Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 12-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GSE Holding, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 20,362,321 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001275712 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Debtor in Possession) (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $14,039 | $14,167 |
Accounts receivable: | ' | ' |
Trade, net of allowance for doubtful accounts of $4,411 and $4,074, respectively | 70,781 | 72,391 |
Other | 5,549 | 4,280 |
Inventory, net | 79,318 | 75,335 |
Deferred income taxes | 62 | 62 |
Prepaid expenses and other | 5,251 | 1,537 |
Income taxes receivable | 679 | 1,391 |
Total current assets | 175,679 | 169,163 |
Property, plant and equipment, net | 73,558 | 76,254 |
Goodwill | 9,644 | 9,644 |
Other assets | 10,529 | 11,091 |
TOTAL ASSETS | 269,410 | 266,152 |
Current liabilities: | ' | ' |
Accounts payable | 27,091 | 27,469 |
Accrued liabilities and other | 18,354 | 15,817 |
Short-term debt | 17,514 | 18,498 |
Current portion of long-term debt | 196,086 | 182,300 |
Total current liabilities | 259,045 | 244,084 |
Other liabilities | 1,263 | 1,264 |
Deferred income taxes | 90 | 120 |
Long-term debt, net of current portion | ' | 788 |
Total liabilities | 260,398 | 246,256 |
Commitments and contingencies (Note 14) | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $.01 par value, 150,000,000 shares authorized, 20,362,321 and 20,419,575 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 204 | 204 |
Additional paid-in capital | 131,890 | 131,823 |
Accumulated deficit | -123,949 | -112,898 |
Accumulated other comprehensive income | 867 | 767 |
Total stockholders’ equity | 9,012 | 19,896 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $269,410 | $266,152 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Debtor in Possession) (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade, allowance for doubtful accounts (in Dollars) | $4,411 | $4,074 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 20,362,321 | 20,419,575 |
Common stock, shares outstanding | 20,362,321 | 20,419,575 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Debtor in Possession) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $79,706 | $95,134 |
Cost of products | 71,693 | 81,877 |
Gross profit | 8,013 | 13,257 |
Selling, general and administrative expenses | 12,456 | 14,039 |
Amortization of intangibles | 475 | 359 |
Operating loss | -4,918 | -1,141 |
Other expenses: | ' | ' |
Interest expense, net of interest income | 5,413 | 3,763 |
Other expense, net | 574 | 339 |
Loss before income taxes | -10,905 | -5,243 |
Income tax provision (benefit) | 146 | -2,796 |
Net loss | -11,051 | -2,447 |
Foreign currency translation adjustment | 100 | -1,502 |
Comprehensive loss | ($10,951) | ($3,949) |
Basic and diluted net loss per common share (in Dollars per share) | ($0.54) | ($0.12) |
Basic and diluted weighted-average common shares outstanding (in Shares) | 20,301 | 19,902 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Debtor in Possession) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($11,051) | ($2,447) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 5,029 | 4,303 |
Deferred income tax provision (benefit) | 165 | -2,490 |
Stock-based compensation | -191 | 155 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ' | ' |
Decrease in accounts receivable | 1,561 | 21,704 |
Increase in inventory | -3,945 | -12,456 |
Increase in prepaid expenses | -4,973 | -1,512 |
(Decrease) increase in accounts payable | -136 | 5,732 |
Increase (decrease) in accrued liabilities | 3,406 | -5,592 |
All other items, net | 50 | -209 |
Net cash (used in) provided by operating activities | -10,085 | 7,188 |
Cash flows from investing activities: | ' | ' |
Purchase of property, plant and equipment | -1,055 | -6,013 |
Acquisition of business, net of cash acquired | ' | -10,207 |
Net cash used in investing activities | -1,055 | -16,220 |
Cash flows from financing activities: | ' | ' |
Proceeds from lines of credit | 19,618 | 35,168 |
Repayments of lines of credit | -7,898 | -17,839 |
Proceeds from long-term debt | 996 | ' |
Repayments of long-term debt | -809 | -383 |
Net proceeds from the exercise of stock options | ' | 153 |
Payments for debt issuance costs | -908 | -264 |
Net cash provided by financing activities | 10,999 | 16,835 |
Effect of exchange rate changes on cash | 13 | 910 |
Net (decrease) increase in cash and cash equivalents | -128 | 8,713 |
Cash and cash equivalents at beginning of period | 14,167 | 18,068 |
Cash and cash equivalents at end of period | $14,039 | $26,781 |
Note_1_Nature_of_Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Nature of Business | |
Organization and Description of Business — | |
GSE Holding, Inc. (together with its subsidiaries, the “Company”) is a global manufacturer and marketer of highly engineered geosynthetic lining products for environmental protection and confinement applications. These lining products are used in a wide range of infrastructure end markets such as mining, environmental containment, liquid containment (including water infrastructure, agriculture and aquaculture and industrial wastewater treatment applications), coal ash containment and oil and gas. The Company offers a full range of products, including geomembranes, drainage products, geosynthetic clay liners, nonwoven geotextiles, and other specialty products. The Company generates the majority of its sales outside of the United States, including emerging markets in Asia, Latin America, Africa and the Middle East. Its comprehensive product offering and global infrastructure, along with its extensive relationships with customers and end-users, provide it with access to high-growth markets worldwide, visibility into upcoming projects and the flexibility to serve customers regardless of geographic location. The Company believes that its market share, broad product offering, strong customer relationships, diverse end markets and global presence provide it with key competitive advantages in the environmental geosynthetic products industry. The Company manufactures its products at facilities located in the United States, Germany, Thailand, Chile, China and Egypt. | |
Note_2_Chapter_11_Bankruptcy
Note 2 - Chapter 11 Bankruptcy | 3 Months Ended |
Mar. 31, 2014 | |
Reorganizations [Abstract] | ' |
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | ' |
2. Chapter 11 Bankruptcy | |
Developments Leading to the Chapter 11 Proceedings — | |
The ongoing European recession, the downturn in the global mining industry, increased competition domestically and internationally, and escalated operational expenditures and increased selling, general and administrative expenses in anticipation of strategic growth which did not occur have put a strain on the Company’s financial condition. Additionally, at the same time that revenue declined during the last four quarters, the Company made significant investments in growth capital expenditures. While the Company expects that these investments will play an important role in its future success, this spending unfortunately coincided with an unanticipated downturn in financial performance. | |
The Company’s management team has taken a series of operational and financial measures in an attempt to respond to challenging market conditions. These include attempting to broaden the Company’s supplier base and thereby increasing price competition, finding alternative sources of resins, and focusing on higher margin products. The Company’s efforts to broaden and improve supplier support have been hampered by the deterioration in the Company’s business and the uncertain future regarding the recapitalization and sale process. The Company has also started implementing measures which the Company expects will result in significant annual cost savings, including reducing professional fees and employee headcount. Nevertheless, given the severity of its current cash flow situation, the Company has been unable to maintain profitability through cost-cutting and self-help measures alone. | |
First Lien Credit Facility Amendments, the Priming Facility and Sale Efforts — | |
Upon recognizing that the Company would have difficulty meeting its financial covenants under its first lien senior secured credit facility (as amended from time to time, the “First Lien Credit Facility”), the Company entered into the waiver and sixth amendment to the First Lien Credit Facility (the “Sixth Amendment”) in July 2013. In addition to waiving any default caused by the Company’s failure to be in compliance with its total leverage ratios as of June 30, 2013 and modifying the maximum total leverage ratios under the First Lien Credit Facility, the Sixth Amendment required the Company to use its best efforts to raise $30 million of unsecured mezzanine debt or other subordinated capital on or before October 31, 2013. In July 2013, the Company engaged Moelis & Company LLC (“Moelis”) to assist it with seeking to raise these funds, the first $20 million of which was to be applied to pay down the First Lien Credit Facility. Despite its best efforts, the Company was unable to secure such financing as of the October 31, 2013 deadline. Beginning in September 2013, the Company also sought to secure a complete refinancing of the First Lien Credit Facility. To that end, the Company conducted a three-month financing process, which involved contacting 71 potential investors. However, such efforts were ultimately unsuccessful. | |
In January 2014, the Company entered into certain waivers and amendments to the First Lien Credit Facility during 2014, pursuant to which the lenders waived any default arising as a result of the potential failure by the Company to be in compliance with (i) the maximum total leverage ratio as of September 30, 2013, October 31, 2013, November 30, 2013 and December 31, 2013, and (ii) the minimum interest coverage ratio as of December 31, 2013. The lenders also waived any actual or potential defaults of the maximum total leverage ratio or the minimum interest coverage ratio through March 30, 2014 (subsequently extended to April 30, 2014). | |
On January 10, 2014, the Company entered into a $15.0 million secured revolving super-priority credit facility (the “Priming Facility”). On April 17, 2014, the Priming Facility was increased from $15.0 million to $18.0 million to provide additional liquidity to support the Company’s operations in the ordinary course of business. | |
Under the terms of the First Lien Credit Facility and the Priming Facility, an acceptable sale was required to be completed no later than April 30, 2014. | |
With the assistance of Moelis, the Company contacted approximately 120 buyers in January 2014. Of those prospective buyers, three prospective buyers submitted letters of intent by February 21, 2014, the milestone for such letters. Additionally, the Company received a letter of intent from one prospective buyer after February 21, 2014. The initial bids proposed in these letters were within a range which did not provide sufficient value to repay the Company’s current and projected funded indebtedness. Although the Company pursued multiple prospective buyers in an effort to capitalize on bidding dynamics, the final range of bids was likewise insufficient. Indeed, Moelis determined that even the highest final bid would have resulted in a recovery to lenders under the First Lien Credit Facility of less than 70 percent of their claims. The Company made every effort to attract higher bids, including agreeing to a letter of intent with a prospective buyer and sharing access to a dataroom of its operational and financial information, arranging additional site visits, scheduling meetings with Company personnel and providing limited expense reimbursement. At the same time, in order to pursue all available options, the Company worked with its lenders on structuring alternative restructuring transactions. | |
Chapter 11 Bankruptcy Filings and Plan of Reorganization — | |
Simultaneously with the sale process, the Company entered into negotiations with its lenders under the First Lien Credit Facility to identify alternative transaction structures if the sale process did not result in an acceptable offer. As it became clear that a sale process would not yield a bid that cleared par value of the Company’s pre-petition debt, negotiations with lenders under the First Lien Credit Facility intensified. Following good faith negotiations among the Company and its lenders, the terms of a comprehensive deal were memorialized among the Company and the holders of 100% of the aggregate principal amount of the loans outstanding under the First Lien Credit Facility in a Restructuring Support Agreement (the “Restructuring Support Agreement”). | |
The Restructuring Support Agreement sets forth the terms through which the Company expects to effectuate a comprehensive deleveraging of the consolidated balance sheet (the “Restructuring”) pursuant to a prearranged Chapter 11 plan of reorganization (the “Plan”). To implement the Restructuring, on May 4, 2014, the Company and certain of its U.S. affiliates filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Chapter 11 cases are being jointly administered under the caption In re GSE Environmental, Inc., et al., Case No. 14-11126 (the “Chapter 11 Cases”). The Company also filed a disclosure statement related to the Plan, which describes the terms and provisions of the Plan, including certain effects of confirmation of the Plan, certain risk factors associated with securities to be issued under the Plan, the manner in which distributions will be made under the Plan, and the confirmation process and the voting procedures that holders of claims and interests entitled to vote under the Plan must follow for their votes to be counted. If approval is obtained, the Company then expects to move forward soliciting votes for the proposed Plan in an expedited manner. However, there can be no assurance that the Plan will be confirmed in this time frame or in the manner proposed. The Company and its affiliate filers will continue to operate their businesses and manage their properties as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. | |
The Plan filed by the Company contemplates, among other things, that the Company will reorganize as a going concern and adopt an appropriate post-emergence balance sheet. Specifically, the Plan contemplates a substantial reduction in the Company’s funded debt obligations by satisfying all obligations under the First Lien Credit Facility with the issuance of new common equity. As part of the Plan contemplated by the Restructuring Support Agreement, all existing shares of common stock would be cancelled for no consideration. | |
Pursuant to the terms of the Restructuring Support Agreement, the lenders under the First Lien Credit Facility agreed to, among other things, and subject to certain conditions: (a) support and take all reasonable actions necessary or reasonably requested by the Company to facilitate the implementation of the Restructuring pursuant to the Plan; (b) provide a $45 million super-priority priming delayed-draw debtor-in-possession term loan facility; (c) backstop the funding of the financing facility to fund distributions under the Plan and ensure that the reorganized Company is properly capitalized (the “Exit Facility”) in the event the Company is unable to secure such a facility from a third party; (d) not support or solicit any plan in opposition to the Plan; and (e) vote to accept the Plan. | |
The Plan also calls for significant recoveries for general unsecured creditors. More specifically, the Plan provides for payment in full of claims of trade creditors that agree to enter into an agreement to provide trade terms no less advantageous than those terms provided 12 months prior to May 4, 2014 for at least 12 months following the effective date of the Plan and also provides for an amount of cash for other general unsecured claims, which the Company believes will be sufficient to pay such claims in full. Distributions under the Plan will be funded with cash on hand, as well as the proceeds of the Exit Facility. | |
The failure to sell the Company by April 30, 2014 and the subsequent filing of the Chapter 11 Cases triggered the acceleration of financial obligations under the terms of the First Lien Credit Facility and the Priming Facility. On or around May 7, 2014, following the effective date of the DIP Credit Facility (as defined below), the DIP Credit Facility was partially funded and used in part to repay in full the obligations outstanding under the Priming Facility of approximately $18.1 million, and as of such date the Priming Facility was terminated. In addition, the defaults under the First Lien Credit Facility and the Priming Facility may also constitute defaults under cross-default provisions found in other debt obligations of the Company, including, but not limited to, capital leases. The Company believes that any efforts to enforce the remaining financial obligations in the U.S. are stayed as a result of the filing of the Chapter 11 Cases in the Bankruptcy Court. | |
Debtors-in-Possession — | |
The Company and its affiliate filers are currently operating as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of Chapter 11 and orders of the Bankruptcy Court. In general, as debtors in possession, the Company and its affiliate filers are authorized under Chapter 11 to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. On May 6, 2014, the Bankruptcy Court signed a variety of “first day” orders. These orders included an interim order that will allow the Company to continue to pay general unsecured creditors in the ordinary course of business and an order to continue existing customer programs. Other orders that provide the Company the ability to continue to operate its business in the ordinary course without interruption, covered, among other things, employee wages and benefits, tax matters, insurance matters, and cash management. The Company also received authority, on an interim basis, to enter into a $45.0 million debtor-in-possession credit facility to fund operations as it moves forward with its comprehensive debt restructuring (the “Interim Order”). | |
Absent a successful Restructuring, there is substantial doubt as to the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern depends on emerging from the Chapter 11 proceedings, the achievement of profitable operations, the ability to generate sufficient cash from operations, and financing sources to meet obligations. Until the completion of the Chapter 11 Cases, the Company’s future remains uncertain, and there can be no assurance that its efforts in this regard will be successful. | |
The accompanying condensed consolidated financial statements have been prepared on the going-concern basis of accounting, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As a result of the Chapter 11 filing, such realization of assets and satisfaction of liabilities is subject to uncertainty. Further, implementation of the Plan will materially change the amounts reported in the consolidated financial statements. These financial statements do not give effect to any adjustments to the carrying value of assets or amounts of liabilities that might be necessary as a consequence of implementing a plan of reorganization . | |
DIP Credit Facility — | |
Effective May 6, 2014, the Company entered into a debtor-in-possession credit agreement that provides for aggregate borrowings of up to $45.0 million under a super-priority priming delayed-draw term loan facility (the “DIP Credit Facility”), of which $35.0 million was available on or around May 7, 2014 after entry by the Bankruptcy Court of the Interim Order and satisfaction of other borrowing conditions. The remaining $10.0 million of borrowing availability under the DIP Credit Facility is expected to become available upon entry by the Bankruptcy Court of the Final Order approving the DIP Credit Facility. On or around May 7, 2014, following the effective date of the DIP Credit Facility, approximately $18.1 million of borrowings under the DIP Credit Facility were used to repay all amounts outstanding under the Priming Facility. The Company believes that the remaining availability under the DIP Credit Facility will provide it with sufficient liquidity to finance its operations in the ordinary course as it seeks confirmation of the Plan. | |
Note_3_Basis_of_Presentation
Note 3 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
3. Basis of Presentation — | |
The accompanying condensed consolidated financial statements have been prepared on the same basis as those in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2013. The December 31, 2013 Condensed Consolidated Balance Sheet data was derived from the Company’s year-end audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (‘‘GAAP’’). These condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of such financial statements for the periods indicated. The Company believes that the disclosures herein are adequate to make the information presented not misleading. Operating results for the first three months of 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2013, and the notes thereto included in the 2013 Annual Report on Form 10-K. | |
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts as well as certain disclosures. The Company’s financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. | |
Note_4_Recent_Accounting_Prono
Note 4 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
4. Recent Accounting Pronouncements — | |
The Company qualifies as an emerging growth company under Section 101 of the Jumpstart Our Business Startups Act (the “JOBS Act”). An emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Company has chosen to “opt out” of such extended transition period, and as a result, is compliant with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non- emerging growth companies. Section 107 of the JOBS Act provides that this decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. | |
Note_5_Net_Loss_per_Share
Note 5 - Net Loss per Share | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
5. Net Loss per Share | |
The Company computes basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of employee stock options is reflected in diluted net loss per share by applying the treasury stock method. | |
The Company recorded a net loss for the three months ended March 31, 2014 and 2013. As a result, approximately 1.0 million and 1.2 million stock options outstanding at March 31, 2014 and 2013, respectively, were excluded from the calculation of diluted earnings per share as they were antidilutive. All outstanding awards are expected to be cancelled under the Plan. | |
Note_6_Inventory
Note 6 - Inventory | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
6. Inventory – | |||||||||
Inventory consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 29,139 | $ | 27,511 | |||||
Finished goods | 48,636 | 46,782 | |||||||
Supplies | 5,096 | 4,844 | |||||||
Obsolescence and slow moving allowance | (3,553 | ) | (3,802 | ) | |||||
$ | 79,318 | $ | 75,335 | ||||||
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant and Equipment | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||||||
7. Property, Plant and Equipment – | ||||||||||||||
Property, plant and equipment consisted of the following: | ||||||||||||||
Useful | March 31, | December 31, | ||||||||||||
lives years | 2014 | 2013 | ||||||||||||
(in thousands) | ||||||||||||||
Land | $ | 5,401 | $ | 5,392 | ||||||||||
Buildings and improvements | 7 | - | 30 | 37,050 | 36,930 | |||||||||
Machinery and equipment | 3 | - | 10 | 130,381 | 129,630 | |||||||||
Software | 3 | 9,044 | 8,766 | |||||||||||
Furniture and fixtures | 3 | - | 5 | 843 | 825 | |||||||||
182,719 | 181,543 | |||||||||||||
Less – accumulated depreciation and amortization | (109,161 | ) | (105,289 | ) | ||||||||||
$ | 73,558 | $ | 76,254 | |||||||||||
Depreciation and amortization expense for the three months ended March 31, 2014 and 2013 was $3.8 million and $3.4 million, respectively, of which $3.1 million and $2.7 million was included in cost of products , respectively, and $0.7 and $0.7 million, respectively, was included in selling, general and administrative expenses. | ||||||||||||||
During the three months ended March 31, 2014, there was no interest capitalized. During the three months ended March 31, 2013, $0.1 million of interest was capitalized in the consolidated financial statements. | ||||||||||||||
Note_8_Intangible_Assets
Note 8 - Intangible Assets | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||
8. Intangible Assets – | ||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||
Useful | March 31, | December 31, | ||||||||||||
lives years | 2014 | 2013 | ||||||||||||
(in thousands) | ||||||||||||||
Customer lists | 5 | - | 20 | $ | 29,737 | $ | 29,746 | |||||||
Trademarks | 5 | 1,082 | 1,082 | |||||||||||
Non-compete agreements | 1 | - | 10 | 2,556 | 2,556 | |||||||||
Other | 1 | 363 | 363 | |||||||||||
33,738 | 33,747 | |||||||||||||
Less accumulated amortization | (29,419 | ) | (28,951 | ) | ||||||||||
Intangible assets, net | $ | 4,319 | $ | 4,796 | ||||||||||
Amortization expense for intangible assets during the three months ended March 31, 2014 and 2013 was $0.5 million and $0.4 million, respectively. | ||||||||||||||
Note_9_Accrued_Liabilities_and
Note 9 - Accrued Liabilities and Other | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
9. Accrued Liabilities and Other – | |||||||||
Accrued liabilities and other consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Customer prepayments | $ | 4,530 | $ | 2,972 | |||||
Accrued operating expenses | 5,960 | 3,780 | |||||||
Self-insurance reserves and warranty accruals | 1,549 | 1,575 | |||||||
Compensation and benefits | 3,073 | 3,196 | |||||||
Accrued interest | 610 | 650 | |||||||
Taxes, other than income | 1,622 | 2,818 | |||||||
Income taxes payable | 296 | 103 | |||||||
Deferred income taxes | 242 | 242 | |||||||
Other accrued liabilities | 472 | 481 | |||||||
$ | 18,354 | $ | 15,817 | ||||||
Note_10_Debt
Note 10 - Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
10. Debt – | |||||||||
Long-term debt consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
First Lien Credit Facility | $ | 183,091 | $ | 170,674 | |||||
Term Loan – China bank | 11,189 | 10,193 | |||||||
Capital Lease – Capital Source Bank | 1,681 | 1,987 | |||||||
Other Capital Leases | 125 | 147 | |||||||
Term Loan – German bank secured by equipment, 5.15% March 2014 | – | 87 | |||||||
196,086 | 183,088 | ||||||||
Less – current maturities | (196,086 | ) | (182,300 | ) | |||||
$ | - | $ | 788 | ||||||
Following the failure to sell the Company and the filing of the Chapter 11 Cases, substantially all of the Company’s pre-petition debt is in default. | |||||||||
DIP Credit Facility – | |||||||||
Effective May 6, 2014, the Company entered into the DIP Credit Facility under which $35.0 million was available on or around May 7, 2014 after entry by the Bankruptcy Court of the Interim Order and satisfaction of other borrowing conditions. The remaining $10.0 million of borrowing availability under the DIP Credit Facility is expected to become available upon entry by the Bankruptcy Court of the Final Order approving the DIP Credit Facility. | |||||||||
Proceeds from the DIP Credit Facility may be used (i) for working capital, capital expenditures, payment of costs of administration of the Chapter 11 Cases, payment of fees and expenses incurred in connection with the DIP Credit Facility and other such pre-petition expenses as the Bankruptcy Court shall approve, and (ii) to repay in full the obligations outstanding under the prepetition Priming Facility. On or around May 7, 2014, following the effective date of the DIP Credit Facility, $35.0 million under the DIP Credit Facility was available and used in part to repay in full the obligations outstanding under the prepetition Priming Facility of approximately $18.1 million, and as of such date the Priming Facility was terminated. After that repayment and after deducting certain fees and expenses in connection with entering into the DIP Credit Facility, the Company received net cash proceeds of $1.5 million and approximately $14.3 million of the initially approved $35.0 million was immediately available under the DIP Credit Facility. | |||||||||
The DIP Credit Facility is scheduled to mature on the earliest to occur of (i) November 4, 2014, (ii) the date on which the DIP Credit Facility shall terminate in accordance with the provisions of the DIP Credit Facility, (iii) the effective date of a plan of reorganization or (iv) the date of a sale of all or substantially all of the Company’s assets under Section 363 of the Bankruptcy Code (such date, the “Termination Date”). Borrowings are due and payable in full on the Termination Date. Outstanding borrowings under the DIP Credit Facility are pre-payable without penalty. | |||||||||
The DIP Credit Facility requires the Company to maintain certain financial covenants. The Company must not exceed established cumulative capital expenditure thresholds. For the period from May 6, 2014 to September 30, 2014, the Company’s cumulative capital expenditures must be no more than $950,000. The Company must maintain minimum liquidity (equal to the sum of availability under the DIP Credit Facility and North American book cash which is subject to an account control agreement) of $3.5 million at all times. The Company shall also adhere to a line item budget approved by the lenders under the DIP Credit Facility, subject to certain limited permitted variances. | |||||||||
The DIP Credit Facility requires the Company to comply with customary affirmative and negative covenants. Such affirmative covenants require the Company to, among other things, preserve corporate existence, comply with laws, pay tax obligations, maintain insurance, conduct update calls with the administrative agent and lenders to discuss liquidity levels and variances from the agreed-upon budget, maintain properties in good working order and maintain all rights, privileges, qualifications, permits, licenses and franchises necessary in the normal conduct of its business, and maintain cash in approved deposit accounts subject to account control agreements, in each case subject to thresholds and exceptions set forth as set forth in the DIP Credit Facility. | |||||||||
Restrictions imposed through the negative covenants affect the Company’s ability to, among other things, incur debt, create liens or permit liens to exist, engage in mergers and acquisitions, conduct asset sales or dispositions of property, make dividends and other payments in respect of capital stock, prepay certain indebtedness, pay certain earn-out obligations, change lines of business, make investments, loans and other advances, engage in transactions with affiliates, amend organizational documents or the terms of any other debt, and create or permit to exist any claim, lien or encumbrance that is pari passu or senior to claims of the lenders, in each case, subject to thresholds and exceptions as set forth in the DIP Credit Facility. | |||||||||
The DIP Credit Facility contains customary events of default, including, among other things: nonpayment of principal, interest and other fees or other amounts after stated grace periods; material inaccuracy of representations and warranties; violations of covenants; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended, or “ERISA”; non-perfection of security interest; failure to comply with the agreed-upon budget; the exceeding of permitted variances under the agreed-upon budget; and customary bankruptcy-related events of default. | |||||||||
The obligations under the DIP Credit Facility are guaranteed on a senior secured basis by the Company and each of its existing and future wholly owned domestic subsidiaries, other than any excluded subsidiaries. The obligations are secured by a first priority perfected security interest in substantially all of the guarantors’ assets, subject to certain exceptions, permitted liens and permitted encumbrances under the DIP Credit Facility. | |||||||||
First Lien Credit Facility – | |||||||||
The Company’s First Lien Credit Facility was originally in the amount of $170.0 million, consisting of term loan commitments originally in the amount of $135.0 million (as amended from time to time, the “First Lien Term Loan”) and $35.0 million of revolving loan commitments (as amended from time to time, the “Revolving Credit Facility”). | |||||||||
On April 18, 2012, the First Lien Credit Facility was amended to increase the First Lien Term Loan commitments from $135.0 million to $157.0 million, resulting in aggregate capacity of $192.0 million immediately following such amendment. The Company used the additional borrowing capacity under the First Lien Term Loan to repay in full all outstanding indebtedness under, and to terminate, the Company’s second lien senior secured credit facility and to pay related fees and expenses. | |||||||||
The First Lien Credit Facility contains various restrictive covenants that include, among other things, restrictions or limitations on the Company’s ability to: incur additional indebtedness or issue disqualified capital stock unless certain financial tests are satisfied; pay dividends, redeem subordinated debt or make other restricted payments; make certain loans, investments or acquisitions; issue stock of subsidiaries; grant or permit certain liens on assets; enter into certain transactions with affiliates; merge, consolidate or transfer substantially all of its assets; incur dividend or other payment restrictions affecting certain subsidiaries; transfer or sell assets including, but not limited to, capital stock of subsidiaries; and change the business the Company conducts. For the twelve months ended June 30, 2013 and December 31, 2012, the Company was subject to a total leverage ratio (which is based on a trailing twelve months calculation) not to exceed 5.25:1.00 and 5.50:1.00, respectively, and an interest coverage ratio of not less than 2.25:1.00 and 2.15:1.00, respectively. As of June 30, 2013, the Company was not in compliance with the total leverage ratio covenant necessitating receiving a waiver and sixth amendment to the facility as discussed below. | |||||||||
On July 30, 2013, the Company entered into the Sixth Amendment to the First Lien Credit Facility, pursuant to which the lenders waived the Company’s default arising as a result of the failure by the Company to be in compliance with the maximum total leverage ratio as of June 30, 2013. The maximum total leverage ratio for the twelve months ending September 30, 2013, December 31, 2013, and March 31, 2014 was also modified to 6.50:1.00, 6.25:1.00, and 5.17:1.00, respectively. Beyond March 31, 2014, the maximum total leverage ratios covenants were not changed by the Sixth Amendment. The total leverage ratio covenant is 4.75:1.00 for the twelve months ended June 30, 2014 and becomes even more restrictive after that date. As of March 31, 2014, the Company’s total leverage ratio was 15.01:1.00. | |||||||||
In addition, commencing on October 31, 2013 and continuing until the Company’s total leverage ratio is less than 5.00:1.00, the total leverage ratio as of the last day of any fiscal month that is the first or second fiscal month of a fiscal quarter must not be greater than the maximum total leverage ratio required for the most recently completed fiscal quarter. | |||||||||
The Sixth Amendment also increased the margin on the loans by 200 basis points, modified the definition of “EBITDA” to exclude certain expenses from the calculation of EBITDA for purpose of calculating certain debt covenants, and reduced the Company’s borrowing capacity under the Revolving Credit Facility from $35.0 million to approximately $21.5 million, $3.0 million of which may be used for letters of credit. | |||||||||
In accordance with the Sixth Amendment, the Company was required to use its best efforts to raise at least $20.0 million of additional unsecured mezzanine indebtedness or other subordinated capital, reasonably acceptable to General Electric Capital Corporation (the “Junior Capital”) on or before October 31, 2013. | |||||||||
In July 2013, the Company engaged an investment bank to assist with the process of raising the Junior Capital. The Company also sought to secure a complete refinancing of the First Lien Credit Facility. The Company was not successful in raising the Junior Capital or completing the refinancing on acceptable terms. Since the Company had not obtained the Junior Capital as of October 31, 2013, the margin on the First Lien Credit Facility loans increased by 50 basis points and will increase by 50 basis points each quarter going forward. | |||||||||
As a result of potential defaults under the First Lien Credit Facility during the fourth quarter of 2013, the Company entered into certain waivers and amendments to the First Lien Credit Facility during 2014, pursuant to which the lenders waived any default arising as a result of the potential failure by the Company to be in compliance with (i) the maximum total leverage ratio as of September 30, 2013, October 31, 2013, November 30, 2013 and December 31, 2013, and (ii) the minimum interest coverage ratio as of December 31, 2013. The lenders also waived any actual or potential defaults of the maximum total leverage ratio or the minimum interest coverage ratio through April 30, 2014. | |||||||||
The Company also engaged in an ultimately unsuccessful process to sell the Company in accordance with the terms of the First Lien Credit Facility and the Priming Facility. The failure to sell the Company by April 30, 2014 and the subsequent filing of the Chapter 11 Cases triggered the acceleration of financial obligations under the terms of the First Lien Credit Facility. As described below and in Note 2, the Company entered into the Restructuring Support Agreement with the holders of 100% of the aggregate principal amount of the loans outstanding under the First Lien Credit Facility and filed for relief under the provisions of Chapter 11 of the Bankruptcy Code. | |||||||||
The First Lien Credit Facility was scheduled to mature in May 2016. As described herein, the failure to sell the Company by April 30, 2014 and the subsequent filing of the Chapter 11 Cases triggered the acceleration of financial obligations under the terms of the First Lien Credit Facility. Borrowings under the First Lien Credit Facility incur interest expense that is variable in relation to the London Interbank Offer Rates (“LIBOR”) (and/or Prime) rate. As discussed below, effective October 31, 2013, the interest rates on the First Lien Credit Facility loans increased by 50 basis points and will continue to increase by 50 basis points each quarter going forward if the Company does not raise the Junior Capital (as defined below). | |||||||||
In addition to paying interest on outstanding borrowings under the First Lien Credit Facility, the Company pays a 0.75% per annum commitment fee to the lenders in respect of the unutilized commitments, and letter of credit fees equal to the LIBOR margin on the undrawn amount of all outstanding letters of credit. As of March 31, 2014, there was $171.8 million outstanding under the First Lien Credit Facility consisting of $153.0 million in term loans and $18.8 million in revolving loans, and the weighted average interest rate on such loans was 10.15%. As of March 31, 2014, the Company had no capacity under the Revolving Credit Facility after taking into account outstanding loan advances and letters of credit. | |||||||||
The obligations under the First Lien Credit Facility are guaranteed on a senior secured basis by the Company and each of its existing and future wholly-owned domestic subsidiaries, other than GSE International, Inc. and any other excluded subsidiaries. The obligations are secured by a first priority perfected security interest in substantially all of the guarantors’ assets, subject to certain exceptions, permitted liens and permitted encumbrances under the First Lien Credit Facility. | |||||||||
The Plan filed by the Company in connection with the Chapter 11 Cases on May 5, 2014 contemplates, among other things, that the Company will reorganize as a going concern and adopt an appropriate post-emergence balance sheet. Specifically, the Plan contemplates a substantial reduction in the Company’s funded debt obligations by satisfying all obligations under the First Lien Credit Facility with the issuance of new common equity. As part of the Plan contemplated by the Restructuring Support Agreement, all existing shares of common stock would be cancelled for no consideration. | |||||||||
Pursuant to the terms of the Restructuring Support Agreement, the lenders under the First Lien Credit Facility agreed to, among other things, and subject to certain conditions: (a) support and take all reasonable actions necessary or reasonably requested by the Company to facilitate the implementation of the Restructuring pursuant to the Plan; (b) provide the DIP Credit Facility; (c) backstop the Exit Facility in the event the Company is unable to secure such a facility from a third party; (d) not support or solicit any plan in opposition to the Plan; and (e) vote to accept the Plan. | |||||||||
Based on current facts and circumstances, debt outstanding under the First Lien Credit Facility has been classified as current in the Consolidated Balance Sheet. | |||||||||
Supplemental Revolving Credit Agreements | |||||||||
Supplemental First Lien Revolving Credit Agreement – August 2013 | |||||||||
On August 8, 2013, the Company entered into a supplemental $8.0 million First Lien Revolving Credit Agreement (the “Supplemental First Lien Revolving Facility”) with General Electric Capital Corporation and the other financial institutions party thereto. | |||||||||
As of October 31, 2013, the Supplemental First Lien Revolving Credit Facility was paid in full and such facility was terminated. | |||||||||
Supplemental Priming Facility – January 2014 | |||||||||
On January 10, 2014, the Company entered into a $15.0 million secured revolving super-priority credit facility (the “Priming Facility”) with General Electric Capital Corporation and the other financial institutions party thereto. On March 14, 2014, the lenders extended the maturity date of the Priming Facility to April 30, 2014. On April 17, 2014, the Company entered into the fifth amendment to the Priming Facility which increased the Priming Facility from $15.0 million to $18.0 million. The Priming Facility bore interest at a rate equal to LIBOR plus 8.00% or a base rate plus 7.00%. The Priming Facility was subject to various additional customary terms and conditions, including conditions to funding. The lenders under the First Lien Credit Facility approved the senior secured super-priority credit facility and the related guarantees to the lenders under the Priming Facility. The assets and stock of the Company’s subsidiaries outside of North America were not pledged to secure the Priming Facility. | |||||||||
As of April 30, 2014, there was $18.0 million outstanding under the Priming Facility with no borrowing availability. The failure to sell the Company by April 30, 2014, the failure to pay the amount outstanding by the maturity date of April 30, 2014 and the filing of the Chapter 11 Cases triggered the acceleration of the Company’s financial obligations under the Priming Facility. On or around May 7, 2014, following the effective date of the DIP Credit Facility, $20.7 million under the DIP Credit Facility was funded and used in part to repay in full the obligations outstanding under the Priming Facility of approximately $18.1 million, and as of such date the Priming Facility was terminated. | |||||||||
Cross-Defaults | |||||||||
Defaults under the First Lien Credit Facility and the Priming Facility may also constitute defaults under cross-default provisions found in other debt obligations of the Debtors, including, but not limited to, capital leases. As a result, the liabilities relating to these agreements have been classified as current in the consolidated financial statements. | |||||||||
Capital Leases | |||||||||
On August 17, 2012, the Company entered into an equipment financing arrangement with CapitalSource Bank. The lease is a three-year lease for equipment cost up to $10.0 million. As of March 31, 2014, there was approximately $1.7 million outstanding under this lease arrangement, with monthly payments of $0.1 million and an implied interest rate of 7.09%. | |||||||||
During 2012, the Company entered into three other capitalized leases with commercial financial institutions. These leases are for terms of three to four years for equipment cost of $0.3 million with implied interest rates from 5.42% to 8.72%. As of March 31, 2014, there was approximately $0.1 million outstanding under these leases. | |||||||||
In accordance with the terms of the Sixth Amendment to the First Lien Credit Facility discussed above, the Company is limited to $6.0 million in total capital leases. | |||||||||
Line of Credit – China Bank | |||||||||
On May 14, 2013, the Company entered into a Chinese Yuan (“CNY”) 160.0 million line of credit with the China Construction Bank (“CCB”) consisting of a CNY 90.0 million property, plant and equipment term loan, a CNY 60.0 million working capital credit facility and a CNY 10.0 million international trade financing credit facility as discussed below. There are certain restrictions the Company has agreed to under this line of credit which include not pledging as collateral any assets of the Company’s China entity to any third party except CCB. | |||||||||
Term Loans China Bank | |||||||||
As of March 31, 2014, the Company had two unsecured term loans with the CCB. One loan is denominated in U. S. dollars and the other loan is denominated in the Chinese Yuan (“CNY”). The maximum amount that can be borrowed under these term loans is CNY 90.0 million ($14.6 million). The US dollar denominated loan limit is $7.0 million, and the CNY denominated loan limit is CNY 46.0 million ($7.5 million). The borrowings on these loans can only be used to finance the construction of the Company’s new facility in China and were entered into on July 8, 2013. Proceeds from the US dollar denominated loan are used to purchase machinery and equipment from suppliers not located in China, and the proceeds from the CNY denominated loan are used to purchase machinery and equipment from suppliers located in China. Each of these loans is for a term of seven years; interest is paid monthly with semi-annual principal payments beginning December 31, 2015 and ending June 30, 2020. The interest rate for the US dollar denominated loan is LIBOR plus 380 basis points and is reset every three months. The interest rate for the CNY denominated loan is the lending interest rate quoted by the People’s Bank of China and is reset on annual basis. As of March 31, 2014, there was $11.2 million outstanding under these term loans consisting of $4.1 million outstanding under the US dollar denominated loan and CNY 43.9 million ($7.1 million) outstanding under the CNY denominated loan, and the weighted average interest rate was 5.64%. Each term loan agreement contains a subjective acceleration clause. Based on current facts and circumstances, debt outstanding under the term loans with CCB have been classified as current in the Consolidated Balance Sheet. | |||||||||
Non-Dollar Denominated Credit Facilities | |||||||||
As of March 31, 2014, the Company had eight credit facilities with several of its international subsidiaries. | |||||||||
The Company has a CNY 60.0 million ($9.7 million) unsecured working capital facility with the CCB and is permitted to make monthly borrowings in both CNY and U. S. dollars. Each monthly borrowing has a maturity date of one year from the borrowing date and interest is paid monthly. The interest rate for U. S. dollar borrowings is LIBOR plus 350 basis points (variable market rate) and is reset every three months. The interest rate for CNY borrowings is the lending interest rate quoted by the People’s Bank of China plus 5.0%. As of March 31, 2014, there was CNY 28.4 million ($4.6 million) outstanding under these term loans consisting of $3.6 million (CNY 22.2 million) outstanding under the US dollar borrowings and CNY 6.2 million ($1.0 million) outstanding under the CNY borrowings, and the weighted average interest rate was 4.51%. This credit facility is subject to an annual renewal review in May of each year and may be terminated by either CCB or the Company. | |||||||||
The Company has a CNY 10.0 million ($1.6 million) international trade financing credit facility primarily in place to support the issuance of international letters of credit outside of China. There were no amounts outstanding under this credit facility as of March 31, 2014, and the Company has no plans to borrow under this facility in the foreseeable future. | |||||||||
The Company has two credit facilities with German banks aggregating to EUR 6.0 million ($8.3 million). These revolving credit facilities bear interest at various market rates, and are used primarily to guarantee the performance of European installation contracts and temporary working capital requirements. As of March 31, 2014, there were no amounts outstanding under the lines of credit, there were EUR 2.1 million ($2.9 million) of bank guarantees and letters of credit outstanding, and EUR 3.9 million ($5.4 million) available under these credit facilities. | |||||||||
The Company has three credit facilities with Egyptian banks in the amount of EGP 15.0 million ($2.2 million). These credit facilities bear interest at various market rates, and are primarily for cash management purposes. There was EGP 9.7 million ($1.4 million) outstanding under these lines of credit, EGP 3.4 million ($0.5 million) of bank guarantees and letters of credit outstanding, and EGP 1.9 million ($0.3 million) available under these credit facilities as of March 31, 2014. | |||||||||
The Company has a BAHT 600.0 million ($18.5 million) Trade on Demand Financing (accounts receivable) facility with Thai Military Bank Public Company Limited (“TMB”). This facility bears interest at LIBOR plus 1.75%, is unsecured and may be terminated at any time by either TMB or the Company. This facility permits the Company to borrow funds upon presentation of proper documentation of purchase orders or accounts receivable from its customers, in each case with a maximum term not to exceed 180 days. The Company maintains a bank account with TMB, assigns rights to the accounts receivable used for borrowings under this facility, and instructs these customers to remit payments to the bank account with TMB. TMB may, in its sole discretion, deduct or withhold funds from the Company’s bank account for settlement of any amounts owed by the Company under this facility. There was approximately BAHT 372.4 million ($11.5 million) outstanding and BAHT 227.6 million ($7.0 million) available under this facility as of March 31, 2014. | |||||||||
Following the failure to sell the Company and the filing of the Chapter 11 Cases, substantially all of the Company’s pre-petition debt is in default. | |||||||||
Note_11_Fair_Value_of_Financia
Note 11 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
11. Fair Value of Financial Instruments – | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, GAAP requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | |
The three levels of inputs used are as follows: | |
Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities. | |
Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables and debt instruments. The carrying values of cash and cash equivalents, trade receivables and trade payables are considered to be representative of their respective fair values due to the short-term nature of these instruments. The fair value of the First Lien Credit Facility as of March 31, 2014 was indeterminable due to the current financial condition of the Company. The carrying amount of the remaining long-term debt of $13.0 million as of March 31, 2014 approximates fair value because the Company’s current borrowing rate does not materially differ from market rates for similar bank borrowings. The long-term debt is classified as a Level 2 item within the fair value hierarchy. | |
The Company has assets measured and recorded at fair value on a non-recurring basis. These non-financial assets, such as property, plant and equipment, goodwill and intangible assets are recorded at fair value only if an impairment charge is recognized. | |
Note_12_StockBased_Compensatio
Note 12 - Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
12. Stock-Based Compensation – | |
As of March 31, 2014, there were 968,561 stock options outstanding with an exercise price range of $0.67 to $11.57 and a weighted average exercise price of $4.80. During the three months ended March 31, 2014, there were no shares of restricted stock or stock options issued. There were 74,937 shares of restricted stock issued and 20,000 options issued during the three months ended March 31, 2013. There were no options exercised during the first three months of 2014 and 235,945 options were exercised during the three months ended March 31, 2013. Stock-based compensation expense of $365 thousand was recognized during the three months ended March 31, 2014 and the effect of forfeitures on compensation expense was approximately $556 thousand. Stock-based compensation expense of $155 thousand was recognized during the three months ended March 31, 2013. | |
All outstanding stock options are held by employees and former employees of the Company and have an expiration date of 10 years from the date of grant. At March 31, 2014, the average remaining contractual life of options outstanding and exercisable was 2.5 years. | |
Note_13_Income_Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
13. Income Taxes – | |
Income tax expense (benefit) for the three months ended March 31, 2014 and 2013 was $0.1 million and ($2.8) million. The provision for income taxes is recorded at the estimated annual effective tax rates for each tax jurisdiction based on fiscal year to date results. The effective tax rates were (1.2%) and 53.3% for the three months ended March 31, 2014 and 2013, respectively. The difference in the effective tax rate compared with the U.S. federal statutory rate in 2014 is due to the mix of the international jurisdictional rates and the fact that the U.S. is recording a full valuation allowance for its deferred tax assets. During the quarter ended March 31, 2014, the valuation allowance increased approximately $3.7 million. In the three months ended March 31, 2013, the difference in the effective rate is due to international rate differences and U.S. permanent differences relating to foreign taxes for which no benefit was recorded. | |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
14. Commitments and Contingencies – | |||||||||
Officer Incentive and Employee Retention Plans | |||||||||
Effective February 12, 2014, the Board of Directors of the Company approved the Key Executive Incentive Plan (the “KEIP”) and the Key Employee Retention Plan (the “KERP”). The KEIP is for the Company’s officers and is designed to preserve and enhance the financial condition of the Company and to consummate the Restructuring. The KEIP covers eight of the Company’s officers and provides an opportunity to earn an incentive bonus upon the closing of a recapitalization of the Company. The Company’s President and Chief Executive Officer is not participating in the KEIP. The KERP covers approximately 20 of the Company’s key employees and provides an opportunity for the key employees to earn an incentive bonus upon the closing of a recapitalization of the Company. The KEIP has an estimated cost ranging from $1.0 million to $1.3 million, and the KERP has an estimated cost of approximately $0.6 million. Given the uncertainty as to successfully completing a recapitalization and the related timing, no amounts have been accrued as of March 31, 2014. | |||||||||
Warranties | |||||||||
The Company’s products are sold and installed with specified limited warranties as to material quality and workmanship. These limited warranties may last for up to 20 years, but are generally limited to repair or replacement by the Company of the defective liner or the dollar amount of the contract involved, on a prorated basis. The Company may also indemnify the site owner or general contractor for other damages resulting from negligence of the Company’s employees. The Company accrues a warranty reserve based on estimates for warranty claims. This estimate is based on historical claims history and current business activities and is accrued as a cost of sales in the period such business activity occurs. The table below reflects a summary of activity of the Company’s operations for warranty obligations for the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Balance at January 1, | $ | 800 | $ | 1,175 | |||||
Provision / changes in estimates | (19 | ) | (15 | ) | |||||
Payments | — | — | |||||||
Balance at March 31, | $ | 781 | $ | 1,160 | |||||
Although the Company is not exposed to the type of potential liability that might arise from being in the business of handling, transporting or storing hazardous waste or materials, the Company could be susceptible to liability for environmental damage or personal injury resulting from defects in the Company’s products or negligence by Company employees in the installation of its lining systems. Such liability could be substantial because of the potential that hazardous or other waste materials might leak out of their containment system into the environment. The Company maintains liability insurance, which includes contractor’s pollution liability coverage in amounts which it believes to be prudent. However, there is no assurance that this coverage will remain available to the Company. While the Company’s claims experience to date may not be a meaningful measure of its potential exposure for product liability, the Company has experienced no material losses from defects in products and installations. | |||||||||
Bonding – Bank Guarantees – | |||||||||
The Company, in some direct sales and raw material acquisition situations, is required to post performance bonds or bank guarantees as part of the contractual guarantee for its performance. The performance bonds or bank guarantees can be in the full amount of the contracts. To date the Company has not received any claims against any of the posted securities, most of which terminate at the final completion date of the contracts. As of March 31, 2014, the Company had $5.5 million of bonds outstanding and $5.4 million of guarantees issued under its bank lines. | |||||||||
Litigation and Claims – | |||||||||
The Company is a party to various legal actions arising in the ordinary course of its business. These legal actions cover a broad variety of claims spanning the Company’s entire business. The Company does not believe these legal actions will, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flows. | |||||||||
On May 4, 2014, the Company and certain of its U.S. affiliates filed voluntary petitions in the Bankruptcy Court seeking relief under the provisions of Chapter 11 of the Bankruptcy Code. Following the failure to sell the Company and the filing of the Chapter 11 Cases, substantially all of the Company’s indebtedness is in default. See Note 2 for further discussion. | |||||||||
Note_15_Segment_Information
Note 15 - Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
15. Segment Information – | |||||||||||||||||||||||||
The Company’s operating and external reporting segments are based on geographic regions, which is consistent with the basis of how management internally reports and evaluates financial information used to make operating decisions. The Company’s reportable segments are North America, Europe Africa, Asia Pacific, Latin America and Middle East. | |||||||||||||||||||||||||
The following tables present information about the results of the Company’s reportable segments for the periods presented. | |||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||
North | Europe | Asia Pacific | Latin America | Middle East | Total | ||||||||||||||||||||
America | Africa | ||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||
Net sales to external customers | $ | 35,562 | $ | 17,156 | $ | 18,087 | $ | 6,542 | $ | 2,359 | $ | 79,706 | |||||||||||||
Intersegment sales | 3,927 | 323 | 845 | — | 3,554 | 8,649 | |||||||||||||||||||
Total segment net sales | 39,489 | 17,479 | 18,932 | 6,542 | 5,913 | 88,355 | |||||||||||||||||||
Gross profit | 5,310 | 1,355 | 919 | 258 | 171 | 8,013 | |||||||||||||||||||
Gross margin | 14.9 | % | 7.9 | % | 5.1 | % | 3.9 | % | 7.3 | % | 10.1 | % | |||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||||||
North | Europe | Asia Pacific | Latin America | Middle East | Total | ||||||||||||||||||||
America | Africa | ||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||
Net sales to external customers | $ | 41,374 | $ | 22,353 | $ | 16,587 | $ | 11,704 | $ | 3,116 | $ | 95,134 | |||||||||||||
Intersegment sales | 6,950 | 24 | 3,787 | — | 1,037 | 11,798 | |||||||||||||||||||
Total segment net sales | 48,324 | 22,377 | 20,374 | 11,704 | 4,153 | 106,932 | |||||||||||||||||||
Gross profit | 8,947 | 157 | 2,199 | 1,511 | 443 | 13,257 | |||||||||||||||||||
Gross margin | 21.6 | % | 0.7 | % | 13.3 | % | 12.9 | % | 14.2 | % | 13.9 | % | |||||||||||||
The following tables reconcile the net sales information presented above to the condensed consolidated financial statements. | |||||||||||||||||||||||||
Three Months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Total segment net sales | $ | 88,355 | $ | 106,932 | |||||||||||||||||||||
Intersegment sales | (8,649 | ) | (11,798 | ) | |||||||||||||||||||||
Consolidated net sales | $ | 79,706 | $ | 95,134 | |||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The accompanying condensed consolidated financial statements have been prepared on the same basis as those in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2013. The December 31, 2013 Condensed Consolidated Balance Sheet data was derived from the Company’s year-end audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (‘‘GAAP’’). These condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of such financial statements for the periods indicated. The Company believes that the disclosures herein are adequate to make the information presented not misleading. Operating results for the first three months of 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2013, and the notes thereto included in the 2013 Annual Report on Form 10-K. | |
Use of Estimates, Policy [Policy Text Block] | ' |
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts as well as certain disclosures. The Company’s financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Note_6_Inventory_Tables
Note 6 - Inventory (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 29,139 | $ | 27,511 | |||||
Finished goods | 48,636 | 46,782 | |||||||
Supplies | 5,096 | 4,844 | |||||||
Obsolescence and slow moving allowance | (3,553 | ) | (3,802 | ) | |||||
$ | 79,318 | $ | 75,335 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
Useful | March 31, | December 31, | ||||||||||||
lives years | 2014 | 2013 | ||||||||||||
(in thousands) | ||||||||||||||
Land | $ | 5,401 | $ | 5,392 | ||||||||||
Buildings and improvements | 7 | - | 30 | 37,050 | 36,930 | |||||||||
Machinery and equipment | 3 | - | 10 | 130,381 | 129,630 | |||||||||
Software | 3 | 9,044 | 8,766 | |||||||||||
Furniture and fixtures | 3 | - | 5 | 843 | 825 | |||||||||
182,719 | 181,543 | |||||||||||||
Less – accumulated depreciation and amortization | (109,161 | ) | (105,289 | ) | ||||||||||
$ | 73,558 | $ | 76,254 |
Note_8_Intangible_Assets_Table
Note 8 - Intangible Assets (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||
Useful | March 31, | December 31, | ||||||||||||
lives years | 2014 | 2013 | ||||||||||||
(in thousands) | ||||||||||||||
Customer lists | 5 | - | 20 | $ | 29,737 | $ | 29,746 | |||||||
Trademarks | 5 | 1,082 | 1,082 | |||||||||||
Non-compete agreements | 1 | - | 10 | 2,556 | 2,556 | |||||||||
Other | 1 | 363 | 363 | |||||||||||
33,738 | 33,747 | |||||||||||||
Less accumulated amortization | (29,419 | ) | (28,951 | ) | ||||||||||
Intangible assets, net | $ | 4,319 | $ | 4,796 |
Note_9_Accrued_Liabilities_and1
Note 9 - Accrued Liabilities and Other (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Customer prepayments | $ | 4,530 | $ | 2,972 | |||||
Accrued operating expenses | 5,960 | 3,780 | |||||||
Self-insurance reserves and warranty accruals | 1,549 | 1,575 | |||||||
Compensation and benefits | 3,073 | 3,196 | |||||||
Accrued interest | 610 | 650 | |||||||
Taxes, other than income | 1,622 | 2,818 | |||||||
Income taxes payable | 296 | 103 | |||||||
Deferred income taxes | 242 | 242 | |||||||
Other accrued liabilities | 472 | 481 | |||||||
$ | 18,354 | $ | 15,817 |
Note_10_Debt_Tables
Note 10 - Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
First Lien Credit Facility | $ | 183,091 | $ | 170,674 | |||||
Term Loan – China bank | 11,189 | 10,193 | |||||||
Capital Lease – Capital Source Bank | 1,681 | 1,987 | |||||||
Other Capital Leases | 125 | 147 | |||||||
Term Loan – German bank secured by equipment, 5.15% March 2014 | – | 87 | |||||||
196,086 | 183,088 | ||||||||
Less – current maturities | (196,086 | ) | (182,300 | ) | |||||
$ | - | $ | 788 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Balance at January 1, | $ | 800 | $ | 1,175 | |||||
Provision / changes in estimates | (19 | ) | (15 | ) | |||||
Payments | — | — | |||||||
Balance at March 31, | $ | 781 | $ | 1,160 |
Note_15_Segment_Information_Ta
Note 15 - Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||
North | Europe | Asia Pacific | Latin America | Middle East | Total | ||||||||||||||||||||
America | Africa | ||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||
Net sales to external customers | $ | 35,562 | $ | 17,156 | $ | 18,087 | $ | 6,542 | $ | 2,359 | $ | 79,706 | |||||||||||||
Intersegment sales | 3,927 | 323 | 845 | — | 3,554 | 8,649 | |||||||||||||||||||
Total segment net sales | 39,489 | 17,479 | 18,932 | 6,542 | 5,913 | 88,355 | |||||||||||||||||||
Gross profit | 5,310 | 1,355 | 919 | 258 | 171 | 8,013 | |||||||||||||||||||
Gross margin | 14.9 | % | 7.9 | % | 5.1 | % | 3.9 | % | 7.3 | % | 10.1 | % | |||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||||||
North | Europe | Asia Pacific | Latin America | Middle East | Total | ||||||||||||||||||||
America | Africa | ||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||
Net sales to external customers | $ | 41,374 | $ | 22,353 | $ | 16,587 | $ | 11,704 | $ | 3,116 | $ | 95,134 | |||||||||||||
Intersegment sales | 6,950 | 24 | 3,787 | — | 1,037 | 11,798 | |||||||||||||||||||
Total segment net sales | 48,324 | 22,377 | 20,374 | 11,704 | 4,153 | 106,932 | |||||||||||||||||||
Gross profit | 8,947 | 157 | 2,199 | 1,511 | 443 | 13,257 | |||||||||||||||||||
Gross margin | 21.6 | % | 0.7 | % | 13.3 | % | 12.9 | % | 14.2 | % | 13.9 | % | |||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Total segment net sales | $ | 88,355 | $ | 106,932 | |||||||||||||||||||||
Intersegment sales | (8,649 | ) | (11,798 | ) | |||||||||||||||||||||
Consolidated net sales | $ | 79,706 | $ | 95,134 |
Note_2_Chapter_11_Bankruptcy_D
Note 2 - Chapter 11 Bankruptcy (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2013 | Apr. 18, 2012 | 6-May-14 | Jul. 31, 2013 | 6-May-14 | Jan. 10, 2014 | 6-May-14 | Apr. 17, 2014 | 6-May-14 | Apr. 17, 2014 | Apr. 17, 2014 | |
Remaining Amount Available [Member] | First Lien Credit Facility [Member] | Secured Revolving Super Priority Credit Facility [Member] | Secured Revolving Super Priority Credit Facility [Member] | Super Priority Priming Delayed Draw Debtor In Possession Term Loan Facility [Member] | Super Priority Priming Delayed Draw Debtor In Possession Term Loan Facility [Member] | Debtor In Possession [Member] | Original Maximum Amount [Member] | Revised Maximum Amount [Member] | |||||
Super Priority Priming Delayed Draw Debtor In Possession Term Loan Facility [Member] | Secured Revolving Super Priority Credit Facility [Member] | Secured Revolving Super Priority Credit Facility [Member] | |||||||||||
Note 2 - Chapter 11 Bankruptcy (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Mezzanine Debt | ' | ' | $30,000,000 | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 192,000,000 | ' | ' | ' | 15,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | 15,000,000 | ' |
Secured Revolving Super Priority Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 |
Repayments of Lines of Credit | 7,898,000 | 17,839,000 | ' | ' | ' | ' | 18,100,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | $35,000,000 | ' | ' | ' | ' |
Note_5_Net_Loss_per_Share_Deta
Note 5 - Net Loss per Share (Details) | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 968,561 | 1,200,000 |
Note_6_Inventory_Details_Inven
Note 6 - Inventory (Details) - Inventory (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Raw materials | $29,139 | $27,511 |
Finished goods | 48,636 | 46,782 |
Supplies | 5,096 | 4,844 |
Obsolescence and slow moving allowance | -3,553 | -3,802 |
$79,318 | $75,335 |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 7 - Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $5,029,000 | $4,303,000 |
Interest Costs Capitalized | 0 | 100,000 |
Cost of Products [Member] | Property, Plant and Equipment [Member] | ' | ' |
Note 7 - Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | 3,100,000 | 2,700,000 |
Selling, General and Administrative Expenses [Member] | Property, Plant and Equipment [Member] | ' | ' |
Note 7 - Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | 700,000 | 700,000 |
Property, Plant and Equipment [Member] | ' | ' |
Note 7 - Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $3,800,000 | $3,400,000 |
Note_7_Property_Plant_and_Equi3
Note 7 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance, gross | $182,719 | $181,543 |
Less – accumulated depreciation and amortization | -109,161 | -105,289 |
73,558 | 76,254 | |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance, gross | 5,401 | 5,392 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance, gross | 37,050 | 36,930 |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '7 | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '30 | ' |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance, gross | 130,381 | 129,630 |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '3 | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '10 | ' |
Computer Software, Intangible Asset [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '3 | ' |
Balance, gross | 9,044 | 8,766 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Balance, gross | $843 | $825 |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '3 | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives years | '5 | ' |
Note_8_Intangible_Assets_Detai
Note 8 - Intangible Assets (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure Text Block [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $500 | $475 | $359 |
Note_8_Intangible_Assets_Detai1
Note 8 - Intangible Assets (Details) - Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Balance, gross | $33,738 | $33,747 |
Less accumulated amortization | -29,419 | -28,951 |
Intangible assets, net | 4,319 | 4,796 |
Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Balance, gross | 29,737 | 29,746 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful lives years | '5 | ' |
Balance, gross | 1,082 | 1,082 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Balance, gross | 2,556 | 2,556 |
Other Intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful lives years | '1 | ' |
Balance, gross | $363 | $363 |
Minimum [Member] | Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful lives years | '5 | ' |
Minimum [Member] | Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful lives years | '1 | ' |
Maximum [Member] | Customer Lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful lives years | '20 | ' |
Maximum [Member] | Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated useful lives years | '10 | ' |
Note_9_Accrued_Liabilities_and2
Note 9 - Accrued Liabilities and Other (Details) - Accrued Liabilities and Other (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities and Other [Abstract] | ' | ' |
Customer prepayments | $4,530 | $2,972 |
Accrued operating expenses | 5,960 | 3,780 |
Self-insurance reserves and warranty accruals | 1,549 | 1,575 |
Compensation and benefits | 3,073 | 3,196 |
Accrued interest | 610 | 650 |
Taxes, other than income | 1,622 | 2,818 |
Income taxes payable | 296 | 103 |
Deferred income taxes | 242 | 242 |
Other accrued liabilities | 472 | 481 |
$18,354 | $15,817 |
Note_10_Debt_Details
Note 10 - Debt (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 5 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Apr. 18, 2012 | Aug. 31, 2012 | Mar. 31, 2014 | Jan. 10, 2014 | Oct. 31, 2013 | 6-May-14 | 6-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 18, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | 14-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 14-May-13 | 14-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 10, 2014 | Mar. 31, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Apr. 17, 2012 | 27-May-11 | 27-May-11 | Mar. 31, 2014 | 27-May-11 | Jan. 10, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 6-May-14 | 6-May-14 | 6-May-14 | Apr. 30, 2014 | Oct. 31, 2013 | Mar. 31, 2014 | Aug. 08, 2013 | 6-May-14 | Jan. 10, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 14-May-13 | 14-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | USD ($) | CNY | USD ($) | Capital Lease - CapitalSource Bank [Member] | Capital Lease - CapitalSource Bank [Member] | Revised Maximum Amount [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | United States of America, Dollars | United States of America, Dollars | China, Yuan Renminbi | China, Yuan Renminbi | Amended Term Loan Commitment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Other Capital Leases [Member] | Property Plant And Equipment Term Loan [Member] | Equipment [Member] | Other Machinery and Equipment [Member] | Other Machinery and Equipment [Member] | Other Machinery and Equipment [Member] | Other Machinery and Equipment [Member] | China Construction Bank [Member] | China Construction Bank [Member] | China Construction Bank [Member] | China Construction Bank [Member] | China Construction Bank [Member] | German Bank [Member] | Egyptian Banks [Member] | General Electric [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | Original Maximum Amount [Member] | Total Capital Leases [Member] | International Letters Of Credit [Member] | International Letters Of Credit [Member] | German Bank [Member] | German Bank [Member] | Egyptian Banks [Member] | Egyptian Banks [Member] | Thai Military Bank Public Company Limited [Member] | Thai Military Bank Public Company Limited [Member] | Amount Available [Member] | Remaining Amount Available [Member] | DIP Credit Facility [Member] | Priming Facility [Member] | Original Maximum Amount [Member] | First Lien Credit Facility [Member] | Supplemental First Lien Revolving Credit Agreement [Member] | Secured Revolving Super Priority Credit Facility [Member] | Secured Revolving Super Priority Credit Facility [Member] | China Construction Bank [Member] | China Construction Bank [Member] | China Construction Bank [Member] | International Trade Financing Credit Facility [Member] | US Dollar Borrowings [Member] | US Dollar Borrowings [Member] | CNY Borrowings [Member] | CNY Borrowings [Member] | Maximum [Member] | |||||
Equipment [Member] | Equipment [Member] | Priming Facility [Member] | Sixth Amendment [Member] | DIP Credit Facility [Member] | Priming Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | China Construction Bank [Member] | China Construction Bank [Member] | China Construction Bank [Member] | First Lien Credit Facility [Member] | Letters of Credit [Member] | Expected Unsecured Mezzanine Debt [Member] | Revised Maximum Amount [Member] | China Construction Bank [Member] | Capital Lease - CapitalSource Bank [Member] | Capital Lease - Commercial Financial Institutions [Member] | Capital Lease - Commercial Financial Institutions [Member] | Maximum [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Working Capital Credit Facility [Member] | Working Capital Credit Facility [Member] | Working Capital Credit Facility [Member] | Secured Revolving Super Priority Credit Facility [Member] | Thai Military Bank Public Company Limited [Member] | Priming Facility [Member] | Priming Facility [Member] | Term Loan Commitments [Member] | Term Loan Commitments [Member] | Revolving Loan Commitments [Member] | USD ($) | USD ($) | Priming Facility [Member] | USD ($) | International Trade Financing Credit Facility [Member] | International Trade Financing Credit Facility [Member] | Non-Dollar Denominated Credit Facilities [Member] | Non-Dollar Denominated Credit Facilities [Member] | Non-Dollar Denominated Credit Facilities [Member] | Non-Dollar Denominated Credit Facilities [Member] | Non-Dollar Denominated Credit Facilities [Member] | Non-Dollar Denominated Credit Facilities [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | CNY | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | China Construction Bank [Member] | USD ($) | USD ($) | CNY | Term Loan Commitments [Member] | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | Capital Lease - Commercial Financial Institutions [Member] | Capital Lease - Commercial Financial Institutions [Member] | Working Capital Credit Facility [Member] | USD ($) | CNY | CNY | USD ($) | Non-Dollar Denominated Credit Facilities [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | EUR (€) | USD ($) | EGP | USD ($) | THB | |||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 10 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | 1,900,000 | $7,000,000 | 227,600,000 | $35,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | 19,618,000 | 35,168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | 7,898,000 | 17,839,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000 |
Minimum Required Liquidity | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 192,000,000 | ' | ' | 18,000,000 | ' | ' | ' | ' | 7,000,000 | 7,500,000 | 46,000,000 | 157,000,000 | 3,000,000 | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | 9,700,000 | 60,000,000 | 60,000,000 | ' | ' | ' | 15,000,000 | ' | ' | ' | 135,000,000 | 135,000,000 | 35,000,000 | ' | 170,000,000 | 15,000,000 | 6,000,000 | 1,600,000 | 10,000,000 | 8,300,000 | 6,000,000 | 2,200,000 | 15,000,000 | 18,500,000 | 600,000,000 | ' | ' | ' | ' | 35,000,000 | ' | 8,000,000 | ' | 15,000,000 | 14,600,000 | 90,000,000 | 160,000,000 | 10,000,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The First Lien Credit Facility contains various restrictive covenants that include, among other things, restrictions or limitations on the Company's ability to: incur additional indebtedness or issue disqualified capital stock unless certain financial tests are satisfied; pay dividends, redeem subordinated debt or make other restricted payments; make certain loans, investments or acquisitions; issue stock of subsidiaries; grant or permit certain liens on assets; enter into certain transactions with affiliates; merge, consolidate or transfer substantially all of its assets; incur dividend or other payment restrictions affecting certain subsidiaries; transfer or sell assets including, but not limited to, capital stock of subsidiaries; and change the business the Company conducts. For the twelve months ended June 30, 2013 and December 31, 2012, the Company was subject to a total leverage ratio (which is based on a trailing twelve months calculation) not to exceed 5.25:1.00 and 5.50:1.00, respectively, and an interest coverage ratio of not less than 2.25:1.00 and 2.15:1.00, respectively. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Leverage Ratio | ' | ' | ' | ' | '5.25 | '5.50 | ' | ' | ' | ' | ' | ' | '5.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15.01 | ' | '4.75 | '5.17 | '6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Coverage Ratio | ' | ' | ' | ' | '2.25 | '2.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Loan Margin | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 4,600,000 | ' | ' | ' | ' | ' | 28,400,000 | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | 4,100,000 | 7,100,000 | 43,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171,800,000 | ' | ' | ' | 0 | ' | 2,900,000 | 2,100,000 | 1,400,000 | 9,700,000 | 11,500,000 | 372,400,000 | ' | ' | ' | 18,000,000 | ' | 153,000,000 | ' | ' | ' | 11,200,000 | ' | ' | ' | 3,600,000 | 22,200,000 | 1,000,000 | 6,200,000 | ' |
Line Of Credit Facility Revolving Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 5.00% | 5.00% | ' | ' | ' | ' | ' | 1.75% | 8.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leased Assets, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.72% | 5.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Unsecured Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '7 years | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.51% | 4.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.64% | 5.64% | ' | ' | ' | ' | ' | ' | ' |
Number Of Credit Facilities | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facilities, Bank Guarantees Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,400,000 | € 3,900,000 | $500,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Term Length | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_10_Debt_Details_LongTerm_
Note 10 - Debt (Details) - Long-Term Debt (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $196,086 | $183,088 |
Less – current maturities | -196,086 | -182,300 |
' | 788 | |
First Lien Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 183,091 | 170,674 |
China Construction Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 11,189 | 10,193 |
Capital Lease - CapitalSource Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,681 | 1,987 |
Other Capital Leases [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 125 | 147 |
Term Loan - German Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | $87 |
Note_11_Fair_Value_of_Financia1
Note 11 - Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Long-term Debt, Fair Value | $13 |
Note_12_StockBased_Compensatio1
Note 12 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 968,561 | 1,200,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | $0.67 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | $11.57 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $4.80 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | 74,937 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 235,945 |
Allocated Share-based Compensation Expense (in Dollars) | ' | $155 |
Stock Issued During Period, Value, Share-based Compensation, Forfeited (in Dollars) | 556 | ' |
Stock Options Term | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '2 years 6 months | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' |
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 20,000 |
Stock Options and Restricted Stock [Member] | ' | ' |
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | $365 | ' |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax Expense (Benefit) | $146,000 | ($2,796,000) |
Effective Income Tax Rate Reconciliation, Percent | 1.20% | 53.30% |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $3,700,000 | ' |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 12, 2014 | Mar. 31, 2014 |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Estimated Key Employee Retention Plan Costs | $0.60 | ' |
Limited Warranty Term | ' | '20 years |
Performance Bonds Outstanding | ' | 5.5 |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | 5.4 |
Minimum [Member] | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Estimated Key Executive Incentive Plan Costs | 1 | ' |
Maximum [Member] | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Estimated Key Executive Incentive Plan Costs | $1.30 | ' |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Warranty Obligations (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||||
Note 14 - Commitments and Contingencies (Details) - Warranty Obligations [Line Items] | ' | ' | ' | ' | ' | ' |
Balance at January 1, | $781 | $800 | $1,160 | $1,175 | ' | ' |
Balance at March 31, | 781 | 800 | 1,160 | 1,175 | ' | ' |
Provision / changes in estimates | ' | ' | ' | ' | ($19) | ($15) |
Note_15_Segment_Information_De
Note 15 - Segment Information (Details) - Operations and Assets of Reportable Segments (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to external customers | $79,706 | $95,134 |
Sales | 88,355 | 106,932 |
Gross profit | 8,013 | 13,257 |
Gross margin | 10.10% | 13.90% |
Intersubsegment Eliminations [Member] | N America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 3,927 | 6,950 |
Intersubsegment Eliminations [Member] | Europe Africa [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 323 | 24 |
Intersubsegment Eliminations [Member] | Asia Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 845 | 3,787 |
Intersubsegment Eliminations [Member] | Middle East [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 3,554 | 1,037 |
Intersubsegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 8,649 | 11,798 |
N America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to external customers | 35,562 | 41,374 |
Sales | 39,489 | 48,324 |
Gross profit | 5,310 | 8,947 |
Gross margin | 14.90% | 21.60% |
Europe Africa [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to external customers | 17,156 | 22,353 |
Sales | 17,479 | 22,377 |
Gross profit | 1,355 | 157 |
Gross margin | 7.90% | 0.70% |
Asia Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to external customers | 18,087 | 16,587 |
Sales | 18,932 | 20,374 |
Gross profit | 919 | 2,199 |
Gross margin | 5.10% | 13.30% |
Latin America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to external customers | 6,542 | 11,704 |
Sales | 6,542 | 11,704 |
Gross profit | 258 | 1,511 |
Gross margin | 3.90% | 12.90% |
Middle East [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales to external customers | 2,359 | 3,116 |
Sales | 5,913 | 4,153 |
Gross profit | $171 | $443 |
Gross margin | 7.30% | 14.20% |
Note_15_Segment_Information_De1
Note 15 - Segment Information (Details) - Net Sales (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Net sales | $79,706 | $95,134 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Net sales | 88,355 | 106,932 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Net sales | ($8,649) | ($11,798) |