Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | 31-Mar-15 | |
Amendment flag | FALSE | |
Document Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Current fiscal year end date | -19 | |
Entity central index key | 1123494 | |
Entity current reporting status | Yes | |
Entity filer category | Accelerated Filer | |
Entity registrant name | HARVARD BIOSCIENCE INC | |
Entity voluntary filers | No | |
Entity well known seasoned issuer | No | |
Entity common stock shares outstanding | 33,452,456 | |
Trading Symbol | HBIO |
Statements_of_Financial_Positi
Statements of Financial Position (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $8,031 | $14,134 |
Accounts receivable, net of allowance for doubtful accounts of $308 and $328, respectively | 16,023 | 16,141 |
Inventories | 22,092 | 20,531 |
Deferred income tax assets - current | 1,855 | 1,515 |
Other receivables and other assets | 4,770 | 4,742 |
Total current assets | 52,771 | 57,063 |
Property, plant and equipment, net | 5,581 | 5,190 |
Deferred income tax assets - non-current | 10,946 | 11,056 |
Amortizable intangible assets, net | 22,911 | 21,153 |
Goodwill | 40,339 | 39,822 |
Other indefinite lived intangible assets | 1,222 | 1,252 |
Other assets | 352 | 380 |
Total Assets | 134,122 | 135,916 |
Current liabilities: | ||
Current portion, long-term debt | 5,000 | 5,000 |
Accounts payable | 7,180 | 6,294 |
Deferred revenue | 980 | 655 |
Accrued income taxes payable | 291 | 554 |
Deferred income tax liabilities - current | 239 | 121 |
Accrued expenses | 4,272 | 4,452 |
Other liabilities - current | 1,800 | 1,023 |
Total current liabilities | 19,762 | 18,099 |
Long-term debt | 16,900 | 16,450 |
Deferred income tax liabilities - non-current | 2,172 | 1,325 |
Other liabilities- non current | 4,785 | 4,574 |
Total liabilities | 43,619 | 40,448 |
Stockholders Equity Abstract | ||
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized | 0 | 0 |
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 41,081,052 and 40,308,763 shares issued and 33,335,545 and 32,563,256 shares outstanding, respectively | 401 | 397 |
Additional paid-in-capital | 207,618 | 206,656 |
Accumulated deficit | -94,085 | -92,684 |
Accumulated other comprehensive loss | -12,763 | -8,233 |
Treasury stock at cost, 7,745,507 common shares | -10,668 | -10,668 |
Total stockholders' equity | 90,503 | 95,468 |
Total liabilities and stockholders' equity | $134,122 | $135,916 |
Statements_of_Financial_Positi1
Statements of Financial Position (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ||
Allowance for doubtful accounts | $308 | $328 |
Preferred Stock Par value | $0.01 | $0.01 |
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 |
Common stock par value | $10 | $10 |
Common Stock- Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock- Shares Issued | 41,081,052 | 40,308,763 |
Common Stock- Shares Outstanding | 33,335,545 | 32,563,256 |
Treasury Stock common shares | 7,745,507 | 7,745,507 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenues | $25,763 | $25,893 |
Cost of revenues (exclusive of items shown separately below) | 14,285 | 14,132 |
Gross profit | 11,478 | 11,761 |
Sales and marketing expenses | 5,199 | 4,432 |
General and administrative expenses | 4,831 | 4,251 |
Research and development expenses | 1,748 | 973 |
Restructuring charges (credits) | 57 | 137 |
Amortization of intangible assets | 793 | 634 |
Total Operating Expenses | 12,628 | 10,427 |
Operating income | -1,150 | 1,334 |
Other (expense) income: | ||
Foreign exchange | 223 | -81 |
Interest expense | -222 | -265 |
Interest income | 1 | 14 |
Other income (expense), net | -616 | 17 |
Other expense, net | -614 | -315 |
Income from continuing operations before income taxes | -1,764 | 1,019 |
Total Income Tax Expense | -363 | 300 |
Net income (loss) | -1,401 | 719 |
Earnings (loss) per share: | ||
Basic earnings per common share | ($0.04) | $0.02 |
Diluted Earnings Per Common Share | ($0.04) | $0.02 |
Weighted average common shares: | ||
Basic | 32,908,101 | 31,846,897 |
Diluted | 32,908,101 | 32,924,861 |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments | -4,497 | 215 |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Period Increase Decrease [Abstract] | ||
Loss on derivative instruments designated and qualifying as cash flow hedges | -59 | -24 |
Amounts reclassified from accumulated other comprehensive income to net income | 26 | 35 |
Total Comprehensive Income (Loss), Net of Tax, total | ($5,931) | $945 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | ($1,401) | $719 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation expense | 580 | 447 |
Depreciation | 364 | 300 |
(Gain) loss on sales of fixed assets | 19 | -76 |
Non cash restructuring charge | 0 | -102 |
Amortization Of Catalog Costs | 6 | 13 |
Provision for allowance for doubtful accounts | 6 | 27 |
Amortization of intangible assets | 793 | 634 |
Amortization of deferred financing costs | 15 | 15 |
Deferrred Income Taxes | -255 | 35 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | 115 | -437 |
Increase in inventories | -758 | 48 |
Increase in other receivables and other assets | -149 | 5 |
Increase in trade accounts payable | 790 | -24 |
(Decrease) increase in accrued income taxes | -301 | 25 |
Increase in accrued expenses | -648 | -489 |
(Decrease) increase in deferred revenue | 355 | -29 |
Increase (decrease) in other liabilities | -28 | -39 |
Net cash provided by operating activities | -497 | 1,072 |
Cash flows (used in) provided by investing activities: | ||
Additions to property, plant and equipment | -1,044 | -282 |
Proceeds from sales of property, plant and equipment | 0 | 113 |
Acquisitions, net of cash acquired | -4,545 | 0 |
Net cash used in investing activities | -5,589 | -169 |
Cash flows provided by (used in) financing activities: | ||
Repayments of debt | -2,850 | -1,250 |
Net proceeds from issuance of debt | 3,300 | 0 |
Net proceeds from issuance of common stock | 382 | 319 |
Net cash (used in) provided by financing activities | 832 | -931 |
Effect of exchange rate changes on cash | -849 | 94 |
Increase in cash and cash equivalents | -6,103 | 66 |
Cash and cash equivalents at the begining of period | 14,134 | 25,771 |
Cash and cash equivalents at the end of period | 8,031 | 25,837 |
Supplemental disclosures of cash flow information [Abstract] | ||
Cash paid for interest | 175 | 268 |
Cash paid for income taxes, net of refunds | $350 | $433 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Summary of Significant Accounting Policies Disclosure [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies Disclosure [Text Block] | HARVARD BIOSCIENCE, INC. |
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS | |
1. Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation | |
The unaudited consolidated financial statements of Harvard Bioscience, Inc. and its wholly-owned subsidiaries (collectively, “Harvard Bioscience” or the “Company”) as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The December 31, 2014 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, which was filed with the SEC on March 12, 2015. | |
In the opinion of management, all adjustments, which include normal recurring adjustments necessary to present a fair statement of financial position as of March 31, 2015, results of operations and comprehensive (loss) income for the three months ended March 31, 2015 and 2014 and cash flows for the three months ended March 31, 2015 and 2014, as applicable, have been made. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for the full fiscal year or any future periods. | |
Summary of Significant Accounting Policies | |
The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on March 12, 2015. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements Disclosure [Text Block] | 2. Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance in U.S. GAAP. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. This standard will be effective as of the beginning of the Company’s 2017 fiscal year. In April 2015 the FASB issued an exposure draft proposing a one-year delay of the effective date. Under the proposed amendments, the standard would take effect in 2018 for calendar year-end public entities. The proposal is open for comment through May 29, 2015. The Company is assessing the new standard and has not yet determined the impact to the consolidated financial statements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||
Accumulated Other Comprehensive Income Disclosure [Text Block] | 3. Accumulated Other Comprehensive Loss | ||||||||
Changes in each component of accumulated other comprehensive loss, net of tax are as follows: | |||||||||
Foreign currency | Derivatives | ||||||||
translation | qualifying as | Defined benefit | |||||||
(in thousands) | adjustments | hedges | pension plans | Total | |||||
Balance at December 31, 2014 | $ | -4,658 | $ | -18 | $ | -3,557 | $ | -8,233 | |
Other comprehensive loss before reclassifications | -4,497 | -59 | - | -4,556 | |||||
Amounts reclassified from AOCI | - | 26 | - | 26 | |||||
Other comprehensive loss | -4,497 | -33 | - | -4,530 | |||||
Balance at March 31, 2015 | $ | -9,155 | $ | -51 | $ | -3,557 | $ | -12,763 |
Acquisitions
Acquisitions | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Acquisition Disclosure [Abstract] | ||||||
Acquisitions Disclosure [Text Block] | 4. Acquisitions | |||||
The Company completed one acquisition during the three months ended March 31, 2015. | ||||||
HEKA Elektronik | ||||||
On January 8, 2015, the Company, through its wholly-owned Ealing Scientific Limited and Multi Channel Systems MCS GmbH subsidiaries, acquired all of the issued and outstanding shares of HEKA Elektronik (“HEKA”) for approximately $5.9 million, or $4.5 million, net of cash acquired. Included in the acquisition of HEKA are: HEKA Electronik Dr. Schulze GmbH, based in Lambrecht, Germany; HEKA Electronics Incorporated, based in Chester, Nova Scotia, Canada; and HEKA Instruments Incorporated, based in Bellmore, New York. The Company funded the acquisition from its existing cash balances. | ||||||
HEKA is a developer, manufacturer and marketer of sophisticated electrophysiology instrumentation and software for biomedical and industrial research applications. This acquisition is complementary to the electrophysiology line currently offered by the Company’s wholly-owned Warner Instruments and MCS subsidiaries. | ||||||
The aggregate purchase price for this acquisition was preliminarily allocated to tangible and intangible assets acquired as follows: | ||||||
(in thousands) | ||||||
Tangible assets | $ | 4,165 | ||||
Liabilities assumed | -2,819 | |||||
Net assets | 1,346 | |||||
Goodwill and intangible assets: | ||||||
Goodwill | 2,061 | |||||
Trade name | 774 | |||||
Customer relationships | 1,627 | |||||
Developed technology | 1,338 | |||||
Non-compete agreements | 27 | |||||
Deferred tax liabilities | -1,245 | |||||
Total goodwill and intangible assets, net of tax | 4,582 | |||||
Acquisition purchase price | $ | 5,928 | ||||
The estimated purchase price allocation is preliminary and subject to revision. A valuation of the assets acquired and liabilities assumed is being conducted and the final allocation will be made when completed. | ||||||
Goodwill recorded as a result of the acquisition of HEKA is not deductible for tax purposes. | ||||||
The results of operations for HEKA have been included in the Company’s consolidated financial statements from the date of acquisition and are not material. | ||||||
The following consolidated pro forma information is based on the assumption that the acquisition of HEKA occurred on January 1, 2014. Accordingly, the historical results have been adjusted to reflect amortization expense that would have been recognized on such a pro forma basis. The unaudited pro forma information is presented for comparative purposes only and is not necessarily indicative of the financial position or results of operations which would have been reported had we completed the acquisition during these periods or which might be reported in the future. | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
(in thousands) | ||||||
Pro Forma | ||||||
Revenues | $ | 25,860 | $ | 27,274 | ||
Net (loss) income | -1,390 | 793 | ||||
The Company completed two acquisitions during 2014. | ||||||
Multi Channel Systems MCS GmbH | ||||||
On October 1, 2014, the Company, through its wholly-owned Biochrom Limited subsidiary, acquired all of the issued and outstanding shares of Multi Channel Systems MCS GmbH (“MCS”), which has its principal offices in Germany, for approximately $11.2 million, including a working capital adjustment. The Company funded the acquisition from its existing cash balances. | ||||||
MCS is a developer, manufacturer and marketer of in vitro and in vivo electrophysiology instrumentation for extracellular recording and stimulation. This acquisition is complementary to the in vitro electrophysiology line currently offered by the Company’s wholly-owned Warner Instruments subsidiary. | ||||||
The aggregate purchase price for this acquisition was preliminarily allocated to tangible and intangible assets acquired as follows: | ||||||
(in thousands) | ||||||
Tangible assets | $ | 5,442 | ||||
Liabilities assumed | -1,207 | |||||
Net assets | 4,235 | |||||
Goodwill and intangible assets: | ||||||
Goodwill | 3,745 | |||||
Trade name | 1,008 | |||||
Customer relationships | 1,204 | |||||
Developed technology | 2,452 | |||||
Non-compete agreements | 148 | |||||
Deferred tax liabilities | -1,603 | |||||
Total goodwill and intangible assets, net of tax | 6,954 | |||||
Acquisition purchase price | $ | 11,189 | ||||
Goodwill recorded as a result of the acquisition of MCS is not deductible for tax purposes. | ||||||
The results of operations for MCS have been included in the Company’s consolidated financial statements from the date of acquisition and are not material. | ||||||
The following consolidated pro forma information is based on the assumption that the acquisition of MCS occurred on January 1, 2014. Accordingly, the historical results have been adjusted to reflect amortization expense that would have been recognized on such a pro forma basis. The unaudited pro forma information is presented for comparative purposes only and is not necessarily indicative of the financial position or results of operations which would have been reported had we completed the acquisition during these periods or which might be reported in the future. | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | ||||||
(in thousands) | ||||||
Pro Forma | ||||||
Revenues | $ | 27,713 | ||||
Net income | 801 | |||||
Triangle BioSystems, Inc. | ||||||
On October 1, 2014, the Company acquired all of the issued and outstanding shares of Triangle BioSystems, Inc. (“TBSI”), which has its principal offices in North Carolina, for approximately $2.2 million, including a working capital adjustment. The Company funded the acquisition from borrowings under its credit facility. | ||||||
TBSI is a developer, manufacturer and marketer of wireless neural interface equipment to aid in vivo neuroscience research, especially in the fields of electrophysiology, psychology, neurology and pharmacology. This acquisition is complementary to the behavioral neuroscience lines currently offered by the Company’s wholly-owned Panlab and Coulbourn subsidiaries. | ||||||
The aggregate purchase price for this acquisition was preliminarily allocated to tangible and intangible assets acquired as follows: | ||||||
(in thousands) | ||||||
Tangible assets | $ | 1,278 | ||||
Liabilities assumed | -530 | |||||
Net assets | 748 | |||||
Goodwill and intangible assets: | ||||||
Goodwill | 946 | |||||
Trade name | 143 | |||||
Customer relationships | 308 | |||||
Developed technology | 363 | |||||
Non-compete agreements | 30 | |||||
Deferred tax liabilities | -325 | |||||
Total goodwill and intangible assets, net of tax | 1,465 | |||||
Acquisition purchase price | $ | 2,213 | ||||
The results of operations for TBSI have been included in the Company’s consolidated financial statements from the date of acquisition and are not material. The Company considers this acquisition immaterial for the purposes of proforma financial statement disclosures. Goodwill recorded as a result of the acquisition of TBSI is not deductible for tax purposes. | ||||||
Direct acquisition costs recorded in other expense, net in the Company’s consolidated statements of operations were $0.6 million and $0 for the three months ended March 31, 2015 and 2014, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Goodwill And Other Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill And Other Intangible Assets Disclosure [Text Block] | 5. Goodwill and Other Intangible Assets | |||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||
Weighted | ||||||||||||||||
Average | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | Life | (a) | |||||||||||||
(in thousands) | ||||||||||||||||
Amortizable intangible assets: | Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||
Existing technology | $ | 15,981 | $ | -10,986 | $ | 15,538 | $ | -11,198 | 7.7 | Years | ||||||
Trade names | 7,628 | -2,665 | 7,114 | -2,557 | 9.7 | Years | ||||||||||
Distribution agreements/customer relationships | 23,643 | -10,876 | 22,730 | -10,681 | 10.6 | Years | ||||||||||
Patents | 245 | -59 | 256 | -49 | 3.9 | Years | ||||||||||
Total amortizable intangible assets | 47,497 | $ | -24,586 | 45,638 | $ | -24,485 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||
Goodwill | 40,339 | 39,822 | ||||||||||||||
Other indefinite-lived intangible assets | 1,222 | 1,252 | ||||||||||||||
Total goodwill and other indefinite-lived intangible assets | 41,561 | 41,074 | ||||||||||||||
Total intangible assets | $ | 89,058 | $ | 86,712 | ||||||||||||
(a) Weighted average life as of March 31, 2015. | ||||||||||||||||
The change in the carrying amount of goodwill for the three months ended March 31, 2015 is as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 31, 2014 | $ | 39,822 | ||||||||||||||
Goodwill arising from business combinations | 2,061 | |||||||||||||||
Effect of change in currency translation | -1,544 | |||||||||||||||
Balance at March 31, 2015 | $ | 40,339 | ||||||||||||||
Intangible asset amortization expense was $0.8 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively. Amortization expense of existing amortizable intangible assets is currently estimated to be $2.8 million for the year ending December 31, 2015, $2.7 million for the year ending December 31, 2016, $2.5 million for the year ending December 31, 2017, $2.3 million for the year ending December 31, 2018 and $2.2 million for the year ending December 31, 2019. |
Inventories
Inventories | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Inventories Disclosure [Abstract] | |||||||||||
Inventories Disclosure [Text Block] | 6. Inventories | ||||||||||
Inventories consist of the following: | |||||||||||
March 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
(in thousands) | |||||||||||
Finished goods | $ | 10,269 | $ | 10,138 | |||||||
Work in process | 1,355 | 946 | |||||||||
Raw materials | 10,468 | 9,447 | |||||||||
Total | $ | 22,092 | $ | 20,531 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Property, Plant and Equipment Disclosure [Abstract] | |||||
Property, Plant and Equipment Disclosure [Text Block] | 7. Property, Plant and Equipment | ||||
Property, plant and equipment consist of the following: | |||||
March 31, | December 31, | ||||
2015 | 2014 | ||||
(in thousands) | |||||
Land, buildings and leasehold improvements | $ | 2,626 | $ | 2,595 | |
Machinery and equipment | 9,747 | 10,102 | |||
Computer equipment and software | 6,753 | 6,322 | |||
Furniture and fixtures | 1,304 | 1,125 | |||
Automobiles | 128 | 56 | |||
20,558 | 20,200 | ||||
Less: accumulated depreciation | -14,977 | -15,010 | |||
Property, plant and equipment, net | $ | 5,581 | $ | 5,190 |
Restructuring_and_Other_Exit_C
Restructuring and Other Exit Costs | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Restructuring And Other Exit Costs Disclosure [Text Block] | 8. Restructuring and Other Exit Costs | ||||||||
2015 Restructuring Plan | |||||||||
During the first quarter of 2015, management of Harvard Bioscience initiated a plan to relocate certain manufacturing operations in order to create organizational efficiencies and reduce operating expenses. The 2015 restructuring plan included plans to consolidate the manufacturing operations of its Coulbourn subsidiary to its headquarters in Holliston, MA. The Company recorded restructuring charges of approximately $27,000 representing severance costs. Additional charges related to this plan are expected to be incurred through the third quarter of 2015, and include, but are not limited to, contract termination costs, as well as moving and employee relocation costs. Payments related to this plan are expected to be made through the end of 2015. Activity and liability balances related to these charges were as follows: | |||||||||
Severance Costs | |||||||||
(in thousands) | |||||||||
Restructuring charges | $ | 27 | |||||||
Cash payments | - | ||||||||
Restructuring balance at March 31, 2015 | $ | 27 | |||||||
2014 Restructuring Plan | |||||||||
During the fourth quarter of 2014, management of Harvard Bioscience initiated a plan to relocate certain distribution and manufacturing operations in order to create organizational efficiencies and reduce operating expenses. The 2014 restructuring plan included plans to relocate the distribution operations of the Company’s Denville subsidiary from New Jersey to North Carolina, as well as consolidating the manufacturing operations of its Biochrom subsidiary to its headquarters in Holliston, MA. During the three months ended March 31, 2015, the Company recorded restructuring charges of approximately $30,000. Additional charges related to this plan are expected to be incurred through the third quarter of 2015, and include, but are not limited to, contract termination costs, as well as moving and employee relocation costs. Payments related to this plan are expected to be made through the end of 2015. Activity and liability balances related to these charges were as follows: | |||||||||
Severance Costs | Other | Total | |||||||
(in thousands) | |||||||||
Restructuring balance at December 31, 2014 | $ | 626 | $ | - | $ | 626 | |||
Restructuring charges | - | 30 | 30 | ||||||
Cash payments | - | -30 | -30 | ||||||
Effect of change in currency translation | -21 | - | -21 | ||||||
Restructuring balance at March 31, 2015 | $ | 605 | $ | - | $ | 605 | |||
2013 Restructuring Plan | |||||||||
During the fourth quarter of 2013, the management of Harvard Bioscience initiated a plan to realign global operations to improve organizational efficiencies and reduce operating expenses throughout the Company. The plan included an approximately 13% reduction in the workforce, as well as the elimination of the position of Chief Operating Officer. No further charges are expected to be incurred on this matter. At December 31, 2014 and March 31, 2015, the Company had no remaining liability related to this plan on its balance sheet. Activity and liability balances related to these charges in 2014 were as follows: | |||||||||
Severance and | |||||||||
Related Costs | Other | Total | |||||||
(in thousands) | |||||||||
Restructuring balance at December 31, 2013 | $ | 1,434 | $ | - | $ | 1,434 | |||
Restructuring charges | 161 | 78 | 239 | ||||||
Non-cash reversal of restructuring charges | -99 | - | -99 | ||||||
Cash payments | -777 | - | -777 | ||||||
Restructuring balance at March 31, 2014 | $ | 719 | $ | 78 | $ | 797 | |||
2012 Restructuring Plan | |||||||||
During 2012, the management of Harvard Bioscience initiated a plan to reduce operating expenses at one of its foreign subsidiaries. No further charges are expected to be incurred on this matter. As of March 31, 2015, the Company had no remaining liability related to this plan on its balance sheet. Activity and liability balances related to these charges were as follows: | |||||||||
Severance | |||||||||
and Related Costs | |||||||||
(in thousands) | |||||||||
Restructuring balance at December 31, 2013 | $ | 3 | |||||||
Non-cash reversal of restructuring charges | -3 | ||||||||
Restructuring balance at March 31, 2014 | $ | - | |||||||
Aggregate net restructuring charges for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Restructuring charges | $ | 57 | $ | 137 |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 9. Related Party Transactions |
On November 1, 2013, the spin-off of Harvard Apparatus Regenerative Technology, Inc. (“HART”) from the Company was completed. Through the spin-off date, the historical operations of HART were reported as continuing operations in the consolidated statements of operations of the Company. Following the spin-off, the historical operations of HART were reclassified and reported as discontinued operations. As a result of the spin-off and related separation, HART became an independent company that operates the regenerative medicine business previously owned by Harvard Bioscience. The spin-off was completed through the distribution to Harvard Bioscience’s stockholders of record all of the shares of common stock of HART (the “Distribution”). In the Distribution, the Company distributed to its stockholders one share of HART common stock for every four shares of Harvard Bioscience common stock outstanding as of the close of business on October 21, 2013, the record date for the Distribution. Fractional shares of HART common stock were not included in the distribution. Instead, Registrar & Transfer Company aggregated fractional shares into whole shares, sold the whole shares in the open market and distributed the aggregate net cash proceeds of the sales pro rata to each holder who otherwise would have been entitled to receive a fractional share in the Distribution. | |
In connection with the HART spin-off, the Company entered into various commercial agreements with HART. These agreements include: (i) a Separation and Distribution Agreement to effect the separation and spin-off distribution and provide other agreements to govern the Company’s relationship with HART after the spin-off; (ii) an Intellectual Property Matters Agreement, which governs various intellectual property related arrangements between the Company and HART, including the separation of intellectual property rights between the Company and HART, as well as certain related cross-licenses between the two companies; (iii) a Product Distribution Agreement, which provides that each company will become the exclusive distributor for the other party for products such other party develops for sale in the markets served by the other; (iv) a Tax Sharing Agreement, which governs the Company’s and HART’s respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes for periods before, during and after the spin-off; (v) a Transition Services Agreement, which provides for certain services to be performed on a transitional basis by the Company to facilitate HART’s transition into a separate public reporting company. As part of the Transition Services Agreement, the Company provided certain support services to HART, for up to one year following the spin-off date, including, among others, accounting, payroll, human resources and information technology services, with the charges for the transition services generally intended to allow the Company to fully recover the costs directly associated with providing the services, plus all out-of-pocket costs and expenses; and (vi) a Sublease pursuant to which the Company has subleased certain premises in Holliston, MA to HART. The Transition Services Agreement expired on November 1, 2014. | |
The Company recorded revenues of approximately $48,000 and $0.1 million for the three months ended March 31, 2015 and 2014, respectively, as a result of the exclusive distribution rights pursuant to the Product Distribution Agreement. The Company’s operating expenses were reduced by $0.1 million for the three months ended March 31, 2014 as a result of the fees the Company charged to HART for services provided pursuant to the Transition Services Agreement. In addition, the Company’s rent expense was reduced by $42,000 and $40,000 for the three months ended March 31, 2015 and 2014, respectively, as a result of sublease rent charged to HART pursuant to a sublease between the two companies. | |
David Green, who is currently a Director of the Company and was also formerly the Company’s President and interim CEO, was the Chairman and CEO of HART until his resignation on April 17, 2015. Mr. Green remains a member of HART’s Board of Directors. | |
As part of the acquisitions of MCS, TBSI, and HEKA, the Company signed lease agreements with the former owners of the acquired companies. The principals of such former owners were employees of the Company as of March 31, 2015. Pursuant to the lease agreements, the Company incurred rent expense of approximately $55,000, $11,000 and $39,000 to the former owners of MCS, TBSI, and HEKA, respectively, for the three months ended March 31, 2015. |
Warranties
Warranties | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Warranties Disclosure [Abstract] | |||||||||||||||
Warranties Disclosure [Text Block] | 10. Warranties | ||||||||||||||
Warranties are estimated and accrued at the time revenues are recorded. A rollforward of the Company’s product warranty accrual is as follows: | |||||||||||||||
Beginning | Additions/ | Ending | |||||||||||||
Balance | Payments | (Credits) | Other | Balance | |||||||||||
(in thousands) | |||||||||||||||
Year ended December 31, 2014 | $ | 305 | -102 | 49 | - | $ | 252 | ||||||||
Three months ended March 31, 2015 | $ | 252 | -2 | -71 | -19 | $ | 160 | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Employee Benefit Plans Disclosure [Abstract] | ||||||
Employee Benefit Plans Disclosure [Text Block] | 11. Employee Benefit Plans | |||||
Certain of the Company’s subsidiaries in the United Kingdom, or UK, Harvard Apparatus Limited and Biochrom Limited, maintain contributory, defined benefit or defined contribution pension plans for substantially all of their employees. As of March 31, 2015, the principal employer of the Harvard Apparatus Limited pension plan was changed from Harvard Apparatus Limited to Biochrom Limited. As of March 31, 2015, these defined benefit pension plans were closed to new employees, as well as closed to the future accrual of benefits for existing employees. The components of the Company’s defined benefit pension expense were as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
(in thousands) | ||||||
Components of net periodic benefit cost: | ||||||
Service cost | $ | - | $ | 8 | ||
Interest cost | 177 | 221 | ||||
Expected return on plan assets | -166 | -163 | ||||
Net amortization loss | 75 | 45 | ||||
Net periodic benefit cost | $ | 86 | $ | 111 | ||
For the three months ended March 31, 2015 and 2014, the Company contributed $0.2 million for both periods to its defined benefit pension plans. The Company expects to contribute approximately $0.6 million to its defined benefit pension plans during the remainder of 2015. | ||||||
As of March 31, 2015 and December 31, 2014, the Company had an underfunded pension liability of approximately $4.3 million and $4.4 million, respectively, included in the other liabilities – non-current line item in the consolidated balance sheets. |
Leases
Leases | 3 Months Ended | ||
Mar. 31, 2015 | |||
Leases Disclosure [Abstract] | |||
Leases Disclosure [Text Block] | 12. Leases | ||
The Company has noncancelable operating leases for office and warehouse space expiring at various dates through 2020 and thereafter. Rent expense, which is recorded on a straight-line basis, is estimated to be $2.2 million for the year ended December 31, 2015. Rent expense was approximately $0.6 million and $0.4 million for the three months ended March 31, 2015 and 2014, respectively. | |||
Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at March 31, 2015, are as follows: | |||
Operating | |||
Leases | |||
(in thousands) | |||
2016 | $ | 1,708 | |
2017 | 1,531 | ||
2018 | 1,489 | ||
2019 | 1,302 | ||
2020 | 1,304 | ||
Thereafter | 4,632 | ||
Net minimum lease payments | $ | 11,966 |
Capital_Stock
Capital Stock | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Capital Stock Disclosure [Abstract] | ||||||||||||
Capital Stock Disclosure [Text Block] | 13. Capital Stock | |||||||||||
Common Stock | ||||||||||||
On February 5, 2008, the Company’s Board of Directors adopted a Shareholder Rights Plan and declared a dividend distribution of one preferred stock purchase right for each outstanding share of the Company’s common stock to shareholders of record as of the close of business on February 6, 2008. Initially, these rights will not be exercisable and will trade with the shares of the Company’s common stock. Under the Shareholder Rights Plan, the rights generally will become exercisable if a person becomes an “acquiring person” by acquiring 20% or more of the common stock of the Company or if a person commences a tender offer that could result in that person owning 20% or more of the common stock of the Company. If a person becomes an acquiring person, each holder of a right (other than the acquiring person) would be entitled to purchase, at the then-current exercise price, such number of shares of preferred stock which are equivalent to shares of the Company’s common stock having a value of twice the exercise price of the right. If the Company is acquired in a merger or other business combination transaction after any such event, each holder of a right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the right. | ||||||||||||
Preferred Stock | ||||||||||||
The Company’s Board of Directors has the authority to issue up to 5.0 million shares of preferred stock and to determine the price privileges and other terms of the shares. The Board of Directors may exercise this authority without any further approval of stockholders. As of March 31, 2015, the Company had no preferred stock issued or outstanding. | ||||||||||||
Employee Stock Purchase Plan (as amended, the “ESPP”) | ||||||||||||
In 2000, the Company approved the ESPP. Under this ESPP, participating employees can authorize the Company to withhold a portion of their base pay during consecutive six-month payment periods for the purchase of shares of the Company’s common stock. At the conclusion of the period, participating employees can purchase shares of the Company’s common stock at 85% of the lower of the fair market value of the Company’s common stock at the beginning or end of the period. Shares are issued under the ESPP for the six-month periods ending June 30 and December 31. Under this plan, 750,000 shares of common stock are authorized for issuance of which 585,188 shares were issued as of March 31, 2015. During the three months ended March 31, 2015 and 2014, no shares of the Company’s common stock were issued under the ESPP. | ||||||||||||
Stock-Based Payment Awards | ||||||||||||
The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, which requires it to recognize compensation expense for all stock-based payment awards made to employees and directors including stock options, restricted stock units and employee stock purchases related to the ESPP. | ||||||||||||
Stock option and restricted stock unit activity under the Company’s Third Amended and Restated 2000 Stock Option and Incentive Plan (as amended, the “2000 Plan”) for three months ended March 31, 2015 was as follows: | ||||||||||||
Stock Options | Restricted Stock Units | |||||||||||
Weighted | ||||||||||||
Stock | Average | Restricted | ||||||||||
Options | Exercise | Stock Units | Grant Date | |||||||||
Outstanding | Price | Outstanding | Fair Value | |||||||||
Balance at December 31, 2014 | 6,263,112 | $ | 3.42 | 306,397 | $ | 4.3 | ||||||
Granted | 499,500 | 5.51 | - | - | ||||||||
Exercised | -1,305,193 | 2.95 | - | - | ||||||||
Vested (RSUs) | - | - | -88,648 | - | ||||||||
Cancelled / forfeited | -125,598 | 3.65 | - | - | ||||||||
Balance at March 31, 2015 | 5,331,821 | $ | 3.73 | 217,749 | $ | 4.14 | ||||||
The weighted average fair value of the options granted under the 2000 Plan during the three months ended March 31, 2015 and 2014 was $2.30 and $1.69, respectively. The following assumptions were used to estimate the fair value of stock options granted during the three months ended March 31, 2015 and 2014: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Volatility | 42.34 | % | 44.21 | % | ||||||||
Risk-free interest rate | 1.74 | % | 1.22 | % | ||||||||
Expected holding period (in years) | 5.7 | years | 4.19 | years | ||||||||
Dividend yield | - | % | - | % | ||||||||
The Company used historical volatility to calculate the expected volatility as of March 31, 2015 and 2014. Historical volatility was determined by calculating the mean reversion of the daily adjusted closing stock price. The risk-free interest rate assumption is based upon observed U.S. Treasury bill interest rates (risk-free) appropriate for the term of the Company’s stock options. The expected holding period of stock options represents the period of time options are expected to be outstanding and is based on historical experience. The vesting period ranges from one to four years and the contractual life is ten years. | ||||||||||||
Stock-based compensation expense related to stock options, restricted stock units and the ESPP for the three months ended March 31, 2015 and 2014 was allocated as follows: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
(in thousands) | ||||||||||||
Cost of revenues | $ | 21 | $ | 28 | ||||||||
Sales and marketing | 87 | 70 | ||||||||||
General and administrative | 449 | 341 | ||||||||||
Research and development | 23 | 8 | ||||||||||
Total stock-based compensation | $ | 580 | $ | 447 | ||||||||
The Company did not capitalize any stock-based compensation. | ||||||||||||
Earnings per share | ||||||||||||
Basic earnings per share is based upon net income divided by the number of weighted average common shares outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options and restricted stock units into common stock using the treasury method. The weighted average number of shares used to compute basic and diluted earnings per share consists of the following: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Basic | 32,908,101 | 31,846,897 | ||||||||||
Effect of assumed conversion of employee and director stock options and restricted stock units | - | 1,077,964 | ||||||||||
Diluted | 32,908,101 | 32,924,861 | ||||||||||
Excluded from the shares used in calculating the diluted earnings per common share in the above table are options to purchase approximately 5,331,821 and 2,680,723 shares of common stock for the three months ended March 31, 2015 and 2014, respectively, as the impact of these shares would be anti-dilutive. |
Long_Term_Debt
Long Term Debt | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Long Term Debt Disclosure [Abstract] | |||||
Long Term Debt Disclosure [Text Block] | 14. Long Term Debt | ||||
On August 7, 2009, the Company entered into an amended and restated $20.0 million revolving credit loan agreement with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co as lenders (as amended, the “2009 Credit Agreement”). On September 30, 2011, the Company entered into the First Amendment to the Amended and Restated Revolving Credit Loan Agreement (the “First Amendment”) with Bank of America as agent, and Bank of America and Brown Brothers Harriman & Co as lenders. The First Amendment extended the maturity date of the credit facility to August 7, 2013 and reduced the interest rate to the London Interbank Offered Rate plus 3.0%. On October 4, 2012, the Company entered into the Second Amendment to the Amended and Restated Revolving Credit Loan Agreement (the “Second Amendment”) with Bank of America as agent, and Bank of America and Brown Brothers Harriman & Co as lenders. The Second Amendment extended the maturity date of the credit facility to August 7, 2014. | |||||
On March 29, 2013, the Company entered into a Second Amended and Restated Revolving Credit Agreement (as amended, the “Credit Agreement”) with Bank of America, as agent, and Bank of America and Brown Brothers Harriman & Co as lenders, that amended and restated the 2009 Credit Agreement. The Credit Agreement converted the Company’s existing outstanding revolving advances into a term loan in the principal amount of $15.0 million (the “Term Loan”), provides a revolving credit facility in the maximum principal amount of $25.0 million (“Revolving Line”) and provides a delayed draw term loan of up to $15.0 million (the “DDTL”) to fund capital contributions to the Company’s former subsidiary, HART. The maximum amount available under the Credit Agreement is $50.0 million as borrowings against the DDTL in excess of $10.0 million results in a dollar for dollar reduction in the Revolving Line capacity. The Revolving Line, Term Loan and DDTL each have a maturity date of March 29, 2018 (the maturity date of the Revolving Line was extended from March 29, 2016 in connection with an amendment to the Credit Agreement discussed in Note 18 below). | |||||
On October 31, 2013, the Company amended the Credit Agreement to reduce the DDTL from up to $15.0 million to up to $10.0 million and allow for an additional $5.0 million to be available for drawing as advances under the Revolving Line. | |||||
Prior to the amendment to the Credit Agreement discussed in Note 18, borrowings under the Term Loan and the DDTL accrued interest at a rate based on either the effective London Interbank Offered Rate (LIBOR) for certain interest periods selected by the Company, or a daily floating rate based on the British Bankers’ Association (BBA) LIBOR as published by Reuters (or other commercially available source providing quotations of BBA LIBOR), plus in either case, a margin of 3.0%. Additionally, prior to the amendment as discussed in Note 18, the Revolving Line accrued interest at a rate based on either the effective LIBOR for certain interest periods selected by the Company, or a daily floating rate based on the BBA LIBOR, plus in either case, a margin of 2.5%. The Company was required to fix the rate of interest on at least 50% of the Term Loan and the DDTL through the purchase of interest rate swaps. The Term Loan and DDTL each have interest payments due at the end of the applicable LIBOR period, or monthly with respect to BBA LIBOR borrowings, and principal payments due quarterly. The Revolving Line has interest payments due at the end of the applicable LIBOR period, or monthly with respect to BBA LIBOR borrowings. | |||||
The loans evidenced by the Credit Agreement, or the Loans, are guaranteed by all of the Company’s direct and indirect domestic subsidiaries, and secured by substantially all of the assets of the Company and the guarantors. The Loans are subject to restrictive covenants under the Credit Agreement, and financial covenants that require the Company and its subsidiaries to maintain certain financial ratios on a consolidated basis, including a maximum leverage, minimum fixed charge coverage and minimum working capital. Prepayment of the Loans is allowed by the Credit Agreement at any time during the terms of the Loans. The Loans also contain limitations on the Company’s ability to incur additional indebtedness and requires lender approval for acquisitions funded with cash, promissory notes and/or other consideration in excess of $6.0 million and for acquisitions funded solely with equity in excess of $10.0 million. | |||||
As of March 31, 2015 and December 31, 2014, the Company had borrowings of $21.9 million and $21.5 million, respectively, outstanding under its Credit Agreement. As of March 31, 2015, the Company was in compliance with all financial covenants contained in the Credit Agreement, was subject to covenant and working capital borrowing restrictions and had available borrowing capacity under its Credit Agreement of $6.2 million. | |||||
As of March 31, 2015, the weighted effective interest rates on the Company’s Term Loan, DDTL and Revolving Line borrowings were 3.96%, 3.55% and 2.68%, respectively. | |||||
As of March 31, 2015 and December 31, 2014, the Company’s borrowings were comprised of: | |||||
March 31, | December 31, | ||||
2015 | 2014 | ||||
(in thousands) | |||||
Long-term debt: | |||||
Term loan | $ | 9,000 | $ | 9,750 | |
DDTL | 7,000 | 7,500 | |||
Revolving line | 5,900 | 4,200 | |||
Total debt | 21,900 | 21,450 | |||
Less: current installments | -5,000 | -5,000 | |||
Long-term debt | $ | 16,900 | $ | 16,450 |
Derivatives
Derivatives | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. Derivatives | ||||||||
The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not enter into derivative instruments for any purpose other than cash flow hedging. The Company does not speculate using derivative instruments. | |||||||||
By using derivative financial instruments to hedge exposures to changes in interest rates, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not exposed to the counterparty’s credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with carefully selected major financial institutions based upon their credit profile. | |||||||||
Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. | |||||||||
The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. The Company maintains risk management control systems to monitor interest rate risk attributable to both the Company’s outstanding or forecasted debt obligations as well as the Company’s offsetting hedge positions. The risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on the Company’s future cash flows. | |||||||||
The Company uses variable-rate London Interbank Offered Rate (LIBOR) debt to finance its operations. The debt obligations expose the Company to variability in interest payments due to changes in interest rates. Management believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, management enters into LIBOR based interest rate swap agreements to manage fluctuations in cash flows resulting from changes in the benchmark interest rate of LIBOR. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives LIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged. In accordance with its Credit Agreement, the Company was required to fix the rate of interest on at least 50% of its Term Loan and the DDTL through the purchase of interest rate swaps. On June 5, 2013, the Company entered into an interest rate swap contract with an original notional amount of $15.0 million and a maturity date of March 29, 2018 in order to hedge the risk of changes in the effective benchmark interest rate (LIBOR) associated with the Company’s Term Loan. On November 29, 2013, the Company entered into a second interest rate swap contract with an original notional amount of $5.0 million and a maturity date of March 29, 2018 in order to hedge the risk of changes in the effective benchmark interest rate (LIBOR) associated with the DDTL. The notional amount of the Company’s derivative instruments as of March 31, 2015 was $12.5 million. The Term Loan swap contract converted specific variable-rate debt into fixed-rate debt and fixed the LIBOR rate associated with the Term Loan at 0.96% plus a bank margin of 3.0%. The DDTL swap contract converted specific variable-rate debt into fixed-rate debt and fixed the LIBOR rate associated with the Term Loan at 0.93% plus a bank margin of 3.0%.The interest rate swaps were designated as cash flow hedges in accordance with ASC 815, Derivatives and Hedging. | |||||||||
The following table presents the notional amount and fair value of the Company’s derivative instruments as of March 31, 2015 and December 31, 2014. | |||||||||
31-Mar-15 | 31-Mar-15 | ||||||||
Notional Amount | Fair Value (a) | ||||||||
Derivatives designated as hedging instruments under ASC 815 | Balance sheet classification | (in thousands) | |||||||
Interest rate swap | Other liabilities-non current | $ | 12,500 | $ | -51 | ||||
31-Dec-14 | 31-Dec-14 | ||||||||
Notional Amount | Fair Value (a) | ||||||||
Derivatives designated as hedging instruments under ASC 815 | Balance sheet classification | (in thousands) | |||||||
Interest rate swap | Other liabilities-non current | $ | 13,500 | $ | -18 | ||||
(a) See Note 16 for the fair value measurements related to these financial instruments. | |||||||||
All of the Company’s derivative instruments are designated as hedging instruments. | |||||||||
The Company has structured its interest rate swap agreements to be 100% effective and as a result, there was no impact to earnings resulting from hedge ineffectiveness. Changes in the fair value of interest rate swaps designated as hedging instruments that effectively offset the variability of cash flows associated with variable-rate, long-term debt obligations are reported in accumulated other comprehensive income (“AOCI”). These amounts subsequently are reclassified into interest expense as a yield adjustment of the hedged interest payments in the same period in which the related interest affects earnings. The Company’s interest rate swap agreement was deemed to be fully effective in accordance with ASC 815, and, as such, unrealized gains and losses related to these derivatives were recorded as AOCI. | |||||||||
The following table summarizes the effect of derivatives designated as cash flow hedging instruments and their classification within comprehensive income for the three months ended March 31, 2015 and 2014: | |||||||||
Derivatives in Hedging Relationships | Amount of gain or (loss) recognized in OCI on derivative (effective portion) | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Interest rate swaps | $ | -59 | $ | -24 | |||||
The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the three months ended March 31, 2015 and 2014: | |||||||||
Details about AOCI Components | Amount reclassified from AOCI into income (effective portion) | Location of amount | |||||||
Three Months Ended March 31, | reclassified from AOCI | ||||||||
2015 | 2014 | into income (effective portion) | |||||||
(in thousands) | |||||||||
Interest rate swaps | $ | 26 | $ | 35 | Interest expense | ||||
As of March 31, 2015, $0.1 million of deferred losses on derivative instruments accumulated in AOCI are expected to be reclassified to earnings during the next twelve months. Transactions and events expected to occur over the next twelve months that will necessitate reclassifying these derivatives’ losses to earnings include the repricing of variable-rate debt. There were no cash flow hedges discontinued during 2015 or 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Fair Value Disclosures [Text Block] | 16. Fair Value Measurements | |||||||||
Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: | ||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||
Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. | ||||||||||
Level 3—Unobservable inputs based on the Company’s own assumptions. | ||||||||||
The following tables present the fair value hierarchy for those liabilities measured at fair value on a recurring basis: | ||||||||||
Fair Value as of March 31, 2015 | ||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||
Liabilities: | ||||||||||
Interest rate swap agreements | $ | - | $ | 51 | $ | - | $ | 51 | ||
Fair Value as of December 31, 2014 | ||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||
Liabilities: | ||||||||||
Interest rate swap agreements | $ | - | $ | 18 | $ | - | $ | 18 | ||
The Company uses the market approach technique to value its financial liabilities. The Company’s financial liabilities carried at fair value include derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s interest rate swap agreements was based on LIBOR yield curves at the reporting date. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax [Abstract] | |
Income Taxes Disclosure [Text Block] | 17. Income Tax |
Income tax was approximately $0.4 million benefit and $0.3 million expense for the three months ended March 31, 2015 and 2014, respectively. The effective income tax rate was a benefit of 20.6% for the three months ended March 31, 2015, compared with expense of 29.4% for the same period in 2014. The difference between our effective tax rate quarter over quarter was primarily attributable to increased research and development tax credits and incentive stock option exercises partially offset by acquisition costs in 2015 versus 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18. Subsequent Events |
Debt Amendment | |
On April 24, 2015, the Company entered into the Third Amendment to the Second Amended and Restated Credit Agreement (the “Third Amendment”) with Bank of America as agent, and Bank of America and Brown Brothers Harriman & Co as lenders. The Third Amendment extended the maturity date of the Revolving Line to March 29, 2018 and reduced the interest rate to the London Interbank Offered Rate plus 2.25%, 2.75% and 2.75% on the Revolving Line, Term Loan and DDTL, respectively. | |
Director Retirement | |
On April 28, 2015, the Company announced the appointment of James Green to its Board of Directors and the retirement of Robert Dishman from our Board of Directors. As part of Dr. Dishman’s retirement, the Company (i) awarded an unrestricted stock award to Dr. Dishman on April 28, 2015, having an aggregate cash value of $80,000, (ii) accelerated the vesting of all outstanding stock options and restricted stock units that were unvested as of April 28, 2015, and (iii) extended the post-retirement option exercise period for each option to the earlier to occur of the respective scheduled expiration date or April 28, 2016. Total compensation expense to be recognized in the second quarter of 2015, as part of these modifications, is approximately $0.1 million. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements Disclosure [Text Block] | 2. Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace most existing revenue recognition guidance in U.S. GAAP. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. This standard will be effective as of the beginning of the Company’s 2017 fiscal year. In April 2015 the FASB issued an exposure draft proposing a one-year delay of the effective date. Under the proposed amendments, the standard would take effect in 2018 for calendar year-end public entities. The proposal is open for comment through May 29, 2015. The Company is assessing the new standard and has not yet determined the impact to the consolidated financial statements. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||
Accumulated Other Comprehensive Income [Table Text Block] | Foreign currency | Derivatives | |||||||
translation | qualifying as | Defined benefit | |||||||
(in thousands) | adjustments | hedges | pension plans | Total | |||||
Balance at December 31, 2014 | $ | -4,658 | $ | -18 | $ | -3,557 | $ | -8,233 | |
Other comprehensive loss before reclassifications | -4,497 | -59 | - | -4,556 | |||||
Amounts reclassified from AOCI | - | 26 | - | 26 | |||||
Other comprehensive loss | -4,497 | -33 | - | -4,530 | |||||
Balance at March 31, 2015 | $ | -9,155 | $ | -51 | $ | -3,557 | $ | -12,763 | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about AOCI Components | Amount reclassified from AOCI into income (effective portion) | Location of amount | ||||||
Three Months Ended March 31, | reclassified from AOCI | ||||||||
2015 | 2014 | into income (effective portion) | |||||||
(in thousands) | |||||||||
Interest rate swaps | $ | 26 | $ | 35 | Interest expense |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Acquisition Disclosure [Abstract] | ||||||
Schedule of Business Acquisitions [Table Text Block] | (in thousands) | |||||
Tangible assets | $ | 4,165 | ||||
Liabilities assumed | -2,819 | |||||
Net assets | 1,346 | |||||
Goodwill and intangible assets: | ||||||
Goodwill | 2,061 | |||||
Trade name | 774 | |||||
Customer relationships | 1,627 | |||||
Developed technology | 1,338 | |||||
Non-compete agreements | 27 | |||||
Deferred tax liabilities | -1,245 | |||||
Total goodwill and intangible assets, net of tax | 4,582 | |||||
Acquisition purchase price | $ | 5,928 | ||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
(in thousands) | ||||||
Pro Forma | ||||||
Revenues | $ | 25,860 | $ | 27,274 | ||
Net (loss) income | -1,390 | 793 | ||||
(in thousands) | ||||||
Tangible assets | $ | 5,442 | ||||
Liabilities assumed | -1,207 | |||||
Net assets | 4,235 | |||||
Goodwill and intangible assets: | ||||||
Goodwill | 3,745 | |||||
Trade name | 1,008 | |||||
Customer relationships | 1,204 | |||||
Developed technology | 2,452 | |||||
Non-compete agreements | 148 | |||||
Deferred tax liabilities | -1,603 | |||||
Total goodwill and intangible assets, net of tax | 6,954 | |||||
Acquisition purchase price | $ | 11,189 | ||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | ||||||
(in thousands) | ||||||
Pro Forma | ||||||
Revenues | $ | 27,713 | ||||
Net income | 801 | |||||
(in thousands) | ||||||
Tangible assets | $ | 1,278 | ||||
Liabilities assumed | -530 | |||||
Net assets | 748 | |||||
Goodwill and intangible assets: | ||||||
Goodwill | 946 | |||||
Trade name | 143 | |||||
Customer relationships | 308 | |||||
Developed technology | 363 | |||||
Non-compete agreements | 30 | |||||
Deferred tax liabilities | -325 | |||||
Total goodwill and intangible assets, net of tax | 1,465 | |||||
Acquisition purchase price | $ | 2,213 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Goodwill And Other Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | Weighted | |||||||||||||||
Average | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | Life | (a) | |||||||||||||
(in thousands) | ||||||||||||||||
Amortizable intangible assets: | Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||
Existing technology | $ | 15,981 | $ | -10,986 | $ | 15,538 | $ | -11,198 | 7.7 | Years | ||||||
Trade names | 7,628 | -2,665 | 7,114 | -2,557 | 9.7 | Years | ||||||||||
Distribution agreements/customer relationships | 23,643 | -10,876 | 22,730 | -10,681 | 10.6 | Years | ||||||||||
Patents | 245 | -59 | 256 | -49 | 3.9 | Years | ||||||||||
Total amortizable intangible assets | 47,497 | $ | -24,586 | 45,638 | $ | -24,485 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||
Goodwill | 40,339 | 39,822 | ||||||||||||||
Other indefinite-lived intangible assets | 1,222 | 1,252 | ||||||||||||||
Total goodwill and other indefinite-lived intangible assets | 41,561 | 41,074 | ||||||||||||||
Total intangible assets | $ | 89,058 | $ | 86,712 | ||||||||||||
(a) Weighted average life as of March 31, 2015. | ||||||||||||||||
Goodwill Rollforward [Table Text Block] | (in thousands) | |||||||||||||||
Balance at December 31, 2014 | $ | 39,822 | ||||||||||||||
Goodwill arising from business combinations | 2,061 | |||||||||||||||
Effect of change in currency translation | -1,544 | |||||||||||||||
Balance at March 31, 2015 | $ | 40,339 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Inventories Disclosure [Abstract] | |||||||||||
Schedule of Inventory [Table Text Block] | March 31, | December 31, | |||||||||
2015 | 2014 | ||||||||||
(in thousands) | |||||||||||
Finished goods | $ | 10,269 | $ | 10,138 | |||||||
Work in process | 1,355 | 946 | |||||||||
Raw materials | 10,468 | 9,447 | |||||||||
Total | $ | 22,092 | $ | 20,531 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Property, Plant and Equipment Disclosure [Abstract] | |||||
Schedule Of Property Plant And Equipment [Table Text Block] | March 31, | December 31, | |||
2015 | 2014 | ||||
(in thousands) | |||||
Land, buildings and leasehold improvements | $ | 2,626 | $ | 2,595 | |
Machinery and equipment | 9,747 | 10,102 | |||
Computer equipment and software | 6,753 | 6,322 | |||
Furniture and fixtures | 1,304 | 1,125 | |||
Automobiles | 128 | 56 | |||
20,558 | 20,200 | ||||
Less: accumulated depreciation | -14,977 | -15,010 | |||
Property, plant and equipment, net | $ | 5,581 | $ | 5,190 |
Restructuring_and_Other_Exit_C1
Restructuring and Other Exit Costs (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Restructuring Plan Table [Table Text Block] | Severance Costs | ||||||||
(in thousands) | |||||||||
Restructuring charges | $ | 27 | |||||||
Cash payments | - | ||||||||
Restructuring balance at March 31, 2015 | $ | 27 | |||||||
Severance Costs | Other | Total | |||||||
(in thousands) | |||||||||
Restructuring balance at December 31, 2014 | $ | 626 | $ | - | $ | 626 | |||
Restructuring charges | - | 30 | 30 | ||||||
Cash payments | - | -30 | -30 | ||||||
Effect of change in currency translation | -21 | - | -21 | ||||||
Restructuring balance at March 31, 2015 | $ | 605 | $ | - | $ | 605 | |||
Severance and | |||||||||
Related Costs | Other | Total | |||||||
(in thousands) | |||||||||
Restructuring balance at December 31, 2013 | $ | 1,434 | $ | - | $ | 1,434 | |||
Restructuring charges | 161 | 78 | 239 | ||||||
Non-cash reversal of restructuring charges | -99 | - | -99 | ||||||
Cash payments | -777 | - | -777 | ||||||
Restructuring balance at March 31, 2014 | $ | 719 | $ | 78 | $ | 797 | |||
Severance | |||||||||
and Related Costs | |||||||||
(in thousands) | |||||||||
Restructuring balance at December 31, 2013 | $ | 3 | |||||||
Non-cash reversal of restructuring charges | -3 | ||||||||
Restructuring balance at March 31, 2014 | $ | - | |||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Restructuring charges | $ | 57 | $ | 137 |
Warranties_Tables
Warranties (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Warranties Disclosure [Abstract] | |||||||||||||||
Warranty Rollforward Disclosure [Table Text Block] | Beginning | Additions/ | Ending | ||||||||||||
Balance | Payments | (Credits) | Other | Balance | |||||||||||
(in thousands) | |||||||||||||||
Year ended December 31, 2014 | $ | 305 | -102 | 49 | - | $ | 252 | ||||||||
Three months ended March 31, 2015 | $ | 252 | -2 | -71 | -19 | $ | 160 | ||||||||
Leases_Tables
Leases (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Leases Disclosure [Abstract] | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating | ||
Leases | |||
(in thousands) | |||
2016 | $ | 1,708 | |
2017 | 1,531 | ||
2018 | 1,489 | ||
2019 | 1,302 | ||
2020 | 1,304 | ||
Thereafter | 4,632 | ||
Net minimum lease payments | $ | 11,966 |
Capital_Stock_Tables
Capital Stock (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Capital Stock Disclosure [Abstract] | ||||||||||||
Schedule Of Stock Options And Restricted Stock Units Activity Rollforward [Table Text Block] | Stock Options | Restricted Stock Units | ||||||||||
Weighted | ||||||||||||
Stock | Average | Restricted | ||||||||||
Options | Exercise | Stock Units | Grant Date | |||||||||
Outstanding | Price | Outstanding | Fair Value | |||||||||
Balance at December 31, 2014 | 6,263,112 | $ | 3.42 | 306,397 | $ | 4.3 | ||||||
Granted | 499,500 | 5.51 | - | - | ||||||||
Exercised | -1,305,193 | 2.95 | - | - | ||||||||
Vested (RSUs) | - | - | -88,648 | - | ||||||||
Cancelled / forfeited | -125,598 | 3.65 | - | - | ||||||||
Balance at March 31, 2015 | 5,331,821 | $ | 3.73 | 217,749 | $ | 4.14 | ||||||
Table Of Assumptions [Table Text Block] | Three Months Ended | |||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Volatility | 42.34 | % | 44.21 | % | ||||||||
Risk-free interest rate | 1.74 | % | 1.22 | % | ||||||||
Expected holding period (in years) | 5.7 | years | 4.19 | years | ||||||||
Dividend yield | - | % | - | % | ||||||||
Stock Based Compensation Expense Activity By Function [Table Text Block] | Three Months Ended | |||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
(in thousands) | ||||||||||||
Cost of revenues | $ | 21 | $ | 28 | ||||||||
Sales and marketing | 87 | 70 | ||||||||||
General and administrative | 449 | 341 | ||||||||||
Research and development | 23 | 8 | ||||||||||
Total stock-based compensation | $ | 580 | $ | 447 | ||||||||
Basic and Diluted Shares [Table Text Block] | Three Months Ended | |||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Basic | 32,908,101 | 31,846,897 | ||||||||||
Effect of assumed conversion of employee and director stock options and restricted stock units | - | 1,077,964 | ||||||||||
Diluted | 32,908,101 | 32,924,861 |
Long_Term_Debt_Tables
Long Term Debt (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Long Term Debt Disclosure [Abstract] | |||||
Schedule of Debt [Table Text Block] | March 31, | December 31, | |||
2015 | 2014 | ||||
(in thousands) | |||||
Long-term debt: | |||||
Term loan | $ | 9,000 | $ | 9,750 | |
DDTL | 7,000 | 7,500 | |||
Revolving line | 5,900 | 4,200 | |||
Total debt | 21,900 | 21,450 | |||
Less: current installments | -5,000 | -5,000 | |||
Long-term debt | $ | 16,900 | $ | 16,450 |
Derivative_Tables
Derivative (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | |||||||||
31-Mar-15 | 31-Mar-15 | ||||||||
Notional Amount | Fair Value (a) | ||||||||
Derivatives designated as hedging instruments under ASC 815 | Balance sheet classification | (in thousands) | |||||||
Interest rate swap | Other liabilities-non current | $ | 12,500 | $ | -51 | ||||
31-Dec-14 | 31-Dec-14 | ||||||||
Notional Amount | Fair Value (a) | ||||||||
Derivatives designated as hedging instruments under ASC 815 | Balance sheet classification | (in thousands) | |||||||
Interest rate swap | Other liabilities-non current | $ | 13,500 | $ | -18 | ||||
(a) See Note 16 for the fair value measurements related to these financial instruments. | |||||||||
Schedule of Cash Flow Hedges Included in AOCI [Table Text Block] | Derivatives in Hedging Relationships | Amount of gain or (loss) recognized in OCI on derivative (effective portion) | |||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Interest rate swaps | $ | -59 | $ | -24 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about AOCI Components | Amount reclassified from AOCI into income (effective portion) | Location of amount | ||||||
Three Months Ended March 31, | reclassified from AOCI | ||||||||
2015 | 2014 | into income (effective portion) | |||||||
(in thousands) | |||||||||
Interest rate swaps | $ | 26 | $ | 35 | Interest expense |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis [Table Text Block] | Fair Value as of March 31, 2015 | |||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||
Liabilities: | ||||||||||
Interest rate swap agreements | $ | - | $ | 51 | $ | - | $ | 51 | ||
Fair Value as of December 31, 2014 | ||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||
Liabilities: | ||||||||||
Interest rate swap agreements | $ | - | $ | 18 | $ | - | $ | 18 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Opening Balance | ($8,233) | |
Other Comprehensive Income (Loss) before Reclassifications | -4,556 | -4,556 |
Reclassification from Accumulated Other Comprehensive Income | 26 | |
Other Comprehensive Income (Loss), Net of Tax, total | -4,530 | |
Closing Balance | -12,763 | -8,233 |
Foreign currency translation adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Opening Balance | -4,658 | |
Other Comprehensive Income (Loss) before Reclassifications | -4,497 | -4,497 |
Reclassification from Accumulated Other Comprehensive Income | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, total | -4,497 | -4,497 |
Closing Balance | -9,155 | -4,658 |
Derivatives qualifying as hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Opening Balance | -18 | |
Other Comprehensive Income (Loss) before Reclassifications | -59 | -59 |
Reclassification from Accumulated Other Comprehensive Income | 26 | 26 |
Other Comprehensive Income (Loss), Net of Tax, total | -33 | -33 |
Closing Balance | -51 | -18 |
Defined benefit pension plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Opening Balance | -3,557 | |
Other Comprehensive Income (Loss) before Reclassifications | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, total | 0 | 0 |
Closing Balance | ($3,557) | ($3,557) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassifications Out of Accumulated Other Comprehensive Income [Line Items] | ||
Derivatives Reclassification Adjustment from AOCI, net tax | ($26) | ($35) |
Reclassification from Accumulated Other Comprehensive Income | ($26) |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Oct. 02, 2014 | Jan. 08, 2015 |
Multi Channel Systems MCS GmbH [Member] | ||||
Business Acquisition [Line Items] | ||||
Tangible Assets Acquired | $4,165 | |||
Liabilities Assumed | -2,819 | |||
Net Tangible Assets Acquired | 1,346 | |||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Goodwill Amount | 2,061 | |||
Deferred Tax Liabilities | -1,245 | |||
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 4,582 | |||
Total Acquisition Purchase Price | 5,928 | |||
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | ||||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 5,928 | |||
Business Acquisitions Pro Forma Revenue | 27,713 | |||
Business Acquisitions Pro Forma Net Income Loss | 801 | |||
Multi Channel Systems MCS GmbH [Member] | Unpatented Technology [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,338 | |||
Multi Channel Systems MCS GmbH [Member] | Customer Relationships [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,627 | |||
Multi Channel Systems MCS GmbH [Member] | Trade Names [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 774 | |||
Multi Channel Systems MCS GmbH [Member] | Non compete Agreements [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 27 | |||
Triangle BioSystems, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Tangible Assets Acquired | 1,278 | |||
Liabilities Assumed | -530 | |||
Net Tangible Assets Acquired | 748 | |||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Goodwill Amount | 946 | |||
Deferred Tax Liabilities | -325 | |||
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 1,465 | |||
Total Acquisition Purchase Price | 2,213 | |||
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | ||||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 2,213 | |||
Triangle BioSystems, Inc. [Member] | Customer Relationships [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 308 | |||
Triangle BioSystems, Inc. [Member] | Trade Names [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 143 | |||
Triangle BioSystems, Inc. [Member] | Patented Technology [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 363 | |||
Triangle BioSystems, Inc. [Member] | Non compete Agreements [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 30 | |||
HEKA Elektronik [Member] | ||||
Business Acquisition [Line Items] | ||||
Tangible Assets Acquired | 4,165 | |||
Liabilities Assumed | 2,819 | |||
Net Tangible Assets Acquired | 1,346 | |||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Goodwill Amount | 2,061 | |||
Deferred Tax Liabilities | -1,245 | |||
Business Acquisition Purchase Price Allocation Total Intangible Assets Amount Including Goodwill | 4,582 | |||
Total Acquisition Purchase Price | 5,928 | |||
Business Acquisition, Cost of Acquired Entity 1 [Abstract] | ||||
Business Acquisition Cost Of Acquired Entity Purchase Price 1 | 5,928 | |||
Business Acquisitions Pro Forma Revenue | 27,274 | 25,860 | ||
Business Acquisitions Pro Forma Net Income Loss | 793 | -1,390 | ||
HEKA Elektronik [Member] | Unpatented Technology [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,338 | |||
HEKA Elektronik [Member] | Customer Relationships [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 1,627 | |||
HEKA Elektronik [Member] | Trade Names [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | 774 | |||
HEKA Elektronik [Member] | Non compete Agreements [Member] | ||||
Business Acquisition Purchase Price Allocation Intangible Assets [Abstract] | ||||
Purchase Price Allocation, Amortizable Intangible Assets | $27 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narratives) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill And Other Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $793,000 | $634,000 |
Estimated Amortization Expense Next Twelve Months | 2,800,000 | |
Estimated Amortization Expense Year 2 | 2,700,000 | |
Estimated Amortization Expense Year 3 | 2,500,000 | |
Estimated Amortization Expense Year 4 | 2,300,000 | |
Estimated Amortization Expense Year 5 | $2,200,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $47,497 | $47,497 |
Finite-Lived Intangible Assets, Accumulated Amortization | -24,586 | -24,586 |
Goodwill | 40,339 | 39,822 |
Other indefinite lived intangible assets | 1,222 | 1,252 |
Total goodwill and other indefinite lived intangible assets | 41,561 | 41,561 |
Total intangible assets | 89,058 | 89,058 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 15,981 | 15,981 |
Finite-Lived Intangible Assets, Accumulated Amortization | -10,986 | -10,986 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 7,628 | 7,628 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,665 | -2,665 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 23,643 | 23,643 |
Finite-Lived Intangible Assets, Accumulated Amortization | -10,876 | -10,876 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 245 | 245 |
Finite-Lived Intangible Assets, Accumulated Amortization | ($59) | ($59) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill And Other Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $39,822 |
Acquired during the period | 2,061 |
Foreign currency translation adjustments related to goodwill balance | -1,544 |
Goodwill, Ending Balance | $40,339 |
Inventories_Details_1
Inventories (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories Disclosure [Abstract] | ||
Finished Goods | $10,269 | $10,138 |
Work in Process | 1,355 | 946 |
Raw Materials | 10,468 | 9,447 |
Total Inventories, Net | $22,092 | $20,531 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $20,558 | $20,200 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -14,977 | -15,010 |
Property, plant and equipment, net | 5,581 | 5,190 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,626 | 2,595 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 9,747 | 10,102 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 6,753 | 6,322 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,304 | 1,125 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $128 | $56 |
Restructuring_and_Other_Exit_C2
Restructuring and Other Exit Cots (Narratives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges (credits) | $57 | $137 |
Restructuring Plan December 2013 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges (credits) | 239 | |
Restructuring number of positions eliminated, percent | 13.00% | |
Employee Severance [Member] | Restructuring Plan December 2013 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges (credits) | 161 | |
Other Costs [Member] | Restructuring Plan December 2013 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges (credits) | $78 |
Restructuring_and_Other_Exit_C3
Restructuring and Other Exit Costs (Details 1) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | $57 | $137 | |
Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 1,434 | ||
Restructuring charges (credits) | 239 | ||
Restructuring Reserve, Settled with Cash | -777 | ||
Restructuring Reserve, Accrual Adjustment | -99 | ||
Restructuring Reserve, Ending Balance | 797 | ||
Restructuring Plan 2014 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 626 | ||
Restructuring charges (credits) | 30 | ||
Restructuring Reserve, Settled with Cash | -30 | ||
Restructuring Reserve, Ending Balance | 605 | ||
Restructuring Reserve, Translation Adjustment | -21 | ||
Employee Severance [Member] | Restructuring Plan 2012 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 3 | ||
Restructuring Reserve, Accrual Adjustment | -3 | ||
Restructuring Reserve, Ending Balance | 0 | ||
Employee Severance [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 1,434 | ||
Restructuring charges (credits) | 161 | ||
Restructuring Reserve, Settled with Cash | -777 | ||
Restructuring Reserve, Accrual Adjustment | -99 | ||
Restructuring Reserve, Ending Balance | 719 | ||
Employee Severance [Member] | Restructuring Plan 2014 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 626 | ||
Restructuring charges (credits) | 0 | ||
Restructuring Reserve, Settled with Cash | 0 | ||
Restructuring Reserve, Ending Balance | 605 | ||
Restructuring Reserve, Translation Adjustment | -21 | ||
Employee Severance [Member] | Restructuring Plan Q1 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (credits) | 27 | ||
Restructuring Reserve, Settled with Cash | 0 | ||
Restructuring Reserve, Ending Balance | 27 | ||
Other Costs [Member] | Restructuring Plan December 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring charges (credits) | 78 | ||
Restructuring Reserve, Settled with Cash | 0 | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Other Costs [Member] | Restructuring Plan 2014 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring charges (credits) | 30 | ||
Restructuring Reserve, Settled with Cash | -30 | ||
Restructuring Reserve, Ending Balance | 0 | 0 | |
Restructuring Reserve, Translation Adjustment | $0 |
Related_Party_Transactions_Nar
Related Party Transactions (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Operating Leases, Rent Expense, Net | $600,000 | $400,000 | $600,000 | $1,300,000 |
HART Sublease Rent | 42,000,000,000 | 40,000 | ||
Transition Services Charged to HART | 100,000 | |||
Distribution Revenues From Spinnee | 48,000,000,000 | 100,000 | ||
Multi Channel Systems MCS GmbH [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating Leases, Rent Expense, Net | 55,000 | |||
Triangle BioSystems, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating Leases, Rent Expense, Net | 11,000 | |||
HEKA Elektronik [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating Leases, Rent Expense, Net | $39,000 |
Warranties_Details_1
Warranties (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Product Warranty Disclosure [Abstract] | ||
Warranty, Beginning Balance | $252 | |
Warranty payments | -2 | -102 |
Warranty additions | -71 | 49 |
Warranty Other | -19 | 0 |
Warranty, Ending Balance | $160 | $252 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans Disclosure [Abstract] | ||||
Defined Contribution Plan Payments In Current Fiscal Year | $500,000 | $600,000 | ||
Expected employer contribution in current remaining fiscal year | 600,000 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 800,000 | |||
Fair Value Impairment Of Pension Assets | 600,000 | |||
Defined Benefit Plan Increase (Decrease) In Discount Rate Percentage | 0.10% | |||
Defined Benefit Plan Average Pension Plan Liability | 15 years | |||
Defined Benefit Plan Increase (Decrease) In Discount Rate Value | 89,000 | |||
Defined Benefit Plan Increase (Decrease) In Asset Return Percentage | 0.10% | |||
Defined Benefit Plan Average Remaining Work Lifetime | 15 years | |||
Defined Benefit Plan Increase (Decrease) In Asset Return Value | 17,000 | |||
Defined Benefit Plan Payments In Current Fiscal Year | 200,000 | 200,000 | ||
Defined Benefit Plans Liabilities Noncurrent | $4,300,000 | $4,400,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details 1) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Benefit Plans Disclosure [Abstract] | ||
Service Cost | $0 | $8,000 |
Interest Cost | 177,000 | 221,000 |
Expected Return on Plan Assets | -166,000 | -163,000 |
Net Amortization Loss | 75,000 | 45,000 |
Curtailment Gain | 0 | 0 |
Net Periodic Benefit Cost, Total | 86,000 | 111,000 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Interest Cost | 177,000 | 221,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan Payments In Current Fiscal Year | $200,000 | $200,000 |
Leases_Narratives_Details
Leases (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
sqft | ||||
Leases Disclosure [Abstract] | ||||
Estimated Rental Expenses Current Year | $2.20 | |||
Operating Leases, Rent Expense, Net | $0.60 | $0.40 | $0.60 | $1.30 |
Square Footage of Real Estate Property | 83,000 | |||
Lease Expiration Date | 31-Aug-24 | |||
Expansion Area Of Real Estate Property | 22,000 |
Leases_Details_1
Leases (Details 1) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Leases Disclosure [Abstract] | |
2016 | $1,708 |
2017 | 1,531 |
2018 | 1,489 |
2019 | 1,302 |
2020 | 1,304 |
Thereafter | 4,632 |
Operating Leases, Total Future Minimum Payments Due | $11,966 |
Capital_Stock_Narratives_Detai
Capital Stock (Narratives) (Details) (USD $) | 3 Months Ended | 183 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ||||
Employee Stock Purchase Plan Shares Authorized | 750,000 | 750,000 | |||
Stock issued during the year, Shares, Employee Stock Purchase Plans | 585,188 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,331,821 | 2,680,723 | |||
Percentage Of Outstanding Common Stock | 20.00% | 20.00% | |||
Incentive Stock Options Granted To Date | 10,218,057 | 10,218,057 | 10,218,057 | 8,990,395 | |
Non Qualified Stock Options Granted To Date | 11,527,574 | 11,527,574 | 11,028,074 | 8,906,684 | |
Weighted Average Estimated Black Scholes Value Of Option Grants | $2.30 | $1.69 | |||
Options Granted due to the Spin-off of HART | 1,715,164 | ||||
Restricted Stock Units Granted due to the Spin-off of HART | 135,650 | ||||
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Capital_Stock_Details_1
Capital Stock (Details 1) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Capital Stock Disclosure [Abstract] | |||
Opening Balance Stock Options Outstanding | 6,263,112 | ||
Begining Balance Weighted Average Exercise Price | $3.42 | ||
Options, Grants in Period, Gross | 499,500 | ||
Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.51 | ||
Options, Forfeitures and Expirations in Period | -125,598 | ||
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $3.65 | ||
Closing Balance Stock Options Outstanding | 5,331,821 | ||
Closing Balance Weighted Average Exercise Price | $3.73 | ||
Begining Balance Restricted Stock Units Outstanding | 306,397 | ||
Equity Instruments Other than Options, Vested in Period | -88,648 | ||
Closing Balance Restricted Stock Units Outstanding | 217,749 | ||
Begining Balance Grant Date Fair Value Of Restricted Stock Units | $4.30 | ||
Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | ||
Closing Balance Grant Date Fair Value Of Restricted Stock Units | $4.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 42.34% | 44.21% | |
Fair Value Assumptions, Risk Free Interest Rate | 1.74% | 1.22% | |
Fair Value Assumptions, Expected Term | 5 years 9 months 3 days | 5 years 8 months 1 day | |
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |
Options, Exercises in Period, Weighted Average Exercise Price | $2.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Preferred Stock - Shares Authorized | 5,000,000 | 5,000,000 | |
Stock Issued During Period Gross Stock Options Exercised | 1,305,193 |
Capital_Stock_Details_2
Capital Stock (Details 2) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | $580 | $447 |
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ||
Basic | 32,908,101 | 31,846,897 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 1,077,964 |
Diluted | 32,908,101 | 32,924,861 |
Cost of Sales [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | 21 | 28 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | 23 | 8 |
Selling and Marketing Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | 87 | 70 |
General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | 449 | 341 |
Discontinued Operations [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | $0 | $0 |
Capital_Stock_Details_3
Capital Stock (Details 3) | Mar. 31, 2015 | Dec. 31, 2014 |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,331,821 | 6,263,112 |
Long_Term_Debt_Narratives_Deta
Long Term Debt (Narratives) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Oct. 31, 2013 | Aug. 07, 2009 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 29, 2013 | |
Credit Agreement [Line Items] | |||||
Previous Approved Credit Facility | $20,000,000 | ||||
Secured Debt | 21,900,000 | 21,450,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||||
Minimum percentage of Term Loan and the DDTL that company was required to fix the rate of interest on | 50.00% | 50.00% | |||
Line of Credit Facility, Remaining Borrowing Capacity | 6,200,000 | ||||
Interest Rate In Excess Of LIBOR On Credit Facility | 3.00% | ||||
DDTL Threshold For Dollar For Dollar Reduction In Revolving Line | 10,000,000 | ||||
Transfer Of Delayed Draw Down Term Loan Capacity To Revolver Capacity | 5,000,000 | ||||
Lender Approval To Fund Acquisition With Cash Promissory Note In Excess Of Threshold | 6,000,000 | ||||
Lender Approval To Fund Acquisition With Equity In Excess Of Threshold | 10,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Credit Agreement [Line Items] | |||||
Secured Debt | 5,900,000 | 4,200,000 | 25,000,000 | ||
Maturity Dates | 29-Mar-16 | ||||
Basis Spread Over LIBOR | 2.50% | ||||
Interest Rate As Of Reporting Date | 2.68% | ||||
Term Loan [Member] | |||||
Credit Agreement [Line Items] | |||||
Secured Debt | 9,000,000 | 9,750,000 | 15,000,000 | ||
Maturity Dates | 29-Mar-18 | ||||
Basis Spread Over LIBOR | 3.00% | ||||
Interest Rate As Of Reporting Date | 3.96% | ||||
Delayed Drawdown Term Loan [Member] | |||||
Credit Agreement [Line Items] | |||||
Secured Debt | 7,000,000 | 7,500,000 | 15,000,000 | ||
Maturity Dates | 29-Mar-18 | ||||
Maximum Borrowings Available Under The Current Credit Agreement | $10,000,000 | ||||
Interest Rate As Of Reporting Date | 3.55% |
Long_Term_Debt_Details_1
Long Term Debt (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 29, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Secured Debt | $21,900 | $21,450 | |
Current portion, long-term debt | -5,000 | -5,000 | |
Long-term debt | 16,900 | 16,450 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 5,900 | 4,200 | 25,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | 9,000 | 9,750 | 15,000 |
Delayed Drawdown Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $7,000 | $7,500 | $15,000 |
Derivative_Narratives_Details
Derivative (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2013 | Jun. 05, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Line Items] | ||||
Minimum percentage of Term Loan and the DDTL that company was required to fix the rate of interest on | 50.00% | 50.00% | ||
Deferred losses on derivative instruments accumulated in AOCI expected to be reclassified to earnings | $0.10 | |||
Derivative Interest Rate Swap Effective Percentage | 100.00% | |||
Delayed Drawdown Term Loan [Member] | ||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | ||||
Notional Amount of Interest Rate Swaps | 5 | |||
LIBOR Fixed Rate | 0.93% | |||
Term Loan [Member] | ||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | ||||
Notional Amount of Interest Rate Swaps | $15 | |||
LIBOR Fixed Rate | 0.96% |
Derivative_Details_1
Derivative (Details 1) (Other liabilities-non current [Member], Derivatives qualifying as hedges [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other liabilities-non current [Member] | Derivatives qualifying as hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount of Interest Rate Derivatives | $12,500 | $13,500 |
Derivative Liability, Fair Value, Net | ($51) | ($18) |
Derivative_Details_2
Derivative (Details 2) (Derivatives qualifying as hedges [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | ($59) | ($24) |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $26 | $35 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Derivatives qualifying as hedges [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $51 | $18 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 51 | 18 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $0 | $0 |
Income_Tax_Narratives_Details
Income Tax (Narratives) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax [Abstract] | ||
Effective Income Tax Rate | 20.60% | 29.40% |
Subsequent_Events_Narratives_D
Subsequent Events (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Apr. 28, 2015 | Apr. 24, 2015 | Jan. 08, 2015 | |
Subsequent Event [Line Items] | ||||
Debt Instrument, Description Of Variable Rate Basis | LIBOR | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Description Of Variable Rate Basis | LIBOR | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $80,000 | |||
Accelerated Share Based Compensation Expense | 100,000 | |||
Subsequent Event [Member] | Delayed Drawdown Term Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Basis Spread Over LIBOR | 2.75% | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Basis Spread Over LIBOR | 2.25% | |||
Subsequent Event [Member] | Term Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Basis Spread Over LIBOR | 2.75% | |||
HEKA Elektronik [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash Paid For Acquisitions | $6,000,000 |