Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MNTX | ' | ' |
Entity Registrant Name | 'Manitex International, Inc. | ' | ' |
Entity Central Index Key | '0001302028 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 13,801,277 | ' |
Entity Public Float | ' | ' | $89.60 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $6,091 | $1,889 |
Trade receivables (net) | 38,170 | 36,189 |
Accounts receivable finance | 326 | 276 |
Other receivables | 1,775 | 2,761 |
Inventory (net) | 72,734 | 61,290 |
Deferred tax asset | 1,272 | 1,166 |
Prepaid expense and other | 1,669 | 1,206 |
Total current assets | 122,037 | 104,777 |
Accounts receivable finance | ' | 307 |
Total fixed assets (net) | 11,143 | 10,297 |
Intangible assets (net) | 24,036 | 18,442 |
Deferred tax asset | 2,117 | 2,259 |
Goodwill | 22,366 | 15,283 |
Other long-term assets | 1,031 | 139 |
Total assets | 182,730 | 151,504 |
Current liabilities | ' | ' |
Notes payable-short term | 6,910 | 6,218 |
Revolving credit facilities | 2,707 | 875 |
Current portion of capital lease obligations | 1,812 | 1,040 |
Accounts payable | 24,974 | 25,101 |
Accounts payable related parties | 789 | 839 |
Accrued expenses | 8,894 | 7,745 |
Other current liabilities | 1,930 | 1,533 |
Total current liabilities | 48,016 | 43,351 |
Long-term liabilities | ' | ' |
Revolving term credit facilities | 37,306 | 34,357 |
Deferred tax liability | 4,074 | 4,269 |
Notes payable | 2,512 | 2,648 |
Capital lease obligations | 2,984 | 4,000 |
Deferred gain on sale of building | 1,648 | 2,028 |
Other long-term liabilities | 1,199 | 1,318 |
Total long-term liabilities | 49,723 | 48,620 |
Total liabilities | 97,739 | 91,971 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at December 31, 2013 and December 31, 2012 | ' | ' |
Common Stock-no par value, authorized, 20,000,000 shares issued and outstanding, 13,801,277 and 12,268,443 shares at December 31, 2013 and December 31, 2012, respectively | 68,554 | 53,040 |
Paid in capital | 1,191 | 1,098 |
Retained earnings | 14,857 | 4,679 |
Accumulated other comprehensive income | 389 | 716 |
Total shareholders' equity | 84,991 | 59,533 |
Total liabilities and shareholders' equity | $182,730 | $151,504 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | ' | ' |
Preferred Stock, shares outstanding | ' | ' |
Common stock, par value | ' | ' |
Common Stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,801,277 | 12,268,443 |
Common Stock, shares outstanding | 13,801,277 | 12,268,443 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net revenues | $245,072 | $205,249 | $142,291 |
Cost of sales | 198,596 | 164,785 | 113,041 |
Gross profit | 46,476 | 40,464 | 29,250 |
Operating expenses | ' | ' | ' |
Research and development costs | 2,912 | 2,457 | 1,571 |
Selling, general and administrative expense | 26,026 | 23,548 | 19,895 |
Legal settlement (at net present value) | ' | ' | 1,183 |
Total operating expenses | 28,938 | 26,005 | 22,649 |
Operating income | 17,538 | 14,459 | 6,601 |
Other income (expense) | ' | ' | ' |
Interest expense | -2,946 | -2,457 | -2,540 |
Foreign currency transaction (loss) gain | -95 | -110 | 49 |
Other(expense) income | -50 | 6 | 103 |
Total other expense | -3,091 | -2,561 | -2,388 |
Income before income taxes | 14,447 | 11,898 | 4,213 |
Provision for taxes on income | 4,269 | 3,821 | 1,433 |
Net income | $10,178 | $8,077 | $2,780 |
Earnings per share: | ' | ' | ' |
Basic | $0.80 | $0.68 | $0.24 |
Diluted | $0.80 | $0.68 | $0.24 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 12,671,205 | 11,948,356 | 11,441,914 |
Diluted | 12,717,575 | 11,957,458 | 11,548,158 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income: | $10,178 | $8,077 | $2,780 |
Other comprehensive (loss) income | ' | ' | ' |
Foreign currency translation adjustments | -320 | 429 | -384 |
Derivative instrument fair market value adjustments-net of income taxes of $3, $13 and $(33) for 2013, 2012 and 2011, respectively | -7 | 26 | -63 |
Total other comprehensive (loss) income | -327 | 455 | -447 |
Comprehensive income | $9,851 | $8,532 | $2,333 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Derivative instrument fair market value adjustments, taxes | $3 | $13 | ($33) |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (USD $) | Total | Common Stock [Member] | Paid in Capital [Member] | Warrants [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | $43,274 | $46,920 | $6 | $1,788 | ($6,148) | $708 |
Beginning Balance, shares at Dec. 31, 2010 | ' | 11,394,621 | ' | ' | ' | ' |
Shares issued on warrant exercise, value | 1,096 | 1,554 | ' | -458 | ' | ' |
Shares issued on warrant exercise, shares | ' | 266,568 | ' | ' | ' | ' |
Expiration of warrants | ' | ' | 1,098 | -1,098 | ' | ' |
Employee 2004 incentive plan grant | 103 | 109 | -6 | ' | ' | ' |
Employee 2004 incentive plan grant, shares | ' | 22,927 | ' | ' | ' | ' |
Repurchase to satisfy withholding and cancelled, value | -12 | -12 | ' | ' | ' | ' |
Repurchase to satisfy withholding and cancelled, shares | -3,065 | -3,065 | ' | ' | ' | ' |
Net income | 2,780 | ' | ' | ' | 2,780 | ' |
Gain (loss) on foreign currency translation | -384 | ' | ' | ' | ' | -384 |
Derivative instrument fair market adjustment-net of income taxes | -63 | ' | ' | ' | ' | -63 |
Ending Balance at Dec. 31, 2011 | 46,794 | 48,571 | 1,098 | 232 | -3,368 | 261 |
Ending Balance, shares at Dec. 31, 2011 | ' | 11,681,051 | ' | ' | ' | ' |
Shares issued on warrant exercise, value | 754 | 986 | ' | -232 | ' | ' |
Shares issued on warrant exercise, shares | ' | 105,000 | ' | ' | ' | ' |
Repurchase shares in connection with a cashless warrant exercise, value | -754 | -724 | ' | ' | -30 | ' |
Repurchase shares in connection with a cashless warrant exercise, shares | ' | -77,071 | ' | ' | ' | ' |
Stock offering | 3,781 | 3,781 | ' | ' | ' | ' |
Stock offering, shares | ' | 500,000 | ' | ' | ' | ' |
Employee 2004 incentive plan grant | 226 | 226 | ' | ' | ' | ' |
Employee 2004 incentive plan grant, shares | ' | 30,351 | ' | ' | ' | ' |
Stock issued in connection with asset purchase, value | 200 | 200 | ' | ' | ' | ' |
Stock issued in connection with asset purchase, shares | ' | 29,112 | ' | ' | ' | ' |
Net income | 8,077 | ' | ' | ' | 8,077 | ' |
Gain (loss) on foreign currency translation | 429 | ' | ' | ' | ' | 429 |
Derivative instrument fair market adjustment-net of income taxes | 26 | ' | ' | ' | ' | 26 |
Ending Balance at Dec. 31, 2012 | 59,533 | 53,040 | 1,098 | ' | 4,679 | 716 |
Ending Balance, shares at Dec. 31, 2012 | ' | 12,268,443 | ' | ' | ' | ' |
Stock offering | 13,927 | 13,927 | ' | ' | ' | ' |
Stock offering, shares | ' | 1,375,000 | ' | ' | ' | ' |
Employee 2004 incentive plan grant | 664 | 657 | 7 | ' | ' | ' |
Employee 2004 incentive plan grant, shares | ' | 74,320 | ' | ' | ' | ' |
Excess tax benefits related to vesting of restricted stock | 86 | ' | 86 | ' | ' | ' |
Repurchase to satisfy withholding and cancelled, value | -70 | -70 | ' | ' | ' | ' |
Repurchase to satisfy withholding and cancelled, shares | -4,414 | -4,414 | ' | ' | ' | ' |
Stock issued in connection with asset purchase, value | 1,000 | 1,000 | ' | ' | ' | ' |
Stock issued in connection with asset purchase, shares | ' | 87,928 | ' | ' | ' | ' |
Net income | 10,178 | ' | ' | ' | 10,178 | ' |
Gain (loss) on foreign currency translation | -320 | ' | ' | ' | ' | -320 |
Derivative instrument fair market adjustment-net of income taxes | -7 | ' | ' | ' | ' | -7 |
Ending Balance at Dec. 31, 2013 | $84,991 | $68,554 | $1,191 | ' | $14,857 | $389 |
Ending Balance, shares at Dec. 31, 2013 | ' | 13,801,277 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $10,178 | $8,077 | $2,780 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 3,945 | 3,498 | 3,336 |
Legal settlement | ' | ' | 1,183 |
Provisions for allowance for doubtful accounts | 172 | 17 | 25 |
Gain on debt restructuring | ' | ' | -194 |
(Gain) loss on disposal of assets | -100 | -119 | 62 |
Deferred income taxes | -168 | 181 | 1,089 |
Inventory reserves | 47 | 1 | 316 |
Reserves for uncertain tax positions | -83 | 183 | ' |
Stock based deferred compensation | 664 | 226 | 104 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable | 1,653 | -12,494 | -5,597 |
(Increase) decrease in accounts receivable finance | 271 | 378 | -927 |
(Increase) decrease in inventory | -8,852 | -17,187 | -12,484 |
(Increase) decrease in prepaid expenses | -424 | 117 | 389 |
(Increase) decrease in other assets | -892 | 11 | -99 |
Increase (decrease) in accounts payable | -4,079 | 6,702 | 4,297 |
Increase (decrease) in accrued expense | -89 | 2,765 | 478 |
Increase (decrease) in other current liabilities | -131 | 1,168 | -165 |
Increase (decrease) in other long-term liabilities | -36 | -8 | ' |
Net cash provided by (used) for operating activities | 2,076 | -6,484 | -5,407 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of fixed assets | 139 | 212 | 289 |
Purchase of property and equipment | -1,215 | -1,125 | -610 |
Acquisition of business assets | -13,000 | -345 | -1,585 |
Investment in intangibles except goodwill | ' | ' | -12 |
Net cash used for investing activities | -14,076 | -1,258 | -1,918 |
Cash flows from financing activities: | ' | ' | ' |
New borrowings term loan | 15,000 | ' | ' |
Repayment of term loan | -15,000 | ' | ' |
Net proceeds of stock offering | 13,927 | 3,781 | ' |
Borrowing on revolving credit facilities | 5,409 | 9,221 | 6,009 |
Net (repayments) borrowings on working capital facilities | -1,960 | 4,181 | 1,600 |
Proceeds from exercise of warrants | ' | ' | 1,096 |
New borrowings-notes payable | 809 | 764 | 4,647 |
Note payments | -916 | -7,884 | -5,868 |
Repayment on capital lease obligations | -1,185 | -795 | -578 |
Excess tax benefits related to vesting of restricted stock | 86 | ' | ' |
Shares repurchased for income tax withholding on share-based compensation | -70 | ' | -12 |
Net cash provided by financing activities | 16,100 | 9,268 | 6,894 |
Effect of exchange rate change on cash | 102 | 292 | -160 |
Net increase (decrease) in cash and cash equivalents | 4,100 | 1,526 | -431 |
Cash and cash equivalents at the beginning of the year | 1,889 | 71 | 662 |
Cash and cash equivalents at end of year | 6,091 | 1,889 | 71 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid during the year for Interest | 2,857 | 2,498 | 2,552 |
Income taxes | $4,415 | $2,067 | $1,247 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Note 1. Nature of Operations | |
The Company is a leading provider of engineered lifting solutions. The Company operates in two business segments: the Lifting Equipment segment and the Equipment Distribution segment. | |
Lifting Equipment Segment | |
The Company is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes a diverse group of products that serve different functions and are used in a variety of industries. Through its Manitex, Inc. subsidiary it markets a comprehensive line of boom trucks, truck cranes and sign cranes. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including, roads, bridges and commercial construction. Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality, and railroad industries. | |
Manitex Liftking ULC (“Manitex Liftking” or “Liftking”) sells a complete line of rough terrain forklifts, a line of stand-up electric forklifts, cushioned tired forklifts with lifting capacities from 18 thousand to 40 thousand pounds, and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking’s rough terrain forklifts are used in both commercial and military applications. Specialty mission oriented vehicles and specialized carriers are designed and built to meet the Company’s unique customer needs and requirements. The Company’s specialized lifting equipment has met the particular needs of customers in various industries that include utility, ship building and steel mill industries. | |
Manitex Load King, Inc. (“Load King”) manufactures specialized custom trailers and hauling systems typically used for transporting heavy equipment. Load King trailers serve niche markets in the commercial construction, railroad, military, and equipment rental industries through a dealer network. Load King complements our existing material handling business. | |
CVS Ferrari, slr (“CVS”) designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, are sold through a broad dealer network. On November 30, 2013, CVS acquired the assets of Valla SpA (“Valla”) located in Piacenza, Italy. Valla offers a full range of mobile cranes from 2 to 90 tons, using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. | |
On August 19, 2013, Manitex Sabre, Inc. (“Sabre”) acquired the assets of Sabre Manufacturing, LLC. Sabre located in Knox, Indiana, manufactures a comprehensive line of specialized mobile tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons. Its mobile tanks are sold to specialized independent tank rental companies and through the Company’s existing dealer network. The tanks are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. | |
Equipment distribution segment | |
The Company operates a crane dealership that operates as Manitex Valla’s North American sales operation and also distributes Terex rough terrain and truck cranes, Manitex boom trucks and sky cranes, and the PM Group’s knuckle boom cranes. The Company treats these operations as a separate reporting segment entitled “Equipment Distribution.” The Equipment Distribution segment also supplies repair parts for a wide variety of medium to heavy duty construction equipment sold both domestically and internationally. The crane products are used primarily for infrastructure development and commercial construction; applications include road and bridge construction, general contracting, roofing, and sign construction and maintenance. | |
The Company’s North American Equipment Exchange division, (“NAEE”) markets previously-owned construction and heavy equipment, domestically and internationally. This division provides a wide range of used lifting and construction equipment of various ages and condition, and has the capability to refurbish the equipment to the customers’ specification. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 2. Basis of Presentation | |
The consolidated financial statements, included herein, have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statement includes the accounts of Manitex International, Inc., and its subsidiaries. Significant intercompany transactions have been eliminated in consolidation. The Company’s result include the results for companies acquired from their respective dates of acquisition: July 1, 2010 for CVS (and July 1, 2011 for the effect of assets purchased ), August 19, 2013 for Sabre and November 30, 2013 for Valla. | |
Financial statements are presented in thousands of dollars except for per share amounts. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
Note 3. Summary of Significant Accounting Policies | |||||
The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. | |||||
Cash and Cash Equivalents—For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. | |||||
Warrants—The Company had issued warrants, which allowed the warrant holder to purchase one share of stock at a specified price for a specific period of time. The Company records equity instruments including warrants issued to non-employees based on the fair value at date of issue. The fair value of the warrants at date of issuance is estimated using the Black-Scholes Model. | |||||
Revenue Recognition—For products shipped FOB destination, sales are recognized when the product reaches its FOB destination, or when the services are rendered, which represents the point when the risks and rewards of ownership are transferred to the customer. For products shipped FOB shipping point, revenue is recognized when the product is shipped, as this is the point when title and risk of loss pass from the Company to the customers. | |||||
Customers may be invoiced prior to the time customers take physical possession. Revenue is recognized in such cases only when the customer has a fixed commitment to purchase the units, the units have been completed, tested and made available to the customer for pickup or delivery, and the customer has authorized in writing that we hold the units for pickup or delivery at a time specified by the customer. In such cases, the units are invoiced under our customary billing terms, title to the units and risks of ownership pass to the customer upon invoicing, the units are segregated from our inventory and identified as belonging to the customer and we have no further obligations under the order. | |||||
The Company establishes reserves for future warranty expense at the point when revenue is recognized by the Company and is based on percentage of revenues. The provision for estimated warranty claims, which is included in cost of sales, is based on revenues. | |||||
Allowance for Doubtful Accounts—The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $333 and $161 at December 31, 2013 and 2012, respectively. The Company also has in some instances a security interest in its accounts receivable until payment is received. | |||||
Property, Equipment and Depreciation—Property and equipment are stated at cost or the fair market value at date of acquisition for property and equipment acquired in connection with the acquisition of a company. Depreciation of property and equipment is provided over the following useful lives: | |||||
Asset Category | Depreciable Life | ||||
Machinery and equipment | 1 – 15 years | ||||
Furniture and fixtures | 3 – 12 years | ||||
Leasehold improvements | 1.5 – 12 years | ||||
Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was $1,627, $1,401, and $1,284, respectively. | |||||
Other Intangible Assets—The Company accounts for Other Intangible Assets under the guidance of ASC 350, “Intangibles—Goodwill and Other”. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. | |||||
Goodwill—Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company does not amortize goodwill in accordance with Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 350, “Intangibles—Goodwill and Other” (“ASC 350”). The Company selected October 1 as the date for the required annual impairment test. | |||||
Goodwill is tested for impairment at the reporting unit level. The Company’s two operating segments comprise the reporting units for goodwill impairment testing purposes. | |||||
Under ASU 2011-08, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. | |||||
For 2011, 2012 and 2013, the Company determined on a qualitative basis, that it was not more likely than not that the fair value of the Lifting reporting unit was less than its carrying value. For 2011 and 2013, the Company also determined on a qualitative basis, that it was not more likely than not that the fair value of the Equipment Distribution reporting unit was less than its carrying value. | |||||
In 2012, the Company elected to evaluate the Equipment Distribution reporting unit’s goodwill using the quantitative two step approach. The first step used to identify potential impairment involves comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. The aforementioned mentioned Step one quantitative tests did not indicate impairment. During the first step testing, the Company evaluated goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. This analysis also did not indicate impairment. Moreover, the Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. | |||||
The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. | |||||
The determination of fair value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, revenue growth and operating earnings projections, discount rates, terminal growth rates, and required capital expenditure projections. Due to the inherent uncertainty involved in making these estimates, actual results could differ materially from those estimates. Deterioration in the market or actual results as compared with the projections may ultimately result in a future impairment. In the event, the Company determines that goodwill is impaired in the future the Company would need to recognize a non-cash impairment charge. | |||||
The Company did not have any impairment for the years ended December 31, 2013, 2012 and 2011. | |||||
Impairment of Long Lived Assets—The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. The Company did not have any impairment for the years ended December 31, 2013, 2012 and 2011. | |||||
Inventory—Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or market. All equipment classified as inventory is available for sale. The company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. | |||||
Foreign Currency Translation and Transactions—The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. | |||||
The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. | |||||
Derivatives—Forward Currency Exchange Contracts—The Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records at the balance sheet date the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Statement of Operations in the other income expense section on the line titled foreign currency transaction gain (loss). | |||||
The Company has entered into forward currency contracts to hedge certain future U.S. dollar sales of its Canadian Subsidiary. The forward currency contracts to hedge future sales are designated as cash flow hedges under ASC 815-10. As required, forward currency contracts are recognized as an asset or liability at fair value on the Company’s Consolidated Balance Sheet. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). Gains or losses on cash flow hedges when recognized into income are included in net revenues (see Note 6). | |||||
Credit Risk Concentrations—Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, trade receivables and payables. The Company maintains its cash balances and marketable securities at banks located in Detroit, Michigan, Toronto, Canada as well as several separate Italian banks. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250. At December 31, 2013 and 2012, the Company had uninsured balances of $5,814 and $1,889, respectively. | |||||
As of December 31, 2013, no customers accounted for 10% or more of total Company’s accounts receivable. As of December 31, 2012, two customers accounted for 15% and 13% if the Company’s total accounts receivable, respectively. In 2013, no one customer accounted for 10% or more of total company’s revenues. In 2012, one customer accounted for 11% of total company revenue. In 2011, no one customer accounted for 10% or more of total company’s revenues. For 2013, 2012 and 2011 purchases from any single supplier did not exceed 10% of total purchases. | |||||
Research and Development Expenses. The Company expenses research and development costs, as incurred. For the periods ended December 31, 2013, 2012 and 2011 expenses were $2,912, $2,457, and $1,571, respectively. | |||||
Advertising—Advertising costs are expensed as incurred and were $626, $517, and $475 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
Litigation Claims—In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of outside legal counsel. | |||||
Shipping and Handling—The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. | |||||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||||
Income Taxes—The Company accounts for income taxes under the provisions of ASC 740 “ Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not a tax benefit will not be realized. | |||||
ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 15, Income Taxes, for further details. | |||||
Accrued Warranties—Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. The Equipment Distribution segment does not accrue for warranty costs at the time of sales, as they are reimbursed by the manufacturers for any warranty that they provides to their customers. | |||||
A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. | |||||
Debt Issuance Costs—Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing cost are included with other long-term assets on the Company’s balance sheet. | |||||
Sale and Leaseback—In accordance with ASC 840-40 Sales-Leaseback Transactions, the Company has recorded deferred revenue in relationship to the sale and leaseback of one of the Company’s operating facilities. As such, the gain on the sale of the land and building has been deferred and is being amortized on a straight line basis over the life of the lease. | |||||
Computation of EPS—Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. | |||||
The number of shares related to options, warrants, restricted stock and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock the amount of compensation cost attributed to future services which has not yet been recognized and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock and similar instruments is dependent on this average stock price and will increase as the average stock price increases. | |||||
Stock Based Compensation—In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the consolidated statement of income over the service period (generally the vesting period). | |||||
Comprehensive Income—“Reporting Comprehensive Income” requires reporting and displaying comprehensive income and its components. Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company has two components. First is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. The second component is a derivative instrument fair market value adjustment (net of income taxes) related to forward currency contracts designated as a cash flow hedge. | |||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). See Note 6 for additional details. | |||||
Reclassifications—Certain reclassifications have been made to the 2012 and 2011 financial statements to conform to the 2013 presentation. | |||||
Business Combinations—The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset; (2) acquisition costs will generally be expensed as incurred, (3) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (4) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. | |||||
ASC 805 requires that any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. In accordance with ASC 805, any excess of fair value of acquired net assets, including identifiable intangibles assets, over the acquisition consideration results in a bargain purchase gain. Prior to recording a gain, the acquiring entity must reassess whether all acquired assets and assumed liabilities have been identified and recognized and perform re-measurements to verify that the consideration paid, assets acquired and liabilities assumed have been properly valued. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Common Share | ' | ||||||||||||
Note 4. Earnings per Common Share | |||||||||||||
Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of warrants and restricted stock units. Details of the calculations are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Income attributed to common shares | |||||||||||||
Basic | $ | 10,178 | $ | 8,077 | $ | 2,780 | |||||||
Diluted | $ | 10,178 | $ | 8,077 | $ | 2,780 | |||||||
Earnings per share | |||||||||||||
Basic | $ | 0.8 | $ | 0.68 | $ | 0.24 | |||||||
Diluted | $ | 0.8 | $ | 0.68 | $ | 0.24 | |||||||
Weighted average common shares outstanding | |||||||||||||
Basic | 12,671,205 | 11,948,356 | 11,441,914 | ||||||||||
Diluted | |||||||||||||
Basic | 12,671,205 | 11,948,356 | 11,441,914 | ||||||||||
Dilutive effect of warrants | — | 2,521 | 102,534 | ||||||||||
Dilutive effect of restricted stock units | 46,370 | 6,581 | 3,710 | ||||||||||
12,717,575 | 11,957,458 | 11,548,158 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 5. Fair Value Measurements | |||||||||||||||||
The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 by level within the fair value hierarchy. As required by ASC 820-10 financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
The following is a summary of items that the Company measures at fair value on a recurring basis: | |||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 40 | $ | — | $ | 40 | |||||||||
Total current assets at fair value | $ | — | $ | 40 | $ | — | $ | 40 | |||||||||
Liabilities: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 47 | $ | — | $ | 47 | |||||||||
Valla contingent consideration (see Note 20) | — | — | 250 | 250 | |||||||||||||
Total long-term liabilities at fair value | $ | — | $ | 47 | $ | 250 | $ | 297 | |||||||||
Fair Value at December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 137 | $ | — | $ | 137 | |||||||||
Total current assets at fair value | $ | — | $ | 137 | $ | — | $ | 137 | |||||||||
Liabilities: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | |||||||
Total current liabilities at fair value | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | |||||||
The carrying value of the amounts reported in the Consolidated Balance Sheets for cash, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company’s revolving credit facilities and working capital borrowing, approximate fair value due to the short periods during which these amounts are outstanding. | |||||||||||||||||
The book and fair value of the Company’s term debt was $2,896 and $2,912 for the year ended December 31, 2013, and $2,755 and $2,800 for the period ending December 31, 2012. The book and fair value of the Company’s capital leases was $4,796 and $5,565 for the year ended December 31, 2013 and $5,040 and $6,200 for the period ending December 31, 2012. There is no difference between the book value and the fair value for amount recorded in connection with a long-term legal settlement, which was $1,022 and $1,049 for the periods ending December 31, 2013 and 2012 respectively. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: | |||||||||||||||||
Level 1 | - | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||
Level 2 | - | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | |||||||||||||||
Level 3 | - | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity) | |||||||||||||||
Fair value of the forward currency contracts are determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
Note 6. Derivative Financial Instruments | |||||||||||||||
ASC 815-10 requires enhanced disclosures regarding an entity’s derivative and hedging activities as provided below. | |||||||||||||||
The Company’s risk management objective is to use the most efficient and effective methods available to us to minimize, eliminate, reduce or transfer the risks which are associated with fluctuation of exchange rates between the Canadian and U.S. dollar and the Euro and the U.S. dollar. | |||||||||||||||
When the Company’s Canadian subsidiary receives a significant new U.S. dollar order, management will evaluate different options that may be available to mitigate future currency exchange risks. The decision to hedge future sales is not automatic and is decided case by case. The Company will only use hedge instruments to hedge firm existing sales orders and not estimated exposure, when management determines that exchange risks exceeds desired risk tolerance levels. | |||||||||||||||
The Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records at the balance sheet date the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Statement of Income in the other income expense section on the line titled foreign currency transaction gains (losses). Items denominated in other than a reporting units functional currency includes U.S. denominated accounts receivables and accounts payable held by our Canadian subsidiary and certain intercompany receivables due from the Company’s Canadian and Italian subsidiaries. The decision, to hedge future sales is not automatic and is decided case by case. The forward currency contracts to hedge future sales are designated as cash flow hedges under ASC 815-10. | |||||||||||||||
As required, forward currency contracts are recognized as an asset or liability at fair value on the Company’s Consolidated Balance Sheet. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). Gains or losses on cash flow hedges when recognized into income are included in net revenues. Gains and losses on the derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company expects minimal ineffectiveness as the Company has hedged only firm sales orders and has not hedged estimated exposures. In the next twelve months, the Company estimates $10 of pre-tax loss related to forward currency contracts hedges to be reclassified from other comprehensive income into earnings. | |||||||||||||||
At December 31, 2013, the Company had entered into a forward currency exchange contract. The contract obligates the Company to purchase CDN $1,700. The contract matures on April 30, 2014. Under the contract, the Company will purchase Canadian dollars at exchange rates of .9619. The Canadian to US dollar exchange rates was $0.9402 at December 31, 2013. At December 31, 2013, the Company had forward currency contracts to sell €800 at 1.4251, €400 at 1.3635 and €100 at 1.3538 with contract maturity dates of July 2, 2014, February 10, 2014 and January 31, 2014, respectively. The Euro to US dollar exchange rate was 1.3194 at December 31, 2013. The unrealized currency exchange asset is reported under prepaid expense and other if it is an asset or under accrued expenses if it is a liability on the balance sheet at December 31, 2013 and 2012. | |||||||||||||||
As of December 31, 2013, the Company had the following forward currency contracts: | |||||||||||||||
Nature of Derivative | Amount | Type | |||||||||||||
Forward currency contract | CDN$ | 1,325 | Not designated as hedge instrument | ||||||||||||
Forward currency contract | CDN$ | 442 | Cash flow hedge | ||||||||||||
Forward currency contract | € | 1,300 | Not designated as hedge instrument | ||||||||||||
The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2013 and 2012: | |||||||||||||||
Total derivatives not designated as a hedge instrument | |||||||||||||||
Fair Value | |||||||||||||||
Asset Derivatives | Balance Sheet Location | December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||||
Foreign currency Exchange Contract | Prepaid expense and other | $ | 40 | $ | 137 | ||||||||||
Liabilities Derivatives | |||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | (37 | ) | $ | (13 | ) | ||||||||
Total derivatives designated as a hedge instrument | |||||||||||||||
Fair Value | |||||||||||||||
Asset Derivatives | Balance Sheet Location | December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||||
Foreign currency Exchange Contract | Prepaid expense and other | $ | — | $ | — | ||||||||||
Liabilities Derivatives | |||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | (10 | ) | $ | — | |||||||||
The following tables provide the effect of derivative instruments on the Consolidated Statement of Income for 2013, 2012 and 2011: | |||||||||||||||
Derivatives not designated | Location of gain or (loss) | Gain or (loss) | |||||||||||||
as Hedge Instrument | recognized | ||||||||||||||
in Income Statement | 2013 | 2012 | 2011 | ||||||||||||
Forward currency contracts | Foreign currency transaction gains | $ | (178 | ) | $ | 5 | $ | (17 | ) | ||||||
(losses) | |||||||||||||||
Derivatives designated | Location of gain or (loss) | Gain or (loss) | |||||||||||||
as Hedge Instrument | recognized | ||||||||||||||
in Income Statement | 2013 | 2012 | 2011 | ||||||||||||
Forward currency contracts | Net revenue | $ | (30 | ) | $ | 71 | $ | 100 | |||||||
The following table shows the beginning and ending amounts of gains and losses related to hedges which have been included in Other Comprehensive Income and related activity net of income taxes for December 31, 2013 and 2012: | |||||||||||||||
December 31, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Beginning balance gain (loss), net of income taxes | $ | — | $ | (26 | ) | ||||||||||
Amounts recorded in OCI net of gain (loss), net of income taxes | (28 | ) | 74 | ||||||||||||
Amount reclassified to income, loss (gain), net of income taxes | 21 | (48 | ) | ||||||||||||
Ending balance gain (loss), net of income taxes | $ | (7 | ) | $ | — | ||||||||||
CVS_Operating_Agreement
CVS Operating Agreement | 12 Months Ended |
Dec. 31, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
CVS Operating Agreement | ' |
Note 7. CVS Operating Agreement | |
Manitex International, Inc. announced on June 30, 2010, that its newly formed Italian subsidiary, CVS Ferrari, srl, had entered into an agreement which allows CVS Ferrari srl to use certain assets of CVS SpA on an exclusive rental basis, during the Italian bankruptcy process (concordato preventivo). | |
On June 29, 2011, the Company entered into an agreement with CVS SpA in Liquidation to purchase on July 1, 2011 the assets that were being rented. The operating agreement was terminated on July 1, 2011, when the rented assets were transferred to CVS Ferrari srl. |
Sale_Type_Leases
Sale Type Leases | 12 Months Ended |
Dec. 31, 2013 | |
Leases [Abstract] | ' |
Sale Type Leases | ' |
Note 8. Sale Type Leases | |
The Company has entered into lease agreements with two of its customers to lease them three reach stackers. The Company has determined that the leases which, expire on June 15, 2013 and January 15, 2014, are both sales type leases. | |
As of December 31, 2013, the Company has a receivable for future minimum lease payments of $326. |
Inventory
Inventory | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
Note 9. Inventory | |||||||||
The components of inventory at December 31 are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Raw materials and purchased parts | $ | 48,537 | $ | 43,207 | |||||
Work in process | 9,807 | 9,465 | |||||||
Finished goods and replacement parts | 14,390 | 8,618 | |||||||
Inventories, net | $ | 72,734 | $ | 61,290 | |||||
The Company has established reserves for obsolete and excess inventory of $747 and $700 for the years ended December 31, 2013 and 2012, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Note 10. Property, Plant and Equipment | |||||||||
Property, plant and equipment consist of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 763 | $ | 763 | |||||
Buildings | 8,342 | 8,342 | |||||||
Machinery and equipment | 7,681 | 6,017 | |||||||
Furniture and fixtures | 719 | 466 | |||||||
Leasehold improvements | 804 | 717 | |||||||
Computer software & equipment | 1,250 | 940 | |||||||
Motor vehicles | 411 | 161 | |||||||
Construction in progress | 128 | 34 | |||||||
Totals | 20,098 | 17,440 | |||||||
Less: accumulated depreciation | (8,955 | ) | (7,143 | ) | |||||
Net property and equipment | $ | 11,143 | $ | 10,297 | |||||
Depreciation expense was $1,627 (net of $380 amortization of deferred gain on building), $1,401 (net of $380 amortization of deferred gain on building), and $1,284 (net of $380 amortization of deferred gain on building) in 2013, 2012, and 2011, respectively. See Note 14 for information regarding capital leases. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Note 11. Goodwill and Other Intangible Assets | |||||||||||||
The Company accounts for Other Intangible Assets under the guidance in ASC 350, Intangibles—Goodwill and Other. Under the guidance intangible assets with definite lives are amortized over their estimated useful lives. Indefinite lived intangible assets are subject to annual impairment testing. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. The intangibles acquired in acquisitions have been valued using a discounted flow approach. Intangibles, except goodwill, are being amortized over their estimated useful lives. | |||||||||||||
Intangible assets were comprised of the following as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | Useful Lives | |||||||||||
Patented and unpatented technology | $ | 13,734 | $ | 13,154 | 7-10 years | ||||||||
Amortization | (8,774 | ) | (7,429 | ) | |||||||||
Customer relationships | 15,540 | 10,089 | 10-20 years | ||||||||||
Amortization | (4,005 | ) | (3,303 | ) | |||||||||
Trade names and trademarks | 9,118 | 7,314 | 25 years - Indefinite | ||||||||||
Amortization | (1,621 | ) | (1,383 | ) | |||||||||
Non-competition agreements | 50 | — | 2-5 years | ||||||||||
Amortization | (6 | ) | — | ||||||||||
Customer backlog | 469 | 473 | < 1 year | ||||||||||
Amortization | (469 | ) | (473 | ) | |||||||||
Total Intangible assets | 24,036 | 18,442 | |||||||||||
Amortization expense was $2,318, $2,097 and $2,052 for the periods ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Estimated amortization expense for the next five years and subsequent is as follows: | |||||||||||||
Amount | |||||||||||||
2014 | 2,632 | ||||||||||||
2015 | 2,628 | ||||||||||||
2016 | 2,141 | ||||||||||||
2017 | 1,599 | ||||||||||||
2018 | 1,487 | ||||||||||||
And subsequent | 10,419 | ||||||||||||
Total intangibles currently to be amortized | $ | 20,906 | |||||||||||
Changes in the Company’s goodwill by business segment were as follows: | |||||||||||||
Equipment Lifting | Equipment Distribution | Total | |||||||||||
Segment | Segment | ||||||||||||
Balance December 31, 2011 | $ | 14,992 | $ | 275 | $ | 15,267 | |||||||
Effect of change in exchange rates | 16 | — | 16 | ||||||||||
Balance December 31, 2012 | 15,008 | 275 | 15,283 | ||||||||||
Goodwill for Sabre acquisition | 4,592 | — | 4,592 | ||||||||||
Goodwill for Valla acquisition | 2,454 | — | 2,454 | ||||||||||
Effect of change in exchange rates | 37 | — | 37 | ||||||||||
Balance December 31, 2013 | $ | 22,091 | $ | 275 | $ | 22,366 | |||||||
Accrual_Detail
Accrual Detail | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrual Detail | ' | ||||||||
Note 12. Accrual Detail | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued expenses: | |||||||||
Accrued payroll | $ | 2,037 | $ | 1,084 | |||||
Accrued employee benefits | 24 | 261 | |||||||
Accrued bonuses | 1,998 | 1,838 | |||||||
Accrued vacation expense | 888 | 384 | |||||||
Accrued deferred interest income | — | 33 | |||||||
Accrued insurance premiums | — | 266 | |||||||
Accrued interest | 237 | 148 | |||||||
Accrued commissions | 532 | 617 | |||||||
Accrued expenses—other | 306 | 624 | |||||||
Accrued warranty | 1,070 | 988 | |||||||
Accrued income taxes | 473 | 1,160 | |||||||
Accrued taxes other than income taxes | 1,087 | 242 | |||||||
Accrued product Liability and workers compensation claims | 202 | 87 | |||||||
Accrued liability on forward currency exchange contracts | 40 | 13 | |||||||
Total accrued expenses | $ | 8,894 | $ | 7,745 | |||||
Revolving_Term_Credit_Faciliti
Revolving Term Credit Facilities and Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Revolving Term Credit Facilities and Debt | ' |
Note 13. Revolving Term Credit Facilities and Debt | |
On August 19, 2013, the Company together with its U.S. and Canadian subsidiaries entered into a new credit agreement (“Credit Agreement”) with Comerica Bank (“Comerica”) and certain other lenders, who become participants under the credit agreement. The Credit Agreement provides the Company with up to $64,000 of financing (“Financing”) comprised of (a) a $40,000 Senior Secured Revolving Credit Facility to the U.S. Borrowers (“U.S. Revolver”), (b) a $15,000 Secured Term Loan to the U.S. Borrowers (“Term Loan”) and (c) a $9,000 (or the Canadian dollar equivalent amount) Senior Secured Revolving Credit Facility to the Canadian Borrower (“Canadian Revolver”). The three aforementioned credit facilities each mature on August 19, 2018. The Financing replaces all of the existing credit facilities between the Company and its subsidiaries and Comerica, except for the Manitex Liftking ULC’s Specialized Canadian Export Facility. | |
Proceeds borrowed on the U.S. Revolver and the Canadian Revolver were used pay the outstanding principal and interest that was outstanding on the Revolving Term Credit Facility, the Revolving Canadian Term Credit Facility, and the Revolving Term Credit Facility—Equipment Line that were outstanding on August 19, 2013. | |
The indebtedness is collateralized by substantially all of the Company’s assets. The facility contains customary limitations including, but not limited to, limitations on acquisitions, dividends, repurchase of the Company’s stock and capital expenditures. The Company is also required to comply with certain financial covenants as defined in the Credit Agreement including maintaining (1) a Minimum Fixed Charge Coverage ratio of not less than 1.25 to 1.0, (2) a Maximum Senior Secured First Lien Debt to Consolidated Adjusted EBITDA ratio of not more than 3.25 to 1.0, with a step down to 3.0 to 1.0 at December 31, 2014, (3) a Maximum Consolidated Total Debt to Consolidated Adjusted EBITDA ratio of not more than 4.0 to 1.0 with a step down to 3.75 to 1.0 at December 31, 2014, and (4) a minimum Tangible Net Worth. | |
In connection with the Financing, the Company paid fees and expenses of $1,088 which are being expensed over the life of the loan. | |
U.S. Revolver | |
At December 31, 2013, the Company had drawn $29,219 under the $40 million U.S. Revolver. The U.S. Revolver bears interest, at the Company’s option at the base rate plus a spread or an adjusted LIBOR rate plus a spread. The base rate is the greater of the bank’s prime rate, the federal funds rate plus 1.00% or the 30 day LIBOR rate Adjusted Daily plus 1.00%. For the U.S. Revolver the interest rate spread for Base Rate is between 1.625% and 2.250% and for LIBOR the spread is between 2.265% and 3.250% in each case with the spread being based on the consolidated total debt to consolidated adjusted EBITDA ratio, as defined in the Credit Agreement, for the preceding twelve months. The base rate and LIBOR spread is currently 2.00% and 3.00%, respectively. Funds borrowed under the LIBOR options can be borrowed for periods of one, two, three or six months. | |
The $40,000 U.S. Revolver is a secured financing facility under which borrowing availability is limited to existing collateral as defined in the agreement. The maximum amount available is limited to (1) the sum of 85% of eligible receivables, (2) the lesser of 50% of eligible inventory or $18,000, (3) the lesser of 80% of used equipment purchased for resale or rent or $2,000 reduced by (4) outstanding standby letter or credits issued by the bank. At December 31, 2013, the maximum the Company could borrow based on available collateral was capped at $34,744. | |
Under the Credit Agreement, the banks are also paid 0.50% annual facility fee payable in quarterly installments. | |
The agreement permits the Company to issue unsecured guarantees of indebtedness owed by CVS Ferrari, srl to foreign banks in respect to working capital financing, not to exceed the lesser of $9,000 or the amount of such financing. Additionally the agreement allows the Company to make or allow to remain outstanding any investment (whether such investment shall be of the character of investment of shares of stock, evidence of indebtedness or other securities or otherwise) in, or any loans or advances to CVS or to any other wholly-owned foreign subsidiary in an amount not to exceed $6,500. | |
Canadian Revolver | |
At December 31, 2013, the Company had drawn $8,086 under the Canadian Revolver. The Company is eligible to borrow up to $9,000. The maximum amount available is limited to the sum of (1) 85% of eligible receivables plus (2) 30% of eligible work-in-process inventory not to exceed $850 and (3) 50% of eligible inventory excluding work in process inventory. Under the agreement, total inventory collateral, however, cannot exceed $5,500. At December 31, 2013, the maximum the Company could borrow based on available collateral was $8,237. The indebtedness is collateralized by substantially all of Manitex Liftking ULC’s assets. The Company can borrow in either U.S. or Canadian dollars. For the Canadian Revolver, the interest rate spread for U.S. prime based borrowing is between 0.00% and 0.25% and for Canadian prime based borrowings the interest rate spread is between 0.00% and 0.75%, in each case with the spread being based on the consolidated total debt to consolidated adjusted EBITDA ratio, as defined in the Credit Agreement, for the preceding twelve months. As of December 31, 2013 the spread on U.S. Prime based borrowing and Canadian Prime based borrowings was 0.00% and 0.25%, respectively. | |
Under the Credit Agreement, the banks are also paid 0.50% annual facility fee payable in quarterly installments. | |
Term Loan | |
The $15,000 borrowed as a Secured Term Loan under the new financing agreement referred to above has been repaid in its entirety as of December 31, 2013. | |
Specialized Export Facility | |
The Canadian Revolving Credit facility contains an additional $3,000 Specialized Export Facility that matures on July 1, 2015. Borrowings under the Specialized Export Facility are guaranteed by the Company and Export Development Canada (“EDC”), a corporation established by an Act of Parliament of Canada. Under the Export Facility Liftking can borrow 90% of the total cost of material and labor incurred on export contracts which are subject to the EDC guarantee. The EDC guarantee, which expires on July 1, 2015, is issued under their export guarantee program and covers certain goods that are to be exported from Canada. At December 31, 2013, the maximum the Company could have borrowed based upon available collateral under the Specialized Export Facility was $3,000. Under this facility, the Company can borrow either Canadian or U.S. dollars. | |
Any borrowings under the facility in Canadian dollars currently bear interest of 3.50% which is based on the Canadian prime rate (the Canadian prime was 3.0% at June 30, 2013) plus 0.5%. Any borrowings under the facility in U.S. dollars bear interest at the U.S. prime rate (prime was 3.25% at June 30, 2013). Repayment of advances made under the Export Facility are due sixty days after shipment of the goods, or five business days after the borrower receives payment in full for the goods covered by the guarantee (the “Scheduled Payment Date”) or upon the termination of the EDC guarantee. | |
At December 31, 2013, the Company had outstanding borrowing in connection with the Specialized Export Facility of $2,707. | |
Note Payable—Terex | |
At December 31, 2013, the Company has a note payable to Terex Corporation with a remaining balance of $750. The note was issued in connection with the purchase of substantially all of the domestic assets of Crane & Machinery, Inc. (“Crane”) and Schaeff Lift Truck, Inc., (“Schaeff”). The note provides bears interest at 6% annually and is payable quarterly. Terex has been granted a lien on and security interest in all of the assets of the Company’s Crane & Machinery Division as security against the payment of the note. | |
The Company has three remaining principal payments of $250 due on March 1, 2014, March 1, 2015 and March 1, 2016. As long as the Company’s common stock is listed for trading on the NASDAQ or another national stock exchange, the Company may opt to pay up to $150 of each annual principal payment in shares of the Company’s common stock having a market value of $150. | |
Load King Debt | |
In November 2011, the Company’s Load King Subsidiary used its manufacturing facility as collateral to secure mortgage financing with BED (South Dakota Board of Economic Development) and bank. Load King pledged its equipment to the bank to secure additional term debt (“Equipment Note”). The funds received in connection with the above borrowing were used to repay a promissory note to Terex Corporation (“Terex”), which was issued in connection with the Load King acquisition. The BED Mortgage, the bank mortgage and the Equipment Note, which are all guaranteed by the Company, have outstanding balances as of December 31, 2013 of $790, $809 and $299, respectively. | |
Under the terms of the BED Mortgage, the Company is required to make 59 payments of $5 based on a 240 month amortization period and a 3% interest rate. A final balloon payment of unpaid principal and interest is due on November 2, 2016. The interest rate for the note is subject to Load King maintaining employment levels specified in an Employment Agreement between Load King and BED. If Load King fails to maintain agreed upon employment levels, Load King may be required to pay BED an amount equal to the difference between the interest paid and amount of interest that would have been paid if the loan had a 6.5% interest rate. | |
Under the terms of the Bank Mortgage, the Company is required to make 120 interest and principal payments. The first sixty payments of $6 per month are based on a 240 month amortization period and a 6% interest rate. On November 2, 2016, the interest rate will reset. The new interest rate will be equal to the monthly average yield on 5 Year Constant Maturity U.S. Treasury Securities plus 3.75%. The monthly interest and principal payment will be recalculated accordingly. A final balloon payment of unpaid principal and interest is due on November 2, 2021. | |
Under the Equipment Note, the Company is required to make 84 monthly interest and principal payments. The first 60 payments will be for $6 and are based on an 84 month amortization period and a 6.25% interest rate. On November 2, 2016, the interest rate will reset. The interest rate will be equal to the monthly average yield on 5 year Constant Maturity of U.S. Treasury Securities plus 4.00%. The monthly principal and interest payments will be recalculated based on the new interest rate and will remain fixed for the next 24 months. | |
Sabre note payable | |
At December 31, 2013, Sabre had a note payable with a balance of $20 which bears interest at approximately 11.8% and matures on September 1, 2014. Under the terms of the note, Sabre is required to make monthly payments of $1 which includes accrued interest. | |
CVS Short-Term Working Capital Borrowings | |
At December 31, 2013, CVS had established demand credit facilities with ten Italian banks. Under the facilities, CVS can borrow up to €135 ($186) on an unsecured basis and up to an additional €8,258 ($11,382) as advances against orders, invoices and letters of credit. The Company has granted guarantees in respect to available credit facilities in the amount of €5,193 ($7,204). The maximum amount outstanding is limited to 80% of the assigned accounts receivable if there is an invoice issued or 50% if there is an order/contract issued. The banks will evaluate each request to borrow individually and determine the allowable advance percentage and interest rate. In making its determination the bank considers the customer’s credit and location of the customer. | |
At December 31, 2013, the banks had advanced CVS €4,735 ($6,526), at variable interest rates which currently range from 2.12% to 5.97%. At December 31, 2013, the Company has guaranteed €3,093 ($5,380) of CVS’s outstanding debt. Additionally, the banks had issued performance bonds which total €543 ($748) which are also guaranteed by the Company. | |
Acquisition note—Valla | |
In connection with the acquisition, the Company has a note with a stated interest rate of 5% in the amount of $200 payable to the sellers. The note is payable in two installments of $100 payable on December 31, 2015 and 2016. | |
The fair value of the promissory note was calculated to equal the present value of future debt payments discounted at a market rate of return commensurate with similar debt instruments with comparable levels of risk and marketability. A rate of 1.5% was determined to be the appropriate rate following an assessment of the risk inherent in the debt issued and the market rate for debt of this nature using corporate credit ratings. The difference of $28 between face amount of the promissory note and its fair value is being amortized over the life of the note and recorded as a reduction of interest expense. | |
As of December 31, 2013, the note had remaining principal balance of $228. |
Leases
Leases | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Leases | ' | ||||||||||||||||
Note 14. Leases | |||||||||||||||||
Capital leases | |||||||||||||||||
Georgetown facility | |||||||||||||||||
The Company has a twelve year lease which expires in April 2018 that provides for monthly lease payments of $74 for its Georgetown, Texas facility. The lease has been classified as a capital lease. At December 31, 2013, the outstanding capital lease obligation is $2,681. | |||||||||||||||||
Winona facility | |||||||||||||||||
The Company has a five year lease which expires in July 10, 2014 that provides for monthly lease payments of $25 for its Winona, Minnesota facility. At the conclusion of the lease, the Company has an option to purchase the facility for $500 by giving notice to Landlord of its intent to purchase the Facility. The Landlord must receive such notice at least three months prior to end of the Lease term. At December 31, 2013, the Company has outstanding capital lease obligation of $637. | |||||||||||||||||
Equipment | |||||||||||||||||
The Company has entered into a lease agreement with a bank pursuant to which the Company is permitted to borrow 100% of the cost of new equipment and 75% of the cost of used equipment with 60 and 36 months repayment periods, respectively. At the conclusion of the lease period, for each piece of equipment the Company is required to purchase that piece of leased equipment for one dollar. | |||||||||||||||||
The equipment, which is acquired in ordinary course of the Company’s business, is available for sales and rental prior to sale. | |||||||||||||||||
Under the lease agreement the Company can elect to exercise an early buyout option at any time, and pay the bank the present value of the remaining rental payments discounted by a specified Index Rate established at the time of leasing. The early buyout option results in a prepayment penalty which progressively decreases during the term of the lease. Alternatively, the Company under the like-kind provisions in the agreement can elect to replace or substitute different equipment in place of equipment subject to the early buyout without incurring a penalty. | |||||||||||||||||
The following is a summary of inventory held for sale which was financed under equipment capital lease agreements: | |||||||||||||||||
Amount | Repayment | Amount of | Balance | ||||||||||||||
Borrowed | Period | Monthly Payment | As of December 31, | ||||||||||||||
2013 | |||||||||||||||||
New equipment | $ | 225 | 60 | $ | 4 | $ | 155 | ||||||||||
Used equipment | $ | 1,754 | 36 | $ | 53 | $ | 1,190 | ||||||||||
Total | $ | 1,979 | $ | 57 | $ | 1,345 | |||||||||||
The Company has three additional small capital leases. As of December 31, 2013, the capitalized lease obligation in aggregate related to the three leases was $133. | |||||||||||||||||
Future Minimum Lease Payments are: | |||||||||||||||||
Years | Operating Leases | Capital Leases | |||||||||||||||
2014 | $ | 1,486 | $ | 2,320 | |||||||||||||
2015 | 885 | 1,306 | |||||||||||||||
2016 | 878 | 1,307 | |||||||||||||||
2017 | 304 | 607 | |||||||||||||||
2018 | 16 | 607 | |||||||||||||||
Subsequent | — | — | |||||||||||||||
Total Minimum Lease Payments | $ | 3,569 | 6,147 | ||||||||||||||
Less: imputed interest | (1,351 | ) | |||||||||||||||
Present value of minimum lease payment | $ | 4,796 | |||||||||||||||
Capital Item—as of or for the year ended December 31, 2013 | Cost | Accumulated | Depreciation | Interest | |||||||||||||
Depreciation | Expense | Expense | |||||||||||||||
Building—Georgetown, TX | $ | 4,913 | $ | 3,114 | $ | 35 | $ | 457 | |||||||||
Land & Building—Winona, MN | 1,700 | 254 | 57 | 47 | |||||||||||||
Other Capitalized leases | 178 | 39 | 14 | 3 | |||||||||||||
Totals | $ | 6,791 | $ | 3,407 | $ | 106 | $ | 507 | |||||||||
Capital Item—as of or for the year ended December 31, 2012 | Cost | Accumulated | Depreciation | Interest | |||||||||||||
Depreciation | Expense | Expense | |||||||||||||||
Building—Georgetown, TX | $ | 4,913 | $ | 2,699 | $ | 35 | $ | 495 | |||||||||
Land & Building—Winona, MN | 1,700 | 198 | 57 | 62 | |||||||||||||
Other Capitalized leases | 51 | 25 | 7 | 2 | |||||||||||||
Totals | $ | 6,664 | $ | 2,922 | $ | 99 | $ | 559 | |||||||||
Sales and Leaseback—In accordance with ASC 840-40 Sales- Leaseback Transaction, at December 31, 2013 and 2012, the Company has deferred gain of $1,648 and $2,028, respectively, related to the sale and leaseback of Georgetown operating facilities. The deferred gain is being amortized over the life of the lease which reduces depreciation expense $380 annually. | |||||||||||||||||
Operating leases | |||||||||||||||||
The Company leases its Woodbridge, Ontario facility under an operating lease. Monthly payments under the lease are $40. The lease expires on November 29, 2014. The Company has an option to renew the lease for an additional five years at a rent which is mutually agreed. In the event that the parties cannot agree the lease has an arbitration provision. Total rent expense related to this lease was $489, $483 and $492 for the year ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $21. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2016 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall, however, be the then-market rate for similar industrial buildings within the market area. | |||||||||||||||||
The Company has the option to purchase the building by giving the landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The landlord can require the Company to purchase the building if a change of Control Event, as defined in the lease, occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price, regardless whether the purchase is initiated by the Company or the landlord, will be the Fair Market Value as of the closing date of said sale. Rent expense for the current and former Bridgeview facility was $251, $247 and $240 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The Company leases its 103,000 sq. ft. facility in Cadeo, Italy from Fratelli Ferrari Realty. The lease which was executed on June 30, 2011 is for six years and provides annual rent of €360 ($466) payable in monthly installments. The Company has an option to renew the lease for an additional six years at a rent which is mutually agreed. The Company has a conditional commitment to purchase the building on June 30, 2014 for €9,200. The commitment to purchase the building is contingent on CVS Ferrari srl being able to secure a mortgage on market terms for 75% of the purchase price. | |||||||||||||||||
The Company leases its Knox, Indiana facility under two operating leases. The leases which expire on August 19, 2020 provides for initial monthly rents of $11 and $3, respectively. The leases contain a rental escalation clause under which annual rent is increased during the lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The Company has an option to extend the leases for an additional five year period. The Company has the right to purchase the facility at a negotiated price any time during the lease period. If the parties are unable to agree on purchase price, the purchase price under the terms of the lease will be the average of two appraisals of the premises performed by independent third-party appraisers, one selected by the landlord and on selected by the Company. | |||||||||||||||||
The Company leases its facility in Via Piacenza, Italy under an operating lease. The lease is a six year lease that expires on November 30, 2019. The Company has the option after two years to terminate the lease on the signing anniversary by giving the lessor at least 90 day notice. The annual rent, which is paid in two semi-annual installments, is $86, $100 and $103 for the first, second and third year, respectively. After the third year, the lease provides for an annual rent increase. The rent is increase by seventy-five percent of the increase in the ISTAT index for families of workers and employees. | |||||||||||||||||
The Company has various operating equipment leases with monthly payments ranging from less than $1 to $4 with various expiration dates through 2017. Total rent expense under these additional leases was $138, $272, and $199 for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 15. Income Taxes | |||||||||||||
Information pertaining to the Company’s income before income taxes is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income before income taxes: | |||||||||||||
Domestic | $ | 14,659 | $ | 11,316 | $ | 3,460 | |||||||
Foreign | (212 | ) | 582 | 753 | |||||||||
Total net income before income taxes | $ | 14,447 | $ | 11,898 | $ | 4,213 | |||||||
Information pertaining to the Company’s provision (benefit) for income taxes is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision (benefit) for income taxes: | |||||||||||||
Current: | |||||||||||||
Federal | $ | 4,246 | $ | 2,784 | $ | (35 | ) | ||||||
State and local | 50 | 227 | 52 | ||||||||||
Foreign | 132 | 535 | 332 | ||||||||||
4,428 | 3,546 | 349 | |||||||||||
Deferred: | |||||||||||||
Federal | (94 | ) | 670 | 1,077 | |||||||||
State and local | 64 | (378 | ) | (7 | ) | ||||||||
Foreign | (129 | ) | (18 | ) | 14 | ||||||||
(159 | ) | 274 | 1,084 | ||||||||||
Total provision for income taxes | $ | 4,269 | $ | 3,820 | $ | 1,433 | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Current: | |||||||||||||
Accrued expenses and other liabilities | $ | 1,132 | $ | 1,166 | |||||||||
Net operating losses | 139 | — | |||||||||||
Long-term: | |||||||||||||
Other liabilities | 458 | 455 | |||||||||||
Deferred gain | 594 | 703 | |||||||||||
State net operating loss carryforwards | — | 7 | |||||||||||
Tax credit carryforwards | 847 | 883 | |||||||||||
Unrealized foreign currency loss | 219 | 211 | |||||||||||
Total deferred tax asset | 3,389 | 3,425 | |||||||||||
Valuation allowance | — | — | |||||||||||
Total deferred tax asset net of valuation allowance | 3,389 | 3,425 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Long-term: | |||||||||||||
Property, plant and equipment | 558 | 542 | |||||||||||
Intangibles | 3,516 | 3,727 | |||||||||||
Total deferred tax liability | 4,074 | 4,269 | |||||||||||
Net deferred tax liability | $ | (685 | ) | $ | (844 | ) | |||||||
The Company has not provided for the United States income or the foreign withholding taxes on the undistributed earnings of its subsidiaries operating outside of the United States. It is the Company’s intention to reinvest those earnings permanently, and accordingly, it is not practicable to estimate the amount of tax that might be payable. | |||||||||||||
The effective tax rate before income taxes varies from the current U.S. federal statutory income tax rate as follows: | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Statutory rate | 35 | % | 34 | % | |||||||||
State and local taxes | 0.72 | 0.39 | |||||||||||
Permanent differences | -3.08 | -2.42 | |||||||||||
Tax credits | -3.59 | -3.34 | |||||||||||
Foreign operations | 0.54 | 2.69 | |||||||||||
Uncertain tax positions | -0.47 | 1.23 | |||||||||||
Other | 0.43 | -0.44 | |||||||||||
29.55 | % | 32.11 | % | ||||||||||
As of December 31, 2013, the Company has approximately $1,300 of Texas Temporary Margin Tax Credit that may be utilized through 2026. The Company has reflected a deferred tax asset in the table above of $847, net of the federal tax impact. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1 | $ | 335 | $ | 152 | |||||||||
Increases in tax positions for prior years | 93 | 219 | |||||||||||
Decreases in tax positions for prior years | (178 | ) | (36 | ) | |||||||||
Settlements | — | — | |||||||||||
Balance at December 31 | $ | 250 | $ | 335 | |||||||||
Of the amounts reflected in the above table at December 31, 2013, the entire amount would reduce the Company’s annual effective tax rate if recognized. The Company had approximately $44 of accrued interest as of December 31, 2013. The Company records accrued interest related to income tax matters in the provision for income taxes in the accompanying consolidated statement of income. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. | |||||||||||||
The Company files income tax returns in the United States, Canada and Italy as well as various state and local tax jurisdictions with varying statutes of limitations. The 2010 through 2013 tax years generally remain subject to examination by federal, foreign and most state tax authorities. |
Supplemental_Cash_Flow_Disclos
Supplemental Cash Flow Disclosures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Disclosures | ' | ||||||||||||
Note 16. Supplemental Cash Flow Disclosures | |||||||||||||
Interest received and paid, income taxes paid and non-cash transactions incurred during the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Non-Cash Transactions: | |||||||||||||
Acquisition note—CVS | $ | — | $ | — | $ | 2,870 | |||||||
Acquisition deferred payments—CVS | — | — | 85 | ||||||||||
Capital leases | 813 | 1,166 | — | ||||||||||
Issuance of stock in connection with carry deck crane assets (see Note 20) | — | 200 | — | ||||||||||
Issuance of stock in connection with a Sabre acquisition (see Note 20) | 1,000 | — | — | ||||||||||
Valla working capital | 2,173 | — | — | ||||||||||
Acquisition note—Valla (see Note 20) | 228 | — | — | ||||||||||
Contingent consideration—Valla (see Note 20) | 250 | — | — | ||||||||||
Issuance of stock in connection with a cashless warrant exercise | — | 986 | — | ||||||||||
Repurchase of stock in connections with cashless warrant exercise | — | (754 | ) | — | |||||||||
Transfer of warrant to capital stock upon exercise of cashless warrant | — | (232 | ) | — | |||||||||
Legal settlement (see Note 25) | — | — | 1,183 |
401k_Profit_Sharing_Plan
401(k) Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
401(k) Profit Sharing Plan | ' |
Note 17. 401(k) Profit Sharing Plan | |
The Company’s sponsors a 401(k) plan. The plan is intended to cover all non-union United States based employees. The plan is open to employees 21 years of age & older. There is no minimum employment duration required before eligibility. The plan allows for monthly enrollment and contribution changes. | |
The Company suspended its discretionary matching contribution on February 15, 2009. On January 1, 2012, the Company again began to match participants’ contributions. The Company match currently in effect matches dollar for dollar participants’ contributions up to 3% of the participant’s income. There is no dollar limit regarding matched funds and the plan also calls for immediate vesting of the employer contribution component. The employer match is paid when payroll is processed. | |
The amount paid in matching contributions by the company for 2013 was $271 compared to $187 for the comparable period in 2012. |
Accrued_Warranties
Accrued Warranties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Accrued Warranties | ' | ||||||||
Note 18. Accrued Warranties | |||||||||
A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. | |||||||||
The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. | |||||||||
The following table summarizes the changes in product warranty liability: | |||||||||
2013 | 2012 | ||||||||
Balance January 1, | $ | 988 | $ | 698 | |||||
Business Acquired | 10 | — | |||||||
Accrual for warranties issued during the year | 2,358 | 2,270 | |||||||
Warranty services provided | (2,260 | ) | (1,981 | ) | |||||
Changes in estimates | (23 | ) | — | ||||||
Foreign currency translation | (3 | ) | 1 | ||||||
Balance December 31, | $ | 1,070 | $ | 988 | |||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Note 19. Segment Information | |||||||||||||
The Company operates in two business segments: Lifting Equipment and Equipment Distribution. | |||||||||||||
The Lifting Equipment segment is a leading provider of engineered lifting solutions. The Company designs, manufactures and distributes, predominately through a network of dealers, a diverse group of products that serve different functions and are used in a variety of industries. The Company markets a comprehensive line of boom trucks, a truck crane and sign cranes, a complete line of rough terrain forklifts, including both the Liftking and Noble product lines, as well as special mission oriented vehicles, and other specialized carriers, heavy material handling transporters and steel mill equipment. The Company also manufacturers a number of specialized rough terrain cranes and material handling products, including 15 and 30-ton cab down rough terrain cranes. Company lifting products are used in industrial applications, energy exploration and infrastructure development in the commercial sector and for military applications. The company’s specialized rough terrain cranes primarily serve the needs of the construction, municipality, and railroad industries. Through its Italian subsidiary, the Company manufactures and distributes reach stackers and associated lifting equipment for the global container handling markets. On November 30, 2013, the Company acquired the assets of Valla SpA (“Valla)” located in Piacenza, Italy. Valla offers a full range of mobile cranes from 2 to 90 tons, using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, fixed or swing boom configurations, with dozens of special applications designed specifically to meet the needs of its customers. Additionally, the Company manufactures and distributes custom trailers and hauling systems typically used for transporting heavy equipment, the trailer business serves niche markets in the commercial construction, railroad, military, and equipment rental industries through a dealer network. Beginning in August 2013, the Company began to manufacture and market a comprehensive line of specialized trailer tanks for liquid and solid storage and containment. The tank trailers are used in a variety of end markets such as petrochemical, waste management and oil and gas drilling. | |||||||||||||
The Equipment Distribution segment located in Bridgeview, Illinois, operates as Manitex Valla’s North American sales operation and also distributes Terex rough terrain and truck cranes, Manitex boom trucks and sky cranes, and the PM Group’s knuckle boom cranes. The Equipment Distribution segment predominately sells its products to end users, including the rental market. Its products are used primarily for infrastructure development and commercial constructions, applications include road and bridge construction, general contracting, roofing, scrap handling and sign construction and maintenance. The Equipment Distribution segment supplies repair parts for a wide variety of medium to heavy duty construction equipment and sells both domestically and internationally. The segment also provides repair services in the Chicago area. The North American Equipment Exchange division, (“NAEE”) markets previously-owned construction and heavy equipment, domestically and internationally. This Division provides a wide range of used lifting and construction equipment of various ages and condition, and the Company has the capability to refurbish the equipment to the customers’ specification. | |||||||||||||
Sabre and Valla results are included in the Company’s results from their respective dates of acquisition August 19, 2013 and November 30, 2013. | |||||||||||||
The following is financial information for our two operating segments, i.e., Lifting Equipment and Equipment Distribution. The below financial information includes results for each of the above acquisitions from the respective date of acquisition: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Revenues | |||||||||||||
Lifting Equipment | $ | 228,772 | $ | 188,792 | $ | 130,330 | |||||||
Equipment Distribution | 16,951 | 17,090 | 11,986 | ||||||||||
Inter-segment elimination | (651 | ) | (633 | ) | (25 | ) | |||||||
Total | $ | 245,072 | $ | 205,249 | $ | 142,291 | |||||||
Operating Earnings | |||||||||||||
Lifting Equipment | $ | 23,311 | $ | 19,880 | $ | 11,069 | |||||||
Equipment Distribution | 628 | 222 | 64 | ||||||||||
Corporate expenses | (6,391 | ) | (5,613 | ) | (4,532 | ) | |||||||
Elimination of inter-segment profit in inventory | (10 | ) | (30 | ) | — | ||||||||
Total operating income | $ | 17,538 | $ | 14,459 | $ | 6,601 | |||||||
Total Assets | |||||||||||||
Lifting Equipment | $ | 170,808 | $ | 143,749 | $ | 114,133 | |||||||
Equipment Distribution | 10,847 | 7,562 | 7,333 | ||||||||||
Corporate | 1,075 | 193 | 125 | ||||||||||
Total | $ | 182,730 | $ | 151,504 | $ | 121,591 | |||||||
Total foreign source net revenue was approximately $95,205, $90,691 and $66,864 for the years ended December 31, 2013, 2012, and 2011, respectively. Total long-lived assets related to the Company’s foreign operations were approximately $8,752 and $5,145 for the years ended December 31, 2013 and 2012, respectively. Information of external net revenues and long lived asset information by country is shown on the below tables: | |||||||||||||
The following is a summary of goodwill by segment: | |||||||||||||
2013 | 2012 | ||||||||||||
Goodwill—Lifting Equipment Segment | |||||||||||||
Balance January 1 | $ | 15,008 | $ | 14,992 | |||||||||
Goodwill related to the Sabre acquisition | 4,592 | — | |||||||||||
Goodwill related to the Valla acquisition | 2,454 | — | |||||||||||
Foreign currency translation | 37 | 16 | |||||||||||
Balance December 31, | 22,091 | 15,008 | |||||||||||
Goodwill—Equipment Distribution Segment | |||||||||||||
Balance January 1 and December 31 | 275 | 275 | |||||||||||
Total goodwill at December 31, | $ | 22,366 | $ | 15,283 | |||||||||
Net Revenues | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 149,867 | $ | 114,558 | $ | 75,427 | |||||||
Canada | 44,568 | 55,540 | 30,771 | ||||||||||
Italy | 8,230 | 11,700 | 15,861 | ||||||||||
Turkey | 5,280 | — | — | ||||||||||
Peru | 3,849 | — | — | ||||||||||
South Africa | 3,651 | — | — | ||||||||||
Egypt | 3,285 | — | — | ||||||||||
Australia | 4 | 3,213 | — | ||||||||||
Korea | — | 2,810 | 3,398 | ||||||||||
Russia | 1,623 | 2,189 | 1,369 | ||||||||||
Germany | 3,246 | 2,041 | 984 | ||||||||||
Mexico | 5,096 | 1,867 | 1,296 | ||||||||||
Czech Republic | 1,804 | 1,484 | — | ||||||||||
Brazil | — | 1,205 | 1,443 | ||||||||||
France | — | 810 | 4,647 | ||||||||||
United Arab Emirates | 1,297 | 152 | 1,931 | ||||||||||
Venezuela | 407 | 1,188 | 473 | ||||||||||
Switzerland | — | 22 | 1,134 | ||||||||||
Other | 12,865 | 6,470 | 3,557 | ||||||||||
$ | 245,072 | $ | 205,249 | $ | 142,291 | ||||||||
Company attributes revenue to different geographic areas based on where items are shipped or services are performed. | |||||||||||||
Long Lived Assets | |||||||||||||
2013 | 2012 | ||||||||||||
United States | $ | 51,941 | $ | 41,582 | |||||||||
Canada | 925 | 788 | |||||||||||
Italy | 7,827 | 4,357 | |||||||||||
Total Long-Lived Assets | $ | 60,693 | $ | 46,727 | |||||||||
Long-Lived Assets are based on where the operating unit is domiciled. |
Asset_Purchases
Asset Purchases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Asset Purchases | ' | ||||||||
Note 20. Asset Purchases | |||||||||
Valla Asset Purchase | |||||||||
On November 30, 2013, CVS Ferrari Srl. (the “Purchaser” or “CVS”), an Italian corporation and a wholly owned subsidiary of the Company completed an Asset Purchase Agreement with Valla SpA (the “Seller”), an Italian based developer of precision pick and carry cranes to acquire substantially all of the Seller’s operating assets and business operations, including the Seller’s accounts receivable, inventory and equipment. Valla develops precision pick and carry cranes with lifting capacities from 2 to 90 tons using electric, diesel and hybrid power options. Its cranes offer wheeled or tracked, fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. | |||||||||
The consideration for the Purchase consisted of a note payable to Seller for $200 on (the “Note”) with principal payments of $100 on December 31, 2015 and 2016 and annual interest of 5% and contingent consideration of up to $1,000. The fair value of the purchase consideration was as follows: | |||||||||
Fair Value | Fair Value | ||||||||
Euros | U.S. Dollars | ||||||||
Seller note | € | 165 | $ | 228 | |||||
Contingent consideration | 183 | 250 | |||||||
Total purchase consideration | € | 348 | $ | 478 | |||||
Seller Note. In connection with the acquisition, the Company issued a note with a stated interest rate of 5% in the amount of $200 payable to the sellers. The note is payable in two installments of $100 payable on December 31, 2015 and 2016. | |||||||||
The fair value of the promissory note is $228 and was calculated to be to equal the present value of future debt payments discounted at a market rate of return commensurate with similar debt instruments with comparable levels of risk and marketability. A rate of 1.5% was determined to be the appropriate rate following an assessment of the risk inherent in the debt issued and the market rate for debt of this nature using corporate credit ratings. The difference $28 between face amount of the promissory note and its fair value is being amortized over the life of the note and is a reduction of interest expense. | |||||||||
Contingent Consideration. In accordance with ASC 805, the acquirer is to recognize the acquisition date fair value of contingent consideration. The agreement has a contingent consideration provision which provides the seller to receive an annual payment equal to 10% of net income for the next eight years, with a maximum annual payment of $125. If 10% of a year’s net income exceeds $125, the excess amounts will be carried over to future years. Any carryovers not paid out after eight years will be forfeited. The agreement has no provision for a carryback for excess earnings in a year. Given the disparity between the income threshold and the Company’s projected financial results, it was determined that a Monte Carlo simulation analysis was appropriate to determine the fair value of contingent consideration. It was determined that the probability weighted average earn out payment is $250. Based thereon, we determined the fair value of the contingent consideration to be $250. | |||||||||
Under the acquisition method of accounting, in accordance ASC 805, Business Combinations, the assets acquired and liabilities assumed are valued based on their estimated fair values as of the date of the acquisition. The excess of the purchase price over the aggregate estimated fair value of net assets acquired was allocated to goodwill. The purchase price allocation is preliminary and is subject to final review. The following table summarizes the acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: | |||||||||
Purchase price allocation | |||||||||
Fair Value | Fair Value | ||||||||
Euros | U.S. Dollars | ||||||||
Accounts receivable | € | 730 | $ | 999 | |||||
Inventory | 872 | 1,193 | |||||||
Prepaids | 29 | 41 | |||||||
Property and equipment | 155 | 212 | |||||||
Trade names and trademarks | 400 | 547 | |||||||
Unpatented technology | 430 | 588 | |||||||
Customer relationships | 200 | 273 | |||||||
Goodwill | 1,780 | 2,434 | |||||||
Accounts payable | (1,944 | ) | (2,658 | ) | |||||
Working capital borrowings | (1,589 | ) | (2,173 | ) | |||||
Accrued expenses | (715 | ) | (978 | ) | |||||
€ | 348 | $ | 478 | ||||||
Tangible assets and liabilities: The tangible assets and liabilities were valued at their respective carrying values by Valla, except for certain adjustments necessary to state such amounts at their estimated fair values at acquisition date. Fair market adjustments to fixed assets and inventory that were recorded were not significant. | |||||||||
Intangible assets: There are three fundamental methods applied to value intangible assets outlined in FASB ASC 820. These methods include the Cost Approach, the Market Approach, and the Income Approach. Each of these valuation approaches was considered in our estimation of value. | |||||||||
Trade names and trademarks and unpatented technology: Valued using the Relief from Royalty method, a form of both the Market Approach and the Income Approach. Because the Company has established trade names and trademarks and has developed unpatented technology, we estimated the benefit of ownership as the relief from the royalty expense that would need to be incurred in absence of ownership. | |||||||||
Customer relationships: Because there is a specific earnings stream that can be associated with customer relationships, we determined the discounted cash flow method was the most appropriate methodology for valuation. | |||||||||
Goodwill: Goodwill represents the excess of total consideration paid and the fair value of net assets acquired. The recognition of goodwill of $2,434 reflects the inherent value in the Valla reputation, which has been built since being founded in 1945 and the prospects for significant future earnings based on Valla’s product line. | |||||||||
For income tax purposes, intangible assets and goodwill will be amortized and will result in future tax deductions. | |||||||||
Acquisition transaction costs: Cost and expenses related to the acquisition have been expensed as incurred and recorded in selling, general and administrative expenses. In connection with the Valla acquisition, the Company incurred legal and accounting fees of $42 and fees for valuation services of $15. | |||||||||
Sabre Asset Purchase | |||||||||
On August 19, 2013, Manitex Sabre, Inc. (the “Purchaser” or “Sabre”), a Michigan corporation and a wholly owned subsidiary of the Company, entered into a purchase agreement (the “Purchase Agreement”) with Sabre Manufacturing, LLC, (the “Seller”), a Knox, Indiana-based manufacturer of specialized tanks, to acquire substantially all of the Seller’s operating assets and business operations, including the Seller’s accounts receivable, inventory and equipment. Sabre tanks are used for above ground liquid and solid storage and containment solutions for a variety of end markets such as petrochemical, waste management and oil and gas drilling. | |||||||||
The fair value of the purchase consideration was $14,000 in total as shown below: | |||||||||
Cash | $ | 13,000 | |||||||
87,928 shares of Manitex International, Inc. common stock | 1,000 | ||||||||
Total purchase consideration | $ | 14,000 | |||||||
Manitex International Inc. stock. The fair value of the stock consideration was determined to be $1,000 at date of acquisition. | |||||||||
Under the acquisition method of accounting, in accordance ASC 805, Business Combinations, the assets acquired and liabilities assumed are valued based on their estimated fair values as of the date of the acquisition. The excess of the purchase price over the aggregate estimated fair value of net assets acquired was allocated to goodwill. The purchase price allocation is preliminary and is subject to final review of certain receivable and deposit balances. The following table summarizes the preliminary allocation of the Sabre acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: | |||||||||
Purchase price allocation: | |||||||||
Accounts receivable | $ | 1,148 | |||||||
Receivable due from seller | 467 | ||||||||
Inventory | 1,497 | ||||||||
Total fixed assets | 1,431 | ||||||||
Non-competition agreements | 50 | ||||||||
Customer relationships | 5,200 | ||||||||
Trade name and trademarks | 1,200 | ||||||||
Goodwill | 4,577 | ||||||||
Accounts payable | (730 | ) | |||||||
Accrued expenses | (226 | ) | |||||||
Customer deposits | (467 | ) | |||||||
Debt and Capital lease obligations | (147 | ) | |||||||
Net assets acquired | $ | 14,000 | |||||||
Tangible assets and liabilities: The tangible assets and liabilities were valued at their respective carrying values by Sabre, except for certain adjustments necessary to state such amounts at their estimated fair values at acquisition date. Fair market adjustments to fixed assets and inventory that were recorded were not significant. | |||||||||
Intangible assets: There are three fundamental methods applied to value intangible assets outlined in FASB ASC 820. These methods include the Cost Approach, the Market Approach, and the Income Approach. Each of these valuation approaches was considered in our estimation of value. | |||||||||
Trade names and trademarks and unpatented technology: Valued using the Relief from Royalty method, a form of both the Market Approach and the Income Approach. Because the Company has established trade names and trademarks and has developed unpatented technology, we estimated the benefit of ownership as the relief from the royalty expense that would need to be incurred in absence of ownership. | |||||||||
Customer relationships: Because there is a specific earnings stream that can be associated with customer relationships, we determined the discounted cash flow method was the most appropriate methodology for valuation. | |||||||||
Goodwill: Goodwill represents the excess of total consideration paid and the fair value of net assets acquired. The recognition of goodwill of $4,577 reflects the inherent value in the Sabre reputation, which has been built since being founded in 2005 and the prospects for significant future earnings based on Sabre’s past performance. | |||||||||
For income tax purposes, intangible assets and goodwill will be amortized and will result in future tax deductions. | |||||||||
Acquisition transaction costs: Cost and expenses related to the acquisition have been expensed as incurred and recorded in selling, general and administrative expenses. The Company incurred fees of $93 for legal services, $68 for accounting service in connection with the prior year audit of Sabre financial statements and $37 for Valuation services. | |||||||||
The results of the acquired Sabre and Valla operations have been included in our consolidated statement of operations since their respective acquisition date. The results of Sabre and Valla also form part of the segment disclosures for the Lifting Equipment segment. | |||||||||
The following unaudited pro forma information assumes the acquisition of Sabre and Valla occurred on January 1, 2012. The unaudited pro forma results have been prepared for informational purposes only and do not purport to represent the results of operations that would have been had the acquisition occurred as of the date indicated, nor of future results of operations. The unaudited pro forma results for the year ended December 31, 2013 and 2012 are as follows (in thousands, except per share data): | |||||||||
Year Ended | Year Ended | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Net revenues | 264,242 | 260,441 | |||||||
Net income | 10,586 | 10,013 | |||||||
Income per share: | |||||||||
Basic | $ | 0.83 | $ | 0.83 | |||||
Diluted | $ | 0.83 | $ | 0.83 | |||||
Weighted average common shares outstanding: | |||||||||
Basic | 12,726,853 | 12,036,284 | |||||||
Diluted | 12,773,213 | 12,045,386 | |||||||
Pro Forma Adjustment Note | |||||||||
Pro forma adjustments were made to give effect to the amortization of intangibles and capitalized bank fees related to term loans recorded as a result of the acquisitions, which would have resulted in $359 and $515 of additional expense in 2013 and 2012, respectively. Pro forma adjustments to record interest expense on term loans would have resulted in $354 and $555 of additional interest expense in 2013 and 2012, respectively. Pro forma adjustments for the difference between historical depreciation and depreciation calculated using the fair market value of the fixed assets acquired and the current useful lives and to write off the fair market inventory adjustment related to beginning inventory as the beginning inventory has been sold resulted in a decrease in expense of $116 in 2013 compared to an increase in expense of $18 in 2012, respectively. Pro forma adjustments for acquisition costs including accounting, legal and consulting fees would have resulted in $256 in a decrease to expense in 2013 compared to an increase in expense of $256 in 2012. Pro forma adjustments were made to record the tax effect of the above entries. The effect of recording pro forma adjustments was to decrease tax expense by $106 and $300 for 2013 and 2012, respectively. | |||||||||
Additionally, the Company recorded a provision for income taxes of $838 and $1,308 on Sabre earnings for 2013 and 2012 respectively. Historically, Sabre did not record income taxes as it was a Sub Chapter S Corporation. Finally, the Company recorded a tax benefit in 2013 of $549 related to Valla operating loss in 2013. | |||||||||
Nine Ton Carry Deck Crane Asset Purchase | |||||||||
On October 3, 2012, the Company purchased the rights to, and the intangible assets and inventory of a newly designed 9 ton carry deck crane from SL Industries Ltd. (“SL”). SL developed the 9 ton carry deck on its own initiative using its own engineering and technical development staff. At the time, SL offered the rights to 9 ton carry deck crane, the Company had no understanding, commitment or obligation to purchase the rights to the 9 ton carry crane. The Company’s management recognized the value of the development and the potential to introduce a new and complementary product line to its offerings. SL is owned by an executive officer of the Company. As such the Company’s Board of Directors and Audit Committee approved the terms of asset acquisition before the Company executed an agreement with SL. | |||||||||
Total consideration for the acquired assets is as follows: | |||||||||
Total Consideration per Purchase Agreement | $ | 545 | |||||||
Less: non cash consideration | (200 | ) | |||||||
Cash consideration | $ | 345 | |||||||
Purchase price allocation | |||||||||
Inventory | $ | 206 | |||||||
Unpatented technology | 339 | ||||||||
$ | 545 | ||||||||
Purchase Agreement | |||||||||
On October 3, 2012, a purchase agreement was entered into by SL Industries Ltd and Manitex International, Inc. (the Company) for the acquisition by the Company of a 9 ton carry deck crane that had been developed by SL Industries on its own initiative using its own engineering and technical development staff. The total consideration payable to SL or its designate was $545 of which $200 was payable in 29,112 shares of the Company’s common stock. The remaining balance is payable in cash. | |||||||||
Shares Issued | |||||||||
Pursuant to the terms of the agreement, the stock was valued at the average of the closing price for seven days ending on September 13, 2012. | |||||||||
Assets Acquired at Fair Market Value | |||||||||
The total acquisition consideration is allocated to the assets acquired based on their fair values as of the date of acquisition. The fair value of inventory was valued by management applying its knowledge of the resale value of this type of competitive product. The fair value of the unpatented technology was valued utilizing a form of both the Market Approach and Income Approach to valuation of intangible assets outlined in FASB ASC 820. The Relief from Royalty method used by the Company estimated the benefit of ownership as the relief from royalty expense that would be needed to be incurred in the absence of ownership. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
Equity | ' | ||||||||||||||||||||||
Note 21. Equity | |||||||||||||||||||||||
Issuance of Common Stock and Warrants | |||||||||||||||||||||||
Stock Warrants | |||||||||||||||||||||||
The Company accounts for equity instruments issued to non-employees based on the fair value of the equity instruments issued. The Warrants were exercisable on a cashless basis under certain circumstances, and are callable by the Company on a cashless basis under certain circumstances. | |||||||||||||||||||||||
Roth Capital Partners, LLC acted as exclusive placement agent for the 2007 Private Placement and received cash and warrants to purchase 105,000 shares of the Company’s common stock as a placement agent fee. The Warrants were issued the day after the closing of the 2007 Private Placement (September 11, 2007) and were exercisable after the sixth month anniversary of the issuance date of the Warrants until September 11, 2012. The warrant holder can purchase 105,000 shares of the Company’s common stock. The Warrants have an exercise price of $7.18 per share. On May 18, 2012, the holder of the outstanding warrants elected to exercise its rights to purchase 105,000 warrant shares under the cashless exercise provisions of the warrant. Under the cashless exercise provisions, the holder surrendered its rights to receive the number of shares with a value equal to the exercise price of $754 based on the average of $9.782 or the closing price for the five days, preceding the date of exercise or 77,071 shares. Upon exercise, the warrant holder was issued 27,929 shares of Company, which represents the difference between the 105,000 warrants exercised and the 77,071 shares withheld in lieu of a cash payment for the exercise price. | |||||||||||||||||||||||
On June 18, 2007, the Company and Hayden Communications, Inc. (“Hayden”) entered into a contract under which Hayden will provide public and investor relation services to the Company for a period of one year. The contract provides for the issuance of 15,000 warrants to Hayden Communications, Inc. Each warrant allows Hayden to purchase one share of Company Common Stock for $7.08 per share. The warrants were exercisable beginning on June 15, 2008 and expired on June 15, 2011. The warrants issued to Hayden expired, unexercised, on June 15, 2011. | |||||||||||||||||||||||
The Series A Warrants and the Series B Warrants (together the “Warrants”) were issued upon the closing of a private placement on November 15, 2006 and were exercisable after the sixth month anniversary of the issuance date of the Warrants until November 15, 2011. The Series A warrant holders can purchase 550,000 shares of the Company’s common stock. The Series A Warrants have an exercise price of $4.05 per share. The Series B warrant holders can purchase 550,000 shares of the Company’s common stock. The Series B Warrants have an exercise price of $4.25 per share. During the 2007, the warrant holders exercised 100,000 Series A warrants and 346,000 Series B warrants. During 2011, the warrant holders exercised 191,199 Series A warrants and 258,801 Series A warrants expired. During 2011, the warrant holders exercised 75,369 Series B warrants and 128,631 Series B warrants expired. | |||||||||||||||||||||||
On November 15, 2006, the Company also issued warrants to purchase an aggregate of 192,500 shares of the Company’s common stock to a finder and to Roth Capital Partners, LLC for acting as placement agent in connection with the private placement that closed on November 15, 2006. These warrants were exercisable until November 15, 2011, and have an exercise price of $4.62 per share. These warrants expired, unexercised, on November 15, 2011. | |||||||||||||||||||||||
At December 31, 2013, 2012 and 2011 the Company had issued and outstanding warrants as follows: | |||||||||||||||||||||||
Number of Warrants Shares | Exercise | Expiration Date | Reason for Issuance | ||||||||||||||||||||
December 31, | Price | ||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
— | — | 105,000 | $ | 7.18 | 11-Sep-12 | Placement Agent Fee | |||||||||||||||||
The following table contains information regarding warrants for the years ended December 31, 2013, 2012, and 2011 respectively: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Warrants | Price per Share | Warrants | Price per Share | Warrants | Price per Share | ||||||||||||||||||
Outstanding on January 1 | — | 105,000 | $ | 7.18 | 966,500 | $ | 4.05-7.18 | ||||||||||||||||
Exercised | — | (105,000 | ) | $ | 7.18 | (266,568 | ) | $ | 4.05-4.25 | ||||||||||||||
Cancelled (expired) | — | — | (594,932 | ) | $ | 4.05-7.08 | |||||||||||||||||
Outstanding on December 31 | — | — | 105,000 | $ | 7.18 | ||||||||||||||||||
Weighted average exercise price | — | — | $ | 7.18 | |||||||||||||||||||
Weighted average remaining life of warrants at December 31 | — | — | 0.68 years | ||||||||||||||||||||
Cancelled (Expired) Warrants | |||||||||||||||||||||||
On June 18, 2011, the Company cancelled 15,000 warrants issued to Hayden that expired on that date. On November 15, 2011, the Company cancelled 579,932 warrants that had expired on that date. In connection with the cancellation of warrants, approximately $1,098 which was previously included in shareholders’ equity under the caption entitled “warrants” was transferred to “paid in capital”. The amount transferred represents the value of the expiring warrant, as it was determined on the issue date of the warrants. | |||||||||||||||||||||||
Stock Issuance | |||||||||||||||||||||||
Sabre acquisition shares | |||||||||||||||||||||||
On August 19, 2013, the Company issued 87,928 shares of common stock. The shares which were part of the consideration paid to the seller in connection with the purchase of the Sabre assets. See Note 20. | |||||||||||||||||||||||
Stock issued to employees and Directors | |||||||||||||||||||||||
The Company issued shares of common stock to employees and Directors at various times in 2013, 2012 and 2011 as restricted stock units issued under the Company’s 2004 Incentive Plan vested. Upon issuance entries were recorded to increase common stock and decrease paid in capital for the amounts shown below. The following is a summary of stock issuances that occurred during the three year period: | |||||||||||||||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||||||||||||||
Director | Shares Issued | ||||||||||||||||||||||
8-Mar-13 | Employees | 27,436 | $ | 288 | |||||||||||||||||||
September 12, 2013 | Directors | 1,667 | 19 | ||||||||||||||||||||
December 31, 2013 | Directors | 40,803 | 318 | ||||||||||||||||||||
69,906 | $ | 625 | |||||||||||||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||||||||||||||
Director | Shares Issued | ||||||||||||||||||||||
21-Mar-12 | Employees | 12,051 | $ | 94 | |||||||||||||||||||
March 21, 2012 | Directors | 6,600 | 52 | ||||||||||||||||||||
December 31, 2012 | Directors | 11,700 | 80 | ||||||||||||||||||||
30,351 | $ | 226 | |||||||||||||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||||||||||||||
Director | Shares Issued | ||||||||||||||||||||||
January 1, 2011 | Employees | 10,000 | $ | 38 | |||||||||||||||||||
March 15, 2011 | Directors | 6,617 | 37 | ||||||||||||||||||||
March 31, 2011 | Employees | 1,360 | 6 | ||||||||||||||||||||
December 31, 2011 | Directors | 4,950 | 28 | ||||||||||||||||||||
22,927 | $ | 109 | |||||||||||||||||||||
Warrant exercises | |||||||||||||||||||||||
On May 18, 2012, the Company issued shares of common stock in connection with a cashless exercise of warrant as detailed below: | |||||||||||||||||||||||
Issued Date | Shares | Shares Repurchased | Share | Repurchase | |||||||||||||||||||
Issued | Net of | Price | |||||||||||||||||||||
Repurchases | |||||||||||||||||||||||
May 18, 2012 | 105,000 | 77,071 | 27,929 | $ | 9.782 | ||||||||||||||||||
In connection with the above cashless exercise $232, the value of warrants at the date of grant, was transferred from warrants to common stock. The shares 77,071 repurchased and cancelled were acquired $754 or $9.782 per share. The shares being repurchased were originally issued $9.39 per share or $724. The $30 difference was recorded as a direct charge to retained earnings. | |||||||||||||||||||||||
On November 15, 2011, the Company issued 266,568 shares of common stock as warrant holders exercised 191,199 Series A warrants and 75,369 Series B warrants. The exercise of warrants resulted in an increase in common stock of $1,554 of which $1,095 represents cash received upon the exercise of the warrants and the balance of approximately $459 represents the value of exercised warrants determined upon issuance of the warrants on November 15, 2006. As a result of the exercise, the $459 which was previously included in shareholders’ equity under the caption warrants is transferred to common stock. | |||||||||||||||||||||||
On October 3, 2012, the Company issued 29,112 shares to an executive officer. The executive officer was assigned the rights to receive the shares which had a value of $200 pursuant to a purchase agreement between SL and the Company. See Note 20 for additional details. | |||||||||||||||||||||||
Stock offering | |||||||||||||||||||||||
On September 30, 2013, the Company issued 1,375,000 shares of the Company’s common stock, no par value. The shares were issued to certain investors pursuant to subscription agreements between the Company and the investors that were entered into on September 25, 2013 (the “Agreements”). Under the Agreements, the investors paid $10.75 per share for a total purchase price of $14,781. The shares were issued pursuant to a prospectus supplement dated September 25, 2013 and prospectus dated August 9, 2011, which is part of a registration statement on Form S-3 (Registration No. 333-176189) that was declared effective by the Securities and Exchange Commission on August 23, 2011. | |||||||||||||||||||||||
In connection with this offering, the Company entered into a placement agency agreement (“Placement Agreement”) dated September 25, 3013 with Avondale Partners, LLC, Roth Capital Partners, LLC, and The Benchmark Company, LLC (the “Agents”). In accordance with the terms of the Placement Agreement between the Company and the Agents, the Company paid the Agents a cash fee that represents 5.25% of the gross proceeds of the offering and reimbursed the Agents for reasonable out-of-pocket expenses. | |||||||||||||||||||||||
In connection with the stock issuance, the Company incurred investment banking fees of $776 and legal fees and expenses of approximately $78. The Company’s net cash proceeds after fees and expenses of approximately $13,927 were used to repay debt. | |||||||||||||||||||||||
On July 17, 2012, the Company issued 500,000 shares of the Company’s common stock, no par value. The shares were issued to certain investors pursuant to subscription agreements between the Company and the investors that were entered into on July 12, 2012 (the “Agreements”). Under the Agreements, the investors paid $8.25 per share for a total purchase price of $4,125. The shares were issued pursuant to a prospectus supplement dated July 12, 2012 and a prospectus dated August 9, 2011, which is part of a registration statement on Form S-3 (Registration No. 333-176189) that was declared effective by the Securities and Exchange Commission on August 23, 2011. | |||||||||||||||||||||||
Avondale Partners, LLC acted as the Company’s exclusive placement agent in this offering. In accordance with the terms of a Placement Agency Agreement dated July 12, 2012 between the Company and the placement agent, the Company paid the placement agent a cash fee that represents 5.25% of the gross proceeds of the offering and reimbursed the placement agent for reasonable out-of-pocket expenses. The Company received net cash proceeds of approximately $3,781 after payment of investment bank fees of $217 and legal and other expenses of $127. The net proceeds from the stock offering was used to repay debt. | |||||||||||||||||||||||
Stock Repurchase | |||||||||||||||||||||||
The Company purchased shares of Common Stock at various times from certain employees at the closing price on date of purchase. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The following is a summary of common stock purchased during 2011 and 2013 (no stock purchases occurred in 2012): | |||||||||||||||||||||||
Date of Purchase | Shares Purchased | Closing Price | |||||||||||||||||||||
on Date of | |||||||||||||||||||||||
Purchase | |||||||||||||||||||||||
December 31, 2013 | 4,414 | $ | 15.88 | ||||||||||||||||||||
January 1, 2011 | 3,065 | $ | 3.85 | ||||||||||||||||||||
On May 18, 2012, the holder of the outstanding warrants elected to exercise its rights to purchase 105,000 warrant shares under the cashless exercise provisions of the warrant. In connection with cashless exercise, the Company repurchased 77,071 shares that had of value equal the exercise price of warrants being exercised or $754. | |||||||||||||||||||||||
2004 Equity Incentive Plan | |||||||||||||||||||||||
In 2004, the Company adopted the 2004 Equity Incentive Plan and subsequently amended and restated the plan on September 13, 2007, May 28, 2009 and June 5, 2013. The maximum number of shares of common stock reserved for issuance under the plan is 917,046 shares. The total number of shares reserved for issuance however, can be adjusted to reflect certain corporate transactions or changes in the Company’s capital structure. The Company’s employees and members of the board of directors who are not our employees or employees of our affiliates are eligible to participate in the plan. The plan is administered by a committee of the board comprised of members who are outside directors. The plan provides that the committee has the authority to, among other things, select plan participants, determine the type and amount of awards, determine award terms, fix all other conditions of any awards, interpret the plan and any plan awards. Under the plan, the committee can grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units, except Directors may not be granted stock appreciation rights, performance shares and performance units. During any calendar year, participants are limited in the number of grants they may receive under the plan. In any year, an individual may not receive options for more than 15,000 shares, stock appreciation rights with respect to more than 20,000 shares, more than 20,000 shares of restricted stock and/or an award for more than 10,000 performance shares or restricted stock units or performance units. The plan requires that the exercise price for stock options and stock appreciation rights be not less than fair market value of the Company’s common stock on date of grant. | |||||||||||||||||||||||
On April 15, 2008, the Company awarded under the Amended and Restated 2004 Equity Incentive Plan 4,000 restricted stock units to an employee. The employee restricted stock units will vest 33%, 33% and 34% on March 31, 2009, March 31, 2010, and March 31, 2011 respectively. The restricted stock units awarded were valued at $18 or $4.55 per share, which was the closing price of the Company’s common stock on the date of grant. | |||||||||||||||||||||||
The Company awarded under the Amended and Restated 2004 Equity Incentive Plan a total of 114,821; 135,001; and 26,667 restricted stock units to employees and directors during 2013, 2012 and 2011, respectively. The restricted stock units are subject to the same conditions as the restricted stock awards except the restricted stock units will not have voting rights and the common stock will not be issued until the vesting criteria are satisfied. | |||||||||||||||||||||||
Compensation expense in 2013, 2012 and 2011 includes $445, $132 and $103 related to restricted stock units, respectively. Compensation expense related to restricted stock units will be $675, $604 and $370 for 2014, 2015 and 2016, respectively. | |||||||||||||||||||||||
The following is a summary of restricted stock units that were awarded during 2013, 2012 and 2011: | |||||||||||||||||||||||
2013 Grants | Vesting Date | Number of | Closing Price on | Value of | |||||||||||||||||||
Restricted | Date of Grant | Restricted Stock | |||||||||||||||||||||
Stock Units | Units Issued | ||||||||||||||||||||||
March 8, 2013 | March 21, 2012 27,436 units; December 31, 2013 6,600 units; December 31, 2014 6,800 units | 40,836 | $ | 10.51 | $ | 429 | |||||||||||||||||
June 5, 2013 | June 5, 2014 1,141 units; June 5, 2015 1,142 units; June 5, 2016 1,142 units | 3,425 | $ | 10.45 | $ | 36 | |||||||||||||||||
12-Sep-13 | September 21, 2013 1,667 units | 1,667 | $ | 11.19 | $ | 19 | |||||||||||||||||
31-Dec-13 | 22,735 units December 31, 2014; 22,735 units December 31, 2015 and 23,423 units December 31, 2016 | 68,893 | $ | 15.88 | $ | 1,094 | |||||||||||||||||
114,821 | $ | 1,578 | |||||||||||||||||||||
2012 Grants | Vesting Date | Number of | Closing Price on | Value of | |||||||||||||||||||
Restricted | Date of Grant | Restricted Stock | |||||||||||||||||||||
Stock Units | Units Issued | ||||||||||||||||||||||
March 21, 2012 | March 21, 2012 18,651 units; December 31, 2012 6,600 units; December 31, 2013 6,800 units | 32,051 | $ | 7.83 | $ | 251 | |||||||||||||||||
December 31, 2012 | 34,317 units December 31, 2013; 34,317 units December 31, 2014 and 34,316 units December 31, 2015 | 102,950 | $ | 7.14 | 735 | ||||||||||||||||||
135,001 | $ | 986 | |||||||||||||||||||||
2011 Grants | Vesting Date | Number of | Closing Price on | Value of | |||||||||||||||||||
Restricted | Date of Grant | Restricted Stock | |||||||||||||||||||||
Stock Units | Units Issued | ||||||||||||||||||||||
January 1, 2011 | January 1, 2011 | 10,000 | $ | 3.85 | $ | 38 | |||||||||||||||||
March 15, 2011 | 6,667 units March 15, 2011; | 16,667 | $ | 5.56 | 93 | ||||||||||||||||||
4,950 units December 31, 2011 and 5,000 units December 31, 2012 | |||||||||||||||||||||||
26,667 | $ | 131 | |||||||||||||||||||||
The following table contains information regarding restricted stock units for the years ended December 31, 2013, December 31, 2012 and December 31, 2011, respectively: | |||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Outstanding on January 1, | 109,750 | 5,100 | 1,360 | ||||||||||||||||||||
Issued | 114,821 | 135,001 | 26,667 | ||||||||||||||||||||
Vested and issued | (69,906 | ) | (30,351 | ) | (19,862 | ) | |||||||||||||||||
Vested—issued and repurchased for income tax withholding | (4,414 | ) | — | (3,065 | ) | ||||||||||||||||||
Forfeited | (7,400 | ) | — | — | |||||||||||||||||||
Outstanding on December 31 | 142,851 | 109,750 | 5,100 | ||||||||||||||||||||
Recent_Accounting_Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Guidance | ' |
Note 22. Recent Accounting Guidance | |
Recently Adopted Accounting Guidance | |
In February 2013, the FASB issued ASU 2013-02 that requires enhanced disclosures in the notes to the consolidated financial statements to present separately, by item, reclassifications out of Accumulated Other Comprehensive Income (Loss). The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this ASU is not expected to have a material impact on the company’s consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU changes a parent entity’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. A parent entity is required to release any related cumulative foreign currency translation adjustment from accumulated other comprehensive income into net income in the following circumstances: (i) a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an investment in a foreign entity. The amendments in this ASU are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The adoption of this ASU is not expected to have a material impact on the company’s consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This Update applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | |
Except as noted above, the guidance issued by the FASB during the current year is not expected to have a material effect on the Company’s consolidated financial statements. |
Contractual_Obligations
Contractual Obligations | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Contractual Obligations | ' | ||||||||||||||||||||
Note 23. Contractual Obligations | |||||||||||||||||||||
The following is a schedule as of December 31, 2013 of our long-term contractual commitments, future minimum lease payments under non-cancelable operating lease arrangements and other long-term obligations. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Payments due by period | |||||||||||||||||||||
Total | 2014 | 2015- | 2017- | Thereafter | |||||||||||||||||
2016 | 2018 | ||||||||||||||||||||
Revolving term credit facilities | $ | 40,013 | $ | 2,707 | $ | — | $ | 37,306 | $ | — | |||||||||||
CVS working capital borrowing | 6,526 | 6,526 | — | — | — | ||||||||||||||||
Term loans | 2,896 | 383 | 1,658 | 192 | 663 | ||||||||||||||||
Operating lease obligations | 3,569 | 1,486 | 1,763 | 320 | — | ||||||||||||||||
Capital lease obligations (3) | 6,147 | 2,320 | 2,613 | 1,214 | — | ||||||||||||||||
Legal Settlement (see Note 25) (3) | 1,710 | 95 | 190 | 190 | 1,235 | ||||||||||||||||
Purchase obligations (1) | 15,038 | 15,038 | — | — | — | ||||||||||||||||
Total | $ | 75,899 | $ | 28,555 | $ | 6,224 | $ | 39,222 | $ | 1,898 | |||||||||||
-1 | Except for a very insignificant amount, purchase obligations are for inventory items. Purchase obligations not for inventory would include research and development materials, supplies and services. | ||||||||||||||||||||
-2 | At December 31, 2013, the Company had unrecognized tax benefits of $250 thousand for which the Company is unable to make reasonably reliable estimates of the period of cash settlement with the respective tax authority. Thus, these liabilities have not been included in the contractual obligations table. (see Note 15). | ||||||||||||||||||||
-3 | Capital lease obligations and legal settlement include imputed interest. |
Transactions_between_the_Compa
Transactions between the Company and Related Parties | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Transactions between the Company and Related Parties | ' | ||||||||||||
Note 24. Transactions between the Company and Related Parties | |||||||||||||
In the course of conducting its business, the Company has entered into certain related party transactions. | |||||||||||||
The Company, through its Manitex and Manitex Liftking subsidiaries, purchases and sells parts to BGI USA, Inc. (“BGI”) including its subsidiary SL Industries, Ltd (“SL”). BGI is a distributor of assembly parts used to manufacture various lifting equipment. SL Industries, Ltd is a Bulgarian subsidiary of BGI that manufactures fabricated and welded components used to manufacture various lifting equipment. The President of Manufacturing Operations is the majority owner of BGI. | |||||||||||||
The Company through its Manitex Liftking subsidiary provides parts and services to LiftMaster, Ltd (“LiftMaster”) or purchases parts or services from LiftMaster. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by the Vice President of a wholly owned subsidiary of the Company, Manitex Liftking, ULC, and a relative. | |||||||||||||
As of December 31, 2013 the Company had an accounts receivable of $6 and $7 from LiftMaster and SL, respectively and accounts payable of $6 and $796 to BGI, and SL, respectively. As of December 31, 2012 the Company had an accounts receivable of $62 and $69 from LiftMaster and SL, respectively and accounts payable of $869 and $101 to SL and LiftMaster, respectively. | |||||||||||||
The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Bridgeview Facility (1) | $ | 251 | $ | 247 | $ | 240 | |||||||
Sales to: | |||||||||||||
SL Industries, Ltd | 43 | 65 | 216 | ||||||||||
LiftMaster (2) | 10 | 6 | 6 | ||||||||||
Total Sales | 53 | 71 | 222 | ||||||||||
Inventory Purchases from: | |||||||||||||
SL Industries, Ltd (3) | 5,337 | 4,592 | 3,321 | ||||||||||
LiftMaster (2) | 21 | 24 | 26 | ||||||||||
BGI | 165 | 147 | 197 | ||||||||||
Total Inventory Purchases | $ | 5,523 | $ | 4,763 | $ | 3,544 | |||||||
Intangible Asset Purchase (3) | |||||||||||||
SL Industries Ltd | $ | — | $ | 339 | $ | — | |||||||
Total Intangible asset Purchase | $ | — | $ | 339 | $ | — | |||||||
1 | The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $21. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2016 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall however, be the then-market rate for similar industrial buildings within the market area. The Company has the option, to purchase the building by giving the Landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The Landlord can require the Company to purchase the building if a change of Control Event, as defined in the agreement occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price regardless whether the purchase is initiated by the Company or the landlord will be the Fair Market Value as of the closing date of said sale. | ||||||||||||
-2 | The Company provides parts and services to LiftMaster, Inc. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by a relative of an Officer of Manitex Liftking, ULC. | ||||||||||||
-3 | The Company acquired the intangible assets associated with a nine ton carry deck crane (the “Crane”) developed by SL Industries Ltd. The intangible assets (the Intangible Assets”) includes all related technology, patents, drawings, designs, know-how and all technical information related to the Crane and its improvements, including all variations, sizes and models, both now in existence or which are hereafter developed. In exchange for the rights, designs and the two cranes, Manitex is contractually obligated to pay to SL the sum of $345 in cash (“the Cash Consideration”) and to issue them 29,112 shares of the Manitex’s common stock, (the “the Stock Consideration”). SL assigned to Mr. Litchev, the sole owner of SL and the Company’s President of Manufacturing, all of its rights to the Stock Consideration under the Agreement, and $139 of the Cash Consideration and Mr. Litchev agreed to this assignment, and accepted the Stock Consideration and $139 of the Cash Consideration. |
Legal_Proceedings_and_Other_Co
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal Proceedings and Other Contingencies | ' |
Note 25. Legal Proceedings and Other Contingencies | |
The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters which have arisen in the normal course of operations. The Company has product liability insurance with self insurance retention that range from $50 to $500. Certain cases are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost to the Company. However, the Company does not believe that these contingencies, in the aggregate, will have a material adverse effect on the Company. | |
Additionally, the Company has been named as a defendant in several multi-defendant asbestos related product liability lawsuits. In certain instances, the Company is indemnified by a former owner of the product line in question. In the remaining cases the plaintiff has, to date, not been able to establish any exposure by the plaintiff to the Company’s products. The Company is uninsured with respect to these claims but believes that it will not incur any material liability with respect to these to claims. | |
When it is probable that a loss has been incurred and possible to make a reasonable estimate of the Company’s liability with respect to such matters, a provision is recorded for the amount of such estimate or the minimum amount of a range of estimates when it is not possible to estimate the amount within the range that is most likely to occur. | |
Additionally beginning on December 31, 2011, the Company’s workmen’s compensation insurance policy has per claim deductible of $250 and aggregates of $1,000 and $1,150 for 2012 and 2013 policy years, respectively. The Company is fully insured for any amount on any individual claim that exceeds the deductible and for any additional amounts of all claims once the aggregate is reached. The Company currently has several workmen compensation claims related to injuries that occurred after December 31, 2011 and therefore are subject to a deductible. The Company does not believe that the contingencies associated with these worker compensation claims in aggregate will have a material adverse effect on the Company. Prior to December 31, 2011, worker compensation claims were fully insured. | |
On May 5, 2011, Company entered into two separate settlement agreements with two plaintiffs. As of December 31, 2013, the Company has a remaining obligation under the agreements to pay the plaintiffs $1,710 without interest in 18 annual installments of $95 on or before May 22 each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over payment period. | |
It is reasonably possible that the “Estimated Reserve for Product Liability Claims” may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||||||||||||||
Note 26. Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||||||||||||
Unaudited Quarterly Financial Data | |||||||||||||||||||||||||||||||||
Summarized quarterly financial data for 2013 and 2012 are as follows (in thousands, except per share amounts). | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | ||||||||||||||||||||||||||
Net revenues | $ | 59,566 | $ | 62,554 | $ | 57,521 | $ | 65,431 | $ | 42,849 | $ | 52,496 | $ | 53,380 | $ | 56,524 | |||||||||||||||||
Gross Profit | 10,236 | 12,260 | 11,201 | 12,779 | 8,576 | 10,756 | 10,810 | 10,322 | |||||||||||||||||||||||||
Net income | $ | 1,911 | $ | 2,655 | $ | 2,621 | $ | 2,991 | $ | 1,251 | $ | 2,308 | $ | 2,504 | $ | 2,014 | |||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.22 | $ | 0.21 | $ | 0.22 | $ | 0.11 | $ | 0.2 | $ | 0.21 | $ | 0.16 | |||||||||||||||||
Diluted | $ | 0.16 | $ | 0.22 | $ | 0.21 | $ | 0.22 | $ | 0.11 | $ | 0.2 | $ | 0.21 | $ | 0.16 | |||||||||||||||||
Shares outstanding | |||||||||||||||||||||||||||||||||
Basic | 12,275,759 | 12,295,879 | 12,352,266 | 13,760,918 | 11,683,306 | 11,713,206 | 12,140,674 | 12,256,237 | |||||||||||||||||||||||||
Diluted | 12,307,792 | 12,337,493 | 12,403,665 | 13,821,352 | 11,684,829 | 11,729,360 | 12,148,776 | 12,266,867 | |||||||||||||||||||||||||
Results for Sabre and Valla are included in the Company’s results from their respective dates of acquisition which are August 19, 2013 and November 30, 2013, respectively. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Basis of Accounting Policy | ' | ||||||
The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. | |||||||
Cash and Cash Equivalents | ' | ||||||
Cash and Cash Equivalents—For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. | |||||||
Warrants | ' | ||||||
Warrants—The Company had issued warrants, which allowed the warrant holder to purchase one share of stock at a specified price for a specific period of time. The Company records equity instruments including warrants issued to non-employees based on the fair value at date of issue. The fair value of the warrants at date of issuance is estimated using the Black-Scholes Model. | |||||||
Revenue Recognition | ' | ||||||
Revenue Recognition—For products shipped FOB destination, sales are recognized when the product reaches its FOB destination, or when the services are rendered, which represents the point when the risks and rewards of ownership are transferred to the customer. For products shipped FOB shipping point, revenue is recognized when the product is shipped, as this is the point when title and risk of loss pass from the Company to the customers. | |||||||
Customers may be invoiced prior to the time customers take physical possession. Revenue is recognized in such cases only when the customer has a fixed commitment to purchase the units, the units have been completed, tested and made available to the customer for pickup or delivery, and the customer has authorized in writing that we hold the units for pickup or delivery at a time specified by the customer. In such cases, the units are invoiced under our customary billing terms, title to the units and risks of ownership pass to the customer upon invoicing, the units are segregated from our inventory and identified as belonging to the customer and we have no further obligations under the order. | |||||||
The Company establishes reserves for future warranty expense at the point when revenue is recognized by the Company and is based on percentage of revenues. The provision for estimated warranty claims, which is included in cost of sales, is based on revenues. | |||||||
Allowance for Doubtful Accounts | ' | ||||||
Allowance for Doubtful Accounts—The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $333 and $161 at December 31, 2013 and 2012, respectively. The Company also has in some instances a security interest in its accounts receivable until payment is received. | |||||||
Property, Equipment and Depreciation | ' | ||||||
Property, Equipment and Depreciation—Property and equipment are stated at cost or the fair market value at date of acquisition for property and equipment acquired in connection with the acquisition of a company. Depreciation of property and equipment is provided over the following useful lives: | |||||||
Asset Category | Depreciable Life | ||||||
Machinery and equipment | 1 – 15 years | ||||||
Furniture and fixtures | 3 – 12 years | ||||||
Leasehold improvements | 1.5 –12 years | ||||||
Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was $1,627, $1,401, and $1,284, respectively. | |||||||
Other Intangible Assets | ' | ||||||
Other Intangible Assets—The Company accounts for Other Intangible Assets under the guidance of ASC 350, “Intangibles—Goodwill and Other”. The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. | |||||||
Goodwill | ' | ||||||
Goodwill—Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. The Company does not amortize goodwill in accordance with Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 350, “Intangibles—Goodwill and Other” (“ASC 350”). The Company selected October 1 as the date for the required annual impairment test. | |||||||
Goodwill is tested for impairment at the reporting unit level. The Company’s two operating segments comprise the reporting units for goodwill impairment testing purposes. | |||||||
Under ASU 2011-08, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. | |||||||
For 2011, 2012 and 2013, the Company determined on a qualitative basis, that it was not more likely than not that the fair value of the Lifting reporting unit was less than its carrying value. For 2011 and 2013, the Company also determined on a qualitative basis, that it was not more likely than not that the fair value of the Equipment Distribution reporting unit was less than its carrying value. | |||||||
In 2012, the Company elected to evaluate the Equipment Distribution reporting unit’s goodwill using the quantitative two step approach. The first step used to identify potential impairment involves comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. The aforementioned mentioned Step one quantitative tests did not indicate impairment. During the first step testing, the Company evaluated goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. This analysis also did not indicate impairment. Moreover, the Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. | |||||||
The second step of the process involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit and the subsequent reversal of goodwill impairment losses is not permitted. | |||||||
The determination of fair value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, revenue growth and operating earnings projections, discount rates, terminal growth rates, and required capital expenditure projections. Due to the inherent uncertainty involved in making these estimates, actual results could differ materially from those estimates. Deterioration in the market or actual results as compared with the projections may ultimately result in a future impairment. In the event, the Company determines that goodwill is impaired in the future the Company would need to recognize a non-cash impairment charge. | |||||||
The Company did not have any impairment for the years ended December 31, 2013, 2012 and 2011. | |||||||
Impairment of Long Lived Assets | ' | ||||||
Impairment of Long Lived Assets—The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. The Company did not have any impairment for the years ended December 31, 2013, 2012 and 2011. | |||||||
Inventory | ' | ||||||
Inventory—Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or market. All equipment classified as inventory is available for sale. The company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. | |||||||
Foreign Currency Translation and Transactions | ' | ||||||
Foreign Currency Translation and Transactions—The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. | |||||||
The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. | |||||||
Derivatives-Forward Currency Exchange Contracts | ' | ||||||
Derivatives—Forward Currency Exchange Contracts—The Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records at the balance sheet date the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Statement of Operations in the other income expense section on the line titled foreign currency transaction gain (loss). | |||||||
The Company has entered into forward currency contracts to hedge certain future U.S. dollar sales of its Canadian Subsidiary. The forward currency contracts to hedge future sales are designated as cash flow hedges under ASC 815-10. As required, forward currency contracts are recognized as an asset or liability at fair value on the Company’s Consolidated Balance Sheet. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). Gains or losses on cash flow hedges when recognized into income are included in net revenues (see Note 6). | |||||||
Credit Risk Concentrations | ' | ||||||
Credit Risk Concentrations—Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, trade receivables and payables. The Company maintains its cash balances and marketable securities at banks located in Detroit, Michigan, Toronto, Canada as well as several separate Italian banks. Accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250. At December 31, 2013 and 2012, the Company had uninsured balances of $5,814 and $1,889, respectively. | |||||||
As of December 31, 2013, no customers accounted for 10% or more of total Company’s accounts receivable. As of December 31, 2012, two customers accounted for 15% and 13% if the Company’s total accounts receivable, respectively. In 2013, no one customer accounted for 10% or more of total company’s revenues. In 2012, one customer accounted for 11% of total company revenue. In 2011, no one customer accounted for 10% or more of total company’s revenues. For 2013, 2012 and 2011 purchases from any single supplier did not exceed 10% of total purchases. | |||||||
Research and Development Expenses | ' | ||||||
Research and Development Expenses. The Company expenses research and development costs, as incurred. For the periods ended December 31, 2013, 2012 and 2011 expenses were $2,912, $2,457, and $1,571, respectively. | |||||||
Advertising | ' | ||||||
Advertising—Advertising costs are expensed as incurred and were $626, $517, and $475 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||
Litigation Claims | ' | ||||||
Litigation Claims—In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of outside legal counsel. | |||||||
Shipping and Handling | ' | ||||||
Shipping and Handling—The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. | |||||||
Use of Estimates | ' | ||||||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||||||
Income Taxes | ' | ||||||
Income Taxes—The Company accounts for income taxes under the provisions of ASC 740 “ Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not a tax benefit will not be realized. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 15, Income Taxes, for further details. | |||||||
Accrued Warranties | ' | ||||||
Accrued Warranties—Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. The Equipment Distribution segment does not accrue for warranty costs at the time of sales, as they are reimbursed by the manufacturers for any warranty that they provides to their customers. | |||||||
A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. | |||||||
Debt Issuance Costs | ' | ||||||
Debt Issuance Costs—Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing cost are included with other long-term assets on the Company’s balance sheet. | |||||||
Sale and Leaseback | ' | ||||||
Sale and Leaseback—In accordance with ASC 840-40 Sales-Leaseback Transactions, the Company has recorded deferred revenue in relationship to the sale and leaseback of one of the Company’s operating facilities. As such, the gain on the sale of the land and building has been deferred and is being amortized on a straight line basis over the life of the lease. | |||||||
Computation of EPS | ' | ||||||
Computation of EPS—Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. | |||||||
The number of shares related to options, warrants, restricted stock and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock the amount of compensation cost attributed to future services which has not yet been recognized and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock and similar instruments is dependent on this average stock price and will increase as the average stock price increases. | |||||||
Stock Based Compensation | ' | ||||||
Stock Based Compensation—In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the consolidated statement of income over the service period (generally the vesting period). | |||||||
Comprehensive Income | ' | ||||||
Comprehensive Income —“Reporting Comprehensive Income” requires reporting and displaying comprehensive income and its components. Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company has two components. First is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. The second component is a derivative instrument fair market value adjustment (net of income taxes) related to forward currency contracts designated as a cash flow hedge. | |||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings (date of sale). See Note 6 for additional details. | |||||||
Reclassifications | ' | ||||||
Reclassifications—Certain reclassifications have been made to the 2012 and 2011 financial statements to conform to the 2013 presentation. | |||||||
Business Combinations | ' | ||||||
Business Combinations—The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) in-process research and development will be recorded at fair value as an indefinite-lived intangible asset; (2) acquisition costs will generally be expensed as incurred, (3) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (4) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. | |||||||
ASC 805 requires that any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. In accordance with ASC 805, any excess of fair value of acquired net assets, including identifiable intangibles assets, over the acquisition consideration results in a bargain purchase gain. Prior to recording a gain, the acquiring entity must reassess whether all acquired assets and assumed liabilities have been identified and recognized and perform re-measurements to verify that the consideration paid, assets acquired and liabilities assumed have been properly valued. | |||||||
Fair Value Measurements | ' | ||||||
ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: | |||||||
Level 1 | - | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||
Level 2 | - | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | |||||
Level 3 | - | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity) | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule of Useful Lives of Property and Equipment | ' | ||||
Depreciation of property and equipment is provided over the following useful lives: | |||||
Asset Category | Depreciable Life | ||||
Machinery and equipment | 1 – 15 years | ||||
Furniture and fixtures | 3 – 12 years | ||||
Leasehold improvements | 1.5 –12 years |
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted Net Earnings Per Share | ' | ||||||||||||
Diluted earnings per share reflects the potential dilution of warrants and restricted stock units. Details of the calculations are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Income attributed to common shares | |||||||||||||
Basic | $ | 10,178 | $ | 8,077 | $ | 2,780 | |||||||
Diluted | $ | 10,178 | $ | 8,077 | $ | 2,780 | |||||||
Earnings per share | |||||||||||||
Basic | $ | 0.8 | $ | 0.68 | $ | 0.24 | |||||||
Diluted | $ | 0.8 | $ | 0.68 | $ | 0.24 | |||||||
Weighted average common shares outstanding | |||||||||||||
Basic | 12,671,205 | 11,948,356 | 11,441,914 | ||||||||||
Diluted | |||||||||||||
Basic | 12,671,205 | 11,948,356 | 11,441,914 | ||||||||||
Dilutive effect of warrants | — | 2,521 | 102,534 | ||||||||||
Dilutive effect of restricted stock units | 46,370 | 6,581 | 3,710 | ||||||||||
12,717,575 | 11,957,458 | 11,548,158 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Items Measures At Fair Value on Recurring Basis | ' | ||||||||||||||||
The following is a summary of items that the Company measures at fair value on a recurring basis: | |||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 40 | $ | — | $ | 40 | |||||||||
Total current assets at fair value | $ | — | $ | 40 | $ | — | $ | 40 | |||||||||
Liabilities: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 47 | $ | — | $ | 47 | |||||||||
Valla contingent consideration (see Note 20) | — | — | 250 | 250 | |||||||||||||
Total long-term liabilities at fair value | $ | — | $ | 47 | $ | 250 | $ | 297 | |||||||||
Fair Value at December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 137 | $ | — | $ | 137 | |||||||||
Total current assets at fair value | $ | — | $ | 137 | $ | — | $ | 137 | |||||||||
Liabilities: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | |||||||
Total current liabilities at fair value | $ | — | $ | (13 | ) | $ | — | $ | (13 | ) | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Forward Currency Contracts | ' | ||||||||||||||
As of December 31, 2013, the Company had the following forward currency contracts: | |||||||||||||||
Nature of Derivative | Amount | Type | |||||||||||||
Forward currency contract | CDN$ | 1,325 | Not designated as hedge instrument | ||||||||||||
Forward currency contract | CDN$ | 442 | Cash flow hedge | ||||||||||||
Forward currency contract | € | 1,300 | Not designated as hedge instrument | ||||||||||||
Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheet | ' | ||||||||||||||
The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2013 and 2012: | |||||||||||||||
Total derivatives not designated as a hedge instrument | |||||||||||||||
Fair Value | |||||||||||||||
Asset Derivatives | Balance Sheet Location | December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||||
Foreign currency Exchange Contract | Prepaid expense and other | $ | 40 | $ | 137 | ||||||||||
Liabilities Derivatives | |||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | (37 | ) | $ | (13 | ) | ||||||||
Total derivatives designated as a hedge instrument | |||||||||||||||
Fair Value | |||||||||||||||
Asset Derivatives | Balance Sheet Location | December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||||
Foreign currency Exchange Contract | Prepaid expense and other | $ | — | $ | — | ||||||||||
Liabilities Derivatives | |||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | (10 | ) | $ | — | |||||||||
Effect of Derivative Instruments on Consolidated Statement of Operations | ' | ||||||||||||||
The following tables provide the effect of derivative instruments on the Consolidated Statement of Income for 2013, 2012 and 2011: | |||||||||||||||
Derivatives not designated | Location of gain or (loss) | Gain or (loss) | |||||||||||||
as Hedge Instrument | recognized | ||||||||||||||
in Income Statement | 2013 | 2012 | 2011 | ||||||||||||
Forward currency contracts | Foreign currency transaction gains | $ | (178 | ) | $ | 5 | $ | (17 | ) | ||||||
(losses) | |||||||||||||||
Derivatives designated | Location of gain or (loss) | Gain or (loss) | |||||||||||||
as Hedge Instrument | recognized | ||||||||||||||
in Income Statement | 2013 | 2012 | 2011 | ||||||||||||
Forward currency contracts | Net revenue | $ | (30 | ) | $ | 71 | $ | 100 | |||||||
Summary of Beginning and Ending Amounts of Gains and Losses Related to Hedges on Other Comprehensive Income and Related Activity Net of Income Taxe | ' | ||||||||||||||
The following table shows the beginning and ending amounts of gains and losses related to hedges which have been included in Other Comprehensive Income and related activity net of income taxes for December 31, 2013 and 2012: | |||||||||||||||
December 31, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Beginning balance gain (loss), net of income taxes | $ | — | $ | (26 | ) | ||||||||||
Amounts recorded in OCI net of gain (loss), net of income taxes | (28 | ) | 74 | ||||||||||||
Amount reclassified to income, loss (gain), net of income taxes | 21 | (48 | ) | ||||||||||||
Ending balance gain (loss), net of income taxes | $ | (7 | ) | $ | — | ||||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventory | ' | ||||||||
The components of inventory at December 31 are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Raw materials and purchased parts | $ | 48,537 | $ | 43,207 | |||||
Work in process | 9,807 | 9,465 | |||||||
Finished goods and replacement parts | 14,390 | 8,618 | |||||||
Inventories, net | $ | 72,734 | $ | 61,290 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property Plant and Equipment | ' | ||||||||
Property, plant and equipment consist of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 763 | $ | 763 | |||||
Buildings | 8,342 | 8,342 | |||||||
Machinery and equipment | 7,681 | 6,017 | |||||||
Furniture and fixtures | 719 | 466 | |||||||
Leasehold improvements | 804 | 717 | |||||||
Computer software & equipment | 1,250 | 940 | |||||||
Motor vehicles | 411 | 161 | |||||||
Construction in progress | 128 | 34 | |||||||
Totals | 20,098 | 17,440 | |||||||
Less: accumulated depreciation | (8,955 | ) | (7,143 | ) | |||||
Net property and equipment | $ | 11,143 | $ | 10,297 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill and Intangible Assets | ' | ||||||||||||
Intangible assets were comprised of the following as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | Useful Lives | |||||||||||
Patented and unpatented technology | $ | 13,734 | $ | 13,154 | 7-10 years | ||||||||
Amortization | (8,774 | ) | (7,429 | ) | |||||||||
Customer relationships | 15,540 | 10,089 | 10-20 years | ||||||||||
Amortization | (4,005 | ) | (3,303 | ) | |||||||||
Trade names and trademarks | 9,118 | 7,314 | 25 years - Indefinite | ||||||||||
Amortization | (1,621 | ) | (1,383 | ) | |||||||||
Non-competition agreements | 50 | — | 2-5 years | ||||||||||
Amortization | (6 | ) | — | ||||||||||
Customer backlog | 469 | 473 | < 1 year | ||||||||||
Amortization | (469 | ) | (473 | ) | |||||||||
Total Intangible assets | 24,036 | 18,442 | |||||||||||
Schedule of Estimated Amortization Expense | ' | ||||||||||||
Estimated amortization expense for the next five years and subsequent is as follows: | |||||||||||||
Amount | |||||||||||||
2014 | 2,632 | ||||||||||||
2015 | 2,628 | ||||||||||||
2016 | 2,141 | ||||||||||||
2017 | 1,599 | ||||||||||||
2018 | 1,487 | ||||||||||||
And subsequent | 10,419 | ||||||||||||
Total intangibles currently to be amortized | $ | 20,906 | |||||||||||
Changes in Goodwill | ' | ||||||||||||
Changes in the Company’s goodwill by business segment were as follows: | |||||||||||||
Equipment Lifting | Equipment Distribution | Total | |||||||||||
Segment | Segment | ||||||||||||
Balance December 31, 2011 | $ | 14,992 | $ | 275 | $ | 15,267 | |||||||
Effect of change in exchange rates | 16 | — | 16 | ||||||||||
Balance December 31, 2012 | 15,008 | 275 | 15,283 | ||||||||||
Goodwill for Sabre acquisition | 4,592 | — | 4,592 | ||||||||||
Goodwill for Valla acquisition | 2,454 | — | 2,454 | ||||||||||
Effect of change in exchange rates | 37 | — | 37 | ||||||||||
Balance December 31, 2013 | $ | 22,091 | $ | 275 | $ | 22,366 | |||||||
Accrual_Detail_Tables
Accrual Detail (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued expenses: | |||||||||
Accrued payroll | $ | 2,037 | $ | 1,084 | |||||
Accrued employee benefits | 24 | 261 | |||||||
Accrued bonuses | 1,998 | 1,838 | |||||||
Accrued vacation expense | 888 | 384 | |||||||
Accrued deferred interest income | — | 33 | |||||||
Accrued insurance premiums | — | 266 | |||||||
Accrued interest | 237 | 148 | |||||||
Accrued commissions | 532 | 617 | |||||||
Accrued expenses—other | 306 | 624 | |||||||
Accrued warranty | 1,070 | 988 | |||||||
Accrued income taxes | 473 | 1,160 | |||||||
Accrued taxes other than income taxes | 1,087 | 242 | |||||||
Accrued product Liability and workers compensation claims | 202 | 87 | |||||||
Accrued liability on forward currency exchange contracts | 40 | 13 | |||||||
Total accrued expenses | $ | 8,894 | $ | 7,745 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Summary of Inventory Held For Sale Financed Capital Leases-Equipment | ' | ||||||||||||||||
The following is a summary of inventory held for sale which was financed under equipment capital lease agreements: | |||||||||||||||||
Amount | Repayment | Amount of | Balance | ||||||||||||||
Borrowed | Period | Monthly Payment | As of December 31, | ||||||||||||||
2013 | |||||||||||||||||
New equipment | $ | 225 | 60 | $ | 4 | $ | 155 | ||||||||||
Used equipment | $ | 1,754 | 36 | $ | 53 | $ | 1,190 | ||||||||||
Total | $ | 1,979 | $ | 57 | $ | 1,345 | |||||||||||
Schedule of Future Minimum Lease Payments | ' | ||||||||||||||||
Future Minimum Lease Payments are: | |||||||||||||||||
Years | Operating Leases | Capital Leases | |||||||||||||||
2014 | $ | 1,486 | $ | 2,320 | |||||||||||||
2015 | 885 | 1,306 | |||||||||||||||
2016 | 878 | 1,307 | |||||||||||||||
2017 | 304 | 607 | |||||||||||||||
2018 | 16 | 607 | |||||||||||||||
Subsequent | — | — | |||||||||||||||
Total Minimum Lease Payments | $ | 3,569 | 6,147 | ||||||||||||||
Less: imputed interest | (1,351 | ) | |||||||||||||||
Present value of minimum lease payment | $ | 4,796 | |||||||||||||||
Schedule of Capital Item | ' | ||||||||||||||||
Capital Item—as of or for the year ended December 31, 2013 | Cost | Accumulated | Depreciation | Interest | |||||||||||||
Depreciation | Expense | Expense | |||||||||||||||
Building—Georgetown, TX | $ | 4,913 | $ | 3,114 | $ | 35 | $ | 457 | |||||||||
Land & Building—Winona, MN | 1,700 | 254 | 57 | 47 | |||||||||||||
Other Capitalized leases | 178 | 39 | 14 | 3 | |||||||||||||
Totals | $ | 6,791 | $ | 3,407 | $ | 106 | $ | 507 | |||||||||
Capital Item—as of or for the year ended December 31, 2012 | Cost | Accumulated | Depreciation | Interest | |||||||||||||
Depreciation | Expense | Expense | |||||||||||||||
Building—Georgetown, TX | $ | 4,913 | $ | 2,699 | $ | 35 | $ | 495 | |||||||||
Land & Building—Winona, MN | 1,700 | 198 | 57 | 62 | |||||||||||||
Other Capitalized leases | 51 | 25 | 7 | 2 | |||||||||||||
Totals | $ | 6,664 | $ | 2,922 | $ | 99 | $ | 559 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Company's Income Before Income Taxes | ' | ||||||||||||
Information pertaining to the Company’s income before income taxes is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income before income taxes: | |||||||||||||
Domestic | $ | 14,659 | $ | 11,316 | $ | 3,460 | |||||||
Foreign | (212 | ) | 582 | 753 | |||||||||
Total net income before income taxes | $ | 14,447 | $ | 11,898 | $ | 4,213 | |||||||
Schedule of Company's Provision (Benefit) for Income Taxes | ' | ||||||||||||
Information pertaining to the Company’s provision (benefit) for income taxes is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision (benefit) for income taxes: | |||||||||||||
Current: | |||||||||||||
Federal | $ | 4,246 | $ | 2,784 | $ | (35 | ) | ||||||
State and local | 50 | 227 | 52 | ||||||||||
Foreign | 132 | 535 | 332 | ||||||||||
4,428 | 3,546 | 349 | |||||||||||
Deferred: | |||||||||||||
Federal | (94 | ) | 670 | 1,077 | |||||||||
State and local | 64 | (378 | ) | (7 | ) | ||||||||
Foreign | (129 | ) | (18 | ) | 14 | ||||||||
(159 | ) | 274 | 1,084 | ||||||||||
Total provision for income taxes | $ | 4,269 | $ | 3,820 | $ | 1,433 | |||||||
Schedule of Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Current: | |||||||||||||
Accrued expenses and other liabilities | $ | 1,132 | $ | 1,166 | |||||||||
Net operating losses | 139 | — | |||||||||||
Long-term: | |||||||||||||
Other liabilities | 458 | 455 | |||||||||||
Deferred gain | 594 | 703 | |||||||||||
State net operating loss carryforwards | — | 7 | |||||||||||
Tax credit carryforwards | 847 | 883 | |||||||||||
Unrealized foreign currency loss | 219 | 211 | |||||||||||
Total deferred tax asset | 3,389 | 3,425 | |||||||||||
Valuation allowance | — | — | |||||||||||
Total deferred tax asset net of valuation allowance | 3,389 | 3,425 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Long-term: | |||||||||||||
Property, plant and equipment | 558 | 542 | |||||||||||
Intangibles | 3,516 | 3,727 | |||||||||||
Total deferred tax liability | 4,074 | 4,269 | |||||||||||
Net deferred tax liability | $ | (685 | ) | $ | (844 | ) | |||||||
Summary of Effective Tax Rate Before Income Taxes Varies from Current Statutory Federal Income Tax Rate | ' | ||||||||||||
The effective tax rate before income taxes varies from the current U.S. federal statutory income tax rate as follows: | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Statutory rate | 35 | % | 34 | % | |||||||||
State and local taxes | 0.72 | 0.39 | |||||||||||
Permanent differences | -3.08 | -2.42 | |||||||||||
Tax credits | -3.59 | -3.34 | |||||||||||
Foreign operations | 0.54 | 2.69 | |||||||||||
Uncertain tax positions | -0.47 | 1.23 | |||||||||||
Other | 0.43 | -0.44 | |||||||||||
29.55 | % | 32.11 | % | ||||||||||
Summary of Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1 | $ | 335 | $ | 152 | |||||||||
Increases in tax positions for prior years | 93 | 219 | |||||||||||
Decreases in tax positions for prior years | (178 | ) | (36 | ) | |||||||||
Settlements | — | — | |||||||||||
Balance at December 31 | $ | 250 | $ | 335 | |||||||||
Supplemental_Cash_Flow_Disclos1
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Supplemental Cash Flow Disclosures | ' | ||||||||||||
Interest received and paid, income taxes paid and non-cash transactions incurred during the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Non-Cash Transactions: | |||||||||||||
Acquisition note—CVS | $ | — | $ | — | $ | 2,870 | |||||||
Acquisition deferred payments—CVS | — | — | 85 | ||||||||||
Capital leases | 813 | 1,166 | — | ||||||||||
Issuance of stock in connection with carry deck crane assets (see Note 20) | — | 200 | — | ||||||||||
Issuance of stock in connection with a Sabre acquisition (see Note 20) | 1,000 | — | — | ||||||||||
Valla working capital | 2,173 | — | — | ||||||||||
Acquisition note—Valla (see Note 20) | 228 | — | — | ||||||||||
Contingent consideration—Valla (see Note 20) | 250 | — | — | ||||||||||
Issuance of stock in connection with a cashless warrant exercise | — | 986 | — | ||||||||||
Repurchase of stock in connections with cashless warrant exercise | — | (754 | ) | — | |||||||||
Transfer of warrant to capital stock upon exercise of cashless warrant | — | (232 | ) | — | |||||||||
Legal settlement (see Note 25) | — | — | 1,183 |
Accrued_Warranties_Tables
Accrued Warranties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Summary of Changes in Product Warranty Liability | ' | ||||||||
The following table summarizes the changes in product warranty liability: | |||||||||
2013 | 2012 | ||||||||
Balance January 1, | $ | 988 | $ | 698 | |||||
Business Acquired | 10 | — | |||||||
Accrual for warranties issued during the year | 2,358 | 2,270 | |||||||
Warranty services provided | (2,260 | ) | (1,981 | ) | |||||
Changes in estimates | (23 | ) | — | ||||||
Foreign currency translation | (3 | ) | 1 | ||||||
Balance December 31, | $ | 1,070 | $ | 988 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Financial Information for Two Operating Segments | ' | ||||||||||||
The following is financial information for our two operating segments, i.e., Lifting Equipment and Equipment Distribution. The below financial information includes results for each of the above acquisitions from the respective date of acquisition: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Revenues | |||||||||||||
Lifting Equipment | $ | 228,772 | $ | 188,792 | $ | 130,330 | |||||||
Equipment Distribution | 16,951 | 17,090 | 11,986 | ||||||||||
Inter-segment elimination | (651 | ) | (633 | ) | (25 | ) | |||||||
Total | $ | 245,072 | $ | 205,249 | $ | 142,291 | |||||||
Operating Earnings | |||||||||||||
Lifting Equipment | $ | 23,311 | $ | 19,880 | $ | 11,069 | |||||||
Equipment Distribution | 628 | 222 | 64 | ||||||||||
Corporate expenses | (6,391 | ) | (5,613 | ) | (4,532 | ) | |||||||
Elimination of inter-segment profit in inventory | (10 | ) | (30 | ) | — | ||||||||
Total operating income | $ | 17,538 | $ | 14,459 | $ | 6,601 | |||||||
Total Assets | |||||||||||||
Lifting Equipment | $ | 170,808 | $ | 143,749 | $ | 114,133 | |||||||
Equipment Distribution | 10,847 | 7,562 | 7,333 | ||||||||||
Corporate | 1,075 | 193 | 125 | ||||||||||
Total | $ | 182,730 | $ | 151,504 | $ | 121,591 | |||||||
Summary of Goodwill by Segment | ' | ||||||||||||
The following is a summary of goodwill by segment: | |||||||||||||
2013 | 2012 | ||||||||||||
Goodwill—Lifting Equipment Segment | |||||||||||||
Balance January 1 | $ | 15,008 | $ | 14,992 | |||||||||
Goodwill related to the Sabre acquisition | 4,592 | — | |||||||||||
Goodwill related to the Valla acquisition | 2,454 | — | |||||||||||
Foreign currency translation | 37 | 16 | |||||||||||
Balance December 31, | 22,091 | 15,008 | |||||||||||
Goodwill—Equipment Distribution Segment | |||||||||||||
Balance January 1 and December 31 | 275 | 275 | |||||||||||
Total goodwill at December 31, | $ | 22,366 | $ | 15,283 | |||||||||
Summary of External Net Revenues and Long Lived Assets by Country | ' | ||||||||||||
Net Revenues | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 149,867 | $ | 114,558 | $ | 75,427 | |||||||
Canada | 44,568 | 55,540 | 30,771 | ||||||||||
Italy | 8,230 | 11,700 | 15,861 | ||||||||||
Turkey | 5,280 | — | — | ||||||||||
Peru | 3,849 | — | — | ||||||||||
South Africa | 3,651 | — | — | ||||||||||
Egypt | 3,285 | — | — | ||||||||||
Australia | 4 | 3,213 | — | ||||||||||
Korea | — | 2,810 | 3,398 | ||||||||||
Russia | 1,623 | 2,189 | 1,369 | ||||||||||
Germany | 3,246 | 2,041 | 984 | ||||||||||
Mexico | 5,096 | 1,867 | 1,296 | ||||||||||
Czech Republic | 1,804 | 1,484 | — | ||||||||||
Brazil | — | 1,205 | 1,443 | ||||||||||
France | — | 810 | 4,647 | ||||||||||
United Arab Emirates | 1,297 | 152 | 1,931 | ||||||||||
Venezuela | 407 | 1,188 | 473 | ||||||||||
Switzerland | — | 22 | 1,134 | ||||||||||
Other | 12,865 | 6,470 | 3,557 | ||||||||||
$ | 245,072 | $ | 205,249 | $ | 142,291 | ||||||||
Long Lived Assets | |||||||||||||
2013 | 2012 | ||||||||||||
United States | $ | 51,941 | $ | 41,582 | |||||||||
Canada | 925 | 788 | |||||||||||
Italy | 7,827 | 4,357 | |||||||||||
Total Long-Lived Assets | $ | 60,693 | $ | 46,727 | |||||||||
Asset_Purchases_Tables
Asset Purchases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Fair Value of Purchase Consideration | ' | ||||||||
The fair value of the purchase consideration was $14,000 in total as shown below: | |||||||||
Cash | $ | 13,000 | |||||||
87,928 shares of Manitex International, Inc. common stock | 1,000 | ||||||||
Total purchase consideration | $ | 14,000 | |||||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the preliminary allocation of the Sabre acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: | |||||||||
Purchase price allocation: | |||||||||
Accounts receivable | $ | 1,148 | |||||||
Receivable due from seller | 467 | ||||||||
Inventory | 1,497 | ||||||||
Total fixed assets | 1,431 | ||||||||
Non-competition agreements | 50 | ||||||||
Customer relationships | 5,200 | ||||||||
Trade name and trademarks | 1,200 | ||||||||
Goodwill | 4,577 | ||||||||
Accounts payable | (730 | ) | |||||||
Accrued expenses | (226 | ) | |||||||
Customer deposits | (467 | ) | |||||||
Debt and Capital lease obligations | (147 | ) | |||||||
Net assets acquired | $ | 14,000 | |||||||
Schedule of Pro Forma Results of Acquisition | ' | ||||||||
The unaudited pro forma results for the year ended December 31, 2013 and 2012 are as follows (in thousands, except per share data): | |||||||||
Year Ended | Year Ended | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Net revenues | 264,242 | 260,441 | |||||||
Net income | 10,586 | 10,013 | |||||||
Income per share: | |||||||||
Basic | $ | 0.83 | $ | 0.83 | |||||
Diluted | $ | 0.83 | $ | 0.83 | |||||
Weighted average common shares outstanding: | |||||||||
Basic | 12,726,853 | 12,036,284 | |||||||
Diluted | 12,773,213 | 12,045,386 | |||||||
Valla Asset Purchase [Member] | ' | ||||||||
Schedule of Fair Value of Purchase Consideration | ' | ||||||||
The fair value of the purchase consideration was as follows: | |||||||||
Fair Value | Fair Value | ||||||||
Euros | U.S. Dollars | ||||||||
Seller note | € | 165 | $ | 228 | |||||
Contingent consideration | 183 | 250 | |||||||
Total purchase consideration | € | 348 | $ | 478 | |||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the acquisition consideration to the fair value of the assets acquired and liabilities assumed at the date of acquisition: | |||||||||
Purchase price allocation | |||||||||
Fair Value | Fair Value | ||||||||
Euros | U.S. Dollars | ||||||||
Accounts receivable | € | 730 | $ | 999 | |||||
Inventory | 872 | 1,193 | |||||||
Prepaids | 29 | 41 | |||||||
Property and equipment | 155 | 212 | |||||||
Trade names and trademarks | 400 | 547 | |||||||
Unpatented technology | 430 | 588 | |||||||
Customer relationships | 200 | 273 | |||||||
Goodwill | 1,780 | 2,434 | |||||||
Accounts payable | (1,944 | ) | (2,658 | ) | |||||
Working capital borrowings | (1,589 | ) | (2,173 | ) | |||||
Accrued expenses | (715 | ) | (978 | ) | |||||
€ | 348 | $ | 478 | ||||||
SL Industries, Ltd [Member] | ' | ||||||||
Total Consideration for Acquired Assets | ' | ||||||||
Total consideration for the acquired assets is as follows: | |||||||||
Total Consideration per Purchase Agreement | $ | 545 | |||||||
Less: non cash consideration | (200 | ) | |||||||
Cash consideration | $ | 345 | |||||||
Purchase price allocation | |||||||||
Inventory | $ | 206 | |||||||
Unpatented technology | 339 | ||||||||
$ | 545 | ||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
Summary of Warrants Issued and Outstanding | ' | ||||||||||||||||||||||
At December 31, 2013, 2012 and 2011 the Company had issued and outstanding warrants as follows: | |||||||||||||||||||||||
Number of Warrants Shares | Exercise | Expiration Date | Reason for Issuance | ||||||||||||||||||||
December 31, | Price | ||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
— | — | 105,000 | $ | 7.18 | 11-Sep-12 | Placement Agent Fee | |||||||||||||||||
Schedule Of Warrants Rollforward Table | ' | ||||||||||||||||||||||
The following table contains information regarding warrants for the years ended December 31, 2013, 2012, and 2011 respectively: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Warrants | Price per Share | Warrants | Price per Share | Warrants | Price per Share | ||||||||||||||||||
Outstanding on January 1 | — | 105,000 | $ | 7.18 | 966,500 | $ | 4.05-7.18 | ||||||||||||||||
Exercised | — | (105,000 | ) | $ | 7.18 | (266,568 | ) | $ | 4.05-4.25 | ||||||||||||||
Cancelled (expired) | — | — | (594,932 | ) | $ | 4.05-7.08 | |||||||||||||||||
Outstanding on December 31 | — | — | 105,000 | $ | 7.18 | ||||||||||||||||||
Weighted average exercise price | — | — | $ | 7.18 | |||||||||||||||||||
Weighted average remaining life of warrants at December 31 | — | — | 0.68 years | ||||||||||||||||||||
Schedule Of Stock Issued To Employees And Directors | ' | ||||||||||||||||||||||
The following is a summary of stock issuances that occurred during the three year period: | |||||||||||||||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||||||||||||||
Director | Shares Issued | ||||||||||||||||||||||
8-Mar-13 | Employees | 27,436 | $ | 288 | |||||||||||||||||||
September 12, 2013 | Directors | 1,667 | 19 | ||||||||||||||||||||
December 31, 2013 | Directors | 40,803 | 318 | ||||||||||||||||||||
69,906 | $ | 625 | |||||||||||||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||||||||||||||
Director | Shares Issued | ||||||||||||||||||||||
21-Mar-12 | Employees | 12,051 | $ | 94 | |||||||||||||||||||
March 21, 2012 | Directors | 6,600 | 52 | ||||||||||||||||||||
December 31, 2012 | Directors | 11,700 | 80 | ||||||||||||||||||||
30,351 | $ | 226 | |||||||||||||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||||||||||||||
Director | Shares Issued | ||||||||||||||||||||||
January 1, 2011 | Employees | 10,000 | $ | 38 | |||||||||||||||||||
March 15, 2011 | Directors | 6,617 | 37 | ||||||||||||||||||||
March 31, 2011 | Employees | 1,360 | 6 | ||||||||||||||||||||
December 31, 2011 | Directors | 4,950 | 28 | ||||||||||||||||||||
22,927 | $ | 109 | |||||||||||||||||||||
Issued Shares of Common Stock in Connection with Cashless Exercise of Warrant | ' | ||||||||||||||||||||||
On May 18, 2012, the Company issued shares of common stock in connection with a cashless exercise of warrant as detailed below: | |||||||||||||||||||||||
Issued Date | Shares | Shares Repurchased | Share | Repurchase | |||||||||||||||||||
Issued | Net of | Price | |||||||||||||||||||||
Repurchases | |||||||||||||||||||||||
May 18, 2012 | 105,000 | 77,071 | 27,929 | $ | 9.782 | ||||||||||||||||||
Summary of Common Stock Repurchases | ' | ||||||||||||||||||||||
The following is a summary of common stock purchased during 2011 and 2013 (no stock purchases occurred in 2012): | |||||||||||||||||||||||
Date of Purchase | Shares Purchased | Closing Price | |||||||||||||||||||||
on Date of | |||||||||||||||||||||||
Purchase | |||||||||||||||||||||||
December 31, 2013 | 4,414 | $ | 15.88 | ||||||||||||||||||||
January 1, 2011 | 3,065 | $ | 3.85 | ||||||||||||||||||||
Summary of Restricted Stock Units Awarded | ' | ||||||||||||||||||||||
The following is a summary of restricted stock units that were awarded during 2013, 2012 and 2011: | |||||||||||||||||||||||
2013 Grants | Vesting Date | Number of | Closing Price on | Value of | |||||||||||||||||||
Restricted | Date of Grant | Restricted Stock | |||||||||||||||||||||
Stock Units | Units Issued | ||||||||||||||||||||||
March 8, 2013 | March 21, 2012 27,436 units; December 31, 2013 6,600 units; December 31, 2014 6,800 units | 40,836 | $ | 10.51 | $ | 429 | |||||||||||||||||
June 5, 2013 | June 5, 2014 1,141 units; June 5, 2015 1,142 units; June 5, 2016 1,142 units | 3,425 | $ | 10.45 | $ | 36 | |||||||||||||||||
12-Sep-13 | September 21, 2013 1,667 units | 1,667 | $ | 11.19 | $ | 19 | |||||||||||||||||
31-Dec-13 | 22,735 units December 31, 2014; 22,735 units December 31, 2015 and 23,423 units December 31, 2016 | 68,893 | $ | 15.88 | $ | 1,094 | |||||||||||||||||
114,821 | $ | 1,578 | |||||||||||||||||||||
2012 Grants | Vesting Date | Number of | Closing Price on | Value of | |||||||||||||||||||
Restricted | Date of Grant | Restricted Stock | |||||||||||||||||||||
Stock Units | Units Issued | ||||||||||||||||||||||
March 21, 2012 | March 21, 2012 18,651 units; December 31, 2012 6,600 units; December 31, 2013 6,800 units | 32,051 | $ | 7.83 | $ | 251 | |||||||||||||||||
December 31, 2012 | 34,317 units December 31, 2013; 34,317 units December 31, 2014 and 34,316 units December 31, 2015 | 102,950 | $ | 7.14 | 735 | ||||||||||||||||||
135,001 | $ | 986 | |||||||||||||||||||||
2011 Grants | Vesting Date | Number of | Closing Price on | Value of | |||||||||||||||||||
Restricted | Date of Grant | Restricted Stock | |||||||||||||||||||||
Stock Units | Units Issued | ||||||||||||||||||||||
January 1, 2011 | January 1, 2011 | 10,000 | $ | 3.85 | $ | 38 | |||||||||||||||||
March 15, 2011 | 6,667 units March 15, 2011; | 16,667 | $ | 5.56 | 93 | ||||||||||||||||||
4,950 units December 31, 2011 and 5,000 units December 31, 2012 | |||||||||||||||||||||||
26,667 | $ | 131 | |||||||||||||||||||||
Restricted Stock Units Outstanding | ' | ||||||||||||||||||||||
The following table contains information regarding restricted stock units for the years ended December 31, 2013, December 31, 2012 and December 31, 2011, respectively: | |||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Outstanding on January 1, | 109,750 | 5,100 | 1,360 | ||||||||||||||||||||
Issued | 114,821 | 135,001 | 26,667 | ||||||||||||||||||||
Vested and issued | (69,906 | ) | (30,351 | ) | (19,862 | ) | |||||||||||||||||
Vested—issued and repurchased for income tax withholding | (4,414 | ) | — | (3,065 | ) | ||||||||||||||||||
Forfeited | (7,400 | ) | — | — | |||||||||||||||||||
Outstanding on December 31 | 142,851 | 109,750 | 5,100 | ||||||||||||||||||||
Contractual_Obligations_Tables
Contractual Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Future Minimum Lease Payments Non-cancelable Operating Lease Arrangements and Other Long-term Obligations | ' | ||||||||||||||||||||
The following is a schedule as of December 31, 2013 of our long-term contractual commitments, future minimum lease payments under non-cancelable operating lease arrangements and other long-term obligations. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Payments due by period | |||||||||||||||||||||
Total | 2014 | 2015- | 2017- | Thereafter | |||||||||||||||||
2016 | 2018 | ||||||||||||||||||||
Revolving term credit facilities | $ | 40,013 | $ | 2,707 | $ | — | $ | 37,306 | $ | — | |||||||||||
CVS working capital borrowing | 6,526 | 6,526 | — | — | — | ||||||||||||||||
Term loans | 2,896 | 383 | 1,658 | 192 | 663 | ||||||||||||||||
Operating lease obligations | 3,569 | 1,486 | 1,763 | 320 | — | ||||||||||||||||
Capital lease obligations (3) | 6,147 | 2,320 | 2,613 | 1,214 | — | ||||||||||||||||
Legal Settlement (see Note 25) (3) | 1,710 | 95 | 190 | 190 | 1,235 | ||||||||||||||||
Purchase obligations (1) | 15,038 | 15,038 | — | — | — | ||||||||||||||||
Total | $ | 75,899 | $ | 28,555 | $ | 6,224 | $ | 39,222 | $ | 1,898 | |||||||||||
-1 | Except for a very insignificant amount, purchase obligations are for inventory items. Purchase obligations not for inventory would include research and development materials, supplies and services. | ||||||||||||||||||||
-2 | At December 31, 2013, the Company had unrecognized tax benefits of $250 thousand for which the Company is unable to make reasonably reliable estimates of the period of cash settlement with the respective tax authority. Thus, these liabilities have not been included in the contractual obligations table. (see Note 15). | ||||||||||||||||||||
-3 | Capital lease obligations and legal settlement include imputed interest. |
Transactions_between_the_Compa1
Transactions between the Company and Related Parties (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Bridgeview Facility (1) | $ | 251 | $ | 247 | $ | 240 | |||||||
Sales to: | |||||||||||||
SL Industries, Ltd | 43 | 65 | 216 | ||||||||||
LiftMaster (2) | 10 | 6 | 6 | ||||||||||
Total Sales | 53 | 71 | 222 | ||||||||||
Inventory Purchases from: | |||||||||||||
SL Industries, Ltd (3) | 5,337 | 4,592 | 3,321 | ||||||||||
LiftMaster (2) | 21 | 24 | 26 | ||||||||||
BGI | 165 | 147 | 197 | ||||||||||
Total Inventory Purchases | $ | 5,523 | $ | 4,763 | $ | 3,544 | |||||||
Intangible Asset Purchase (3) | |||||||||||||
SL Industries Ltd | $ | — | $ | 339 | $ | — | |||||||
Total Intangible asset Purchase | $ | — | $ | 339 | $ | — | |||||||
1 | The Company leases its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Chairman and CEO. Pursuant to the terms of the lease, the Company makes monthly lease payments of $21. The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The lease will expire on June 30, 2016 and has a provision for six one year extension periods. The lease contains a rental escalation clause under which annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. Rent for any extension period shall however, be the then-market rate for similar industrial buildings within the market area. The Company has the option, to purchase the building by giving the Landlord written notice at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The Landlord can require the Company to purchase the building if a change of Control Event, as defined in the agreement occurs by giving written notice to the Company at any time prior to the date that is 180 days prior to the expiration of the lease or any extension period. The purchase price regardless whether the purchase is initiated by the Company or the landlord will be the Fair Market Value as of the closing date of said sale. | ||||||||||||
-2 | The Company provides parts and services to LiftMaster, Inc. LiftMaster is a rental company that rents and services rough terrain forklifts. LiftMaster is owned by a relative of an Officer of Manitex Liftking, ULC. | ||||||||||||
-3 | The Company acquired the intangible assets associated with a nine ton carry deck crane (the “Crane”) developed by SL Industries Ltd. The intangible assets (the Intangible Assets”) includes all related technology, patents, drawings, designs, know-how and all technical information related to the Crane and its improvements, including all variations, sizes and models, both now in existence or which are hereafter developed. In exchange for the rights, designs and the two cranes, Manitex is contractually obligated to pay to SL the sum of $345 in cash (“the Cash Consideration”) and to issue them 29,112 shares of the Manitex’s common stock, (the “the Stock Consideration”). SL assigned to Mr. Litchev, the sole owner of SL and the Company’s President of Manufacturing, all of its rights to the Stock Consideration under the Agreement, and $139 of the Cash Consideration and Mr. Litchev agreed to this assignment, and accepted the Stock Consideration and $139 of the Cash Consideration. |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Data | ' | ||||||||||||||||||||||||||||||||
Summarized quarterly financial data for 2013 and 2012 are as follows (in thousands, except per share amounts). | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | ||||||||||||||||||||||||||
Net revenues | $ | 59,566 | $ | 62,554 | $ | 57,521 | $ | 65,431 | $ | 42,849 | $ | 52,496 | $ | 53,380 | $ | 56,524 | |||||||||||||||||
Gross Profit | 10,236 | 12,260 | 11,201 | 12,779 | 8,576 | 10,756 | 10,810 | 10,322 | |||||||||||||||||||||||||
Net income | $ | 1,911 | $ | 2,655 | $ | 2,621 | $ | 2,991 | $ | 1,251 | $ | 2,308 | $ | 2,504 | $ | 2,014 | |||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.22 | $ | 0.21 | $ | 0.22 | $ | 0.11 | $ | 0.2 | $ | 0.21 | $ | 0.16 | |||||||||||||||||
Diluted | $ | 0.16 | $ | 0.22 | $ | 0.21 | $ | 0.22 | $ | 0.11 | $ | 0.2 | $ | 0.21 | $ | 0.16 | |||||||||||||||||
Shares outstanding | |||||||||||||||||||||||||||||||||
Basic | 12,275,759 | 12,295,879 | 12,352,266 | 13,760,918 | 11,683,306 | 11,713,206 | 12,140,674 | 12,256,237 | |||||||||||||||||||||||||
Diluted | 12,307,792 | 12,337,493 | 12,403,665 | 13,821,352 | 11,684,829 | 11,729,360 | 12,148,776 | 12,266,867 |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Aug. 19, 2013 | Dec. 31, 2013 | |
T | Gallon | lb | |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Number of operating segments | ' | ' | 2 |
Minimum [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Lifting capacity of forklifts | 2 | ' | 18,000 |
Storage capacity of trailer mobile tanks | ' | 8,000 | ' |
Minimum [Member] | Valla SpA [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Capacity of mobile cranes | ' | ' | 2 |
Maximum [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Lifting capacity of forklifts | 90 | ' | 40,000 |
Storage capacity of trailer mobile tanks | ' | 21,000 | ' |
Maximum [Member] | Valla SpA [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Capacity of mobile cranes | ' | ' | 90 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Line Items] | ' | ' | ' |
Allowance for bad debt | $333 | $161 | ' |
Depreciation Expense | 1,627 | 1,401 | 1,284 |
Impairment charges | 0 | 0 | 0 |
Cash Insured amount | 250 | ' | ' |
Uninsured cash balances | 5,814 | 1,889 | ' |
Research and development costs | 2,912 | 2,457 | 1,571 |
Advertising costs | $626 | $517 | $475 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of customers accounted for total company's accounts receivable | 0 | 2 | ' |
Customer Concentration Risk [Member] | Net revenue [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of customers accounted for total company's revenue | 0 | 1 | 0 |
Supplier Concentration Risk [Member] | Purchases [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Number of suppliers accounted for total company's purchases | 0 | 0 | 0 |
Maximum [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Risk percentage | 10.00% | ' | ' |
Maximum [Member] | Customer Concentration Risk [Member] | Net revenue [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Risk percentage | 10.00% | 11.00% | 10.00% |
Maximum [Member] | Supplier Concentration Risk [Member] | Purchases [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Risk percentage | 10.00% | 10.00% | 10.00% |
Maximum [Member] | Customer One Concentration Risk [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Risk percentage | ' | 13.00% | ' |
Maximum [Member] | Customer Two Concentration Risk [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Risk percentage | ' | 15.00% | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Machinery and equipment [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property plant and equipment useful life | '1 year |
Minimum [Member] | Furniture and Fixtures [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property plant and equipment useful life | '3 years |
Minimum [Member] | Leasehold improvements [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property plant and equipment useful life | '1 year 6 months |
Maximum [Member] | Machinery and equipment [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property plant and equipment useful life | '15 years |
Maximum [Member] | Furniture and Fixtures [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property plant and equipment useful life | '12 years |
Maximum [Member] | Leasehold improvements [Member] | ' |
Depreciation Amortization Impairment [Line Items] | ' |
Property plant and equipment useful life | '12 years |
Earnings_per_Common_Share_Basi
Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income attributed to common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | $10,178 | $8,077 | $2,780 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $10,178 | $8,077 | $2,780 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.22 | $0.21 | $0.22 | $0.16 | $0.16 | $0.21 | $0.20 | $0.11 | $0.80 | $0.68 | $0.24 |
Diluted | $0.22 | $0.21 | $0.22 | $0.16 | $0.16 | $0.21 | $0.20 | $0.11 | $0.80 | $0.68 | $0.24 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 13,760,918 | 12,352,266 | 12,295,879 | 12,275,759 | 12,256,237 | 12,140,674 | 11,713,206 | 11,683,306 | 12,671,205 | 11,948,356 | 11,441,914 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 13,760,918 | 12,352,266 | 12,295,879 | 12,275,759 | 12,256,237 | 12,140,674 | 11,713,206 | 11,683,306 | 12,671,205 | 11,948,356 | 11,441,914 |
Dilutive effect of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,521 | 102,534 |
Dilutive effect of restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 46,370 | 6,581 | 3,710 |
Total | 13,821,352 | 12,403,665 | 12,337,493 | 12,307,792 | 12,266,867 | 12,148,776 | 11,729,360 | 11,684,829 | 12,717,575 | 11,957,458 | 11,548,158 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Items Measures At Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | $40 | $137 |
Valla contingent consideration (see Note 20) | 250 | ' |
Total liabilities at fair value | 297 | -13 |
Forward currency exchange contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 40 | 137 |
Total liabilities at fair value | 47 | -13 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Valla contingent consideration (see Note 20) | ' | ' |
Total liabilities at fair value | ' | ' |
Level 1 [Member] | Forward currency exchange contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 40 | 137 |
Valla contingent consideration (see Note 20) | ' | ' |
Total liabilities at fair value | 47 | -13 |
Level 2 [Member] | Forward currency exchange contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 40 | 137 |
Total liabilities at fair value | 47 | -13 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Valla contingent consideration (see Note 20) | 250 | ' |
Total liabilities at fair value | 250 | ' |
Level 3 [Member] | Forward currency exchange contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Total liabilities at fair value | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Fair value of debt | $2,912 | $2,800 |
Book value of debt | 2,896 | 2,755 |
Fair value of capital lease | 5,565 | 6,200 |
Book value of capital lease | 4,796 | 5,040 |
Fair Value [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Long term legal settlement | 1,022 | 1,049 |
Book Value [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Long term legal settlement | $1,022 | $1,049 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Canadian Dollar [Member] | Euro Member Countries, Euro | Twelve Month Expectation [Member] | First Contract [Member] | Second Contract [Member] | Third Contract [Member] | |
CAD | USD ($) | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | ||
EUR (€) | EUR (€) | EUR (€) | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Pre-tax loss on forward currency contract hedges | ' | ' | $10 | ' | ' | ' |
Contracts obligate the company to purchase | 1,700 | ' | ' | ' | ' | ' |
Contracts maturity period | 30-Apr-13 | ' | ' | 2-Jul-14 | 10-Feb-14 | 31-Jan-14 |
Futures contract exchange rate | 0.9619 | ' | ' | 1.4251 | 1.3635 | 1.3538 |
Period end exchange rate | 0.9402 | 1.3194 | ' | ' | ' | ' |
Contracts requires the company to sell | ' | ' | ' | € 800 | € 400 | € 100 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Forward Currency Contracts (Detail) (Forward currency contract [Member]) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Derivatives Not designated as Hedge Instrument [Member] | Derivatives Not designated as Hedge Instrument [Member] | Cash flow hedge [Member] |
CAD | EUR (€) | CAD | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Forward currency contract | 1,325 | € 1,300 | 442 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives Not designated as Hedge Instrument [Member] | Prepaid expense and other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $40 | $137 |
Derivatives Not designated as Hedge Instrument [Member] | Accrued expense [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities Derivatives | -37 | -13 |
Derivatives designated as a Hedge Instrument [Member] | Prepaid expense and other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | ' | ' |
Derivatives designated as a Hedge Instrument [Member] | Accrued expense [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities Derivatives | ($10) | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives Not designated as Hedge Instrument [Member] | Foreign currency transaction gains (losses) [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain or (loss) recognized in income statement | ($178) | $5 | ($17) |
Derivatives designated as a Hedge Instrument [Member] | Net revenue [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain or (loss) recognized in income statement | ($30) | $71 | $100 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments - Summary of Beginning and Ending Amounts of Gains and Losses Related to Hedges on Other Comprehensive Income and Related Activity Net of Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Ending balance gain (loss), net of income taxes | $389 | $716 |
Cash flow hedge [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Beginning balance gain (loss), net of income taxes | ' | -26 |
Amounts recorded in OCI net of gain (loss), net of income taxes | -28 | 74 |
Amount reclassified to income, loss (gain), net of income taxes | 21 | -48 |
Ending balance gain (loss), net of income taxes | ($7) | ' |
CVS_Operating_Agreement_Additi
CVS Operating Agreement - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Agreement date with CVS SpA in Liquidation to purchase the assets that were being rented | 1-Jul-11 |
Date purchased agreement executed | 29-Jun-11 |
Operating agreement terminated period | 'July 1, 2011 |
Sale_Type_Leases_Additional_In
Sale Type Leases - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Reach_Stacker | |
Customer | |
Sales Type Lease Receivables [Line Items] | ' |
Number of customers in Lease agreement | 2 |
Number of reach stackers | 3 |
Receivable for future minimum lease payments | $326 |
Customer One [Member] | ' |
Sales Type Lease Receivables [Line Items] | ' |
Lease expiration date | 15-Jun-13 |
Customer Two [Member] | ' |
Sales Type Lease Receivables [Line Items] | ' |
Lease expiration date | 15-Jan-14 |
Inventory_Components_of_Invent
Inventory - Components of Inventory (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and purchased parts | $48,537 | $43,207 |
Work in process | 9,807 | 9,465 |
Finished goods and replacement parts | 14,390 | 8,618 |
Inventories, net | $72,734 | $61,290 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Reserves for obsolete and excess inventory | $747 | $700 |
Property_Plant_and_Equipment_S
Property Plant and Equipment - Schedule of Property Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | $20,098 | $17,440 |
Less: accumulated depreciation | -8,955 | -7,143 |
Net property and equipment | 11,143 | 10,297 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 763 | 763 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 8,342 | 8,342 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 7,681 | 6,017 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 719 | 466 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 804 | 717 |
Computer software and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 1,250 | 940 |
Motor vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | 411 | 161 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment Gross | $128 | $34 |
Property_Plant_and_Equipment_A
Property Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation Expense | $1,627 | $1,401 | $1,284 |
Amortization of deferred gain on building | $380 | $380 | $380 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Patented and unpatented technology [Member] | Patented and unpatented technology [Member] | Patented and unpatented technology [Member] | Patented and unpatented technology [Member] | Customer relationships [Member] | Customer relationships [Member] | Customer relationships [Member] | Customer relationships [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Customer backlog [Member] | Customer backlog [Member] | Customer backlog [Member] | Trade names and trademarks [Member] | Trade names and trademarks [Member] | Trade names and trademarks [Member] | Trade names and trademarks [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Finite And Infinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross | ' | ' | $13,734 | $13,154 | ' | ' | $15,540 | $10,089 | ' | ' | $50 | ' | ' | $469 | $473 | ' | ' | ' | ' | ' |
Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,118 | 7,314 | ' | ' |
Amortization | ' | ' | -8,774 | -7,429 | ' | ' | -4,005 | -3,303 | ' | ' | -6 | ' | ' | -469 | -473 | ' | -1,621 | -1,383 | ' | ' |
Total Intangible assets | $24,036 | $18,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives | ' | ' | ' | ' | '7 years | '10 years | ' | ' | '10 years | '20 years | ' | '2 years | '5 years | ' | ' | '1 year | ' | ' | '25 years | ' |
Useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Indefinite |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $2,318 | $2,097 | $2,052 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $2,632 |
2015 | 2,628 |
2016 | 2,141 |
2017 | 1,599 |
2018 | 1,487 |
And subsequent | 10,419 |
Total intangibles currently to be amortized | $20,906 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | USD ($) | Sabre Acquisition [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Lifting Equipment [Member] | Lifting Equipment [Member] | Lifting Equipment [Member] | Lifting Equipment [Member] | Equipment Distribution [Member] | Equipment Distribution [Member] | Equipment Distribution [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Sabre Acquisition [Member] | Valla Asset Purchase [Member] | USD ($) | USD ($) | USD ($) | |||
USD ($) | USD ($) | |||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $15,283 | $15,267 | ' | ' | € 1,780 | $15,008 | $14,992 | ' | ' | $275 | $275 | $275 |
Goodwill related assets acquired in Liquidation | ' | ' | 4,592 | 2,454 | ' | ' | ' | 4,592 | 2,454 | ' | ' | ' |
Effect of change in exchange rates | 37 | 16 | ' | ' | ' | 37 | 16 | ' | ' | ' | ' | ' |
Ending Balance | $22,366 | $15,283 | $4,577 | $2,434 | € 1,780 | $22,091 | $15,008 | ' | ' | $275 | $275 | $275 |
Accrual_Detail_Schedule_of_Acc
Accrual Detail - Schedule of Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued expenses: | ' | ' |
Accrued payroll | $2,037 | $1,084 |
Accrued employee benefits | 24 | 261 |
Accrued bonuses | 1,998 | 1,838 |
Accrued vacation expense | 888 | 384 |
Accrued deferred interest income | ' | 33 |
Accrued insurance premiums | ' | 266 |
Accrued interest | 237 | 148 |
Accrued commissions | 532 | 617 |
Accrued expenses-other | 306 | 624 |
Accrued warranty | 1,070 | 988 |
Accrued income taxes | 473 | 1,160 |
Accrued taxes other than income taxes | 1,087 | 242 |
Accrued product Liability and workers compensation claims | 202 | 87 |
Accrued liability on forward currency exchange contracts | 40 | 13 |
Total accrued expenses | $8,894 | $7,745 |
Revolving_Term_Credit_Faciliti1
Revolving Term Credit Facilities and Debt - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing under credit facility | $64,000 |
Credit facility maturity date | 19-Aug-18 |
Credit facility fees and expenses | 1,088 |
U.S.Revolver [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing under credit facility | 40,000 |
Term Loan [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing under credit facility | 15,000 |
Canadian Revolver [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing under credit facility | $9,000 |
Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Fixed Charge Coverage ratio covenant | 1.25 |
Before December Thirty One Two Thousand Fourteen [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Total debt to Consolidated Adjusted EBITDA ratio covenant | 4 |
Before December Thirty One Two Thousand Fourteen [Member] | Maximum [Member] | Senior Secured First Lien [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Senior secured debt to Consolidated Adjusted EBITDA ratio covenant | 3.25 |
After December Thirty Two Thousand Fourteen [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Total debt to Consolidated Adjusted EBITDA ratio covenant | 3.75 |
After December Thirty Two Thousand Fourteen [Member] | Maximum [Member] | Senior Secured First Lien [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Senior secured debt to Consolidated Adjusted EBITDA ratio covenant | 3 |
Revolving_Term_Credit_Faciliti2
Revolving Term Credit Facilities and Debt - Additional Information - U.S.Revolver (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' |
Credit facility, maximum borrowing capacity | $64,000 |
U.S.Revolver [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Debt amount outstanding as of balance sheet date | 29,219 |
Credit facility, maximum borrowing capacity | 40,000 |
line of credit facility interest rate description | 'The base rate is the greater of the bank's prime rate, the federal funds rate plus 1.00% or the 30 day LIBOR rate Adjusted Daily plus 1.00%. |
Maximum amount available limited to sum of eligible receivables | 85.00% |
Percentage of maximum amount available is limited to sum of eligible inventory | 50.00% |
Inventory collateral limit | 18,000 |
Percentage of maximum amount available is limited to sum of used eligible used equipment purchased for resale or rent | 80.00% |
Used equipment purchased for resale or rent collateral limit | 2,000 |
Maximum the company could borrow based on available collateral | 34,744 |
Percentage of annual facility fee payable | 0.50% |
Unsecured guarantees allowed on CVS working capital financing | 9,000 |
Maximum loans or advances permitted to CVS or any other wholly-owned foreign subsidiaries | $6,500 |
U.S.Revolver [Member] | Base Rate [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 2.00% |
U.S.Revolver [Member] | LIBOR [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 3.00% |
U.S.Revolver [Member] | Minimum [Member] | Base Rate [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 1.63% |
U.S.Revolver [Member] | Minimum [Member] | LIBOR [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 2.27% |
U.S.Revolver [Member] | Maximum [Member] | Base Rate [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 2.25% |
U.S.Revolver [Member] | Maximum [Member] | LIBOR [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 3.25% |
Revolving_Term_Credit_Faciliti3
Revolving Term Credit Facilities and Debt - Additional Information - Canadian Revolver (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Canadian Revolver [Member] | Canadian Revolver [Member] | Us Prime Rate [Member] | Us Prime Rate [Member] | Us Prime Rate [Member] | Canadian Prime Rate [Member] | Canadian Prime Rate [Member] | Canadian Prime Rate [Member] |
USD ($) | Maximum [Member] | Canadian Revolver [Member] | Canadian Revolver [Member] | Canadian Revolver [Member] | Canadian Revolver [Member] | Canadian Revolver [Member] | Canadian Revolver [Member] | ||
CAD | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt owed as of balance sheet date | ' | $8,086 | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | 64,000 | 9,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of eligible accounts receivable | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Percentage of maximum amount available is limited to sum of eligible work in process | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' |
Inventory work in process collateral limit | ' | ' | 850 | ' | ' | ' | ' | ' | ' |
Percentage of maximum amount available is limited to sum of eligible inventory less work in process | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Inventory collateral limit | ' | ' | 5,500 | ' | ' | ' | ' | ' | ' |
Collateral based maximum borrowings | ' | $8,237 | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate spread over prime | ' | ' | ' | 0.00% | 0.00% | 0.25% | 0.25% | 0.00% | 0.75% |
Percentage of annual facility fee payable | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Revolving_Term_Credit_Faciliti4
Revolving Term Credit Facilities and Debt - Additional Information - Term Loan (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Debt repayment | $15,000 | ' |
Debt amount outstanding as of balance sheet date | 2,896 | 2,755 |
Term Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt repayment | 15,000 | ' |
Debt amount outstanding as of balance sheet date | $0 | ' |
Revolving_Term_Credit_Faciliti5
Revolving Term Credit Facilities and Debt - Additional Information - Specialized Export Facility (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | $64,000 |
Specialized Export Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | 3,000 |
Maximum borrowings as a percentage of total export related material and labor costs | 90.00% |
Collateral based maximum borrowings | 3,000 |
Debt instrument maturity date | 1-Jul-15 |
Repayment of advances, number of days due after shipment of goods | '60 days |
Repayment of advances, number of business days after borrower receives full payment for goods covered by guarantee | '5 days |
Debt owed as of balance sheet date | $2,707 |
Specialized Export Facility [Member] | Canada [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate on borrowings under line of credit facility | 3.50% |
Line of credit interest prime rate | 3.00% |
Spread over line of credit interest prime rate | 0.50% |
Specialized Export Facility [Member] | United States [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit interest prime rate | 3.25% |
Export Development Canada Guarantee [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Guarantee expiration date | 'July 1, 2015 |
Revolving_Term_Credit_Faciliti6
Revolving Term Credit Facilities and Debt - Additional Information - Note Payable Terex (Detail) (Terex Corporation Note Payable [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Payments | |
Terex Corporation Note Payable [Member] | ' |
Debt Instrument [Line Items] | ' |
Note payable | $750 |
Promissory note annual interest rate | 6.00% |
Debt instrument maturity date | 1-Mar-16 |
Remaining Principal Payments | 3 |
Remaining Principal Payments, description | 'Due on March 1, 2014, March 1, 2015 and March 1, 2016 |
Annual principal payments against note payable | 250 |
Option to pay annual principal payments in equity at market value | $150 |
Revolving_Term_Credit_Faciliti7
Revolving Term Credit Facilities and Debt - Additional Information - Load King Debt (Detail) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2011 | Dec. 31, 2013 |
Payments | ||
BED Mortgage [Member] | ' | ' |
Credit Facility [Line Items] | ' | ' |
Note payable | ' | $790 |
Number of interest and principal payment | 59 | ' |
Current monthly payment of Note Installments | 5 | ' |
Debt instrument mortgage amortization period | '240 months | ' |
Current debt instrument, interest rate | 3.00% | ' |
Criteria interest rate | 6.50% | ' |
Due date for unpaid principal and interest | 2-Nov-16 | ' |
Bank Mortgage [Member] | ' | ' |
Credit Facility [Line Items] | ' | ' |
Note payable | ' | 809 |
Number of interest and principal payment | 120 | ' |
Current monthly payment of Note Installments | 6 | ' |
Debt instrument mortgage amortization period | '240 months | ' |
Current debt instrument, interest rate | 6.00% | ' |
Due date for unpaid principal and interest | 2-Nov-21 | ' |
Debt instrument basis spread on 5 year treasury securities | 3.75% | ' |
Interest Rate Reset Date | 2-Nov-16 | ' |
Equipment [Member] | ' | ' |
Credit Facility [Line Items] | ' | ' |
Note payable | ' | 299 |
Number of interest and principal payment | 84 | ' |
Current monthly payment of Note Installments | $6 | ' |
Debt instrument mortgage amortization period | '84 months | ' |
Current debt instrument, interest rate | 6.25% | ' |
Debt instrument basis spread on 5 year treasury securities | 4.00% | ' |
Interest Rate Reset Date | 2-Nov-16 | ' |
Revolving_Term_Credit_Faciliti8
Revolving Term Credit Facilities and Debt - Additional Information - Sabre note payable (Detail) (Sabre [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Sabre [Member] | ' |
Credit Facility [Line Items] | ' |
Note payable | $20 |
Note payable interest rate | 11.80% |
Note payable maturity date | 1-Sep-14 |
Monthly repayment of debt | $1 |
Revolving_Term_Credit_Faciliti9
Revolving Term Credit Facilities and Debt - Additional Information - CVS Working Capital Borrowings (Detail) (CVS Working Capital [Member]) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | |
Bank | ||
Line of Credit Facility [Line Items] | ' | ' |
Number of Italian banks | 10 | 10 |
Line of credit advances unsecured | $186 | € 135 |
Additional Line of credit advances against orders, invoices and letters of credit | 11,382 | 8,258 |
Maximum amount available limited to the sum of eligible receivables | 80.00% | 80.00% |
Maximum amount available limited to order/contract issued | 50.00% | 50.00% |
Note payable | 6,526 | 4,735 |
Borrowing facility interest rate, minimum | 2.12% | 2.12% |
Borrowing facility interest rate, maximum | 5.97% | 5.97% |
Credit facilities guaranteed by parent | 7,204 | 5,193 |
Guaranteed debt | 5,380 | 3,093 |
Performance bonds guaranteed | $748 | € 543 |
Recovered_Sheet1
Revolving Term Credit Facilities and Debt - Additional Information - Acquisition Note Valla (Detail) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 |
USD ($) | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | |
USD ($) | EUR (€) | Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||
Installment | USD ($) | USD ($) | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Stated interest rate of notes payable | ' | 5.00% | ' | ' | ' |
Note payable | ' | $200 | ' | ' | ' |
Annual principal payments against note payable | ' | ' | ' | 100 | 100 |
Number of installments | ' | 2 | ' | ' | ' |
Fair value discounted rate | 1.50% | 1.50% | ' | ' | ' |
Net amortized value of promissory note | 28 | 28 | ' | ' | ' |
Remaining principal amount | $228 | $228 | € 165 | ' | ' |
Leases_Additional_Information_
Leases - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Other Operating Leases [Member] | Other Operating Leases [Member] | Other Operating Leases [Member] | Other Operating Leases [Member] | Other Operating Leases [Member] | Equipment [Member] | Other Capital Lease [Member] | Italian Facility [Member] | Italian Facility [Member] | Georgetown facility [Member] | Georgetown facility [Member] | Winona facility [Member] | Woodbridge Crossing [Member] | Woodbridge Crossing [Member] | Woodbridge Crossing [Member] | Bridgeview Facility [Member] | Bridgeview Facility [Member] | Bridgeview Facility [Member] | Knox [Member] | Knox [Member] | Via Piacenza [Member] | |
USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Operating Lease One [Member] | Operating Lease Two [Member] | USD ($) | |
USD ($) | USD ($) | Lease | sqft | sqft | USD ($) | USD ($) | |||||||||||||||
Period | |||||||||||||||||||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Expiry Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018-04-30 | ' | '2014-07-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Payments Monthly Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $74 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding capital lease obligation | ' | ' | ' | ' | ' | ' | 133 | ' | ' | 2,681 | ' | 637 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases purchase price of leased asset at option of lessee | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity of New Equipment | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity of Used Equipment | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease repayment period of New Equipment | ' | ' | ' | ' | ' | '60 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease repayment period of Used Equipment | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional small capital lease | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain of Sales and Leaseback Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,648 | 2,028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual amortization of deferred gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Nov-14 | ' | ' | 30-Jun-16 | ' | ' | 19-Aug-20 | ' | 30-Nov-19 |
Lease Payments Monthly Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | 21 | ' | ' | ' | ' | ' |
Operating Lease Rent Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 489 | 483 | 492 | 251 | 247 | 240 | 11 | 3 | ' |
Additional Lease Renew Period | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Area of property | ' | ' | ' | ' | ' | ' | ' | 103,000 | 103,000 | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' |
Percentage of increase in annual rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 2.00% | ' | ' |
Written notice period for purchase of building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' |
Lease Renewal Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Lease Extension Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '5 years | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years |
Percentage of secured mortgage on purchase price | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rent | ' | ' | ' | ' | ' | ' | ' | 466 | 360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment to purchase building | ' | ' | ' | ' | ' | ' | ' | ' | 9,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease execution date | ' | ' | ' | ' | ' | ' | ' | '2011-06-30 | '2011-06-30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conditional Commitment Date | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum period before early termination of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years |
Advanced notice required for early termination of lease. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days |
Operating Lease Annual Rent for First year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86 |
Operating Lease Annual Rent for Second year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 |
Operating Lease Annual Rent for Third year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103 |
Percentage of ISTAT - an Italian price index, annual rents are allowed to increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% |
Operating equipment leases, monthly payments | ' | ' | ' | 1 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional leases rent expense, total | $138 | $272 | $199 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Latest lease expiration date | '2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_Summary_of_Inventory_He
Leases - Summary of Inventory Held For Sale Financed Capital Leases-Equipment (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Capital Leased Assets [Line Items] | ' |
Amount Borrowed | $1,979 |
Amount of Monthly Payment | 57 |
Balance As of December 31, 2013 | 1,345 |
New Equipment [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Amount Borrowed | 225 |
Repayment Period | '60 months |
Amount of Monthly Payment | 4 |
Balance As of December 31, 2013 | 155 |
Used Equipment [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Amount Borrowed | 1,754 |
Repayment Period | '36 months |
Amount of Monthly Payment | 53 |
Balance As of December 31, 2013 | $1,190 |
Leases_Schedule_of_Future_Mini
Leases - Schedule of Future Minimum Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $1,486 |
2015 | 885 |
2016 | 878 |
2017 | 304 |
2018 | 16 |
Subsequent | ' |
Total Minimum Lease Payments | 3,569 |
2014 | 2,320 |
2015 | 1,306 |
2016 | 1,307 |
2017 | 607 |
2018 | 607 |
Subsequent | ' |
Total Minimum Lease Payments | 6,147 |
Less: imputed interest | -1,351 |
Present value of minimum lease payment | $4,796 |
Leases_Schedule_of_Capital_Ite
Leases - Schedule of Capital Item (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Leased Assets [Line Items] | ' | ' | ' |
Depreciation Expense | $1,627 | $1,401 | $1,284 |
Buildings [Member] | Georgetown facility [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Cost | 4,913 | 4,913 | ' |
Accumulated Depreciation | 3,114 | 2,699 | ' |
Depreciation Expense | 35 | 35 | ' |
Interest Expense | 457 | 495 | ' |
Land, Buildings and Improvements [Member] | Winona facility [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Cost | 1,700 | 1,700 | ' |
Accumulated Depreciation | 254 | 198 | ' |
Depreciation Expense | 57 | 57 | ' |
Interest Expense | 47 | 62 | ' |
Other Property Plant And Equipment [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Cost | 178 | 51 | ' |
Accumulated Depreciation | 39 | 25 | ' |
Depreciation Expense | 14 | 7 | ' |
Interest Expense | 3 | 2 | ' |
Property, Plan or Equipment Capital Lease [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Cost | 6,791 | 6,664 | ' |
Accumulated Depreciation | 3,407 | 2,922 | ' |
Depreciation Expense | 106 | 99 | ' |
Interest Expense | $507 | $559 | ' |
Income_Taxes_Schedule_of_Compa
Income Taxes - Schedule of Company's Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income taxes: | ' | ' | ' |
Domestic | $14,659 | $11,316 | $3,460 |
Foreign | -212 | 582 | 753 |
Income before income taxes | $14,447 | $11,898 | $4,213 |
Income_Taxes_Schedule_of_Compa1
Income Taxes - Schedule of Company's Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provision (benefit) for income taxes: | ' | ' | ' |
Deferred - Total | ($168) | $181 | $1,089 |
Total provision for income taxes | 4,269 | 3,821 | 1,433 |
Other Liability [Member] | ' | ' | ' |
Provision (benefit) for income taxes: | ' | ' | ' |
Current - Federal | 4,246 | 2,784 | -35 |
Current - State and local | 50 | 227 | 52 |
Current - Foreign | 132 | 535 | 332 |
Current - Total | 4,428 | 3,546 | 349 |
Deferred - Federal | -94 | 670 | 1,077 |
Deferred - State and local | 64 | -378 | -7 |
Deferred - Foreign | -129 | -18 | 14 |
Deferred - Total | -159 | 274 | 1,084 |
Total provision for income taxes | $4,269 | $3,820 | $1,433 |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Accrued expenses and other liabilities | $1,132 | $1,166 |
Net operating losses | 139 | ' |
Long-term: | ' | ' |
Other liabilities | 458 | 455 |
Deferred gain | 594 | 703 |
State net operating loss carryforwards | ' | 7 |
Tax credit carryforwards | 847 | 883 |
Unrealized foreign currency loss | 219 | 211 |
Total deferred tax asset | 3,389 | 3,425 |
Valuation allowance | ' | ' |
Total deferred tax asset net of valuation allowance | 3,389 | 3,425 |
Long-term: | ' | ' |
Property, plant and equipment | 558 | 542 |
Intangibles | 3,516 | 3,727 |
Total deferred tax liability | 4,074 | 4,269 |
Net deferred tax liability | ($685) | ($844) |
Income_Taxes_Summary_of_Effect
Income Taxes - Summary of Effective Tax Rate Before Income Taxes Varies from Current US Federal Statutory Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Statutory rate | 35.00% | 34.00% |
State and local taxes | 0.72% | 0.39% |
Permanent differences | -3.08% | -2.42% |
Tax credits | -3.59% | -3.34% |
Foreign operations | 0.54% | 2.69% |
Uncertain tax positions | -0.47% | 1.23% |
Other | 0.43% | -0.44% |
Effective Income Tax Rate, Continuing Operations, Total | 29.55% | 32.11% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Taxes Disclosure [Line Items] | ' |
Accrued interest | 44 |
Minimum [Member] | ' |
Income Taxes Disclosure [Line Items] | ' |
Income tax examination period | '2010 |
Maximum [Member] | ' |
Income Taxes Disclosure [Line Items] | ' |
Income tax examination period | '2013 |
General Business Tax Credit Carryforward [Member] | ' |
Income Taxes Disclosure [Line Items] | ' |
Texas Temporary Margin Tax subject to certain annual limitations | 1,300 |
Texas Temporary Margin Tax Credit that may be utilized | 31-Dec-26 |
Deferred tax asset, net of federal tax impact | 847 |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Balance | $335 | $152 |
Increases in tax positions for prior years | 93 | 219 |
Decreases in tax positions for prior years | -178 | -36 |
Settlements | ' | ' |
Balance | $250 | $335 |
Supplemental_Cash_Flow_Disclos2
Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 18-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-Cash Transactions: | ' | ' | ' | ' |
Acquisition deferred payments-CVS | ' | ' | ' | $85 |
Capital leases | ' | 813 | 1,166 | ' |
Issuance of stock in connection with a Sabre acquisition (see Note 20) | ' | 1,000 | 200 | ' |
Issuance of stock in connection with a cashless warrant exercise | ' | ' | 986 | ' |
Repurchase of stock in connections with cashless warrant exercise | -754 | ' | -754 | ' |
Transfer of warrant to capital stock upon exercise of cashless warrant | -232 | ' | -232 | ' |
Legal settlement (see Note 25) | ' | ' | ' | 1,183 |
CVS SpA [Member] | ' | ' | ' | ' |
Non-Cash Transactions: | ' | ' | ' | ' |
Acquisition note | ' | ' | ' | 2,870 |
Deck Crane Assets [Member] | ' | ' | ' | ' |
Non-Cash Transactions: | ' | ' | ' | ' |
Issuance of stock in connection with a Sabre acquisition (see Note 20) | ' | ' | 200 | ' |
Sabre Acquisition [Member] | ' | ' | ' | ' |
Non-Cash Transactions: | ' | ' | ' | ' |
Issuance of stock in connection with a Sabre acquisition (see Note 20) | ' | 1,000 | ' | ' |
Valla SpA [Member] | ' | ' | ' | ' |
Non-Cash Transactions: | ' | ' | ' | ' |
Valla working capital | ' | 2,173 | ' | ' |
Valla Asset Purchase [Member] | ' | ' | ' | ' |
Non-Cash Transactions: | ' | ' | ' | ' |
Acquisition note | ' | 228 | ' | ' |
Contingent consideration | ' | $250 | ' | ' |
401k_Profit_Sharing_Plan_Addit
401(k) Profit Sharing Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Postemployment Benefits [Abstract] | ' | ' |
Matching contributions percentage | 3.00% | ' |
Amount paid in matching contributions by the company | $271 | $187 |
Minimum age requirement for participate defined contribution plan | '21 years | ' |
Accrued_Warranties_Summary_of_
Accrued Warranties - Summary of Changes in Product Warranty Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Product Warranties Disclosures [Abstract] | ' | ' |
Beginning Balance | $988 | $698 |
Business Acquired | 10 | ' |
Accrual for warranties issued during the year | 2,358 | 2,270 |
Warranty services provided | -2,260 | -1,981 |
Changes in estimates | -23 | ' |
Foreign currency translation | -3 | 1 |
Ending Balance | $1,070 | $988 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating business segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Net Revenue | $65,431 | $57,521 | $62,554 | $59,566 | $56,524 | $53,380 | $52,496 | $42,849 | $245,072 | $205,249 | $142,291 |
Long-Lived Assets | 6,069 | ' | ' | ' | 46,727 | ' | ' | ' | 6,069 | 46,727 | ' |
Foreign Operation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 95,205 | 90,691 | 66,864 |
Long-Lived Assets | $8,752 | ' | ' | ' | $5,145 | ' | ' | ' | $8,752 | $5,145 | ' |
Segment_Information_Financial_
Segment Information - Financial Information for Two Operating Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $65,431 | $57,521 | $62,554 | $59,566 | $56,524 | $53,380 | $52,496 | $42,849 | $245,072 | $205,249 | $142,291 |
Operating Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 17,538 | 14,459 | 6,601 |
Total Assets | 182,730 | ' | ' | ' | 151,504 | ' | ' | ' | 182,730 | 151,504 | 121,591 |
Operating Segments [Member] | Lifting Equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 228,772 | 188,792 | 130,330 |
Operating Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 23,311 | 19,880 | 11,069 |
Total Assets | 170,808 | ' | ' | ' | 143,749 | ' | ' | ' | 170,808 | 143,749 | 114,133 |
Operating Segments [Member] | Equipment Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,951 | 17,090 | 11,986 |
Operating Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 628 | 222 | 64 |
Total Assets | 10,847 | ' | ' | ' | 7,562 | ' | ' | ' | 10,847 | 7,562 | 7,333 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Earnings | ' | ' | ' | ' | ' | ' | ' | ' | -6,391 | -5,613 | -4,532 |
Total Assets | 1,075 | ' | ' | ' | 193 | ' | ' | ' | 1,075 | 193 | 125 |
Inter-segment elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -651 | -633 | -25 |
Operating Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ($10) | ($30) | ' |
Segment_Information_Summary_of
Segment Information - Summary of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Foreign currency translation | $37 | $16 | ' |
Balance January 1 and December 31 | 22,366 | 15,283 | 15,267 |
Sabre [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance January 1 and December 31 | 4,577 | ' | ' |
Lifting Equipment [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Beginning balance | 15,008 | 14,992 | ' |
Foreign currency translation | 37 | 16 | ' |
Ending balance | 22,091 | 15,008 | ' |
Balance January 1 and December 31 | 22,091 | 15,008 | 14,992 |
Lifting Equipment [Member] | Sabre [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill related to acquisition | 4,592 | ' | ' |
Lifting Equipment [Member] | Valla SpA [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill related to acquisition | 2,454 | ' | ' |
Equipment Distribution [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance January 1 and December 31 | $275 | $275 | $275 |
Segment_Information_Summary_of1
Segment Information - Summary of External Revenues and Long Lived Assets by Country (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $65,431 | $57,521 | $62,554 | $59,566 | $56,524 | $53,380 | $52,496 | $42,849 | $245,072 | $205,249 | $142,291 |
Long-Lived Assets | 6,069 | ' | ' | ' | 46,727 | ' | ' | ' | 6,069 | 46,727 | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 149,867 | 114,558 | 75,427 |
Long-Lived Assets | 5,194 | ' | ' | ' | 41,582 | ' | ' | ' | 5,194 | 41,582 | ' |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 44,568 | 55,540 | 30,771 |
Long-Lived Assets | 92 | ' | ' | ' | 788 | ' | ' | ' | 92 | 788 | ' |
Italy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8,230 | 11,700 | 15,861 |
Long-Lived Assets | 782 | ' | ' | ' | 4,357 | ' | ' | ' | 782 | 4,357 | ' |
Turkey [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,280 | ' | ' |
Peru [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,849 | ' | ' |
South Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,651 | ' | ' |
Egypt [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,285 | ' | ' |
Australia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3,213 | ' |
Korea [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,810 | 3,398 |
Russia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,623 | 2,189 | 1,369 |
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,246 | 2,041 | 984 |
Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,096 | 1,867 | 1,296 |
Czech Republic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,804 | 1,484 | ' |
Brazil [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,205 | 1,443 |
France [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 810 | 4,647 |
United Arab Emirates [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,297 | 152 | 1,931 |
Venezuela [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 407 | 1,188 | 473 |
Switzerland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 1,134 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $12,865 | $6,470 | $3,557 |
Asset_Purchases_Additional_Inf
Asset Purchases - Additional Information - Valla Asset Purchase (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 |
USD ($) | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |
T | lb | T | lb | USD ($) | EUR (€) | Legal and Accounting Fees [Member] | Valuation Service [Member] | Maximum [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | ||||
Installment | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lifting Capacities | ' | ' | ' | 2 | 18,000 | 90 | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | ' | ' | ' | ' | ' | ' | $200 | ' | ' | ' | ' | ' | ' |
Annual principal payments against note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 |
Stated interest rate of notes payable | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Contingent consideration of notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Number of installments | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Fair value of promissory note | 228 | ' | ' | ' | ' | ' | ' | 228 | 165 | ' | ' | ' | ' | ' |
Risk rate of promissory note | 1.50% | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' |
Difference between face amount and fair value of promissory note | 28 | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' |
Contingent consideration, description | 'The agreement has a contingent consideration provision which provides the seller to receive an annual payment equal to 10% of net income for the next eight years, with a maximum annual payment of $125. If 10% of a yearbs net income exceeds $125, the excess amounts will be carried over to future years. Any carryovers not paid out after eight years will be forfeited. The agreement has no provision for a carryback for excess earnings in a year. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration provision as a percentage of net income | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration provision payment period | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration provision maximum annual payment | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Probability weighted average earn out | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the contingent consideration | 250 | ' | ' | ' | ' | ' | ' | 250 | 183 | ' | ' | ' | ' | ' |
Goodwill | 22,366 | 15,283 | 15,267 | ' | ' | ' | ' | 2,434 | 1,780 | ' | ' | ' | ' | ' |
Acquisition transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42 | $15 | ' | ' | ' |
Asset_Purchases_Valla_Asset_Pu
Asset Purchases - Valla Asset Purchase - Schedule of Fair Value of Purchase Consideration (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] |
USD ($) | EUR (€) | ||
Business Acquisition [Line Items] | ' | ' | ' |
Seller note | $228 | $228 | € 165 |
Contingent consideration | 250 | 250 | 183 |
Total purchase consideration | ' | $478 | € 348 |
Asset_Purchases_Valla_Asset_Pu1
Asset Purchases - Valla Asset Purchase - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] |
USD ($) | EUR (€) | ||||
Purchase price allocation: | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | $999 | € 730 |
Inventory | ' | ' | ' | 1,193 | 872 |
Prepaids | ' | ' | ' | 41 | 29 |
Property and equipment | ' | ' | ' | 212 | 155 |
Trade names and trademarks | ' | ' | ' | 547 | 400 |
Unpatented technology | ' | ' | ' | 588 | 430 |
Customer relationships | ' | ' | ' | 273 | 200 |
Goodwill | 22,366 | 15,283 | 15,267 | 2,434 | 1,780 |
Accounts payable | ' | ' | ' | -2,658 | -1,944 |
Working capital borrowings | ' | ' | ' | -2,173 | -1,589 |
Accrued expenses | ' | ' | ' | -978 | -715 |
Net assets acquired | ' | ' | ' | $478 | € 348 |
Asset_Purchases_Additional_Inf1
Asset Purchases - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 03, 2012 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Sabre [Member] | Sabre [Member] | Sabre [Member] | Sabre [Member] | SL Industries, Ltd [Member] | SL Industries, Ltd [Member] | |||
Legal Fees [Member] | Accounting Services Fees [Member] | Consulting Fees [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of purchase consideration | ' | ' | ' | $14,000 | ' | ' | ' | ' | $545 |
Fair value of stock consideration | ' | ' | ' | 1,000 | ' | ' | ' | ' | 200 |
Goodwill | 22,366 | 15,283 | 15,267 | 4,577 | ' | ' | ' | ' | ' |
Acquisition transaction costs | ' | ' | ' | ' | $93 | $68 | $37 | ' | ' |
Stock issued in connection with asset purchase - Shares | ' | ' | ' | ' | ' | ' | ' | 29,112 | ' |
Asset_Purchases_Sabre_Asset_Pu
Asset Purchases - Sabre Asset Purchase - Schedule of Fair Value of Purchase Consideration (Detail) (Sabre Acquisition [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Sabre Acquisition [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash | $13,000 |
87,928 shares of Manitex International, Inc. common stock | 1,000 |
Total purchase consideration | $14,000 |
Asset_Purchases_Sabre_Asset_Pu1
Asset Purchases - Sabre Asset Purchase - Schedule of Fair Value of Purchase Consideration (Parenthetical) (Detail) (Sabre Acquisition [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Sabre Acquisition [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of shares of Manitex International for Acquisition | 87,928 |
Asset_Purchases_Sabre_Asset_Pu2
Asset Purchases - Sabre Asset Purchase - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Purchase price allocation: | ' | ' | ' |
Goodwill | $22,366 | $15,283 | $15,267 |
Sabre Acquisition [Member] | ' | ' | ' |
Purchase price allocation: | ' | ' | ' |
Accounts receivable | 1,148 | ' | ' |
Receivable due from seller | 467 | ' | ' |
Inventory | 1,497 | ' | ' |
Total fixed assets | 1,431 | ' | ' |
Non-competition agreements | 50 | ' | ' |
Customer relationships | 5,200 | ' | ' |
Trade name and trademarks | 1,200 | ' | ' |
Goodwill | 4,577 | ' | ' |
Accounts payable | -730 | ' | ' |
Accrued expenses | -226 | ' | ' |
Customer deposits | -467 | ' | ' |
Debt and Capital lease obligations | -147 | ' | ' |
Net assets acquired | $14,000 | ' | ' |
Asset_Purchases_Schedule_of_Pr
Asset Purchases - Schedule of Pro Forma Results of Acquisition (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Net revenues | $264,242 | $260,441 |
Net income | $10,586 | $10,013 |
Income per share | ' | ' |
Basic | $0.83 | $0.83 |
Diluted | $0.83 | $0.83 |
Weighted average common shares outstanding: | ' | ' |
Basic | 12,726,853 | 12,036,284 |
Diluted | 12,773,213 | 12,045,386 |
Asset_Purchases_Additional_Inf2
Asset Purchases - Additional Information - Pro Forma Adjustment Note (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' |
Additional amortization expense | $359 | $515 |
Additional interest expense | 354 | 555 |
Increase (Decrease) in depreciation expense | -116 | 18 |
Increase (Decrease) in acquisition cost | -256 | 256 |
Decrease in tax expense | -106 | -300 |
Sabre Acquisition [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Provision for Income taxes | 838 | 1,308 |
Valla Asset Purchase [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Provision for Income taxes | $549 | ' |
Asset_Purchases_Total_Consider
Asset Purchases - Total Consideration for Acquired Assets (Detail) (SL Industries, Ltd [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
SL Industries, Ltd [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Total Consideration per Purchase Agreement | $545 |
Less: non cash consideration | -200 |
Cash consideration | 345 |
Purchase price allocation | ' |
Inventory | 206 |
Unpatented technology | 339 |
Net assets acquired | $545 |
Equity_Additional_Information_
Equity - Additional Information - Stock Warrants (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
18-May-12 | Nov. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 18, 2011 | Dec. 31, 2013 | Jun. 18, 2007 | Nov. 15, 2011 | Nov. 15, 2006 | 18-May-12 | Nov. 15, 2011 | Dec. 31, 2013 | Sep. 11, 2007 | 18-May-12 | Nov. 15, 2011 | Nov. 15, 2006 | Dec. 31, 2011 | Dec. 31, 2007 | Nov. 15, 2011 | Nov. 15, 2006 | Dec. 31, 2011 | Dec. 31, 2007 | |
Hayden Communications Inc [Member] | Hayden Communications Inc [Member] | Hayden Communications Inc [Member] | Roth Capital Partners LLC [Member] | Roth Capital Partners LLC [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | ||||||
Roth Capital Partners LLC [Member] | Roth Capital Partners LLC [Member] | ||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,500 | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Sep-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.18 | 7.18 | ' | 4.05 | ' | ' | ' | 4.25 | ' | ' |
Value of shares repurchased and cancelled | $754,000 | ' | ' | $754,000 | ' | ' | ' | ' | ' | ' | $754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average closing price for the five days | $9.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares surrendered | 77,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Net of Repurchases | 27,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised | 105,000 | ' | ' | 105,000 | 266,568 | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | 191,199 | ' | 191,199 | 100,000 | 75,369 | ' | ' | 346,000 |
Warrants to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000 | ' | ' | ' | 550,000 | ' | ' |
Warrants expired | ' | ' | ' | ' | ' | ' | ' | ' | 192,500 | ' | ' | ' | ' | ' | ' | ' | ' | 258,801 | ' | ' | ' | 128,631 | ' |
Warrant expiration date | ' | ' | ' | ' | ' | ' | 18-Jun-11 | 15-Jun-11 | 15-Nov-11 | ' | ' | ' | ' | ' | ' | ' | 15-Nov-11 | ' | ' | ' | 15-Nov-11 | ' | ' |
Exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants cancelled | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | 579,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in paid in capital due to cancellation of warrants | ' | $1,098 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Additional_Information_1
Equity - Additional Information - Stock Warrants - Hayden Communications 2007 (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 18, 2007 | Dec. 31, 2013 |
Hayden Communications Inc [Member] | Hayden Communications Inc [Member] | |||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Price per share on exercise of warrants | ' | ' | ' | ' | $7.08 | ' |
Number of Warrant Shares | ' | ' | 105,000 | 966,500 | 15,000 | ' |
Agreed period of service | ' | ' | ' | ' | '1 year | ' |
Shares per warrant | ' | ' | ' | ' | 1 | ' |
Warrants exercisable date | ' | ' | ' | ' | 15-Jun-08 | ' |
Warrant expiration date | ' | ' | ' | ' | 15-Jun-11 | 18-Jun-11 |
Equity_Summary_of_Warrants_Iss
Equity - Summary of Warrants Issued and Outstanding (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Placement Agent Fee [Member] | Placement Agent Fee [Member] | Placement Agent Fee [Member] | |||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Warrants Shares | ' | ' | 105,000 | 966,500 | ' | ' | 105,000 |
Exercise Price | ' | ' | ' | ' | ' | ' | $7.18 |
Expiration Date | ' | ' | ' | ' | 11-Sep-12 | ' | ' |
Reason for Issuance | ' | ' | ' | ' | 'Placement Agent Fee | ' | ' |
Equity_Schedule_of_Warrants_De
Equity - Schedule of Warrants (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
18-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Outstanding on January 1 | ' | ' | 105,000 | 966,500 |
Exercised | -105,000 | ' | -105,000 | -266,568 |
Cancelled (expired) | ' | ' | ' | -594,932 |
Outstanding on December 31 | ' | ' | ' | 105,000 |
Outstanding on January 1 | ' | ' | $7.18 | ' |
Exercised | ' | ' | $7.18 | ' |
Cancelled (expired) | ' | ' | ' | ' |
Outstanding on December 31 | ' | ' | ' | $7.18 |
Weighted average exercise price | ' | ' | ' | ' |
Weighted average remaining life of warrants at December 31 | ' | ' | ' | '8 months 5 days |
Minimum [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Outstanding on January 1 | ' | ' | ' | $4.05 |
Exercised | ' | ' | ' | $4.05 |
Cancelled (expired) | ' | ' | ' | $4.05 |
Maximum [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Outstanding on January 1 | ' | ' | ' | $7.18 |
Exercised | ' | ' | ' | $4.25 |
Cancelled (expired) | ' | ' | ' | $7.08 |
Equity_Additional_Information_2
Equity - Additional Information - Stock Issuance - Sabre (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2012 | Nov. 15, 2011 | Aug. 19, 2013 |
Sabre Acquisition [Member] | |||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Shares of common stock issued | 13,801,277 | 12,268,443 | 500,000 | 266,568 | 87,928 |
Equity_Summary_of_Stock_Issuan
Equity - Summary of Stock Issuances (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | 69,906 | 30,351 | 22,927 |
Value of Shares Issued | $625 | $226 | $109 |
Employees [Member] | March 08, 2013 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | 27,436 | ' | ' |
Value of Shares Issued | 288 | ' | ' |
Employees [Member] | March 21, 2012 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | 12,051 | ' |
Value of Shares Issued | ' | 94 | ' |
Employees [Member] | January 1, 2011 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | ' | 10,000 |
Value of Shares Issued | ' | ' | 38 |
Employees [Member] | March 31, 2011 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | ' | 1,360 |
Value of Shares Issued | ' | ' | 6 |
Director [Member] | September 12, 2013 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | 1,667 | ' | ' |
Value of Shares Issued | 19 | ' | ' |
Director [Member] | December 31, 2013 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | 40,803 | ' | ' |
Value of Shares Issued | 318 | ' | ' |
Director [Member] | March 21, 2012 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | 6,600 | ' |
Value of Shares Issued | ' | 52 | ' |
Director [Member] | December 31, 2012 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | 11,700 | ' |
Value of Shares Issued | ' | 80 | ' |
Director [Member] | March 15, 2011 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | ' | 6,617 |
Value of Shares Issued | ' | ' | 37 |
Director [Member] | December 31, 2011 [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Issued | ' | ' | 4,950 |
Value of Shares Issued | ' | ' | $28 |
Equity_Issued_Shares_of_Common
Equity - Issued Shares of Common Stock in Connection with Cashless Exercise of Warrant (Detail) (USD $) | 18-May-12 |
Equity [Abstract] | ' |
Shares Issued | 105,000 |
Shares Repurchased | 77,071 |
Share Net of Repurchases | 27,929 |
Repurchase Price | $9.78 |
Equity_Additional_Information_3
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | 18-May-12 | Nov. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 17, 2012 | Nov. 15, 2011 | Dec. 31, 2011 | Dec. 31, 2007 | Nov. 15, 2011 | Dec. 31, 2007 | 18-May-12 | Oct. 03, 2012 | 18-May-12 |
Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Repurchased Equity [Member] | Executive Officer [Member] | Private Placement [Member] | |||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Value of shares repurchased during cashless exercise | ' | ' | $13,927 | $3,781 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $724 |
Transfer of warrant to capital stock upon excise of cashless warrant | 232 | ' | ' | 232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Difference in repurchase charge to retained earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' |
Repurchase Price | $9.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.78 | ' | ' |
Price of share original issue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,390 |
Value of shares repurchased and canceled in a cashless exercise | 754 | ' | ' | 754 | ' | ' | ' | ' | ' | ' | ' | 754 | ' | ' |
Shares Repurchased | 77,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,071 | ' | ' |
Shares of common stock issued | ' | 266,568 | 13,801,277 | 12,268,443 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised | 105,000 | ' | ' | 105,000 | 266,568 | ' | 191,199 | 191,199 | 100,000 | 75,369 | 346,000 | ' | ' | ' |
Increase in common stock due to exercise of warrants | ' | 1,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received upon exercise of warrants | ' | 1,095 | ' | ' | 1,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of exercised warrants determined upon issuance | ' | 459 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued in connection with asset purchase - Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,112 | ' |
Stock issued in connection with asset purchase - Value | ' | ' | $1,000 | $200 | ' | ' | ' | ' | ' | ' | ' | ' | $200 | ' |
Equity_Additional_Information_4
Equity - Additional Information - Stock Offering (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 12, 2012 | Nov. 15, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 25, 2013 |
Subscription Agreement [Member] | Placement Agreement [Member] | Placement Agreement [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 500,000 | 13,801,277 | 12,268,443 | ' | 266,568 | 1,375,000 | ' | ' |
Common stock, par value | $0 | ' | ' | ' | ' | $0 | ' | ' |
Purchase price per share | $8.25 | ' | ' | ' | ' | $10.75 | ' | ' |
Total purchase price, under subscription agreement | $4,125 | ' | ' | ' | ' | $14,781 | ' | ' |
Stock Issuance costs as a percentage of gross proceeds | ' | ' | ' | 5.25% | ' | ' | ' | 5.25% |
Investment banking fees | 217 | ' | ' | ' | ' | ' | 776 | ' |
Legal fees and expenses | 127 | ' | ' | ' | ' | ' | 78 | ' |
Net cash proceeds to repay debt | $3,781 | ' | ' | ' | ' | $13,927 | ' | ' |
Equity_Summary_of_Common_Stock
Equity - Summary of Common Stock Repurchases (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
December 31, 2013 [Member] | January 1, 2011 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | ' | ' |
Shares Purchased to cover payroll obligations | 4,414 | 3,065 |
Closing Price on Date of Purchase | $15.88 | $3.85 |
Equity_Additional_Information_5
Equity - Additional Information - Warrants Cashless Exercise (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 18-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' | ' |
Warrants exercised | 105,000 | ' | 105,000 | 266,568 |
Repurchase share in connection with cashless warrant exercise, shares | 77,071 | ' | ' | ' |
Amount transferred from warrants on exercise | $754 | ' | $754 | ' |
Equity_Additional_Information_6
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 15, 2008 | Apr. 15, 2008 | Apr. 15, 2008 | Apr. 15, 2008 | |
Stock options [Member] | Restricted stock [Member] | Stock appreciation rights [Member] | Performance shares [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | ||||
2014 [Member] | 2015 [Member] | 2016 [Member] | Amended And Restated 2004 Equity Incentive Plan [Member] | Amended And Restated 2004 Equity Incentive Plan [Member] | Amended And Restated 2004 Equity Incentive Plan [Member] | Amended And Restated 2004 Equity Incentive Plan [Member] | |||||||||||
March 31, 2009 [Member] | March 31, 2010 [Member] | March 31, 2011 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares of common stock reserved for issuance | 917,046 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares eligible under share based compensation plan by individual within a year | ' | ' | ' | 15,000 | 20,000 | 20,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units | 114,821 | 135,001 | 26,667 | ' | ' | ' | ' | 114,821 | 135,001 | 26,667 | ' | ' | ' | 4,000 | ' | ' | ' |
Vesting Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The employee restricted stock units will vest 33%, 33% and 34% on March 31, 2009, 2010, and 2011 respectively. | ' | ' | ' |
Employee restricted stock units vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | 33.00% | 34.00% |
Restricted stock units awarded | $1,578 | $986 | $131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,000 | ' | ' | ' |
Restricted stock units awarded value, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.55 | ' | ' | ' |
Compensation expense related to restricted stock units | ' | ' | ' | ' | ' | ' | ' | $445,000 | $132,000 | $103,000 | $675,000 | $604,000 | $370,000 | ' | ' | ' | ' |
Equity_Summary_of_Restricted_S
Equity - Summary of Restricted Stock Units Awarded (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | 114,821 | 135,001 | 26,667 |
Value of Restricted Stock Units Issued | $1,578 | $986 | $131 |
Number of Restricted Stock Units | 69,906 | 30,351 | 19,862 |
March 08, 2013 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | 40,836 | ' | ' |
Closing Price on Date of Grant | $10.51 | ' | ' |
Value of Restricted Stock Units Issued | 429 | ' | ' |
March 08, 2013 [Member] | Vesting Date 1 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'March 21, 2012 | ' | ' |
Number of Restricted Stock Units | 27,436 | ' | ' |
March 08, 2013 [Member] | Vesting Date 2 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'December 31, 2013 | ' | ' |
Number of Restricted Stock Units | 6,600 | ' | ' |
March 08, 2013 [Member] | Vesting Date 3 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'December 31, 2014 | ' | ' |
Number of Restricted Stock Units | 6,800 | ' | ' |
June 05, 2013 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | 3,425 | ' | ' |
Closing Price on Date of Grant | $10.45 | ' | ' |
Value of Restricted Stock Units Issued | 36 | ' | ' |
June 05, 2013 [Member] | Vesting Date 1 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'June 5, 2014 | ' | ' |
Number of Restricted Stock Units | 1,141 | ' | ' |
June 05, 2013 [Member] | Vesting Date 2 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'June 15, 2015 | ' | ' |
Number of Restricted Stock Units | 1,142 | ' | ' |
June 05, 2013 [Member] | Vesting Date 3 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'June 5, 2016 | ' | ' |
Number of Restricted Stock Units | 1,142 | ' | ' |
September 12, 2013 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | 1,667 | ' | ' |
Closing Price on Date of Grant | $11.19 | ' | ' |
Value of Restricted Stock Units Issued | 19 | ' | ' |
Vesting Date | 'September 21, 2013 | ' | ' |
Number of Restricted Stock Units | 1,667 | ' | ' |
December 31, 2013 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | 68,893 | ' | ' |
Closing Price on Date of Grant | $15.88 | ' | ' |
Value of Restricted Stock Units Issued | 1,094 | ' | ' |
December 31, 2013 [Member] | Vesting Date 1 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'December 31, 2014 | ' | ' |
Number of Restricted Stock Units | 22,735 | ' | ' |
December 31, 2013 [Member] | Vesting Date 2 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'December 31, 2015 | ' | ' |
Number of Restricted Stock Units | 22,735 | ' | ' |
December 31, 2013 [Member] | Vesting Date 3 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | 'December 31, 2016 | ' | ' |
Number of Restricted Stock Units | 23,423 | ' | ' |
March 21, 2012 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | ' | 32,051 | ' |
Closing Price on Date of Grant | ' | $7.83 | ' |
Value of Restricted Stock Units Issued | ' | 251 | ' |
March 21, 2012 [Member] | Vesting Date 1 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | 'March 21, 2012 | ' |
Number of Restricted Stock Units | ' | 18,651 | ' |
March 21, 2012 [Member] | Vesting Date 2 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | 'December 31, 2012 | ' |
Number of Restricted Stock Units | ' | 6,600 | ' |
March 21, 2012 [Member] | Vesting Date 3 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | 'December 31, 2013 | ' |
Number of Restricted Stock Units | ' | 6,800 | ' |
December 31, 2012 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | ' | 102,950 | ' |
Closing Price on Date of Grant | ' | $7.14 | ' |
Value of Restricted Stock Units Issued | ' | 735 | ' |
December 31, 2012 [Member] | Vesting Date 1 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | 'December 31, 2013 | ' |
Number of Restricted Stock Units | ' | 34,317 | ' |
December 31, 2012 [Member] | Vesting Date 2 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | 'December 31, 2014 | ' |
Number of Restricted Stock Units | ' | 34,317 | ' |
December 31, 2012 [Member] | Vesting Date 3 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | 'December 31, 2015 | ' |
Number of Restricted Stock Units | ' | 34,316 | ' |
January 01, 2011 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | ' | ' | 10,000 |
Closing Price on Date of Grant | ' | ' | $3.85 |
Value of Restricted Stock Units Issued | ' | ' | 38 |
Vesting Date | ' | ' | 'January 1, 2011 |
March 15, 2011 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units | ' | ' | 16,667 |
Closing Price on Date of Grant | ' | ' | $5.56 |
Value of Restricted Stock Units Issued | ' | ' | $93 |
March 15, 2011 [Member] | Vesting Date 1 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | ' | 'March 15, 2011 |
Number of Restricted Stock Units | ' | ' | 6,667 |
March 15, 2011 [Member] | Vesting Date 2 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | ' | 'December 31, 2011 |
Number of Restricted Stock Units | ' | ' | 4,950 |
March 15, 2011 [Member] | Vesting Date 3 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Date | ' | ' | 'December 31, 2012 |
Number of Restricted Stock Units | ' | ' | 5,000 |
Equity_Restricted_Stock_Units_
Equity - Restricted Stock Units Outstanding (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Outstanding on January 1, | 109,750 | 5,100 | 1,360 |
Issued | 114,821 | 135,001 | 26,667 |
Vested and issued | -69,906 | -30,351 | -19,862 |
Vested-issued and repurchased for income tax withholding | -4,414 | ' | -3,065 |
Forfeited | -7,400 | ' | ' |
Outstanding on December 31 | 142,851 | 109,750 | 5,100 |
Contractual_Obligations_Schedu
Contractual Obligations - Schedule of Future Minimum Lease Payments Non-cancelable Operating Lease Arrangements and Other Long-term Obligations (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Guarantor Obligations [Line Items] | ' |
Total | $75,899 |
2014 | 28,555 |
2015-2016 | 6,224 |
2017- 2018 | 39,222 |
Thereafter | 1,898 |
Revolving term Credit Facility [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 40,013 |
2014 | 2,707 |
2017- 2018 | 37,306 |
CVS Working Capital [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 6,526 |
2014 | 6,526 |
Term Loan [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 2,896 |
2014 | 383 |
2015-2016 | 1,658 |
2017- 2018 | 192 |
Thereafter | 663 |
Operating lease obligations [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 3,569 |
2014 | 1,486 |
2015-2016 | 1,763 |
2017- 2018 | 320 |
Capital lease obligations [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 6,147 |
2014 | 2,320 |
2015-2016 | 2,613 |
2017- 2018 | 1,214 |
Legal settlement [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 1,710 |
2014 | 95 |
2015-2016 | 190 |
2017- 2018 | 190 |
Thereafter | 1,235 |
Purchase obligations [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Total | 15,038 |
2014 | $15,038 |
Contractual_Obligations_Schedu1
Contractual Obligations - Schedule of Future Minimum Lease Payments Non-cancelable Operating Lease Arrangements and Other Long-term Obligations (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Guarantees [Abstract] | ' |
Unrecognized Tax Benefit | $250 |
Transactions_between_the_Compa2
Transactions between the Company and Related Parties - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
LiftMaster [Member] | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' |
Accounts receivable | $6 | $62 |
Accounts payable | ' | 101 |
SL Industries, Ltd [Member] | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' |
Accounts receivable | 7 | 69 |
Accounts payable | 796 | 869 |
BGI USA, Inc. [Member] | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' |
Accounts payable | $6 | ' |
Transactions_between_the_Compa3
Transactions between the Company and Related Parties - Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Sales | $53 | $71 | $222 |
Bridgeview Facility [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Rent paid | 251 | 247 | 240 |
SL Industries, Ltd [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Sales | 43 | 65 | 216 |
LiftMaster [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Sales | 10 | 6 | 6 |
Inventories [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Purchases | 5,523 | 4,763 | 3,544 |
Inventories [Member] | BGI USA, Inc. [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Purchases | 165 | 147 | 197 |
Inventories [Member] | SL Industries, Ltd [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Purchases | 5,337 | 4,592 | 3,321 |
Inventories [Member] | LiftMaster [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Purchases | 21 | 24 | 26 |
Intangible Assets [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Purchases | ' | 339 | ' |
Intangible Assets [Member] | SL Industries, Ltd [Member] | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' |
Total Purchases | ' | $339 | ' |
Transactions_between_the_Compa4
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
sqft | |
Bridgeview Facility [Member] | ' |
Schedule of Other Related Party Transactions [Line Items] | ' |
Lease of Bridgeview Facility | 40,000 |
Monthly lease payments | $21 |
Maximum rental escalation | 2.00% |
Lease expiry date | 30-Jun-16 |
Provision for lease extension periods | 'Six one-year |
Notice period prior to expiration of lease | '180 days |
Rental escalation clause | 'Annual rent is increased during the initial lease term by the lesser of the increase in the Consumer Price Increase or 2.0%. |
SL Industries, Ltd [Member] | ' |
Schedule of Other Related Party Transactions [Line Items] | ' |
Payments in exchange for rights to intangible assets to an executive officer | 139 |
Cash Consideration | $345 |
Stock issued in connection with asset purchase - Shares | 29,112 |
Legal_Proceedings_and_Other_Co1
Legal Proceedings and Other Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Installment | |
Agreement | |
Legal Settlement By Party [Line Items] | ' |
Remaining obligation to pay product liability settlement to plaintiffs | $1,710 |
Number of installments for the payment of product liability settlement | 18 |
Annual installment amount | 95 |
Settlement agreements date | 'May 5, 2011 |
Number of settlement agreements | 2 |
Estimated Reserve for Product Liability Claims, change in period | '12 months |
Minimum [Member] | ' |
Legal Settlement By Party [Line Items] | ' |
Product liability insurance self insurance retention amount | 50 |
Maximum [Member] | ' |
Legal Settlement By Party [Line Items] | ' |
Product liability insurance self insurance retention amount | $500 |
Legal_Proceedings_and_Other_Co2
Legal Proceedings and Other Contingencies - Workmen's Comp - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Line Items] | ' |
Workmen's compensation insurance policy per claim deductible | $250 |
Fiscal Year 2012 [Member] | ' |
Commitments And Contingencies Disclosure [Line Items] | ' |
Maximum workmen's compensation insurance policy aggregate | 1,000 |
Fiscal Year 2013 [Member] | ' |
Commitments And Contingencies Disclosure [Line Items] | ' |
Maximum workmen's compensation insurance policy aggregate | $1,150 |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summarized Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $65,431 | $57,521 | $62,554 | $59,566 | $56,524 | $53,380 | $52,496 | $42,849 | $245,072 | $205,249 | $142,291 |
Gross Profit | 12,779 | 11,201 | 12,260 | 10,236 | 10,322 | 10,810 | 10,756 | 8,576 | 46,476 | 40,464 | 29,250 |
Net income | $2,991 | $2,621 | $2,655 | $1,911 | $2,014 | $2,504 | $2,308 | $1,251 | $10,178 | $8,077 | $2,780 |
Earnings (loss) per Share, Basic | $0.22 | $0.21 | $0.22 | $0.16 | $0.16 | $0.21 | $0.20 | $0.11 | $0.80 | $0.68 | $0.24 |
Earnings (loss) per Share, Diluted | $0.22 | $0.21 | $0.22 | $0.16 | $0.16 | $0.21 | $0.20 | $0.11 | $0.80 | $0.68 | $0.24 |
Shares outstanding, Basic | 13,760,918 | 12,352,266 | 12,295,879 | 12,275,759 | 12,256,237 | 12,140,674 | 11,713,206 | 11,683,306 | 12,671,205 | 11,948,356 | 11,441,914 |
Shares outstanding, Diluted | 13,821,352 | 12,403,665 | 12,337,493 | 12,307,792 | 12,266,867 | 12,148,776 | 11,729,360 | 11,684,829 | 12,717,575 | 11,957,458 | 11,548,158 |