,039 $ 16,959 December 31, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,313 $ 7,990 $ 8,323 Technology 2,855 988 1,867 Patents 590 590 - Backlog 492 492 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,660 10,470 10,190 Indefinite-lived intangible assets: Trademarks 8,369 - 8,369 Total intangible assets $ 29,029 $ 10,470 $ 18,559 We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot 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 The following table sets forth the estimated annual amortization expense for each of the next five 2023 (remainder) $ 511 2024 $ 1,965 2025 $ 1,757 2026 $ 1,148 2027 $ 654 |
Note 6 - Revenue From Contracts
Note 6 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 6 REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. The information about revenue by customer and product type for the three nine September 30, 2022 14 3, Three Months Ended Nine Months Ended 2023 2022 2023 2022 As Restated As Restated Revenue by customer type: End user $ 21,139 $ 21,548 $ 64,720 $ 60,785 OEM/Integrator 9,802 9,223 30,698 23,638 $ 30,941 $ 30,771 $ 95,418 $ 84,423 Revenue by product type: Thermal test $ 4,742 $ 5,836 $ 16,734 $ 16,844 Thermal process 11,518 11,026 33,212 27,990 Semiconductor test 8,573 7,770 25,432 20,409 Video imaging 1,945 2,447 7,027 6,692 Flying probe and in-circuit testers 2,012 1,605 4,588 5,359 Service/other 2,151 2,087 8,425 7,129 $ 30,941 $ 30,771 $ 95,418 $ 84,423 Revenue by market: Semiconductor $ 18,476 $ 19,170 $ 54,992 $ 48,969 Industrial 2,456 2,130 8,399 7,859 Automotive (including Electric Vehicles) 1,775 1,621 5,914 7,971 Life Sciences 1,330 1,715 3,978 3,583 Defense/aerospace 3,392 1,914 10,121 4,830 Security 967 871 2,869 2,239 Other 2,545 3,350 9,145 8,972 $ 30,941 $ 30,771 $ 95,418 $ 84,423 |
Note 7 - Major Customers
Note 7 - Major Customers | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 7 MAJOR CUSTOMERS During the nine September 30, 2023, one No 10% nine September 30, 2023. nine September 30, 2022, no 10% |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 INVENTORIES Inventories held at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Raw materials $ 16,987 $ 16,888 Work in process 1,985 2,432 Inventory consigned to others 70 59 Finished goods 3,114 3,186 Total inventories $ 22,156 $ 22,565 Total charges incurred for excess and obsolete inventory for the three nine September 30, 2023 2022 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Excess and obsolete inventory charges $ 119 $ 77 $ 385 $ 307 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 9 LEASES As previously discussed in Note 2, 842. 2031. three nine September 30, 2023 2022 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 396 $ 330 $ 1,199 $ 973 Short-term lease cost $ 3 $ 7 $ 10 $ 51 The following is additional information about our leases as of September 30, 2023: Range of remaining lease terms (in years) 0.5 to 7.6 Weighted average remaining lease term (in years) 4.5 Weighted average discount rate 4.4% Maturities of lease liabilities as of September 30, 2023 2023 (remainder) $ 484 2024 1,898 2025 1,003 2026 704 2027 701 Thereafter 944 Total lease payments $ 5,734 Less imputed interest (503 ) Total $ 5,231 Cash Flow Information Total amortization of ROU assets was $390 and $1,172 for the three nine September 30, 2023, three nine September 30, 2022, During the nine September 30, 2023, two one one |
Note 10 - Debt
Note 10 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 DEBT Letters of Credit 30 not one September 30, 2023 December 31, 2022 L/C Lease Letters of Credit Facility Original L/C Issue Date Expiration Date Expiration Date September 30, Dec. 31, Mt. Laurel, NJ 3/29/2010 4/30/2024 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 Credit Facility On October 15, 2021 ( October 28, 2021, December 30, 2021, The Loan Agreement included a $25,000 non-revolving delayed draw term note (the “Term Note”) and a $10,000 revolving credit facility (the “Revolving Facility” and together with the Term Note, the “Credit Facility”). The Credit Facility had a five October 15, 2026, two On September 20, 2022, may September 30, 2023 September 19, 2027 ( September 30, 2023, not The principal balance of the Revolving Facility and the principal balance of any amount drawn under the Term Note accrues interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five five seven five The Amended Loan Agreement contains customary default provisions, including but not On October 28, 2021, five On December 29, 2021, not September 30, 2023, November 1, 2023, The following table sets forth the maturities of long-term debt for each of the next five 2023 (remainder) $ 1,025 2024 4,100 2025 4,100 2026 3,842 $ 13,067 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation Plan | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 11 STOCK-BASED COMPENSATION PLAN As of September 30, 2023, 15 2022 10 June 21, 2023, 2023 “2023 2014 “2014 No 2014 2023 2014 2023 2014 2023 2023 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of September 30, 2023, The following table summarizes the compensation expense we recorded during the three nine September 30, 2023 2022 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenues $ 28 $ 18 $ 76 $ 44 Selling expense 9 9 30 23 Engineering and product development expense (1 ) 6 18 43 General and administrative expense 508 417 1,499 1,263 $ 544 $ 450 $ 1,623 $ 1,373 There was no compensation expense capitalized in the three nine September 30, 2023 2022. Stock Options No may ten four nine September 30, 2023 2022 2023 2022 Risk-free interest rate 3.93 % 2.05 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .55 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 nine September 30, 2023 2022 The following table summarizes the activity related to stock options for the nine September 30, 2023: Number Weighted Options outstanding, January 1, 2023 (167,886 exercisable) 580,419 8.91 Granted 93,860 16.25 Exercised (124,550 ) 7.85 Canceled (43,426 ) 9.82 Options outstanding, September 30, 2023 (173,032 exercisable) 506,303 10.45 Restricted Stock Awards four one March 31, June 30, September 30, December 31 Since August 2020, January 1, 2023 15 2022 10 no September 30, 2023. On March 8, 2023, third March 8, 2023. September 30, 2023, May 8, 2023 third May 8, 2023. September 30, 2023, During the third 2023, three June 30, 2023. June 30, 2022, August 24, 2023, August 24, 2023 The following table summarizes the activity related to unvested restricted stock awards for the nine September 30, 2023: Number Weighted Unvested shares outstanding, January 1, 2023 288,450 7.80 Granted 97,461 16.43 Vested (169,636 ) 7.79 Forfeited (17,491 ) 10.08 Unvested shares outstanding, September 30, 2023 198,784 11.72 The total fair value of the restricted stock awards that vested during the nine September 30, 2023 2022 |
Note 12 - Employee Stock Purcha
Note 12 - Employee Stock Purchase Plan | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 12 EMPLOYEE STOCK PURCHASE PLAN The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 June 23, 2021 October 1, 2021. The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance thereunder. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market. During the nine September 30, 2023, nine September 30, 2022, From the effective date of the ESPP through September 30, 2023, |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 13 EMPLOYEE BENEFIT PLANS We have defined contribution 401 September 30, 2023, September 30, 2023, 18 four Prior to the merger with the inTEST Plan, all permanent employees of Ambrell were immediately eligible to participate in the Ambrell Plan upon employment and were eligible for employer matching contributions after completing six For the three nine September 30, 2023, three nine September 30, 2022 |
Note 14 - Segment Information
Note 14 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 14 SEGMENT INFORMATION We have three third 3, Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes interest expense, other income (expense), corporate expenses and acquired intangible amortization. Three Months Ended Nine Months Ended 2023 2022 2023 2022 As Restated As Restated Revenue: Electronic Test $ 11,547 $ 10,408 $ 32,911 $ 28,983 Environmental Technologies 7,000 7,631 23,178 22,131 Process Technologies 12,394 12,732 39,329 33,309 Total revenue $ 30,941 $ 30,771 $ 95,418 $ 84,423 Income from divisional operations: Electronic Test $ 3,268 $ 2,406 $ 8,487 $ 6,486 Environmental Technologies 523 1,021 2,479 2,893 Process Technologies 2,094 2,465 7,362 5,764 Total income from divisional operations 5,885 5,892 18,328 15,143 Corporate expenses (2,902 ) (2,138 ) (7,416 ) (6,312 ) Acquired intangible amortization (515 ) (595 ) (1,582 ) (2,142 ) Interest expense (168 ) (179 ) (526 ) (457 ) Other income (expense) 423 59 678 32 Earnings before income tax expense $ 2,723 $ 3,039 $ 9,482 $ 6,264 September 30, December 31, 2023 2022 As Restated Identifiable assets: Electronic Test $ 32,406 $ 31,143 Environmental Technologies 17,349 18,040 Process Technologies 57,520 56,866 Corporate 28,143 4,017 $ 135,418 $ 110,066 The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped. Three Months Ended Nine Months Ended 2023 2022 2023 2022 As Restated As Restated Revenue: U.S. $ 10,272 $ 12,619 $ 31,274 $ 35,921 Foreign 20,669 18,152 64,144 48,502 $ 30,941 $ 30,771 $ 95,418 $ 84,423 September 30, December 31, 2023 2022 Property and equipment: U.S. $ 2,529 $ 2,658 Foreign 614 474 $ 3,143 $ 3,132 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, restated consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Except as disclosed elsewhere in this Form 10 10 December 31, 2022 ( “2022 10 March 22, 2023 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no nine September 30, 2023. |
Business Combinations Policy [Policy Text Block] | Business Combinations third |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Short-term investments that have maturities of three may not Restricted cash at December 31, 2022 one 2022. September 30, 2023 December 31, 2022, The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows: September 30, 2023 December 31, 2022 Cash and cash equivalents $ 41,685 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 41,685 $ 14,576 |
Receivable [Policy Text Block] | Trade Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do not no January 1, 2023, 326 may Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not For the nine September 30, 2023, no nine September 30, 2023, no nine September 30, 2022. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our short-term investments are classified as held-to-maturity and carried at amortized cost. Our credit facility and our interest rate swap are discussed further below and in Note 10. 820 820 3 4 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets three We account for goodwill and intangible assets in accordance with ASC Topic 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not no |
Revenue [Policy Text Block] | Revenue Recognition 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 90 not Nature of Products and Services We are a global supplier of innovative test and process technology solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT® and EASYHEAT TM 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 credit losses, is included in current assets on our consolidated balance sheets. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable. Customer deposits are included in current liabilities on our consolidated balance sheets. To the extent that we do not twelve twelve As discussed above, we follow the guidance in ASC Topic 326 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 In connection with the sale of our products, we generally provide standard one two not not See Notes 6 14 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not three not twenty-four |
Lessee, Leases [Policy Text Block] | Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in Depreciation and Amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 9 |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 4 10. 815 |
Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block] | Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, three March 31, 2022. 2024. may September 30, 2023, not no September 30, 2023. September 30, 2023, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 11. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Earnings Per Share, Policy [Policy Text Block] | 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 Nine Months Ended 2023 2022 2023 2022 Weighted average common shares outstanding - basic 11,886,005 10,695,867 11,294,306 10,655,469 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 326,312 168,673 371,544 185,175 Weighted average common shares and common share equivalents outstanding - diluted 12,212,317 10,864,540 11,665,850 10,840,644 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 107,666 518,145 119,585 491,014 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | September 30, 2023 December 31, 2022 Cash and cash equivalents $ 41,685 $ 13,434 Restricted cash - 1,142 Total cash, cash equivalents and restricted cash $ 41,685 $ 14,576 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Weighted average common shares outstanding - basic 11,886,005 10,695,867 11,294,306 10,655,469 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 326,312 168,673 371,544 185,175 Weighted average common shares and common share equivalents outstanding - diluted 12,212,317 10,864,540 11,665,850 10,840,644 Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period 107,666 518,145 119,585 491,014 |
Note 3 - Restatement of Previ_2
Note 3 - Restatement of Previously Issued Consolidated Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | September 30, 2023 As Previously Reported Adjustments As Restated ASSETS Current assets: Cash and cash equivalents $ 41,685 $ - $ 41,685 Restricted cash - - - Trade accounts receivable, net of allowance for credit losses of $ 499 496 20,710 - 20,710 Inventories 22,156 - 22,156 Prepaid expenses and other current assets 1,672 334 2,006 Total current assets 86,223 334 86,557 Property and equipment: Machinery and equipment 6,829 - 6,829 Leasehold improvements 3,581 - 3,581 Gross property and equipment 10,410 - 10,410 Less: accumulated depreciation (7,267 ) - (7,267 ) Net property and equipment 3,143 - 3,143 Right-of-use assets, net 4,755 - 4,755 Goodwill 21,578 - 21,578 Intangible assets, net 16,959 - 16,959 Deferred tax assets 1,381 - 1,381 Restricted certificates of deposit 100 - 100 Other assets 444 501 945 Total assets $ 134,583 $ 835 $ 135,418 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of Term Note $ 4,100 $ - $ 4,100 Current portion of operating lease liabilities 1,730 - 1,730 Accounts payable 7,296 - 7,296 Accrued wages and benefits 4,030 - 4,030 Accrued professional fees 1,188 - 1,188 Customer deposits and deferred revenue 3,709 689 4,398 Accrued sales commissions 1,248 (72 ) 1,176 Domestic and foreign income taxes payable 1,245 (126 ) 1,119 Other current liabilities 1,557 - 1,557 Total current liabilities 26,103 491 26,594 Operating lease liabilities, net of current portion 3,501 - 3,501 Term Note, net of current portion 8,967 - 8,967 Contingent consideration 1,002 - 1,002 Deferred revenue, net of current portion - 1,033 1,033 Other liabilities 397 - 397 Total liabilities 39,970 1,524 41,494 Commitments and Contingencies Stockholders' equity: Preferred stock, $ 0.01 5,000,000 no - - - Common stock, $ 0.01 20,000,000 12,237,070 11,063,271 122 - 122 Additional paid-in capital 53,960 - 53,960 Retained earnings 41,430 (689 ) 40,741 Accumulated other comprehensive earnings 2 - 2 Treasury stock, at cost; 75,758 34,308 (901 ) - (901 ) Total stockholders' equity 94,613 (689 ) 93,924 Total liabilities and stockholders' equity $ 134,583 $ 835 $ 135,418 Three Months Ended Nine Months Ended As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Revenue $ 32,663 $ (1,722 ) $ 30,941 $ 97,140 $ (1,722 ) $ 95,418 Cost of revenue 17,329 (835 ) 16,494 51,724 (835 ) 50,889 Gross profit 15,334 (887 ) 14,447 45,416 (887 ) 44,529 Operating expenses: Selling expense 4,367 (72 ) 4,295 13,483 (72 ) 13,411 Engineering and product development expense 1,802 - 1,802 5,689 - 5,689 General and administrative expense 5,882 - 5,882 16,099 - 16,099 Total operating expenses 12,051 (72 ) 11,979 35,271 (72 ) 35,199 Operating income 3,283 (815 ) 2,468 10,145 (815 ) 9,330 Interest expense (168 ) - (168 ) (526 ) - (526 ) Other income 423 - 423 678 - 678 Earnings before income tax expense 3,538 (815 ) 2,723 10,297 (815 ) 9,482 Income tax expense 572 (126 ) 446 1,721 (126 ) 1,595 Net earnings $ 2,966 $ (689 ) $ 2,277 $ 8,576 $ (689 ) $ 7,887 Earnings per common share - basic $ 0.25 $ (0.06 ) $ 0.19 $ 0.76 $ (0.06 ) $ 0.70 Weighted average common shares outstanding - basic 11,886,005 11,886,005 11,294,306 11,294,306 Earnings per common share - diluted $ 0.24 $ (0.05 ) $ 0.19 $ 0.74 $ (0.06 ) $ 0.68 Weighted average common shares and common share equivalents outstanding - diluted 12,212,317 12,212,317 11,665,850 11,665,850 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 8,576 $ (689 ) $ 7,887 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 3,515 - 3,515 Provision for excess and obsolete inventory 385 - 385 Foreign exchange loss 17 - 17 Amortization of deferred compensation related to stock-based awards 1,623 - 1,623 Discount on shares sold under Employee Stock Purchase Plan 21 - 21 Loss on disposal of property and equipment 164 - 164 Deferred income tax benefit (1,101 ) - (1,101 ) Adjustment to contingent consideration liability (358 ) - (358 ) Changes in assets and liabilities: Trade accounts receivable 480 - 480 Inventories (9 ) - (9 ) Prepaid expenses and other current assets 21 (334 ) (313 ) Other assets 9 (501 ) (492 ) Operating lease liabilities (1,275 ) - (1,275 ) Accounts payable (100 ) - (100 ) Accrued wages and benefits 125 - 125 Accrued professional fees 305 - 305 Customer deposits and deferred revenue (794 ) 689 (105 ) Accrued sales commissions (220 ) (72 ) (292 ) Domestic and foreign income taxes payable (166 ) (126 ) (292 ) Other current liabilities 320 - 320 Deferred revenue, net of current portion - 1,033 1,033 Other liabilities (17 ) - (17 ) Net cash provided by (used in) operating activities 11,521 - 11,521 CASH FLOWS FROM INVESTING ACTIVITIES Refund of final working capital adjustment related to Acculogic - - - Purchase of property and equipment (983 ) - (983 ) Purchase of short-term investments - - - Net cash used in investing activities (983 ) - (983 ) CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds from public offering of common stock 19,244 - 19,244 Repayments of Term Note (3,075 ) - (3,075 ) Proceeds from shares sold under Employee Stock Purchase Plan 118 - 118 Proceeds from stock options exercised 978 - 978 Settlement of employee tax liabilities in connection with treasury stock transaction (687 ) - (687 ) Net cash provided by (used in) financing activities 16,578 - 16,578 Effects of exchange rates on cash (7 ) - (7 ) Net cash provided by (used in) all activities 27,109 - 27,109 Cash, cash equivalents and restricted cash at beginning of period 14,576 - 14,576 Cash and cash equivalents at end of period $ 41,685 $ - $ 41,685 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Contingent consideration liability – Acculogic $ (1,002 ) $ - $ - $ (1,002 ) Interest rate swap $ 413 $ - $ 413 $ - Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2022 Contingent consideration liability – Acculogic $ (1,363 ) $ - $ - $ (1,363 ) Interest rate swap $ 528 $ - $ 528 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Nine September 30, 2023 Balance at beginning of period $ 1,363 Impact of foreign currency translation adjustments (3 ) Adjustment to contingent consideration liability as a result of reduction in expected payout (358 ) Balance at end of period $ 1,002 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Changes in Goodwill [Table Text Block] | Balance - January 1, 2023 $ 21,605 Impact of foreign currency translation adjustments (27 ) Balance - September 30, 2023 $ 21,578 |
Schedule of Goodwill [Table Text Block] | September 30, December 31, 2023 2022 Electronic Test $ 3,364 $ 3,369 Environmental Technologies 1,817 1,817 Process Technologies 16,397 16,419 Total goodwill $ 21,578 $ 21,605 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2023 $ 8,369 Impact of foreign currency translation adjustments (5 ) Balance – September 30, 2023 $ 8,364 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2023 $ 10,190 Impact of foreign currency translation adjustments (13 ) Amortization (1,582 ) Balance - September 30, 2023 $ 8,595 |
Schedule Of Intangible Assets [Table Text Block] | September 30, December 31, 2023 2022 Electronic Test $ 3,761 $ 4,139 Environmental Technologies 804 832 Process Technologies 12,394 13,588 Total intangible assets $ 16,959 $ 18,559 September 30, 2023 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,296 $ 9,251 $ 7,045 Technology 2,848 1,298 1,550 Patents 590 590 - Backlog 490 490 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,634 12,039 8,595 Indefinite-lived intangible assets: Trademarks 8,364 - 8,364 Total intangible assets $ 28,998 $ 12,039 $ 16,959 December 31, 2022 Gross Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 16,313 $ 7,990 $ 8,323 Technology 2,855 988 1,867 Patents 590 590 - Backlog 492 492 - Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 20,660 10,470 10,190 Indefinite-lived intangible assets: Trademarks 8,369 - 8,369 Total intangible assets $ 29,029 $ 10,470 $ 18,559 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 (remainder) $ 511 2024 $ 1,965 2025 $ 1,757 2026 $ 1,148 2027 $ 654 |
Note 6 - Revenue From Contrac_2
Note 6 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended 2023 2022 2023 2022 As Restated As Restated Revenue by customer type: End user $ 21,139 $ 21,548 $ 64,720 $ 60,785 OEM/Integrator 9,802 9,223 30,698 23,638 $ 30,941 $ 30,771 $ 95,418 $ 84,423 Revenue by product type: Thermal test $ 4,742 $ 5,836 $ 16,734 $ 16,844 Thermal process 11,518 11,026 33,212 27,990 Semiconductor test 8,573 7,770 25,432 20,409 Video imaging 1,945 2,447 7,027 6,692 Flying probe and in-circuit testers 2,012 1,605 4,588 5,359 Service/other 2,151 2,087 8,425 7,129 $ 30,941 $ 30,771 $ 95,418 $ 84,423 Revenue by market: Semiconductor $ 18,476 $ 19,170 $ 54,992 $ 48,969 Industrial 2,456 2,130 8,399 7,859 Automotive (including Electric Vehicles) 1,775 1,621 5,914 7,971 Life Sciences 1,330 1,715 3,978 3,583 Defense/aerospace 3,392 1,914 10,121 4,830 Security 967 871 2,869 2,239 Other 2,545 3,350 9,145 8,972 $ 30,941 $ 30,771 $ 95,418 $ 84,423 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 December 31, 2022 Raw materials $ 16,987 $ 16,888 Work in process 1,985 2,432 Inventory consigned to others 70 59 Finished goods 3,114 3,186 Total inventories $ 22,156 $ 22,565 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Excess and obsolete inventory charges $ 119 $ 77 $ 385 $ 307 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 396 $ 330 $ 1,199 $ 973 Short-term lease cost $ 3 $ 7 $ 10 $ 51 Range of remaining lease terms (in years) 0.5 to 7.6 Weighted average remaining lease term (in years) 4.5 Weighted average discount rate 4.4% |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2023 (remainder) $ 484 2024 1,898 2025 1,003 2026 704 2027 701 Thereafter 944 Total lease payments $ 5,734 Less imputed interest (503 ) Total $ 5,231 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Facility Original L/C Issue Date Expiration Date Expiration Date September 30, Dec. 31, Mt. Laurel, NJ 3/29/2010 4/30/2024 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 (remainder) $ 1,025 2024 4,100 2025 4,100 2026 3,842 $ 13,067 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenues $ 28 $ 18 $ 76 $ 44 Selling expense 9 9 30 23 Engineering and product development expense (1 ) 6 18 43 General and administrative expense 508 417 1,499 1,263 $ 544 $ 450 $ 1,623 $ 1,373 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 Risk-free interest rate 3.93 % 2.05 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .57 .55 Weighted average expected life of stock options (years) 6.25 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number Weighted Options outstanding, January 1, 2023 (167,886 exercisable) 580,419 8.91 Granted 93,860 16.25 Exercised (124,550 ) 7.85 Canceled (43,426 ) 9.82 Options outstanding, September 30, 2023 (173,032 exercisable) 506,303 10.45 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number Weighted Unvested shares outstanding, January 1, 2023 288,450 7.80 Granted 97,461 16.43 Vested (169,636 ) 7.79 Forfeited (17,491 ) 10.08 Unvested shares outstanding, September 30, 2023 198,784 11.72 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended 2023 2022 2023 2022 As Restated As Restated Revenue: Electronic Test $ 11,547 $ 10,408 $ 32,911 $ 28,983 Environmental Technologies 7,000 7,631 23,178 22,131 Process Technologies 12,394 12,732 39,329 33,309 Total revenue $ 30,941 $ 30,771 $ 95,418 $ 84,423 Income from divisional operations: Electronic Test $ 3,268 $ 2,406 $ 8,487 $ 6,486 Environmental Technologies 523 1,021 2,479 2,893 Process Technologies 2,094 2,465 7,362 5,764 Total income from divisional operations 5,885 5,892 18,328 15,143 Corporate expenses (2,902 ) (2,138 ) (7,416 ) (6,312 ) Acquired intangible amortization (515 ) (595 ) (1,582 ) (2,142 ) Interest expense (168 ) (179 ) (526 ) (457 ) Other income (expense) 423 59 678 32 Earnings before income tax expense $ 2,723 $ 3,039 $ 9,482 $ 6,264 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended 2023 2022 2023 2022 As Restated As Restated Revenue: U.S. $ 10,272 $ 12,619 $ 31,274 $ 35,921 Foreign 20,669 18,152 64,144 48,502 $ 30,941 $ 30,771 $ 95,418 $ 84,423 |
Long-Lived Assets by Geographic Areas [Table Text Block] | September 30, December 31, 2023 2022 Property and equipment: U.S. $ 2,529 $ 2,658 Foreign 614 474 $ 3,143 $ 3,132 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | September 30, December 31, 2023 2022 As Restated Identifiable assets: Electronic Test $ 32,406 $ 31,143 Environmental Technologies 17,349 18,040 Process Technologies 57,520 56,866 Corporate 28,143 4,017 $ 135,418 $ 110,066 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 3 Months Ended | 9 Months Ended | |
May 11, 2023 USD ($) shares | Jun. 30, 2023 USD ($) | Sep. 30, 2023 | |
Number of Operating Segments | 3 | ||
Stock Issued During Period, Value, New Issues | $ 19,244,000 | ||
At-the-Market Issuance Sales Agreement [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 921,797 | ||
Aggregate Offering Price of Stock | $ 20,000 | ||
Stock Issued During Period, Value, New Issues | $ 19,244 | ||
Commission Fee, Percentage of Gross Proceeds | 3% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | May 31, 2018 USD ($) | |
Restricted Cash | $ 0 | $ 1,142 | |||
Accounts Receivable, Allowance for Credit Loss, Recovery | 79 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | ||||
Deferred Grant Proceeds | 259 | ||||
City of Rochester and State of New York [Member] | |||||
Contingent Liability, Repayment of State and Local Grant Funds Received | $ 87 | $ 550 | |||
Covenant, Future Amount Receivable | $ 193 | ||||
Bank Guarantee on Customer Order Deposit [Member] | |||||
Restricted Cash | $ 1,142 | € 1,067 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 41,685 | $ 13,434 |
Restricted cash | 0 | 1,142 |
Total cash, cash equivalents and restricted cash | $ 41,685 | $ 14,576 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average common shares outstanding - basic (in shares) | 11,886,005 | 10,695,867 | 11,294,306 | 10,655,469 |
Unvested shares of restricted stock and employee stock options (in shares) | 326,312 | 168,673 | 371,544 | 185,175 |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 12,212,317 | 10,864,540 | 11,665,850 | 10,840,644 |
Average number of potentially dilutive securities excluded from calculation because their effect was anti-dilutive during the period (in shares) | 107,666 | 518,145 | 119,585 | 491,014 |
Note 3 - Restatement of Previ_3
Note 3 - Restatement of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Contract with Customer, Liability, Current | $ 4,398 | $ 4,398 | $ 4,498 | ||
Contract with Customer, Liability, Noncurrent | 1,033 | 1,033 | 0 | ||
Accrued Sales Commission, Current | 1,176 | 1,176 | 1,468 | ||
Taxes Payable, Current | 1,119 | 1,119 | $ 1,409 | ||
Revenue from Contract with Customer, Including Assessed Tax | 30,941 | $ 30,771 | 95,418 | $ 84,423 | |
Cost of Revenue | 16,494 | 16,873 | 50,889 | 45,964 | |
Income Tax Expense (Benefit) | 446 | $ 515 | 1,595 | $ 1,047 | |
Revision of Prior Period, Error Correction, Adjustment [Member] | |||||
Contract with Customer, Liability | 1,722 | 1,722 | |||
Contract with Customer, Liability, Current | 689 | 689 | |||
Contract with Customer, Liability, Noncurrent | 1,033 | 1,033 | |||
Deferred Costs | 835 | 835 | |||
Deferred Costs, Current | 334 | 334 | |||
Deferred Costs, Noncurrent | 591 | 591 | |||
Accrued Sales Commission, Current | (72) | (72) | |||
Taxes Payable, Current | (126) | (126) | |||
Revenue from Contract with Customer, Including Assessed Tax | (1,722) | (1,722) | |||
Cost of Revenue | (835) | (835) | |||
Sales Commissions and Fees | (72) | ||||
Income Tax Expense (Benefit) | $ (126) | $ (126) |
Note 3 - Restatement of Previ_4
Note 3 - Restatement of Previously Issued Consolidated Financial Statements - Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 41,685 | $ 41,685 | $ 13,434 | |||||||
Restricted cash | 0 | 0 | 1,142 | |||||||
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively | 20,710 | 20,710 | 21,215 | |||||||
Inventories | 22,156 | 22,156 | 22,565 | |||||||
Prepaid expenses and other current assets | 2,006 | 2,006 | 1,695 | |||||||
Total current assets | 86,557 | 86,557 | 60,051 | |||||||
Machinery and equipment | 6,829 | 6,829 | 6,625 | |||||||
Leasehold improvements | 3,581 | 3,581 | 3,242 | |||||||
Gross property and equipment | 10,410 | 10,410 | 9,867 | |||||||
Less: accumulated depreciation | (7,267) | (7,267) | (6,735) | |||||||
Net property and equipment | 3,143 | 3,143 | 3,132 | |||||||
Right-of-use assets, net | 4,755 | 4,755 | 5,770 | |||||||
Goodwill | 21,578 | 21,578 | 21,605 | |||||||
Net Carrying Amount | 16,959 | 16,959 | 18,559 | |||||||
Deferred tax assets | 1,381 | 1,381 | 280 | |||||||
Restricted certificates of deposit | 100 | 100 | 100 | |||||||
Other assets | 945 | 945 | 569 | |||||||
Total assets | 135,418 | 135,418 | 110,066 | |||||||
Current portion of Term Note | 4,100 | 4,100 | 4,100 | |||||||
Current portion of operating lease liabilities | 1,730 | 1,730 | 1,645 | |||||||
Accounts payable | 7,296 | 7,296 | 7,394 | |||||||
Accrued wages and benefits | 4,030 | 4,030 | 3,907 | |||||||
Accrued professional fees | 1,188 | 1,188 | 884 | |||||||
Customer deposits and deferred revenue | 4,398 | 4,398 | 4,498 | |||||||
Accrued sales commissions | 1,176 | 1,176 | 1,468 | |||||||
Domestic and foreign income taxes payable | 1,119 | 1,119 | 1,409 | |||||||
Other current liabilities | 1,557 | 1,557 | 1,564 | |||||||
Total current liabilities | 26,594 | 26,594 | 26,869 | |||||||
Operating lease liabilities, net of current portion | 3,501 | 3,501 | 4,705 | |||||||
Term Note, net of current portion | 8,967 | 8,967 | 12,042 | |||||||
Contingent consideration | 1,002 | 1,002 | 1,039 | |||||||
Deferred revenue, net of current portion | 1,033 | 1,033 | 0 | |||||||
Other liabilities | 397 | 397 | 455 | |||||||
Total liabilities | 41,494 | 41,494 | 45,110 | |||||||
Commitments and Contingencies | ||||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | 0 | |||||||
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively | 122 | 122 | 111 | |||||||
Additional paid-in capital | 53,960 | 53,960 | 31,987 | |||||||
Retained earnings | 40,741 | 40,741 | 32,854 | |||||||
Accumulated other comprehensive earnings | 2 | 2 | 218 | |||||||
Treasury stock, at cost; 75,758 and 34,308 shares, respectively | (901) | (901) | (214) | |||||||
Total stockholders' equity | 93,924 | $ 92,064 | $ 68,498 | $ 60,421 | $ 58,120 | $ 56,001 | 93,924 | $ 60,421 | 64,956 | $ 54,823 |
Total liabilities and stockholders' equity | 135,418 | 135,418 | $ 110,066 | |||||||
Revenue | 30,941 | 30,771 | 95,418 | 84,423 | ||||||
Cost of revenue | 16,494 | 16,873 | 50,889 | 45,964 | ||||||
Gross profit | 14,447 | 13,898 | 44,529 | 38,459 | ||||||
Selling expense | 4,295 | 4,009 | 13,411 | 11,498 | ||||||
Engineering and product development expense | 1,802 | 1,866 | 5,689 | 5,649 | ||||||
General and administrative expense | 5,882 | 4,864 | 16,099 | 14,623 | ||||||
Total operating expenses | 11,979 | 10,739 | 35,199 | 31,770 | ||||||
Operating income | 2,468 | 3,159 | 9,330 | 6,689 | ||||||
Interest expense | (168) | (179) | (526) | (457) | ||||||
Other income | 423 | 59 | 678 | 32 | ||||||
Earnings before income tax expense | 2,723 | 3,039 | 9,482 | 6,264 | ||||||
Income tax expense | 446 | 515 | 1,595 | 1,047 | ||||||
Net earnings | $ 2,277 | $ 2,793 | 2,817 | $ 2,524 | $ 2,116 | 577 | $ 7,887 | $ 5,217 | ||
Earnings per common share - basic (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.7 | $ 0.49 | ||||||
Weighted average common shares outstanding - basic (in shares) | 11,886,005 | 10,695,867 | 11,294,306 | 10,655,469 | ||||||
Earnings per common share - diluted (in dollars per share) | $ 0.19 | $ 0.23 | $ 0.68 | $ 0.48 | ||||||
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 12,212,317 | 10,864,540 | 11,665,850 | 10,840,644 | ||||||
Depreciation and amortization | $ 3,515 | $ 3,674 | ||||||||
Provision for excess and obsolete inventory | $ 119 | $ 77 | 385 | 307 | ||||||
Foreign exchange loss | 17 | 107 | ||||||||
Amortization of deferred compensation related to stock-based awards | 1,623 | 1,373 | ||||||||
Discount on shares sold under Employee Stock Purchase Plan | 21 | 28 | ||||||||
Loss on disposal of property and equipment | 164 | 45 | ||||||||
Deferred income tax benefit | (1,101) | (1,162) | ||||||||
Adjustment to contingent consideration liability | (358) | 0 | ||||||||
Trade accounts receivable | 480 | (4,900) | ||||||||
Inventories | (9) | (8,549) | ||||||||
Prepaid expenses and other current assets | (313) | (907) | ||||||||
Other assets | (492) | (1) | ||||||||
Operating lease liabilities | (1,275) | (1,064) | ||||||||
Accounts payable | (100) | 3,947 | ||||||||
Accrued wages and benefits | 125 | (527) | ||||||||
Accrued professional fees | 305 | (153) | ||||||||
Customer deposits and deferred revenue | (105) | (827) | ||||||||
Accrued sales commissions | (292) | 310 | ||||||||
Domestic and foreign income taxes payable | (292) | (672) | ||||||||
Other current liabilities | 320 | 35 | ||||||||
Deferred revenue, net of current portion | 1,033 | 0 | ||||||||
Other liabilities | (17) | 61 | ||||||||
Net cash provided by (used in) operating activities | 11,521 | (3,658) | ||||||||
Refund of final working capital adjustment related to Acculogic | 0 | 371 | ||||||||
Purchase of property and equipment | (983) | (1,043) | ||||||||
Purchase of short-term investments | 0 | (3,494) | ||||||||
Net cash used in investing activities | (983) | (4,166) | ||||||||
Net proceeds from public offering of common stock | 19,244 | 0 | ||||||||
Proceeds from shares sold under Employee Stock Purchase Plan | 118 | 148 | ||||||||
Proceeds from stock options exercised | 978 | 38 | ||||||||
Settlement of employee tax liabilities in connection with treasury stock transaction | (687) | (10) | ||||||||
Net cash provided by (used in) financing activities | 16,578 | (2,757) | ||||||||
Effects of exchange rates on cash | (7) | (576) | ||||||||
Net cash provided by (used in) all activities | 27,109 | (11,157) | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 14,576 | $ 21,195 | 14,576 | 21,195 | ||||||
Cash and cash equivalents at end of period | 41,685 | $ 10,038 | 41,685 | 10,038 | ||||||
Term Note [Member] | ||||||||||
Repayments of Term Note | (3,075) | $ (2,933) | ||||||||
Previously Reported [Member] | ||||||||||
Cash and cash equivalents | 41,685 | 41,685 | ||||||||
Restricted cash | 0 | 0 | ||||||||
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively | 20,710 | 20,710 | ||||||||
Inventories | 22,156 | 22,156 | ||||||||
Prepaid expenses and other current assets | 1,672 | 1,672 | ||||||||
Total current assets | 86,223 | 86,223 | ||||||||
Machinery and equipment | 6,829 | 6,829 | ||||||||
Leasehold improvements | 3,581 | 3,581 | ||||||||
Gross property and equipment | 10,410 | 10,410 | ||||||||
Less: accumulated depreciation | (7,267) | (7,267) | ||||||||
Net property and equipment | 3,143 | 3,143 | ||||||||
Right-of-use assets, net | 4,755 | 4,755 | ||||||||
Goodwill | 21,578 | 21,578 | ||||||||
Net Carrying Amount | 16,959 | 16,959 | ||||||||
Deferred tax assets | 1,381 | 1,381 | ||||||||
Restricted certificates of deposit | 100 | 100 | ||||||||
Other assets | 444 | 444 | ||||||||
Total assets | 134,583 | 134,583 | ||||||||
Current portion of Term Note | 4,100 | 4,100 | ||||||||
Current portion of operating lease liabilities | 1,730 | 1,730 | ||||||||
Accounts payable | 7,296 | 7,296 | ||||||||
Accrued wages and benefits | 4,030 | 4,030 | ||||||||
Accrued professional fees | 1,188 | 1,188 | ||||||||
Customer deposits and deferred revenue | 3,709 | 3,709 | ||||||||
Accrued sales commissions | 1,248 | 1,248 | ||||||||
Domestic and foreign income taxes payable | 1,245 | 1,245 | ||||||||
Other current liabilities | 1,557 | 1,557 | ||||||||
Total current liabilities | 26,103 | 26,103 | ||||||||
Operating lease liabilities, net of current portion | 3,501 | 3,501 | ||||||||
Term Note, net of current portion | 8,967 | 8,967 | ||||||||
Contingent consideration | 1,002 | 1,002 | ||||||||
Deferred revenue, net of current portion | 0 | 0 | ||||||||
Other liabilities | 397 | 397 | ||||||||
Total liabilities | 39,970 | 39,970 | ||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||||||||
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively | 122 | 122 | ||||||||
Additional paid-in capital | 53,960 | 53,960 | ||||||||
Retained earnings | 41,430 | 41,430 | ||||||||
Accumulated other comprehensive earnings | 2 | 2 | ||||||||
Treasury stock, at cost; 75,758 and 34,308 shares, respectively | (901) | (901) | ||||||||
Total stockholders' equity | 94,613 | 94,613 | ||||||||
Total liabilities and stockholders' equity | 134,583 | 134,583 | ||||||||
Revenue | 32,663 | 97,140 | ||||||||
Cost of revenue | 17,329 | 51,724 | ||||||||
Gross profit | 15,334 | 45,416 | ||||||||
Selling expense | 4,367 | 13,483 | ||||||||
Engineering and product development expense | 1,802 | 5,689 | ||||||||
General and administrative expense | 5,882 | 16,099 | ||||||||
Total operating expenses | 12,051 | 35,271 | ||||||||
Operating income | 3,283 | 10,145 | ||||||||
Interest expense | (168) | (526) | ||||||||
Other income | 423 | 678 | ||||||||
Earnings before income tax expense | 3,538 | 10,297 | ||||||||
Income tax expense | 572 | 1,721 | ||||||||
Net earnings | $ 2,966 | $ 8,576 | ||||||||
Earnings per common share - basic (in dollars per share) | $ 0.25 | $ 0.76 | ||||||||
Weighted average common shares outstanding - basic (in shares) | 11,886,005 | 11,294,306 | ||||||||
Earnings per common share - diluted (in dollars per share) | $ 0.24 | $ 0.74 | ||||||||
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 12,212,317 | 11,665,850 | ||||||||
Depreciation and amortization | $ 3,515 | |||||||||
Provision for excess and obsolete inventory | 385 | |||||||||
Foreign exchange loss | 17 | |||||||||
Amortization of deferred compensation related to stock-based awards | 1,623 | |||||||||
Discount on shares sold under Employee Stock Purchase Plan | 21 | |||||||||
Loss on disposal of property and equipment | 164 | |||||||||
Deferred income tax benefit | (1,101) | |||||||||
Adjustment to contingent consideration liability | (358) | |||||||||
Trade accounts receivable | 480 | |||||||||
Inventories | (9) | |||||||||
Prepaid expenses and other current assets | 21 | |||||||||
Other assets | 9 | |||||||||
Operating lease liabilities | (1,275) | |||||||||
Accounts payable | (100) | |||||||||
Accrued wages and benefits | 125 | |||||||||
Accrued professional fees | 305 | |||||||||
Customer deposits and deferred revenue | (794) | |||||||||
Accrued sales commissions | (220) | |||||||||
Domestic and foreign income taxes payable | (166) | |||||||||
Other current liabilities | 320 | |||||||||
Deferred revenue, net of current portion | 0 | |||||||||
Other liabilities | (17) | |||||||||
Net cash provided by (used in) operating activities | 11,521 | |||||||||
Refund of final working capital adjustment related to Acculogic | 0 | |||||||||
Purchase of property and equipment | (983) | |||||||||
Purchase of short-term investments | 0 | |||||||||
Net cash used in investing activities | (983) | |||||||||
Net proceeds from public offering of common stock | 19,244 | |||||||||
Proceeds from shares sold under Employee Stock Purchase Plan | 118 | |||||||||
Proceeds from stock options exercised | 978 | |||||||||
Settlement of employee tax liabilities in connection with treasury stock transaction | (687) | |||||||||
Net cash provided by (used in) financing activities | 16,578 | |||||||||
Effects of exchange rates on cash | (7) | |||||||||
Net cash provided by (used in) all activities | 27,109 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 14,576 | 14,576 | ||||||||
Cash and cash equivalents at end of period | $ 41,685 | 41,685 | ||||||||
Previously Reported [Member] | Term Note [Member] | ||||||||||
Repayments of Term Note | (3,075) | |||||||||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash | 0 | 0 | ||||||||
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively | 0 | 0 | ||||||||
Inventories | 0 | 0 | ||||||||
Prepaid expenses and other current assets | 334 | 334 | ||||||||
Total current assets | 334 | 334 | ||||||||
Machinery and equipment | 0 | 0 | ||||||||
Leasehold improvements | 0 | 0 | ||||||||
Gross property and equipment | 0 | 0 | ||||||||
Less: accumulated depreciation | 0 | 0 | ||||||||
Net property and equipment | 0 | 0 | ||||||||
Right-of-use assets, net | 0 | 0 | ||||||||
Goodwill | 0 | 0 | ||||||||
Net Carrying Amount | 0 | 0 | ||||||||
Deferred tax assets | 0 | 0 | ||||||||
Restricted certificates of deposit | 0 | 0 | ||||||||
Other assets | 501 | 501 | ||||||||
Total assets | 835 | 835 | ||||||||
Current portion of Term Note | 0 | 0 | ||||||||
Current portion of operating lease liabilities | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | ||||||||
Accrued wages and benefits | 0 | 0 | ||||||||
Accrued professional fees | 0 | 0 | ||||||||
Customer deposits and deferred revenue | 689 | 689 | ||||||||
Accrued sales commissions | (72) | (72) | ||||||||
Domestic and foreign income taxes payable | (126) | (126) | ||||||||
Other current liabilities | 0 | 0 | ||||||||
Total current liabilities | 491 | 491 | ||||||||
Operating lease liabilities, net of current portion | 0 | 0 | ||||||||
Term Note, net of current portion | 0 | 0 | ||||||||
Contingent consideration | 0 | 0 | ||||||||
Deferred revenue, net of current portion | 1,033 | 1,033 | ||||||||
Other liabilities | 0 | 0 | ||||||||
Total liabilities | 1,524 | 1,524 | ||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||||||||
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively | 0 | 0 | ||||||||
Additional paid-in capital | 0 | 0 | ||||||||
Retained earnings | (689) | (689) | ||||||||
Accumulated other comprehensive earnings | 0 | 0 | ||||||||
Treasury stock, at cost; 75,758 and 34,308 shares, respectively | 0 | 0 | ||||||||
Total stockholders' equity | (689) | (689) | ||||||||
Total liabilities and stockholders' equity | 835 | 835 | ||||||||
Revenue | (1,722) | (1,722) | ||||||||
Cost of revenue | (835) | (835) | ||||||||
Gross profit | (887) | (887) | ||||||||
Selling expense | (72) | (72) | ||||||||
Engineering and product development expense | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | ||||||||
Total operating expenses | (72) | (72) | ||||||||
Operating income | (815) | (815) | ||||||||
Interest expense | 0 | 0 | ||||||||
Other income | 0 | 0 | ||||||||
Earnings before income tax expense | (815) | (815) | ||||||||
Income tax expense | (126) | (126) | ||||||||
Net earnings | $ (689) | $ (689) | ||||||||
Earnings per common share - basic (in dollars per share) | $ (0.06) | $ (0.06) | ||||||||
Weighted average common shares outstanding - basic (in shares) | ||||||||||
Earnings per common share - diluted (in dollars per share) | $ (0.05) | $ (0.06) | ||||||||
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | ||||||||||
Depreciation and amortization | $ 0 | |||||||||
Provision for excess and obsolete inventory | 0 | |||||||||
Foreign exchange loss | 0 | |||||||||
Amortization of deferred compensation related to stock-based awards | 0 | |||||||||
Discount on shares sold under Employee Stock Purchase Plan | 0 | |||||||||
Loss on disposal of property and equipment | 0 | |||||||||
Deferred income tax benefit | 0 | |||||||||
Adjustment to contingent consideration liability | 0 | |||||||||
Trade accounts receivable | 0 | |||||||||
Inventories | 0 | |||||||||
Prepaid expenses and other current assets | (334) | |||||||||
Other assets | (501) | |||||||||
Operating lease liabilities | 0 | |||||||||
Accounts payable | 0 | |||||||||
Accrued wages and benefits | 0 | |||||||||
Accrued professional fees | 0 | |||||||||
Customer deposits and deferred revenue | 689 | |||||||||
Accrued sales commissions | (72) | |||||||||
Domestic and foreign income taxes payable | (126) | |||||||||
Other current liabilities | 0 | |||||||||
Deferred revenue, net of current portion | 1,033 | |||||||||
Other liabilities | 0 | |||||||||
Net cash provided by (used in) operating activities | 0 | |||||||||
Refund of final working capital adjustment related to Acculogic | 0 | |||||||||
Purchase of property and equipment | 0 | |||||||||
Purchase of short-term investments | 0 | |||||||||
Net cash used in investing activities | 0 | |||||||||
Net proceeds from public offering of common stock | 0 | |||||||||
Proceeds from shares sold under Employee Stock Purchase Plan | 0 | |||||||||
Proceeds from stock options exercised | 0 | |||||||||
Settlement of employee tax liabilities in connection with treasury stock transaction | 0 | |||||||||
Net cash provided by (used in) financing activities | 0 | |||||||||
Effects of exchange rates on cash | 0 | |||||||||
Net cash provided by (used in) all activities | 0 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 0 | 0 | ||||||||
Cash and cash equivalents at end of period | $ 0 | 0 | ||||||||
Revision of Prior Period, Error Correction, Adjustment [Member] | Term Note [Member] | ||||||||||
Repayments of Term Note | $ 0 |
Note 3 - Restatement of Previ_5
Note 3 - Restatement of Previously Issued Consolidated Financial Statements - Financial Statements (Details) (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 499 | $ 496 |
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) | 12,237,070 | 11,063,271 |
Treasury stock, shares (in shares) | 75,758 | 34,308 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (358) | $ 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | General and Administrative Expense [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (358) | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Current Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | $ 324 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Interest Rate Swap [Member] | ||
Interest rate swap | $ 413 | $ 528 |
Interest rate swap | 413 | 528 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 0 |
Interest rate swap | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 413 | 528 |
Interest rate swap | 413 | 528 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 0 |
Interest rate swap | 0 | 0 |
Acculogic [Member] | ||
Contingent consideration liability | (1,002) | (1,363) |
Acculogic [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Contingent consideration liability | 0 | 0 |
Acculogic [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration liability | 0 | 0 |
Acculogic [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration liability | $ (1,002) | $ (1,363) |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 1,363 |
Impact of foreign currency translation adjustments | 3 |
Adjustment to contingent consideration liability as a result of reduction in expected payout | (358) |
Balance | $ 1,002 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 21,605 |
Impact of foreign currency translation adjustments | (27) |
Balance | $ 21,578 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill | $ 21,578 | $ 21,605 |
Electronic Test [Member] | ||
Goodwill | 3,364 | 3,369 |
Environmental Technologies [Member] | ||
Goodwill | 1,817 | 1,817 |
Process Technologies [Member] | ||
Goodwill | $ 16,397 | $ 16,419 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 8,369 |
Impact of foreign currency translation adjustments | (5) |
Balance | $ 8,364 |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 10,190 |
Impact of foreign currency translation adjustments | (13) |
Amortization | (1,582) |
Balance | $ 8,595 |
Note 5 - Goodwill and Intangi_7
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Net Carrying Amount | $ 16,959 | $ 18,559 |
Finite-lived, Gross Carrying Amount | 20,634 | 20,660 |
Finite-lived, Accumulated Amortization | 12,039 | 10,470 |
Net Carrying Amount, finite-lived | 8,595 | 10,190 |
Indefinite-lived, Gross Carrying Amount | 8,364 | 8,369 |
Net Carrying Amount, indefinite-lived | 8,364 | 8,369 |
Intangible Assets, Gross Carrying Amount | 28,998 | 29,029 |
Net Carrying Amount | 16,959 | 18,559 |
Trademarks [Member] | ||
Indefinite-lived, Gross Carrying Amount | 8,364 | 8,369 |
Net Carrying Amount, indefinite-lived | 8,364 | 8,369 |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 16,296 | 16,313 |
Finite-lived, Accumulated Amortization | 9,251 | 7,990 |
Net Carrying Amount, finite-lived | 7,045 | 8,323 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 2,848 | 2,855 |
Finite-lived, Accumulated Amortization | 1,298 | 988 |
Net Carrying Amount, finite-lived | 1,550 | 1,867 |
Patents [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 590 | 590 |
Net Carrying Amount, finite-lived | 0 | 0 |
Customer Backlog [Member] | ||
Finite-lived, Gross Carrying Amount | 490 | 492 |
Finite-lived, Accumulated Amortization | 490 | 492 |
Net Carrying Amount, finite-lived | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 270 | 270 |
Net Carrying Amount, finite-lived | 0 | 0 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Net Carrying Amount, finite-lived | 0 | 0 |
Electronic Test [Member] | ||
Net Carrying Amount | 3,761 | 4,139 |
Net Carrying Amount | 3,761 | 4,139 |
Environmental Technologies [Member] | ||
Net Carrying Amount | 804 | 832 |
Net Carrying Amount | 804 | 832 |
Process Technologies [Member] | ||
Net Carrying Amount | 12,394 | 13,588 |
Net Carrying Amount | $ 12,394 | $ 13,588 |
Note 5 - Goodwill and Intangi_8
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 (remainder) | $ 511 |
2024 | 1,965 |
2025 | 1,757 |
2026 | 1,148 |
2027 | $ 654 |
Note 6 - Revenue From Contrac_3
Note 6 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 30,941 | $ 30,771 | $ 95,418 | $ 84,423 |
Thermal Testing Products [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 4,742 | 5,836 | 16,734 | 16,844 |
Video Imaging [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,945 | $ 2,447 | 7,027 | $ 6,692 |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ (1,722) | (1,722) | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | Thermal Testing Products [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | (1,291) | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | Video Imaging [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ (431) |
Note 6 - Revenue From Contrac_4
Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 30,941 | $ 30,771 | $ 95,418 | $ 84,423 |
Semiconductor Market [Member] | ||||
Revenue | 18,476 | 19,170 | 54,992 | 48,969 |
Industrial Market [Member] | ||||
Revenue | 2,456 | 2,130 | 8,399 | 7,859 |
Automotive [Member] | ||||
Revenue | 1,775 | 1,621 | 5,914 | 7,971 |
Life Sciences [Member] | ||||
Revenue | 1,330 | 1,715 | 3,978 | 3,583 |
Defense/ Aerospace [Member] | ||||
Revenue | 3,392 | 1,914 | 10,121 | 4,830 |
Security [Member] | ||||
Revenue | 967 | 871 | 2,869 | 2,239 |
Other Multi Markets [Member] | ||||
Revenue | 2,545 | 3,350 | 9,145 | 8,972 |
Thermal Testing Products [Member] | ||||
Revenue | 4,742 | 5,836 | 16,734 | 16,844 |
Thermal Process [Member] | ||||
Revenue | 11,518 | 11,026 | 33,212 | 27,990 |
Semiconductor Production Test Products [Member] | ||||
Revenue | 8,573 | 7,770 | 25,432 | 20,409 |
Video Imaging [Member] | ||||
Revenue | 1,945 | 2,447 | 7,027 | 6,692 |
Flying Probe and In-circuit Testers [Member] | ||||
Revenue | 2,012 | 1,605 | 4,588 | 5,359 |
Service and Other Products [Member] | ||||
Revenue | 2,151 | 2,087 | 8,425 | 7,129 |
End User [Member] | ||||
Revenue | 21,139 | 21,548 | 64,720 | 60,785 |
OEM and Integrators [Member] | ||||
Revenue | $ 9,802 | $ 9,223 | $ 30,698 | $ 23,638 |
Note 7 - Major Customers (Detai
Note 7 - Major Customers (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Major Customers | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | |
Concentration Risk, Percentage | 15% |
Note 8 - Inventories - Inventor
Note 8 - Inventories - Inventories (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Raw materials | $ 16,987 | $ 16,987 | $ 16,888 | ||
Work in process | 1,985 | 1,985 | 2,432 | ||
Inventory consigned to others | 70 | 70 | 59 | ||
Finished goods | 3,114 | 3,114 | 3,186 | ||
Total inventories | 22,156 | 22,156 | $ 22,565 | ||
Excess and obsolete inventory charges | $ 119 | $ 77 | $ 385 | $ 307 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating Lease, Right-of-Use Asset, Periodic Reduction | $ 390 | $ 334 | $ 1,172 | $ 972 | |
Operating Lease, Right-of-Use Asset | $ 4,755 | 4,755 | $ 5,770 | ||
Increase (Decrease) in Operating Lease Liability | $ (1,275) | $ (1,064) | |||
Environmental Technologies in Germany [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 25 months | 25 months | |||
Operating Lease, Right-of-Use Asset | $ 90 | $ 90 | |||
Increase (Decrease) in Operating Lease Liability | $ 90 | ||||
Process Technologies [Member] | Automobile Lease, One [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | 36 months | |||
Process Technologies [Member] | Automobile Lease, Two [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 48 months | 48 months | |||
Process Technologies [Member] | Automobile Leases [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 71 | $ 71 | |||
Increase (Decrease) in Operating Lease Liability | $ 71 |
Note 9 - Leases - Lease Costs (
Note 9 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease cost | $ 396 | $ 330 | $ 1,199 | $ 973 |
Short-term lease cost | $ 3 | $ 7 | $ 10 | $ 51 |
Weighted average remaining lease term (in years) (Year) | 4 years 6 months | 4 years 6 months | ||
Weighted average discount rate | 4.40% | 4.40% | ||
Minimum [Member] | ||||
Range of remaining lease terms (in years) (Year) | 6 months | |||
Maximum [Member] | ||||
Range of remaining lease terms (in years) (Year) | 7 years 7 months 6 days |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 (remainder) | $ 484 |
2024 | 1,898 |
2025 | 1,003 |
2026 | 704 |
2027 | 701 |
Thereafter | 944 |
Total lease payments | 5,734 |
Less imputed interest | (503) |
Total | $ 5,231 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - M&T Bank [Member] - USD ($) $ in Thousands | Dec. 29, 2021 | Oct. 28, 2021 | Oct. 15, 2021 | Sep. 30, 2023 | Sep. 20, 2022 |
October 2021 Agreement [Member] | |||||
Debt Instrument, Term (Year) | 5 years | ||||
Debt Instrument, Interest Rate in Event of Default | 2% | ||||
October 2021 Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | ||||
October 2021 Agreement [Member] | Term Note [Member] | |||||
Debt Instrument, Face Amount | $ 25,000 | ||||
Debt Instrument, Draw Period (Year) | 2 years | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 8,500 | $ 12,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | 7.40% | |||
Amended Loan Agreement [Member] | |||||
Long-Term Line of Credit, Total | $ 0 | ||||
Amended Loan Agreement [Member] | Term Note [Member] | |||||
Debt Instrument, Face Amount | $ 50,500 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 30,000 |
Note 10 - Debt - Outstanding Le
Note 10 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Letters of Credit Amount Outstanding | $ 100 | $ 100 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, Expiration Date | Apr. 30, 2024 | |
Lease Expiration Date | Apr. 30, 2031 | |
Letters of Credit Amount Outstanding | $ 50 | 50 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, Expiration Date | Dec. 31, 2024 | |
Lease Expiration Date | Dec. 31, 2024 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 10 - Debt - Future Maturit
Note 10 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 (remainder) | $ 1,025 |
2024 | 4,100 |
2025 | 4,100 |
2026 | 3,842 |
Long-Term Debt | $ 13,067 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation Plan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Aug. 24, 2023 | Mar. 08, 2023 | Aug. 31, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 21, 2023 | |
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.43 | $ 4.53 | |||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||
Restricted Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 97,461 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,688,000 | $ 550,000 | |||||||
Restricted Stock [Member] | Employees [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||
Restricted Stock [Member] | Independent Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||
Restricted Stock [Member] | Independent Directors [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||
Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | 100% | |||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | ||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 18,888 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 303,000 | ||||||||
Restricted Stock [Member] | President of Environmental Technologies [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | ||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,081 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 108,000 | ||||||||
The 2023 Stock Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 350,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,117,942 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,450 | $ 3,450 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||||||||
Restricted Stock Vesting in Three Years [Member] | Restricted Stock [Member] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 40,557 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued, Percentage | 100% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional Award Vesting Rights, Percentage | 50% | ||||||||
Restricted Stock Vesting in Three Years [Member] | Restricted Stock [Member] | Vesting Based On Performance Metrics [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150% | 100% | 150% | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0% | ||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150% |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 544 | $ 450 | $ 1,623 | $ 1,373 |
Cost of Sales [Member] | ||||
Share-Based Payment Arrangement, Expense | 28 | 18 | 76 | 44 |
Selling and Marketing Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | 9 | 9 | 30 | 23 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | (1) | 6 | 18 | 43 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 508 | $ 417 | $ 1,499 | $ 1,263 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Risk-free interest rate | 3.93% | 2.05% |
Dividend yield | 0% | 0% |
Expected common stock market price volatility factor | 0.57% | 0.55% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Options outstanding, number of shares (in shares) | shares | 580,419 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 8.91 |
Granted, number of shares (in shares) | shares | 93,860 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 16.25 |
Exercised, number of shares (in shares) | shares | (124,550) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 7.85 |
Canceled, number of shares (in shares) | shares | (43,426) |
Canceled, weighted average exercise price (in dollars per share) | $ / shares | $ 9.82 |
Options outstanding, number of shares (in shares) | shares | 506,303 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.45 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Options exercisable (in shares) | 173,032 | 167,886 |
Note 11 - Stock-based Compens_8
Note 11 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Unvested shares outstanding (in shares) | shares | 288,450 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 7.8 |
Granted, number of shares (in shares) | shares | 97,461 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 16.43 |
Vested, number of shares (in shares) | shares | (169,636) |
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 7.79 |
Forfeited, number of shares (in shares) | shares | (17,491) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 10.08 |
Unvested shares outstanding (in shares) | shares | 198,784 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.72 |
Note 12 - Employee Stock Purc_2
Note 12 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 24 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Jun. 23, 2021 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 42 | $ 49 | $ 48 | $ 55 | $ 65 | $ 56 | |||||
Share Price (in dollars per share) | $ 15.17 | $ 26.26 | $ 20.74 | $ 15.17 | $ 15.17 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 21 | $ 28 | |||||||||
Employee Stock Purchase Plan [Member] | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 38,077 | ||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 358 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date | 15% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 28 | ||||||||||
Share-Based Payment Arrangement, Expense | $ 63 | ||||||||||
Employee Stock Purchase Plan [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 6,925 | 21,749 | |||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 118 | $ 148 | |||||||||
Share Price (in dollars per share) | $ 7.63 | $ 6.82 | $ 10.73 | $ 6.82 | $ 7.63 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 12.89 | $ 22.32 | $ 17.63 | $ 6.49 | $ 5.8 | $ 9.12 | $ 5.8 | $ 12.89 | $ 6.49 | $ 12.89 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date | 15% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 21 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
401(k) Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10% | |||
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount | $ 5 | |||
Defined Contribution Plan Employer Matching Contribution Vesting Period (Year) | 4 years | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 83 | $ 433 | ||
The Ambrell Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 100 | $ 46 | $ 671 | $ 232 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 30,941 | $ 30,771 | $ 95,418 | $ 84,423 |
Non-US [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 20,669 | 18,152 | 64,144 | 48,502 |
UNITED STATES | ||||
Revenue from Contract with Customer, Including Assessed Tax | 10,272 | $ 12,619 | 31,274 | $ 35,921 |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ (1,722) | (1,722) | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | Non-US [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | (1,324) | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | UNITED STATES | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ (398) |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net revenues | $ 30,941 | $ 30,771 | $ 95,418 | $ 84,423 |
Earnings before income tax expense | 2,723 | 3,039 | 9,482 | 6,264 |
Earnings before income tax expense | 2,723 | 3,039 | 9,482 | 6,264 |
Acquired intangible amortization | (515) | (595) | (1,582) | (2,142) |
Interest expense | 168 | 179 | 526 | 457 |
Other income (expense) | 423 | 59 | 678 | 32 |
Operating Segments [Member] | ||||
Net revenues | 30,941 | 30,771 | 95,418 | 84,423 |
Earnings before income tax expense | 5,885 | 5,892 | 18,328 | 15,143 |
Earnings before income tax expense | 5,885 | 5,892 | 18,328 | 15,143 |
Operating Segments [Member] | Electronic Test [Member] | ||||
Net revenues | 11,547 | 10,408 | 32,911 | 28,983 |
Earnings before income tax expense | 3,268 | 2,406 | 8,487 | 6,486 |
Earnings before income tax expense | 3,268 | 2,406 | 8,487 | 6,486 |
Operating Segments [Member] | Environmental Technologies [Member] | ||||
Net revenues | 7,000 | 7,631 | 23,178 | 22,131 |
Earnings before income tax expense | 523 | 1,021 | 2,479 | 2,893 |
Earnings before income tax expense | 523 | 1,021 | 2,479 | 2,893 |
Operating Segments [Member] | Process Technologies [Member] | ||||
Net revenues | 12,394 | 12,732 | 39,329 | 33,309 |
Earnings before income tax expense | 2,094 | 2,465 | 7,362 | 5,764 |
Earnings before income tax expense | 2,094 | 2,465 | 7,362 | 5,764 |
Corporate, Non-Segment [Member] | ||||
Earnings before income tax expense | (2,902) | (2,138) | (7,416) | (6,312) |
Earnings before income tax expense | $ (2,902) | $ (2,138) | $ (7,416) | $ (6,312) |
Note 14 - Segment Information_3
Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Identifiable Assets | $ 135,418 | $ 110,066 |
Corporate, Non-Segment [Member] | ||
Identifiable Assets | 28,143 | 4,017 |
Electronic Test [Member] | Operating Segments [Member] | ||
Identifiable Assets | 32,406 | 31,143 |
Environmental Technologies [Member] | Operating Segments [Member] | ||
Identifiable Assets | 17,349 | 18,040 |
Process Technologies [Member] | Operating Segments [Member] | ||
Identifiable Assets | $ 57,520 | $ 56,866 |
Note 14 - Segment Information_4
Note 14 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 30,941 | $ 30,771 | $ 95,418 | $ 84,423 |
UNITED STATES | ||||
Revenue | 10,272 | 12,619 | 31,274 | 35,921 |
Non-US [Member] | ||||
Revenue | $ 20,669 | $ 18,152 | $ 64,144 | $ 48,502 |
Note 14 - Segment Information_5
Note 14 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and Equipment | $ 3,143 | $ 3,132 |
UNITED STATES | ||
Property and Equipment | 2,529 | 2,658 |
Non-US [Member] | ||
Property and Equipment | $ 614 | $ 474 |