Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Heska Corp | ' |
Entity Central Index Key | '0001038133 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,837,403 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $6,344 | $5,784 |
Accounts receivable, net of allowance for doubtful accounts of $155 and $212, respectively | 7,662 | 11,044 |
Inventories, net | 13,569 | 12,483 |
Deferred tax asset, current | 404 | 1,130 |
Other current assets | 1,466 | 2,514 |
Total current assets | 29,445 | 32,955 |
Property and equipment, net | 8,444 | 6,005 |
Note receivable-related party | 1,657 | 0 |
Goodwill and other intangible assets | 21,619 | 1,120 |
Deferred tax asset, net of current portion | 29,056 | 26,746 |
Other long-term assets | 212 | 0 |
Total assets | 90,433 | 66,826 |
Current liabilities: | ' | ' |
Accounts payable | 5,177 | 5,298 |
Accrued liabilities | 5,301 | 4,132 |
Accrued compensation | 0 | 0 |
Current portion of deferred revenue | 3,664 | 2,407 |
Line of credit | 4,281 | 2,552 |
Other short-term borrowings, including current portion of LT debt | 232 | 0 |
Total current liabilities | 18,655 | 14,389 |
Long-term note payable, net of current portion | 402 | 0 |
Deferred revenue, net of current portion, and other | 9,372 | 3,575 |
Total liabilities | 28,429 | 17,964 |
Non-Controlling Interest | 13,105 | 0 |
Public Common Stock subject to redemption | 2,431 | 0 |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value, 2,500,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $.01 par value, 7,500,000 shares authorized; none issued and outstanding | 0 | 0 |
Public common stock, $.01 par value, 7,500,000 shares authorized; 5,372,336 and 5,835,603 shares issued and outstanding, respectively | 58 | 54 |
Additional paid-in capital | 218,949 | 218,544 |
Accumulated other comprehensive income | 330 | 296 |
Accumulated deficit | -172,869 | -170,032 |
Total stockholders' equity | 46,468 | 48,862 |
Total liabilities and stockholders' equity | $90,433 | $66,826 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | $212 | $155 |
Preferred stock at par value | $0.01 | $0.01 |
Preferred stock shares authorized | 2,500 | 2,500 |
Common stock at par value | $0.01 | $0.01 |
Common stock shares authorized | 7,500 | 7,500 |
Public common stock at par value | $0.01 | $0.01 |
Public common stock shares authorized | 7,500 | 7,500 |
Public common stock shares issued | 58 | 54 |
Public common stock shares outstanding | 58 | 54 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue, net: | ' | ' | ' | ' |
Core companion animal health | $14,515 | $13,530 | $46,015 | $45,811 |
Other vaccines, pharmaceuticals and products | 3,080 | 3,376 | 8,820 | 8,541 |
Total revenue, net | 17,595 | 16,906 | 54,835 | 54,352 |
Cost of revenue | 10,189 | 10,180 | 34,607 | 30,655 |
Gross profit | 7,406 | 6,726 | 20,228 | 23,697 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 4,591 | 4,381 | 14,554 | 14,020 |
Research and development | 324 | 180 | 1,197 | 717 |
General and administrative | 2,416 | 2,192 | 8,662 | 7,522 |
Total operating expenses | 7,331 | 6,753 | 24,413 | 22,259 |
Operating income (loss) | 75 | -27 | -4,185 | 1,438 |
Interest and other (income) expense, net | 93 | -16 | 134 | 69 |
Income (loss) before income taxes | -18 | -11 | -4,319 | 1,369 |
Current tax expense | 6 | 16 | 71 | 98 |
Deferred tax expense (benefit) | -6 | 5 | -1,553 | 457 |
Total income tax expense (benefit) | 0 | 21 | -1,482 | 555 |
Net income (loss) | -18 | -32 | -2,837 | 814 |
Net income (loss) attributable to non-controlling interest | -259 | 0 | -464 | 0 |
Net income (loss) attributable to Heska Corporation | $241 | ($32) | ($2,373) | $814 |
Basic net income (loss) per share attributable to Heska Corporation | $0.04 | ($0.01) | ($0.41) | $0.15 |
Diluted net income (loss) per share attributable to Heska Corporation | $0.04 | ($0.01) | ($0.41) | $0.15 |
Weighted average outstanding shares used to compute basic net income (loss) per share attributable to Heska Corp. | 5,826 | 5,350 | 5,727 | 5,314 |
Weighted average outstanding shares used to compute diluted net income (loss) per share attributable to Heska Corp | 5,865 | 5,350 | 5,727 | 5,503 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Income (loss) | ($18) | ($32) | ($2,837) | $814 |
Other comprehensive income (expense): | ' | ' | ' | ' |
Foreign currency translation | 114 | 38 | 20 | 3 |
Minimum pension liability | 0 | 0 | 0 | 0 |
Unrealized gain on available for sale investments | 0 | 0 | 13 | 0 |
Comprehensive income (loss) | 96 | 6 | -2,804 | 817 |
Comprehensive income (loss) attributable to Non-controlling interest | -259 | 0 | -464 | 0 |
Comprehensive income (loss) attributable to Heska Corporation | $355 | $6 | ($2,340) | $817 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($2,837) | $814 |
Depreciation and amortization | 1,715 | 1,271 |
Deferred tax expense (benefit) | -1,553 | 457 |
Stock-based compensation | 315 | 285 |
Unrealized (gain)/loss on foreign currency translation | 13 | -34 |
Accounts receivable | 3,896 | -859 |
Inventories | -1,975 | -897 |
Other current assets | -108 | -515 |
Other non-current assets | 0 | 0 |
Accounts payable | -1,545 | 677 |
Accrued liabilities | 935 | 68 |
Deferred revenue and other liabilities | -116 | -250 |
Net cash provided by (used in) operating activities | -1,260 | 1,017 |
CASH FLOWS FROM PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ' | ' |
Investment in subsidiary | -3,019 | 0 |
Purchase of property and equipment | -1,270 | -905 |
Proceeds from disposition of property and equipment | 5,020 | 0 |
Net cash provided by (used in) investing activities | 731 | -905 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 254 | 307 |
Proceeds from (repayments of) line of credit borrowings, net | 1,728 | 0 |
Proceeds from (repayments of) debt, net | -893 | 0 |
Dividends to shareholders | 0 | -1,066 |
Net cash provided by (used in) financing activities | 1,089 | -759 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 32 |
INCREASE IN CASH AND CASH EQUIVALENTS | 560 | -615 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,784 | 6,332 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 6,344 | 5,717 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Dividends payable | 0 | 536 |
Cash paid for interest | 61 | 68 |
Cash paid for income taxes | 0 | 0 |
Non-cash transfer of inventory to property and equipment | 2,363 | 982 |
Accretion of non-controlling interest | $1,000 | $0 |
ORGANIZATION_AND_BUSINESS
ORGANIZATION AND BUSINESS | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
ORGANIZATION AND BUSINESS | ' |
1. ORGANIZATION AND BUSINESS | |
Heska Corporation ("Heska" or the "Company") develops, manufactures, markets, sells and supports veterinary products. Heska's core focus is on the canine and feline companion animal health markets. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited condensed consolidated financial statements are the responsibility of the Company's management and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the instructions to Form 10-Q and rules and regulations of the Securities and Exchange Commission (the "SEC"). The condensed consolidated balance sheet as of September 30, 2013, the condensed consolidated statements of operations for the three months and nine months ended September 30, 2012 and 2013, the condensed consolidated statements of comprehensive income for the three months and nine months ended September 30, 2012 and 2013 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2012 and 2013 are unaudited, but include, in the opinion of management, all adjustments (consisting of normal recurring adjustments) which the Company considers necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented. All material intercompany transactions and balances have been eliminated in consolidation. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the SEC. | |||||||||||||
Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements and related disclosures have been prepared with the presumption that users of the interim financial information have read or have access to the audited financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2012, included in the Company's Annual Report on Form 10-K filed with the SEC on March 14, 2013. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expense during the reported period. Actual results could differ from those estimates. Significant estimates are required when establishing the allowance for doubtful accounts and the provision for excess/obsolete inventory, in determining the period over which the Company's obligations are fulfilled under agreements to license product rights and/or technology rights, in determining the need for, and the amount of, a valuation allowance on certain deferred tax assets and in determining the need for, and the amount of, an accrued liability for future payments related to minimum purchase obligations the Company may make in order to maintain certain product rights. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market using the first-in, first-out method. Inventory manufactured by the Company includes the cost of material, labor and overhead. If the cost of inventories exceeds estimated fair value, provisions are made to reduce the carrying value to estimated fair value. | |||||||||||||
Inventories, net consist of the following (in thousands): | |||||||||||||
December 31, | September 30, | ||||||||||||
2012 | 2013 | ||||||||||||
Raw materials | $ | 5,275 | $ | 5,550 | |||||||||
Work in process | 3,342 | 3,593 | |||||||||||
Finished goods | 4,671 | 6,344 | |||||||||||
Allowance for excess or obsolete inventory | (805 | ) | (1,918 | ) | |||||||||
$ | 12,483 | $ | 13,569 | ||||||||||
Basic and Diluted Net Income (Loss) Per Share | |||||||||||||
Basic net income (loss) per common share is computed using the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the sum of the weighted average number of shares of common stock outstanding, and, if not anti-dilutive, the effect of outstanding common stock equivalents (such as stock options and warrants) determined using the treasury stock method. For the three months ended September 30, 2013 and nine months ended September 30, 2012, the Company reported net income attributable to Heska Corporation and therefore, dilutive common stock equivalent securities, as computed using the treasury method, were added to basic weighted average shares outstanding for the period to derive the weighted average shares for diluted earnings per share calculation. Common stock equivalent securities other than options to purchase fractional shares that were anti-dilutive for the three months ended September 30, 2013 and nine months ended September 30, 2012, and therefore excluded, were outstanding options to purchase 924,643 and 527,438 shares of common stock, respectively. These securities are anti-dilutive primarily due to exercise prices greater than the average trading price of the Company's common stock during the three months ended September 30, 2013 and nine months ended September 30, 2012. For the nine months ended September 30, 2013 and three months ended September 30, 2012, the Company reported a net loss attributable to Heska Corporation and therefore all common stock equivalent securities would be anti-dilutive and were not included in the diluted earnings per share calculation for the period. Common stock equivalent securities other than options to purchase fractional shares that were anti-dilutive for the nine months ended September 30, 2013 and three months ended September 30, 2012, and therefore excluded, were outstanding options to purchase 1,089,779 and 1,154,275 shares of common stock, respectively. These securities are anti-dilutive due to the Company’s net loss attributable to Heska Corporation for the nine months ended September 30, 2013 and the three months ended September 30, 2012. |
ACQUISITION
ACQUISITION | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisition | ' | |||||||||||||||
3. ACQUISITION | ||||||||||||||||
Cuattro Veterinary USA, LLC | ||||||||||||||||
On February 24, 2013, the Company acquired a 54.6% interest in Cuattro Veterinary USA, LLC | ||||||||||||||||
("Cuattro Vet USA") for approximately $7.6 million in cash and stock, including more than $4 million in cash (the "Acquisition"). Immediately following and as a result of the transaction, former Cuattro Vet USA unit holders owned approximately 7.2% of the Company's Public Common Stock. The remaining minority position (45.4%) in Cuattro Vet USA is subject to purchase by Heska under performance-based puts and calls following calendar year 2015, 2016 and 2017. Since the exercise of any put option is out of the Company’s control, authoritative guidance requires the non-controlling interest, which includes the value of the put option, to be displayed outside of the equity section of the Company’s consolidated balance sheet. Should Heska undergo a change in control, as defined, prior to the end of 2017, Cuattro Vet USA minority unit holders will be entitled to sell their Cuattro Vet USA units to Heska at the highest call value they could have otherwise obtained. The Company's position in Cuattro Vet USA is subject to premium repurchase or discounted sale under calls and puts expiring 18 months following the closing of the transaction. | ||||||||||||||||
Cuattro Vet USA was subsequently renamed Heska Imaging US, LLC ("Heska Imaging") and markets, sells and supports digital radiography and ultrasound products along with embedded software and support, data hosting and other services. | ||||||||||||||||
Shawna M. Wilson, Clint Roth, DVM, Steven M. Asakowicz, Rodney A. Lippincott, Kevin S. Wilson and Cuattro, LLC own approximately 29.75%, 8.39%, 4.09%, 3.07%, 0.05% and 0.05% of Heska Imaging, respectively. Kevin S. Wilson is the President and Chief Operating Officer of the Company and the spouse of Shawna M. Wilson. Steven M. Asakowicz serves as Executive Vice President, Companion Animal Health Sales for the Company. Rodney A. Lippincott serves as Executive Vice President, Companion Animal Health Sales for the Company. Mr. Wilson, Mrs. Wilson and trusts for their children and family own a 100% interest in Cuattro, LLC. | ||||||||||||||||
The aggregate position in Heska Imaging of the unit holders who hold the 45.4% of Heska Imaging that Heska Corporation does not own (the “Put Value”) is being accreted to its estimated redemption value in accordance with Heska Imaging’s Operating Agreement. The adjustment to increase or decrease the Put Value to its expected redemption value each reporting period is recorded to retained earnings in accordance with United States Generally Accepted Accounting Principles. | ||||||||||||||||
The Company accounted for the acquisition pursuant to ASC No. 805, "Business Combinations." Accordingly, it recorded assets acquired, liabilities assumed and non-controlling interests at their fair values. The following summarizes the aggregate consideration paid by the Company and the allocation of the purchase price based on current estimates as the Company continues to gather information to evaluate the appropriate accounting result (in thousands): | ||||||||||||||||
Consideration | ||||||||||||||||
Cash | $ | 4,073 | ||||||||||||||
Stock | 3,571 | |||||||||||||||
Total | $ | 7,644 | ||||||||||||||
Inventories | $ | 1,466 | ||||||||||||||
Note from Cuattro Veterinary, LLC, due March 15, 2016 | 1,360 | |||||||||||||||
Other tangible assets | 1,278 | |||||||||||||||
Intangible assets | 688 | |||||||||||||||
Goodwill | 19,994 | |||||||||||||||
Notes payable and other borrowings | (1,527 | ) | ||||||||||||||
Accounts payable | (1,424 | ) | ||||||||||||||
Other assumed liabilities | (2,399 | ) | ||||||||||||||
$ | 19,436 | |||||||||||||||
Non-controlling interest | (11,792 | ) | ||||||||||||||
Total | $ | 7,644 | ||||||||||||||
Intangible assets and their amortization periods are as follows: | ||||||||||||||||
Useful Life | ||||||||||||||||
(in years) | Fair Value | |||||||||||||||
Trade name | 2.75 | $ | 688 | |||||||||||||
$ | 688 | |||||||||||||||
Cuattro Vet USA generated net revenue of $6.7 million and net loss of $1.0 million, inclusive of net loss of $464 thousand attributable to non-controlling interest, for the period from February 24, 2013 to September 30, 2013. The following unaudited pro forma financial information presents the combined results of the Company and Cuattro Vet USA as if the Acquisition had closed on January 1, 2012. | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2012 | 2013 | |||||||||||||||
Revenue, net | $ | 59,308 | $ | 55,735 | ||||||||||||
Net income (loss) attributable to Heska Corporation | 663 | (2,830 | ) | |||||||||||||
Basic earnings (loss) per share attributable to Heska Corporation | $ | 0.12 | $ | (0.49 | ) | |||||||||||
Diluted earnings (loss) per share attributable to Heska Corporation | 0.11 | (0.49 | ) |
CAPITAL_STOCK
CAPITAL STOCK | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Notes to Financial Statements | ' | ||||||||||||||||||
CAPITAL STOCK | ' | ||||||||||||||||||
4. CAPITAL STOCK | |||||||||||||||||||
The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions for options granted in the three and nine months ended September 30, 2012 and 2013. | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||
Risk-free interest rate | 0.35% | 0.87% | 0.37% | 0.54% | |||||||||||||||
Expected lives | 3.0 years | 3.2 years | 2.9 years | 3.4 years | |||||||||||||||
Expected volatility | 55% | 44% | 64% | 51% | |||||||||||||||
Expected dividend yield | 4.44% | 0% | 3.39% | 0% | |||||||||||||||
A summary of the Company's stock option plans, excluding options to purchase fractional shares resulting from the Company's December 2010 1-for-10 reverse stock split is as follows: | |||||||||||||||||||
Year Ended | Nine Months Ended | ||||||||||||||||||
31-Dec-12 | 30-Sep-13 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Options | Price | Options | Price | ||||||||||||||||
Outstanding at beginning of period | 1,448,675 | $ | 10.425 | 1,245,161 | $ | 11.054 | |||||||||||||
Granted at market | 137,950 | $ | 9.534 | 69,330 | $ | 8.046 | |||||||||||||
Cancelled | (118,330 | ) | $ | 11.373 | (164,303 | ) | $ | 11.33 | |||||||||||
Exercised | (223,134 | ) | $ | 5.863 | (33,297 | ) | $ | 6.488 | |||||||||||
Outstanding at end of period | 1,245,161 | $ | 11.054 | 1,116,891 | $ | 10.963 | |||||||||||||
Exercisable at end of period | 971,029 | $ | 12.129 | 913,447 | $ | 11.714 | |||||||||||||
The estimated fair value of stock options granted during the nine months ended September 30, 2013 and 2012 was computed to be approximately $206 thousand and $167 thousand, respectively. The amount is amortized ratably over the vesting period of the options. The per share weighted average estimated fair value of options granted during the nine months ended September 30, 2013 and 2012 was computed to be approximately $2.96 and $4.19, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2013 and 2012 was approximately $42 thousand and $1.1 million, respectively. The cash proceeds from options exercised during the nine months ended September 30, 2013 and 2012 were approximately $161 thousand and $243 thousand, respectively. | |||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at September 30, 2013, excluding outstanding options to purchase an aggregate of 78.4 fractional shares resulting from the Company's December 2010 1-for-10 reverse stock split with a weighted average remaining contractual life of 1.50 years, a weighted average exercise price of $14.49 and exercise prices ranging from $4.40 to $31.50. The Company intends to issue whole shares only from option exercises. | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Exercise Prices | Number of | Weighted | Weighted | Number of | Weighted | ||||||||||||||
Options | Average | Average | Options | Average | |||||||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||
at | Contractual | Price | at | Price | |||||||||||||||
September 30, | Life in Years | September 30, | |||||||||||||||||
2013 | 2013 | ||||||||||||||||||
$ 2.70 - $ 6.76 | 231,048 | 5.89 | $ | 5.03 | 194,647 | $ | 4.973 | ||||||||||||
$ 6.77 - $ 8.48 | 180,923 | 7.68 | $ | 7.547 | 93,870 | $ | 7.581 | ||||||||||||
$ 8.49 - $9.02 | 239,067 | 4.87 | $ | 8.687 | 163,651 | $ | 8.738 | ||||||||||||
$9.03 - $15.90 | 250,780 | 2.92 | $ | 13.147 | 246,206 | $ | 13.192 | ||||||||||||
$15.91 - $31.50 | 215,073 | 2.04 | $ | 20.191 | 215,073 | $ | 20.191 | ||||||||||||
$ 2.70 - $31.50 | 1,116,891 | 4.55 | $ | 10.963 | 913,447 | $ | 11.714 | ||||||||||||
As of September 30, 2013, there was approximately $564 thousand of total unrecognized compensation cost related to outstanding stock options. That cost is expected to be recognized over a weighted average period of 1.8 years, with approximately $74 thousand to be recognized in the three months ending December 31, 2013 and all the cost to be recognized as of September 2017, assuming all options vest according to the vesting schedules in place at September 30, 2013. As of September 30, 2013, the aggregate intrinsic value of outstanding options was approximately $213 thousand and the aggregate intrinsic value of exercisable options was approximately $190 thousand. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Notes to Financial Statements | ' | ||||||||||||
SEGMENT REPORTING | ' | ||||||||||||
Summarized financial information concerning the Company's reportable segments is shown in the following table (in thousands): | |||||||||||||
Core | Other Vaccines, | ||||||||||||
Companion | Pharmaceuticals | ||||||||||||
Animal Health | and Products | Total | |||||||||||
Nine Months Ended | |||||||||||||
September 30, 2012: | |||||||||||||
Total revenue | $ | 45,811 | $ | 8,541 | $ | 54,352 | |||||||
Operating income (loss) | 883 | 555 | 1,438 | ||||||||||
Interest expense | 68 | 20 | 88 | ||||||||||
Total assets | 51,194 | 11,784 | 62,978 | ||||||||||
Net assets | 39,286 | 9,085 | 48,371 | ||||||||||
Capital expenditures | 429 | 476 | 905 | ||||||||||
Depreciation and amortization | 622 | 649 | 1,271 | ||||||||||
Nine Months Ended | |||||||||||||
September 30, 2013: | |||||||||||||
Total revenue | $ | 46,015 | $ | 8,820 | $ | 54,835 | |||||||
Operating income (loss) | (4,565 | ) | 380 | (4,185 | ) | ||||||||
Interest expense | 208 | 21 | 229 | ||||||||||
Total assets | 78,419 | 12,014 | 90,433 | ||||||||||
Net assets | 37,217 | 9,251 | 46,468 | ||||||||||
Capital expenditures | 466 | 804 | 1,270 | ||||||||||
Depreciation and amortization | 1,113 | 602 | 1,715 | ||||||||||
Core | Other Vaccines, | ||||||||||||
Companion | Pharmaceuticals | ||||||||||||
Animal Health | and Products | Total | |||||||||||
Three Months Ended | |||||||||||||
September 30, 2012: | |||||||||||||
Total revenue | $ | 13,530 | $ | 3,376 | $ | 16,906 | |||||||
Operating income (loss) | (126 | ) | 99 | (27 | ) | ||||||||
Interest expense | 21 | 8 | 29 | ||||||||||
Total assets | 51,194 | 11,784 | 62,978 | ||||||||||
Net assets | 39,286 | 9,085 | 48,371 | ||||||||||
Capital expenditures | 194 | 169 | 363 | ||||||||||
Depreciation and amortization | 213 | 197 | 410 | ||||||||||
Three Months Ended | |||||||||||||
September 30, 2013: | |||||||||||||
Total revenue | $ | 14,515 | $ | 3,080 | $ | 17,595 | |||||||
Operating income (loss) | (374 | ) | 449 | 75 | |||||||||
Interest expense | 80 | 2 | 82 | ||||||||||
Total assets | 78,419 | 12,014 | 90,433 | ||||||||||
Net assets | 37,217 | 9,251 | 46,468 | ||||||||||
Capital expenditures | 105 | 431 | 536 | ||||||||||
Depreciation and amortization | 417 | 209 | 626 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited condensed consolidated financial statements are the responsibility of the Company's management and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the instructions to Form 10-Q and rules and regulations of the Securities and Exchange Commission (the "SEC"). The condensed consolidated balance sheet as of September 30, 2013, the condensed consolidated statements of operations for the three months and nine months ended September 30, 2012 and 2013, the condensed consolidated statements of comprehensive income for the three months and nine months ended September 30, 2012 and 2013 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2012 and 2013 are unaudited, but include, in the opinion of management, all adjustments (consisting of normal recurring adjustments) which the Company considers necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented. All material intercompany transactions and balances have been eliminated in consolidation. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the SEC. | |||||||||||||
Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements and related disclosures have been prepared with the presumption that users of the interim financial information have read or have access to the audited financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2012, included in the Company's Annual Report on Form 10-K filed with the SEC on March 14, 2013. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expense during the reported period. Actual results could differ from those estimates. Significant estimates are required when establishing the allowance for doubtful accounts and the provision for excess/obsolete inventory, in determining the period over which the Company's obligations are fulfilled under agreements to license product rights and/or technology rights, in determining the need for, and the amount of, a valuation allowance on certain deferred tax assets and in determining the need for, and the amount of, an accrued liability for future payments related to minimum purchase obligations the Company may make in order to maintain certain product rights. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market using the first-in, first-out method. Inventory manufactured by the Company includes the cost of material, labor and overhead. If the cost of inventories exceeds estimated fair value, provisions are made to reduce the carrying value to estimated fair value. | |||||||||||||
Inventories, net consist of the following (in thousands): | |||||||||||||
December 31, | September 30, | ||||||||||||
2012 | 2013 | ||||||||||||
Raw materials | $ | 5,275 | $ | 5,550 | |||||||||
Work in process | 3,342 | 3,593 | |||||||||||
Finished goods | 4,671 | 6,344 | |||||||||||
Allowance for excess or obsolete inventory | (805 | ) | (1,918 | ) | |||||||||
$ | 12,483 | $ | 13,569 | ||||||||||
Basic and Diluted Net Income Per Share | ' | ||||||||||||
Basic and Diluted Net Income (Loss) Per Share | |||||||||||||
Basic net income (loss) per common share is computed using the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the sum of the weighted average number of shares of common stock outstanding, and, if not anti-dilutive, the effect of outstanding common stock equivalents (such as stock options and warrants) determined using the treasury stock method. For the three months ended September 30, 2013 and nine months ended September 30, 2012, the Company reported net income attributable to Heska Corporation and therefore, dilutive common stock equivalent securities, as computed using the treasury method, were added to basic weighted average shares outstanding for the period to derive the weighted average shares for diluted earnings per share calculation. Common stock equivalent securities other than options to purchase fractional shares that were anti-dilutive for the three months ended September 30, 2013 and nine months ended September 30, 2012, and therefore excluded, were outstanding options to purchase 924,643 and 527,438 shares of common stock, respectively. These securities are anti-dilutive primarily due to exercise prices greater than the average trading price of the Company's common stock during the three months ended September 30, 2013 and nine months ended September 30, 2012. For the nine months ended September 30, 2013 and three months ended September 30, 2012, the Company reported a net loss attributable to Heska Corporation and therefore all common stock equivalent securities would be anti-dilutive and were not included in the diluted earnings per share calculation for the period. Common stock equivalent securities other than options to purchase fractional shares that were anti-dilutive for the nine months ended September 30, 2013 and three months ended September 30, 2012, and therefore excluded, were outstanding options to purchase 1,089,779 and 1,154,275 shares of common stock, respectively. These securities are anti-dilutive due to the Company’s net loss attributable to Heska Corporation for the nine months ended September 30, 2013 and the three months ended September 30, 2012. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Inventories | ' | ||||||||||||
Inventories, net consist of the following (in thousands): | |||||||||||||
December 31, | September 30, | ||||||||||||
2012 | 2013 | ||||||||||||
Raw materials | $ | 5,275 | $ | 5,550 | |||||||||
Work in process | 3,342 | 3,593 | |||||||||||
Finished goods | 4,671 | 6,344 | |||||||||||
Allowance for excess or obsolete inventory | (805 | ) | (1,918 | ) | |||||||||
$ | 12,483 | $ | 13,569 |
ACQUISITION_Tables
ACQUISITION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Aggregate consideration paid by the company | ' | |||||||||||||||
Consideration | ||||||||||||||||
Cash | $ | 4,073 | ||||||||||||||
Stock | 3,571 | |||||||||||||||
Total | $ | 7,644 | ||||||||||||||
Inventories | $ | 1,466 | ||||||||||||||
Note from Cuattro Veterinary, LLC, due March 15, 2016 | 1,360 | |||||||||||||||
Other tangible assets | 1,278 | |||||||||||||||
Intangible assets | 688 | |||||||||||||||
Goodwill | 19,994 | |||||||||||||||
Notes payable and other borrowings | (1,527 | ) | ||||||||||||||
Accounts payable | (1,424 | ) | ||||||||||||||
Other assumed liabilities | (2,399 | ) | ||||||||||||||
$ | 19,436 | |||||||||||||||
Non-controlling interest | (11,792 | ) | ||||||||||||||
Total | $ | 7,644 | ||||||||||||||
Intangible asset amortization periods | ' | |||||||||||||||
Intangible assets and their amortization periods are as follows: | ||||||||||||||||
Useful Life | ||||||||||||||||
(in years) | Fair Value | |||||||||||||||
Trade name | 2.75 | $ | 688 | |||||||||||||
$ | 688 | |||||||||||||||
Pro forma financial information | ' | |||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2012 | 2013 | |||||||||||||||
Revenue, net | $ | 59,308 | $ | 55,735 | ||||||||||||
Net income (loss) attributable to Heska Corporation | 663 | (2,830 | ) | |||||||||||||
Basic earnings (loss) per share attributable to Heska Corporation | $ | 0.12 | $ | (0.49 | ) | |||||||||||
Diluted earnings (loss) per share attributable to Heska Corporation | 0.11 | (0.49 | ) |
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Notes to Financial Statements | ' | ||||||||||||||||||
Fair Value of each Option Grant | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||
Risk-free interest rate | 0.35% | 0.87% | 0.37% | 0.54% | |||||||||||||||
Expected lives | 3.0 years | 3.2 years | 2.9 years | 3.4 years | |||||||||||||||
Expected volatility | 55% | 44% | 64% | 51% | |||||||||||||||
Expected dividend yield | 4.44% | 0% | 3.39% | 0% | |||||||||||||||
Summary of Company Stock Option Plans | ' | ||||||||||||||||||
Year Ended | Nine Months Ended | ||||||||||||||||||
31-Dec-12 | September | ||||||||||||||||||
30, 2013 | |||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Options | Price | Options | Price | ||||||||||||||||
Outstanding at beginning of period | 1,448,675 | $ | 10.425 | 1,245,161 | $ | 11.054 | |||||||||||||
Granted at market | 137,950 | $ | 9.534 | 69,330 | $ | 8.046 | |||||||||||||
Cancelled | (118,330 | ) | $ | 11.373 | (164,303 | ) | $ | 11.33 | |||||||||||
Exercised | (223,134 | ) | $ | 5.863 | (33,297 | ) | $ | 6.488 | |||||||||||
Outstanding at end of period | 1,245,161 | $ | 11.054 | 1,116,891 | $ | 10.963 | |||||||||||||
Exercisable at end of period | 971,029 | $ | 12.129 | 913,447 | $ | 11.714 | |||||||||||||
Stock Options Outstanding and Exercisable | ' | ||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Exercise Prices | Number of | Weighted | Weighted | Number of | Weighted | ||||||||||||||
Options | Average | Average | Options | Average | |||||||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||
at | Contractual | Price | at | Price | |||||||||||||||
September 30, | Life in Years | September 30, | |||||||||||||||||
2013 | 2013 | ||||||||||||||||||
$ 2.70 - $ 6.76 | 231,048 | 5.89 | $ | 5.034 | 194,647 | $ | 4.973 | ||||||||||||
$ 6.77 - $ 8.48 | 180,923 | 7.68 | $ | 7.547 | 93,870 | $ | 7.581 | ||||||||||||
$ 8.49 - $9.02 | 239,067 | 4.87 | $ | 8.687 | 163,651 | $ | 8.738 | ||||||||||||
$9.03 - $15.90 | 250,780 | 2.92 | $ | 13.147 | 246,206 | $ | 13.192 | ||||||||||||
$15.91 - $31.50 | 215,073 | 2.04 | $ | 20.191 | 215,073 | $ | 20.191 | ||||||||||||
$ 2.70 - $31.50 | 1,116,891 | 4.55 | $ | 10.963 | 913,447 | $ | 11.714 | ||||||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Notes to Financial Statements | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
Summarized financial information concerning the Company's reportable segments is shown in the following table (in thousands): | |||||||||||||
Core | Other Vaccines, | ||||||||||||
Companion | Pharmaceuticals | ||||||||||||
Animal Health | and Products | Total | |||||||||||
Nine Months Ended | |||||||||||||
September 30, 2012: | |||||||||||||
Total revenue | $ | 45,811 | $ | 8,541 | $ | 54,352 | |||||||
Operating income (loss) | 883 | 555 | 1,438 | ||||||||||
Interest expense | 68 | 20 | 88 | ||||||||||
Total assets | 51,194 | 11,784 | 62,978 | ||||||||||
Net assets | 39,286 | 9,085 | 48,371 | ||||||||||
Capital expenditures | 429 | 476 | 905 | ||||||||||
Depreciation and amortization | 622 | 649 | 1,271 | ||||||||||
Nine Months Ended | |||||||||||||
September 30, 2013: | |||||||||||||
Total revenue | $ | 46,015 | $ | 8,820 | $ | 54,835 | |||||||
Operating income (loss) | (4,565 | ) | 380 | (4,185 | ) | ||||||||
Interest expense | 208 | 21 | 229 | ||||||||||
Total assets | 78,419 | 12,014 | 90,433 | ||||||||||
Net assets | 37,217 | 9,251 | 46,468 | ||||||||||
Capital expenditures | 466 | 804 | 1,270 | ||||||||||
Depreciation and amortization | 1,113 | 602 | 1,715 | ||||||||||
Core | Other Vaccines, | ||||||||||||
Companion | Pharmaceuticals | ||||||||||||
Animal Health | and Products | Total | |||||||||||
Three Months Ended | |||||||||||||
September 30, 2012: | |||||||||||||
Total revenue | $ | 13,530 | $ | 3,376 | $ | 16,906 | |||||||
Operating income (loss) | (126 | ) | 99 | (27 | ) | ||||||||
Interest expense | 21 | 8 | 29 | ||||||||||
Total assets | 51,194 | 11,784 | 62,978 | ||||||||||
Net assets | 39,286 | 9,085 | 48,371 | ||||||||||
Capital expenditures | 194 | 169 | 363 | ||||||||||
Depreciation and amortization | 213 | 197 | 410 | ||||||||||
Three Months Ended | |||||||||||||
September 30, 2013: | |||||||||||||
Total revenue | $ | 14,515 | $ | 3,080 | $ | 17,595 | |||||||
Operating income (loss) | (374 | ) | 449 | 75 | |||||||||
Interest expense | 80 | 2 | 82 | ||||||||||
Total assets | 78,419 | 12,014 | 90,433 | ||||||||||
Net assets | 37,217 | 9,251 | 46,468 | ||||||||||
Capital expenditures | 105 | 431 | 536 | ||||||||||
Depreciation and amortization | 417 | 209 | 626 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Outstanding Options | $924,643 | $1,154,275 | $1,089,779 | $527,438 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories Details | ' | ' |
Raw materials | $5,550 | $5,275 |
Work in process | 3,593 | 3,342 |
Finished goods | 6,344 | 4,671 |
Allowance for excess or obsolete inventory | 1,918 | 805 |
Total Inventories | $13,569 | $12,483 |
Aggregate_consideration_paid_a
Aggregate consideration paid, assets and liabilities acquired (Details) (Cuattro Veterinary USA, LLC, USD $) | Feb. 24, 2013 |
In Thousands, unless otherwise specified | |
Cuattro Veterinary USA, LLC | ' |
Consideration | ' |
Cash | $4,073 |
Stock | 3,571 |
Total | 7,644 |
Acquired assets and liabilities | ' |
Inventories | 1,466 |
Note from Cuattro Veterinary, LLC, due March 15, 2016 | 1,360 |
Other tangible assets | 1,278 |
Intangible assets | 688 |
Goodwill | 19,994 |
Notes payable and other borrowings | -1,527 |
Accounts payable | -1,424 |
Other assumed liabilities | -2,399 |
Total Assets and Liabilities Assumed | 19,436 |
Non-controlling interest | -11,792 |
Total | $7,644 |
Acquisition_Intangible_asset_a
Acquisition - Intangible asset amortization periods (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value | $688 |
Trade Name | ' |
Useful Life (in years) | '2 years 9 months |
Fair Value | $688 |
Acquisition_Pro_forma_financia
Acquisition - Pro forma financial information (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Business Combinations [Abstract] | ' | ' |
Revenue, net | $55,735 | $59,308 |
Net income (loss) attributable to Heska Corporation | ($2,830) | $663 |
Basic earnings (loss) per share attributable to Heska Corporation | ($0.49) | $0.12 |
Diluted earnings (loss) per share attributable to Heska Corporation | ($0.49) | $0.11 |
Acquisition_Details
Acquisition (Details) (Cuattro Veterinary USA, LLC, USD $) | 7 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Feb. 24, 2013 |
Cuattro Veterinary USA, LLC | ' | ' |
Interest acquired in combination | ' | 54.60% |
Cost of business acquisition in cash and stock | ' | $7,644 |
Minimum cash paid for acquisition | ' | 4,073 |
Following acquisition, former Cuattro Vet unit holders retained Public Common Stock | ' | 7.20% |
Remaining minority position of Cuattro Vet subject to purchase | ' | 45.40% |
Cuattro contributed net revenue over period | 6,700 | ' |
Cuattro contributed net income | ($1,000) | ' |
Shawna M. Wilson | ' | 2975.00% |
Clint Roth, DVM | ' | 839.00% |
Steven M. Asakowicz | ' | 409.00% |
Rodney A. Lippincott | ' | 307.00% |
Kevin S. Wilson | ' | 5.00% |
Cuattro, LLC | ' | 5.00% |
FAIR_VALUE_OF_EACH_OPTION_GRAN
FAIR VALUE OF EACH OPTION GRANT (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value Of Each Option Grant Details | ' | ' | ' | ' |
Risk-free interest rate | 87.00% | 35.00% | 54.00% | 37.00% |
Expected lives, in years | '3.2 | '3.0 | '3.4 | '2.9 |
Expected volatility | 44.00% | 55.00% | 51.00% | 64.00% |
Expected dividend yield | 0.00% | 444.00% | 0.00% | 339.00% |
SUMMARY_OF_COMPANY_STOCK_OPTIO
SUMMARY OF COMPANY STOCK OPTION PLANS (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Summary Of Company Stock Option Plans Details | ' | ' |
Outstanding at beginning of period | 1,245,161 | 1,448,675 |
Outstanding at begining of period, Weighted Average Exercise Price | $11.05 | $10.43 |
Granted at market, options | 69,330 | 137,950 |
Granted at market, Weighted Average Exercise Price | $8.05 | $9.53 |
Cancelled, Options | -164,303 | -118,330 |
Cancelled, Weighted Average Excercise Price | 11.33 | 11.373 |
Exercised, Options | ($33,297) | ($223,134) |
Exercised, Weighted Average Exercise Price | $6.49 | $5.86 |
Outstanding at end of period, Options | $1,116,891 | $1,245,161 |
Outstanding at end of period, Weighted Average Exercise Price | $10.96 | $11.05 |
Exercisable at end of period, Options | 913,447 | 971,029 |
Exercisable at end of period, Weighted Average Exercise Price | $11.71 | $12.13 |
STOCK_OPTIONS_OUTSTANDING_Deta
STOCK OPTIONS OUTSTANDING (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock options Outstanding | ' | 1,245,161 | 1,448,675 |
Weighted Average Exercise Price on Outstanding Options | $11.71 | $12.13 | ' |
Stock Options Exercisable | ' | $11.05 | $10.43 |
Weighted Average Exercise Price on Exercisable Options | $10.96 | $11.05 | ' |
$ 2.70 - $ 6.76 | ' | ' | ' |
Stock options Outstanding | 231,048 | ' | ' |
Average Remaining Contractual Life in Years | $5.89 | ' | ' |
Weighted Average Exercise Price on Outstanding Options | $5.03 | ' | ' |
Stock Options Exercisable | $194,647 | ' | ' |
Weighted Average Exercise Price on Exercisable Options | $4.97 | ' | ' |
$ 6.77 - $ 8.48 | ' | ' | ' |
Stock options Outstanding | 180,923 | ' | ' |
Average Remaining Contractual Life in Years | $7.68 | ' | ' |
Weighted Average Exercise Price on Outstanding Options | $7.55 | ' | ' |
Stock Options Exercisable | $93,870 | ' | ' |
Weighted Average Exercise Price on Exercisable Options | $7.58 | ' | ' |
$ 8.49 - $ 9.02 | ' | ' | ' |
Stock options Outstanding | 239,067 | ' | ' |
Average Remaining Contractual Life in Years | $4.87 | ' | ' |
Weighted Average Exercise Price on Outstanding Options | $8.69 | ' | ' |
Stock Options Exercisable | $163,651 | ' | ' |
Weighted Average Exercise Price on Exercisable Options | $8.74 | ' | ' |
$ 9.03 - $ 15.90 | ' | ' | ' |
Stock options Outstanding | 250,780 | ' | ' |
Average Remaining Contractual Life in Years | $2.92 | ' | ' |
Weighted Average Exercise Price on Outstanding Options | $13.15 | ' | ' |
Stock Options Exercisable | $246,206 | ' | ' |
Weighted Average Exercise Price on Exercisable Options | $13,192 | ' | ' |
$ 15.91 - $ 31.50 | ' | ' | ' |
Stock options Outstanding | 215,073 | ' | ' |
Average Remaining Contractual Life in Years | $2.04 | ' | ' |
Weighted Average Exercise Price on Outstanding Options | $20.19 | ' | ' |
Stock Options Exercisable | $215,073 | ' | ' |
Weighted Average Exercise Price on Exercisable Options | $20.19 | ' | ' |
$ 2.70 - $31.50 | ' | ' | ' |
Stock options Outstanding | 1,116,891 | ' | ' |
Average Remaining Contractual Life in Years | $4.55 | ' | ' |
Weighted Average Exercise Price on Outstanding Options | $10.96 | ' | ' |
Stock Options Exercisable | $913,447 | ' | ' |
Weighted Average Exercise Price on Exercisable Options | $11.71 | ' | ' |
CAPITAL_STOCK_Details
CAPITAL STOCK (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Notes to Financial Statements | ' | ' |
Fair Value Of Stock Options Granted | $206 | $167 |
Weighted Average Fair Value of Options | $2.96 | $4.19 |
Intrinsic Value of Options Exercised | 42 | 1,100 |
Cash Proceeds from Options Exercised | 161 | 243 |
Fractional Shares of Outstanding Options | $78.40 | ' |
Weighted Average Reamining Contractual Life | $1.50 | ' |
Weighted Average Exercise Price | $14.49 | ' |
Exercise Price Range Low | $4.40 | ' |
Exercise Price Range High | $31.50 | ' |
Unrecognized Compensation Costs of Options | 564 | ' |
Weighted Average Period of Unrecognized Cost | '1.8 | ' |
Option Compensation Costs to be Recognized this Year | 74 | ' |
Aggregate Intrinsic Value of Outstanding Options | 213 | ' |
Aggregate Intrinsic Value of Exercisable Options | $190 | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Total revenue | $17,595 | $16,906 | $54,835 | $54,352 | ' |
Operating income (loss) | 75 | -27 | -4,185 | 1,438 | ' |
Interest expense | 82 | 29 | 229 | 88 | ' |
Total assets | 90,433 | 62,978 | 90,433 | 62,978 | 66,826 |
Net assets | 46,468 | 48,371 | 46,468 | 48,371 | ' |
Capital expenditures | 536 | 363 | -1,270 | -905 | ' |
Depreciation and amortization | 628 | 410 | 1,715 | 1,271 | ' |
CCA | ' | ' | ' | ' | ' |
Total revenue | 14,515 | 13,530 | 46,015 | 45,811 | ' |
Operating income (loss) | -374 | -126 | -4,565 | 883 | ' |
Interest expense | 80 | 21 | 208 | 68 | ' |
Total assets | 78,419 | 51,194 | 78,419 | 51,194 | ' |
Net assets | 37,217 | 39,286 | 37,217 | 39,286 | ' |
Capital expenditures | 105 | 194 | 466 | 429 | ' |
Depreciation and amortization | 417 | 213 | 1,113 | 622 | ' |
OVP | ' | ' | ' | ' | ' |
Total revenue | 3,080 | 3,376 | 8,820 | 8,541 | ' |
Operating income (loss) | 449 | 99 | 380 | 555 | ' |
Interest expense | 2 | 8 | 21 | 20 | ' |
Total assets | 12,014 | 11,784 | 12,014 | 11,784 | ' |
Net assets | 9,251 | 9,085 | 9,251 | 9,085 | ' |
Capital expenditures | 431 | 169 | 804 | 476 | ' |
Depreciation and amortization | $209 | $197 | $602 | $649 | ' |