Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'MNTX | ' |
Entity Registrant Name | 'Manitex International, Inc. | ' |
Entity Central Index Key | '0001302028 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 13,822,918 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $4,934 | $6,091 |
Trade receivables (net) | 44,860 | 38,165 |
Accounts receivable finance | ' | 326 |
Other receivables | 692 | 1,541 |
Inventory (net) | 81,085 | 72,734 |
Deferred tax asset | 1,272 | 1,272 |
Prepaid expense and other | 1,908 | 1,669 |
Total current assets | 134,751 | 121,798 |
Total fixed assets (net) | 10,097 | 11,143 |
Intangible assets (net) | 21,783 | 24,036 |
Deferred tax asset | 1,936 | 2,117 |
Goodwill | 22,213 | 22,489 |
Other long-term assets | 1,019 | 1,031 |
Total assets | 191,799 | 182,614 |
Current liabilities | ' | ' |
Notes payable-short term | 7,393 | 6,910 |
Revolving credit facilities | 2,676 | 2,707 |
Current portion of capital lease obligations | 1,693 | 1,812 |
Accounts payable | 27,263 | 24,974 |
Accounts payable related parties | 1,230 | 789 |
Accrued expenses | 8,508 | 8,808 |
Other current liabilities | 1,883 | 1,930 |
Total current liabilities | 50,646 | 47,930 |
Long-term liabilities | ' | ' |
Revolving term credit facilities | 37,819 | 37,306 |
Deferred tax liability | 4,077 | 4,074 |
Notes payable | 2,130 | 2,482 |
Capital lease obligations | 2,992 | 2,984 |
Deferred gain on sale of building | 1,363 | 1,648 |
Other long-term liabilities | 1,065 | 1,199 |
Total long-term liabilities | 49,446 | 49,693 |
Total liabilities | 100,092 | 97,623 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at September 30, 2014 and December 31, 2013 | 0 | 0 |
Common Stock-no par value 20,000,000 shares authorized, 13,822,918 and 13,801,277 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 68,894 | 68,554 |
Paid in capital | 1,751 | 1,191 |
Retained earnings | 21,488 | 14,857 |
Accumulated other comprehensive (loss) income | -426 | 389 |
Total shareholders' equity | 91,707 | 84,991 |
Total liabilities and shareholders' equity | $191,799 | $182,614 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | ' | ' |
Common Stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, shares issued | 13,822,918 | 13,801,277 |
Common Stock, shares outstanding | 13,822,918 | 13,801,277 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenues | $66,197 | $57,521 | $197,172 | $179,641 |
Cost of sales | 55,282 | 46,320 | 161,509 | 145,944 |
Gross profit | 10,915 | 11,201 | 35,663 | 33,697 |
Operating expenses | ' | ' | ' | ' |
Research and development costs | 611 | 666 | 1,909 | 2,084 |
Selling, general and administrative expenses | 6,893 | 5,878 | 21,554 | 19,095 |
Total operating expenses | 7,504 | 6,544 | 23,463 | 21,179 |
Operating income | 3,411 | 4,657 | 12,200 | 12,518 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | -671 | -837 | -2,192 | -2,181 |
Foreign currency transaction losses | -102 | -20 | -27 | -72 |
Other income (loss) | 71 | 18 | -67 | 9 |
Total other expense | -702 | -839 | -2,286 | -2,244 |
Income before income taxes | 2,709 | 3,818 | 9,914 | 10,274 |
Income tax | 941 | 1,197 | 3,283 | 3,087 |
Net income | $1,768 | $2,621 | $6,631 | $7,187 |
Earnings Per Share | ' | ' | ' | ' |
Basic | $0.13 | $0.21 | $0.48 | $0.58 |
Diluted | $0.13 | $0.21 | $0.48 | $0.58 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 |
Diluted | 13,873,157 | 12,403,665 | 13,862,651 | 12,349,650 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $1,768 | $2,621 | $6,631 | $7,187 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Foreign currency translation adjustments | -753 | 330 | -822 | -140 |
Derivative instrument fair market value adjustment-net of income taxes | ' | 7 | 7 | 7 |
Total other comprehensive income (loss) | -753 | 337 | -815 | -133 |
Comprehensive income | $1,015 | $2,958 | $5,816 | $7,054 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $6,631 | $7,187 |
Adjustments to reconcile net income to cash used for operating activities: | ' | ' |
Depreciation and amortization | 3,334 | 2,740 |
Changes in allowances for doubtful accounts | 128 | 160 |
Changes in inventory reserves | -151 | -24 |
Deferred income taxes | 178 | 34 |
Share based compensation | 906 | 584 |
Gain on disposal of fixed assets | ' | -100 |
Reserves for uncertain tax provisions | -104 | 64 |
Changes in operating assets and liabilities: | ' | ' |
(Increase) decrease in accounts receivable | -6,519 | 5,911 |
(Increase) decrease in accounts receivable finance | 321 | 210 |
(Increase) decrease in inventory | -9,849 | -13,027 |
(Increase) decrease in prepaid expenses | -278 | -727 |
(Increase) decrease in other assets | 11 | -934 |
Increase (decrease) in accounts payable | 3,550 | -2,801 |
Increase (decrease) in accrued expense | 56 | -1,026 |
Increase (decrease) in other current liabilities | 72 | 666 |
Increase (decrease) in other long-term liabilities | -30 | -35 |
Net cash used for operating activities | -1,744 | -1,118 |
Cash flows from investing activities: | ' | ' |
Proceeds from the sale of fixed assets | ' | 139 |
Acquisition of a business | ' | -13,000 |
Purchase of property and equipment | -704 | -1,025 |
Net cash used for investing activities | -704 | -13,886 |
Cash flows from financing activities: | ' | ' |
Proceeds from stock offering, net of issuance expenses | ' | 13,935 |
Borrowing on revolving term credit facilities excluding payment related to stock offering | 1,047 | 3,102 |
Stock offering proceeds used to reduce revolving term credit facilities | ' | -10,443 |
New borrowing term loan | ' | 15,000 |
Stock offering proceeds used to pay down term loan | ' | -3,492 |
Net borrowings (repayments) on working capital facilities | 1,053 | -2,005 |
Shares repurchased for income tax withholding on share-based compensation | -6 | ' |
New borrowings-notes payable | 677 | 809 |
Note payments | -963 | -809 |
Proceeds from capital leases | 942 | 827 |
Payments on capital lease obligations | -1,053 | -817 |
Net cash provided by financing activities | 1,697 | 16,107 |
Net (decrease) increase in cash and cash equivalents | -751 | 1,103 |
Effect of exchange rate change on cash | -406 | 86 |
Cash and cash equivalents at the beginning of the year | 6,091 | 1,889 |
Cash and cash equivalents at end of period | $4,934 | $3,078 |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2014 | |
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. | |
CVS Ferrari, srl (“CVS”) designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, that 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 precision pick and carry cranes from 2 to 90 tons, using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and 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, which is located in Knox, Indiana. Sabre 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 Equipment Distribution segment operates as Manitex Valla North America sales organization and is a distributor of Terex rough terrain and truck cranes, PM knuckle boom cranes and Manitex’s products. 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 construction 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 sell 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. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
2. Basis of Presentation | |
The accompanying consolidated financial statements, included herein, have been prepared by the Company without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in financial statements which are prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals, except as otherwise disclosed) necessary for a fair presentation of the Company’s financial position as of September 30, 2014, and results of its operations and cash flows for the periods presented. The consolidated balances as of December 31, 2013 were derived from audited financial statements but do not include all disclosures required by generally accepted accounting principles. The accompanying consolidated financial statements have been prepared in accordance with accounting standards for interim financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2013. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2013. The results of operations for the interim periods are not necessarily indicative of the results of operations expected for the year. | |
Sabre and Valla have been included in the Company’s financial results from their respective date of acquisition which are August 19, 2013 and November 30, 2013, respectively. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. Accounts Receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s estimate for the allowance for doubtful accounts related to trade receivables includes evaluation of specific accounts where the Company has information that the customer may have an inability to meet its financial obligations. The Company had allowances for doubtful accounts of $433 and $333 at September 30, 2014 and December 31, 2013, respectively. | |
Inventory Valuation | |
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 Option | |
The Company has purchased call options which expire on December 15, 2014 to purchase €17,800 at 1.38/ Euro. The option was purchased to protect the Company against a strengthening of the Euro as the Company needs €17,800 to close the PM Group acquisition. The premium to purchase the option was $93 and is being charged to expense over the life of the option. As of September 30, 2014, approximately $58 has not been expensed. | |
Accrued Warranties | |
The Company establishes a reserve for future warranty expense at the point when revenue is recognized by the Company. The provision for estimated warranty claims, which is included in cost of sales, is based on a percentage of sales. | |
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 us to our customers. Under certain contracts with our customers title passes to the customers when the units are completed. The units are segregated from our inventory and identified as belonging to the customer, the customer is notified that the units are complete and wait pick up or delivery as specified by the customer before income is recognized. Additionally, the customer signs an “Invoice Authorization Form” which authorizes us to invoice the unit per terms of the contract and acknowledges that the customer has economic ownership and control over the unit. The Company insures any custodial risk that it may retain. | |
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. | |
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 make an estimate of the amount of liability based, in part, on the advice of outside legal counsel. | |
Income Taxes | |
The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. | |
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. | |
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 stockholder’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 subsidiaries. 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. | |
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. | |
Sabre and Valla results are included in the Company’s results from their respective dates of acquisition of August 19, 2013 and November 30, 2013. | |
Reclassification | |
Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
3. Acquisitions | |||||||||||||
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 $170 (the “Note”) with principal payments of $85 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 | € | 143 | $ | 198 | |||||||||
Contingent consideration | 183 | 250 | |||||||||||
Total purchase consideration | € | 326 | $ | 448 | |||||||||
Seller Note. In connection with the acquisition, the Company issued a note with a stated interest rate of 5% in the amount of $170 payable to the sellers. The note is payable in two installments of $85 payable on December 31, 2015 and 2016. | |||||||||||||
The fair value of the promissory note is $198 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 $28 difference 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: 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. | |||||||||||||
At December 31, 2013, it was stated that the purchase price allocation was preliminary and was subject to final review of certain receivable and deposit balances. During the quarter ended September 30, 2014, the purchase price allocation was adjusted and finalized. As a result, the accounts receivable decreased by $5, the seller note decreased by $30 and goodwill decreased by $25. The components of this adjustment are non-cash items and, therefore, are not included in the Statement of Cash Flows for the period ended September 30, 2014. | |||||||||||||
Additionally, the balance sheet at December 31, 2013 was restated to reflect the above changes toValla purchase price allocations as follows: | |||||||||||||
Account | Provisional amount | Adjustment based | Revised amount | ||||||||||
recorded as of | on final purchase | recorded as of | |||||||||||
December 31, 2013 | price allocation | December 31, 2013 | |||||||||||
Accounts Receivable | $ | 999 | $ | (5 | ) | $ | 994 | ||||||
Goodwill | 2,434 | (25 | ) | 2,409 | |||||||||
Seller Note | 228 | (30 | ) | 198 | |||||||||
Purchase price allocation | |||||||||||||
Fair Value | Fair Value | ||||||||||||
Euros | U.S. Dollars | ||||||||||||
Accounts receivable | € | 726 | $ | 994 | |||||||||
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 | 1,762 | 2,409 | |||||||||||
Accounts payable | (1,944 | ) | (2,658 | ) | |||||||||
Working capital borrowings | (1,589 | ) | (2,173 | ) | |||||||||
Accrued expenses | (715 | ) | (978 | ) | |||||||||
€ | 326 | $ | 448 | ||||||||||
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 $2,409 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. | |||||||||||||
At December 31, 2013, it was stated that the purchase price allocation was preliminary and was subject to final review of certain receivable and deposit balances. During the quarter ended March 31, 2014, the purchase price allocation was finalized. As a result, the receivable due from the seller decreased by $234, accrued expenses decreased by $86 and goodwill increased by $148. The components of this adjustment are non-cash items and, therefore, are not included in the Statement of Cash Flows for the period ended September 30, 2014. | |||||||||||||
Additionally, the balance sheet at December 31, 2013 was restated to reflect the above changes to Sabre purchase price allocations as follows: | |||||||||||||
Account | Provisional amount | Adjustment based | Revised amount | ||||||||||
recorded as of | on final purchase | recorded as of | |||||||||||
December 31, 2013 | price allocation | December 31, 2013 | |||||||||||
Accounts Receivable due from seller | $ | 467 | $ | (234 | ) | $ | 233 | ||||||
Goodwill | 4,577 | 148 | 4,725 | ||||||||||
Accrued Expenses | 226 | (86 | ) | 140 | |||||||||
The following table summarizes the 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 | 233 | ||||||||||||
Inventory | 1,497 | ||||||||||||
Total fixed assets | 1,431 | ||||||||||||
Non-competition agreements | 50 | ||||||||||||
Customer relationships | 5,200 | ||||||||||||
Trade name and trademarks | 1,200 | ||||||||||||
Goodwill | 4,725 | ||||||||||||
Accounts payable | (730 | ) | |||||||||||
Accrued expenses | (140 | ) | |||||||||||
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 $4,725 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. | |||||||||||||
Pro forma information for Sabre and Valla | |||||||||||||
The following unaudited pro forma information assumes the acquisition of Sabre and Valla occurred on January 1, 2013. 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 three and nine months ended September 30, 2013 are as follows (in thousands, except per share data): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2013 | ||||||||||||
Net revenues | $ | 63,025 | $ | 198,308 | |||||||||
Net income | $ | 2,827 | $ | 7,293 | |||||||||
Income per share: | |||||||||||||
Basic | $ | 0.22 | $ | 0.36 | |||||||||
Diluted | $ | 0.22 | $ | 0.36 | |||||||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 12,400,266 | 12,382,516 | |||||||||||
Diluted | 12,451,452 | 12,424,198 | |||||||||||
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 $82 and $340 of additional expenses for the three and nine months ended September 30, 2013. Pro forma adjustments to record interest expense on term loans would have resulted in $76 and $354 of additional interest expense for the three and nine months ended September 30, 2013. 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 decreases in expense of $81 and an increase in expense of $33 for the three and nine months ended September 30, 2013. | |||||||||||||
Pro forma adjustments for acquisition costs including accounting, legal and consulting fees would have resulted in a decrease in expense of $173 and an increase to expense of $70 for the three and nine months ended September 30, 2013. Pro forma adjustments were made to record the tax effect of the above entries. The effect of recording pro forma adjustments was to increase tax expense by $29 and for the three months ended and decrease tax expense by $226 for the nine months ended September 30, 2013. | |||||||||||||
Additionally, the Company recorded a provision for income taxes of $206 and $594 on Sabre earnings for the three and nine months ended September 30, 2013. Historically, Sabre did not record income taxes as it was a Sub Chapter S Corporation. Finally, the Company recorded a tax benefit of $143 and $320 for the three and nine months ended September 30, 2013 related to Valla operating loss. | |||||||||||||
A pro forma adjustment was made to increase both basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2013 by 47,787 and 74,548, respectively. The increase reflects the shares issued in connection with the Sabre acquisition. | |||||||||||||
There are no pro forma adjustments for the three and nine months ended September 30, 2014. |
Financial_InstrumentsForward_C
Financial Instruments-Forward Currency Exchange Contracts | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Instruments-Forward Currency Exchange Contracts | ' | ||||||||||||||||
4. Financial Instruments—Forward Currency Exchange Contracts | |||||||||||||||||
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 September 30, 2014 and December 31, 2013 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 September 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 178 | $ | — | $ | 178 | |||||||||
Liabilities: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 20 | $ | — | $ | 20 | |||||||||
Valla contingent consideration (see Note 3) | — | 250 | 250 | ||||||||||||||
Total current liabilities at fair value | $ | — | $ | 20 | $ | 250 | $ | 270 | |||||||||
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 3) | — | — | 250 | 250 | |||||||||||||
Total current liabilities at fair value | $ | — | $ | 47 | $ | 250 | $ | 297 | |||||||||
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. |
Derivatives_Financial_Instrume
Derivatives Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivatives Financial Instruments | ' | ||||||||||||||||||
5. Derivatives Financial Instruments | |||||||||||||||||||
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 forward currency contracts used to hedge future sales are designated as cash flow hedges under ASC 815-10. | |||||||||||||||||||
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. 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 intercompany receivables due from the Company’s Canadian and Italian subsidiaries. | |||||||||||||||||||
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. For derivative instruments that are not designated and do not qualify as cash flow hedge, both realized and unrealized gains and losses related to these 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). | |||||||||||||||||||
At September 30, 2014, the Company had entered into a forward currency exchange contract. The contract obligates the Company to buy approximately CDN $1,659. The contract matures on January 7, 2015. Under the contract, the Company will buy Canadian dollars between .8991 and .9241. The Canadian to US dollar exchange rates was $0.8929 at September 30, 2014. At September 30, 2014, the Company had forward currency contracts to sell €800 at 1.4261, €400 at 1.3635 and €100 at 1.3538 with contract maturity dates of July 2, 2015, February 10, 2015 and January 31, 2015, respectively. The Euro to US dollar exchange rate was 1.2628 at September 30, 2014. The unrealized currency exchange asset is reported under prepaid expense and other if it is an asset or under accrued expenses if it is a liability on the balance sheet. | |||||||||||||||||||
As of September 30, 2014, the Company had no outstanding forward currency contracts that were in place to hedge future sales. | |||||||||||||||||||
As of September 30, 2014, the Company had the following forward currency contracts: | |||||||||||||||||||
Nature of Derivative | Amount | Type | |||||||||||||||||
Forward currency contract | CDN$ | 1,659 | Not designated as hedge instrument | ||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||
Total derivatives NOT designated as a hedge instrument | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Foreign currency Exchange Contract | Prepaid expense and other | $ | 178 | $ | 40 | ||||||||||||||
Liabilities Derivatives | |||||||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | (20 | ) | $ | 37 | |||||||||||||
Total derivatives designated as a hedge instrument | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Liabilities Derivatives | |||||||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | — | $ | 10 | ||||||||||||||
The following tables provide the effect of derivative instruments on the Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Location of gain or (loss) | Gain or (loss) | ||||||||||||||||||
recognized | Three months ended | Nine-months ended | |||||||||||||||||
in Income Statement | September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives Not designated as Hedge Instrument | |||||||||||||||||||
Forward currency contracts | Foreign currency transaction | $ | 98 | $ | (10 | ) | $ | 29 | $ | (133 | ) | ||||||||
gains (losses) | |||||||||||||||||||
Location of gain or (loss) | Gain or (loss) | ||||||||||||||||||
recognized | Three months ended | Nine months ended | |||||||||||||||||
in Income Statement | September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives designated as Hedge Instrument | |||||||||||||||||||
Forward currency contracts | Net revenue | $ | — | $ | — | $ | (26 | ) | $ | — | |||||||||
The following table shows changes in the balance of net gains (loss), net of taxes related to derivatives instruments that are included in accumulated other comprehensive income and related activity net of income taxes for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Beginning balance (loss) gain, net of income taxes | $ | — | $ | — | $ | (7 | ) | $ | — | ||||||||||
Amounts recorded in OCI net of (loss) gain, net of income taxes | — | — | (11 | ) | — | ||||||||||||||
Amounts reclassified to income, loss (gain), net of income taxes | — | — | 18 | — | |||||||||||||||
Ending balance gain (loss), net of income taxes | $ | — | $ | — | $ | — | $ | — | |||||||||||
The Counterparty to each of the currency exchange forward contracts is a major financial institution with credit ratings of investment grade or better and no collateral is required. Management continues to monitor counterparty risk and believes the risk of incurring losses on derivative contracts related to credit risk is unlikely. |
Net_Earnings_per_Common_Share
Net Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Earnings per Common Share | ' | ||||||||||||||||
6. Net 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: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income per common share | |||||||||||||||||
Basic | $ | 1,768 | $ | 2,621 | $ | 6,631 | $ | 7,187 | |||||||||
Diluted | $ | 1,768 | $ | 2,621 | $ | 6,631 | $ | 7,187 | |||||||||
Earnings per share | |||||||||||||||||
Basic | $ | 0.13 | $ | 0.21 | $ | 0.48 | $ | 0.58 | |||||||||
Diluted | $ | 0.13 | $ | 0.21 | $ | 0.48 | $ | 0.58 | |||||||||
Weighted average common share outstanding | |||||||||||||||||
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 | |||||||||||||
Diluted | |||||||||||||||||
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 | |||||||||||||
Dilutive effect of restricted stock units | 50,239 | 51,399 | 45,113 | 41,682 | |||||||||||||
13,817,538 | 12,403,665 | 13,862,651 | 12,349,650 | ||||||||||||||
Equity
Equity | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Equity | ' | ||||||||||
7. Equity | |||||||||||
Stock Issuance | |||||||||||
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 $70. The Company’s net cash proceeds after fees and expenses of approximately $13,935 were used to repay debt. | |||||||||||
Sabre shares | |||||||||||
On August 19, 2013, the Company issue 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 3. | |||||||||||
Stock issued to employees and Directors | |||||||||||
The Company issued shares of common stock to employees and Directors at various times in 2014 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 period: | |||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||
Director | Shares Issued | ||||||||||
March 6, 2014 | Directors | 6,600 | $ | 106 | |||||||
June 5, 2014 | Employees | 1,141 | 12 | ||||||||
7,741 | $ | 118 | |||||||||
On March 6, 2014, the Company paid a portion of officers and employee 2013 bonuses in stock. This resulted in an issuance of 14,292 shares with a value of $228. Upon issuance, the Company’s common stock was increased by $228 and the bonus accrual was decreased by a corresponding amount. | |||||||||||
Stock Repurchase | |||||||||||
On June 5, 2014, the Company purchased 392 shares of Common Stock from certain employees at $16.75 per share the closing price on that date. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issued on June 5, 2014. Common stock was reduced by $7, the value of the shares purchased. | |||||||||||
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. | |||||||||||
The following table contains information regarding restricted stock units: | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Outstanding on January 1, 2014 | 142,851 | ||||||||||
Units granted during the period | 34,292 | ||||||||||
Vested and issued | (22,033 | ) | |||||||||
Forfeited | (2,645 | ) | |||||||||
Outstanding on September 30, 2014 | 152,465 | ||||||||||
On March 6, 2014, the Company granted an aggregate of 20,000 restricted stock units to five independent Directors pursuant to the Company’s 2004 Equity Incentive Plan. Restricted stock units of 6,600, 6,600 and 6,800 vest on March 6, 2014, December 31, 2014 and December 31, 2015, respectively. | |||||||||||
On March 6, 2014, the Company granted 14,292 restricted stock units to employees pursuant to the Company’s 2004 Equity Incentive Plan. The restricted stock units which vested immediately represent a portion of the employees’ 2013 bonus award that was paid in restricted stock units. | |||||||||||
On September 12, 2013, the Company granted 1,667 shares of restricted stock units which vested immediately to a Director pursuant to the Company’s 2004 Equity Incentive Plan. | |||||||||||
On June 5, 2013, the Company granted an aggregate of 3,425 restricted stock units to four employees pursuant to the Company’s 2004 Equity Incentive Plan. Restricted stock units of 1,141, 1,142 and 1,142 vest on September 5, 2014, 2015 and 2016, respectively. | |||||||||||
The value of the restricted stock is being charged to compensation expense over the vesting period. Compensation expense includes expense related to restricted stock units of $194 and $117 for the three months and $677 and $364 for the nine months ended September 30, 2014 and 2013, respectively. Additional compensation expense related to restricted stock units will be $198, $701 and $360 for the remainder of 2014, 2015 and 2016, respectively. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
8. New Accounting Pronouncements | |
Recently Adopted Accounting Guidance | |
In February 2013, the FASB issued ASU 2013-02 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 did not have a material impact on the company’s consolidated financial statements. The additional required disclosure is included in Note 5. | |
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 did not 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. The adoption of this ASU did not have a material impact on the company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is evaluating the impact that adoption of this guidance will have on the determination or reporting of its financial results. | |
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. |
Inventory
Inventory | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
9. Inventory | |||||||||
The components of inventory are as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and purchased parts, | $ | 57,999 | $ | 48,537 | |||||
Work in process | 9,011 | 9,807 | |||||||
Finished goods | 14,075 | 14,390 | |||||||
Inventory, net | $ | 81,085 | $ | 72,734 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
10. Goodwill and Intangible Assets | |||||||||||||
September 30, | December 31, | Useful | |||||||||||
2014 | 2013 | lives | |||||||||||
Patented and unpatented technology | $ | 14,957 | $ | 13,734 | 7-10 years | ||||||||
Amortization | (10,592 | ) | (8,774 | ) | |||||||||
Customer relationships | 14,459 | 15,540 | 10-20 years | ||||||||||
Amortization | (3,997 | ) | (4,005 | ) | |||||||||
Trade names and trademarks | 8,652 | 9,118 | 25 years-indefinite | ||||||||||
Amortization | (1,727 | ) | (1,621 | ) | |||||||||
Non-competition agreements | 50 | 50 | 2-5 years | ||||||||||
Amortization | (19 | ) | (6 | ) | |||||||||
Customer backlog | 465 | 469 | < 1 year | ||||||||||
Amortization | (465 | ) | (469 | ) | |||||||||
Total Intangible assets | $ | 21,783 | $ | 24,036 | |||||||||
Amortization expense for intangible assets was $665 and $580 for the three months and $1,982 and $1,672 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||
Changes in goodwill for the nine months ended September 30, 2014 are as follows: | |||||||||||||
Equipment Lifting | Equipment Distribution | Total | |||||||||||
Segment | Segment | ||||||||||||
Balance January 1, 2014 | $ | 22,214 | $ | 275 | $ | 22,489 | |||||||
Effect of change in exchange rates | (276 | ) | — | (276 | ) | ||||||||
Balance September 30, 2014 | $ | 21,938 | $ | 275 | $ | 22,213 | |||||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
11. Accrued Expenses | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Account payable: | |||||||||
Trade | $ | 27,162 | $ | 24,974 | |||||
Bank overdraft | 101 | — | |||||||
Total accounts payable | $ | 27,263 | $ | 24,974 | |||||
Accrued expenses: | |||||||||
Accrued payroll | $ | 2,590 | $ | 1,951 | |||||
Accrued employee benefits | 52 | 24 | |||||||
Accrued bonuses | 43 | 1,998 | |||||||
Accrued vacation expense | 1,077 | 888 | |||||||
Accrued interest | 185 | 237 | |||||||
Accrued commissions | 358 | 532 | |||||||
Accrued expenses—other | 550 | 306 | |||||||
Accrued warranty | 1,032 | 1,070 | |||||||
Accrued income taxes | 1,152 | 473 | |||||||
Accrued taxes other than income taxes | 1,360 | 1,087 | |||||||
Accrued product liability and workers compensation claims | 89 | 202 | |||||||
Accrued liability on forward currency exchange contracts | 20 | 40 | |||||||
Total accrued expenses | $ | 8,508 | $ | 8,808 | |||||
Accrued_Warranty
Accrued Warranty | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Accrued Warranty | ' | ||||||||
12. Accrued Warranty | |||||||||
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. | |||||||||
Nine Months Ended | |||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Balance January 1, | $ | 1,070 | $ | 988 | |||||
Accrual for warranties issued during the period | 1,357 | 1,753 | |||||||
Warranty services provided | (1,496 | ) | (1,786 | ) | |||||
Changes in estimate | 110 | (110 | ) | ||||||
Foreign currency translation | (9 | ) | (2 | ) | |||||
Balance September 30, | $ | 1,032 | $ | 853 | |||||
Revolving_Term_Credit_Faciliti
Revolving Term Credit Facilities and Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Revolving Term Credit Facilities and Debt | ' | ||||||||||||||||
13. Revolving Term Credit Facilities and Debt | |||||||||||||||||
The Company together with its U.S. and Canadian subsidiaries has a credit agreement (“Credit Agreement”) with Comerica Bank (“Comerica”) and certain other lenders, who are participants under the credit agreement. The Credit Agreement provides the Company with (a) a $40,000 Senior Secured Revolving Credit Facility to the U.S. Borrowers (“U.S. Revolver”), and (b) a $9,000 (or the Canadian dollar equivalent amount) Senior Secured Revolving Credit Facility to the Canadian Borrower (“Canadian Revolver”). The two aforementioned credit facilities each mature on August 19, 2018. | |||||||||||||||||
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. | |||||||||||||||||
U.S.Revolver | |||||||||||||||||
At September 30, 2014, the Company had drawn $29,219 under the $40,000 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 1.625% and 2.625%, 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 September 30, 2014, the maximum the Company could borrow based on available collateral was capped at $39,355. | |||||||||||||||||
Under the Credit Agreement, the banks are also paid a 0.375% 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 $7,500. | |||||||||||||||||
Canadian Revolver | |||||||||||||||||
At September 30, 2014, the Company had drawn $8,600 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 CDN $1,000 and (3) 50% of eligible inventory excluding work in process inventory. Under the agreement, total inventory collateral, however, cannot exceed CDN$7,000. At September 30, 2014, the maximum the Company could borrow based on available collateral was $9,000. 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 September 30, 2014 the spread on both the U.S. Prime based borrowing and Canadian Prime based borrowings was 0.00%. | |||||||||||||||||
Under the Credit Agreement, the banks are also paid a 0.375% annual facility fee payable in quarterly installments. | |||||||||||||||||
Specialized Export Facility | |||||||||||||||||
The Canadian Revolving Credit facility contains an additional $3,000 Specialized Export Facility that matures on June 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 June 1, 2015, is issued under their export guarantee program and covers certain goods that are to be exported from Canada. At September 30, 2014, 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 3.00% which is based on the Canadian prime rate (the Canadian prime was 3.0% at September 30, 2014). Any borrowings under the facility in U.S. dollars bear interest at the U.S. prime rate (prime was 3.25% at September 30, 2014). 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 September 30, 2014, the Company had outstanding borrowing in connection with the Specialized Export Facility of $2,676. | |||||||||||||||||
Note Payable—Terex | |||||||||||||||||
At September 30, 2014, the Company has a note payable to Terex Corporation with a remaining balance of $500. 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 two remaining principal payments of $250 due on 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 a 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 September 30, 2014 of $765, $789 and $259, 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. | |||||||||||||||||
CVS Short-Term Working Capital Borrowings | |||||||||||||||||
At September 30, 2014, CVS had established demand credit facilities with eleven Italian banks. Under the facilities, CVS can borrow up to €310 ($392) on an unsecured basis and additional amounts as advances against orders, invoices and letter of credit with a total maximum facilities (including the unsecured portion) of €11,338 ($14,317). The Company has granted guarantees in respect to available credit facilities in the amount of €7,123 ($8,994). 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 September 30, 2014, the banks had advanced CVS €5,512 ($6,961) at variable interest rates which currently range from 3.82% to 11%. | |||||||||||||||||
At September 30, 2014, the Company has guaranteed €4,253 ($5,370) of CVS’s outstanding debt. Additionally, the banks had issued performance bonds which total €651 ($822) which have been guaranteed by the Company. | |||||||||||||||||
Note Payable—Bank | |||||||||||||||||
At September 30, 2014, the Company has a $69 note payable to a bank. The note dated January 10, 2014 had an original principal amount of $678 and an annual interest rate of 3.45%. Under the terms of the note the company is required to make ten monthly payments of $69 commencing January 30, 2014. The proceeds from the note were used to pay annual premiums for certain insurance policies carried by the Company. The holder of the note has a security interest the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. | |||||||||||||||||
Acquisition note – Valla | |||||||||||||||||
In connection with the acquisition, the Company has a note with a stated interest rate of 5% in the amount of $170 payable to the sellers. The note is payable in two installments of $85 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 September 30, 2014, the note had remaining principal balance of $180. | |||||||||||||||||
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 September 30, 2014, the outstanding capital lease obligation is $2,314. | |||||||||||||||||
Winona facility | |||||||||||||||||
The Company had a five year lease which expired on July 10, 2014 that provides for monthly lease payments of $25 for its Winona, Minnesota facility. The Company has an option to purchase the facility for $500 by giving notice to the 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. The Company gave the Landlord the required notice of its election to purchase the facility. The Company and the Landlord are currently in the process of finalizing the purchase contract. The purchase of the facility is expected to be completed during the fourth quarter 2014. At September 30, 2014, the Company has outstanding capital lease obligation of $500, the amount of the purchase option. | |||||||||||||||||
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 amounts financed under equipment capital lease agreements: | |||||||||||||||||
Amount | Repayment | Amount of | Balance | ||||||||||||||
Borrowed | Period | Monthly Payment | As of September 30, | ||||||||||||||
2014 | |||||||||||||||||
New equipment | $ | 1,166 | 60 | $ | 22 | $ | 1,025 | ||||||||||
Used equipment | $ | 1,754 | 36 | $ | 53 | $ | 754 | ||||||||||
Total | $ | 2,920 | $ | 75 | $ | 1,779 | |||||||||||
The Company has three additional capital leases. As of September 30, 2014, the capitalized lease obligation in aggregate related to the three leases was $92. |
Legal_Proceedings_and_Other_Co
Legal Proceedings and Other Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings and Other Contingencies | ' |
14. 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. | |
Additionally beginning on December 31, 2011, the Company’s workmen’s compensation insurance policy has a per claim deductible of $250 and aggregates of $1,000, $1,150 and $1,325 for 2012, 2013 and 2014 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 September 30, 2014, the Company has a remaining obligation under the agreements to pay the plaintiffs $1,615 without interest in 17 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. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments | ' | ||||||||||||||||
15. Business Segments | |||||||||||||||||
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 organization 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. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenues | |||||||||||||||||
Lifting Equipment | $ | 61,670 | $ | 53,284 | $ | 185,772 | $ | 166,706 | |||||||||
Equipment Distribution | 5,296 | 4,269 | 14,398 | 13,000 | |||||||||||||
Inter-segment sales | (769 | ) | (32 | ) | (2,998 | ) | (65 | ) | |||||||||
Total | $ | 66,197 | $ | 57,521 | $ | 197,172 | $ | 179,641 | |||||||||
Operating income from continuing operations | |||||||||||||||||
Lifting Equipment | $ | 5,007 | $ | 5,703 | $ | 17,013 | $ | 16,543 | |||||||||
Equipment Distribution | 17 | 183 | 138 | 486 | |||||||||||||
Corporate expenses | (1,529 | ) | (1,229 | ) | (4,649 | ) | (4,511 | ) | |||||||||
Elimination of inter-segment profit in inventory | (84 | ) | — | (302 | ) | — | |||||||||||
Total operating income | $ | 3,411 | $ | 4,657 | $ | 12,200 | $ | 12,518 | |||||||||
The Lifting Equipment segment operating earnings includes amortization of $628 and $543 for the three months and $1,872 and $1,562 for the nine months ended September 30, 2014 and 2013, respectively. The Equipment Distribution segment operating earnings includes amortization of $37 and $37 for the three months and $110 and $110 for the six months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total Assets | |||||||||||||||||
Lifting Equipment | $ | 174,773 | $ | 170,692 | |||||||||||||
Equipment Distribution | 15,769 | 10,847 | |||||||||||||||
Corporate | 1,257 | 1,075 | |||||||||||||||
Total | $ | 191,799 | $ | 182,614 | |||||||||||||
Transactions_between_the_Compa
Transactions between the Company and Related Parties | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||
Transactions between the Company and Related Parties | ' | ||||||||||||||||||
16. 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 September 30, 2014 the Company had an accounts receivable of $0, $4, and $85 from BGI, SL and Liftmaster and accounts payable of $8, $1,311 and $0 to BGI, SL and LiftMaster, respectively. 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. | |||||||||||||||||||
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: | |||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
Rent paid | Bridgeview Facility 1 | $ | 65 | $ | 63 | $ | 191 | $ | 188 | ||||||||||
Sales to: | SL Industries, Ltd. | $ | 1 | $ | — | $ | 4 | $ | 43 | ||||||||||
LiftMaster | (3 | ) | — | 186 | 3 | ||||||||||||||
Total Sales | $ | (2 | ) | $ | — | 190 | $ | 46 | |||||||||||
Purchases from: | |||||||||||||||||||
BGI USA, Inc. | $ | 22 | $ | 68 | $ | 43 | $ | 149 | |||||||||||
SL Industries, Ltd. | 2,260 | 1,605 | 4,686 | 3,813 | |||||||||||||||
LiftMaster | — | 8 | — | 18 | |||||||||||||||
Total Purchases | $ | 2,282 | $ | 1,681 | $ | 4,729 | $ | 3,980 | |||||||||||
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, 2020 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. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
17. Income Taxes | |
The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The annual effective tax rate (excluding discrete items) is estimated to be approximately 32% for 2014. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. | |
The increase in the effective tax rate from 2013 to 2014 is primarily due to the research and development tax credits and, to a lesser extent, a change in the jurisdictions in which the Company’s income is earned. The federal research & development tax credit expired as of December 31, 2013 and is unavailable for 2014. During 2013, the Company recorded an income tax benefit for federal research and development tax credits generated in both 2012 and 2013 as such credits were reinstated into law in January 2013 on a retroactive basis. | |
For the three months ended September 30, 2014, the Company recorded an income tax expense of $941 which consisted primarily of anticipated federal, state and local, and foreign taxes. For the three months ended September 30, 2013, the Company recorded an income tax expense of $1,197 which consisted primarily of anticipated federal, state and local, and foreign taxes. | |
For the nine months ended September 30, 2014, the Company recorded an income tax expense of $3,283. For the nine months ended September 30, 2013, the Company recorded an income tax expense of $3,087 which included discrete items of $110 primarily related to 2012 Federal Research & Development tax credits which were retroactively enacted by the American Taxpayer Reconciliation Act on January 2, 2013. | |
The Company’s total unrecognized tax benefits as of September 30, 2014 and 2013 were approximately $143 and $397, which, if recognized, would affect the Company’s effective tax rate. As of September 30, 2014 the Company had accrued immaterial amounts for the potential payment of interest and penalties. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
18. Subsequent Event | |
On October 29, 2014, the Company entered into an agreement to purchase 51% of A.S.V., Inc. from Terex Corporation. The transaction will result in the formation of a joint venture between the Company and Terex to operate the ASV business, which manufactures and sells a broad product line of technology-leading compact rubber-track and skid-steer loaders and accessories. | |
The consideration for Manitex’s majority share in ASV will be $25 million, and the transaction is expected to close in the fourth quarter of 2014. | |
In a separate transaction, Manitex will receive $20 million in cash from Terex in exchange for $20 million in Manitex common stock and convertible debt securities, which transaction is also expected to close in the fourth quarter of 2014. The number of shares of Common Stock to be issued to Terex at the closing will be based upon a $12.5 million investment amount and a price per share of Common Stock determined with reference to the daily volume weighted average price for a thirty day window prior to closing, subject to a floor and a ceiling. The convertible debt securities will be $7.5 million in aggregate principal amount, are subordinated, will carry a 5% per annum coupon, payable semi-annually, and will be convertible into Common Stock at the greater of (i) 25% above the daily volume weighted average price for a thirty day window prior to October 29, 2014, and (ii) 10% above the daily volume weighted average price for a thirty day window prior to closing, in all cases subject to a maximum conversion price of $16.75 per share of Common Stock. | |
On November 3, 2014 a Current Report on Form 8-K was filed with the United States Securities and Exchange Commission. The 8-K contains additional details regarding the ASV and Terex investment agreements. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Foreign Currency Option | ' | ||||||
Foreign Currency Option | |||||||
The Company has purchased call options which expire on December 15, 2014 to purchase €17,800 at 1.38/ Euro. The option was purchased to protect the Company against a strengthening of the Euro as the Company needs €17,800 to close the PM Group acquisition. The premium to purchase the option was $93 and is being charged to expense over the life of the option. As of September 30, 2014, approximately $58 has not been expensed. | |||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||
Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. Accounts Receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s estimate for the allowance for doubtful accounts related to trade receivables includes evaluation of specific accounts where the Company has information that the customer may have an inability to meet its financial obligations. The Company had allowances for doubtful accounts of $433 and $333 at September 30, 2014 and December 31, 2013, respectively. | |||||||
Inventory Valuation | ' | ||||||
Inventory Valuation | |||||||
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. | |||||||
Accrued Warranties | ' | ||||||
Accrued Warranties | |||||||
The Company establishes a reserve for future warranty expense at the point when revenue is recognized by the Company. The provision for estimated warranty claims, which is included in cost of sales, is based on a percentage of sales. | |||||||
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 us to our customers. Under certain contracts with our customers title passes to the customers when the units are completed. The units are segregated from our inventory and identified as belonging to the customer, the customer is notified that the units are complete and wait pick up or delivery as specified by the customer before income is recognized. Additionally, the customer signs an “Invoice Authorization Form” which authorizes us to invoice the unit per terms of the contract and acknowledges that the customer has economic ownership and control over the unit. The Company insures any custodial risk that it may retain. | |||||||
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. | |||||||
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 make an estimate of the amount of liability based, in part, on the advice of outside legal counsel. | |||||||
Income Taxes | ' | ||||||
Income Taxes | |||||||
The Company’s provision for income taxes consists of U.S. and foreign taxes in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that the Company expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. | |||||||
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. | |||||||
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 stockholder’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 subsidiaries. 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. | |||||||
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. | |||||||
Sabre and Valla results are included in the Company’s results from their respective dates of acquisition of August 19, 2013 and November 30, 2013. | |||||||
Reclassification | ' | ||||||
Reclassification | |||||||
Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation. | |||||||
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). |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Schedule of Pro Forma Results of Acquisition | ' | ||||||||||||
The unaudited pro forma results for the three and nine months ended September 30, 2013 are as follows (in thousands, except per share data): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2013 | ||||||||||||
Net revenues | $ | 63,025 | $ | 198,308 | |||||||||
Net income | $ | 2,827 | $ | 7,293 | |||||||||
Income per share: | |||||||||||||
Basic | $ | 0.22 | $ | 0.36 | |||||||||
Diluted | $ | 0.22 | $ | 0.36 | |||||||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 12,400,266 | 12,382,516 | |||||||||||
Diluted | 12,451,452 | 12,424,198 | |||||||||||
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 | € | 143 | $ | 198 | |||||||||
Contingent consideration | 183 | 250 | |||||||||||
Total purchase consideration | € | 326 | $ | 448 | |||||||||
Schedule of Restated Purchase Price Allocations | ' | ||||||||||||
Additionally, the balance sheet at December 31, 2013 was restated to reflect the above changes toValla purchase price allocations as follows: | |||||||||||||
Account | Provisional amount | Adjustment based | Revised amount | ||||||||||
recorded as of | on final purchase | recorded as of | |||||||||||
December 31, 2013 | price allocation | December 31, 2013 | |||||||||||
Accounts Receivable | $ | 999 | $ | (5 | ) | $ | 994 | ||||||
Goodwill | 2,434 | (25 | ) | 2,409 | |||||||||
Seller Note | 228 | (30 | ) | 198 | |||||||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
Purchase price allocation | |||||||||||||
Fair Value | Fair Value | ||||||||||||
Euros | U.S. Dollars | ||||||||||||
Accounts receivable | € | 726 | $ | 994 | |||||||||
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 | 1,762 | 2,409 | |||||||||||
Accounts payable | (1,944 | ) | (2,658 | ) | |||||||||
Working capital borrowings | (1,589 | ) | (2,173 | ) | |||||||||
Accrued expenses | (715 | ) | (978 | ) | |||||||||
€ | 326 | $ | 448 | ||||||||||
Sabre [Member] | ' | ||||||||||||
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 | |||||||||||
Schedule of Restated Purchase Price Allocations | ' | ||||||||||||
Additionally, the balance sheet at December 31, 2013 was restated to reflect the above changes to Sabre purchase price allocations as follows: | |||||||||||||
Account | Provisional amount | Adjustment based | Revised amount | ||||||||||
recorded as of | on final purchase | recorded as of | |||||||||||
December 31, 2013 | price allocation | December 31, 2013 | |||||||||||
Accounts Receivable due from seller | $ | 467 | $ | (234 | ) | $ | 233 | ||||||
Goodwill | 4,577 | 148 | 4,725 | ||||||||||
Accrued Expenses | 226 | (86 | ) | 140 | |||||||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the 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 | 233 | ||||||||||||
Inventory | 1,497 | ||||||||||||
Total fixed assets | 1,431 | ||||||||||||
Non-competition agreements | 50 | ||||||||||||
Customer relationships | 5,200 | ||||||||||||
Trade name and trademarks | 1,200 | ||||||||||||
Goodwill | 4,725 | ||||||||||||
Accounts payable | (730 | ) | |||||||||||
Accrued expenses | (140 | ) | |||||||||||
Customer deposits | (467 | ) | |||||||||||
Debt and Capital lease obligations | (147 | ) | |||||||||||
Net assets acquired | $ | 14,000 | |||||||||||
Financial_InstrumentsForward_C1
Financial Instruments-Forward Currency Exchange Contracts (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 178 | $ | — | $ | 178 | |||||||||
Liabilities: | |||||||||||||||||
Forward currency exchange contracts | $ | — | $ | 20 | $ | — | $ | 20 | |||||||||
Valla contingent consideration (see Note 3) | — | 250 | 250 | ||||||||||||||
Total current liabilities at fair value | $ | — | $ | 20 | $ | 250 | $ | 270 | |||||||||
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 3) | — | — | 250 | 250 | |||||||||||||
Total current liabilities at fair value | $ | — | $ | 47 | $ | 250 | $ | 297 | |||||||||
Derivatives_Financial_Instrume1
Derivatives Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Forward Currency Contracts | ' | ||||||||||||||||||
As of September 30, 2014, the Company had the following forward currency contracts: | |||||||||||||||||||
Nature of Derivative | Amount | Type | |||||||||||||||||
Forward currency contract | CDN$ | 1,659 | Not designated as hedge instrument | ||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||
Total derivatives NOT designated as a hedge instrument | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Foreign currency Exchange Contract | Prepaid expense and other | $ | 178 | $ | 40 | ||||||||||||||
Liabilities Derivatives | |||||||||||||||||||
Foreign currency Exchange Contract | Accrued expense | $ | (20 | ) | $ | 37 | |||||||||||||
Total derivatives designated as a hedge instrument | |||||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
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 Statements of Income for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Location of gain or (loss) | Gain or (loss) | ||||||||||||||||||
recognized | Three months ended | Nine-months ended | |||||||||||||||||
in Income Statement | September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives Not designated as Hedge Instrument | |||||||||||||||||||
Forward currency contracts | Foreign currency transaction | $ | 98 | $ | (10 | ) | $ | 29 | $ | (133 | ) | ||||||||
gains (losses) | |||||||||||||||||||
Location of gain or (loss) | Gain or (loss) | ||||||||||||||||||
recognized | Three months ended | Nine months ended | |||||||||||||||||
in Income Statement | September 30, | September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivatives designated as Hedge Instrument | |||||||||||||||||||
Forward currency contracts | Net revenue | $ | — | $ | — | $ | (26 | ) | $ | — | |||||||||
Summary of Beginning and Ending Amounts of Gains and Losses Related to Hedges on Other Comprehensive Income and Related Activity Net of Income Taxes | ' | ||||||||||||||||||
The following table shows changes in the balance of net gains (loss), net of taxes related to derivatives instruments that are included in accumulated other comprehensive income and related activity net of income taxes for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Beginning balance (loss) gain, net of income taxes | $ | — | $ | — | $ | (7 | ) | $ | — | ||||||||||
Amounts recorded in OCI net of (loss) gain, net of income taxes | — | — | (11 | ) | — | ||||||||||||||
Amounts reclassified to income, loss (gain), net of income taxes | — | — | 18 | — | |||||||||||||||
Ending balance gain (loss), net of income taxes | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net_Earnings_per_Common_Share_
Net Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income per common share | |||||||||||||||||
Basic | $ | 1,768 | $ | 2,621 | $ | 6,631 | $ | 7,187 | |||||||||
Diluted | $ | 1,768 | $ | 2,621 | $ | 6,631 | $ | 7,187 | |||||||||
Earnings per share | |||||||||||||||||
Basic | $ | 0.13 | $ | 0.21 | $ | 0.48 | $ | 0.58 | |||||||||
Diluted | $ | 0.13 | $ | 0.21 | $ | 0.48 | $ | 0.58 | |||||||||
Weighted average common share outstanding | |||||||||||||||||
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 | |||||||||||||
Diluted | |||||||||||||||||
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 | |||||||||||||
Dilutive effect of restricted stock units | 50,239 | 51,399 | 45,113 | 41,682 | |||||||||||||
13,817,538 | 12,403,665 | 13,862,651 | 12,349,650 | ||||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Summary of Stock Issuances | ' | ||||||||||
The following is a summary of stock issuances that occurred during the period: | |||||||||||
Date of Issue | Employees or | Shares Issued | Value of | ||||||||
Director | Shares Issued | ||||||||||
March 6, 2014 | Directors | 6,600 | $ | 106 | |||||||
June 5, 2014 | Employees | 1,141 | 12 | ||||||||
7,741 | $ | 118 | |||||||||
Restricted Stock Units Outstanding | ' | ||||||||||
The following table contains information regarding restricted stock units: | |||||||||||
September 30, | |||||||||||
2014 | |||||||||||
Outstanding on January 1, 2014 | 142,851 | ||||||||||
Units granted during the period | 34,292 | ||||||||||
Vested and issued | (22,033 | ) | |||||||||
Forfeited | (2,645 | ) | |||||||||
Outstanding on September 30, 2014 | 152,465 | ||||||||||
Inventory_Tables
Inventory (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventory | ' | ||||||||
The components of inventory are as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and purchased parts, | $ | 57,999 | $ | 48,537 | |||||
Work in process | 9,011 | 9,807 | |||||||
Finished goods | 14,075 | 14,390 | |||||||
Inventory, net | $ | 81,085 | $ | 72,734 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Finite Lived Intangible Assets | ' | ||||||||||||
September 30, | December 31, | Useful | |||||||||||
2014 | 2013 | lives | |||||||||||
Patented and unpatented technology | $ | 14,957 | $ | 13,734 | 7-10 years | ||||||||
Amortization | (10,592 | ) | (8,774 | ) | |||||||||
Customer relationships | 14,459 | 15,540 | 10-20 years | ||||||||||
Amortization | (3,997 | ) | (4,005 | ) | |||||||||
Trade names and trademarks | 8,652 | 9,118 | 25 years-indefinite | ||||||||||
Amortization | (1,727 | ) | (1,621 | ) | |||||||||
Non-competition agreements | 50 | 50 | 2-5 years | ||||||||||
Amortization | (19 | ) | (6 | ) | |||||||||
Customer backlog | 465 | 469 | < 1 year | ||||||||||
Amortization | (465 | ) | (469 | ) | |||||||||
Total Intangible assets | $ | 21,783 | $ | 24,036 | |||||||||
Changes in Goodwill | ' | ||||||||||||
Changes in goodwill for the nine months ended September 30, 2014 are as follows: | |||||||||||||
Equipment Lifting | Equipment Distribution | Total | |||||||||||
Segment | Segment | ||||||||||||
Balance January 1, 2014 | $ | 22,214 | $ | 275 | $ | 22,489 | |||||||
Effect of change in exchange rates | (276 | ) | — | (276 | ) | ||||||||
Balance September 30, 2014 | $ | 21,938 | $ | 275 | $ | 22,213 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Expenses | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Account payable: | |||||||||
Trade | $ | 27,162 | $ | 24,974 | |||||
Bank overdraft | 101 | — | |||||||
Total accounts payable | $ | 27,263 | $ | 24,974 | |||||
Accrued expenses: | |||||||||
Accrued payroll | $ | 2,590 | $ | 1,951 | |||||
Accrued employee benefits | 52 | 24 | |||||||
Accrued bonuses | 43 | 1,998 | |||||||
Accrued vacation expense | 1,077 | 888 | |||||||
Accrued interest | 185 | 237 | |||||||
Accrued commissions | 358 | 532 | |||||||
Accrued expenses—other | 550 | 306 | |||||||
Accrued warranty | 1,032 | 1,070 | |||||||
Accrued income taxes | 1,152 | 473 | |||||||
Accrued taxes other than income taxes | 1,360 | 1,087 | |||||||
Accrued product liability and workers compensation claims | 89 | 202 | |||||||
Accrued liability on forward currency exchange contracts | 20 | 40 | |||||||
Total accrued expenses | $ | 8,508 | $ | 8,808 | |||||
Accrued_Warranty_Tables
Accrued Warranty (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Summary of Changes in Product Warranty Liability | ' | ||||||||
Nine Months Ended | |||||||||
September 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Balance January 1, | $ | 1,070 | $ | 988 | |||||
Accrual for warranties issued during the period | 1,357 | 1,753 | |||||||
Warranty services provided | (1,496 | ) | (1,786 | ) | |||||
Changes in estimate | 110 | (110 | ) | ||||||
Foreign currency translation | (9 | ) | (2 | ) | |||||
Balance September 30, | $ | 1,032 | $ | 853 | |||||
Revolving_Term_Credit_Faciliti1
Revolving Term Credit Facilities and Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Financed Capital Leases-Equipment | ' | ||||||||||||||||
The following is a summary of amounts financed under equipment capital lease agreements: | |||||||||||||||||
Amount | Repayment | Amount of | Balance | ||||||||||||||
Borrowed | Period | Monthly Payment | As of September 30, | ||||||||||||||
2014 | |||||||||||||||||
New equipment | $ | 1,166 | 60 | $ | 22 | $ | 1,025 | ||||||||||
Used equipment | $ | 1,754 | 36 | $ | 53 | $ | 754 | ||||||||||
Total | $ | 2,920 | $ | 75 | $ | 1,779 | |||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenues | |||||||||||||||||
Lifting Equipment | $ | 61,670 | $ | 53,284 | $ | 185,772 | $ | 166,706 | |||||||||
Equipment Distribution | 5,296 | 4,269 | 14,398 | 13,000 | |||||||||||||
Inter-segment sales | (769 | ) | (32 | ) | (2,998 | ) | (65 | ) | |||||||||
Total | $ | 66,197 | $ | 57,521 | $ | 197,172 | $ | 179,641 | |||||||||
Operating income from continuing operations | |||||||||||||||||
Lifting Equipment | $ | 5,007 | $ | 5,703 | $ | 17,013 | $ | 16,543 | |||||||||
Equipment Distribution | 17 | 183 | 138 | 486 | |||||||||||||
Corporate expenses | (1,529 | ) | (1,229 | ) | (4,649 | ) | (4,511 | ) | |||||||||
Elimination of inter-segment profit in inventory | (84 | ) | — | (302 | ) | — | |||||||||||
Total operating income | $ | 3,411 | $ | 4,657 | $ | 12,200 | $ | 12,518 | |||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total Assets | |||||||||||||||||
Lifting Equipment | $ | 174,773 | $ | 170,692 | |||||||||||||
Equipment Distribution | 15,769 | 10,847 | |||||||||||||||
Corporate | 1,257 | 1,075 | |||||||||||||||
Total | $ | 191,799 | $ | 182,614 | |||||||||||||
Transactions_between_the_Compa1
Transactions between the Company and Related Parties (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
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: | |||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||||||
September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
Rent paid | Bridgeview Facility 1 | $ | 65 | $ | 63 | $ | 191 | $ | 188 | ||||||||||
Sales to: | SL Industries, Ltd. | $ | 1 | $ | — | $ | 4 | $ | 43 | ||||||||||
LiftMaster | (3 | ) | — | 186 | 3 | ||||||||||||||
Total Sales | $ | (2 | ) | $ | — | 190 | $ | 46 | |||||||||||
Purchases from: | |||||||||||||||||||
BGI USA, Inc. | $ | 22 | $ | 68 | $ | 43 | $ | 149 | |||||||||||
SL Industries, Ltd. | 2,260 | 1,605 | 4,686 | 3,813 | |||||||||||||||
LiftMaster | — | 8 | — | 18 | |||||||||||||||
Total Purchases | $ | 2,282 | $ | 1,681 | $ | 4,729 | $ | 3,980 | |||||||||||
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, 2020 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. |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) | 0 Months Ended | 9 Months Ended |
Aug. 19, 2013 | Sep. 30, 2014 | |
gal | 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 | ' | 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 | ' | 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 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Option Contract [Member] | Option Contract [Member] |
USD ($) | EUR (€) | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Option expire date | ' | ' | 15-Dec-14 | 15-Dec-14 |
Contracts obligate the company to purchase | ' | ' | ' | € 17,800 |
Purchase rate of call options | ' | ' | 1.38 | 1.38 |
Premium paid to purchase the option | ' | ' | 93 | ' |
Unamortized premium paid to purchase the option | ' | ' | 58 | ' |
Allowances for doubtful accounts | $433 | $333 | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information - Valla Asset Purchase (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] |
lb | lb | USD ($) | EUR (€) | USD ($) | Legal and Accounting Fees [Member] | Valuation Services [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | |||
USD ($) | USD ($) | T | T | USD ($) | USD ($) | USD ($) | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lifting Capacities | ' | ' | 18,000 | 40,000 | ' | ' | ' | ' | ' | 2 | 90 | ' | ' | ' |
Notes payable | ' | ' | ' | ' | $170 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal payments against note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85 | 85 |
Stated interest rate of notes payable | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | 250 | 183 | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Fair value of promissory note | ' | ' | ' | ' | 198 | 143 | 198 | ' | ' | ' | ' | ' | ' | ' |
Risk rate of promissory note | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Difference between face amount and fair value of promissory note | ' | ' | ' | ' | 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 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. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in accounts receivable due from seller | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of decrease in seller note | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in goodwill | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 22,213 | 22,489 | ' | ' | 2,409 | 1,762 | 2,409 | ' | ' | ' | ' | ' | ' | ' |
Acquisition transaction costs | ' | ' | ' | ' | ' | ' | ' | $42 | $15 | ' | ' | ' | ' | ' |
Acquisitions_Valla_Asset_Purch
Acquisitions - Valla Asset Purchase - Schedule of Fair Value of Purchase Consideration (Detail) (Valla Asset Purchase [Member]) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
USD ($) | EUR (€) | USD ($) | |
Business Acquisition [Line Items] | ' | ' | ' |
Seller note | $198 | € 143 | $198 |
Contingent consideration | 250 | 183 | ' |
Total purchase consideration | $448 | € 326 | ' |
Acquisitions_Valla_Asset_Purch1
Acquisitions - Valla Asset Purchase - Schedule of Restated Purchase Price Allocations (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Provisional Amount [Member] | Adjustment Based on Final Purchase Price Allocation [Member] |
USD ($) | EUR (€) | USD ($) | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | |||
USD ($) | USD ($) | ||||||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable | ' | ' | ' | ' | $994 | $999 | ($5) |
Goodwill | 22,213 | 22,489 | 2,409 | 1,762 | 2,409 | 2,434 | -25 |
Seller note | ' | ' | $198 | € 143 | $198 | $228 | ($30) |
Acquisitions_Valla_Asset_Purch2
Acquisitions - Valla Asset Purchase - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] | Valla Asset Purchase [Member] |
USD ($) | EUR (€) | USD ($) | |||
Purchase price allocation: | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | $994 | € 726 | ' |
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 | 22,213 | 22,489 | 2,409 | 1,762 | 2,409 |
Accounts payable | ' | ' | -2,658 | -1,944 | ' |
Working capital borrowings | ' | ' | -2,173 | -1,589 | ' |
Accrued expenses | ' | ' | -978 | -715 | ' |
Net assets acquired | ' | ' | $448 | € 326 | ' |
Acquisitions_Additional_Inform1
Acquisitions - Additional Information - Sabre Asset Purchase (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Sabre [Member] | Sabre [Member] | Legal Fees [Member] | Accounting Services Fees [Member] | Consulting Fees [Member] | ||
Sabre [Member] | Sabre [Member] | Sabre [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Fair value of purchase consideration | ' | ' | ' | $14,000 | ' | ' | ' |
Fair value of stock consideration | ' | ' | ' | 1,000 | ' | ' | ' |
Decrease in receivable due from seller | ' | ' | 234 | ' | ' | ' | ' |
Decrease in accrued expenses | ' | ' | 86 | ' | ' | ' | ' |
Increase in goodwill | ' | ' | 148 | ' | ' | ' | ' |
Goodwill | 22,213 | 22,489 | ' | 4,725 | ' | ' | ' |
Acquisition transaction costs | ' | ' | ' | ' | $93 | $68 | $37 |
Acquisitions_Sabre_Asset_Purch
Acquisitions - Sabre Asset Purchase - Schedule of Fair Value of Purchase Consideration (Detail) (Sabre Acquisition [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
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 |
Acquisitions_Sabre_Asset_Purch1
Acquisitions - Sabre Asset Purchase - Schedule of Fair Value of Purchase Consideration (Parenthetical) (Detail) (Sabre Acquisition [Member]) | 0 Months Ended | 9 Months Ended |
Aug. 19, 2013 | Sep. 30, 2014 | |
Sabre Acquisition [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of shares of Manitex International for Acquisition | 87,928 | 87,928 |
Acquisitions_Sabre_Asset_Purch2
Acquisitions - Sabre Asset Purchase - Schedule of Restated Purchase Price Allocations (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' |
Goodwill | $22,213 | $22,489 |
Sabre Acquisition [Member] | ' | ' |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' |
Receivable due from seller | 233 | 233 |
Goodwill | 4,725 | 4,725 |
Accrued Expenses | 140 | 140 |
Provisional Amount [Member] | Sabre Acquisition [Member] | ' | ' |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' |
Receivable due from seller | ' | 467 |
Goodwill | ' | 4,577 |
Accrued Expenses | ' | 226 |
Adjustment Based on Final Purchase Price Allocation [Member] | Sabre Acquisition [Member] | ' | ' |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' |
Receivable due from seller | ' | -234 |
Goodwill | ' | 148 |
Accrued Expenses | ' | ($86) |
Acquisitions_Sabre_Asset_Purch3
Acquisitions - Sabre Asset Purchase - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Purchase price allocation: | ' | ' |
Goodwill | $22,213 | $22,489 |
Sabre Acquisition [Member] | ' | ' |
Purchase price allocation: | ' | ' |
Accounts receivable | 1,148 | ' |
Receivable due from seller | 233 | 233 |
Inventory | 1,497 | ' |
Total fixed assets | 1,431 | ' |
Non-competition agreements | 50 | ' |
Customer relationships | 5,200 | ' |
Trade name and trademarks | 1,200 | ' |
Goodwill | 4,725 | 4,725 |
Accounts payable | -730 | ' |
Accrued expenses | -140 | -140 |
Customer deposits | -467 | ' |
Debt and Capital lease obligations | -147 | ' |
Net assets acquired | $14,000 | ' |
Acquisitions_Schedule_of_Pro_F
Acquisitions - Schedule of Pro Forma Results of Acquisition (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Business Combinations [Abstract] | ' | ' |
Net revenues | $63,025 | $198,308 |
Net income | $2,827 | $7,293 |
Income per share: | ' | ' |
Basic | $0.22 | $0.36 |
Diluted | $0.22 | $0.36 |
Weighted average common shares outstanding | ' | ' |
Basic | 12,400,266 | 12,382,516 |
Diluted | 12,451,452 | 12,424,198 |
Acquisitions_Additional_Inform2
Acquisitions - Additional Information - Pro Forma Adjustment Note (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Additional amortization expense | ' | $82,000 | ' | $340,000 |
Additional interest expense | ' | 76,000 | ' | 354,000 |
Increase (Decrease) in depreciation expense | ' | -81,000 | ' | 33,000 |
Increase (Decrease) in acquisition cost | ' | -173,000 | ' | 70,000 |
Increase (Decrease) in tax expense | ' | 29,000 | ' | -226,000 |
Proforma adjustment on weighted average common shares outstanding | ' | 47,787 | ' | 74,548 |
Proforma adjustments | 0 | ' | 0 | ' |
Sabre Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Provision for Income taxes | ' | 206,000 | ' | 594,000 |
Valla Asset Purchase [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Provision for Income taxes | ' | $143,000 | ' | $320,000 |
Financial_InstrumentsForward_C2
Financial Instruments-Forward Currency Exchange Contracts - Summary of Items Measures at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | $40 |
Total liabilities at fair value | 270 | 297 |
Forward Currency Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 178 | 40 |
Total liabilities at fair value | 20 | 47 |
Valla SpA [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valla contingent consideration (see Note 3) | 250 | 250 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | 0 |
Total liabilities at fair value | 0 | 0 |
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 | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 1 [Member] | Valla SpA [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valla contingent consideration (see Note 3) | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | 40 |
Total liabilities at fair value | 20 | 47 |
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 | 178 | 40 |
Total liabilities at fair value | 20 | 47 |
Level 2 [Member] | Valla SpA [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valla contingent consideration (see Note 3) | ' | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | ' | 0 |
Total liabilities at fair value | 250 | 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 | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 3 [Member] | Valla SpA [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valla contingent consideration (see Note 3) | $250 | $250 |
Derivative_Financial_Instrumen
Derivative Financial Instruments - Additional Information (Detail) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Canadian Dollar [Member] | Canadian Dollar [Member] | Euro Member Countries, Euro | First Contract [Member] | Second Contract [Member] | Third Contract [Member] | Minimum [Member] | Maximum [Member] |
Forward Currency Contract [Member] | Euro Member Countries, Euro | Euro Member Countries, Euro | Euro Member Countries, Euro | Canadian Dollar [Member] | Canadian Dollar [Member] | |||
CAD | Forward Currency Contract [Member] | Forward Currency Contract [Member] | Forward Currency Contract [Member] | Forward Currency Contract [Member] | Forward Currency Contract [Member] | |||
EUR (€) | EUR (€) | EUR (€) | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts obligate the company to purchase | ' | 1,659 | ' | ' | ' | ' | ' | ' |
Contracts maturity period | ' | 7-Jan-15 | ' | 2-Jul-15 | 10-Feb-15 | 31-Jan-15 | ' | ' |
Futures contract exchange rate | ' | ' | ' | 1.4261 | 1.3635 | 1.3538 | 0.8991 | 0.9241 |
Period end exchange rate | 0.8929 | ' | 1.2628 | ' | ' | ' | ' | ' |
Contracts requires the company to sell | ' | ' | ' | € 800 | € 400 | € 100 | ' | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Forward Currency Contracts (Detail) (Derivatives Not Designated as Hedge Instrument [Member], Forward Currency Contract [Member]) | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | CAD | EUR (€) |
Derivatives, Fair Value [Line Items] | ' | ' |
Forward currency contract | 1,659 | € 1,300 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives Not Designated as Hedge Instrument [Member] | Prepaid Expense and Other [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Asset Derivatives | $178 | $40 |
Derivatives Not Designated as Hedge Instrument [Member] | Accrued Expense [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Liabilities Derivatives | -20 | 37 |
Derivatives Designated as a Hedge Instrument [Member] | Accrued Expense [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Liabilities Derivatives | ' | $10 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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 | $98 | ($10) | $29 | ($133) |
Derivatives Designated as a Hedge Instrument [Member] | Net Revenue [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (loss) recognized in income statement | ' | ' | ($26) | ' |
Derivative_Financial_Instrumen4
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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | Cash Flow Hedge [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance (loss) gain, net of income taxes | ($426) | $389 | ' | ' | ($7) | ' |
Amounts recorded in OCI net of (loss) gain, net of income taxes | ' | ' | ' | ' | -11 | ' |
Amount reclassified to income, loss (gain), net of income taxes | ' | ' | ' | ' | 18 | ' |
Ending balance gain (loss), net of income taxes | ($426) | $389 | ' | ' | ' | ' |
Net_Earnings_per_Common_Share_1
Net Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income per common share | ' | ' | ' | ' |
Basic | $1,768 | $2,621 | $6,631 | $7,187 |
Diluted | $1,768 | $2,621 | $6,631 | $7,187 |
Earnings per share | ' | ' | ' | ' |
Basic | $0.13 | $0.21 | $0.48 | $0.58 |
Diluted | $0.13 | $0.21 | $0.48 | $0.58 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 |
Diluted | ' | ' | ' | ' |
Basic | 13,822,918 | 12,352,266 | 13,817,538 | 12,307,968 |
Dilutive effect of restricted stock units | 50,239 | 51,399 | 45,113 | 41,682 |
Total | 13,873,157 | 12,403,665 | 13,862,651 | 12,349,650 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 25, 2013 |
In Thousands, except Share data, unless otherwise specified | Subscription Agreement [Member] | Subscription Agreement [Member] | Placement Agreement [Member] | Placement Agreement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Common Stock, shares issued | 13,822,918 | 13,801,277 | ' | 1,375,000 | ' | ' |
Common Stock, par value | ' | ' | ' | $0 | ' | ' |
Purchase price per share | ' | ' | ' | $10.75 | ' | ' |
Total purchase price, under subscription agreement | ' | ' | $14,781 | ' | ' | ' |
Stock Issuance costs as a percentage of gross proceeds | ' | ' | ' | ' | ' | 5.25% |
Investment banking fees | ' | ' | ' | ' | 776 | ' |
Legal fees and expenses | ' | ' | ' | ' | 70 | ' |
Net cash proceeds to repay debt | ' | ' | ' | $13,935 | ' | ' |
Equity_Additional_Information_1
Equity - Additional Information - Stock Issuance - Sabre Shares (Detail) (Sabre Acquisition [Member]) | 0 Months Ended | 9 Months Ended |
Aug. 19, 2013 | Sep. 30, 2014 | |
Sabre Acquisition [Member] | ' | ' |
Shares of common stock issued in consideration of assets purchased | 87,928 | 87,928 |
Equity_Summary_of_Stock_Issuan
Equity - Summary of Stock Issuances (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares Issued | 7,741 |
Value of Shares Issued | $118 |
Director [Member] | March 6, 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares Issued | 6,600 |
Value of Shares Issued | 106 |
Employees [Member] | June 5, 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares Issued | 1,141 |
Value of Shares Issued | $12 |
Equity_Additional_Information_2
Equity - Additional Information - Stock Issuance - Stock Issued To Employees and Directors (Detail) (USD $) | 9 Months Ended | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Mar. 06, 2014 |
Officers and Employees [Member] | ||
2013 Bonus [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Aggregate granted shares | 34,292 | 14,292 |
Value of share issued | ' | $228 |
Common stock issued | ' | $228 |
Equity_Additional_Information_3
Equity - Additional Information - Stock Issuance - Stock Repurchase (Detail) (Employees [Member], USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 05, 2014 |
Employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of share purchased | 392 |
Closing Price on Date of Purchase | $16.75 |
Common stock reduced | $7 |
Equity_Additional_Information_4
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 06, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 06, 2014 | Sep. 12, 2013 | Jun. 05, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
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] | 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] | Independent Directors [Member] | Independent Directors [Member] | Independent Directors [Member] | Independent Directors [Member] | Employee Stock 1 [Member] | Director [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | ||||||||||
March 6, 2014 [Member] | December 31, 2014 [Member] | December 31, 2015 [Member] | March 6, 2014 [Member] | September 12, 2013 [Member] | September 5, 2014 [Member] | September 5, 2015 [Member] | September 5, 2016 [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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate granted shares | 34,292 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | 14,292 | 1,667 | 3,425 | ' | ' | ' |
Shares vested | 22,033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600 | 6,600 | 6,800 | ' | ' | ' | 1,141 | 1,142 | 1,142 |
Compensation expense related to restricted stock units | ' | ' | ' | ' | ' | $194 | $117 | $677 | $364 | $198 | $701 | $360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Restricted_Stock_Units_
Equity - Restricted Stock Units Outstanding (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Outstanding on January 1, 2014 | 142,851 |
Units granted during the period | 34,292 |
Vested and issued | -22,033 |
Forfeited | -2,645 |
Outstanding on September 30, 2014 | 152,465 |
Inventory_Components_of_Invent
Inventory - Components of Inventory (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and purchased parts | $57,999 | $48,537 |
Work in process | 9,011 | 9,807 |
Finished goods | 14,075 | 14,390 |
Inventory, net | $81,085 | $72,734 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
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] | 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 | ' | ' | $14,957 | $13,734 | ' | ' | $14,459 | $15,540 | ' | ' | $50 | $50 | ' | ' | $465 | $469 | ' | ' | ' | ' | ' |
Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,652 | 9,118 | ' | ' |
Amortization | ' | ' | -10,592 | -8,774 | ' | ' | -3,997 | -4,005 | ' | ' | -19 | -6 | ' | ' | -465 | -469 | ' | -1,727 | -1,621 | ' | ' |
Total Intangible assets | $21,783 | $24,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives | ' | ' | ' | ' | '7 years | '10 years | ' | ' | '10 years | '20 years | ' | ' | '2 years | '5 years | ' | ' | '1 year | ' | ' | '25 years | ' |
Useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Indefinite |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $665 | $580 | $1,982 | $1,672 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Changes in Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Line Items] | ' |
Beginning Balance | $22,489 |
Effect of change in exchange rates | -276 |
Ending Balance | 22,213 |
Lifting Equipment [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 22,214 |
Effect of change in exchange rates | -276 |
Ending Balance | 21,938 |
Equipment Distribution [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 275 |
Effect of change in exchange rates | 0 |
Ending Balance | $275 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Account payable: | ' | ' |
Trade | $27,162 | $24,974 |
Bank overdraft | 101 | ' |
Total accounts payable | 27,263 | 24,974 |
Accrued expenses: | ' | ' |
Accrued payroll | 2,590 | 1,951 |
Accrued employee benefits | 52 | 24 |
Accrued bonuses | 43 | 1,998 |
Accrued vacation expense | 1,077 | 888 |
Accrued interest | 185 | 237 |
Accrued commissions | 358 | 532 |
Accrued expenses-other | 550 | 306 |
Accrued warranty | 1,032 | 1,070 |
Accrued income taxes | 1,152 | 473 |
Accrued taxes other than income taxes | 1,360 | 1,087 |
Accrued product liability and workers compensation claims | 89 | 202 |
Accrued liability on forward currency exchange contracts | 20 | 40 |
Total accrued expenses | $8,508 | $8,808 |
Accrued_Warranty_Summary_of_Ch
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' |
Beginning Balance | $1,070 | $988 |
Accrual for warranties issued during the period | 1,357 | 1,753 |
Warranty services provided | -1,496 | -1,786 |
Changes in estimate | 110 | -110 |
Foreign currency translation | -9 | -2 |
Ending Balance | $1,032 | $853 |
Revolving_Term_Credit_Faciliti2
Revolving Term Credit Facilities and Debt - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Line of Credit Facility [Line Items] | ' |
Credit facility maturity date | 19-Aug-18 |
Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Fixed Charge Coverage ratio covenant | 1.25 |
Before December 31, 2014 [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Total debt to Consolidated Adjusted EBITDA ratio covenant | 4 |
After December 30, 2014 [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Total debt to Consolidated Adjusted EBITDA ratio covenant | 3.75 |
U.S. Revolver [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | 40,000,000 |
Canadian Revolver [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | 9,000,000 |
Senior Secured First Lien [Member] | Before December 31, 2014 [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Senior secured debt to Consolidated Adjusted EBITDA ratio covenant | 3.25 |
Senior Secured First Lien [Member] | After December 30, 2014 [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Senior secured debt to Consolidated Adjusted EBITDA ratio covenant | 3 |
Revolving_Term_Credit_Faciliti3
Revolving Term Credit Facilities and Debt - Additional Information - U.S.Revolver (Detail) (U.S. Revolver [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Line of Credit Facility [Line Items] | ' |
Debt amount outstanding as of balance sheet date | $29,219,000 |
Maximum borrowing capacity | 40,000,000 |
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 the sum of eligible receivables | 85.00% |
Percentage of maximum amount available is limited to sum of eligible inventory | 50.00% |
Inventory collateral limit | 18,000,000 |
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 | 2,000,000 |
Collateral based maximum borrowings | 39,355,000 |
Percentage of annual facility fee payable | 0.38% |
Unsecured guarantees allowed on CVS working capital financing | 9,000,000 |
Maximum loans or advances permitted to CVS or any other wholly-owned foreign subsidiaries | $7,500,000 |
Base Rate [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 1.63% |
LIBOR [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 2.63% |
Minimum [Member] | Base Rate [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 1.63% |
Minimum [Member] | LIBOR [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 2.27% |
Maximum [Member] | Base Rate [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 2.25% |
Maximum [Member] | LIBOR [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate spread for Base Rate | 3.25% |
Revolving_Term_Credit_Faciliti4
Revolving Term Credit Facilities and Debt - Additional Information - Revolving Canadian Term Credit Facility (Detail) (Canadian Revolver [Member]) | 9 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | Maximum [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] | |
CAD | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt amount outstanding as of balance sheet date | $8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of maximum amount available is limited to sum of eligible inventory less work in process | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Inventory collateral limit | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' |
Collateral based maximum borrowings | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate spread over prime | ' | ' | ' | 0.00% | 0.00% | 0.25% | 0.00% | 0.00% | 0.75% |
Percentage of annual facility fee payable | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving_Term_Credit_Faciliti5
Revolving Term Credit Facilities and Debt - Additional Information - Specialized Export Facility (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Specialized Export Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | $3,000,000 |
Maximum borrowings as a percentage of total export related material and labor costs | 90.00% |
Collateral based maximum borrowings | 3,000,000 |
Debt instrument maturity date | 1-Jun-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 amount outstanding as of balance sheet date | $2,676,000 |
Specialized Export Facility [Member] | Canada [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate on borrowings under line of credit facility | 3.00% |
Line of credit interest prime rate | 3.00% |
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 | 'June 1, 2015 |
Revolving_Term_Credit_Faciliti6
Revolving Term Credit Facilities and Debt - Additional Information - Note Payable Terex (Detail) (Terex Corporation Note Payable [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Payments | |
Terex Corporation Note Payable [Member] | ' |
Credit Facilities [Line Items] | ' |
Notes payable | $500 |
Notes payable interest rate | 6.00% |
Debt instrument maturity date | 1-Mar-16 |
Remaining principal payments | 2 |
Remaining principal payments, description | 'Due on 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 $) | 0 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 02, 2011 | Sep. 30, 2014 |
Payments | ||
BED Mortgage [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | ' | $765 |
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] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | ' | 789 |
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] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | ' | 259 |
Number of interest and principal payment | 84 | ' |
Current monthly payment of note installments | $6 | ' |
Debt instrument mortgage amortization period | ' | '84 months |
Current debt instrument, interest rate | 6.25% | ' |
Debt instrument basis spread on 5 year treasury securities | 4.00% | ' |
Interest rate reset date | ' | 2-Nov-16 |
Revolving_Term_Credit_Faciliti8
Revolving Term Credit Facilities and Debt - Additional Information - CVS Short-Term Working Capital Borrowings (Detail) (CVS Working Capital [Member]) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | EUR (€) | Maximum [Member] | Maximum [Member] | |
Bank | USD ($) | EUR (€) | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Number of Italian banks | 11 | 11 | ' | ' |
Line of credit advances unsecured | $392 | € 310 | ' | ' |
Additional Line of credit advances against orders, invoices and letters of credit | ' | ' | 14,317 | 11,338 |
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% | ' | ' |
Notes payable | 6,961 | 5,512 | ' | ' |
Borrowing facility interest rate, minimum | 3.82% | 3.82% | ' | ' |
Borrowing facility interest rate, maximum | 11.00% | 11.00% | ' | ' |
Credit facilities guaranteed by parent | 8,994 | 7,123 | ' | ' |
Guaranteed debt | 5,370 | 4,253 | ' | ' |
Performance bonds guaranteed | $822 | € 651 | ' | ' |
Revolving_Term_Credit_Faciliti9
Revolving Term Credit Facilities and Debt - Additional Information - Note Payable-Bank (Detail) (Notes Payable to Banks [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Payments | |
Notes Payable to Banks [Member] | ' |
Short-term Debt [Line Items] | ' |
Notes payable | $69 |
Monthly payment of Note Installments | 69 |
Debt instrument interest rate | 3.45% |
Notes payable | $678 |
Number of monthly payments | 10 |
Issuance date of Note payable | 10-Jan-14 |
Payment commencing date | 30-Jan-14 |
Recovered_Sheet1
Revolving Term Credit Facilities and Debt - Additional Information - Acquisition Note - Valla (Detail) (Valla Asset Purchase [Member], USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Installment | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' |
Stated interest rate of notes payable | 5.00% | ' | ' |
Notes payable | $170 | ' | ' |
Annual principal payments against note payable | ' | 85 | 85 |
Number of installments | 2 | ' | ' |
Fair value discounted rate | 1.50% | ' | ' |
Amortization of financing costs | 28 | ' | ' |
Remaining principal amount | $180 | ' | ' |
Recovered_Sheet2
Revolving Term Credit Facilities and Debt - Additional Information - Capital Leases (Detail) (Capital Lease Obligations [Member], USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Georgetown Facility [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease expiration | ' | '2018-04-30 |
Term of lease | '12 years | ' |
Monthly lease payment | $74 | ' |
Outstanding capital lease obligation | 2,314 | 2,314 |
Winona Facility [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease expiration | ' | '2014-07-10 |
Term of lease | '5 years | ' |
Monthly lease payment | 25 | ' |
Outstanding capital lease obligation | 500 | 500 |
Purchase amount of facility | $500 | $500 |
Recovered_Sheet3
Revolving Term Credit Facilities and Debt - Additional Information - Equipment (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Equipment [Member] | ' |
Capital Leased Assets [Line Items] | ' |
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 |
Capital leases purchase price of leased asset at option of lessee | $1 |
Other Capital Lease [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Additional small capital lease | 3 |
Outstanding capital lease obligation | $92 |
Recovered_Sheet4
Revolving Term Credit Facilities and Debt - Summary of Financed Capital Leases-Equipment (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Capital Leased Assets [Line Items] | ' |
Amount Borrowed | $2,920 |
Amount of Monthly Payment | 75 |
Balance As of September 30, 2014 | 1,779 |
New Equipment [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Amount Borrowed | 1,166 |
Repayment Period | '60 months |
Amount of Monthly Payment | 22 |
Balance As of September 30, 2014 | 1,025 |
Used Equipment [Member] | ' |
Capital Leased Assets [Line Items] | ' |
Amount Borrowed | 1,754 |
Repayment Period | '36 months |
Amount of Monthly Payment | 53 |
Balance As of September 30, 2014 | $754 |
Legal_Proceedings_and_Other_Co1
Legal Proceedings and Other Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Installment | |
Agreement | |
Loss Contingencies [Line Items] | ' |
Workmen's compensation insurance policy per claim deductible | $250 |
Remaining obligation to pay product liability settlement to plaintiffs | 1,615 |
Number of installments for the payment of product liability settlement | 17 |
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 |
Fiscal Year 2012 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Maximum workmen's compensation insurance policy aggregate | 1,000 |
Fiscal Year 2013 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Maximum workmen's compensation insurance policy aggregate | 1,150 |
Fiscal Year 2014 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Maximum workmen's compensation insurance policy aggregate | 1,325 |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Product liability insurance self insurance retention amount | 50 |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Product liability insurance self insurance retention amount | $500 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of operating segments | ' | ' | 2 | ' |
Amortization expense | $665 | $580 | $1,982 | $1,672 |
Lifting Equipment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Amortization expense | 628 | 543 | 1,872 | 1,562 |
Equipment Distribution [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Amortization expense | $37 | $37 | $110 | $110 |
Business_Segments_Financial_In
Business Segments - Financial Information for Two Operating Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | $66,197 | $57,521 | $197,172 | $179,641 | ' |
Operating income from continuing operations | 3,411 | 4,657 | 12,200 | 12,518 | ' |
Total Assets | 191,799 | ' | 191,799 | ' | 182,614 |
Operating Segments [Member] | Lifting Equipment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | 61,670 | 53,284 | 185,772 | 166,706 | ' |
Operating income from continuing operations | 5,007 | 5,703 | 17,013 | 16,543 | ' |
Total Assets | 174,773 | ' | 174,773 | ' | 170,692 |
Operating Segments [Member] | Equipment Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | 5,296 | 4,269 | 14,398 | 13,000 | ' |
Operating income from continuing operations | 17 | 183 | 138 | 486 | ' |
Total Assets | 15,769 | ' | 15,769 | ' | 10,847 |
Inter-segment Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net revenues | -769 | -32 | -2,998 | -65 | ' |
Operating income from continuing operations | -84 | ' | -302 | ' | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income from continuing operations | -1,529 | -1,229 | -4,649 | -4,511 | ' |
Total Assets | $1,257 | ' | $1,257 | ' | $1,075 |
Transactions_between_the_Compa2
Transactions between the Company and Related Parties - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
SL Industries, Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable | $1,311 | $796 |
Accounts receivable | 4 | 7 |
LiftMaster [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable | 0 | ' |
Accounts receivable | 85 | 6 |
BGI USA, Inc. [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable | 8 | 6 |
Accounts receivable | $0 | ' |
Transactions_between_the_Compa3
Transactions between the Company and Related Parties - Related Party Transactions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' | ' |
Total Sales | ($2) | ' | $190 | $46 |
Total Purchases | 2,282 | 1,681 | 4,729 | 3,980 |
Bridgeview Facility [Member] | ' | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' | ' |
Rent paid | 65 | 63 | 191 | 188 |
SL Industries, Ltd [Member] | ' | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' | ' |
Total Sales | 1 | ' | 4 | 43 |
Total Purchases | 2,260 | 1,605 | 4,686 | 3,813 |
LiftMaster [Member] | ' | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' | ' |
Total Sales | -3 | ' | 186 | 3 |
Total Purchases | ' | 8 | ' | 18 |
BGI USA, Inc. [Member] | ' | ' | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' | ' | ' |
Total Purchases | $22 | $68 | $43 | $149 |
Transactions_between_the_Compa4
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) (Bridgeview Facility [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
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-20 |
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%. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' |
Annual effective tax rate | ' | ' | 32.00% | ' |
Income tax expense | $941 | $1,197 | $3,283 | $3,087 |
Total unrecognized tax benefits | 143 | 397 | 143 | 397 |
Federal Research & Development Tax Credits [Member] | ' | ' | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' | ' | ' |
Income tax discretion expense | ' | ' | ' | $110 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 9 Months Ended | 10 Months Ended | 10 Months Ended | 10 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Oct. 29, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Terex Corporation [Member] | Terex Corporation [Member] | Terex Corporation [Member] | A.S.V., Inc. [Member] | A.S.V., Inc. [Member] | A.S.V., Inc. [Member] | A.S.V., Inc. [Member] | |||
Contracts To Raise Capital [Member] | Contracts To Raise Capital [Member] | Contracts To Raise Capital [Member] | Contract To Purchase Equity Investment Ownership [Member] | Contract To Purchase Equity Investment Ownership [Member] | Contract To Purchase Equity Investment Ownership [Member] | Contract To Purchase Equity Investment Ownership [Member] | |||
Terex Debt [Member] | Terex Debt [Member] | Corporate Joint Venture [Member] | Co-venturer [Member] | Terex [Member] | |||||
Maximum [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' |
Contract expected execution period | ' | ' | 'Expected to close in the fourth quarter of 2014 | ' | ' | 'The transaction is expected to close in the fourth quarter of 2014 | ' | 'Terex | ' |
Contract Signing Date | ' | ' | 29-Oct-14 | ' | ' | ' | ' | ' | 29-Oct-14 |
Consideration to be transferred | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' |
Cash to be received in exchange for common stock | ' | 13,935,000 | 12,500,000 | ' | ' | ' | ' | ' | ' |
Cash to be received in exchange for convertible debt | 677,000 | 809,000 | 7,500,000 | ' | ' | ' | ' | ' | ' |
Future proceeds to be received on closing from issuance of common stock and debt per contract terms | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' |
Convertible debt to be issued | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' |
Convertible debt securities, terms of conversion | ' | ' | ' | 'The convertible debt securities will be $7.5 million in aggregate principal amount, are subordinated, will carry a 5%B per annum coupon, payable semi-annually, and will be convertible into Common Stock at the greater of (i)B 25% above the daily volume weighted average price for a thirty day window prior to OctoberB 29, 2014, and (ii)B 10% above the daily volume weighted average price for a thirty day window prior to closing, in all cases subject to a maximum conversion price of $16.75 per share of Common Stock. | ' | ' | ' | ' | ' |
Annual coupon rate | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Maximum conversion price | ' | ' | ' | ' | $16.75 | ' | ' | ' | ' |