Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Feb. 10, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MNTX | |
Entity Registrant Name | Manitex International, Inc. | |
Entity Central Index Key | 1,302,028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,662,386 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 2,968 | $ 4,541 |
Cash - restricted | 352 | 773 |
Trade receivables (net) | 44,800 | 32,982 |
Other receivables | 2,508 | 1,082 |
Inventory (net) | 63,422 | 69,487 |
Prepaid expense and other | 4,322 | 4,624 |
Current assets of discontinued operations | 46,645 | |
Total current assets | 118,372 | 160,134 |
Total fixed assets (net) | 22,287 | 21,839 |
Intangible assets (net) | 31,247 | 30,985 |
Goodwill | 43,014 | 39,669 |
Equity investment in ASV Holdings, Inc. | 14,844 | |
Other long-term assets | 1,548 | 1,605 |
Deferred tax asset | 545 | 545 |
Long-term assets of discontinued operations | 72,177 | |
Total assets | 231,857 | 326,954 |
Current liabilities | ||
Notes payable | 31,967 | 26,204 |
Current portion of capital lease obligations | 362 | 338 |
Accounts payable | 36,455 | 33,801 |
Accounts payable related parties | 1,569 | 2,098 |
Accrued expenses | 10,372 | 10,278 |
Other current liabilities | 2,635 | 2,150 |
Current liabilities of discontinued operations | 23,631 | |
Total current liabilities | 83,360 | 98,500 |
Long-term liabilities | ||
Revolving term credit facilities | 12,575 | 19,957 |
Notes payable (net) | 29,724 | 32,832 |
Capital lease obligations, (net of current portion) | 5,589 | 6,004 |
Convertible note related party (net) | 6,968 | 6,862 |
Convertible note (net) | 14,257 | 14,098 |
Deferred gain on sale of property | 1,001 | 1,058 |
Deferred tax liability | 3,559 | 3,242 |
Other long-term liabilities | 3,737 | 4,127 |
Long-term liabilities of discontinued operations | 42,645 | |
Total long-term liabilities | 77,410 | 130,825 |
Total liabilities | 160,770 | 229,325 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at September 30, 2017 and December 31, 2016 | ||
Common Stock—no par value 25,000,000 shares authorized, 16,585,062 and 16,200,294 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 97,468 | 94,324 |
Paid in capital | 2,743 | 2,918 |
Retained deficit | (27,761) | (20,505) |
Accumulated other comprehensive loss | (1,363) | (4,272) |
Equity attributable to shareholders of Manitex International, Inc. | 71,087 | 72,465 |
Equity attributable to noncontrolling interests | 25,164 | |
Total equity | 71,087 | 97,629 |
Total liabilities and equity | $ 231,857 | $ 326,954 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 16,585,062 | 16,200,294 |
Common Stock, shares outstanding | 16,585,062 | 16,200,294 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net revenues | $ 56,464 | $ 39,131 | $ 148,634 | $ 132,106 |
Cost of sales | 46,591 | 32,589 | 121,965 | 108,658 |
Gross profit | 9,873 | 6,542 | 26,669 | 23,448 |
Operating expenses | ||||
Research and development costs | 619 | 725 | 1,902 | 2,203 |
Selling, general and administrative expenses | 8,282 | 8,985 | 25,797 | 27,473 |
Total operating expenses | 8,901 | 9,710 | 27,699 | 29,676 |
Operating income (loss) | 972 | (3,168) | (1,030) | (6,228) |
Other income (expense) | ||||
Interest expense | (1,716) | (1,384) | (4,498) | (4,658) |
Interest expense related to write off of debt issuance costs | (1,439) | |||
Foreign currency transaction loss | (799) | (82) | (1,138) | (991) |
Other income | 18 | 281 | 361 | 883 |
Total other expense | (2,497) | (1,185) | (5,275) | (6,205) |
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (1,525) | (4,353) | (6,305) | (12,433) |
Income tax expense (benefit) from continuing operations | 281 | (691) | 416 | (958) |
Income (loss) from equity investments, net of taxes | 284 | (5,673) | 284 | (5,752) |
Net loss from continuing operations | (1,522) | (9,335) | (6,437) | (17,227) |
Discontinued operations | ||||
Loss from operations of discontinued operations (including) loss on disposal for the nine months 2017 of $1,133 and losses on disposal of $9,503 and $7,291 for the three and nine months 2016, respectively) | (9,608) | (573) | (4,745) | |
Income tax expense (benefit) | (15) | 4,145 | (28) | 1,259 |
Loss from discontinued operations | 15 | (13,753) | (545) | (6,004) |
Net loss | (1,507) | (23,088) | (6,982) | (23,231) |
Net (income) attributable to noncontrolling interest from discontinued operations | (294) | (274) | (566) | |
Net loss attributable to shareholders of Manitex International, Inc. | $ (1,507) | $ (23,382) | $ (7,256) | $ (23,797) |
Earnings (loss) Per Share Basic | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.58) | $ (0.39) | $ (1.07) |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | 0 | (0.87) | (0.05) | (0.41) |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | (0.09) | (1.45) | (0.44) | (1.48) |
Earnings (loss) Per Share Diluted | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | (0.09) | (0.58) | (0.39) | (1.07) |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | 0 | (0.87) | (0.05) | (0.41) |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (1.45) | $ (0.44) | $ (1.48) |
Weighted average common shares outstanding | ||||
Basic | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
Diluted | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | |||
Loss on disposal of discontinued operations | $ (9,502) | $ (1,133) | $ (7,290) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss: | $ (1,507) | $ (23,088) | $ (6,982) | $ (23,231) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 795 | 1,481 | 2,909 | 2,569 |
Total other comprehensive income | 795 | 1,481 | 2,909 | 2,569 |
Comprehensive loss | (712) | (21,607) | (4,073) | (20,662) |
Comprehensive (income) attributed to noncontrolling interest | (294) | (274) | (566) | |
Total comprehensive loss attributable to shareholders of Manitex International, Inc. | $ (712) | $ (21,901) | $ (4,347) | $ (21,228) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (6,982) | $ (23,231) |
Adjustments to reconcile net loss to cash used for operating activities: | ||
Depreciation and amortization | 3,908 | 5,311 |
Loss on sale of discontinued operations | 1,133 | 7,290 |
Changes in allowances for doubtful accounts | 41 | 2 |
Changes in inventory reserves | (449) | 570 |
Revaluation of contingent acquisition liability | (346) | (915) |
Write down of goodwill | 275 | |
Deferred income taxes | (10) | (190) |
Amortization and write off of deferred debt issuance costs | 402 | 1,903 |
Amortization of debt discount | 388 | 404 |
Change in value of interest rate swaps | (421) | (778) |
(Earnings) loss from equity investments | (284) | 5,752 |
Share-based compensation | 517 | 900 |
Adjustment to deferred gain on sales and lease back | (141) | |
Loss (gain) on disposal of assets | 160 | (13) |
Reserves for uncertain tax provisions | 54 | 32 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (10,401) | (1,189) |
(Increase) decrease in inventory | 9,323 | (7,483) |
(Increase) decrease in prepaid expenses | 356 | 979 |
(Increase) decrease in other assets | 66 | 194 |
Increase (decrease) in accounts payable | (845) | (5,511) |
Increase (decrease) in accrued expense | (642) | (2,711) |
Increase (decrease) in other current liabilities | 247 | (365) |
Increase (decrease) in other long-term liabilities | (382) | (250) |
Discontinued operations - cash provided by (used for) operating activities | 3,665 | (6,898) |
Net cash used for operating activities | (502) | (26,063) |
Cash flows from investing activities: | ||
Proceeds from the sale of discontinued operations (Note 18) | 12,892 | 14,000 |
Proceeds from the sale of fixed assets | 15 | 187 |
Purchase of property and equipment | (761) | (946) |
Investment in intangibles other than goodwill | (64) | (103) |
Discontinued operations - cash (used for) provided by investing activities | (84) | 1,688 |
Net cash provided by investing activities | 11,998 | 14,826 |
Cash flows from financing activities: | ||
Payments on revolving term credit facilities | (7,382) | (13,687) |
Net borrowings on working capital facilities | 4,198 | 7,181 |
New borrowings—other | 754 | 12,961 |
Debt issuance costs incurred | (50) | (1,206) |
Note payments | (8,451) | (5,269) |
Shares repurchased for income tax withholding on share-based compensation | (128) | (55) |
Proceeds from stock offering | 2,426 | |
Proceeds from sale and lease back | 896 | 4,080 |
Payments on capital lease obligations | (793) | (417) |
Discontinued operations - cash (used for) provided by financing activities | (5,058) | 4,422 |
Net cash used for financing activities | (13,588) | 8,010 |
Net decrease in cash and cash equivalents | (2,092) | (3,227) |
Effect of exchange rate changes on cash | 98 | 1,359 |
Cash and cash equivalents at the beginning of the year | 5,314 | 5,918 |
Cash and cash equivalents at end of period | $ 3,320 | $ 4,050 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The Condensed Consolidated Balance Sheet at September 30, 2017 and the related Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2017 and 2016 (as restated) and Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2017 and 2016 (as restated) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company for the interim periods. Interim results may not be indicative of results to be realized for the entire year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2016. The Condensed Consolidated Balance Sheet as of December 31, 2016 (as restated) was derived from our audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). Certain amounts for prior periods have been reclassified to conform to the current period financial statement presentation. All references in this report to financial results of periods ending prior to the third quarter of 2017 reflect such results as restated pursuant to the previously announced restatement of such periods. The Company is a leading provider of engineered lifting solutions and operates as a single business segment. Operating activities are conducted through the following wholly-owned subsidiaries: Manitex, Inc. (“Manitex”), Badger Equipment Company (“Badger”), PM Group S.pA. and Subsidiaries (“PM Group”), Manitex Valla S.r.l (“Valla”), Sabre Manufacturing, LLC (“Sabre”), Crane and Machinery, Inc. (“C&M”), and Crane and Machinery Leasing, Inc. (“C&M Leasing”). The condensed consolidated financial statements include the accounts of Manitex International, Inc. and subsidiaries in which it has a greater than 50% voting interest (collectively, the “Company”). All significant intercompany accounts, profits and transactions have been eliminated in consolidation. Consolidated Variable Interest Entity Even though it has no ownership interest in SVW Crane & Equipment Company (together with its wholly owned subsidiary, Rental Consulting Service Company, “SVW”), the Company has the power to direct the activities that most significantly impact SVW’s economic performance. Additionally, the Company was the primary beneficiary of the SVW relationship. SVW obtained third party financing, which was effectively guaranteed by the Company, on specific cranes the Company manufactured and remitted the loan proceeds to the Company. Other than its business transactions described herein, SVW had no other substantial business operations. The Company has determined that SVW is a Variable Interest Entity (“VIE”) that under current accounting guidance needs to consolidate in the Company’s financial results. Non-Cash Transactions Non-cash transactions for the periods ended September 30, 2017 and 2016 are as follows: Nine Months Ended September 30, As Restated 2017 2016 Non cash transactions Issuance of common stock in connection with Terex note repayment $ — $ 150 Equipment held for sale financed on a capital lease 896 — Stock issued to purchase Winona facility 154 — Discontinued Operations ASV Segment ASV is located in Grand Rapids, Minnesota and manufactures a line of high quality compact track and skid steer loaders. The products are used in site clearing, general construction, forestry, golf course maintenance and landscaping industries, with general construction being the largest. Prior to the quarter ended June 30, 2017, the Company owned a 51% interest in ASV Holdings, Inc., which was formerly known as A.S.V., LLC (“ASV Holdings”). On May 11, 2017, in anticipation of an initial public offering, ASV Holdings converted from an LLC to a C-Corporation and the Company’s 51% interest was converted to 4,080,000 common shares of ASV Holdings. On May 17, 2017, in connection within its initial public offering, ASV Holdings sold 1,800,000 of its own shares and the Company sold 2,000,000 shares of ASV Holdings common stock. As of September 30, 2017, the Company held a 21.2% interest in ASV Holdings, but no longer had a controlling interest in ASV Holdings. ASV Holdings was deconsolidated during the quarter ended June 30, 2017 and is recorded as an equity investment starting with quarter ended June 30, 2017. Periods ending before June 30, 2017 reflect ASV as discontinued operation. Subsequent to September 30, 2017, the Company sold additional shares of ASV. See Note 18 for additional discussion related to the accounting treatment of the investment in ASV after the sale of the additional shares. Sales of Subsidiaries During the year ended December 31, 2016, the Company sold two of its wholly owned subsidiaries: CVS Ferrari, S.r.L (“CVS”) and Manitex Liftking ULC (“Manitex Liftking” or “Liftking”). CVS was sold on December 22, 2016 and Liftking was sold on September 30, 2016, and each are presented as a discontinued operation. Change in Reporting Segments Prior to the quarter ended June 30, 2017, the Company reported its operations in three segments: the Lifting Equipment segment, the ASV segment and the Equipment Distribution segment. Since 2015, the Company has sought to redefine itself strategically and operationally, including through a series of divestitures. The most recent such divestiture occurred in May 2017, with the sale of a portion of the Company’s investment in ASV Holdings. As a result of this sale, the Company has deconsolidated ASV Holdings from its financial reporting, and ASV Holdings is no longer a reporting segment. The previously reported Equipment Distribution operations was comprised of C&M and C&M Leasing. C&M was acquired by the Company in 2008 and at that time operated primarily as a distributor of Terex Corporation (“Terex”) rough terrain and truck cranes. Subsequent to 2008, C&M added a used equipment business, which involved buying both lifting and non-lifting construction equipment and then refurbishing and remarketing that equipment. Recently, the C&M operations evolved and the used equipment sales operations were discontinued. C&M remains a distributor of Terex rough terrain and truck cranes; however C&M’s primary business is the distribution of products manufactured by the Company. C&M Leasing’s primary business is the facilitation of sales of products manufactured by the Company through its rent to own program. As C&M and C&M Leasing’s primary business is the facilitation of Company manufactured product sales, discrete financial information is not available. Further, the Company’s Chief Operating Decision Maker (“CODM”) reviews C&M and C&M Leasing operations only to determine their impact on the entire Company. As such, the operations of C&M and C&M Leasing no longer constitute a separate reporting segment. |
Restatement of Previously issue
Restatement of Previously issued financial statements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Restatement of Previously Issued Financial Statements | 2. Restatement of Previously issued financial statements The Company has restated its quarterly Consolidated Statements of Operations, Statement of Comprehensive Income (Loss) and the Statements of Cash Flows for the three and nine months ended September 30, 2016. In addition, the Company has restated the Balance Sheets for the periods ended December 31, 2016. See the Company’s restated 10-K/A for the restated balance sheet as of December 31, 2016. Background As previously described in the Company’s Current Report on Form 8-K filed on November 6, 2017, in 2016 the Company sold 39 cranes for total sales revenues of approximately $15 million to a single broker customer in a series of transactions (the “Transactions”) that were each structured as a customary “bill and hold” arrangement. The revenue for the Transactions was originally recognized in 2016. Ten of these units that were sold for an aggregate value of approximately $3 million were returned during 2016 (and were subsequently sold to other customers), such that for 2016, a net of 29 cranes were sold for approximately $12 million. In addition, the Company made various payments that were expensed in 2016 and 2017 to the broker and its wholly-owned subsidiary. Furthermore, the debt taken on by the Broker customer to purchase the cranes was affectively guaranteed by the Company pursuant to certain related agreements. In connection with its review of its financial results for the quarter ended September 30, 2017, the Company became aware that the prior accounting treatment for the Transactions was not correct. Specifically, the Company has concluded that the relationship with the Broker and its wholly-owned subsidiary qualified as a Variable Interest Entity (“VIE”) and should therefore have resulted in a different accounting treatment. The Company has concluded that the revenue recognition criteria for 2016 sales were not met and payments to the Broker were not expenses of the Company. In addition, disclosures were incomplete. Description of the Restatement related to SVW The following describes the impact of corrections that affect the three and nine months ended September 30, 2016. Information concerning 2016 impact is discussed in the Company’s amended 10-K/A for the year ended December 31, 2016. Effect of Recording Sales to Third Party Recognizing sales when SVW related inventory was sold to third parties. (Statement of Operations – Column C) Effect of Recording Crane Rentals Income on the rental of SVW related inventory to third parties has been recorded as revenues for the corresponding. (Statement of Operations – Column C) Effect of Treating Funds Sent to SVW’s Wholly-Owned Subsidiary as Advances During the three and nine months ended September 30, 2016 there were no payments that the Company had originally classified as expenses paid to SVW’s wholly-owned subsidiary. Given SVW’s treatment as a VIE these payments have been reclassified as intercompany advances. (Statement of Operations – Column D) Recording of Payments Made by SVW to Lenders This includes the impact of payments made in connection with the aforementioned SVW debt. (Statement of Operations – Column E) Cumulative Income Tax Effect This includes the impact on the income taxes for the quarter and nine months ended September 30, 2016 related to the discontinued operations and SVW restatements discussed above. (Statement of Operations – Column F) Description of the Restatement not related to SVW Other The Company disclosed a partial residual value guarantee to support a customer’s financing of equipment purchased from the Company that was previously not disclosed (see Note 15). A residual value guarantee involves a guarantee that a piece of equipment will have a minimum fair market value at a future date if certain conditions are met by the customer. The Company has issued partially residual guarantees that have maximum exposure of approximately $1.6 million. The Company, however, does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such no liability has been recorded. This includes minor rounding and reclassification adjustments not included in previous categories. (Statement of Operations – Column G) Effect of Reclassifying ASV to Discontinued Operations For the three and nine months ended September 30, 2016, the Company owned a 51% interest in ASV Holdings, Ins., which was formerly known as A.S.V., LLC (“ASV Holdings”). On May 11, 2017, in anticipation of an initial public offering, ASV Holdings converted from an LLC to a C-Corporation and the Company’s 51% interest was converted to 4,080,000 common shares of ASV Holdings. On May 17, 2017, in connection within its initial public offering, ASV Holdings sold 1,800,000 of its own shares and the Company sold 2,000,000 shares of ASV Holdings common stock. The Company held a 21.2% interest in ASV Holdings, but no longer has a controlling interest in ASV holdings. ASV Holdings was deconsolidated during the quarter ended June 30, 2017 and is recorded as an equity investment starting with quarter ended June 30, 2017. Since this 10-Q/A is being filed after the above described events, prior period financial statements included in this 10-Q/A have been restated to reflect ASV Holdings as a discontinued operation. (Statement of Operations - Column B) Additional entries not related to SVW Adjustments were made to: reverse a sale transaction, adjust a deferred gain, increase an inventory reserve and to record additional rent expense and other corrections and reclassifications not related to SVW. These adjustments were identified in prior periods but were immaterial for recording at that time. As the Company has identified the restatement adjustments for recording in prior periods, management made the determination that it would also record these previously passed adjustments as part of the restatement of the financial statements. (Statement of Operations – Column G, Statement of Cash Flows – Column K) See the Company’s Amended Annual Report for the year ended December 31, 2016 for the table that shows the impact that the restatement had on the Company’s Balance Sheet for the year ended December 31, 2016. The following tables reflect adjustments (restatements) to correct errors identified in connection with the Company’s review of its financial results for the quarters ended September 30, 2016. Consolidated Statement of Operations For the three months ended September 30, 2016 (in thousands, except for share data) (unaudited) A B C D E F G H As Previously Reported on Form 10-Q Effect of Reclassifying Entities into Discontinued Operations Reversal of Sales to SVW Effect of Treating Funds Sent to SVW as Advances Recording Payments Made by SVW to Lenders Cumulative Income Tax Effect Other As Restated Net revenues $ 74,131 $ (34,506 ) $ (495 ) $ — $ — $ — $ 1 $ 39,131 Cost of sales 62,476 (29,512 ) (142 ) — — — (233 ) 32,589 Gross profit 11,655 (4,994 ) (353 ) — — — 234 6,542 Operating expenses — Research and development costs 1,238 (513 ) — — — — 725 Selling, general and administrative expenses 11,378 (2,403 ) — — — — 10 8,985 Total operating expenses 12,616 (2,916 ) — — — — 10 9,710 Operating (loss) income (961 ) (2,078 ) (353 ) — — — 224 (3,168 ) Other income (expense) Interest income (expense) (2,667 ) 1,399 — — (116 ) — — (1,384 ) Interest expense related to write off of debt issuance costs — — — — — — — — Foreign currency transaction loss (103 ) 22 — — — — (1 ) (82 ) Other income 2 278 — — — — 1 281 Total other income (expense) (2,768 ) 1,699 — — (116 ) — — (1,185 ) (Loss) income before income taxes and loss in non- marketable equity interest from continuing operations (3,729 ) (379 ) (353 ) — (116 ) — 224 (4,353 ) Income tax (benefit) expense from continuing operations (3,813 ) 543 — — — 2,579 — (691 ) Loss in non-marketable equity interest, net of taxes (5,673 ) — — — — — — (5,673 ) Net (loss) income from continuing operations (5,589 ) (922 ) (353 ) — (116 ) (2,579 ) 224 (9,335 ) Discontinued operations: Income (loss) from operations of discontinued operations (9,987 ) 379 — — — — — (9,608 ) Income tax expense 4,688 (543 ) — — — — — 4,145 (Loss) income on discontinued operations (14,675 ) 922 — — — — — (13,753 ) Net (loss) income (20,264 ) — (353 ) — (116 ) (2,579 ) 224 (23,088 ) Net loss (income) attributable to noncontrolling interest (294 ) — — — — — — (294 ) Net (loss) income attributable to shareholders of Manitex International, Inc. $ (20,558 ) $ — $ (353 ) $ — $ (116 ) $ (2,579 ) $ 224 $ (23,382 ) Earnings (loss) Per Share Basic (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.36 ) $ (0.58 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.87 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.27 ) $ (1.45 ) Diluted — (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.36 ) $ (0.58 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.87 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.27 ) $ (1.45 ) Weighted average common shares outstanding Basic 16,127,346 16,127,346 Diluted 16,127,346 16,127,346 Consolidated Statement of Operations For the nine months ended September 30, 2016 (in thousands, except for share data) (unaudited) A B C D E F G H As Previously Reported on Form 10-Q Effect of Reclassifying Entities into Discontinued Operations Reversal of Sales to SVW Effect of Treating Funds Sent to SVW as Advances Recording Payments Made by SVW to Lenders Cumulative Income Tax Effect Other As Restated Net revenues $ 272,769 $ (127,541 ) $ (13,123 ) $ — $ — $ — $ 1 $ 132,106 Cost of sales 225,824 (106,796 ) (10,388 ) — — — 18 108,658 Gross profit 46,945 (20,745 ) (2,735 ) — — — (17 ) 23,448 Operating expenses Research and development costs 4,091 (1,888 ) — — — — — 2,203 Selling, general and administrative expenses 38,574 (11,111 ) — — — — 10 27,473 Total operating expenses 42,665 (12,999 ) — — — — 10 29,676 Operating (loss) income 4,280 (7,746 ) (2,735 ) — — — (27 ) (6,228 ) Other income (expense) Interest income (expense) (9,407 ) 4,865 — — (116 ) — — (4,658 ) Interest expense related to write off of debt issuance costs (1,439 ) — — — — — — (1,439 ) Foreign currency transaction loss (580 ) (410 ) — — — — (1 ) (991 ) Other income (loss) 2,834 (1,952 ) — — — — 1 883 Total other income (expense) (8,592 ) 2,503 — — (116 ) — — (6,205 ) (Loss) income before income taxes and loss in non- marketable equity interest from continuing operations (4,312 ) (5,243 ) (2,735 ) — (116 ) — (27 ) (12,433 ) Income tax (benefit) expense from continuing operations (4,421 ) 3,428 — — — 34 1 (958 ) Loss in non-marketable equity interest, net of taxes (5,752 ) — — — — — — (5,752 ) Net (loss) income from continuing operations (5,643 ) (8,671 ) (2,735 ) — (116 ) (34 ) (28 ) (17,227 ) Discontinued operations: Income (loss) from operations of discontinued operations (9,987 ) 5,242 — — — — — (4,745 ) Income tax expense 4,688 (3,429 ) — — — — — 1,259 (Loss) income on discontinued operations (14,675 ) 8,671 — — — — — (6,004 ) Net (loss) income (20,318 ) — (2,735 ) — (116 ) (34 ) (28 ) (23,231 ) Net loss (income) attributable to noncontrolling interest (566 ) — — — — — — (566 ) Net (loss) income attributable to shareholders of Manitex International, Inc. $ (20,884 ) $ — $ (2,735 ) $ — $ (116 ) $ (34 ) $ (28 ) $ (23,797 ) Earnings (loss) Per Share Basic (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.38 ) $ (1.07 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.41 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.29 ) $ (1.48 ) Diluted — (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.38 ) $ (1.07 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.41 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.29 ) $ (1.48 ) Weighted average common shares outstanding Basic 16,119,578 16,119,578 Diluted 16,119,578 16,119,578 Consolidated Statement of Cash Flows For the nine months ended September 30, 2016 (in thousands) (unaudited) I J K L M As Previously Reported on Form 10-Q Impact of SVW Related Corrections (1) Income Tax Impact Other Corrections and Reclasifications Including Discontinued Operations As Restated Cash flows from operating activities: Net (loss) income (20,318 ) (2,851 ) (35 ) (27 ) (23,231 ) Adjustments to reconcile net income to cash (used) provide by for operating activities: — Depreciation and amortization 8,886 — — (3,575 ) 5,311 Loss (gain) on sale of discontinued operations 9,050 — — (1,760 ) 7,290 Changes in allowances for doubtful accounts 117 — — (115 ) 2 Loss (gain) on disposal of assets (2,236 ) — — 2,223 (13 ) Changes in inventory reserves 920 — — (350 ) 570 Deferred income taxes (193 ) — — 3 (190 ) Amortization of deferred financing cost 2,333 — — (430 ) 1,903 Revaluation of contingent acquisition liability (915 ) — — — (915 ) Write down of goodwill 275 — — — 275 Amortization of debt discount 405 — — (1 ) 404 Change in value of interest rate swaps (778 ) — — — (778 ) Loss in non-marketable equity interest - — — — — Share-based compensation 900 — — — 900 Deferred gain on sale and lease back (124 ) — — (17 ) (141 ) Reserves for uncertain tax provisions 48 — — (16 ) 32 (Earnings) loss from equity investment 5,752 — — — 5,752 Changes in operating assets and liabilities: — — — (Increase) decrease in accounts receivable (11,622 ) 1,844 — 8,589 (1,189 ) (Increase) decrease in inventory (4,410 ) (10,387 ) — 7,314 (7,483 ) (Increase) decrease in prepaid expenses 884 (143 ) 35 203 979 (Increase) decrease in other assets 194 — — — 194 Increase (decrease) in accounts payable (5,270 ) — — (241 ) (5,511 ) Increase (decrease) in accrued expense (3,111 ) — — 400 (2,711 ) Increase (decrease) in other current liabilities 2,379 — — (2,744 ) (365 ) Increase (decrease) in other long-term liabilities (251 ) — — 1 (250 ) Discontinued operations - cash provided by (used) for operating activities 1,509 — — (8,407 ) (6,898 ) Net cash (used) for provided by operating activities (15,576 ) (11,537 ) — 1,050 (26,063 ) Cash flows from investing activities: Acquisition of businesses, net of cash acquired — — — — — Sale of intellectual property 2,205 — — — Proceeds from the sale of fixed assets 187 — — — 187 Purchase of property and equipment (1,611 ) — — 665 (946 ) Investment in intangibles other than goodwill (103 ) — — — (103 ) Proceeds from the sale of discontinued operations 14,000 — — — 14,000 Discontinued operations - cash used for investing activities 157 — — 1,531 1,688 Net cash provided by for investing activities 14,835 — — 2,196 14,826 Cash flows from financing activities: Borrowings—2014 term loan — — — — — Repayment of 2014 term loan — — — — — Net proceeds from stock offering — — — — — New borrowings—convertible notes — — — — — Payments on revolving term credit facilities (10,709 ) — — (2,978 ) (13,687 ) Net borrowings (repayments) on working capital facilities 13,255 — — (6,074 ) 7,181 Investment received from noncontrolling interest 2,450 — — (2,450 ) — New borrowings—except 2014 term loan 757 12,204 — — 12,961 Note payments (10,980 ) (335 ) — 6,046 (5,269 ) Bank fees and cost related to new financing (981 ) (332 ) — 107 (1,206 ) Shares repurchased for income tax withholding on share-based compensation (55 ) — — — (55 ) Proceeds from stock offering — — — — Proceeds from sale and leaseback 4,080 — — — 4,080 Excess tax benefits related to vesting of restricted stock — — — — — Proceeds from capital leases — — — — — Payments on capital lease obligations (417 ) — — — (417 ) Discontinued operations - cash used for financing activities (919 ) — — 5,341 4,422 Net cash (used) for provided by financing activities (3,519 ) 11,537 — (8 ) 8,010 Net (decrease) increase in cash and cash equivalents (4,260 ) — — 3,238 (3,227 ) Effect of exchange rate changes on cash 1,701 — — (342 ) 1,359 Cash and cash equivalents at the beginning of the year 8,578 — — (2,660 ) 5,918 Cash and cash equivalents at end of period $ 6,019 $ — $ — $ 236 $ 4,050 |
New Significant Accounting Poli
New Significant Accounting Policy and New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
New Significant Accounting Policy and New Accounting Pronouncements | 3. New Significant Accounting Policy and New Accounting Pronouncements Principles of Consolidation The Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity's voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have this interest is referred to as a Variable Interest Entity (“VIE”). An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Although the Company does not have an ownership interest in S.V.W. Crane & Equipment Company and its wholly owned subsidiary Rental Consulting Services Corporation (collectively “SVW”), the Company has the power to direct the activities of SVW that most significantly impact its economic performance and is absorbing the losses. As such, the Company has determined that SVW is a VIE that requires consolidation. SVW has obtained financing and has remitted the proceeds to the Company using inventory (cranes) owned by the Company as collateral. The finance companies that hold the loans have a perfected security interest in the inventory and therefore have recourse against this specific inventory. Furthermore, the debt taken on by the SVW was effectively guaranteed by the Company pursuant to certain related agreements. The Company eliminates from the Company’s financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs. 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 $8 and $7 at September 30, 2017 and December 31, 2016, respectively. Guarantees The Company has issued partial residual guarantees to financial institutions related to a customer financing of equipment purchased by the customer. The Company must assess the probability of losses if the fair market value is less than the guaranteed residual value. The Company has issued partially residual guarantees that have maximum exposure of approximately $1.6 million. The Company, however, does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such, no liability has been recorded. The Company’s ability to recover any losses incurred under the guarantees may be affected by economic conditions in used equipment markets at the time of loss. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee. Inventory Valuation Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. 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 Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. The Equipment Distribution segment does not accrue for warranty costs at the time of sales, as they are reimbursed by the manufacturers for any warranty that they provide to their customers. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. Revenue Recognition Revenue and related costs are recognized when title passes and risk of loss passes to our customers which generally occurs upon shipment depending upon the terms of the contract. 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 awaiting pick up or delivery as specified by the customer before income is recognized. Additionally, the customer is requested to sign an “Invoice Authorization Form” which acknowledges the contract terms and acknowledges that the customer has economic ownership and control over the unit. It also acknowledges that we are going to invoice the unit per terms of the contract. The Company insures any custodial risk that it may retain. For FOB contracts, customers may be invoiced prior to the time customers take physical possession. Revenue is recognized in such cases only when the customer has a fixed commitment to purchase the units, the units have been completed, tested and made available to the customer for pickup or delivery, and the customer has authorized in writing that we hold the units for pickup or delivery at a time specified by the customer. In such cases, the units are invoiced under our customary billing terms, title to the units and risks of ownership pass to the customer upon invoicing, the units are segregated from our inventory and identified as belonging to the customer and we have no further obligations under the order. The Company insures any custodial risk that it may retain. In addition, our policy requires in all instances certain minimum criteria be met in order to recognize revenue, specifically: a) Persuasive evidence that an arrangement exists; b) The price to the buyer is fixed or determinable; c) Collectability is reasonably assured; and d) We have no significant obligations for future performance. Interest Rate Swap Contracts The Company enters into derivative instruments to manage its exposure to interest rate risk related to certain foreign term loans. Derivatives are initially recognized at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in current earnings immediately unless the derivative is designated and effective as a hedging instrument, in which case the effective portion of the gain or loss is recognized and is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedging instrument affects earnings (date of sale). The Company’s interest rate swap contracts are held by the PM Group and are intended to manage the exposure to interest rate risk related to certain term loans that PM Group has with certain financial institutions in Italy. These contracts have been determined not to be hedge instruments under ASC 815-10. 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 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. 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 consists of a foreign currency translation adjustment, which is the result of consolidating its foreign subsidiaries. Reclassification Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. Accounting for Equity Investments The Company is accounting for its 21.2% investment in ASV Holdings under the equity method of accounting. Under the equity method, the Company’s share of the net income (loss) of ASV Holdings is recognized as income (loss) in the Company’s statement of operations and added to the investment account, and dividends received from ASV Holdings are treated as a reduction of the investment account. ASV Holdings’ earnings are recorded on a one quarter lag as ASV Holdings may not report earnings in time to be included in the Company’s financial statements for any given reporting period. On May 17, 2017, the Company’s investment in ASV Holdings exceeded the proportional share of ASV Holdings’ net assets. Under current applicable guidance, assets and liabilities of the investee (ASV Holdings) are valued at fair market value on the date of the investment. The Company investment, however, is not adjusted for the difference between the Company’s proportional share of the net assets and the fair value of the assets that existed on the date that the investment was made. The differences are accounted for on a memo basis. The differences can be either of temporary nature or permanent differences. Adjustment to inventory and identifiable intangible assets with finite lives are temporary differences. Fair market adjustments to land and goodwill are examples of permanent differences. Differences related to temporary items are amortized over their lives. Earnings recognized are the proportional share of investee’s income for the period adjusted for reversal of any timing differences or additional amortization related to the memo fair market adjustments of identifiable intangible assets that have finite lives. Recently Issued Pronouncements – Not Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms of more than 12 months and disclose key information about leasing arrangements. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The update is effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of evaluating the impact of this update on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment. The effective date will be the first quarter of fiscal year 2020, with early adoption permitted in 2017. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. Recently Adopted Accounting Guidance 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. In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date”, which amends ASU 2014-09. As a result, the effective date is the first quarter of 2018, with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” (“ASU 2015-11”). ASU 2015-11 requires inventory be measured at the lower of cost and net realizable value and options that currently exist for market value be eliminated. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2017 on a prospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815),” (“ASU 2016-05”). ASU 2016-05 provides guidance clarifying that novation of a derivative contract (i.e. a change in counterparty) in a hedge accounting relationship does not, in and of itself, require designation of that hedge accounting relationship. The Company adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have an impact on the operating results when adopted. In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815),” (“ASU 2016-06”). ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by clarifying that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have an impact on the operating results when adopted. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” (“ASU 2016-08”). ASU 2016-08 further clarifies principal and agent relationships within ASU 2014-09. Similar to ASU 2014-09, the effective date will be the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the operating results when adopted. In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” (“ASU 2016-09”). ASU 2016-09 is intended to simplify several aspects of accounting for share-based payment awards. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. The Company has adopted the guidance for the year ended December 31, 2017. The adoption of this guidance did not have an impact on the operating results when adopted. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing” (“ASU 2016-10”). The amendments in ASU 2016-10 are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services in contracts with customers and to improve the operability and understandability of licensing implementation guidance related to the entity's intellectual property. Similar to ASU 2014-09, the effective date will be the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments,” (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting by clarifying existing principles in ASC 230, “Statement of Cash Flows,” and provides specific guidance on certain cash flow classification issues. The effective date for ASU 2016-15 will be the first quarter of fiscal year 2018 with early adoption permitted. The Company made an election to use the “Cumulative Earning Approach” to classify distributions received from equity investments. Other than the aforementioned election (which may have a future impact), the adoption of this guidance during the quarter ended March 31, 2018, did not have an impact on the Company’s Statement of Cash Flows. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740) - Intra-Entity Transfer of Assets Other than Inventory,” (“ASU 2016-16”). ASU 2016-16 requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (excluding inventory) when the transfer occurs. This is a change from existing GAAP which prohibits recognition of current and deferred income taxes until the asset is sold to a third party. The effective date for ASU 2016-16 will be the first quarter of fiscal year 2018 with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the operating results when adopted. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” (“ASU 2017-01”). ASU 2017-01 provides guidance in ascertaining whether a collection of assets and activities is considered a business. The effective date will be the first quarter of fiscal year 2018, with prospective application. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have an impact on the operating results when adopted. 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 |
Financial Instruments-Forward C
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts | 4. Financial Instruments—Forward Currency Exchange Contracts and Interest Rate Swap 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, 2017 and December 31, 2016 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 summary of items that the Company measures at fair value on a recurring basis: Fair Value at September 30, 2017 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 94 $ — $ 94 Interest rate swap contracts — 7 — 7 Valla contingent consideration — — 216 216 Total recurring liabilities at fair value $ — $ 101 $ 216 $ 317 Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 159 $ — $ 159 Interest rate swap contracts — 405 — 405 PM contingent liabilities — — 316 316 Valla contingent consideration — — 193 193 Total liabilities at fair value $ — $ 564 $ 509 $ 1,073 Fair Value Measurements Using Significant Unobservable Inputs (level 3) PM Contingent Consideration Valla Contingent Consideration Total Liabilities: Balance at December 31, 2016 $ 316 $ 193 $ 509 Effect of change in exchange rates — 23 23 Change in fair value during the period (316 ) — (316 ) Balance at September 30, 2017 $ — $ 216 $ 216 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 Instrumen
Derivatives Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
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 Euro, Chilean Peso and the U.S. dollar. Forward Currency Contracts When the Company receives a significant order in a currency other than the operating unit’s functional currency, management may evaluate different options that are available to mitigate future currency exchange risks. As of September 30, 2017, the Company had no outstanding forward currency contracts that were in place to hedge future sales. Therefore, there are currently no unrealized pre-tax gains or losses which will reclassified from other comprehensive income into earnings during the next 12 months. In addition, the Company enters into forward currency exchange contracts in relationship such that the exchange gains and losses on the assets and liabilities denominated in a currency 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. PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At September 30, 2017, the Company had entered into a forward currency exchange contract that matured on January 29, 2018. Under the contract the Company is obligated to sell 2,500,000 Chilean pesos for 3,201 euros. The purpose of the forward contract is to mitigate the income effect related to this intercompany receivable that results with a change in exchange rate between the Euro and the Chilean peso. Interest Rate Swap Contracts A contract was signed by PM Group, for an original notional amount of € 482 (€ 569 at September 30, 2017), maturing on October 1, 2020 with interest paid monthly. PM pays interest at a rate of 3.90% and receives from the counterparties interest at the “Euribor” rate for the period in question if greater than 0.90%. As of September 30, 2017, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 2,500,000 Not designated as hedge instrument Interest rate swap contract Euro 482 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 Sheets as of September 30, 2017 and December 31, 2016: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location September 30, 2017 December 31, 2016 Liabilities Derivatives Foreign currency exchange contract Accrued expense $ 94 $ 159 Interest rate swap contracts Notes payable 7 405 Total liabilities $ 101 $ 564 The following tables provide the effect of derivative instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016: Gain or (loss) Location of gain or (loss) recognized in Income Statement Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Derivatives Not designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains (losses) $ 37 $ (22 ) $ 133 $ (332 ) Interest rate swap contracts Interest expense (1 ) 392 355 787 Forward currency contracts Income from operations of discontinued operations — (32 ) — 54 $ 36 $ 338 $ 488 $ 509 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. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | 6. Inventory The components of inventory are as follows: As Restated September 30, 2017 December 31, 2016 Raw materials and purchased parts, net $ 36,988 $ 35,855 Work in process 3,425 4,231 Finished goods 23,009 29,401 Inventory, net $ 63,422 $ 69,487 The Company has established reserves for obsolete and excess inventory of $3,454 and $1,886 as of September 30, 2017 and December 31, 2016, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Intangible assets and accumulated amortization by category as of September 30, 2017 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 18,317 $ (11,762 ) $ 6,555 Customer relationships 10-20 years 23,639 (9,518 ) 14,121 Trade names and trademarks 25 years-indefinite 12,607 (2,041 ) 10,566 Non-competition agreements 2-5 years 50 (45 ) 5 Customer backlog <1 year 371 (371 ) — Total intangible assets, net $ 31,247 Intangible assets and accumulated amortization by category as of December 31, 2016 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 17,409 $ (11,004 ) $ 6,405 Customer relationships 10-20 years 22,444 (7,870 ) 14,574 Trade names and trademarks 25 years-indefinite 11,892 (1,894 ) 9,998 Non-competition agreements 2-5 years 50 (42 ) 8 Customer backlog <1 year 370 (370 ) — Total Intangible assets $ 30,985 Amortization expense for intangible assets was $609 and $1,204 for the three months, and $2,121 and $3,324 for the nine months ended September 30, 2017 and 2016, respectively. Changes in goodwill for the nine months ended September 30, 2017 are as follows: Total Balance January 1, 2017 $ 39,669 Effect of change in exchange rates 3,345 Balance September 30, 2017 $ 43,014 |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2017 | |
ASV after transaction [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity Method Investments | 8. Equity Method Investments ASV Holdings - The Company is accounting for its 21.2% investment in ASV Holdings under the equity method of accounting. Under the equity method, the Company’s share of the net income (loss) of the ASV Holdings is recognized as income (loss) in the Company’s statement of operations and added to investment account, and dividends received from ASV Holdings are treated as a reduction of the investment account. ASV Holdings’ earnings are recorded on a one quarter lag as ASV Holdings may not report earnings in time to be included in the Company’s financial statements for any given reporting period. On May 17, 2017, the Company’s investment in ASV Holdings exceeded the proportional share of ASV Holdings’ net assets by $862. The following table provides details of fair market adjustment made to reconcile this difference and subsequent amortization of the fair market adjustments: Balance as of Balance as of Amortization May 17, Cumulative September 30, Period 2017 Amortization 2017 Inventory 1 year $ 75 $ 9 $ 66 Intangibles other than goodwill 10 to 25 years 787 9 778 $ 862 $ 18 $ 844 The Company owned 2,080,000 Common Shares of ASV Holdings, which had a market value on September 30, 2017 of $16,910 based on a closing price of $8.13. The following tables present ASV Holding’s summary financial information: June 30, 2017 (2) December 31, 2016 Current Assets $ 43,497 $ 47,556 Non-Current Assets 70,880 72,176 Current Liabilities 21,767 23,654 Non-Current Liabilities $ 26,651 $ 42,643 For the six months ended June 30, (2) 2017 Net sales $ 62,250 Gross profit 9,660 Net income 1,984 Net income attributable to the Company (1) 302 Amortization of FMV adjustment (18 ) Income recognized by the Company $ 284 __________________ (1) Represents 21.22% of ASV Holdings earnings from May 17, 2017 to September 30, 2017 (2) The Company's policy is to record our earnings based on a one quarter lag. As of September 30, 2017, the best available information to us was for June 30, 2017 Over the period from February 26 to 28, 2018, the Company sold an aggregate of 1,000,000 shares of ASV Holdings, Inc. in privately-negotiated transactions with institutional purchasers. All such shares were sold for $7.00 per share. Following such sale transactions, the Company owns an aggregate of 1,080,000 shares of ASV Holdings, Inc., which equates to the Company owning approximately 11.0% percent of ASV. After this transaction, the investment in ASV Holdings, Inc. will no longer be accounted for under the equity method. Lift Ventures - On December 16, 2014, Manitex International, Inc. (the “Company”), BGI USA Inc. (“BGI”), Movedesign SRL and R & S Advisory S.r.l., entered into an operating agreement (the “Operating Agreement”) for Lift Ventures LLC (“Lift Ventures”), a joint venture entity. The purposes for which Lift Ventures is organized are the manufacturing and selling of certain products and components, including the Schaeff line of electric forklifts and certain LiftKing products. Pursuant to the Operating Agreement, the Company was granted a 25% equity stake in Lift Ventures in exchange for the contribution of inventory totaling $5,951 and a license of certain intellectual property related to the Company’s products. This investment was a non-marketable equity investment made in a privately-held company accounted for under the equity method. In 2016, the Company determined its investment in Lift Ventures was impaired and has recognized an impairment charge of $5,647 to write off its entire investment in Lift Ventures LLC. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Accrued Liabilities Current [Abstract] | |
Accrued Expenses | 9. Accrued Expenses September 30, 2017 December 31, 2016 As Restated Accrued payroll $ 2,192 $ 914 Accrued employee benefits 748 1,215 Accrued bonuses 60 401 Accrued vacation 989 979 Accrued interest 981 1,753 Accrued commissions 478 351 Accrued expenses—other 524 1,052 Accrued warranty 1,669 1,568 Accrued income taxes 465 — Accrued taxes other than income taxes 1,862 1,950 Accrued product liability and workers compensation claims 404 95 Total accrued expenses $ 10,372 $ 10,278 |
Accrued Warranty
Accrued Warranty | 9 Months Ended |
Sep. 30, 2017 | |
Guarantees [Abstract] | |
Accrued Warranty | 10. Accrued Warranty The accrued warranty liability is established using historical warranty claim experience; however, the current provision may be adjusted to take into consideration unusual or non-recurring events in the past or anticipated changes in future warrant claims. For the nine months ended September 30, 2017 2016 Balance January 1, $ 1,568 $ 1,328 Accrual for warranties issued during the period 1,390 1,182 Warranty services provided (1,322 ) (1,269 ) Changes in estimate (1 ) 103 Foreign currency translation 34 26 Balance September 30, $ 1,669 $ 1,370 |
Credit Facilities and Debt
Credit Facilities and Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 11. U.S. Credit Facilities At September 30, 2017, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended, (the “Loan Agreement”) with The CIBC Bank USA (“CIBC”), formally known as “The Private Bank and Trust Company”. The Loan Agreement provides a revolving credit facility with a maturity date of July 20, 2019. The aggregate amount of the facility is $25,000. The maximum borrowing available to the Company under the Loan Agreement is limited to: (1) 85% of eligible receivables; plus (2) 50% of eligible inventory valued at the lower of cost or net realizable value subject to a $17,500 limit; plus (3) 80% of eligible used equipment, as defined, valued at the lower of cost or market subject to a $2,000 limit. At September 30, 2017, the maximum the Company could borrow based on available collateral was $25,000. At September 30, 2017, the Company had borrowed $12,575 under this facility. The Company’s collateral is subject to a The Loan Agreement provides that the Company can opt to pay interest on the revolving credit at either a base rate plus a spread, or a LIBOR rate plus a spread. The base rate spread ranges from 0.25% to 1.00% depending on the Senior Leverage Ratio (as defined in the Loan Agreement). The LIBOR spread ranges from 2.25% to 3.00% also depending on the Senior Leverage Ratio. At September 30, 2017, the base rate and LIBOR spreads were 1.00% and 3.00%, respectively. Funds borrowed under the LIBOR option can be borrowed for periods of one, two, or three months and are limited to four LIBOR contracts outstanding at any time. The underlying reference rate for our base rated borrowings at September 30, 2017 was 4.25%. At September 30, 2017, the Company had four outstanding advances with interest tied to LIBOR. The contracts had an underlying LIBOR rate of 1.27%. In addition, CIBC assesses a 0.50% unused line fee that is payable monthly. The Loan Agreement subjects the Company and its domestic subsidiaries to a quarterly EBITDA covenant (as defined). The quarterly EBITDA covenant (as defined) are $(1,000) for the quarter ended at March 31, 2017, $0 for the quarter ended June 30, 2017, and $2,000 for all quarters starting with the quarter ended September 30, 2017 through the end of the agreement. Additionally, the Company and its domestic subsidiaries are subject to a Fixed Charge Coverage ratio of 1.05 to 1.00 measured on an annual basis beginning December 31, 2017, followed by a Fixed Charge Coverage ratio of 1.15 to 1.00 measured quarterly starting March 31, 2018 (based on a trailing twelve month basis) through the term of the agreement. The Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, incur additional indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, pay dividends or make distributions, repurchase stock, in each case subject to customary exceptions for a credit facility of this size. The Loan Agreement has a Letter of Credit facility of $3,000, which is fully reserved against availability. Note Payable—Bank At September 30, 2017, the Company has a $73 term note payable to a bank. The Company is required to make eleven monthly payments of $37 that began on January 30, 2017. The note dated January 18, 2017 had an original principal amount of $400 and an annual interest rate of 2.75%. 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 in the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. Note Payable—Winona Facility Purchase At September 30, 2017, Badger has balance on note payable to Avis Industrial Corporation of $486. Badger is required to make 60 monthly payments of $10 that began on August 1, 2017. The note dated July 26, 2017, had an original principal amount of $500 and annual interest rate of 8.00%. The note is guaranteed by the Company. Notes Payable – SVW At September 30, 2017, SVW has four loans outstanding with four financial institutions. The Company is not a loan party, but has included the debt associated with these loans in its consolidated financial statements as SVW was determined to be a VIE that requires consolidation (see Note 1). SVW obtained financing using cranes that are included in the Company’s inventory as collateral because of SVW's status as a VIE. The funds borrowed by SVW been have remitted to the Company. The finance companies that hold the loans have a perfected security interest in the inventory and therefore have recourse against this specific inventory. For accounting purposes, the Company did not recognize a sale and continues to include these cranes in its inventory. However, the finance company has taken legal title to the cranes used as collateral for the borrowings. The Company has entered into agreements to repurchase the cranes from the lenders in the event that SVW defaults on any of these loans. A The following table summarizes the principal terms of the borrowings: Element Lending Institutions Equify Evolve Heartland Loan 1 Balance as of September 30, 2017 $ 1,880 $ 1,147 $ 1,412 $ 2,016 Loan origination date June 27, 2016 July 8, 2016 July 16, 2016 July 28, 2016 Amount borrowed $ 3,009 $ 2,710 $ 1,648 $ 2,941 Approximate Interest rate 8.07 % 6.75 % 8.00 % 8.00 % Prepayment penalty At stipulated vaules 3% decreasing to 2% after 24 months Not applicable 1% per for each remaining year no penalty if equipment is sold Required payments: First payment stream Frequencies of payment Monthly Monthly Monthly Monthly Remaining payments 22 21 58 47 Date of first payment August 1, 2016 August 8, 2016 September 1, 2016 September 1, 2016 Payment amount $ 33 $ 17 $ 29 $ 50 Final balloon payment Date of payment August 1, 2019 July 9, 2019 August 1, 2022 December 1, 2021 Payment amount $ 1,391 $ 918 $ 39 $ 1 The September 30, 2017, balances on the above table total $6,455. Total SVW debt on the balance sheet is $6,260 the difference is deferred finance costs of $195 which is netted against the gross debt. PM Group Short-Term Working Capital Borrowings At September 30, 2017, PM Group had established demand credit and overdraft facilities with seven Italian banks and six banks in South America. Under the facilities, PM Group can borrow up to approximately €25,507 ($30,131) for advances against invoices, and letter of credit and bank overdrafts. Interest on the Italian working capital facilities is charged at the 3-month or 6-month Euribor plus 200 basis points, while interest on overdraft facilities is charged at the 3month Euribor plus 350 basis points. Interest on the South American facilities is charged at a flat rate of points for advances on invoices ranging from 9%-24%. At September 30, 2017, the Italian banks had advanced PM Group €20,746 ($24,507), at variable interest rates, which currently range from 1.42% to 1.67%. At September 30, 2017, the South American banks had advanced PM Group €591 ($698). Total short-term borrowings for PM Group were €21,337 ($25,205) at September 30, 2017. PM Group Term Loans At September 30, 2017, PM Group has a €10,842 ($12,808) (net of debt issuance costs) term loan with two Italian banks, BPER and Unicredit. The term loan is split into three separate notes and is secured by PM Group’s common stock. Debt issuance costs offset against these term loans totaled €358 ($423) at September 30, 2017. The first note has an outstanding principal balance of €3,595 ($4,247), which is net of unamortized debt issuance costs of €358 ($423) is charged interest at the 6-month Euribor plus 236 basis points, effective rate of 2.09% at September 30, 2017. The note is payable in semi-annual installments beginning June 2017 and ending December 2021. The second note has an outstanding principal balance of €4,394 ($5,191), is charged interest at the 6-month Euribor plus 286 basis points, effective rate of 2.59% at September 30, 2017. The note is payable in semi-annual installments beginning June 2017 and ending December 2021. The third note has an outstanding principal balance of €2,853 ($3,370) and is non-interest bearing. The note is payable in semi-annual installments beginning June 2016 and ending December 2017 with a final balloon payment of €2,500 in March 2022. The Company acquired PM Group in January 2015 and at acquisition it was determined that the fair value of the term notes described above was €1,460 or $1,725 less than the book value. This reduction is not reflected in the above descriptions of PM debt. As of September 30, 2017, the remaining balance was €665 or $786 and has been offset to the debt. PM Group is subject to certain financial covenants as defined by the debt restructuring agreement with BPER and Unicredit including maintaining (1) Net debt to EBITDA, (2) Net debt to equity, and (3) EBITDA to net financial charges ratios. The covenants are measured on a semi-annual basis. At September 30, 2017, PM Group has unsecured borrowings with four Italian banks totaling €13,015 ($15,375). Interest on the unsecured notes is charged at the 3-month Euribor plus 250 basis points, effective rate of 2.17% at September 30, 2017. Principal payments are due on a semi-annual basis beginning June 2019 and ending December 2021. Accrued interest on these borrowings through the date of acquisition at January 15, 2015, totaled €358 ($423) and is payable in semi-annual installments beginning June 2019 and ending December 2019. At September 30, 2017, Autogru PM RO, a subsidiary of PM Group, has two notes. The first note is payable in 60 monthly principal installments of €8 ($9), plus interest at the 1-month Euribor plus 300 basis points, effective rate of 3.00% at September 30, 2017, maturing October 2020. At September 30, 2017, the outstanding principal balance of the note was €313 ($370). The second note is payable in monthly installments of €6 ($7) beginning on October 1, 2017, increasing to €9 ($11) on January 1, 2018 with a final payment of €395 ($467) due on March 7, 2018 and is charged interest at the 1-month Euribor plus 250 basis points, effective rate of 2.50% at September 30, 2017. At September 30, 2017, the outstanding principal balance of the note was €440 ($520). PM has an interest rate swap with a fair market value at September 30, 2017 of €6 or $7 which has been included in debt. PM Debt Restructuring On March 6, 2018, PM Group and Oil & Steel S.p.A. (PM Group’s subsidiary) entered into a Debt Restructuring Agreement (the “Restructuring Agreement”) with Banca Monte dei Paschi di Siena S.p.A., Banca Nazionale del Lavoro S.p.A., BPER Banca S.p.A., Cassa di Risparmio in Bologna S.p.A. and Unicredit S.p.A. (collectively the “Lenders”), and Loan Agency Services S.r.l. (the “Agent”). The Restructuring Agreement, which replaces the previous debt restructuring agreement with the Lenders entered into in 2014, provides for, among other things: • The provision of subordinated shareholders’ loans by the Company to PM Group, consisting of (i) conversion of an existing trade receivable in the amount of €3.1 million into a loan; (ii) an additional subordinated shareholders’ loan in the aggregate maximum amount of up to €2.4 million, to be made currently; and (iii) a further loan of €1.8 million to be made by December 31, 2018, in each case to be used to repay a portion of PM Group’s outstanding obligations to the Lenders; • Amendments to the 2014 put and call options agreement with BPER to, among other things, extend the exercise of the options until the approval of PM Group’s financial statements for the 2021 fiscal year and permit the assignment of certain subordinated receivables to the Company; and • New amortization and repayment schedules for amounts owed by PM Group to the Lenders under the various outstanding tranches of indebtedness, along with revised interest rates and financial covenants. Under the Restructuring agreement term debt is repaid over a nine-year period starting in 2018 and ending in 2026 (2022 prior to Debt Restructuring Agreement). • The effect of PM not meeting its December 31, 2017 financial covenants was cured by the Debt Restructuring Agreement Valla Short-Term Working Capital Borrowings At September 30, 2017, Valla had established demand credit and overdraft facilities with three Italian banks. Under the facilities, Valla can borrow up to approximately €1,343 ($1,586) for advances against orders, invoices and bank overdrafts. Interest on the Italian working capital facilities is charged at a flat percentage rate for advances on invoices and orders ranging from 4.50% - 4.75%. At September 30, 2017, the Italian banks had advanced Valla €694 ($820). Valla Term Loans At September 30, 2017, Valla has a term loan with Carisbo. The note is payable in quarterly principal installments beginning on October 30, 2017 of €8 ($9), plus interest at the 3-month Euribor plus 470 basis points, effective rate of 4.37% at September 30, 2017. The note matures on January 2021. At September 30, 2017, the outstanding principal balance of the note was €110 ($130) Capital leases Georgetown facility The Company leases its Georgetown facility under a capital lease that expires on April 30, 2028. The monthly rent is currently $66 and is increased by 3% annually on September 1 during the term of the lease. At September 30, 2017, the outstanding capital lease obligation is $5,225. 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 with 60 months repayment periods. 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 sale 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, under the like-kind provisions in the agreement, the Company 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: Remaining Balance as of Amount Borrowed Repayment Period Amount of Monthly Payment September 30, 2017 New equipment $ 896 42 $ 18 $ 709 As of September 30, 2017, the Company has two additional capital leases with total capitalized lease obligations of $17. |
Convertible Notes
Convertible Notes | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 12. Convertible Notes Related Party On December 19, 2014, the Company issued a subordinated convertible debenture with a $7,500 face amount payable to Terex, a related party. The convertible debenture, is subordinated, carries a 5% per annum coupon, and is convertible into Company common stock at a conversion price of $13.65 per share or a total of 549,451 shares, subject to customary adjustment provisions. The debenture has a December 19, 2020 maturity date. From and after the third anniversary of the original issuance date, the Company may redeem the convertible debenture in full (but not in part) at any time that the last reported sale price of the Company’s common stock equals at least 130% of the Conversion Price (as defined in the debenture) for at least 20 of any 30 consecutive trading days. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. As of September 30, 2017, the note had a remaining principal balance of $6,968 and an unamortized discount of $532. Perella Notes On January 7, 2015, the Company entered into a Note Purchase Agreement (the “Perella Note Purchase Agreement”) with MI Convert Holdings LLC (which is owned by investment funds constituting part of the Perella Weinberg Partners Asset Based Value Strategy) and Invemed Associates LLC (together, the “Investors”), pursuant to which the Company agreed to issue $15,000 in aggregate principal amount of convertible notes due January 7, 2021 (the “Perella Notes”) to the Investors. The Notes are subordinated, carry a 6.50% per annum coupon, and are convertible, at the holder’s option, into shares of Company common stock, based on an initial conversion price of $15.00 per share, subject to customary adjustments. Following an election by the holder to convert the debenture into common stock of the Company in accordance with the terms of the debenture, the Company has the discretion to deliver to the holder either (i) shares of common stock, (ii) a cash payment, or (iii) a combination of cash and stock. Upon the occurrence of certain fundamental corporate changes, the Perella Notes are redeemable at the option of the holders of the Perella Notes. The Perella Notes are not redeemable at the Company’s option prior to the maturity date, and the payment of principal is subject to acceleration upon an event of default. The issuance of the Perella Notes by the Company was made in reliance upon the exemptions from registration provided by Rule 506 and Section 4(a)(2) of the Securities Act of 1933. In accordance with a Registration Rights Agreement with the Investors dated January 7, 2015, the Company agreed to register the resale of the shares of common stock issuable upon conversion of the Perella Notes. The Registration Statement on Form S-3 filed by the Company was declared effective on February 23, 2015. As of September 30, 2017, the note had a remaining principal balance of $14,257, net of debt issuance costs of $318, and an unamortized discount of $318. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes For the three months ended September 30, 2017, the Company recorded an income tax provision of $281, which included a discrete income tax provision of $15. For the three months ended September 30, 2016, the Company recorded an income tax provision (benefit) of $(691). The calculation of the overall income tax provision for the three months ended September 30, 2017 primarily consists of a foreign income tax expense and a domestic income tax provision resulting from state and local taxes, and an increase in deferred tax liabilities related to indefinite-lived intangible assets. The Company recorded an income tax provision (benefit) of $416 and $(958) for the nine months ended September 30, 2017 and 2016, respectively. The calculation of the overall income tax provision for the nine months ended September 30, 2017 primarily consists of a foreign tax income provision and a domestic income tax provision resulting from state and local taxes, and an increase in deferred tax liabilities related to indefinite-lived intangible assets. The effective tax rate for the three months ended September 30, 2017 was an income tax provision of 33.4% compared to an income tax benefit of 7.0% in the comparable prior period. The effective tax rate for the nine months ended September 30, 2017 was an income tax provision of 8.3% compared to an income tax benefit of 5.3% in the comparable period. The effective tax rate for the three and nine months ended September 30, 2017 differs from the U.S. statutory rate of 35% primarily due to the mix of domestic and foreign earnings, nondeductible foreign permanent differences, state and local taxes, and an increase in deferred tax liabilities related to indefinite-lived intangible assets. 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 tax 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 for changes in estimate as necessary. The 2017 estimated annual effective tax rate inclusive of a valuation allowance is based upon the Company’s anticipated earnings both in the U.S. and in foreign jurisdictions. The Company’s total unrecognized tax benefits as of September 30, 2017 and 2016 were approximately $741 and $715 which, if recognized, would affect the Company’s effective tax rate. Included in the unrecognized tax benefits is a liability for the PM Group’s potential IRES and IRAP audit adjustments for the tax years 2009 – 2013. In July, 2017, the Company received notification from the Internal Revenue Service that its tax return for the year ended December 31, 2015 has been selected for examination. Favorable resolution of an unrecognized tax benefit could be recognized as a reduction in tax provision and effective tax rate in the period of resolution. Unfavorable settlement of an unrecognized tax benefit could increase the tax provision and effective tax rate and may require the use of cash in the period of resolution. |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) per Common Share | 14. Net Earnings (Loss) 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 convertible debt and restricted stock units. Details of the calculations are as follows: Three Months Ended September 30, Nine Months Ended September 30, As Restated As Restated 2017 2016 2017 2016 Net income (loss) attributable to shareholders of Manitex International, Inc. Net income (loss) from continuing operations attributable to shareholders of Manitex International, Inc. $ (1,522 ) $ (9,335 ) $ (6,437 ) $ (17,227 ) (Loss) income from operations of discontinued operations, net of income taxes (15 ) (999 ) 532 3,228 Less: (income) attributable to noncontrolling interest from discontinued operations — (294 ) (274 ) (566 ) (Loss) income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes (1,537 ) (1,293 ) (6,179 ) 2,662 Income (Loss) on sale of discontinued operations, net of income taxes 30 (12,754 ) (1,077 ) (9,232 ) Net loss attributable to shareholders of Manitex International, Inc. $ (1,507 ) $ (23,382 ) $ (7,256 ) $ (23,797 ) Earnings (loss) per share Basic Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.58 ) $ (0.39 ) $ (1.07 ) (Loss) earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ (0.09 ) $ (0.08 ) $ (0.37 ) $ 0.17 Loss on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ (0.79 ) $ (0.07 ) $ (0.57 ) Earnings (loss) attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (1.45 ) $ (0.44 ) $ (1.48 ) Diluted Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.58 ) $ (0.39 ) $ (1.07 ) (Loss) earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ (0.09 ) $ (0.08 ) $ (0.37 ) $ 0.17 Loss on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ (0.79 ) $ (0.07 ) $ (0.57 ) Earnings (loss) attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (1.45 ) $ (0.44 ) $ (1.48 ) Weighted average common shares outstanding Basic 16,573,927 16,127,346 16,532,683 16,119,578 Diluted Basic 16,573,927 16,127,346 16,532,683 16,119,578 Dilutive effect of restricted stock units — — — — 16,573,927 16,127,346 16,532,683 16,119,578 There are 186,778 and 215,842 restricted stock units which are anti-dilutive and therefore not included in the average number of diluted shares shown above for the three and nine months ended September 30, 2017, respectively. There are 267,577 and 267,891 restricted stock units which are anti-dilutive and therefore not included in the average number of diluted shares shown above for the three and nine months ended September 30, 2016, respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Equity | 15. Equity Stock Issued to Employees and Directors The Company issued shares of common stock to employees and Directors 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 Director Shares Issued Value of Shares Issued January 1, 2017 Directors 4,290 $ 54 January 1, 2017 Employees 20,932 266 January 4, 2017 Directors 7,675 47 January 4, 2017 Employees 42,533 258 June 1, 2017 Employees 4,493 32 September 15, 2017 Directors 6,600 35 86,523 $ 692 On June 1, 2017, the Company paid a portion of employees’ bonuses in stock. This resulted in an issuance of 4,493 shares with an aggregate value of $32. Stock Repurchase The Company purchases shares of Common Stock from certain employees at the closing share price on the date of purchase. The stock is purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The below table summarized shares repurchased from employees during the current year through September 30, 2017: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2017 6,312 $ 6.86 January 4, 2017 11,750 $ 7.27 18,062 Equity was decreased by $129, the aggregated value of the shares reflected in the table above. 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, June 5, 2013 and June 2, 2016. The maximum number of shares of common stock reserved for issuance under the plan is 1,329,364 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. Restricted stock units are subject to the same conditions as the restricted stock awards except the restricted stock units will not have voting rights and the common stock will not be issued until the vesting criteria are satisfied. Restricted Stock Awards The following table contains information regarding restricted stock units: September 30, 2017 Outstanding on January 1, 2017 342,004 Units granted during the period 4,493 Vested and issued (86,523 ) Forfeited (73,196 ) Outstanding on September 30, 2017 186,778 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 $160 and $334 for the three and $517 and $900 for the nine months ended September 30, 2017 and 2016, respectively. Additional compensation expense related to restricted stock units will be $162, $405 and $155 for the remainder of 2017, 2018 and 2019, respectively. At the Market Program On January 23, 2017, Manitex International Inc. entered into a Controlled Equity Offering Sales Agreement (“Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) pursuant to which the Company may offer and sell shares of its common stock, no par value per share, having an aggregate offering price up to $20,000 through Cantor. The Company thought it prudent to put a mechanism in place by which supplemental liquidity can be provided to address working capital requirements or other capital requirements that may arise in conjunction with production requirements. Under the program, the Company’s stock is issued at the current market price and the Company pays a 7% commission to Cantor. The following table contains information regarding stock issued under the program: Date of Issue Shares Issued Shares Price Value of Shares Issued Commissions Net Proceeds January 25, 2017 247,604 $ 8.8750 $ 2,197 $ 154 $ 2,043 January 27, 2017 27,120 $ 8.8376 $ 240 $ 17 $ 223 January 30, 2017 1,100 $ 8.6464 $ 10 $ 1 $ 9 January 31, 2017 18,700 $ 8.6451 $ 162 $ 11 $ 151 294,524 $ 2,609 $ 183 $ 2,426 Winona Plant Purchase On July 25, 2017, the Company issued 21,783 shares of common stock with a value of $154 to Avis Industrial Corporation. The shares were issued as part of the consideration paid to purchase the Winona manufacturing facility and to pay past due rent. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | 16. 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 limits that range from $50 to $500. 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 claims. When it is probable that a loss has been incurred and possible to make a reasonable estimate of the Company’s liability with respect to such matters, a provision is recorded for the amount of such estimate or the minimum amount of a range of estimates when it is not possible to estimate the amount within the range that is most likely to occur. Additionally, beginning on December 31, 2011, the Company’s workmen’s compensation insurance policy has per claim deductible of $250 and annual aggregates that range from $1,000 to $1,875 depending on the policy year. 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 does not believe that the contingencies associated with these worker compensation claims in aggregate will have a material adverse effect on the Company On May 5, 2011, the Company entered into two separate settlement agreements with two plaintiffs. As of September 30, 2017, the Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $1,330 without interest in 14 annual installments of $95 on or before May 22 of each year. On, February 3, 2016, the Company entered into another legal settlement with a single plaintiff for €640 ($756). The liability had been fully accrued and resulted in no gain or loss. As of September 30, 2017 the Company has a remaining obligation under the agreement to pay the plaintiff €20 ($24) without interest in monthly installments of €20 ($24). 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. Residual Value Guarantees The Company issues residual value guarantees to support a customer’s financing of equipment purchased from the Company. A residual value guarantee involves a guarantee that a piece of equipment will have a minimum fair market value at a future date if certain conditions are met by the customer. The Company has issued partial residual guarantees that have maximum exposure of approximately $1.6 million. The Company does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such no liability has been recorded. |
Transactions between the Compan
Transactions between the Company and Related Parties | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 17. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. On December 16, 2014, Manitex International, Inc. (the “Company”), BGI USA Inc. (“BGI”), Movedesign SRL and R & S Advisory S.r.l., entered into an operating agreement (the “Operating Agreement”) for Lift Ventures LLC (“Lift Ventures”), a joint venture entity. The purposes for which Lift Ventures is organized are the manufacturing and selling of certain products and components, including the Schaeff LiftKing As a result of the sale of Liftking in September of 2016 Lift Ventures LLC will no longer have the right to sell Schaeff and Liftking products in the future. Additionally, as a result of certain financial difficulties experienced by the partner, who was to contribute design services, it will not be able to provide such services. Given these events, the Company determined that its investment in Lift Ventures was impaired and recognized a full impairment charge in the third quarter of 2016. The Company, through its subsidiaries, purchases and sells parts to BGI including BGI’s subsidiary SL Industries, Ltd (“SL”). Company’s former President of Manufacturing Operations is the majority owner of BGI. The Company through its former Manitex Liftking subsidiary provided parts and services to LiftMaster, Ltd (“LiftMaster”) or purchased parts or services from LiftMaster. LiftMaster is owned by an individual who was a Vice President of Manitex Liftking ULC during the period that the Company owned this subsidiary and a relative of his. C&M is a distributor of Terex rough terrain and truck cranes. As such, C&M purchases cranes and parts from Terex. Additionally, The Company has a convertible note with a face amount of $7,500 payable to Terex. See Note 11 for additional details. The Company is accounting for its 21.2% investment in ASV Holdings under the equity method of accounting. During a transition period ASV Holdings remains on the Company’s fully insured health insurance plan, 401(k) plan and a self-fund short term disability plan. ASV Holdings reimburses the Company for the actual costs incurred. After the transition period which is expected to end on or before December 31, 2017, the Company does not expect to have any continuing related party transactions with ASV Holdings. As of September 30, 2017, and December 31, 2016, the Company had accounts receivable and accounts payable with related parties as shown below: September 30, 2017 December 31, 2016 Accounts Receivable SL Industries, Ltd. $ 28 $ 47 Lift Ventures — 22 ASV Holdings 36 — $ 64 $ 69 Accounts Payable BGI USA, Inc. $ 1,293 7 SL Industries, Ltd. 233 471 Lift Ventures — 749 Terex 108 940 $ 1,634 $ 2,167 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 September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Rent paid Bridgeview Facility (1) $ 67 $ 65 $ 197 $ 194 Sales to: SL Industries, Ltd. $ 8 $ 11 $ 8 $ 13 Lift Ventures — 1 — 14 Total Sales $ 8 $ 12 $ 8 $ 27 Purchases from: BGI USA, Inc. $ 836 $ — $ 1,690 $ — Lift Ventures — 613 618 1,374 SL Industries, Ltd. 169 188 307 195 LiftMaster — — — 1 Terex 158 1,625 560 1,853 Total Purchases $ 1,163 $ 2,426 $ 3,175 $ 3,423 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 $22. 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. Notes Payable to Terex As of September 30, 2017, the Company had a convertible note payable, net of debt issuance costs totaling $6,968 payable to Terex. As of December 31, 2016, the Company had a note payable related to the ASV Holdings acquisition totaling $1,594 and a convertible note payable, net of debt issuance costs totaling $6,862 payable to Terex. See Note 12 for additional details regarding the above convertible note. On March 4, 2016, CVS and Terex Operations Italy S.R.L. (“TOI”) entered into an agreement whereby TOI acquired certain inventories and intellectual property related to CVS’ terminal tractor line. The transaction totaled €2,839 ($3,119) inclusive of VAT taxes and resulted in a gain of €1,987 ($2,212). This gain was included in other income on the Consolidated Statement of Operations when the March 31, 2016 10-Q was filed. During the fourth quarter of 2016, it was reclassed to discontinued operations. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 18. Discontinued Operations The Company completed the sale of Liftking, CVS and a partial interest in ASV Holdings on September 30, 2016, December 22, 2016 and May 17, 2017, respectively. Sale of Partial Interest in ASV Holdings On May 17, 2017, the Company and ASV Holdings completed the previously announced underwritten initial public offering (the “Offering”) of 3,800,000 shares of ASV Holding’s common stock, including 2,000,000 shares sold by the Company. The Company received proceeds net of commissions of $13,020 from the Offering. Additionally, the Company had legal and other expense associated with transaction of $128. In conjunction with the sale, the Company recognized a pre-tax loss of $1,133 and recognized a $23 tax benefit. Following the sale of the above referenced shares, the Company had significant continuing involvement with ASV in the form of an equity investment (21.2% ownership in ASV). At the time of the above transaction, the Company’s plans were to hold the remaining shares it owns in ASV for an indefinite period. Although the Company had no plans to sell additional shares, the sale of additional shares in the future remained an option. If the Company were to sell more than 117,600 shares, the Company would cease to account for its investment in ASV as an equity investment. Over the period from February 26 to 28, 2018, the Company sold an aggregate of 1,000,000 shares of ASV Holdings, Inc. in privately-negotiated transactions with institutional purchasers. All such shares were sold for $7.00 per share. Following such sale transactions, the Company owns an aggregate of 1,080,000 shares of ASV Holdings, Inc., which equates to the Company owning approximately 11.0% percent of ASV. After this transaction, the investment in ASV Holdings, Inc. will no longer be accounted for under the equity method. The following is the detail of major classes of assets and liabilities of discontinued operations that were summarized on the Company’s Unaudited Consolidated Balance Sheet as of December 31, 2016. As of December 31, 2016 ASSETS Current assets Cash $ 573 Cash - restricted 535 Trade receivables (net) 13,603 Accounts receivable from related party 501 Inventory (net) 30,922 Prepaid expense and other 511 Total current assets of discontinued operations 46,645 Long-term assets Total fixed assets (net) 15,402 Intangible assets (net) 25,824 Goodwill 30,579 Other long-term assets 372 Total long-term assets of discontinued operations 72,177 Total assets of discontinued operations $ 118,822 LIABILITIES Current liabilities Notes payable—short term $ 3,000 Accounts payable 11,976 Accounts payable related parties 2,275 Accrued expenses 6,380 Total current liabilities of discontinued operations 23,631 Long-term liabilities Revolving term credit facilities 15,605 Notes payable (net) 26,267 Other long-term liabilities 773 Total long-term liabilities of discontinued operations 42,645 $ 66,276 The following is the detail of major line items that constitute (loss) income from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net revenues $ — $ 37,825 $ 38,357 $ 130,860 Cost of sales — 32,428 32,403 109,713 Research and development costs — 604 694 1,979 Selling, general and administrative expenses — 3,333 3,504 12,041 Interest expense — (1,148 ) (1,156 ) (4,614 ) Other (expense) income — (418 ) (40 ) 32 (Loss) income from discontinued operations before income taxes — (106 ) 560 2,545 Loss on sale of discontinued operations before income taxes — (9,502 ) (1,133 ) (7,290 ) Income tax (benefit) expense related to discontinued operations (15 ) 4,145 (28 ) 1,259 Net loss on discontinued operations $ — $ (13,753 ) $ (545 ) $ (6,004 ) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events The Tax Cuts and Jobs Acts On December 22, 2017, the Tax Cuts and Jobs Acts was enacted into law. The new tax legislation represents a fundamental and dramatic shift in US taxation. The new legislation contains several key tax provisions that will impact the Company including the reduction of the corporate income tax rate The Company’s total unrecognized tax benefits as of September 30, 2017 and December 31, 2016 were approximately $741 and $741, which, if recognized, would affect the Company’s effective tax rate. Included in the unrecognized tax benefits is a liability for the PM Group’s potential IRES and IRAP audit adjustments for the tax years 2009-2013. As of December 31, 2017, the Italy IRES and IRAP audit is closed through 2012. The settlement with the taxing authorities is expected to reduce unrecognized tax benefits by approximately $456. The impact of the settlement on the Company’s effective tax rate is expected to be minimal. Depending on the final resolution of the PM Group’s audits, the ultimate tax liability could be higher or lower than the unrecognized tax benefits provided for in the consolidated financial statements. SEC Inquiry In December of 2017, the Company has received an informal inquiry from the SEC requesting certain information in connection with the Company’s previously announced restatement of prior financial statements, and is complying with such request. Non-Compliance Letter from NASDAQ On November 13, 2017, the Company received a letter notice from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that because the Company had not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2017, the Company was no longer in compliance with Nasdaq Listing Rule 5250(c)(1) for continued listing. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required period financial reports with the SEC. The 119 Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. The Company is working to regain compliance with the Nasdaq listing rules as expeditiously as possible. Sale of Additional ASV Shares Over the period from February 26 to 28, 2018, the Company sold an aggregate of 1,000,000 shares of ASV Holdings, Inc. in privately-negotiated transactions with institutional purchasers. All such shares were sold for $7.00 per share. Following such sale transactions, the Company owns an aggregate of 1,080,000 shares of ASV Holdings, Inc., which equates to the Company owning approximately 11.0% percent of ASV. After this transaction, the investment in ASV Holdings, Inc. will no longer be accounted for under the equity method. PM Debt Restructuring On March 6, 2018, PM Group and Oil & Steel S.p.A. (PM Group’s subsidiary) entered into a Debt Restructuring Agreement (the “Restructuring Agreement”) with Banca Monte dei Paschi di Siena S.p.A., Banca Nazionale del Lavoro S.p.A., BPER Banca S.p.A., Cassa di Risparmio in Bologna S.p.A. and Unicredit S.p.A. (collectively the “Lenders”), and Loan Agency Services S.r.l. (the “Agent”). The Restructuring Agreement, which replaces the previous debt restructuring agreement with the Lenders entered into in 2014, provides for, among other things: • The provision of subordinated shareholders’ loans by the Company to PM Group, consisting of (i) conversion of an existing trade receivable in the amount of €3.1 million into a loan; (ii) an additional subordinated shareholders’ loan in the aggregate maximum amount of up to €2.4 million, to be made currently; and (iii) a further loan of €1.8 million to be made by December 31, 2018, in each case to be used to repay a portion of PM Group’s outstanding obligations to the Lenders; • Amendments to the 2014 put and call options agreement with BPER to, among other things, extend the exercise of the options until the approval of PM Group’s financial statements for the 2021 fiscal year and permit the assignment of certain subordinated receivables to the Company; and • New amortization and repayment schedules for amounts owed by PM Group to the Lenders under the various outstanding tranches of indebtedness, along with revised interest rates and financial covenants. Under the Restructuring agreement term debt is repaid over a nine-year period starting in 2018 and ending in 2026 (2022 prior to Debt Restructuring Agreement). • The effect of PM not meeting its December 31, 2017 financial covenants was cured by the Debt Restructuring Agreement Bank Amendment No. 6 As previously disclosed, on July 20, 2016, the Company and certain of its subsidiaries entered into a Loan and Security Agreement (as amended, the “Loan Agreement”) with The Private Bank and Trust Company, now known as CIBC Bank USA (“CIBC”). The Loan Agreement provides the Company with a revolving credit facility, which has a maturity date of July 20, 2019. The Loan Agreement was subsequently amended by a First Amendment dated as of August 2, 2016, a Second Amendment dated as of September 30, 2016, a Third Amendment dated as of November 8, 2016, a Fourth Amendment dated February 10, 2017 and a Fifth Amendment dated April 26, 2017. On March 9, 2018, the parties to the Loan Agreement entered into a sixth amendment to the Loan Agreement (the “Sixth Amendment”). The main modifications to the Loan Agreement resulting from the Sixth Amendment are as follows: • a consent to the intercompany loan in the amount of $1,500,000 made to PM Group, in December 2017; • a waiver of certain Defaults or Events of Default that may have been caused by the Company’s financial restatement; • amendments to the definitions of “EBITDA” and “Fixed Charges” to account for certain impacts arising from the financial restatement; • a consent to the sale by the Company of up to all of its equity interests in ASV, provided that the proceeds are used to repay outstanding revolving loans under the Loan Agreement; • a consent to an additional equity investment in, or intercompany loan to, PM Group from the Company, using all or a portion of the remaining proceeds from the sale of the Company’s equity interests in ASV; and • additional limitations on investments by the Company in foreign subsidiaries, other than the transactions with PM Group described above. Promissory Note Waivers Pursuant to a Common Stock and Convertible Debenture Purchase Agreement by and between the Company and Terex Corporation (“Terex”), dated as of October 29, 2014, the Company previously issued a |
New Significant Accounting Po27
New Significant Accounting Policy and New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity's voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have this interest is referred to as a Variable Interest Entity (“VIE”). An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Although the Company does not have an ownership interest in S.V.W. Crane & Equipment Company and its wholly owned subsidiary Rental Consulting Services Corporation (collectively “SVW”), the Company has the power to direct the activities of SVW that most significantly impact its economic performance and is absorbing the losses. As such, the Company has determined that SVW is a VIE that requires consolidation. SVW has obtained financing and has remitted the proceeds to the Company using inventory (cranes) owned by the Company as collateral. The finance companies that hold the loans have a perfected security interest in the inventory and therefore have recourse against this specific inventory. Furthermore, the debt taken on by the SVW was effectively guaranteed by the Company pursuant to certain related agreements. The Company eliminates from the Company’s financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs. |
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 $8 and $7 at September 30, 2017 and December 31, 2016, respectively. |
Guarantees | Guarantees The Company has issued partial residual guarantees to financial institutions related to a customer financing of equipment purchased by the customer. The Company must assess the probability of losses if the fair market value is less than the guaranteed residual value. The Company has issued partially residual guarantees that have maximum exposure of approximately $1.6 million. The Company, however, does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such, no liability has been recorded. The Company’s ability to recover any losses incurred under the guarantees may be affected by economic conditions in used equipment markets at the time of loss. The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460. The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated. A loss would be recognized if the Company’s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee. |
Inventory Valuation | Inventory Valuation Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. 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 Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. The Equipment Distribution segment does not accrue for warranty costs at the time of sales, as they are reimbursed by the manufacturers for any warranty that they provide to their customers. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. Historical warranty experience is, however, reviewed by management. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. |
Revenue Recognition | Revenue Recognition Revenue and related costs are recognized when title passes and risk of loss passes to our customers which generally occurs upon shipment depending upon the terms of the contract. 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 awaiting pick up or delivery as specified by the customer before income is recognized. Additionally, the customer is requested to sign an “Invoice Authorization Form” which acknowledges the contract terms and acknowledges that the customer has economic ownership and control over the unit. It also acknowledges that we are going to invoice the unit per terms of the contract. The Company insures any custodial risk that it may retain. For FOB contracts, customers may be invoiced prior to the time customers take physical possession. Revenue is recognized in such cases only when the customer has a fixed commitment to purchase the units, the units have been completed, tested and made available to the customer for pickup or delivery, and the customer has authorized in writing that we hold the units for pickup or delivery at a time specified by the customer. In such cases, the units are invoiced under our customary billing terms, title to the units and risks of ownership pass to the customer upon invoicing, the units are segregated from our inventory and identified as belonging to the customer and we have no further obligations under the order. The Company insures any custodial risk that it may retain. In addition, our policy requires in all instances certain minimum criteria be met in order to recognize revenue, specifically: a) Persuasive evidence that an arrangement exists; b) The price to the buyer is fixed or determinable; c) Collectability is reasonably assured; and d) We have no significant obligations for future performance. |
Interest Rate Swap Contracts | Interest Rate Swap Contracts The Company enters into derivative instruments to manage its exposure to interest rate risk related to certain foreign term loans. Derivatives are initially recognized at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in current earnings immediately unless the derivative is designated and effective as a hedging instrument, in which case the effective portion of the gain or loss is recognized and is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedging instrument affects earnings (date of sale). The Company’s interest rate swap contracts are held by the PM Group and are intended to manage the exposure to interest rate risk related to certain term loans that PM Group has with certain financial institutions in Italy. These contracts have been determined not to be hedge instruments under ASC 815-10. |
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 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. |
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 consists of a foreign currency translation adjustment, which is the result of consolidating its foreign subsidiaries. |
Reclassification | Reclassification Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. |
Accounting for Equity Investments | Accounting for Equity Investments The Company is accounting for its 21.2% investment in ASV Holdings under the equity method of accounting. Under the equity method, the Company’s share of the net income (loss) of ASV Holdings is recognized as income (loss) in the Company’s statement of operations and added to the investment account, and dividends received from ASV Holdings are treated as a reduction of the investment account. ASV Holdings’ earnings are recorded on a one quarter lag as ASV Holdings may not report earnings in time to be included in the Company’s financial statements for any given reporting period. On May 17, 2017, the Company’s investment in ASV Holdings exceeded the proportional share of ASV Holdings’ net assets. Under current applicable guidance, assets and liabilities of the investee (ASV Holdings) are valued at fair market value on the date of the investment. The Company investment, however, is not adjusted for the difference between the Company’s proportional share of the net assets and the fair value of the assets that existed on the date that the investment was made. The differences are accounted for on a memo basis. The differences can be either of temporary nature or permanent differences. Adjustment to inventory and identifiable intangible assets with finite lives are temporary differences. Fair market adjustments to land and goodwill are examples of permanent differences. Differences related to temporary items are amortized over their lives. Earnings recognized are the proportional share of investee’s income for the period adjusted for reversal of any timing differences or additional amortization related to the memo fair market adjustments of identifiable intangible assets that have finite lives. |
Recent Accounting Pronouncements – Not Yet Adopted | Recently Issued Pronouncements – Not Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms of more than 12 months and disclose key information about leasing arrangements. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The update is effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of evaluating the impact of this update on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment. The effective date will be the first quarter of fiscal year 2020, with early adoption permitted in 2017. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance 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. In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date”, which amends ASU 2014-09. As a result, the effective date is the first quarter of 2018, with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” (“ASU 2015-11”). ASU 2015-11 requires inventory be measured at the lower of cost and net realizable value and options that currently exist for market value be eliminated. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2017 on a prospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things, require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815),” (“ASU 2016-05”). ASU 2016-05 provides guidance clarifying that novation of a derivative contract (i.e. a change in counterparty) in a hedge accounting relationship does not, in and of itself, require designation of that hedge accounting relationship. The Company adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have an impact on the operating results when adopted. In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (Topic 815),” (“ASU 2016-06”). ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by clarifying that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have an impact on the operating results when adopted. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” (“ASU 2016-08”). ASU 2016-08 further clarifies principal and agent relationships within ASU 2014-09. Similar to ASU 2014-09, the effective date will be the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the operating results when adopted. In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” (“ASU 2016-09”). ASU 2016-09 is intended to simplify several aspects of accounting for share-based payment awards. The effective date will be the first quarter of fiscal year 2017, with early adoption permitted. The Company has adopted the guidance for the year ended December 31, 2017. The adoption of this guidance did not have an impact on the operating results when adopted. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing” (“ASU 2016-10”). The amendments in ASU 2016-10 are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services in contracts with customers and to improve the operability and understandability of licensing implementation guidance related to the entity's intellectual property. Similar to ASU 2014-09, the effective date will be the first quarter of fiscal year 2018 with early adoption permitted in the first quarter of fiscal year 2017. The Company has adopted this guidance during the quarter ended March 31, 2018 on a modified retrospective basis. The adoption of this guidance did not have a significant impact on the operating results when adopted. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments,” (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting by clarifying existing principles in ASC 230, “Statement of Cash Flows,” and provides specific guidance on certain cash flow classification issues. The effective date for ASU 2016-15 will be the first quarter of fiscal year 2018 with early adoption permitted. The Company made an election to use the “Cumulative Earning Approach” to classify distributions received from equity investments. Other than the aforementioned election (which may have a future impact), the adoption of this guidance during the quarter ended March 31, 2018, did not have an impact on the Company’s Statement of Cash Flows. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740) - Intra-Entity Transfer of Assets Other than Inventory,” (“ASU 2016-16”). ASU 2016-16 requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (excluding inventory) when the transfer occurs. This is a change from existing GAAP which prohibits recognition of current and deferred income taxes until the asset is sold to a third party. The effective date for ASU 2016-16 will be the first quarter of fiscal year 2018 with early adoption permitted. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have a significant impact on the operating results when adopted. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” (“ASU 2017-01”). ASU 2017-01 provides guidance in ascertaining whether a collection of assets and activities is considered a business. The effective date will be the first quarter of fiscal year 2018, with prospective application. The Company is evaluating the impact that adoption of this new standard will have on its consolidated financial statements. The Company has adopted this guidance during the quarter ended March 31, 2018. The adoption of this guidance did not have an impact on the operating results when adopted. 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 |
Nature of Operations and Basi28
Nature of Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Non-cash Transactions | Non-cash transactions for the periods ended September 30, 2017 and 2016 are as follows: Nine Months Ended September 30, As Restated 2017 2016 Non cash transactions Issuance of common stock in connection with Terex note repayment $ — $ 150 Equipment held for sale financed on a capital lease 896 — Stock issued to purchase Winona facility 154 — |
Restatement of Previously Iss29
Restatement of Previously Issued Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Schedule of Impact of Restatements on Consolidated Financial Statements | The following tables reflect adjustments (restatements) to correct errors identified in connection with the Company’s review of its financial results for the quarters ended September 30, 2016. Consolidated Statement of Operations For the three months ended September 30, 2016 (in thousands, except for share data) (unaudited) A B C D E F G H As Previously Reported on Form 10-Q Effect of Reclassifying Entities into Discontinued Operations Reversal of Sales to SVW Effect of Treating Funds Sent to SVW as Advances Recording Payments Made by SVW to Lenders Cumulative Income Tax Effect Other As Restated Net revenues $ 74,131 $ (34,506 ) $ (495 ) $ — $ — $ — $ 1 $ 39,131 Cost of sales 62,476 (29,512 ) (142 ) — — — (233 ) 32,589 Gross profit 11,655 (4,994 ) (353 ) — — — 234 6,542 Operating expenses — Research and development costs 1,238 (513 ) — — — — 725 Selling, general and administrative expenses 11,378 (2,403 ) — — — — 10 8,985 Total operating expenses 12,616 (2,916 ) — — — — 10 9,710 Operating (loss) income (961 ) (2,078 ) (353 ) — — — 224 (3,168 ) Other income (expense) Interest income (expense) (2,667 ) 1,399 — — (116 ) — — (1,384 ) Interest expense related to write off of debt issuance costs — — — — — — — — Foreign currency transaction loss (103 ) 22 — — — — (1 ) (82 ) Other income 2 278 — — — — 1 281 Total other income (expense) (2,768 ) 1,699 — — (116 ) — — (1,185 ) (Loss) income before income taxes and loss in non- marketable equity interest from continuing operations (3,729 ) (379 ) (353 ) — (116 ) — 224 (4,353 ) Income tax (benefit) expense from continuing operations (3,813 ) 543 — — — 2,579 — (691 ) Loss in non-marketable equity interest, net of taxes (5,673 ) — — — — — — (5,673 ) Net (loss) income from continuing operations (5,589 ) (922 ) (353 ) — (116 ) (2,579 ) 224 (9,335 ) Discontinued operations: Income (loss) from operations of discontinued operations (9,987 ) 379 — — — — — (9,608 ) Income tax expense 4,688 (543 ) — — — — — 4,145 (Loss) income on discontinued operations (14,675 ) 922 — — — — — (13,753 ) Net (loss) income (20,264 ) — (353 ) — (116 ) (2,579 ) 224 (23,088 ) Net loss (income) attributable to noncontrolling interest (294 ) — — — — — — (294 ) Net (loss) income attributable to shareholders of Manitex International, Inc. $ (20,558 ) $ — $ (353 ) $ — $ (116 ) $ (2,579 ) $ 224 $ (23,382 ) Earnings (loss) Per Share Basic (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.36 ) $ (0.58 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.87 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.27 ) $ (1.45 ) Diluted — (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.36 ) $ (0.58 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.87 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.27 ) $ (1.45 ) Weighted average common shares outstanding Basic 16,127,346 16,127,346 Diluted 16,127,346 16,127,346 Consolidated Statement of Operations For the nine months ended September 30, 2016 (in thousands, except for share data) (unaudited) A B C D E F G H As Previously Reported on Form 10-Q Effect of Reclassifying Entities into Discontinued Operations Reversal of Sales to SVW Effect of Treating Funds Sent to SVW as Advances Recording Payments Made by SVW to Lenders Cumulative Income Tax Effect Other As Restated Net revenues $ 272,769 $ (127,541 ) $ (13,123 ) $ — $ — $ — $ 1 $ 132,106 Cost of sales 225,824 (106,796 ) (10,388 ) — — — 18 108,658 Gross profit 46,945 (20,745 ) (2,735 ) — — — (17 ) 23,448 Operating expenses Research and development costs 4,091 (1,888 ) — — — — — 2,203 Selling, general and administrative expenses 38,574 (11,111 ) — — — — 10 27,473 Total operating expenses 42,665 (12,999 ) — — — — 10 29,676 Operating (loss) income 4,280 (7,746 ) (2,735 ) — — — (27 ) (6,228 ) Other income (expense) Interest income (expense) (9,407 ) 4,865 — — (116 ) — — (4,658 ) Interest expense related to write off of debt issuance costs (1,439 ) — — — — — — (1,439 ) Foreign currency transaction loss (580 ) (410 ) — — — — (1 ) (991 ) Other income (loss) 2,834 (1,952 ) — — — — 1 883 Total other income (expense) (8,592 ) 2,503 — — (116 ) — — (6,205 ) (Loss) income before income taxes and loss in non- marketable equity interest from continuing operations (4,312 ) (5,243 ) (2,735 ) — (116 ) — (27 ) (12,433 ) Income tax (benefit) expense from continuing operations (4,421 ) 3,428 — — — 34 1 (958 ) Loss in non-marketable equity interest, net of taxes (5,752 ) — — — — — — (5,752 ) Net (loss) income from continuing operations (5,643 ) (8,671 ) (2,735 ) — (116 ) (34 ) (28 ) (17,227 ) Discontinued operations: Income (loss) from operations of discontinued operations (9,987 ) 5,242 — — — — — (4,745 ) Income tax expense 4,688 (3,429 ) — — — — — 1,259 (Loss) income on discontinued operations (14,675 ) 8,671 — — — — — (6,004 ) Net (loss) income (20,318 ) — (2,735 ) — (116 ) (34 ) (28 ) (23,231 ) Net loss (income) attributable to noncontrolling interest (566 ) — — — — — — (566 ) Net (loss) income attributable to shareholders of Manitex International, Inc. $ (20,884 ) $ — $ (2,735 ) $ — $ (116 ) $ (34 ) $ (28 ) $ (23,797 ) Earnings (loss) Per Share Basic (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.38 ) $ (1.07 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.41 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.29 ) $ (1.48 ) Diluted — (Loss) earnings from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.38 ) $ (1.07 ) Loss from discontinued operations attributable to shareholders of Manitex International, Inc. $ (0.91 ) $ (0.41 ) (Loss) earnings attributable to shareholders of Manitex International, Inc. $ (1.29 ) $ (1.48 ) Weighted average common shares outstanding Basic 16,119,578 16,119,578 Diluted 16,119,578 16,119,578 Consolidated Statement of Cash Flows For the nine months ended September 30, 2016 (in thousands) (unaudited) I J K L M As Previously Reported on Form 10-Q Impact of SVW Related Corrections (1) Income Tax Impact Other Corrections and Reclasifications Including Discontinued Operations As Restated Cash flows from operating activities: Net (loss) income (20,318 ) (2,851 ) (35 ) (27 ) (23,231 ) Adjustments to reconcile net income to cash (used) provide by for operating activities: — Depreciation and amortization 8,886 — — (3,575 ) 5,311 Loss (gain) on sale of discontinued operations 9,050 — — (1,760 ) 7,290 Changes in allowances for doubtful accounts 117 — — (115 ) 2 Loss (gain) on disposal of assets (2,236 ) — — 2,223 (13 ) Changes in inventory reserves 920 — — (350 ) 570 Deferred income taxes (193 ) — — 3 (190 ) Amortization of deferred financing cost 2,333 — — (430 ) 1,903 Revaluation of contingent acquisition liability (915 ) — — — (915 ) Write down of goodwill 275 — — — 275 Amortization of debt discount 405 — — (1 ) 404 Change in value of interest rate swaps (778 ) — — — (778 ) Loss in non-marketable equity interest - — — — — Share-based compensation 900 — — — 900 Deferred gain on sale and lease back (124 ) — — (17 ) (141 ) Reserves for uncertain tax provisions 48 — — (16 ) 32 (Earnings) loss from equity investment 5,752 — — — 5,752 Changes in operating assets and liabilities: — — — (Increase) decrease in accounts receivable (11,622 ) 1,844 — 8,589 (1,189 ) (Increase) decrease in inventory (4,410 ) (10,387 ) — 7,314 (7,483 ) (Increase) decrease in prepaid expenses 884 (143 ) 35 203 979 (Increase) decrease in other assets 194 — — — 194 Increase (decrease) in accounts payable (5,270 ) — — (241 ) (5,511 ) Increase (decrease) in accrued expense (3,111 ) — — 400 (2,711 ) Increase (decrease) in other current liabilities 2,379 — — (2,744 ) (365 ) Increase (decrease) in other long-term liabilities (251 ) — — 1 (250 ) Discontinued operations - cash provided by (used) for operating activities 1,509 — — (8,407 ) (6,898 ) Net cash (used) for provided by operating activities (15,576 ) (11,537 ) — 1,050 (26,063 ) Cash flows from investing activities: Acquisition of businesses, net of cash acquired — — — — — Sale of intellectual property 2,205 — — — Proceeds from the sale of fixed assets 187 — — — 187 Purchase of property and equipment (1,611 ) — — 665 (946 ) Investment in intangibles other than goodwill (103 ) — — — (103 ) Proceeds from the sale of discontinued operations 14,000 — — — 14,000 Discontinued operations - cash used for investing activities 157 — — 1,531 1,688 Net cash provided by for investing activities 14,835 — — 2,196 14,826 Cash flows from financing activities: Borrowings—2014 term loan — — — — — Repayment of 2014 term loan — — — — — Net proceeds from stock offering — — — — — New borrowings—convertible notes — — — — — Payments on revolving term credit facilities (10,709 ) — — (2,978 ) (13,687 ) Net borrowings (repayments) on working capital facilities 13,255 — — (6,074 ) 7,181 Investment received from noncontrolling interest 2,450 — — (2,450 ) — New borrowings—except 2014 term loan 757 12,204 — — 12,961 Note payments (10,980 ) (335 ) — 6,046 (5,269 ) Bank fees and cost related to new financing (981 ) (332 ) — 107 (1,206 ) Shares repurchased for income tax withholding on share-based compensation (55 ) — — — (55 ) Proceeds from stock offering — — — — Proceeds from sale and leaseback 4,080 — — — 4,080 Excess tax benefits related to vesting of restricted stock — — — — — Proceeds from capital leases — — — — — Payments on capital lease obligations (417 ) — — — (417 ) Discontinued operations - cash used for financing activities (919 ) — — 5,341 4,422 Net cash (used) for provided by financing activities (3,519 ) 11,537 — (8 ) 8,010 Net (decrease) increase in cash and cash equivalents (4,260 ) — — 3,238 (3,227 ) Effect of exchange rate changes on cash 1,701 — — (342 ) 1,359 Cash and cash equivalents at the beginning of the year 8,578 — — (2,660 ) 5,918 Cash and cash equivalents at end of period $ 6,019 $ — $ — $ 236 $ 4,050 |
Financial Instruments-Forward30
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring Basis | The following is summary of items that the Company measures at fair value on a recurring basis: Fair Value at September 30, 2017 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 94 $ — $ 94 Interest rate swap contracts — 7 — 7 Valla contingent consideration — — 216 216 Total recurring liabilities at fair value $ — $ 101 $ 216 $ 317 Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 159 $ — $ 159 Interest rate swap contracts — 405 — 405 PM contingent liabilities — — 316 316 Valla contingent consideration — — 193 193 Total liabilities at fair value $ — $ 564 $ 509 $ 1,073 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs (level 3) PM Contingent Consideration Valla Contingent Consideration Total Liabilities: Balance at December 31, 2016 $ 316 $ 193 $ 509 Effect of change in exchange rates — 23 23 Change in fair value during the period (316 ) — (316 ) Balance at September 30, 2017 $ — $ 216 $ 216 |
Derivatives Financial Instrum31
Derivatives Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Foreign Exchange Contracts and Interest Rate Swap Statement of Financial Position | As of September 30, 2017, the Company had the following forward currency contracts and interest rate swaps: Nature of Derivative Currency Amount Type Forward currency sales contracts Chilean peso 2,500,000 Not designated as hedge instrument Interest rate swap contract Euro 482 Not designated as hedge instrument |
Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location September 30, 2017 December 31, 2016 Liabilities Derivatives Foreign currency exchange contract Accrued expense $ 94 $ 159 Interest rate swap contracts Notes payable 7 405 Total liabilities $ 101 $ 564 |
Effect of Derivative Instruments on Consolidated Statements of Income | The following tables provide the effect of derivative instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016: Gain or (loss) Location of gain or (loss) recognized in Income Statement Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Derivatives Not designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains (losses) $ 37 $ (22 ) $ 133 $ (332 ) Interest rate swap contracts Interest expense (1 ) 392 355 787 Forward currency contracts Income from operations of discontinued operations — (32 ) — 54 $ 36 $ 338 $ 488 $ 509 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: As Restated September 30, 2017 December 31, 2016 Raw materials and purchased parts, net $ 36,988 $ 35,855 Work in process 3,425 4,231 Finished goods 23,009 29,401 Inventory, net $ 63,422 $ 69,487 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets and accumulated amortization by category as of September 30, 2017 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 18,317 $ (11,762 ) $ 6,555 Customer relationships 10-20 years 23,639 (9,518 ) 14,121 Trade names and trademarks 25 years-indefinite 12,607 (2,041 ) 10,566 Non-competition agreements 2-5 years 50 (45 ) 5 Customer backlog <1 year 371 (371 ) — Total intangible assets, net $ 31,247 Intangible assets and accumulated amortization by category as of December 31, 2016 is as follows: Gross Net Useful Carrying Accumulated Carrying lives Amount Amortization Amount Patented and unpatented technology 7-10 years $ 17,409 $ (11,004 ) $ 6,405 Customer relationships 10-20 years 22,444 (7,870 ) 14,574 Trade names and trademarks 25 years-indefinite 11,892 (1,894 ) 9,998 Non-competition agreements 2-5 years 50 (42 ) 8 Customer backlog <1 year 370 (370 ) — Total Intangible assets $ 30,985 |
Changes in Goodwill | Changes in goodwill for the nine months ended September 30, 2017 are as follows: Total Balance January 1, 2017 $ 39,669 Effect of change in exchange rates 3,345 Balance September 30, 2017 $ 43,014 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) - ASV after transaction [Member] | 9 Months Ended |
Sep. 30, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Fair Market Adjustment Made To Reconcile Difference Between Carrying Value And Fair value And Subsequent Amortization Of Fair Market Adjustments | The following table provides details of fair market adjustment made to reconcile this difference and subsequent amortization of the fair market adjustments: Balance as of Balance as of Amortization May 17, Cumulative September 30, Period 2017 Amortization 2017 Inventory 1 year $ 75 $ 9 $ 66 Intangibles other than goodwill 10 to 25 years 787 9 778 $ 862 $ 18 $ 844 |
Summary of ASV Holding's Financial Information | The following tables present ASV Holding’s summary financial information: June 30, 2017 (2) December 31, 2016 Current Assets $ 43,497 $ 47,556 Non-Current Assets 70,880 72,176 Current Liabilities 21,767 23,654 Non-Current Liabilities $ 26,651 $ 42,643 For the six months ended June 30, (2) 2017 Net sales $ 62,250 Gross profit 9,660 Net income 1,984 Net income attributable to the Company (1) 302 Amortization of FMV adjustment (18 ) Income recognized by the Company $ 284 __________________ (1) Represents 21.22% of ASV Holdings earnings from May 17, 2017 to September 30, 2017 (2) The Company's policy is to record our earnings based on a one quarter lag. As of September 30, 2017, the best available information to us was for June 30, 2017 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Expenses | September 30, 2017 December 31, 2016 As Restated Accrued payroll $ 2,192 $ 914 Accrued employee benefits 748 1,215 Accrued bonuses 60 401 Accrued vacation 989 979 Accrued interest 981 1,753 Accrued commissions 478 351 Accrued expenses—other 524 1,052 Accrued warranty 1,669 1,568 Accrued income taxes 465 — Accrued taxes other than income taxes 1,862 1,950 Accrued product liability and workers compensation claims 404 95 Total accrued expenses $ 10,372 $ 10,278 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | For the nine months ended September 30, 2017 2016 Balance January 1, $ 1,568 $ 1,328 Accrual for warranties issued during the period 1,390 1,182 Warranty services provided (1,322 ) (1,269 ) Changes in estimate (1 ) 103 Foreign currency translation 34 26 Balance September 30, $ 1,669 $ 1,370 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Principal Terms of Borrowings | The following table summarizes the principal terms of the borrowings: Element Lending Institutions Equify Evolve Heartland Loan 1 Balance as of September 30, 2017 $ 1,880 $ 1,147 $ 1,412 $ 2,016 Loan origination date June 27, 2016 July 8, 2016 July 16, 2016 July 28, 2016 Amount borrowed $ 3,009 $ 2,710 $ 1,648 $ 2,941 Approximate Interest rate 8.07 % 6.75 % 8.00 % 8.00 % Prepayment penalty At stipulated vaules 3% decreasing to 2% after 24 months Not applicable 1% per for each remaining year no penalty if equipment is sold Required payments: First payment stream Frequencies of payment Monthly Monthly Monthly Monthly Remaining payments 22 21 58 47 Date of first payment August 1, 2016 August 8, 2016 September 1, 2016 September 1, 2016 Payment amount $ 33 $ 17 $ 29 $ 50 Final balloon payment Date of payment August 1, 2019 July 9, 2019 August 1, 2022 December 1, 2021 Payment amount $ 1,391 $ 918 $ 39 $ 1 |
Summary of Amounts Financed Under Equipment Capital Lease Agreements | The following is a summary of amounts financed under equipment capital lease agreements: Remaining Balance as of Amount Borrowed Repayment Period Amount of Monthly Payment September 30, 2017 New equipment $ 896 42 $ 18 $ 709 |
Net Earnings (Loss) per Commo38
Net Earnings (Loss) per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per 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 convertible debt and restricted stock units. Details of the calculations are as follows: Three Months Ended September 30, Nine Months Ended September 30, As Restated As Restated 2017 2016 2017 2016 Net income (loss) attributable to shareholders of Manitex International, Inc. Net income (loss) from continuing operations attributable to shareholders of Manitex International, Inc. $ (1,522 ) $ (9,335 ) $ (6,437 ) $ (17,227 ) (Loss) income from operations of discontinued operations, net of income taxes (15 ) (999 ) 532 3,228 Less: (income) attributable to noncontrolling interest from discontinued operations — (294 ) (274 ) (566 ) (Loss) income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes (1,537 ) (1,293 ) (6,179 ) 2,662 Income (Loss) on sale of discontinued operations, net of income taxes 30 (12,754 ) (1,077 ) (9,232 ) Net loss attributable to shareholders of Manitex International, Inc. $ (1,507 ) $ (23,382 ) $ (7,256 ) $ (23,797 ) Earnings (loss) per share Basic Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.58 ) $ (0.39 ) $ (1.07 ) (Loss) earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ (0.09 ) $ (0.08 ) $ (0.37 ) $ 0.17 Loss on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ (0.79 ) $ (0.07 ) $ (0.57 ) Earnings (loss) attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (1.45 ) $ (0.44 ) $ (1.48 ) Diluted Loss from continuing operations attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (0.58 ) $ (0.39 ) $ (1.07 ) (Loss) earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ (0.09 ) $ (0.08 ) $ (0.37 ) $ 0.17 Loss on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes $ — $ (0.79 ) $ (0.07 ) $ (0.57 ) Earnings (loss) attributable to shareholders of Manitex International, Inc. $ (0.09 ) $ (1.45 ) $ (0.44 ) $ (1.48 ) Weighted average common shares outstanding Basic 16,573,927 16,127,346 16,532,683 16,119,578 Diluted Basic 16,573,927 16,127,346 16,532,683 16,119,578 Dilutive effect of restricted stock units — — — — 16,573,927 16,127,346 16,532,683 16,119,578 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2017 Directors 4,290 $ 54 January 1, 2017 Employees 20,932 266 January 4, 2017 Directors 7,675 47 January 4, 2017 Employees 42,533 258 June 1, 2017 Employees 4,493 32 September 15, 2017 Directors 6,600 35 86,523 $ 692 |
Summary of Common Stock Repurchases | The below table summarized shares repurchased from employees during the current year through September 30, 2017: Date of Purchase Shares Purchased Closing Price on Date of Purchase January 1, 2017 6,312 $ 6.86 January 4, 2017 11,750 $ 7.27 18,062 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units: September 30, 2017 Outstanding on January 1, 2017 342,004 Units granted during the period 4,493 Vested and issued (86,523 ) Forfeited (73,196 ) Outstanding on September 30, 2017 186,778 |
Schedule of Stock Issued Under At the Market Program | The following table contains information regarding stock issued under the program: Date of Issue Shares Issued Shares Price Value of Shares Issued Commissions Net Proceeds January 25, 2017 247,604 $ 8.8750 $ 2,197 $ 154 $ 2,043 January 27, 2017 27,120 $ 8.8376 $ 240 $ 17 $ 223 January 30, 2017 1,100 $ 8.6464 $ 10 $ 1 $ 9 January 31, 2017 18,700 $ 8.6451 $ 162 $ 11 $ 151 294,524 $ 2,609 $ 183 $ 2,426 |
Transactions between the Comp40
Transactions between the Company and Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of September 30, 2017, and December 31, 2016, the Company had accounts receivable and accounts payable with related parties as shown below: September 30, 2017 December 31, 2016 Accounts Receivable SL Industries, Ltd. $ 28 $ 47 Lift Ventures — 22 ASV Holdings 36 — $ 64 $ 69 Accounts Payable BGI USA, Inc. $ 1,293 7 SL Industries, Ltd. 233 471 Lift Ventures — 749 Terex 108 940 $ 1,634 $ 2,167 |
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 September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Rent paid Bridgeview Facility (1) $ 67 $ 65 $ 197 $ 194 Sales to: SL Industries, Ltd. $ 8 $ 11 $ 8 $ 13 Lift Ventures — 1 — 14 Total Sales $ 8 $ 12 $ 8 $ 27 Purchases from: BGI USA, Inc. $ 836 $ — $ 1,690 $ — Lift Ventures — 613 618 1,374 SL Industries, Ltd. 169 188 307 195 LiftMaster — — — 1 Terex 158 1,625 560 1,853 Total Purchases $ 1,163 $ 2,426 $ 3,175 $ 3,423 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 $22. 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. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheet and (Loss) Income from Discontinued Operations | The following is the detail of major classes of assets and liabilities of discontinued operations that were summarized on the Company’s Unaudited Consolidated Balance Sheet as of December 31, 2016. As of December 31, 2016 ASSETS Current assets Cash $ 573 Cash - restricted 535 Trade receivables (net) 13,603 Accounts receivable from related party 501 Inventory (net) 30,922 Prepaid expense and other 511 Total current assets of discontinued operations 46,645 Long-term assets Total fixed assets (net) 15,402 Intangible assets (net) 25,824 Goodwill 30,579 Other long-term assets 372 Total long-term assets of discontinued operations 72,177 Total assets of discontinued operations $ 118,822 LIABILITIES Current liabilities Notes payable—short term $ 3,000 Accounts payable 11,976 Accounts payable related parties 2,275 Accrued expenses 6,380 Total current liabilities of discontinued operations 23,631 Long-term liabilities Revolving term credit facilities 15,605 Notes payable (net) 26,267 Other long-term liabilities 773 Total long-term liabilities of discontinued operations 42,645 $ 66,276 The following is the detail of major line items that constitute (loss) income from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net revenues $ — $ 37,825 $ 38,357 $ 130,860 Cost of sales — 32,428 32,403 109,713 Research and development costs — 604 694 1,979 Selling, general and administrative expenses — 3,333 3,504 12,041 Interest expense — (1,148 ) (1,156 ) (4,614 ) Other (expense) income — (418 ) (40 ) 32 (Loss) income from discontinued operations before income taxes — (106 ) 560 2,545 Loss on sale of discontinued operations before income taxes — (9,502 ) (1,133 ) (7,290 ) Income tax (benefit) expense related to discontinued operations (15 ) 4,145 (28 ) 1,259 Net loss on discontinued operations $ — $ (13,753 ) $ (545 ) $ (6,004 ) |
Nature of Operations and Basi42
Nature of Operations and Basis of Presentation - Additional Information (Detail) | May 17, 2017shares | May 11, 2017shares | Mar. 31, 2017Segment | Sep. 30, 2017shares | Sep. 30, 2016 | Sep. 30, 2017Segmentshares | Sep. 30, 2016 | Dec. 31, 2016Subsidiaryshares |
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of operating segments | Segment | 3 | 1 | ||||||
Number of shares | 16,585,062 | 16,585,062 | 16,200,294 | |||||
Number of wholly owned subsidiaries sold | Subsidiary | 2 | |||||||
ASV after transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Percentage of ownership interest after disposal | 21.20% | 21.20% | ||||||
Manitex International, Inc. [Member] | ASV after transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of shares sold | 2,000,000 | |||||||
ASV before transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Percentage of ownership interest prior to disposal | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Conversion of stock, shares converted | 4,080,000 | |||||||
Initial Public Offering [Member] | ASV after transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of shares | 1,800,000 | |||||||
Initial Public Offering [Member] | Manitex International, Inc. [Member] | ASV after transaction [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Number of shares | 2,000,000 | |||||||
SVW [Member] | ||||||||
Partnership Organization And Basis Of Presentation [Line Items] | ||||||||
Percentage of ownership interest | 0.00% |
Nature of Operations and Basi43
Nature of Operations and Basis of Presentation - Schedule of Non-cash Transactions (Detail) - USD ($) $ in Thousands | Jul. 25, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Non cash transactions | |||
Equipment held for sale financed on a capital lease | $ 896 | ||
Terex Corporation [Member] | |||
Non cash transactions | |||
Issuance of common stock in connection with note repayment | $ 150 | ||
Avis Industrial Corporation [Member] | Winona Manufacturing Facility [Member] | |||
Non cash transactions | |||
Stock issued to purchase Winona facility | $ 154 | $ 154 |
Restatement of Previously Iss44
Restatement of Previously Issued Financial Statements - Additional Information (Detail) | May 17, 2017shares | May 11, 2017shares | Mar. 31, 2017 | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)Crane | Dec. 31, 2016shares |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Number of cranes sold | Crane | 39 | |||||||
Sales revenues, gross | $ 15,000,000 | |||||||
Sales returns, amount | $ 3,000,000 | |||||||
Number of cranes sold, sales returns | Crane | 10 | |||||||
Number of cranes sold net of returns | 29,000,000 | |||||||
Sales revenue, net | $ 12,000,000 | |||||||
Debt instrument expense | $ 50,000 | $ 1,206,000 | ||||||
Maximum exposure of residual guarantees | $ 1,600,000 | 1,600,000 | ||||||
Guarantee Obligations Current Carrying Value | $ 0 | $ 0 | ||||||
Number of shares | shares | 16,585,062 | 16,585,062 | 16,200,294 | |||||
ASV after transaction [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Percentage of ownership interest after disposal | 21.20% | 21.20% | ||||||
Manitex International, Inc. [Member] | ASV after transaction [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Number of shares sold | shares | 2,000,000 | |||||||
ASV before transaction [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Percentage of ownership interest prior to disposal | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Conversion of stock, shares converted | shares | 4,080,000 | |||||||
Initial Public Offering [Member] | ASV after transaction [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Number of shares | shares | 1,800,000 | |||||||
Initial Public Offering [Member] | Manitex International, Inc. [Member] | ASV after transaction [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Number of shares | shares | 2,000,000 | |||||||
Effect of Treating Funds Sent to SVW as Advances [Member] | ||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||
Debt instrument expense | $ 0 | $ 0 |
Restatement of Previously Iss45
Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatements on Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Net revenues | $ 56,464 | $ 39,131 | $ 148,634 | $ 132,106 |
Cost of sales | 46,591 | 32,589 | 121,965 | 108,658 |
Gross profit | 9,873 | 6,542 | 26,669 | 23,448 |
Operating expenses | ||||
Research and development costs | 619 | 725 | 1,902 | 2,203 |
Selling, general and administrative expenses | 8,282 | 8,985 | 25,797 | 27,473 |
Total operating expenses | 8,901 | 9,710 | 27,699 | 29,676 |
Operating income (loss) | 972 | (3,168) | (1,030) | (6,228) |
Other income (expense) | ||||
Interest expense | (1,716) | (1,384) | (4,498) | (4,658) |
Interest expense related to write off of debt issuance costs | (1,439) | |||
Foreign currency transaction loss | (799) | (82) | (1,138) | (991) |
Other income | 18 | 281 | 361 | 883 |
Total other expense | (2,497) | (1,185) | (5,275) | (6,205) |
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (1,525) | (4,353) | (6,305) | (12,433) |
Income tax (benefit) expense from continuing operations | 281 | (691) | 416 | (958) |
Income (loss) from equity investments, net of taxes | 284 | (5,673) | 284 | (5,752) |
Net (loss) income from continuing operations | (9,335) | (17,227) | ||
Discontinued operations | ||||
Loss from operations of discontinued operations (including) loss on disposal for the nine months 2017 of $1,133 and losses on disposal of $9,503 and $7,291 for the three and nine months 2016, respectively) | (9,608) | (573) | (4,745) | |
Income tax expense (benefit) | (15) | 4,145 | (28) | 1,259 |
(Loss) income on discontinued operations | (13,753) | (6,004) | ||
Net loss | (1,507) | (23,088) | (6,982) | (23,231) |
Net loss (income) attributable to noncontrolling interest | (294) | (566) | ||
Net loss attributable to shareholders of Manitex International, Inc. | $ (1,507) | $ (23,382) | $ (7,256) | $ (23,797) |
Earnings (loss) Per Share Basic | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.58) | $ (0.39) | $ (1.07) |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | 0 | (0.87) | (0.05) | (0.41) |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | (0.09) | (1.45) | (0.44) | (1.48) |
Earnings (loss) Per Share Diluted | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | (0.09) | (0.58) | (0.39) | (1.07) |
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | 0 | (0.87) | (0.05) | (0.41) |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (1.45) | $ (0.44) | $ (1.48) |
Weighted average common shares outstanding | ||||
Basic | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
Diluted | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
AS Previously Reported on Form 10-Q [Member] | ||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Net revenues | $ 74,131 | $ 272,769 | ||
Cost of sales | 62,476 | 225,824 | ||
Gross profit | 11,655 | 46,945 | ||
Operating expenses | ||||
Research and development costs | 1,238 | 4,091 | ||
Selling, general and administrative expenses | 11,378 | 38,574 | ||
Total operating expenses | 12,616 | 42,665 | ||
Operating income (loss) | (961) | 4,280 | ||
Other income (expense) | ||||
Interest expense | (2,667) | (9,407) | ||
Interest expense related to write off of debt issuance costs | (1,439) | |||
Foreign currency transaction loss | (103) | (580) | ||
Other income | 2 | 2,834 | ||
Total other expense | (2,768) | (8,592) | ||
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (3,729) | (4,312) | ||
Income tax (benefit) expense from continuing operations | (3,813) | (4,421) | ||
Income (loss) from equity investments, net of taxes | (5,673) | (5,752) | ||
Net (loss) income from continuing operations | (5,589) | (5,643) | ||
Discontinued operations | ||||
Loss from operations of discontinued operations (including) loss on disposal for the nine months 2017 of $1,133 and losses on disposal of $9,503 and $7,291 for the three and nine months 2016, respectively) | (9,987) | (9,987) | ||
Income tax expense (benefit) | 4,688 | 4,688 | ||
(Loss) income on discontinued operations | (14,675) | (14,675) | ||
Net loss | (20,264) | (20,318) | ||
Net loss (income) attributable to noncontrolling interest | (294) | (566) | ||
Net loss attributable to shareholders of Manitex International, Inc. | $ (20,558) | $ (20,884) | ||
Earnings (loss) Per Share Basic | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.36) | $ (0.38) | ||
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.91) | (0.91) | ||
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | (1.27) | (1.29) | ||
Earnings (loss) Per Share Diluted | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | (0.36) | (0.38) | ||
Loss from discontinued operations attributable to shareholders of Manitex International, Inc. | (0.91) | (0.91) | ||
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | $ (1.27) | $ (1.29) | ||
Weighted average common shares outstanding | ||||
Basic | 16,127,346 | 16,119,578 | ||
Diluted | 16,127,346 | 16,119,578 | ||
Effect of Reclassifying Entities into Discontinued Operations [Member] | ||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Net revenues | $ (34,506) | $ (127,541) | ||
Cost of sales | (29,512) | (106,796) | ||
Gross profit | (4,994) | (20,745) | ||
Operating expenses | ||||
Research and development costs | (513) | (1,888) | ||
Selling, general and administrative expenses | (2,403) | (11,111) | ||
Total operating expenses | (2,916) | (12,999) | ||
Operating income (loss) | (2,078) | (7,746) | ||
Other income (expense) | ||||
Interest expense | 1,399 | 4,865 | ||
Foreign currency transaction loss | 22 | (410) | ||
Other income | 278 | (1,952) | ||
Total other expense | 1,699 | 2,503 | ||
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (379) | (5,243) | ||
Income tax (benefit) expense from continuing operations | 543 | 3,428 | ||
Net (loss) income from continuing operations | (922) | (8,671) | ||
Discontinued operations | ||||
Loss from operations of discontinued operations (including) loss on disposal for the nine months 2017 of $1,133 and losses on disposal of $9,503 and $7,291 for the three and nine months 2016, respectively) | 379 | 5,242 | ||
Income tax expense (benefit) | (543) | (3,429) | ||
(Loss) income on discontinued operations | 922 | 8,671 | ||
Reversal of Sales to SVW [Member] | ||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Net revenues | (495) | (13,123) | ||
Cost of sales | (142) | (10,388) | ||
Gross profit | (353) | (2,735) | ||
Operating expenses | ||||
Operating income (loss) | (353) | (2,735) | ||
Other income (expense) | ||||
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (353) | (2,735) | ||
Net (loss) income from continuing operations | (353) | (2,735) | ||
Discontinued operations | ||||
Net loss | (353) | (2,735) | ||
Net loss attributable to shareholders of Manitex International, Inc. | (353) | (2,735) | ||
Recording Payments Made by SVW to Lenders [Member] | ||||
Other income (expense) | ||||
Interest expense | (116) | (116) | ||
Total other expense | (116) | (116) | ||
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | (116) | (116) | ||
Net (loss) income from continuing operations | (116) | (116) | ||
Discontinued operations | ||||
Net loss | (116) | (116) | ||
Net loss attributable to shareholders of Manitex International, Inc. | (116) | (116) | ||
Cumulative Income Tax Effect [Member] | ||||
Other income (expense) | ||||
Income tax (benefit) expense from continuing operations | 2,579 | 34 | ||
Net (loss) income from continuing operations | (2,579) | (34) | ||
Discontinued operations | ||||
Net loss | (2,579) | (34) | ||
Net loss attributable to shareholders of Manitex International, Inc. | (2,579) | (34) | ||
Other [Member] | ||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||
Net revenues | 1 | 1 | ||
Cost of sales | (233) | 18 | ||
Gross profit | 234 | (17) | ||
Operating expenses | ||||
Selling, general and administrative expenses | 10 | 10 | ||
Total operating expenses | 10 | 10 | ||
Operating income (loss) | 224 | (27) | ||
Other income (expense) | ||||
Foreign currency transaction loss | (1) | (1) | ||
Other income | 1 | 1 | ||
Income (loss) before income taxes and income (loss) in equity interest from continuing operations | 224 | (27) | ||
Income tax (benefit) expense from continuing operations | 1 | |||
Net (loss) income from continuing operations | 224 | (28) | ||
Discontinued operations | ||||
Net loss | 224 | (28) | ||
Net loss attributable to shareholders of Manitex International, Inc. | $ 224 | $ (28) |
Restatement of Previously Iss46
Restatement of Previously Issued Financial Statements - Schedule of Impact of Restatements on Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||||
Net loss: | $ (1,507) | $ (23,088) | $ (6,982) | $ (23,231) |
Adjustments to reconcile net loss to cash used for operating activities: | ||||
Depreciation and amortization | 3,908 | 5,311 | ||
Loss on sale of discontinued operations | 9,502 | 1,133 | 7,290 | |
Changes in allowances for doubtful accounts | 41 | 2 | ||
Loss (gain) on disposal of assets | 160 | (13) | ||
Changes in inventory reserves | (449) | 570 | ||
Deferred income taxes | (10) | (190) | ||
Amortization and write off of deferred debt issuance costs | 402 | 1,903 | ||
Revaluation of contingent acquisition liability | (346) | (915) | ||
Write down of goodwill | 275 | |||
Amortization of debt discount | 388 | 404 | ||
Change in value of interest rate swaps | (421) | (778) | ||
(Earnings) loss from equity investments | (284) | 5,673 | (284) | 5,752 |
Share-based compensation | 517 | 900 | ||
Deferred gain on sale and lease back | (141) | |||
Reserves for uncertain tax provisions | 54 | 32 | ||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | (10,401) | (1,189) | ||
(Increase) decrease in inventory | 9,323 | (7,483) | ||
(Increase) decrease in prepaid expenses | 356 | 979 | ||
(Increase) decrease in other assets | 66 | 194 | ||
Increase (decrease) in accounts payable | (845) | (5,511) | ||
Increase (decrease) in accrued expense | (642) | (2,711) | ||
Increase (decrease) in other current liabilities | 247 | (365) | ||
Increase (decrease) in other long-term liabilities | (382) | (250) | ||
Discontinued operations - cash provided by (used for) operating activities | 3,665 | (6,898) | ||
Net cash used for operating activities | (502) | (26,063) | ||
Cash flows from investing activities: | ||||
Proceeds from the sale of fixed assets | 15 | 187 | ||
Purchase of property and equipment | (761) | (946) | ||
Investment in intangibles other than goodwill | (64) | (103) | ||
Proceeds from the sale of discontinued operations (Note 18) | 12,892 | 14,000 | ||
Discontinued operations - cash (used for) provided by investing activities | (84) | 1,688 | ||
Net cash provided by investing activities | 11,998 | 14,826 | ||
Cash flows from financing activities: | ||||
Borrowings | 12,961 | |||
Proceeds from stock offering | 2,426 | |||
Payments on revolving term credit facilities | (7,382) | (13,687) | ||
Net borrowings on working capital facilities | 4,198 | 7,181 | ||
Note payments | (8,451) | (5,269) | ||
Bank fees and cost related to new financing | (1,206) | |||
Shares repurchased for income tax withholding on share-based compensation | (128) | (55) | ||
Proceeds from sale and lease back | 896 | 4,080 | ||
Payments on capital lease obligations | (793) | (417) | ||
Discontinued operations - cash (used for) provided by financing activities | (5,058) | 4,422 | ||
Net cash used for financing activities | (13,588) | 8,010 | ||
Net decrease in cash and cash equivalents | (2,092) | (3,227) | ||
Effect of exchange rate changes on cash | 98 | 1,359 | ||
Cash and cash equivalents at the beginning of the year | 5,314 | 5,918 | ||
Cash and cash equivalents at end of period | $ 3,320 | 4,050 | $ 3,320 | 4,050 |
AS Previously Reported on Form 10-Q [Member] | ||||
Cash flows from operating activities: | ||||
Net loss: | (20,264) | (20,318) | ||
Adjustments to reconcile net loss to cash used for operating activities: | ||||
Depreciation and amortization | 8,886 | |||
Loss on sale of discontinued operations | 9,050 | |||
Changes in allowances for doubtful accounts | 117 | |||
Loss (gain) on disposal of assets | (2,236) | |||
Changes in inventory reserves | 920 | |||
Deferred income taxes | (193) | |||
Amortization and write off of deferred debt issuance costs | 2,333 | |||
Revaluation of contingent acquisition liability | (915) | |||
Write down of goodwill | 275 | |||
Amortization of debt discount | 405 | |||
Change in value of interest rate swaps | (778) | |||
(Earnings) loss from equity investments | 5,673 | 5,752 | ||
Share-based compensation | 900 | |||
Deferred gain on sale and lease back | (124) | |||
Reserves for uncertain tax provisions | 48 | |||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | (11,622) | |||
(Increase) decrease in inventory | (4,410) | |||
(Increase) decrease in prepaid expenses | 884 | |||
(Increase) decrease in other assets | 194 | |||
Increase (decrease) in accounts payable | (5,270) | |||
Increase (decrease) in accrued expense | (3,111) | |||
Increase (decrease) in other current liabilities | 2,379 | |||
Increase (decrease) in other long-term liabilities | (251) | |||
Discontinued operations - cash provided by (used for) operating activities | 1,509 | |||
Net cash used for operating activities | (15,576) | |||
Cash flows from investing activities: | ||||
Sale of intellectual property | 2,205 | |||
Proceeds from the sale of fixed assets | 187 | |||
Purchase of property and equipment | (1,611) | |||
Investment in intangibles other than goodwill | (103) | |||
Proceeds from the sale of discontinued operations (Note 18) | 14,000 | |||
Discontinued operations - cash (used for) provided by investing activities | 157 | |||
Net cash provided by investing activities | 14,835 | |||
Cash flows from financing activities: | ||||
Borrowings | 757 | |||
Payments on revolving term credit facilities | (10,709) | |||
Net borrowings on working capital facilities | 13,255 | |||
Investment received from noncontrolling interest | 2,450 | |||
Note payments | (10,980) | |||
Bank fees and cost related to new financing | (981) | |||
Shares repurchased for income tax withholding on share-based compensation | (55) | |||
Proceeds from sale and lease back | 4,080 | |||
Payments on capital lease obligations | (417) | |||
Discontinued operations - cash (used for) provided by financing activities | (919) | |||
Net cash used for financing activities | (3,519) | |||
Net decrease in cash and cash equivalents | (4,260) | |||
Effect of exchange rate changes on cash | 1,701 | |||
Cash and cash equivalents at the beginning of the year | 8,578 | |||
Cash and cash equivalents at end of period | 6,019 | 6,019 | ||
Impact Of S V W Related Corrections | ||||
Cash flows from operating activities: | ||||
Net loss: | (2,851) | |||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | 1,844 | |||
(Increase) decrease in inventory | (10,387) | |||
(Increase) decrease in prepaid expenses | (143) | |||
Net cash used for operating activities | (11,537) | |||
Cash flows from financing activities: | ||||
Borrowings | 12,204 | |||
Note payments | (335) | |||
Bank fees and cost related to new financing | (332) | |||
Net cash used for financing activities | 11,537 | |||
Income Tax Impact | ||||
Cash flows from operating activities: | ||||
Net loss: | (35) | |||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in prepaid expenses | 35 | |||
Adjustment Other Liability | ||||
Cash flows from operating activities: | ||||
Net loss: | (27) | |||
Adjustments to reconcile net loss to cash used for operating activities: | ||||
Depreciation and amortization | (3,575) | |||
Loss on sale of discontinued operations | (1,760) | |||
Changes in allowances for doubtful accounts | (115) | |||
Loss (gain) on disposal of assets | 2,223 | |||
Changes in inventory reserves | (350) | |||
Deferred income taxes | 3 | |||
Amortization and write off of deferred debt issuance costs | (430) | |||
Amortization of debt discount | (1) | |||
Deferred gain on sale and lease back | (17) | |||
Reserves for uncertain tax provisions | (16) | |||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | 8,589 | |||
(Increase) decrease in inventory | 7,314 | |||
(Increase) decrease in prepaid expenses | 203 | |||
Increase (decrease) in accounts payable | (241) | |||
Increase (decrease) in accrued expense | 400 | |||
Increase (decrease) in other current liabilities | (2,744) | |||
Increase (decrease) in other long-term liabilities | 1 | |||
Discontinued operations - cash provided by (used for) operating activities | (8,407) | |||
Net cash used for operating activities | 1,050 | |||
Cash flows from investing activities: | ||||
Purchase of property and equipment | 665 | |||
Discontinued operations - cash (used for) provided by investing activities | 1,531 | |||
Net cash provided by investing activities | 2,196 | |||
Cash flows from financing activities: | ||||
Payments on revolving term credit facilities | (2,978) | |||
Net borrowings on working capital facilities | (6,074) | |||
Investment received from noncontrolling interest | (2,450) | |||
Note payments | 6,046 | |||
Bank fees and cost related to new financing | 107 | |||
Discontinued operations - cash (used for) provided by financing activities | 5,341 | |||
Net cash used for financing activities | (8) | |||
Net decrease in cash and cash equivalents | 3,238 | |||
Effect of exchange rate changes on cash | (342) | |||
Cash and cash equivalents at the beginning of the year | (2,660) | |||
Cash and cash equivalents at end of period | $ 236 | $ 236 |
New Significant Accounting Po47
New Significant Accounting Policy and New Accounting Pronouncements - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Line Items] | ||
Allowances for doubtful accounts | $ 8,000 | $ 7,000 |
Maximum exposure of residual guarantees | 1,600,000 | |
Guarantee Obligations Current Carrying Value | $ 0 | |
ASV after transaction [Member] | ||
Accounting Policies [Line Items] | ||
Equity method investment ownership percentage | 21.22% |
Financial Instruments-Forward48
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts - Summary of Items Measures at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 317 | $ 1,073 |
Valla [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 216 | 193 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 94 | 159 |
Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 7 | 405 |
PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 316 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 101 | 564 |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 94 | 159 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 7 | 405 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 216 | 509 |
Level 3 [Member] | Valla [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 216 | 193 |
Level 3 [Member] | PM Contingent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 316 |
Financial Instruments-Forward49
Financial Instruments-Forward Currency Exchange Contracts and Interest Rate Swap Contracts - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Liabilities: | |
Beginning Balance | $ 509 |
Effect of change in exchange rates | 23 |
Change in fair value during the period | (316) |
Ending Balance | 216 |
PM Contingent Liabilities [Member] | |
Liabilities: | |
Beginning Balance | 316 |
Change in fair value during the period | (316) |
Ending Balance | 0 |
Valla [Member] | |
Liabilities: | |
Beginning Balance | 193 |
Effect of change in exchange rates | 23 |
Ending Balance | $ 216 |
Derivatives Financial Instrum50
Derivatives Financial Instruments - Additional Information (Detail) - 9 months ended Sep. 30, 2017 | USD ($)ForwardContract | EUR (€)ForwardContract | CLP ($)ForwardContract |
Derivatives Not Designated as Hedge Instrument [Member] | PM [Member] | Above Zero Point Nine Zero Percentage Euribor [Member] | PM Group [Member] | |||
Derivative [Line Items] | |||
Notional amount | € | € 569,000 | ||
Notional amount, original amount | € | € 482,000 | ||
Derivative contract maturity date | Oct. 1, 2020 | ||
Derivative contract interest rate | 3.90% | 3.90% | 3.90% |
Derivatives Not Designated as Hedge Instrument [Member] | PM [Member] | Above Zero Point Nine Zero Percentage Euribor [Member] | PM Group [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative contract interest rate | 0.90% | 0.90% | 0.90% |
Forward Currency Contracts [Member] | Derivatives Designated as Hedge Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ | $ 0 | ||
Unrealized pre-tax gains or losses | $ | $ 0 | ||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | |||
Derivative [Line Items] | |||
Number of forward currency exchange contracts | ForwardContract | 1 | 1 | 1 |
Contract maturity date | Jan. 29, 2018 | ||
Contractual obligation foreign currency contracts | € | € 3,201,000 | ||
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ | $ 2,500,000,000 |
Derivatives Financial Instrum51
Derivatives Financial Instruments - Forward Currency Contracts and Interest Rate Swaps (Detail) - Sep. 30, 2017 - Derivatives Not Designated as Hedge Instrument [Member] | EUR (€) | CLP ($) |
Forward Currency Sales Contracts [Member] | ||
Derivative [Line Items] | ||
Forward currency contract and interest rate swaps | $ | $ 2,500,000,000 | |
Interest Rate Swap Contracts [Member] | ||
Derivative [Line Items] | ||
Forward currency contract and interest rate swaps | € | € 482,000 |
Derivatives Financial Instrum52
Derivatives Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 101 | $ 564 |
Foreign Exchange Forward [Member] | Accrued Expense [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | 94 | 159 |
Interest Rate Swap Contracts [Member] | Notes Payable-Short Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities Derivatives | $ 7 | $ 405 |
Derivatives Financial Instrum53
Derivatives Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (loss) recognized in income statement | $ 421 | $ 778 | ||
Derivatives Not Designated as Hedge Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (loss) recognized in income statement | $ 36 | $ 338 | 488 | 509 |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Foreign Currency Transaction (Losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (loss) recognized in income statement | 37 | (22) | 133 | (332) |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Income from Operations of Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (loss) recognized in income statement | (32) | 54 | ||
Interest Rate Swap Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (loss) recognized in income statement | $ (1) | $ 392 | $ 355 | $ 787 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 3,454 | $ 1,886 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 36,988 | $ 35,855 |
Work in process | 3,425 | 4,231 |
Finished goods | 23,009 | 29,401 |
Inventory, net | $ 63,422 | $ 69,487 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total Intangible assets, net | $ 31,247 | $ 30,985 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,317 | 17,409 |
Accumulated Amortization | (11,762) | (11,004) |
Total Intangible assets, net | $ 6,555 | $ 6,405 |
Patented and Unpatented Technology [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 7 years | 7 years |
Patented and Unpatented Technology [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 10 years | 10 years |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 23,639 | $ 22,444 |
Accumulated Amortization | (9,518) | (7,870) |
Total Intangible assets, net | $ 14,121 | $ 14,574 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 10 years | 10 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 20 years | 20 years |
Non-competition Agreements [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 50 | $ 50 |
Accumulated Amortization | (45) | (42) |
Total Intangible assets, net | $ 5 | $ 8 |
Non-competition Agreements [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 2 years | 2 years |
Non-competition Agreements [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 5 years | 5 years |
Customer Backlog [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 371 | $ 370 |
Accumulated Amortization | $ (371) | $ (370) |
Customer Backlog [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 1 year | 1 year |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,607 | $ 11,892 |
Accumulated Amortization | (2,041) | (1,894) |
Total Intangible assets, net | $ 10,566 | $ 9,998 |
Trade Names and Trademarks [Member] | Minimum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | 25 years | 25 years |
Trade Names and Trademarks [Member] | Maximum [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Useful lives | indefinite | Indefinite |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 609 | $ 1,204 | $ 2,121 | $ 3,324 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 39,669 |
Effect of change in exchange rates | 3,345 |
Ending Balance | $ 43,014 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 16, 2014 | Dec. 31, 2016 | Feb. 28, 2018 | Sep. 30, 2017 | May 17, 2017 |
Subsequent Event [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment ownership percentage | 11.00% | ||||
Equity method investment, number of common stock outstanding owned by the Company | 1,080,000 | ||||
Number of shares sold | 1,000,000 | ||||
Sale of stock price per share | $ 7 | ||||
ASV after transaction [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment ownership percentage | 21.22% | ||||
Excess investment over proportional share in equity method investment's net assets | $ 844 | $ 862 | |||
Equity method investment, number of common stock outstanding owned by the Company | 2,080,000 | ||||
Equity method investment, common shares market value | $ 16,910 | ||||
Closing price | $ 8.13 | ||||
ASV after transaction [Member] | Subsequent Event [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment ownership percentage | 11.00% | ||||
Equity method investment, number of common stock outstanding owned by the Company | 1,080,000 | ||||
ASV after transaction [Member] | Subsequent Event [Member] | Private Negotiated Transaction with Institutional Purchasers [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of shares sold | 1,000,000 | ||||
Sale of stock price per share | $ 7 | ||||
Lift Ventures LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investment impairment charge | $ 5,647 | ||||
Lift Ventures LLC [Member] | Equity Method Investee [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment ownership percentage | 25.00% | ||||
Sale of inventories and intellectual property | $ 5,951 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investment Exceeds Over Carrying Value of Equity Method Assets (Detail) - ASV after transaction [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | May 17, 2017 | |
Schedule Of Equity Method Investments [Line Items] | ||
Excess investment over proportional share in equity method investment's net assets | $ 844 | $ 862 |
Cumulative Amortization | $ 18 | |
Inventory [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Amortization Period | 1 year | |
Excess investment over proportional share in equity method investment's net assets | $ 66 | 75 |
Cumulative Amortization | 9 | |
Intangibles Other Than Goodwill [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Excess investment over proportional share in equity method investment's net assets | 778 | $ 787 |
Cumulative Amortization | $ 9 | |
Intangibles Other Than Goodwill [Member] | Minimum [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Amortization Period | 10 years | |
Intangibles Other Than Goodwill [Member] | Maximum [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Amortization Period | 25 years |
Equity Method Investments - Sum
Equity Method Investments - Summary of ASV Holding's Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Current Assets | $ 118,372 | $ 118,372 | $ 160,134 | |||||
Current Liabilities | 83,360 | 83,360 | 98,500 | |||||
Non-Current Liabilities | 77,410 | 77,410 | 130,825 | |||||
Net income attributable to the Company | $ 284 | $ (5,673) | $ 284 | $ (5,752) | ||||
ASV after transaction [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Current Assets | $ 43,497 | [1] | 47,556 | |||||
Non-Current Assets | 70,880 | [1] | 72,176 | |||||
Current Liabilities | 21,767 | [1] | 23,654 | |||||
Non-Current Liabilities | 26,651 | [1] | $ 42,643 | |||||
Net sales | [1] | 62,250 | ||||||
Gross profit | [1] | 9,660 | ||||||
Net income | [1] | 1,984 | ||||||
Net income attributable to the Company | [1],[2] | 302 | ||||||
Amortization of FMV adjustment | [1] | (18) | ||||||
Income recognized by the Company | [1] | $ 284 | ||||||
[1] | The Company's policy is to record our earnings based on a one quarter lag. As of September 30, 2017, the best available information to us was for June 30, 2017 | |||||||
[2] | Represents 21.22% of ASV Holdings earnings from May 17, 2017 to September 30, 2017 |
Equity Method Investments - S62
Equity Method Investments - Summary of ASV Holding's Financial Information (Parenthetical) (Detail) | Sep. 30, 2017 |
ASV after transaction [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Equity method investment ownership percentage | 21.22% |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities Current [Abstract] | ||
Accrued payroll | $ 2,192 | $ 914 |
Accrued employee benefits | 748 | 1,215 |
Accrued bonuses | 60 | 401 |
Accrued vacation | 989 | 979 |
Accrued interest | 981 | 1,753 |
Accrued commissions | 478 | 351 |
Accrued expenses—other | 524 | 1,052 |
Accrued warranty | 1,669 | 1,568 |
Accrued income taxes | 465 | |
Accrued taxes other than income taxes | 1,862 | 1,950 |
Accrued product liability and workers compensation claims | 404 | 95 |
Total accrued expenses | $ 10,372 | $ 10,278 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 1,568 | $ 1,328 |
Accrual for warranties issued during the period | 1,390 | 1,182 |
Warranty services provided | (1,322) | (1,269) |
Changes in estimate | (1) | 103 |
Foreign currency translation | 34 | 26 |
Ending Balance | $ 1,669 | $ 1,370 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) - CIBC Bank USA [Member] | Mar. 31, 2018 | Dec. 31, 2017 | Jul. 20, 2016 | Sep. 30, 2017USD ($)ForwardContractAdvance |
Scenario Forecast [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fixed charge coverage ratio covenant | 1.15 | 1.05 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility termination date | Jul. 20, 2019 | |||
U.S. Credit Facilities [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility termination date | Jul. 20, 2019 | |||
Maximum percentage of assets eligible for collateral | 85.00% | |||
Maximum percentage of assets eligible for collateral, eligible inventory | 50.00% | |||
Maximum value of assets eligible for collateral, eligible inventory | $ 17,500,000 | |||
Maximum percentage of assets eligible for collateral, eligible used equipment | 80.00% | |||
Maximum value of assets eligible for collateral, eligible used equipment | $ 2,000,000 | |||
Maximum borrowing capacity based on available collateral | 25,000,000 | |||
Line of credit facility, amount borrowed | 12,575,000 | |||
Collateral reserve | $ 5,000,000 | |||
Fixed charge coverage ratio covenant, maximum limit for collateral reserve | 1.10 | |||
Line of credit facility interest rate description | The base rate spread ranges from 0.25% to 1.00% depending on the Senior Leverage Ratio (as defined in the Loan Agreement). The LIBOR spread ranges from 2.25% to 3.00% also depending on the Senior Leverage Ratio. At September 30, 2017, the base rate and LIBOR spreads were 1.00% and 3.00%, respectively. | |||
Maximum number of LIBOR contracts allowed | ForwardContract | 4 | |||
Unused line fee | 0.50% | |||
Letter of credit reserved | $ 3,000,000 | |||
U.S. Credit Facilities [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread for base rate | 1.00% | |||
Debt instrument basis interest rate | 4.25% | |||
U.S. Credit Facilities [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread for base rate | 3.00% | |||
Debt instrument basis interest rate | 1.27% | |||
Number of outstanding advances | Advance | 4 | |||
U.S. Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread for base rate | 0.25% | |||
U.S. Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread for base rate | 2.25% | |||
U.S. Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread for base rate | 1.00% | |||
U.S. Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread for base rate | 3.00% | |||
U.S. Credit Facilities [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 25,000,000 | |||
United States Credit Facilities Quarterly Covenant Ended March 2017 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Quarterly adjusted EBITDA covenant | (1,000,000) | |||
United States Credit Facilities Quarterly Covenant Ended June 2017 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Quarterly adjusted EBITDA covenant | 0 | |||
United States Credit Facilities Quarterly Covenant September 30th 2017 And Thereafter [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Quarterly adjusted EBITDA covenant | $ 2,000,000 |
Credit Facilities and Debt - 66
Credit Facilities and Debt - Additional Information - Note Payables-Bank (Detail) - Notes Payable to Banks [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)Payment | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 73 |
Number of payments | Payment | 11 |
Debt Instrument, Frequency of periodic payment | Monthly |
Debt Instrument, Periodic Payment | $ 37 |
Payment commencing date | Jan. 30, 2017 |
Note payable, issuance date | Jan. 18, 2017 |
Debt instrument, face amount | $ 400 |
Debt Instrument Interest Rate | 2.75% |
Credit Facilities and Debt - 67
Credit Facilities and Debt - Additional Information - Note Payables-Winona Facility Purchase (Detail) - Notes Payable to Avis [Member] - Winona Facility [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)Payment | Jul. 26, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 486 | |
Number of payments | Payment | 60 | |
Debt Instrument, Frequency of periodic payment | Monthly | |
Debt Instrument, Periodic Payment | $ 10 | |
Payment commencing date | Aug. 1, 2017 | |
Note payable, issuance date | Jul. 26, 2017 | |
Debt instrument, face amount | $ 500 | |
Debt Instrument Interest Rate | 8.00% |
Credit Facilities and Debt - 68
Credit Facilities and Debt - Additional Information - Note Payables SVW (Detail) - SVW [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)LoanFinancial_Institution | |
Credit Facilities [Line Items] | |
Number of loans | Loan | 4 |
Loan [Member] | |
Credit Facilities [Line Items] | |
Number of financial institutions from which loan borrowed | Financial_Institution | 4 |
Total borrowings | $ 6,455 |
Borrowings, gross amount | 6,260 |
Debt issuance cost | $ 195 |
Credit Facilities and Debt - Su
Credit Facilities and Debt - Summary of Principal Terms of Borrowings (Detail) - SVW [Member] - Loan [Member] | 9 Months Ended |
Sep. 30, 2017USD ($)Payment | |
Credit Facilities [Line Items] | |
Balance as of September 30, 2017 | $ 6,455,000 |
Equify [Member] | |
Credit Facilities [Line Items] | |
Balance as of September 30, 2017 | $ 1,880,000 |
Loan origination date | Jun. 27, 2016 |
Debt instrument, face amount | $ 3,009,000 |
Approximate Interest rate | 8.07% |
Prepayment penalty | At stipulated vaules |
First payment stream, Frequencies of payment | Monthly |
Remaining payments | Payment | 22 |
Second payment stream, Date of First payment | Aug. 1, 2016 |
Second payment stream, Payment Amount | $ 33,000 |
Final balloon payment, Date of payment | Aug. 1, 2019 |
Final balloon payment, Payment Amount | $ 1,391,000 |
Evolve [Member] | |
Credit Facilities [Line Items] | |
Balance as of September 30, 2017 | $ 1,147,000 |
Loan origination date | Jul. 8, 2016 |
Debt instrument, face amount | $ 2,710,000 |
Approximate Interest rate | 6.75% |
Prepayment penalty | 3% decreasing to 2% after 24 months |
First payment stream, Frequencies of payment | Monthly |
Remaining payments | Payment | 21 |
Second payment stream, Date of First payment | Aug. 8, 2016 |
Second payment stream, Payment Amount | $ 17,000 |
Final balloon payment, Date of payment | Jul. 9, 2019 |
Final balloon payment, Payment Amount | $ 918,000 |
Heartland [Member] | |
Credit Facilities [Line Items] | |
Balance as of September 30, 2017 | $ 1,412,000 |
Loan origination date | Jul. 16, 2016 |
Debt instrument, face amount | $ 1,648,000 |
Approximate Interest rate | 8.00% |
Prepayment penalty | Not applicable |
First payment stream, Frequencies of payment | Monthly |
Remaining payments | Payment | 58 |
Second payment stream, Payment Amount | $ 29,000 |
Final balloon payment, Date of payment | Aug. 1, 2022 |
Final balloon payment, Payment Amount | $ 39,000 |
Element [Member] | Loan 1 [Member] | |
Credit Facilities [Line Items] | |
Balance as of September 30, 2017 | $ 2,016,000 |
Loan origination date | Jul. 28, 2016 |
Debt instrument, face amount | $ 2,941,000 |
Approximate Interest rate | 8.00% |
Prepayment penalty | 1% per for each remaining year no penalty if equipment is sold |
First payment stream, Frequencies of payment | Monthly |
Remaining payments | Payment | 47 |
Second payment stream, Date of First payment | Sep. 1, 2016 |
Second payment stream, Payment Amount | $ 50,000 |
Final balloon payment, Date of payment | Dec. 1, 2021 |
Final balloon payment, Payment Amount | $ 1,000 |
Credit Facilities and Debt - 70
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - 9 months ended Sep. 30, 2017 - Short-term Working Capital Borrowings [Member] - PM Group [Member] € in Thousands, $ in Thousands | USD ($)Bank | EUR (€)Bank |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,131 | € 25,507 |
Short-term Debt | $ 25,205 | € 21,337 |
Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | 7 | 7 |
Short-term Debt | $ 24,507 | € 20,746 |
Italy [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.42% | 1.42% |
Italy [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Variable interest rate | 1.67% | 1.67% |
South America [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | 6 | 6 |
Short-term Debt | $ 698 | € 591 |
South America [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 9.00% | 9.00% |
South America [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 24.00% | 24.00% |
3-month or 6-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
3-month Euribor [Member] | Bank Overdrafts [Member] | Italy [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Credit Facilities and Debt - 71
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2017USD ($)PaymentBank | Sep. 30, 2017EUR (€)Payment | Sep. 30, 2017EUR (€)Bank | Jan. 15, 2015USD ($) | Jan. 15, 2015EUR (€) | |
Notes Payable to Banks [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Frequency of periodic payment | Monthly | Monthly | |||
Number of payments | Payment | 11 | 11 | |||
Debt Instrument, Periodic Payment | $ | $ 37 | ||||
Payment commencing date | Jan. 30, 2017 | Jan. 30, 2017 | |||
Notes Payable | $ | $ 73 | ||||
PM Group [Member] | Interest Rate Swap Contracts [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rates swaps, fair value | 7 | € 6 | |||
PM Group [Member] | Unsecured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Bank loans, net of debt issuance costs | $ 15,375 | € 13,015 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.17% | 2.17% | |||
Debt Instrument, Frequency of periodic payment | Semi-annual basis | Semi-annual basis | |||
Debt instrument, semi installment payable start date | 2019-06 | 2019-06 | |||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||
Accrued interest | $ 423 | € 358 | |||
Accrued Interest, Frequency of Periodic Payment | Semi-annual | Semi-annual | |||
Debt instrument, Accrued interest semi installment payable start date | 2019-06 | 2019-06 | |||
Debt instrument, Accrued interest semi installment payable end date | 2019-12 | 2019-12 | |||
PM Group [Member] | Unsecured Debt [Member] | Italy [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Number of Italian banks | Bank | 4 | 4 | |||
PM Group [Member] | First note [Member] | Notes Payable to Banks [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | 3.00% | |||
Number of payments | Payment | 60 | 60 | |||
Debt Instrument, Periodic Payment | $ 9 | € 8 | |||
Debenture, maturity date | Oct. 31, 2020 | Oct. 31, 2020 | |||
Notes Payable | $ 370 | € 313 | |||
PM Group [Member] | First note [Member] | 1-month Euribor [Member] | Notes Payable to Banks [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | |||
PM Group [Member] | Second note [Member] | Notes Payable to Banks [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | 2.50% | |||
Debt Instrument, Frequency of periodic payment | monthly | monthly | |||
Final balloon payment | $ 467 | € 395 | |||
Debt Instrument, Periodic Payment | $ 7 | € 6 | |||
Payment commencing date | Oct. 1, 2017 | Oct. 1, 2017 | |||
Debt instrument, increase in periodic payment | $ 11 | € 9 | |||
Debt instrument, increase in periodic payment date | Jan. 1, 2018 | Jan. 1, 2018 | |||
Debenture, maturity date | Mar. 7, 2018 | Mar. 7, 2018 | |||
Notes Payable | $ 520 | 440 | |||
PM Group [Member] | Second note [Member] | 1-month Euribor [Member] | Notes Payable to Banks [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||
PM Group [Member] | Bank Term Loan Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Bank loans, net of debt issuance costs | $ 12,808 | 10,842 | |||
Debt issuance cost | 423 | 358 | |||
Debt Instrument, fair value | 786 | 665 | $ 1,725 | € 1,460 | |
PM Group [Member] | Bank Term Loan Facility [Member] | First note [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Bank loans, net of debt issuance costs | 4,247 | 3,595 | |||
Unamortized debt issuance costs | $ 423 | € 358 | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.09% | 2.09% | |||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||
Debt instrument, semi installment payable start date | 2017-06 | 2017-06 | |||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||
PM Group [Member] | Bank Term Loan Facility [Member] | First note [Member] | 6-month Euribor [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.36% | 2.36% | |||
PM Group [Member] | Bank Term Loan Facility [Member] | Second note [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Bank loans, net of debt issuance costs | $ 5,191 | € 4,394 | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.59% | 2.59% | |||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||
Debt instrument, semi installment payable start date | 2017-06 | 2017-06 | |||
Debt instrument, semi installment payable end date | 2021-12 | 2021-12 | |||
PM Group [Member] | Bank Term Loan Facility [Member] | Second note [Member] | 6-month Euribor [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.86% | 2.86% | |||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Promissory Note | |||||
Line of Credit Facility [Line Items] | |||||
Bank loans, net of debt issuance costs | $ 3,370 | € 2,853 | |||
Debt Instrument, Frequency of periodic payment | Semi-annual | Semi-annual | |||
Debt instrument, semi installment payable start date | 2016-06 | 2016-06 | |||
Debt instrument, semi installment payable end date | 2017-12 | 2017-12 | |||
Final balloon payment | € | € 2,500 | ||||
Debt instrument, final balloon payment date | 2022-03 | 2022-03 |
Credit Facilities and Debt - 72
Credit Facilities and Debt - Additional Information - PM Debt Restructuring (Detail) - Subsequent Event [Member] € in Millions | Mar. 06, 2018EUR (€) |
Line of Credit Facility [Line Items] | |
Conversion of Accounts Receivable to Loan | € 3.1 |
Subordinated shareholder loan | 1.8 |
Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Subordinated shareholder loan | 2.4 |
PM Group [Member] | |
Line of Credit Facility [Line Items] | |
Conversion of Accounts Receivable to Loan | 3.1 |
Subordinated shareholder loan | € 1.8 |
Debt repayment term | 9 years |
Debt repayment beginning year | 2,018 |
Debt repayment ending year | 2,026 |
PM Group [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Subordinated shareholder loan | € 2.4 |
Credit Facilities and Debt - 73
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Sep. 30, 2017 - Short-term Working Capital Borrowings [Member] - Valla [Member] € in Thousands, $ in Thousands | USD ($)Bank | EUR (€)Bank |
Credit Facilities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,586 | € 1,343 |
Line of credit facility, amount borrowed | $ 820 | € 694 |
Italy [Member] | ||
Credit Facilities [Line Items] | ||
Number of Italian banks | 3 | 3 |
Minimum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 4.50% | 4.50% |
Maximum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 4.75% | 4.75% |
Credit Facilities and Debt - 74
Credit Facilities and Debt - Additional Information - Valla Term Loans (Detail) - 9 months ended Sep. 30, 2017 - Valla [Member] - Bank Term Loan Facility [Member] € in Thousands, $ in Thousands | USD ($) | EUR (€) | EUR (€) |
Line of Credit Facility [Line Items] | |||
Debt Instrument, Frequency of periodic payment | quarterly | quarterly | |
Payment commencing date | Oct. 30, 2017 | Oct. 30, 2017 | |
Debt instrument, periodic payment | $ 9 | € 8 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.37% | 4.37% | |
Debenture, maturity date | Jan. 31, 2021 | Jan. 31, 2021 | |
Bank Loans | $ 130 | € 110 | |
3-month Euribor [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread for base rate | 4.70% | 4.70% |
Credit Facilities and Debt - 75
Credit Facilities and Debt - Additional Information - Georgetown Facility (Detail) - Georgetown Facility [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Capital Leased Assets [Line Items] | |
Outstanding capital lease obligation | $ 5,225 |
Capital Lease Obligations [Member] | |
Capital Leased Assets [Line Items] | |
Monthly rent | $ 66 |
Lease extended date | Apr. 30, 2028 |
Amount of annual increase as a percentage | 3.00% |
Date of annual rent Increase | --09-01 |
Credit Facilities and Debt - 76
Credit Facilities and Debt - Additional Information - Equipment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)CapitalLease | |
Credit Facilities [Line Items] | |
Number of additional capital leases | CapitalLease | 2 |
Additional capital lease obligations | $ 17 |
Capital Lease Equipment [Member] | |
Credit Facilities [Line Items] | |
Maximum borrowing capacity of new equipment | 100.00% |
Lease repayment period of new equipment | 60 months |
Capital leases purchase price of leased asset at option of lessee | $ 1 |
Credit Facilities and Debt - 77
Credit Facilities and Debt - Summary of Inventory Held For Sale Financed Capital Leases-Equipment (Detail) - New Equipment [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Capital Leased Assets [Line Items] | |
Amount Borrowed | $ 896 |
Remaining Repayment Period | 42 months |
Amount of Monthly Payment | $ 18 |
Equipment lease balance | $ 709 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 19, 2014 | Sep. 30, 2017 | Jan. 07, 2015 |
Terex Corporation Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate | 5.00% | ||
Common stock conversion price | $ 13.65 | ||
Convertible number of common stock | 549,451 | ||
Debenture, maturity date | Dec. 19, 2020 | ||
Percentage of debt conversion price | 130.00% | ||
Debt instrument, days before a call is permitted | 20 days | ||
Debt instrument, consecutive trading days | 30 days | ||
Net carrying amount of convertible debt | $ 6,968 | ||
Convertible note unamortized discount | 532 | ||
Terex Corporation Note Payable [Member] | Convertible Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 7,500 | ||
Perella Notes Purchase Agreement [Member] | Convertible Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 15,000 | ||
Debt Instrument Interest Rate | 6.50% | ||
Common stock conversion price | $ 15 | ||
Net carrying amount of convertible debt | 14,257 | ||
Convertible note unamortized discount | $ 318 | ||
Principal amount of convertible notes due date | January 7, 2021 | ||
Debt issuance cost | $ 318 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes Disclosure [Line Items] | ||||
Income tax (benefit) expense from continuing operations | $ 281 | $ (691) | $ 416 | $ (958) |
Discrete income tax provision | $ 15 | |||
Annual effective tax rate | 33.40% | (7.00%) | 8.30% | (5.30%) |
Annual statutory tax rates | 35.00% | |||
Total unrecognized tax benefits | $ 741 | $ 715 | $ 741 | $ 715 |
Italian Income Tax [Member] | Minimum [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Income tax years under examination | 2,009 | |||
Italian Income Tax [Member] | Maximum [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Income tax years under examination | 2,013 | |||
Domestic Tax Authority [Member] | Internal Revenue Service [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Income tax years under examination | 2,015 |
Net Earnings (Loss) per Commo80
Net Earnings (Loss) per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) attributable to shareholders of Manitex International, Inc. | ||||
Net income (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ (1,522) | $ (9,335) | $ (6,437) | $ (17,227) |
(Loss) income from operations of discontinued operations, net of income taxes | (15) | (999) | 532 | 3,228 |
Net (income) attributable to noncontrolling interest from discontinued operations | (294) | (274) | (566) | |
(Loss) income from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | (1,537) | (1,293) | (6,179) | 2,662 |
Income (Loss) on sale of discontinued operations, net of income taxes | 30 | (12,754) | (1,077) | (9,232) |
Net loss attributable to shareholders of Manitex International, Inc. | $ (1,507) | $ (23,382) | $ (7,256) | $ (23,797) |
Earnings (loss) per share Basic | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (0.58) | $ (0.39) | $ (1.07) |
(Loss) earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | (0.09) | (0.08) | (0.37) | 0.17 |
Loss on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | (0.79) | (0.07) | (0.57) | |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | (0.09) | (1.45) | (0.44) | (1.48) |
Earnings (loss) per share Diluted | ||||
Earnings (loss) from continuing operations attributable to shareholders of Manitex International, Inc. | (0.09) | (0.58) | (0.39) | (1.07) |
(Loss) earnings from operations of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | (0.09) | (0.08) | (0.37) | 0.17 |
Loss on sale of discontinued operations attributable to shareholders of Manitex International, Inc., net of income taxes | (0.79) | (0.07) | (0.57) | |
Net earnings (loss) attributable to shareholders of Manitex International, Inc. | $ (0.09) | $ (1.45) | $ (0.44) | $ (1.48) |
Weighted average common shares outstanding | ||||
Basic | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
Diluted | ||||
Basic | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
Diluted | 16,573,927 | 16,127,346 | 16,532,683 | 16,119,578 |
Net Earnings (Loss) per Commo81
Net Earnings (Loss) per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount | 186,778 | 267,577 | 215,842 | 267,891 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 86,523 |
Value of Shares Issued | $ | $ 692 |
Directors [Member] | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 4,290 |
Value of Shares Issued | $ | $ 54 |
Directors [Member] | January 4, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 7,675 |
Value of Shares Issued | $ | $ 47 |
Directors [Member] | September 15, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 6,600 |
Value of Shares Issued | $ | $ 35 |
Employees [Member] | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 20,932 |
Value of Shares Issued | $ | $ 266 |
Employees [Member] | January 4, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 42,533 |
Value of Shares Issued | $ | $ 258 |
Employees [Member] | June 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 4,493 |
Value of Shares Issued | $ | $ 32 |
Equity - Additional Information
Equity - Additional Information - Stock Issuance - Stock Issued to Employees and Directors (Detail) - Restricted Stock Units [Member] - Employees [Member] $ in Thousands | Jun. 01, 2017USD ($)shares |
Class Of Warrant Or Right [Line Items] | |
Aggregate granted shares | shares | 4,493 |
Aggregate issuance value | $ | $ 32 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 18,062 |
January 1, 2017 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 6,312 |
Closing Price on Date of Purchase | $ / shares | $ 6.86 |
January 4, 2017 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 11,750 |
Closing Price on Date of Purchase | $ / shares | $ 7.27 |
Equity - Additional Informati85
Equity - Additional Information - Stock Repurchase (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Common Stock [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Decrease in equity due to repurchase | $ (129) |
Equity - Additional Informati86
Equity - Additional Information - 2004 Equity Incentive Plan (Detail) | 9 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares of common stock reserved for issuance | 1,329,364 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 15,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 |
Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 10,000 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 9 Months Ended |
Sep. 30, 2017shares | |
Equity [Abstract] | |
Outstanding on January 1, 2017 | 342,004 |
Units granted during the period | 4,493 |
Vested and issued | (86,523) |
Forfeited | (73,196) |
Outstanding on September 30, 2017 | 186,778 |
Equity - Additional Informati88
Equity - Additional Information - Restricted Stock Awards (Detail) - Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to restricted stock units | $ 160 | $ 334 | $ 517 | $ 900 |
Compensation expense related to restricted stock units for remainder of 2017 | 162 | 162 | ||
Compensation expense related to restricted stock units for year 2018 | 405 | 405 | ||
Compensation expense related to restricted stock units for year 2019 | $ 155 | $ 155 |
Equity - Additional Informati89
Equity - Additional Information - At the Market Program (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 23, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Subsidiary Sale Of Stock [Line Items] | |||
Common Stock, par value | |||
Cantor Fitzgerald & Co [Member] | At the Market Program [Member] | |||
Subsidiary Sale Of Stock [Line Items] | |||
Common Stock, par value | $ 0 | ||
Percentage of commission on stock issuance | 7.00% | ||
Cantor Fitzgerald & Co [Member] | At the Market Program [Member] | Maximum [Member] | |||
Subsidiary Sale Of Stock [Line Items] | |||
Aggregate offering price | $ 20,000 |
Equity - Summary of Stock Issue
Equity - Summary of Stock Issued Under At the Market Program (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Subsidiary Sale Of Stock [Line Items] | |
Proceeds from stock offering | $ 2,426 |
At the Market Program [Member] | |
Subsidiary Sale Of Stock [Line Items] | |
Shares Issued | shares | 294,524 |
Value of Shares Issued | $ 2,609 |
Commissions | 183 |
Proceeds from stock offering | $ 2,426 |
January 25, 2017 [Member] | At the Market Program [Member] | |
Subsidiary Sale Of Stock [Line Items] | |
Date of Issue | Jan. 25, 2017 |
Shares Issued | shares | 247,604 |
Shares Price | $ / shares | $ 8.8750 |
Value of Shares Issued | $ 2,197 |
Commissions | 154 |
Proceeds from stock offering | $ 2,043 |
January 27, 2017 [Member] | At the Market Program [Member] | |
Subsidiary Sale Of Stock [Line Items] | |
Date of Issue | Jan. 27, 2017 |
Shares Issued | shares | 27,120 |
Shares Price | $ / shares | $ 8.8376 |
Value of Shares Issued | $ 240 |
Commissions | 17 |
Proceeds from stock offering | $ 223 |
January 30, 2017 [Member] | At the Market Program [Member] | |
Subsidiary Sale Of Stock [Line Items] | |
Date of Issue | Jan. 30, 2017 |
Shares Issued | shares | 1,100 |
Shares Price | $ / shares | $ 8.6464 |
Value of Shares Issued | $ 10 |
Commissions | 1 |
Proceeds from stock offering | $ 9 |
January 31, 2017 [Member] | At the Market Program [Member] | |
Subsidiary Sale Of Stock [Line Items] | |
Date of Issue | Jan. 31, 2017 |
Shares Issued | shares | 18,700 |
Shares Price | $ / shares | $ 8.6451 |
Value of Shares Issued | $ 162 |
Commissions | 11 |
Proceeds from stock offering | $ 151 |
Equity - Additional Informati91
Equity - Additional Information - Winona Plant Purchase (Detail) - Avis Industrial Corporation [Member] - Winona Manufacturing Facility [Member] - USD ($) $ in Thousands | Jul. 25, 2017 | Jul. 25, 2017 | Sep. 30, 2017 |
Purchase Of Equipment Plant Or Facility [Line Items] | |||
Common stock, shares issued | 21,783 | ||
Common stock, shares issued, value | $ 154 | $ 154 |
Legal Proceedings and Other C92
Legal Proceedings and Other Contingencies - Additional Information (Detail) € in Thousands | Feb. 03, 2016USD ($)Plaintiff | Feb. 03, 2016EUR (€)Plaintiff | May 05, 2011AgreementPlaintiff | Sep. 30, 2017USD ($)Installment | Sep. 30, 2017EUR (€)Installment |
Loss Contingencies [Line Items] | |||||
Workmen's compensation insurance policy per claim deductible | $ 250,000 | ||||
Estimated Reserve for Product Liability Claims, change in period | 12 months | ||||
Maximum exposure of residual guarantees | $ 1,600,000 | ||||
Guarantee Obligations Current Carrying Value | 0 | ||||
May 2011 Settlement Agreements [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of settlement agreements | Agreement | 2 | ||||
Number of plaintiff | Plaintiff | 2 | ||||
Remaining obligation to pay product liability settlement to plaintiffs | $ 1,330,000 | ||||
Number of installments for the payment of product liability settlement | Installment | 14 | 14 | |||
Annual installment amount | $ 95,000 | ||||
Settlement agreements date | May 5, 2011 | ||||
Settlement payment terms | The Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $1,330 without interest in 14 annual installments of $95 on or before May 22 of each year. | ||||
February 2016 Settlement Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiff | Plaintiff | 1 | 1 | |||
Remaining obligation to pay product liability settlement to plaintiffs | $ 24,000 | € 20 | |||
Settlement agreements date | February 3, 2016 | ||||
Settlement payment terms | The Company has a remaining obligation under the agreement to pay the plaintiff €80 ($91) without interest in monthly installments of €20 ($23). | ||||
Settlement amount | $ 756,000 | € 640 | |||
Gain (loss) on settlement | $ 0 | ||||
Monthly installment amount | 24,000 | € 20 | |||
Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Product liability insurance self insurance retention amount | 50,000 | ||||
Workmen's compensation insurance policy aggregate | 1,000,000 | ||||
Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Product liability insurance self insurance retention amount | 500,000 | ||||
Workmen's compensation insurance policy aggregate | $ 1,875,000 |
Transactions between the Comp93
Transactions between the Company and Related Parties - Additional Information (Detail) € in Thousands, $ in Thousands | Mar. 04, 2016USD ($) | Mar. 04, 2016EUR (€) | Dec. 16, 2014USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 19, 2014USD ($) |
Terex Corporation Note Payable [Member] | Convertible Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument, face amount | $ 7,500 | |||||
ASV after transaction [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity method investment ownership percentage | 21.22% | |||||
Equity Method Investee [Member] | Lift Ventures LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity method investment ownership percentage | 25.00% | |||||
Sale of inventories and intellectual property | $ 5,951 | |||||
Terex Corporation Note Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Note payable | $ 1,594 | |||||
Terex Corporation Note Payable [Member] | Convertible Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Note payable | $ 6,968 | $ 6,862 | ||||
Terex Operations Italy S.R.L (''TOI'') [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sale of inventories and intellectual property | $ 3,119 | € 2,839 | ||||
Terex Operations Italy S.R.L (''TOI'') [Member] | Gain (Loss) on Sale of Discontinued Operations [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Gain on inventories and intellectual property | $ 2,212 | € 1,987 |
Transactions between the Comp94
Transactions between the Company and Related Parties - Schedule of Accounts Receivable and Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Accounts Receivable | $ 64 | $ 69 |
Accounts Payable | 1,634 | 2,167 |
SL Industries, Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 28 | 47 |
Accounts Payable | 233 | 471 |
Lift Ventures LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 22 | |
Accounts Payable | 749 | |
ASV after transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Receivable | 36 | |
BGI USA, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable | 1,293 | 7 |
Terex Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable | $ 108 | $ 940 |
Transactions between the Comp95
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Related Party Transaction [Line Items] | |||||
Total Sales | $ 8 | $ 12 | $ 8 | $ 27 | |
Total Purchases | 1,163 | 2,426 | 3,175 | 3,423 | |
Bridgeview Facility [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rent paid | [1] | 67 | 65 | 197 | 194 |
SL Industries, Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | 8 | 11 | 8 | 13 | |
Total Purchases | 169 | 188 | 307 | 195 | |
Lift Ventures LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | 1 | 14 | |||
Total Purchases | 613 | 618 | 1,374 | ||
BGI USA, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Purchases | 836 | 1,690 | |||
LiftMaster [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Purchases | 1 | ||||
Terex Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Purchases | $ 158 | $ 1,625 | $ 560 | $ 1,853 | |
[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 $22. 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. |
Transactions between the Comp96
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)ft² | |
Related Party Transaction [Line Items] | |
Lease of Bridgeview Facility | ft² | 40,000 |
Monthly lease payments | $ | $ 22 |
Maximum rental escalation | 2.00% |
Extended lease expiration date | Jun. 30, 2020 |
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%. |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2018 | May 17, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares | 16,585,062 | 16,585,062 | 16,200,294 | ||||
Discontinued operation, pre-tax loss on disposal of discontinued operation | $ (9,502) | $ (1,133) | $ (7,290) | ||||
Subsequent Event [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares sold | 1,000,000 | ||||||
Sale of stock price per share | $ 7 | ||||||
Equity method investment, number of common stock outstanding owned by the Company | 1,080,000 | ||||||
ASV after transaction [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Proceeds from the sale of discontinued operations before expenses | $ 13,020 | ||||||
Discontinued operation, transaction expense | 128 | ||||||
Discontinued operation, pre-tax loss on disposal of discontinued operation | (1,133) | ||||||
Income tax benefit on loss on sale of discontinued operations | $ 23 | ||||||
Percentage of ownership interest after disposal | 21.20% | 21.20% | |||||
Equity method investment, number of common stock outstanding owned by the Company | 2,080,000 | 2,080,000 | |||||
ASV after transaction [Member] | Subsequent Event [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Percentage of ownership interest after disposal | 11.00% | ||||||
Equity method investment, number of common stock outstanding owned by the Company | 1,080,000 | ||||||
ASV after transaction [Member] | Minimum [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Stock issued during period shares to cease equity investment | 117,600 | ||||||
ASV after transaction [Member] | Manitex International, Inc. [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares sold | 2,000,000 | ||||||
Initial Public Offering [Member] | ASV as a legal entity [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares | 3,800,000 | ||||||
Initial Public Offering [Member] | ASV after transaction [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares | 1,800,000 | ||||||
Initial Public Offering [Member] | ASV after transaction [Member] | Manitex International, Inc. [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares | 2,000,000 | ||||||
Private Negotiated Transaction with Institutional Purchasers [Member] | ASV after transaction [Member] | Subsequent Event [Member] | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Number of shares sold | 1,000,000 | ||||||
Sale of stock price per share | $ 7 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheets (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Current assets | |
Cash | $ 573 |
Cash - restricted | 535 |
Trade receivables (net) | 13,603 |
Accounts receivable from related party | 501 |
Inventory (net) | 30,922 |
Prepaid expense and other | 511 |
Total current assets of discontinued operations | 46,645 |
Long-term assets | |
Total fixed assets (net) | 15,402 |
Intangible assets (net) | 25,824 |
Goodwill | 30,579 |
Other long-term assets | 372 |
Total long-term assets of discontinued operations | 72,177 |
Total assets of discontinued operations | 118,822 |
Current liabilities | |
Notes payable—short term | 3,000 |
Accounts payable | 11,976 |
Accounts payable related parties | 2,275 |
Accrued expenses | 6,380 |
Total current liabilities of discontinued operations | 23,631 |
Long-term liabilities | |
Revolving term credit facilities | 15,605 |
Notes payable (net) | 26,267 |
Other long-term liabilities | 773 |
Total long-term liabilities of discontinued operations | 42,645 |
Total liabilities of discontinued operations | $ 66,276 |
Discontinued Operations - Sum99
Discontinued Operations - Summary of (Loss) Income from Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | ||||
Net revenues | $ 37,825 | $ 38,357 | $ 130,860 | |
Cost of sales | 32,428 | 32,403 | 109,713 | |
Research and development costs | 604 | 694 | 1,979 | |
Selling, general and administrative expenses | 3,333 | 3,504 | 12,041 | |
Interest expense | (1,148) | (1,156) | (4,614) | |
Other (expense) income | (418) | (40) | 32 | |
(Loss) income from discontinued operations before income taxes | (106) | 560 | 2,545 | |
Loss on sale of discontinued operations before income taxes | (9,502) | (1,133) | (7,290) | |
Income tax (benefit) expense related to discontinued operations | $ (15) | 4,145 | (28) | 1,259 |
Loss from discontinued operations | $ 15 | $ (13,753) | $ (545) | $ (6,004) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands, € in Millions | Mar. 06, 2018EUR (€) | Dec. 31, 2017USD ($) | Jul. 20, 2016 | Sep. 30, 2017USD ($)shares | Dec. 31, 2018 | Feb. 28, 2018$ / sharesshares | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||||||
Annual statutory tax rates | 35.00% | ||||||
Total unrecognized tax benefits which if recognized would affect the effective tax rate | $ | $ 741 | $ 741 | |||||
CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility termination date | Jul. 20, 2019 | ||||||
First Amendment [Member] | CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loan agreement, amendment date | Aug. 2, 2016 | ||||||
Second Amendment [Member] | CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loan agreement, amendment date | Sep. 30, 2016 | ||||||
Third Amendment [Member] | CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loan agreement, amendment date | Nov. 8, 2016 | ||||||
Fourth Amendment [Member] | CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loan agreement, amendment date | Feb. 10, 2017 | ||||||
Fifth Amendment [Member] | CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loan agreement, amendment date | Apr. 26, 2017 | ||||||
Sixth Amendment [Member] | CIBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loan agreement, amendment date | Mar. 9, 2018 | ||||||
ASV after transaction [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Equity method investment, number of common stock outstanding owned by the Company | shares | 2,080,000 | ||||||
Equity method investment ownership percentage | 21.22% | ||||||
Minimum [Member] | Italian Income Tax [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Income tax years under examination | 2,009 | ||||||
Maximum [Member] | Italian Income Tax [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Income tax years under examination | 2,013 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Settlement with taxing authorities expected to reduce unrecognized tax benefits | $ | $ 456 | ||||||
Number of shares sold | shares | 1,000,000 | ||||||
Sale of stock price per share | $ / shares | $ 7 | ||||||
Equity method investment, number of common stock outstanding owned by the Company | shares | 1,080,000 | ||||||
Equity method investment ownership percentage | 11.00% | ||||||
Conversion of Accounts Receivable to Loan | € 3.1 | ||||||
Subordinated shareholder loan | 1.8 | ||||||
Subsequent Event [Member] | PM Group [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Conversion of Accounts Receivable to Loan | 3.1 | ||||||
Subordinated shareholder loan | € 1.8 | ||||||
Debt repayment term | 9 years | ||||||
Debt repayment beginning year | 2,018 | ||||||
Debt repayment ending year | 2,026 | ||||||
Debt instrument, face amount | $ | $ 1,500,000 | ||||||
Subsequent Event [Member] | ASV after transaction [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Equity method investment, number of common stock outstanding owned by the Company | shares | 1,080,000 | ||||||
Equity method investment ownership percentage | 11.00% | ||||||
Subsequent Event [Member] | ASV after transaction [Member] | Private Negotiated Transaction with Institutional Purchasers [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares sold | shares | 1,000,000 | ||||||
Sale of stock price per share | $ / shares | $ 7 | ||||||
Subsequent Event [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Subordinated shareholder loan | € 2.4 | ||||||
Subsequent Event [Member] | Maximum [Member] | PM Group [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Subordinated shareholder loan | € 2.4 | ||||||
Scenario Forecast [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Annual statutory tax rates | 21.00% |