Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 11, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'INNERWORKINGS INC | ' | ' |
Entity Central Index Key | '0001350381 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Trading Symbol | 'INWK | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 51,363,906 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $444,451,512 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue | $890,959,963 | $789,585,041 | $632,313,722 |
Cost of goods sold | 688,933,899 | 612,026,494 | 484,931,838 |
Gross profit | 202,026,064 | 177,558,547 | 147,381,884 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative expenses | 183,443,438 | 146,123,614 | 115,818,065 |
Depreciation and amortization | 13,663,859 | 10,790,452 | 10,171,758 |
Change in fair value of contingent consideration | -31,330,567 | -27,688,774 | -1,701,529 |
Preference claim settlement charge | 0 | 1,099,386 | 950,000 |
VAT settlement charge | 0 | 1,485,088 | 0 |
Goodwill impairment charge | 37,908,000 | 0 | 0 |
Restructuring and other charges | 4,321,862 | 0 | 0 |
Income (loss) from operations | -5,980,528 | 45,748,781 | 22,143,590 |
Other income (expense): | ' | ' | ' |
Gain on sale of investment | 0 | 1,196,196 | 3,948,082 |
Interest income | 75,931 | 66,489 | 182,050 |
Interest expense | -2,954,339 | -2,438,234 | -2,251,010 |
Other, net | -357,341 | 94,411 | 0 |
Total other income (expense) | -3,235,749 | -1,081,138 | 1,879,122 |
Income (loss) before taxes | -9,216,277 | 44,667,643 | 24,022,712 |
Income tax expense (benefit) | -555,928 | 5,873,621 | 7,406,686 |
Net income (loss) | ($8,660,349) | $38,794,022 | $16,616,026 |
Basic earnings (loss) per share (in dollars per share) | ($0.17) | $0.79 | $0.36 |
Diluted earnings (loss) per share (in dollars per share) | ($0.17) | $0.76 | $0.34 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income (loss) | ($8,660,349) | $38,794,022 | $16,616,026 |
Other comprehensive income (loss), before tax | ' | ' | ' |
Foreign currency translation adjustments | 2,505,417 | 676,272 | -540,032 |
Unrealized gains on marketable securities | ' | ' | ' |
Unrealized holding gains arising during the period | 317 | 85,958 | 807,557 |
Less: Reclassification adjustments for gains included in net income | -2,518 | -1,196,196 | -3,909,678 |
Unrealized losses on marketable securities, net | -2,201 | -1,110,238 | -3,102,121 |
Other comprehensive income (loss), before tax | 2,503,216 | -433,966 | -3,642,153 |
Income tax benefit related to components of other comprehensive loss | 863 | 438,556 | 976,103 |
Other comprehensive income (loss), net of tax | 2,504,079 | 4,590 | -2,666,050 |
Comprehensive income (loss) | ($6,156,270) | $38,798,612 | $13,949,976 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $18,606,030 | $17,218,899 |
Accounts receivable, net of allowance for doubtful accounts of $1,553,926 and $2,128,790, respectively | 173,569,905 | 142,104,621 |
Unbilled revenue | 25,746,546 | 30,798,230 |
Inventories | 26,473,732 | 18,362,282 |
Prepaid expenses | 11,746,965 | 16,028,013 |
Deferred income taxes | 1,119,333 | 1,513,414 |
Other current assets | 22,408,692 | 21,247,531 |
Total current assets | 279,671,203 | 247,272,990 |
Property and equipment, net | 23,724,750 | 17,078,384 |
Intangibles and other assets: | ' | ' |
Goodwill | 251,228,698 | 212,796,422 |
Intangible assets, net of accumulated amortization of $18,195,508 and $25,270,793, respectively | 56,575,534 | 36,396,865 |
Deferred income taxes | 2,319,515 | 413,244 |
Other assets | 1,147,078 | 822,275 |
Total Other Assets | 311,270,825 | 250,428,806 |
Total assets | 614,666,778 | 514,780,180 |
Current liabilities: | ' | ' |
Accounts payable-trade | 166,154,959 | 122,367,817 |
Current portion of contingent consideration | 16,718,516 | 7,795,489 |
Due to seller | 0 | 3,000,000 |
Other liabilities | 15,818,791 | 6,793,796 |
Accrued expenses | 20,206,268 | 14,890,150 |
Total current liabilities | 218,898,534 | 154,847,252 |
Revolving credit facility | 69,000,000 | 65,000,000 |
Deferred income taxes | 9,061,535 | 3,961,281 |
Contingent consideration, net of current portion | 70,613,945 | 46,702,335 |
Other long-term liabilities | 1,651,190 | 1,317,255 |
Total liabilities | 369,225,204 | 271,828,123 |
Stockholders' equity: | ' | ' |
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 61,395,494 shares issued, 50,200,098 and 51,282,185 shares outstanding, respectively | 6,140 | 6,074 |
Additional paid-in capital | 202,042,296 | 198,117,936 |
Treasury stock at cost, 10,535,463 and 10,113,309 shares, respectively | -62,312,101 | -67,071,323 |
Accumulated other comprehensive income | 2,777,000 | 272,921 |
Retained earnings | 102,928,239 | 111,626,449 |
Total stockholders' equity | 245,441,574 | 242,952,057 |
Total liabilities and stockholders' equity | $614,666,778 | $514,780,180 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts receivable, allowance for doubtful accounts (in dollars) | $2,128,790 | $1,553,926 |
Intangible assets, accumulated amortization (in dollars) | $25,270,793 | $18,195,508 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 61,395,494 | 60,735,561 |
Common stock, shares outstanding | 51,282,185 | 50,200,098 |
Treasury stock at cost, shares | 10,113,309 | 10,535,463 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2010 | $160,184,126 | $5,727 | ($74,307,200) | $174,532,285 | $2,934,381 | $57,018,933 |
Balance (in shares) at Dec. 31, 2010 | ' | 57,269,604 | 11,177,313 | ' | ' | ' |
Net income (loss) | 16,616,026 | ' | ' | ' | ' | 16,616,026 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -540,032 | ' | ' | ' | -540,032 | ' |
Change in unrealized gain on marketable securities, net of tax | -2,126,018 | ' | ' | ' | -2,126,018 | ' |
Total other comprehensive income | -2,666,050 | ' | ' | ' | -2,666,050 | ' |
Total comprehensive income (loss) | 13,949,976 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock awards | 354,584 | 63 | ' | 354,521 | ' | ' |
Issuance of common stock upon exercise of stock awards (in shares) | ' | 633,814 | ' | ' | ' | ' |
Issuance of treasury shares as consideration for acquisition | 2,235,395 | ' | 3,065,253 | -200,028 | ' | -629,830 |
Issuance of treasury shares as consideration for acquisition (in shares) | ' | ' | -271,906 | ' | ' | ' |
Excess tax benefit derived from stock award exercises | 1,024,538 | ' | ' | 1,024,538 | ' | ' |
Stock based compensation expense | 3,976,187 | ' | ' | 3,976,187 | ' | ' |
Balance at Dec. 31, 2011 | 181,724,806 | 5,790 | -71,241,947 | 179,687,503 | 268,331 | 73,005,129 |
Balance (in shares) at Dec. 31, 2011 | ' | 57,903,418 | 10,905,407 | ' | ' | ' |
Net income (loss) | 38,794,022 | ' | ' | ' | ' | 38,794,022 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 676,272 | ' | ' | ' | 676,272 | ' |
Change in unrealized gain on marketable securities, net of tax | -671,682 | ' | ' | ' | -671,682 | ' |
Total other comprehensive income | 4,590 | ' | ' | ' | 4,590 | ' |
Total comprehensive income (loss) | 38,798,612 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock awards | 5,445,340 | 284 | ' | 5,445,056 | ' | ' |
Issuance of common stock upon exercise of stock awards (in shares) | ' | 2,832,143 | ' | ' | ' | ' |
Issuance of treasury shares as consideration for acquisition | 4,143,690 | ' | 4,170,624 | 145,768 | ' | -172,702 |
Issuance of treasury shares as consideration for acquisition (in shares) | ' | ' | -369,944 | ' | ' | ' |
Excess tax benefit derived from stock award exercises | 6,646,739 | ' | ' | 6,646,739 | ' | ' |
Stock based compensation expense | 6,192,870 | ' | ' | 6,192,870 | ' | ' |
Balance at Dec. 31, 2012 | 242,952,057 | 6,074 | -67,071,323 | 198,117,936 | 272,921 | 111,626,449 |
Balance (in shares) at Dec. 31, 2012 | ' | 60,735,561 | 10,535,463 | ' | ' | ' |
Net income (loss) | -8,660,349 | ' | ' | ' | ' | -8,660,349 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 2,505,417 | ' | ' | ' | 2,505,417 | ' |
Change in unrealized gain on marketable securities, net of tax | -1,338 | ' | ' | ' | -1,338 | ' |
Total other comprehensive income | 2,504,079 | ' | ' | ' | 2,504,079 | ' |
Total comprehensive income (loss) | -6,156,270 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock awards | 1,594,365 | 66 | ' | 1,594,299 | ' | ' |
Issuance of common stock upon exercise of stock awards (in shares) | ' | 659,933 | ' | ' | ' | ' |
Issuance of treasury shares as consideration for acquisition | 5,211,883 | ' | 4,759,222 | 490,522 | ' | -37,861 |
Issuance of treasury shares as consideration for acquisition (in shares) | ' | ' | -422,154 | ' | ' | ' |
Excess tax benefit derived from stock award exercises | -2,893,492 | ' | ' | -2,893,492 | ' | ' |
Stock based compensation expense | 4,733,031 | ' | ' | 4,733,031 | ' | ' |
Balance at Dec. 31, 2013 | $245,441,574 | $6,140 | ($62,312,101) | $202,042,296 | $2,777,000 | $102,928,239 |
Balance (in shares) at Dec. 31, 2013 | ' | 61,395,494 | 10,113,309 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | ($8,660,349) | $38,794,022 | $16,616,026 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,663,859 | 10,790,452 | 10,171,758 |
Stock-based compensation expense | 4,733,031 | 6,192,870 | 3,976,187 |
Deferred income taxes | -652,395 | -995,218 | 749,876 |
Gain on sale of investment | 0 | -1,196,196 | -3,948,082 |
Bad debt provision | 1,285,326 | 1,681,942 | 2,414,710 |
Excess tax benefit from exercise of stock awards | 2,618,779 | -6,666,884 | -1,144,344 |
Change in fair value of contingent consideration liability | -31,330,567 | -27,688,774 | -1,701,529 |
Goodwill impairment charge | 37,908,000 | 0 | 0 |
Reduction of prepaid commissions | 3,939,974 | 0 | 0 |
Other operating activities | 238,778 | 533,842 | 255,949 |
Change in assets, net of acquisitions: | ' | ' | ' |
Accounts receivable and unbilled revenue | -4,843,040 | -14,846,005 | -25,406,527 |
Inventories | -1,383,994 | -3,089,909 | -2,854,634 |
Prepaid expenses and other | 2,331,672 | -13,077,541 | -2,635,853 |
Change in liabilities, net of acquisitons: | ' | ' | ' |
Accounts payable | 29,642,545 | 14,818,713 | 27,451,575 |
Accrued expenses and other | -12,120,684 | 4,160,421 | 3,885,424 |
Net cash provided by operating activities | 37,370,935 | 9,411,735 | 27,830,536 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property and equipment | -12,226,083 | -11,823,646 | -8,182,832 |
Payments for acquisitions, net of cash acquired | -19,300,864 | -1,127,954 | -14,782,797 |
Payments to seller for acquisitions closed prior to 2009 | 0 | -3,000,000 | -12,247,533 |
Proceeds from sale of marketable securities | 0 | 1,213,501 | 3,952,172 |
Other investing activities | 0 | 31,566 | 0 |
Net cash used in investing activities | -31,526,947 | -14,706,533 | -31,260,990 |
Cash flows from financing activities | ' | ' | ' |
Net borrowings from revolving credit facility and short-term debt | 4,000,000 | 5,000,000 | 12,600,000 |
Payments of contingent consideration | -7,297,803 | -7,178,407 | -2,314,362 |
Proceeds from exercise of stock options | 2,005,114 | 5,458,981 | 354,584 |
Excess tax benefit from exercise of stock awards | -2,618,779 | 6,666,884 | 1,144,345 |
Payment of debt issuance costs | -325,240 | -356,700 | 0 |
Other financing activities | -410,750 | -7,270 | -31,217 |
Net cash provided by (used in) financing activites | -4,647,458 | 9,583,488 | 11,753,350 |
Effect of exchange rate changes on cash and cash equivalents | 190,601 | -289,176 | -362,783 |
Increase in cash and cash equivalents | 1,387,131 | 3,999,514 | 7,960,113 |
Cash and cash equivalents, beginning of period | 17,218,899 | 13,219,385 | 5,259,272 |
Cash and cash equivalents, end of period | 18,606,030 | 17,218,899 | 13,219,385 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | 2,414,527 | 2,229,525 | 1,995,060 |
Cash paid for income taxes | $811,108 | $4,208,970 | $4,068,966 |
Description_of_the_Business
Description of the Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
1 | Description of the Business | |
InnerWorkings, Inc. (the Company) is a leading provider of global print management and promotional solutions to corporate clients across a wide range of industries. With proprietary technology, an extensive supplier network and deep domain expertise, the Company procures, manages and delivers printed materials and promotional products as part of a comprehensive outsourced enterprise solution. | ||
The Company is organized and managed as three business segments, North America, Latin America and EMEA, and is viewed as three operating segments by the chief operating decision maker for purposes of resource allocation and assessing performance. See Note 17 for further information about the Company’s reportable segments. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||
Restatement | |||||||||||
The Company has restated herein its audited consolidated financial statements as of December 31, 2012 and for the years ended December 31, 2011 and 2012, as well as its unaudited interim consolidated financial statements as of and for the quarters and year to date periods ended March 31, 2013, June 30, 2013 and September 30, 2013, and related 2012 comparative prior quarter and year to date periods. See Note 19 for additional information. | |||||||||||
Basis of Presentation | |||||||||||
The consolidated financial statements include the accounts of InnerWorkings, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
Preparation of Financial Statements and Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results can differ from those estimates. | |||||||||||
Foreign Currency Translation | |||||||||||
The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income, a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. | |||||||||||
The net realized gains (losses) on foreign currency transactions were $0.0 million, $(0.1) million and $0.3 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||
Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the Company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the year ended December 31, 2013. | |||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue upon meeting all of the following revenue recognition criteria, which is typically met upon shipment or delivery of our products to customers: (i) persuasive evidence of an arrangement exists through customer contracts and orders, (ii) the customer takes title and assumes the risks and rewards of ownership, (iii) the sales price charged is fixed or determinable as evidenced by customer contracts and orders, and (iv) collectability is reasonably assured. Unbilled revenue relates to shipments that have been made to customers for which the related account receivable has not yet been billed. | |||||||||||
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-45, Revenue Recognition – Principal Agent Considerations, the Company generally reports revenue on a gross basis because the Company is the primary obligor in its arrangements to procure printed materials and other products for its customers. Under these arrangements, the Company is responsible for the fulfillment, including the acceptability, of the printed materials and other products. In addition, the Company (i) determines which suppliers are included in its network, (ii) has discretion to select from among the suppliers within its network, (iii) is obligated to pay its suppliers regardless of whether it is paid by its customers, and (iv) has reasonable latitude to establish exchange price. In some transactions, the Company also has general inventory risk and is involved in the determination of the nature or characteristics of the printed materials and products. When the Company is not the primary obligor, revenues are reported net. | |||||||||||
The Company recognizes revenue for creative and other services provided to its customers which may be delivered in conjunction with the procurement of printed materials at the time when delivery and customer acceptance occur and all other revenue recognition criteria are met. The Company recognizes revenue for creative and other services provided on a stand-alone basis upon completion of the service. Service revenue has not been material to the Company’s overall revenue to date. | |||||||||||
The Company records taxes collected from customers and remitted to governmental authorities on a net basis. | |||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. | |||||||||||
Accounts Receivable | |||||||||||
Accounts receivable are uncollateralized customer obligations due under normal trade terms. Invoices require payment within 30 to 90 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices past due 90 days are considered delinquent. Interest is not accrued on outstanding balances. | |||||||||||
The carrying amount of accounts receivable is reduced by an allowance that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances and, based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. Fully reserved receivables are reviewed on a monthly basis and uncollectible accounts are written off when all reasonable collection efforts have been exhausted. | |||||||||||
Inventories | |||||||||||
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method, and represents the lower of replacement cost or estimated realizable value. Inventories consist of purchased finished goods. | |||||||||||
Property and Equipment | |||||||||||
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives, by asset class, are as follows: | |||||||||||
Computer equipment | 3 years | ||||||||||
Software | 3 to 6 years | ||||||||||
Office equipment | 5 years | ||||||||||
Furniture and fixtures | 7 years | ||||||||||
Leasehold improvements are depreciated using the straight-line method over the shorter of their estimated useful lives or the terms of the related leases. | |||||||||||
Internal-Use Software | |||||||||||
In accordance with ASC 350-40, Intangibles—Goodwill and Other, Internal-Use Software, certain costs incurred in the planning and evaluation stage of internal-use computer software are expensed as incurred. Costs incurred during the application development stage are capitalized and included in property and equipment. Capitalized internal-use software costs are depreciated over the expected economic life of three to six years using the straight-line method. Capitalized internal-use software asset depreciation expense for the years ended December 31, 2011, 2012 and 2013 was $5.1 million, $4.3 million and $3.9 million, respectively, and is included in total depreciation expense in Note 7. At December 31, 2012 and 2013, the net book value of internal-use software was $10.6 million and $17.3 million, respectively. | |||||||||||
Goodwill and Other Intangibles | |||||||||||
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company tests for goodwill impairment as of December 31 of each year. The provisions of ASU 2011-08, “Testing Goodwill for Impairment,” were adopted in the fourth quarter of 2012. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment. | |||||||||||
In the third quarter of 2013, the Company recorded a non-cash, goodwill impairment charge of $37.9 million. For additional information related to the goodwill impairment, see Note 4. | |||||||||||
As of December 31, 2013, the Company defines its three reporting units as North America, Latin America and EMEA. At December 31, 2013, the Company elected to perform the quantitative impairment test for each of its three reporting units. In performing this test, the Company determined the fair value of the reporting units based on the income approach. Under the income approach, the fair value of a reporting unit is calculated based on the present value of estimated future cash flows. No impairment was identified as of December 31, 2013 as a result of this test. | |||||||||||
In accordance with ASC 350, Intangibles—Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and nine years, respectively. | |||||||||||
Shipping and Handling Costs | |||||||||||
Shipping and handling costs are classified in cost of goods sold in the consolidated statements of income. | |||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes in accordance with ASC 740, Income Taxes, under which deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. A valuation allowance is established to reduce the carrying value of deferred tax assets if it is considered more likely than not that such assets will not be realized. Any change in the valuation allowance would be charged to income in the period such determination was made. | |||||||||||
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There was no interest or penalties related to unrecognized tax benefits for the years ended December 31, 2011, 2012 and 2013. | |||||||||||
Based on the Company’s evaluation, it was concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The evaluation was performed for the tax years ended December 31, 2011, 2012 and 2013, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2013. | |||||||||||
Advertising | |||||||||||
Costs of advertising, which are expensed as incurred by the Company, were $0.3 million, $0.8 million and $0.7 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||
Comprehensive Income | |||||||||||
The components of accumulated comprehensive income included in the Consolidated Balance Sheets at December 31, 2012 and 2013 are as follows: | |||||||||||
Unrealized holding | Total accumulated | ||||||||||
gains on available- | other comprehensive | ||||||||||
Foreign currency | for-sale securities | income | |||||||||
Balance at December 31, 2011 (as restated) | $ | -404,689 | $ | 673,020 | $ | 268,331 | |||||
Other comprehensive income before reclassifications | 676,272 | 55,605 | 731,877 | ||||||||
Amounts reclassified from AOCI | - | -727,287 | -727,287 | ||||||||
Net current-period other comprehensive income | 676,272 | -671,682 | 4,590 | ||||||||
Balance at December 31, 2012 (as restated) | 271,583 | 1,338 | 272,921 | ||||||||
Other comprehensive income before reclassifications | 2,505,417 | - | 2,505,417 | ||||||||
Amounts reclassified from AOCI | -1,338 | -1,338 | |||||||||
Net current-period other comprehensive income | 2,505,417 | -1,338 | 2,504,079 | ||||||||
Balance at December 31, 2013 | $ | 2,777,000 | $ | - | $ | 2,777,000 | |||||
Stock-Based Compensation | |||||||||||
The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award. | |||||||||||
Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||
New Accounting Pronouncements | |||||||||||
In February 2012, the FASB issued ASU 2013-02, which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. These requirements are effective for public companies for reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 in the first quarter of 2013. | |||||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||
3 | Acquisitions | |||||||||||||
2013 Acquisitions | ||||||||||||||
During March 2013, the Company acquired 100% of the stock of DB Studios, Inc. (“DB Studios”), a California-based distributor of permanent point of purchase displays and retail fixtures, whose clients include major retail and consumer package goods brands. The acquisition provides the Company with creative, design, engineering and prototyping capabilities, which are critical in the permanent display world. DB Studios contributed revenues and gross profit which represent 1% and 2%, respectively, of the Company’s consolidated results for the year ended December 31, 2013. Pro forma results of this acquisition are not disclosed as they would not have a material impact on the Company’s financial statements. | ||||||||||||||
On July 25, 2013, the Company purchased all of the outstanding shares of capital stock or other equity interests of the U.S. and international businesses of EYELEVEL, a leading global provider of permanent retail displays and store fixtures. EYELEVEL operates from their European headquarters in Prague, Czech Republic and their U.S. base in Portland, Oregon, with additional operations in Australia, Brazil, China, Russia, and the United Kingdom. EYELEVEL contributed revenue and gross profit which represent approximately 3% and 4%, respectively, of the Company’s consolidated results for the year ended December 31, 2013. The following unaudited pro forma summary presents consolidated financial information of the Company as if the business combination had occurred on January 1, 2012. | ||||||||||||||
Year ended December 31, | ||||||||||||||
2012 | 2013 | |||||||||||||
Revenue | $ | 830,934,575 | $ | 917,322,482 | ||||||||||
Gross profit | 187,265,538 | 210,932,557 | ||||||||||||
Net income (loss) | 42,665,326 | -5,212,310 | ||||||||||||
Additionally, the Company acquired 100% of the voting equity interests of one domestic and two international companies. These other acquisitions contributed revenue and gross profit which comprised approximately 3% and 4%, respectively, of the Company’s consolidated results for the year ended December 31, 2013. Pro forma results of these acquisitions are not disclosed as these acquisitions would not have a material impact on the Company's financial statements. | ||||||||||||||
The following table summarizes the total consideration transferred to acquire these companies and the amount of identified assets acquired and liabilities assumed at the acquisition dates. | ||||||||||||||
DB Studios | EYELEVEL | Other | Total | |||||||||||
Cash | $ | 6,459,609 | $ | 13,505,356 | $ | 5,458,377 | $ | 25,423,342 | ||||||
Common stock | - | - | 2,488,842 | 2,488,842 | ||||||||||
Contingent consideration | 35,999,651 | 20,900,000 | 11,266,023 | 68,165,674 | ||||||||||
Total consideration transferred | $ | 42,459,260 | $ | 34,405,356 | $ | 19,213,242 | $ | 96,077,858 | ||||||
Cash and cash equivalents | $ | 9,282 | $ | 5,312,275 | $ | 918,235 | $ | 6,239,792 | ||||||
Accounts receivable | 2,046,573 | 6,338,627 | 6,465,435 | 14,850,635 | ||||||||||
Inventories | 62,433 | 6,380,145 | 1,182,206 | 7,624,784 | ||||||||||
Other assets | 1,282,088 | 2,313,739 | 236,670 | 3,832,497 | ||||||||||
Customer lists | 3,176,075 | 19,300,000 | 3,984,960 | 26,461,035 | ||||||||||
Goodwill | 39,568,534 | 18,657,659 | 14,376,601 | 72,602,794 | ||||||||||
Accounts payable | -1,376,071 | -8,095,760 | -5,336,623 | -14,808,454 | ||||||||||
Other current liabilities | -1,064,696 | -10,617,336 | -1,769,085 | -13,451,117 | ||||||||||
Deferred income taxes | -1,244,958 | -5,183,993 | -845,157 | -7,274,108 | ||||||||||
Total identifiable net assets and goodwill | $ | 42,459,260 | $ | 34,405,356 | $ | 19,213,242 | $ | 96,077,858 | ||||||
Goodwill generally consists of expected synergies from combining operations of these companies with the Company’s existing operations. Acquisition-related costs were included in selling, general and administrative expenses and were immaterial. None of the goodwill related to these acquisitions is expected to be deductible for tax purposes. | ||||||||||||||
Contingent Consideration | ||||||||||||||
In connection with certain of the Company’s acquisitions, contingent consideration is payable in cash or common stock upon the achievement of certain performance measures over future periods. The Company has recorded the acquisition date fair value of the contingent consideration liability as additional purchase price. The Company has recorded $87.3 million in contingent consideration at December 31, 2013 related to these arrangements. Any adjustments made to the fair value of the contingent consideration liability subsequent to the acquisition date will be recorded in the Company’s results of operations. During the years ended December 31, 2011, 2012 and 2013, the Company recorded income of $1.7 million, $27.7 million and $31.3 million for changes in the fair value of contingent consideration. | ||||||||||||||
For the years ended December 31, 2011, 2012 and 2013, the Company’s fair value adjustment to the contingent consideration liability includes adjustments of $1.6 million, $25.4 million and $26.6 million, respectively, to reduce the liability relating to the Productions Graphics acquisition in 2011. As of December 31, 2013, the fair value of the potential remaining $66.8 million contingent consideration payments was $8.0 million. See Note 9 for more information on Productions Graphics. | ||||||||||||||
As of December 31, 2013, the potential maximum contingent payments are payable as follows: | ||||||||||||||
Cash | Common Stock | Total | ||||||||||||
2014 | $ | 5,194,140 | $ | 57,210,778 | $ | 62,404,918 | ||||||||
2015 | 13,490,680 | 21,937,168 | 35,427,848 | |||||||||||
2016 | 33,244,890 | 30,489,870 | 63,734,760 | |||||||||||
2017 | - | 21,977,240 | 21,977,240 | |||||||||||
$ | 51,929,710 | $ | 131,615,056 | $ | 183,544,766 | |||||||||
If the performance measures required by the purchase agreements are not achieved, the Company may pay less than the maximum amounts as presented in the table above, depending on the terms of the agreement. | ||||||||||||||
Goodwill
Goodwill | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill Disclosure [Text Block] | ' | |||||||||||||
4 | Goodwill | |||||||||||||
The following is a summary of the goodwill balance for each operating segment as of December 31: | ||||||||||||||
North America | Latin America | EMEA | Total | |||||||||||
Balance as of December 31, 2011 (as restated) | $ | 115,895,946 | $ | 9,481,056 | $ | 70,850,079 | $ | 196,227,081 | ||||||
Goodwill acquired related to 2012 acquisitions | 3,262,280 | - | 10,181,937 | 13,444,217 | ||||||||||
Finalization of purchase accounting for prior year acquisitions | - | 175,361 | 1,665,573 | 1,840,934 | ||||||||||
Foreign exchange impact | 4,509 | - | 1,279,681 | 1,284,190 | ||||||||||
Balance as of December 31, 2012 (as restated) | 119,162,735 | 9,656,417 | 83,977,270 | 212,796,422 | ||||||||||
Goodwill acquired related to 2013 acquisitions | 52,025,837 | - | 20,576,957 | 72,602,794 | ||||||||||
Finalization of purchase accounting for prior year acquisitions | -34,120 | 218,819 | -40,940 | 143,759 | ||||||||||
Impairment charge | - | - | -37,908,000 | -37,908,000 | ||||||||||
Foreign exchange impact | -59,876 | - | 3,653,599 | 3,593,723 | ||||||||||
Balance as of December 31, 2013 | $ | 171,094,576 | $ | 9,875,236 | $ | 70,258,886 | $ | 251,228,698 | ||||||
As discussed in Note 17, the Company defines its reportable operating segments as North America, Latin America and EMEA. For purposes of testing goodwill for impairment, the Company defines its reporting units as the same three units. This change in the reporting units along with a decline in forecasted financial performance in 2013 compelled management to perform an interim goodwill impairment test for these reporting units as of September 30, 2013. In the first step of the impairment test, the Company concluded that the carrying amount of the EMEA reporting unit exceeded its fair value, requiring the Company to perform the second step of the impairment test to measure the amount of impairment loss, if any. The fair values of the North America and Latin America reporting units exceeded their carrying values, and the second step was not necessary. | ||||||||||||||
Based upon fair value estimates of long-lived assets and discounted cash flows of the EMEA reporting unit, the Company compared the implied fair value of the goodwill in this reporting unit with the carrying value. The test resulted in a $37.9 million non-cash, goodwill impairment charge which was recognized in the third quarter of 2013. No tax benefit is recognized on the goodwill impairment. This charge had no impact on the Company’s cash flows or compliance with debt covenants. | ||||||||||||||
The fair value estimates used in the goodwill impairment analysis required significant judgment. The Company's fair value estimates for purposes of determining the goodwill impairment charge are considered Level 3 fair value measurements. The fair value estimates were based on assumptions that management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and operating margins and assumptions about the overall economic climate and the competitive environment for the business. | ||||||||||||||
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||
5 | Other Intangible Assets | |||||||||||
The following is a summary of the Company’s other intangible assets as of December 31: | ||||||||||||
Weighted | ||||||||||||
2012 | 2013 | Average Life | ||||||||||
Customer lists | $ | 50,008,913 | $ | 77,244,427 | 13.8 | years | ||||||
Noncompete agreements | 1,077,349 | 1,077,349 | 3.9 | years | ||||||||
Trade names | 3,467,655 | 3,467,655 | 12.4 | years | ||||||||
Patents | 38,456 | 56,896 | 9 | years | ||||||||
54,592,373 | 81,846,327 | |||||||||||
Less accumulated amortization | -18,195,508 | -25,270,793 | ||||||||||
Intangible assets, net | $ | 36,396,865 | $ | 56,575,534 | ||||||||
Amortization expense related to these intangible assets was $3.7 million, $4.6 million and $6.9 million for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||||
The estimated amortization expense for the next five years is as follows: | ||||||||||||
2014 | $ | 7,308,111 | ||||||||||
2015 | 6,606,179 | |||||||||||
2016 | 6,151,448 | |||||||||||
2017 | 5,699,472 | |||||||||||
2018 | 5,172,887 | |||||||||||
Thereafter | 25,637,437 | |||||||||||
$ | 56,575,534 | |||||||||||
Restructuring_Activities_and_O
Restructuring Activities and Other Charges | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ' | ||||||||||
6 | Restructuring Activities and Other Charges | ||||||||||
During the third quarter of 2013, the Company commenced various restructuring actions which resulted in charges of $3.0 million during the quarter. These actions consisted of terminating 49 employees and providing them with severance benefits in accordance with benefit plans previously communicated to the affected employee group or local employment laws. | |||||||||||
The following table summarizes the restructuring charges by reportable segment. As of December 31, 2013, there are no unpaid obligations remaining. | |||||||||||
North America | EMEA | Total | |||||||||
Employee terminations and other benefits | $ | 2,745,373 | $ | 260,407 | $ | 3,005,780 | |||||
Cash payments | -121,482 | -260,407 | -381,889 | ||||||||
Write-off of prepaid commissions balance (1) | -2,623,891 | - | -2,623,891 | ||||||||
Accrued restructuring costs as of December 31, 2013 | $ | - | $ | - | $ | - | |||||
-1 | Prepaid commission balances represent cash paid to our account executives in advance of commissions earned and is recorded in prepaid expenses on the balance sheet. For employees who had a balance and were affected by the restructuring actions, which primarily includes Small and Medium Business (“SMB”) account executives, the Company included these balances as part of the severance paid to these individuals. | ||||||||||
The Company’s SMB division was one of the principal groups affected by the restructuring actions noted above. In addition to these restructuring charges, the Company changed its compensation structure during the third quarter so that remaining employees of SMB are paid a fixed salary. This change in compensation structure resulted in the recording of an additional charge of $1.3 million for these employees in 2013. | |||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
7 | Property and Equipment | |||||||
Property and equipment at December 31, 2012 and 2013 consisted of the following: | ||||||||
2012 | 2013 | |||||||
Computer equipment | $ | 5,427,019 | $ | 7,889,630 | ||||
Software, including internal use software | 31,571,109 | 41,987,111 | ||||||
Office equipment and furniture | 3,584,174 | 2,136,168 | ||||||
Leasehold improvements | 1,848,177 | 1,468,841 | ||||||
42,430,479 | 53,481,750 | |||||||
Less accumulated depreciation | -25,352,095 | -29,757,000 | ||||||
$ | 17,078,384 | $ | 23,724,750 | |||||
Depreciation expense was $6.4 million, $6.2 million and $6.7 million for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||
Revolving_Credit_Facility
Revolving Credit Facility | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
8 | Revolving Credit Facility | |
The Company entered into a Credit Agreement, dated as of August 2, 2010, subsequently amended most recently as of December 27, 2013, among the Company, the lenders party thereto and Bank of America, N.A., as Administrative Agent (the “Credit Agreement”). The Credit Agreement includes a revolving commitment amount of $150 million in the aggregate with a maturity date of August 2, 2015, and provides the Company the right to increase the aggregate commitment amount by an additional $25 million, to $175 million. Outstanding borrowings under the revolving credit facility are guaranteed by the Company’s material domestic subsidiaries. The Company’s obligations under the Credit Agreement and such domestic subsidiaries’ guaranty obligations are secured by substantially all of their respective assets. The ranges of applicable rates charged for interest on outstanding loans and letters of credit are 3.25%-1.15% for letter of credit fees and loans based on the Eurodollar rate and 2.25%-0.15% for loans based on the base rate. | ||
The terms of the Credit Agreement include various covenants, including covenants that require the Company to maintain a maximum leverage ratio, a minimum interest coverage ratio and a minimum net worth. The Credit Agreement requires the Company to maintain a leverage ratio of no more than 3.50 to 1.0 for the quarter ended December 31, 2013, 3.75 to 1.0 for the quarter ended March 31, 2014, 3.50 to 1.0 for the quarters ended June 30, 2014 and September 30, 2014, and 3.0 to 1.0 for each period thereafter. The Company is also required to maintain an interest coverage ratio of no less than 5.00 to 1.0 and a minimum net worth of $119.0 million for each quarterly period. The Company is in compliance with all debt covenants as of December 31, 2013. | ||
The Credit Agreement permits the Company to incur certain securitization transactions of up to $50 million in the aggregate, so long as certain tests are met, including a maximum Consolidated Leverage Ratio test and a minimum Consolidated EBITDA test. In the event the Company elects to incur securitization transactions in the future, (a) a new mandatory prepayment test will be implemented that will trigger prepayments based on the sum of the total outstanding borrowings under the revolving credit facility and any such securitization transaction measured against certain of the Company’s account receivables and (b) the quarterly maximum Consolidated Leverage Ratio test will be adjusted from 3.00:1.00 to 2.75:1.00. | ||
At December 31, 2013, the Company had $33.3 million of unused availability under the Credit Agreement and $0.8 million of letters of credit which have not been drawn upon. | ||
Transactions_Involving_Former_
Transactions Involving Former Owner of Productions Graphics | 12 Months Ended | |
Dec. 31, 2013 | ||
Loss Contingency [Abstract] | ' | |
Contingencies Disclosure [Text Block] | ' | |
9 | Transactions Involving Former Owner of Productions Graphics | |
The Company removed the former owner of Productions Graphics from his role as President of the Company’s French subsidiary in October 2013 for performance-related reasons. This individual had served in such role since the Company’s acquisition in 2011 of Productions Graphics, a European business then owned by this individual and an organization affiliated with him (collectively, the “Seller”). As of December 31, 2013, the Company had paid to the Seller €5.8 million in fixed consideration and €7.1 million in contingent earn-out consideration. | ||
There are certain potential disputes between the former owner of Productions Graphics and the Company relating to, among other things, the termination of his employment and the Productions Graphics acquisition agreement. In connection with such disputes, the Company initiated a review of this individual’s conduct in connection with certain transactions impacting the earn-out payments made to the Seller (collectively, the “Transactions”). As a result of the review, the Company concluded it was the victim of a fraud perpetrated by the former owner of Productions Graphics. Specifically, the Company concluded that the former owner of Productions Graphics artificially inflated the financial results of Productions Graphics in order to induce the Company to make earn-out payments of €1.2 and €5.9 million for the 2011 and 2012 earn-out measurement periods, respectively. He inflated the results by directing the issuance of fraudulent invoices to purported third-party customers and then, indirectly or directly, funded or reimbursed the third parties’ payments in respect of such invoices. The Company estimates that he issued approximately €6.9 million of fraudulent invoices in 2011 and 2012, collectively, of which €5.7 million was subsequently received by the Company. The Company is accounting for these aggregate payments of €5.7 million as a partial refund of the €7.1 million in earn-out consideration unduly paid to the Seller. | ||
The Company intends to seek to redress the harm caused by conduct of the former owner of Productions Graphics through appropriate legal proceedings. See Note 10 for further discussion of the legal matters relating to the former owner of Productions Graphics. | ||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
10 | Commitments and Contingencies | ||||
Lease Commitments | |||||
The Company recognizes rental expense on a straight-line basis over the term of the lease. The total rent expense for the years ended December 31, 2011, 2012 and 2013 was $6.3 million, $7.7 million and $9.1 million, respectively. | |||||
Minimum annual rental payments are as follows: | |||||
Operating | |||||
Leases | |||||
2014 | $ | 7,179,871 | |||
2015 | 6,498,031 | ||||
2016 | 4,894,071 | ||||
2017 | 3,224,377 | ||||
2018 | 2,162,612 | ||||
Thereafter | 4,434,475 | ||||
Total minimum lease payments | $ | 28,393,437 | |||
Legal Contingencies | |||||
In November 2010, in connection with the Circuit City Stores, Inc. (“Circuit City”) bankruptcy proceedings, the Trustee of the Circuit City Liquidating Trust (the “Trust”) filed a lawsuit against the Company in United States Bankruptcy Court in the Eastern District of Virginia for the avoidance of payments as allegedly preferential transfers of $3.2 million paid to the Company during the 90 days preceding the filing of the bankruptcy petition of Circuit City on November 10, 2008. In January 2013, the Company and the Trust entered into a settlement agreement resolving this preference claim as well the Company’s administrative and general unsecured claims against the Trust for a net payment to the Trust of $900,000. | |||||
In May 2011, Her Majesty’s Revenue and Customs (“HMRC”) contacted the Company’s United Kingdom subsidiary, InnerWorkings Europe Limited (formerly Etrinsic), to request information relating to its position that certain printed matter and direct mail products are zero-rated under the U.K.’s VAT law. Although Etrinsic has voluntarily exchanged information with the HMRC as to its position that the products at issue are zero-rated for VAT pursuant to UK law and HMRC’s guidance, HMRC has stated that it disagrees with Etrinsic’s position and in March 2012, HMRC issued Etrinsic a VAT assessment of £2,316,008 for VAT periods covering the 2008, 2009, 2010 and 2011 calendar years. Etrinsic sought independent review of the assessment with HMRC, and HMRC upheld the assessment. Etrinsic appealed the HMRC’s assessment at the UK Tax Tribunal. In order to appeal the claim, the Company paid £2,316,008 to the HMRC on July 6, 2012. This payment was included in other current assets. In the fourth quarter of 2012, the Company accrued a loss reserve reflecting an anticipated settlement of £925,000, inclusive of all VAT periods for the 2008 through 2012 calendar years. In July 2013, the Company finalized settlement with the HMRC and received a refund of the amounts paid to HMRC in July 2012 less the settlement amount which was not materially different than the estimated reserve of £925,000. | |||||
In December 2010, e-Lynxx Corporation filed a complaint against the Company and numerous other defendants for patent infringement in the United States District Court for the Middle District of Pennsylvania. As to the Company, the complaint alleges, among other things, that certain aspects of the Company’s PPM4 TM technology infringe on two patents owned by e-Lynxx purporting to cover a system and method for competitive pricing and procurement of customized goods and services, and seeks monetary damages, interest, costs, attorneys’ fees, punitive damages and a permanent injunction. In May 2013, e-Lynxx asserted that the monetary damages it seeks from the Company are in the range of $35 million to $88 million for the period from May 2009 through December 2012; e-Lynxx has not yet specified damages sought for 2013 and future periods. The Company disputes the allegations contained in e-Lynxx’s complaint and intends to vigorously defend this matter. Specifically, the Company contends that the patents at issue are invalid and not infringed, and, therefore, e-Lynxx is not entitled to any relief and the complaint should be dismissed. Further, even if e-Lynxx could establish liability, the Company contends that e-Lynxx is not entitled to the excessive monetary relief it seeks. On July 25, 2013, the Court granted the Company’s motion for summary judgment, finding that the Company did not infringe the patents-in-suit. e-Lynxx filed a motion for reconsideration, which was recently denied. On March 5, 2014, e-Lynxx filed an appeal from the judgment entered in favor of the Company. The Company intends to vigorously defend the e-Lynxx appeal. The Company believes that an unfavorable outcome is reasonably possible or remote but not probable, and therefore, no reserve has been recorded for a potential loss. The loss that is reasonably possible or remote cannot be estimated. | |||||
In October 2012, a former sales employee of the Company filed an arbitration claim against the Company arising from the Company’s termination of his employment in November 2011. He alleges disability discrimination, defamation, breach of employment agreement, invasion of privacy, and wage payment claims, and seeks monetary damages in excess of $9.0 million, interest, punitive damages, injunctive relief, declaratory relief, and attorneys’ fees and costs. An arbitration hearing was held in this matter in November 2013 , and the matter is currently in the post-hearing briefing phase. The Company disputes these allegations and intends to vigorously defend itself in the matter. Specifically, the Company contends that it lawfully terminated his employment for cause, and, therefore, that he is not entitled to any relief and his claims should be dismissed. | |||||
In October 2013, the Company removed the former owner of Productions Graphics from his role as President of Productions Graphics, the Company’s French subsidiary. He had been in that role since the Company’s 2011 acquisition of Productions Graphics, a European business then principally owned by him. In December 2013, the former owner of Productions Graphics initiated a wrongful termination claim in the Commercial Court of Paris seeking approximately €0.7 m illion in fees and damages. In anticipation of this claim, in November 2013, he also obtained a judicial asset attachment order in the amount of €0.7 million as payment security; the attachment order was confirmed in January 2014, and the Company filed an appeal of the order, which is currently pending. The Company disputes the allegations of the former owner of Productions Graphics and intends to vigorously defend these matters. In February 2014, based on a review the Company initiated into certain transactions associated with the former owner of Productions Graphics, the Company concluded that he had engaged in fraud by inflating the results of the Productions Graphics business in order to induce the Company into paying him €7.1 m illion in contingent consideration pursuant to the acquisition agreement. In light of those findings, in February 2014 the Company filed a criminal complaint in France seeking to redress the harm caused by his conduct. In addition to these pending matters, there may be other potential disputes between the Company and the former owner of Productions Graphics relating to the acquisition agreement. As of December 31, 2013, the Company had paid €5.8 m illion in fixed consideration and €7.1 m illion in contingent consideration to the former owner of Productions Graphics; the remaining maximum contingent consideration for the earn-out periods ended in 2013 and ending in 2014 and 2015 is €55.0 million. | |||||
In February 2014, following the Company’s February 2014 announcement of its intention to restate certain historical financial statements, an individual filed a putative securities class action complaint in the United Stated District Court for the Northern District of Illinois entitled Van Noppen v. InnerWorkings et al. The complaint alleges that the Company and certain executive officers and a former subsidiary officer violated federal securities laws by making materially false or misleading statements or omissions relating to the Company’s financial results. The complaint seeks unspecified damages, interest, attorneys’ fees and other costs. The Company disputes the claims and intends to vigorously defend the matter. Any loss that we may incur as a result of this matter cannot be estimated. | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
11 | Income Taxes | ||||||||||
The Company accounts for income taxes in accordance with ASC 740, Income Taxes, under which deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. | |||||||||||
The provision for income taxes consisted of the following components for the years ended December 31, 2011, 2012 and 2013: | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(as restated) | (as restated) | ||||||||||
Current | |||||||||||
Federal | $ | 4,582,235 | $ | 5,364,247 | $ | -1,803,191 | |||||
State | 515,584 | 703,380 | -316,367 | ||||||||
Foreign | 1,558,991 | 801,212 | 2,216,025 | ||||||||
Total current | 6,656,810 | 6,868,839 | 96,467 | ||||||||
Deferred | |||||||||||
Federal | 741,346 | 1,494,274 | 2,823,798 | ||||||||
State | 459,475 | 206,125 | 449,424 | ||||||||
Foreign | -450,945 | -2,695,617 | -3,925,617 | ||||||||
Total deferred | 749,876 | -995,218 | -652,395 | ||||||||
Income tax expense (benefit) | $ | 7,406,686 | $ | 5,873,621 | $ | -555,928 | |||||
The provision for income taxes for the years ended December 31, 2011, 2012 and 2013 differs from the amount computed by applying the U.S. federal income tax rate of 35% to pretax income because of the effect of the following items: | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(as restated) | (as restated) | ||||||||||
Tax expense at U.S. federal income tax rate | $ | 8,407,946 | $ | 15,633,675 | $ | -3,225,697 | |||||
State income taxes, net of federal income tax effect | 814,996 | 747,802 | 204,687 | ||||||||
Effect of non-US operations | -821,547 | -1,294,217 | -644,353 | ||||||||
Foreign valuation allowances | - | - | 607,467 | ||||||||
Nontaxable contingent liability fair value changes and goodwill impairment | -543,900 | -8,737,329 | 3,827,806 | ||||||||
Research and development credit | -200,568 | - | -1,046,430 | ||||||||
199 Domestic production activities deduction | -109,171 | -141,376 | - | ||||||||
Nondeductible (benefit) and other | -141,070 | -334,935 | -279,408 | ||||||||
Income tax expense (benefit) | $ | 7,406,686 | $ | 5,873,620 | $ | -555,928 | |||||
At December 31, 2012 and 2013, the Company’s deferred tax assets and liabilities consisted of the following: | |||||||||||
December 31, | |||||||||||
2012 | 2013 | ||||||||||
(as restated) | |||||||||||
Current deferred tax assets: | |||||||||||
Reserves and allowances | $ | 1,481,809 | $ | 1,452,133 | |||||||
Other | 104,216 | 19,561 | |||||||||
Total current deferred tax assets | 1,586,025 | 1,471,694 | |||||||||
Noncurrent deferred tax assets: | |||||||||||
Income tax basis in excess of financial statement basis in intangible assets | 6,981,503 | 6,140,517 | |||||||||
Stock options | 3,429,601 | 3,974,354 | |||||||||
Net operating loss carryforward | 923,504 | 10,002,615 | |||||||||
Tax credit carryforwards | 107,111 | 1,353,589 | |||||||||
Other | 22,385 | 46,303 | |||||||||
11,464,104 | 21,517,378 | ||||||||||
Valuation allowance | -144,964 | -762,123 | |||||||||
Total noncurrent deferred tax assets | 11,319,140 | 20,755,255 | |||||||||
Total deferred tax assets | 12,905,165 | 22,226,949 | |||||||||
Total current deferred tax liability: | |||||||||||
Prepaid & other expenses | -71,751 | -352,361 | |||||||||
Unrealized gain on available for sale securities | -860 | - | |||||||||
Total current deferred tax liability | -72,611 | -352,361 | |||||||||
Noncurrent deferred tax liabilities: | |||||||||||
Fixed assets | -2,312,584 | -5,085,865 | |||||||||
Intangible assets | -12,502,896 | -22,411,410 | |||||||||
Other | -51,697 | - | |||||||||
Total noncurrent deferred tax liabilities | -14,867,177 | -27,497,275 | |||||||||
Total deferred tax liabilities | -14,939,788 | -27,849,636 | |||||||||
Net deferred tax liability | $ | -2,034,623 | $ | -5,622,687 | |||||||
Net current deferred tax asset | $ | 1,513,414 | $ | 1,119,333 | |||||||
Net noncurrent deferred tax liability | -3,548,037 | -6,742,020 | |||||||||
Net deferred tax liability | $ | -2,034,623 | $ | -5,622,687 | |||||||
The realizability of deferred income tax assets is based on a more likely than not standard. If it is determined that it is more likely than not that deferred income tax assets will not be realized, a valuation allowance must be established against the deferred income tax assets. Realization of our deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance we consider our historical, as well as, future projected taxable income along with other positive and negative evidence in assessing the realizability of our deferred tax assets. | |||||||||||
For the years ended December 31, 2012 and 2013, we recorded net increases in our valuation allowances of $0.1 million and $0.6 million, respectively. | |||||||||||
As of December 31, 2013, the Company has gross federal and state net operating loss (“NOLs”) carryforwards of $17.8 million and $13.7 million, respectively. The federal carryovers begin to expire in 2025, and the state carryovers begin to expire in 2022. Section 382 of the Internal Revenue Code imposes an annual limitation on the utilization of net operating loss carryforwards related to acquired corporations based on a statutory rate of return (usually the “applicable federal funds rate” as defined in the Internal Revenue Code) and the value of the corporation at the time of a “change in ownership” as defined by Section 382. Our total federal NOL as of December 31, 2013 includes $2.0 million of NOLs from acquired corporations. $1.5 million of such acquired NOLs have an annual limitation under Section 382 of the Internal Revenue Code of $0.2 million. | |||||||||||
As of December 31, 2013, the Company has gross NOLs in France, Chile and Brazil of $16.2 million, $1.1 million and $0.9 million, respectively, which have an indefinite carryover period. | |||||||||||
As of December 31, 2013, we have gross federal and state research and development credit carryforwards of approximately $0.9 million and $0.4 million, respectively. The federal carryovers begin to expire in 2029, and the state carryovers begin to expire in 2015. | |||||||||||
As a result of certain realization requirements of ASC 718, Stock-Based Compensation , the Company has not recorded certain deferred tax assets that arose directly from tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. As of December 31, 2013, the Company has $3.1 million in tax deductions related to these stock option exercises which have not been recorded but are available to reduce taxable income in future periods. These deductions will be recorded to additional paid in capital in the period in which they are realized. | |||||||||||
The Company's intention is to permanently reinvest the undistributed earnings of its foreign subsidiaries in accordance with ASC 740. Deferred income taxes were not calculated on undistributed earnings of foreign subsidiaries, which were $5.4 million and $3.1 million at December 31, 2012 and 2013, respectively. Determination of the amount of unrecognized deferred tax liability on the undistributed earnings considered permanently reinvested is not practicable. If the undistributed earnings were to be remitted to the Company, foreign tax credits would be available to reduce any U.S. tax due upon repatriation. | |||||||||||
The Company's income (loss) before taxes on foreign operations was $6.3 million, $23.8 million and $(13.8) million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||
12 | Fair Value Measurement | |||||||||||||
ASC 820 includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. | ||||||||||||||
The fair value hierarchy consists of the following three levels: | ||||||||||||||
• | Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. | |||||||||||||
• | Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data. | |||||||||||||
• | Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | |||||||||||||
The Company's potential contingent consideration payments relating to acquisitions occurring subsequent to January 1, 2009 are its only Level 3 liabilities as of December 31, 2012 and 2013. The fair value of the liabilities determined by this analysis is primarily driven by the probability of reaching the performance measures required by the purchase agreements and the associated discount rate. Probabilities are estimated by reviewing financial forecasts and assessing the likelihood of reaching the required performance measures based on factors specific to each acquisition as well as the Company’s historical experience with similar arrangements. If an acquisition reaches the required performance measure, the estimated probability would be increased to 100%, and if the measure is not reached, the probability would be reduced to reflect the amount earned, if any, depending on the terms of the agreement. Discount rates are estimated by using the local government bond yields plus the Company’s credit spread. A one percentage point increase in the discount rate across all contingent consideration liabilities would result in a decrease to the fair value of approximately $1.8 million. | ||||||||||||||
The following tables set forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and 2013, respectively: | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||
Total Fair Value | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||
At December 31, 2012 | Measurement | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | ||||||||||||||
Money market funds(1) | $ | 667,045 | $ | 667,045 | $ | - | $ | - | ||||||
Liabilities: | ||||||||||||||
Contingent consideration (as restated) | $ | -54,497,824 | $ | - | $ | - | $ | -54,497,824 | ||||||
Quoted Prices in | ||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||
Total Fair Value | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||
At December 31, 2013 | Measurement | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | ||||||||||||||
Money market funds(1) | $ | 667,122 | $ | 667,122 | $ | - | $ | - | ||||||
Liabilities: | ||||||||||||||
Contingent consideration | $ | -87,332,461 | $ | - | $ | - | $ | -87,332,461 | ||||||
-1 | Included in cash and cash equivalents on the balance sheet. | |||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3): | ||||||||||||||
Fair Value Measurements at | ||||||||||||||
Reporting Date Using | ||||||||||||||
Significant Unobservable Inputs | ||||||||||||||
(Level 3) | ||||||||||||||
Contingent Consideration | ||||||||||||||
Balance at December 31, 2011 (as restated) | $ | -77,729,672 | ||||||||||||
Contingent consideration from 2012 acquisitions | -10,419,881 | |||||||||||||
Contingent consideration payments paid in cash | 4,178,407 | |||||||||||||
Contingent consideration payments paid in stock | 165,138 | |||||||||||||
Reclassified to Due to seller | 3,000,000 | |||||||||||||
Change in fair value (1) | 27,688,774 | |||||||||||||
Foreign exchange impact (2) | -1,380,590 | |||||||||||||
Balance as of December 31, 2012 (as restated) | -54,497,824 | |||||||||||||
Contingent consideration from 2013 acquisitions | -68,165,674 | |||||||||||||
Contingent consideration payments paid in cash | 4,297,803 | |||||||||||||
Contingent consideration payments paid in stock | 614,216 | |||||||||||||
Change in fair value (1) | 31,330,567 | |||||||||||||
Foreign exchange impact (2) | -911,549 | |||||||||||||
Balance as of December 31, 2013 | $ | -87,332,461 | ||||||||||||
-1 | Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statements of income. | |||||||||||||
-2 | Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income. | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||
13 | Earnings Per Share | ||||||||||
Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average shares outstanding plus share equivalents that would arise from the exercise of stock options and vesting of restricted common shares. For the years ended December 31, 2011, 2012 and 2013, respectively, 1,576,582, 1,099,604 and 4,288,084 options and restricted common shares were excluded from the calculation as these options and restricted common shares were anti-dilutive. | |||||||||||
The computation of basic and diluted earnings per common share for the years ended December 31, 2011, 2012, and 2013, is as follows: | |||||||||||
Years Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(as restated) | (as restated) | ||||||||||
Numerator: | |||||||||||
Net income (loss) | $ | 16,616,026 | $ | 38,794,022 | $ | -8,660,349 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per share—weighted-average shares | 46,428,443 | 48,811,218 | 50,875,131 | ||||||||
Effect of dilutive securities: | |||||||||||
Employee stock options and restricted common shares | 2,352,584 | 2,411,260 | - | ||||||||
Contingently issuable shares | 36,603 | 17,598 | - | ||||||||
Denominator for dilutive earnings per share | 48,817,630 | 51,240,076 | 50,875,131 | ||||||||
Basic earnings per share | $ | 0.36 | $ | 0.79 | $ | -0.17 | |||||
Diluted earnings per share | $ | 0.34 | $ | 0.76 | $ | -0.17 | |||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||
14 | Stock-Based Compensation Plans | |||||||||||||
In 2006, the Company adopted the 2006 Stock Incentive Plan (the Plan). Upon adoption, all previously existing plans were merged into the Plan and ceased to separately exist. The Plan was amended and restated effective June 2012 resulting in an increase in the maximum number of shares of common stock that may be issued under the Plan by 900,000, from 4,750,000 to 5,650,000. The Company’s policy is to issue shares resulting from the exercise of stock options and conversion of restricted stock as new shares. | ||||||||||||||
The Company recorded $4.0 million, $6.2 million and $4.7 million in compensation expense related to stock-based compensation, for the years ended December 31, 2011, 2012 and 2013, respectively. All stock-based compensation expense is recorded net of an estimated forfeiture rate and adjusted to reflect actual forfeiture activity. The estimated forfeiture rates applied as of December 31, 2013 ranged from 7% to 8.5% for various types of employees. In the fourth quarter of 2012, the Company recorded $2,047,405 of additional stock-based compensation expense for awards vested which exceeded the expense recorded using the estimated forfeiture rate. | ||||||||||||||
Stock Options | ||||||||||||||
A summary of stock option activity for the years ended December 31, 2011, 2012 and 2013 is as follows: | ||||||||||||||
Outstanding | Weighted-Average | Aggregate | ||||||||||||
Options | Exercise Price | Intrinsic Value | ||||||||||||
Outstanding at December 31, 2010 | 5,343,637 | $ | 4.33 | $ | 16,638,131 | |||||||||
Granted | 917,552 | 8.05 | - | |||||||||||
Exercised | -298,770 | 1.18 | 2,301,618 | |||||||||||
Forfeited | -11,938 | 10.23 | - | |||||||||||
Outstanding at December 31, 2011 | 5,950,481 | 5.07 | 28,048,306 | |||||||||||
Granted | 538,933 | 12.15 | - | |||||||||||
Exercised | -2,474,713 | 2.23 | 23,936,039 | |||||||||||
Forfeited | -93,519 | 7.35 | - | |||||||||||
Outstanding at December 31, 2012 | 3,921,182 | 7.8 | 23,767,012 | |||||||||||
Granted | 226,971 | 14.6 | - | |||||||||||
Exercised | -415,480 | 4.83 | 3,190,219 | |||||||||||
Forfeited | -179,139 | 8.97 | - | |||||||||||
Outstanding at December 31, 2013 | 3,553,534 | $ | 8.52 | $ | 4,778,565 | |||||||||
Options vested at December 31, 2013 | 2,569,366 | $ | 7.63 | $ | 4,579,822 | |||||||||
The weighted-average fair values and ranges of exercise prices for stock options granted during the years ended December 31, 2011, 2012 and 2013, which vest ratably from one to five years, are as follows: | ||||||||||||||
Weighted-Average | ||||||||||||||
Options Granted | Fair Value | Exercise Prices | ||||||||||||
2011 | 917,552 | $ | 4.1 | $ | 6.36 - $8.66 | |||||||||
2012 | 538,933 | 5.99 | $ | 11.97 - $14.39 | ||||||||||
2013 | 226,971 | 5.58 | $ | 10.76 - $15.05 | ||||||||||
Vested options totaled 4,133,373, 2,458,206 and 2,569,366 as of December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||
The aggregate intrinsic value of options outstanding and exercisable represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of each fiscal year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options in 2011, 2012 and 2013, respectively. These amounts change based on the fair market value of the Company’s stock which was $9.31, $13.78 and $7.79 on the last business day of the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||
Using the Black-Scholes option valuation model and the assumptions listed below, the Company recorded $2.0 million, $3.0 million and $2.1 million in compensation expense related to stock options. The following assumptions were utilized in the valuation for options granted in 2011, 2012 and 2013: | ||||||||||||||
2011 | 2012 | 2013 | ||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.33%-2.90 | % | 1.03%-1.67 | % | 1.32%-1.41 | % | ||||||||
Expected life | 7 years | 6-7 years | 6 years | |||||||||||
Volatility | 47.5 | % | 38.0%-47.5 | % | 38 | % | ||||||||
Expected term is estimated based on historical experience related to similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The Company believes that its historical experience provides the best estimate of future expected life. The risk-free interest rate is based on actual U.S. Treasury zero-coupon rates for bonds commensurate with the expected term. The expected volatility assumption is based on the historical volatility of the Company’s common stock over a period commensurate with the expected term. | ||||||||||||||
There was $3.5 million, $3.9 million and $2.9 million of unrecognized compensation costs related to the stock options granted under the Plan as of December 31, 2011, 2012 and 2013, respectively. This cost was expected to be recognized over a weighted average period of 2.8, 3.1 and 2.6 years, respectively. | ||||||||||||||
The following table summarizes information about all stock options outstanding for the Company as of December 31, 2013: | ||||||||||||||
Options Outstanding | Options Vested | |||||||||||||
Weighted- | Weighted- | |||||||||||||
Number | Weighted- | Average | Number | Average | ||||||||||
Exercise Price | Outstanding | Average Life | Exercise Price | Exercisable | Exercise Price | |||||||||
$0.65 - $4.92 | 780,258 | 2.43 | $ | 3.63 | 774,640 | $ | 3.63 | |||||||
$5.19 - $7.86 | 1,024,824 | 5.75 | 6.31 | 845,106 | 6.19 | |||||||||
$8.07 - $11.97 | 654,980 | 7.35 | 9.35 | 330,665 | 9.23 | |||||||||
$12.10 - $16.41 | 1,093,472 | 6.46 | 13.59 | 618,955 | 13.74 | |||||||||
3,553,534 | 5.54 | $ | 8.52 | 2,569,366 | $ | 7.63 | ||||||||
Restricted Common Shares | ||||||||||||||
Eligible employees receive restricted common shares as a portion of their total compensation. The restricted common shares vest over various time periods depending upon the grant, but generally vest from zero to five years and convert to common stock at the conclusion of the vesting period. The Company measures the compensation cost based on the closing market price of the Company’s common stock at the grant date. The stock-based compensation expense for the year ended December 31, 2011, 2012 and 2013 was $2.0 million, $3.2 million and $2.6 million, respectively. | ||||||||||||||
The Company granted 490,074, 306,296 and 448,158 restricted common shares to employees during the years ended December 31, 2011, 2012 and 2013, respectively. A summary of restricted share activity is as follows: | ||||||||||||||
Outstanding | Weighed- | |||||||||||||
Restricted | Average Grant- | |||||||||||||
Common Shares | Date Fair Value | |||||||||||||
Nonvested Restricted Common Shares at December 31, 2010 | 690,377 | $ | 6.72 | |||||||||||
Granted | 490,074 | 8.09 | ||||||||||||
Vested and transferred to unrestricted common stock | -368,879 | 6.93 | ||||||||||||
Forfeited | -27,756 | 5.71 | ||||||||||||
Nonvested Restricted Common Shares at December 31, 2011 | 783,816 | 7.52 | ||||||||||||
Granted | 306,296 | 11.92 | ||||||||||||
Vested and transferred to unrestricted common stock | -362,116 | 8.86 | ||||||||||||
Forfeited | -35,864 | 7.02 | ||||||||||||
Nonvested Restricted Common Shares at December 31, 2012 | 692,132 | 8.95 | ||||||||||||
Granted | 448,158 | 11.46 | ||||||||||||
Vested and transferred to unrestricted common stock | -278,461 | 9.22 | ||||||||||||
Forfeited | -127,279 | 8.56 | ||||||||||||
Nonvested Restricted Common Shares at December 31, 2013 | 734,550 | $ | 10.45 | |||||||||||
There was $3.3 million, $3.6 million and $4.5 million of total unrecognized compensation costs related to the restricted common shares as of December 31, 2011, 2012 and 2013, respectively. This cost was expected to be recognized over a weighted average period of 2.9, 2.8 and 2.9 years, as of December 31, 2011, 2012 and 2013, respectively. | ||||||||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | |
Dec. 31, 2013 | ||
Compensation and Retirement Disclosure [Abstract] | ' | |
Compensation and Employee Benefit Plans [Text Block] | ' | |
15 | Benefit Plans | |
The Company adopted a 401(k) savings plan effective February 1, 2005, covering all of the Company’s employees upon completion of 90 days of service. Employees may contribute a percentage of eligible compensation on both a before-tax basis and after-tax basis. The Company has the right to make discretionary contributions to the plan. For the years ended December 31, 2011, 2012 and 2013, total costs incurred from the Company’s contributions to the 401(k) plan were $0.7 million, $0.5 million and $0.1 million, respectively. | ||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
16 | Related Party Transactions | |
Investment in Echo Global Logistics, Inc. | ||
In February 2005, the Company acquired shares of common stock of Echo Global Logistics, Inc. (Echo), a technology enabled transportation and logistics business process outsourcing firm. Two former members of our Board of Directors, Eric P. Lefkofsky and Peter J. Barris, were also directors of Echo during 2012. In addition, Jack M. Greenberg and Eric D. Belcher have a direct and/or an indirect ownership interest in Echo. Following Echo’s initial public offering in October 2009, the Company has periodically sold shares of Echo common stock. | ||
The Company sold 285,911 and 69,831 of its shares of Echo common stock for $3.9 million and $1.2 million and recorded a gain on sale of investment of $3.9 million and $1.2 million for the years ended December 31, 2011 and 2012, respectively. The gain on sale of investment is included in other income. The number of shares sold, proceeds and gain on sale for the year ended December 31, 2013 is immaterial. | ||
The Company classified its shares of Echo’s common stock as “available for sale” in accordance with ASC 320, Investments—Debt and Equity Securities. The investment was stated at fair value based on market prices, with any unrealized gains and losses included as a separate component of stockholders’ equity. Any realized gains and losses and interest and dividends have been determined using the specific identification method and included in other income. At December 31, 2013, the Company no longer owned any shares of Echo’s common stock. | ||
Agreements and Services with Related Parties | ||
The Company provides print procurement services to Echo. The total amount billed for such print procurement services during the years ended December 31, 2011, 2012 and 2013 were approximately $0.1 million, $0.1 million and $0.2 million, respectively. In addition, Echo has provided transportation services to the Company. As consideration for these services, Echo billed the Company approximately $8.7 million, $10.8 million and $12.8 million for the years ended December 31, 2011, 2012 and 2013, respectively. The net amounts payable to Echo at December 31, 2012 and 2013 were $1.4 million and $2.1 million, respectively. | ||
The Company provides print procurement services to Arthur J. Gallagher & Co. J. Patrick Gallagher, Jr., a member of the Company’s Board of Directors since August 2011, is the Chairman, President and Chief Executive Officer of Arthur J. Gallagher & Co. and has a direct ownership interest in Arthur J. Gallagher & Co. The total amount billed for such print procurement services during the years ended December 31, 2011, 2012 and 2013 was $0.5 million, $0.6 million and $0.7 million, respectively. Additionally, Arthur J. Gallagher & Co. provides insurance brokerage and risk management services to the Company. As consideration for these services, Arthur J. Gallagher & Co. billed the Company $0.4 million, $0.4 million and $0.5 million for the years ended December 31, 2011, 2012 and 2013, respectively. The net amounts payable to Arthur J. Gallagher & Co. as of December 31, 2012 and 2013 were immaterial. | ||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
17 | Business Segments | ||||||||||||||||
Segment information is prepared on the same basis that our CEO, who is our chief operating decision maker (“CODM”), manages the segments, evaluates financial results, and makes key operating decisions. Effective as of the third quarter of 2013, the Company changed the organization of its business segments to divide the International segment into two segments, Latin America and EMEA. This change was the result of the varying financial performance and economic conditions in recent periods which necessitated financial information to be reviewed by the CODM and for segment management to be organized under the CODM at this level. The Company is now organized and managed as three business segments: North America, Latin America, and EMEA. The North America segment includes operations in the United States and Canada; the Latin America segment includes operations in South America and Central America; and the EMEA segment includes operations in the United Kingdom, continental Europe, the Middle East, Africa and Asia. “Other” consists of intersegment eliminations, shared service activities and unallocated corporate expenses. All transactions between segments are presented at their gross amounts and eliminated through Other. | |||||||||||||||||
Management evaluates the performance of its operating segments based on net revenues and Adjusted EBITDA, which is a non-GAAP financial measure. The accounting policies of each of the operating segments are the same as those described in the summary of significant accounting policies in Note 2. Adjusted EBITDA represents income from operations excluding depreciation and amortization, stock-based compensation expense, income/expense related to changes in the fair value of contingent consideration liabilities and other items as described below. Management does not evaluate the performance of its operating segments using asset measures. The identifiable assets by segment disclosed in this note are those assets specifically identifiable within each segment and include cash, accounts receivable, inventory, goodwill and intangible assets. Shared service assets are primarily comprised of short-term investments, capitalized internal-use software and net property and equipment of the corporate headquarters. | |||||||||||||||||
The table below presents financial information for our reportable operating segments and Other for the fiscal years noted (in thousands): | |||||||||||||||||
North America | Latin America | EMEA | Other | Total | |||||||||||||
Fiscal 2013: | |||||||||||||||||
Net revenues from third parties | $ | 657,989 | $ | 88,016 | $ | 144,955 | $ | - | $ | 890,960 | |||||||
Net revenues from other segments | 33 | 1,270 | 75 | -1,378 | - | ||||||||||||
Total net revenues | 658,022 | 89,286 | 145,030 | -1,378 | 890,960 | ||||||||||||
Adjusted EBITDA (1) | 51,873 | 3,098 | 764 | -28,834 | 26,901 | ||||||||||||
Total assets | 431,562 | 29,841 | 119,531 | 33,733 | 614,667 | ||||||||||||
Fiscal 2012 (as restated): | |||||||||||||||||
Net revenues from third parties | 648,732 | 57,575 | 83,278 | - | 789,585 | ||||||||||||
Net revenues from other segments | 68 | 1,625 | 27 | -1,720 | - | ||||||||||||
Total net revenues | 648,800 | 59,200 | 83,305 | -1,720 | 789,585 | ||||||||||||
Adjusted EBITDA (1) | 61,890 | 1,745 | -2,664 | -23,754 | 37,217 | ||||||||||||
Total assets | 330,159 | 23,219 | 139,466 | 21,936 | 514,780 | ||||||||||||
Fiscal 2011 (as restated): | |||||||||||||||||
Net revenues from third parties | 541,036 | 42,979 | 48,299 | - | 632,314 | ||||||||||||
Net revenues from other segments | 11 | - | 413 | -424 | - | ||||||||||||
Total net revenues | 541,047 | 42,979 | 48,712 | -424 | 632,314 | ||||||||||||
Adjusted EBITDA (1) | 47,945 | 1,497 | 3,061 | -17,365 | 35,138 | ||||||||||||
Total assets | 322,460 | 18,785 | 108,633 | 10,405 | 460,283 | ||||||||||||
-1 | Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, income/expense related to changes in the fair value of contingent consideration liabilities, goodwill impairment charges, restructuring and other charges and legal fees from patent infringement defense, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. | ||||||||||||||||
The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to consolidated income before income taxes (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
(as restated) | (as restated) | ||||||||||||||||
Adjusted EBITDA | $ | 35,138 | $ | 37,217 | $ | 26,901 | |||||||||||
Depreciation and amortization | -10,172 | -10,791 | -13,664 | ||||||||||||||
Stock-based compensation | -3,976 | -6,193 | -4,733 | ||||||||||||||
Change in fair value of contingent consideration | 1,702 | 27,689 | 31,331 | ||||||||||||||
Preference claim charge | -950 | -1,099 | - | ||||||||||||||
VAT settlement charge | - | -1,485 | - | ||||||||||||||
Payments to former owner of Productions Graphics, net of cash recovered | 402 | 411 | -2,624 | ||||||||||||||
Goodwill impairment charge | - | - | -37,908 | ||||||||||||||
Restructuring and other charges | - | - | -4,322 | ||||||||||||||
Legal fees in connection with patent infringement | - | - | -961 | ||||||||||||||
Total other income (expense) | 1,879 | -1,081 | -3,236 | ||||||||||||||
Income (loss) before income taxes | $ | 24,023 | $ | 44,668 | $ | -9,216 | |||||||||||
The Company had long-lived assets, consisting of net property and equipment, in the United States of $10.3 million, $13.9 million and $18.1 million at December 31, 2011, 2012 and 2013, respectively. Long-lived assets in foreign countries were $1.7 million, $3.2 million and $5.6 million at December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
18 | Quarterly Financial Data (Unaudited) | |||||||||||||
The tables below are a condensed summary of the Company’s unaudited quarterly statements of income and quarterly earnings per share data for the years ended December 31, 2012 and 2013 (in thousands). With the exception of the fourth quarter of 2013, the tables have been restated to correct for the items described in Note 19. See Notes 19 and 20 for additional information and reconciliations from the amounts as originally reported to the applicable restated amounts: | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter(1) | Quarter(2) | Quarter(3) | Quarter | |||||||||||
(In thousands, except per share data) | ||||||||||||||
(as restated) | (as restated) | (as restated) | ||||||||||||
Revenue | $ | 204,577 | $ | 210,876 | $ | 232,630 | $ | 242,877 | ||||||
Gross profit | 46,350 | 48,177 | 53,181 | 54,318 | ||||||||||
Net income (loss) | -2,801 | 3,675 | -9,066 | -469 | ||||||||||
Net income (loss) per share: | ||||||||||||||
Basic | $ | -0.06 | $ | 0.07 | $ | -0.18 | $ | -0.01 | ||||||
Diluted | $ | -0.06 | $ | 0.07 | $ | -0.18 | $ | -0.01 | ||||||
-1 | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||
-2 | The Company made acquisitions during the second quarter of 2013 which were not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||
-3 | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter(1) | Quarter(2) | Quarter | |||||||||||
(In thousands, except per share data) | ||||||||||||||
(as restated) | (as restated) | (as restated) | (as restated) | |||||||||||
Revenue | $ | 187,576 | $ | 201,321 | $ | 198,844 | $ | 201,844 | ||||||
Gross profit | 40,707 | 47,797 | 45,957 | 43,098 | ||||||||||
Net income | 4,430 | 3,773 | 4,303 | 26,287 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.09 | $ | 0.08 | $ | 0.09 | $ | 0.53 | ||||||
Diluted | $ | 0.09 | $ | 0.07 | $ | 0.08 | $ | 0.51 | ||||||
-1 | The Company made acquisitions during the second quarter of 2012 which were not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. | |||||||||||||
-2 | The Company made acquisitions during the second quarter of 2012 which were not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||
Restatement_of_Prior_Period_Fi
Restatement of Prior Period Financial Statements | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||
Accounting Changes and Error Corrections [Text Block] | ' | |||||||||||||
19 | Restatement of Prior Period Financial Statements | |||||||||||||
As a result of an internal review conducted by the Company, with the assistance of outside independent counsel it was determined that the former owner of Productions Graphics and other company personnel, engaged in fraudulent activities that resulted in improper revenue recognition that affected the results of previously filed annual and interim financial information. As a result, the Company restated its consolidated financial statements for the annual and interim periods ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2103 and September 30, 2013. | ||||||||||||||
The aforementioned errors related primarily to the former owner of Production Graphics directing the issuance of fraudulent invoices to purported customers which directly caused the Company to overstate revenue during 2011 and 2012 (the “Transactions”) for which the Company received payments on a portion of the Transactions. The recognition of this revenue resulted in the Company issuing earn-out payments of $1.5 million in 2012 related to the 2011 earn-out target and $7.8 million in 2013 related to the 2012 earn-out target, to the former owner of Productions Graphics which otherwise would not have been earned. The Company has restated its prior period financial statements to make the following corrections: | ||||||||||||||
· | reversed the revenue and associated accounts receivable recognized in connection with the Transactions in the years ended December 31, 2011 of $1.8 million and 2012 of $7.2 million; | |||||||||||||
· | recorded the cash received by the Company in connection with the Transactions in the years ended December 31, 2011 of $0.4 million, 2012 of $2.0 million and 2013 of $5.1 million as a reduction of selling, general and administrative expense; | |||||||||||||
· | because the reversal of the revenue recognized in connection with the Transactions means the applicable earn-out targets were not achieved and the Company’s calculations of the fair value of contingent consideration was not performed correctly: | |||||||||||||
- | the amount due under the contingent consideration liability decreased as of December 31, 2011 by $1.5 million (for the effect of not reaching the 2011 earn-out target), resulting in income related to the change in the fair value of the contingent consideration of $1.5 million; | |||||||||||||
- | the amount due under the contingent consideration liability decreased as of December 31, 2012 by $25.0 million (including the effect of not reaching the 2012 earn-out target and not earning the associated $7.8 million earn-out payment and revisions to the estimated future earn-out targets of $17.2 million), resulting in income related to the change in the fair value of the contingent consideration; and | |||||||||||||
- | recorded the amounts of the earn-out payments when they were paid to the former owner of Productions Graphics in 2012 of $1.5 million and 2013 of $7.8 million as selling, general and administrative expense; | |||||||||||||
· | recorded the income tax effects of the corrections described above. | |||||||||||||
The Company also recorded balance sheet adjustments unrelated to the Transactions which include (i) corrections to purchase price allocations recorded in the year ended December 31, 2012 related to deferred tax liabilities, contingent consideration liabilities and intangible assets acquired in order to push back final fair value adjustments to the period of acquisition; (ii) corrections to the classification of current liabilities to noncurrent liabilities; and (iii) other various balance sheet classification corrections. | ||||||||||||||
Additionally, the Company recorded various other corrections to the prior period financial statements which were immaterial individually and in the aggregate. | ||||||||||||||
The aggregate net impact of the corrections across all affected periods is a net decrease in income before taxes of $2.2 million. The net impact includes a decrease in income before taxes of $0.5 million for the year ended December 31, 2011, an increase in income before taxes of $17.3 million for the year ended December 31, 2012, and a decrease in income before taxes of $19.1 million for the nine months ended September 30, 2013. | ||||||||||||||
The prior period financial statements included in this filing have been restated to reflect these corrections. The following schedules reconcile the amounts as originally reported in the applicable financial statement to the corresponding restated amounts. Restated quarterly financial statements, including reconciliations to the amounts as originally reported, are included in Note 20. | ||||||||||||||
Restated consolidated statements of income amounts | ||||||||||||||
Adjustments | ||||||||||||||
Productions | ||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||
Year Ended December 31, 2011: | ||||||||||||||
Revenue | $ | 633,846,120 | $ | -1,852,243 | $ | 319,845 | $ | 632,313,722 | ||||||
Cost of goods sold | 484,483,592 | 165,516 | 282,730 | 484,931,838 | ||||||||||
Gross profit | 149,362,528 | -2,017,759 | 37,115 | 147,381,884 | ||||||||||
Selling, general and administrative expenses | 115,771,805 | -401,740 | 448,000 | 115,818,065 | ||||||||||
Change in fair value of contingent consideration | -147,529 | -1,554,000 | - | -1,701,529 | ||||||||||
Income from operations | 22,616,494 | -62,019 | -410,885 | 22,143,590 | ||||||||||
Income before taxes | 24,495,616 | -62,019 | -410,885 | 24,022,712 | ||||||||||
Income tax expense | 8,102,609 | -534,856 | -161,067 | 7,406,686 | ||||||||||
Net income | 16,393,007 | 472,837 | -249,818 | 16,616,026 | ||||||||||
Basic earnings per share | 0.35 | 0.01 | - | 0.36 | ||||||||||
Diluted earnings per share | 0.34 | 0.01 | -0.01 | 0.34 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||
Revenue | $ | 797,698,870 | $ | -7,793,984 | $ | -319,845 | $ | 789,585,041 | ||||||
Cost of goods sold | 612,275,393 | 33,831 | -282,730 | 612,026,494 | ||||||||||
Gross profit | 185,423,477 | -7,827,815 | -37,115 | 177,558,547 | ||||||||||
Selling, general and administrative expenses | 146,357,262 | -250,688 | 17,040 | 146,123,614 | ||||||||||
Change in fair value of contingent consideration | -2,724,978 | -24,963,796 | - | -27,688,774 | ||||||||||
Income from operations | 28,416,267 | 17,386,669 | -54,155 | 45,748,781 | ||||||||||
Income before taxes | 27,335,129 | 17,386,669 | -54,155 | 44,667,643 | ||||||||||
Income tax expense | 8,223,241 | -2,328,391 | -21,229 | 5,873,621 | ||||||||||
Net income | 19,111,888 | 19,715,060 | -32,926 | 38,794,022 | ||||||||||
Basic earnings per share | 0.39 | 0.4 | - | 0.79 | ||||||||||
Diluted earnings per share | 0.37 | 0.38 | - | 0.76 | ||||||||||
Restated consolidated statements of comprehensive income amounts | ||||||||||||||
Adjustments | ||||||||||||||
Productions | ||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||
Year Ended December 31, 2011: | ||||||||||||||
Net income | $ | 16,393,007 | $ | 472,837 | $ | -249,818 | $ | 16,616,026 | ||||||
Comprehensive income | 13,726,957 | 472,837 | -249,818 | 13,949,976 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||
Net income | $ | 19,111,888 | $ | 19,715,060 | $ | -32,926 | $ | 38,794,022 | ||||||
Foreign currency translation adjustments | 608,813 | 67,459 | - | 676,272 | ||||||||||
Other comprehensive income (loss), before tax | -501,425 | 67,459 | - | -433,966 | ||||||||||
Other comprehensive income (loss), net of tax | -62,869 | 67,459 | - | 4,590 | ||||||||||
Comprehensive income | 19,049,019 | 19,782,519 | -32,926 | 38,798,612 | ||||||||||
Restated consolidated balance sheet amounts | ||||||||||||||
Adjustments | ||||||||||||||
As Reported | Productions | Other | As Restated | |||||||||||
Graphics | ||||||||||||||
As of December 31, 2012: | ||||||||||||||
Accounts receivable | $ | 149,246,568 | $ | -7,141,947 | $ | - | $ | 142,104,621 | ||||||
Inventories | 17,406,863 | - | 955,419 | 18,362,282 | ||||||||||
Prepaid expenses | 16,210,053 | - | -182,040 | 16,028,013 | ||||||||||
Other current assets | 21,051,907 | - | 195,624 | 21,247,531 | ||||||||||
Total current assets | 253,445,934 | -7,141,947 | 969,003 | 247,272,990 | ||||||||||
Goodwill | 214,086,880 | - | -1,290,458 | 212,796,422 | ||||||||||
Total intangibles and other assets | 251,719,264 | - | -1,290,458 | 250,428,806 | ||||||||||
Total assets | 522,243,582 | -7,141,947 | -321,455 | 514,780,180 | ||||||||||
Accounts payable-trade | $ | 121,132,051 | $ | 199,347 | $ | 1,036,419 | $ | 122,367,817 | ||||||
Due to seller | 10,796,850 | -7,796,850 | - | 3,000,000 | ||||||||||
Other liabilities | 8,111,051 | - | -1,317,255 | 6,793,796 | ||||||||||
Accrued expenses | 17,558,675 | -2,632,853 | -35,672 | 14,890,150 | ||||||||||
Total current liabilities | 165,394,116 | -10,230,357 | -316,507 | 154,847,252 | ||||||||||
Deferred income taxes | 5,000,740 | - | -1,039,459 | 3,961,281 | ||||||||||
Contingent consideration, net of current portion | 63,869,281 | -17,166,946 | - | 46,702,335 | ||||||||||
Other long-term liabilities | - | - | 1,317,255 | 1,317,255 | ||||||||||
Total liabilities | 299,264,137 | -27,397,303 | -38,711 | 271,828,123 | ||||||||||
Accumulated other comprehensive income | 205,462 | 67,459 | - | 272,921 | ||||||||||
Retained earnings | 91,721,296 | 20,187,897 | -282,744 | 111,626,449 | ||||||||||
Total stockholders' equity | 222,979,445 | 20,255,356 | -282,744 | 242,952,057 | ||||||||||
Total liabilities and stockholders' equity | 522,243,582 | -7,141,947 | -321,455 | 514,780,180 | ||||||||||
Restated consolidated statements of cash flows amounts | ||||||||||||||
Adjustments | ||||||||||||||
As Reported | Productions | Other | As Restated | |||||||||||
Graphics | ||||||||||||||
Year Ended December 31, 2011: | ||||||||||||||
Net income | $ | 16,393,007 | $ | 472,837 | $ | -249,818 | $ | 16,616,026 | ||||||
Deferred income taxes | 1,228,443 | - | -478,567 | 749,876 | ||||||||||
Change in fair value of contingent consideration | -147,529 | -1,554,000 | - | -1,701,529 | ||||||||||
liability | ||||||||||||||
Accounts receivable and unbilled revenue | -24,785,185 | 1,450,503 | -2,071,845 | -25,406,527 | ||||||||||
Inventories | -3,326,116 | - | 471,482 | -2,854,634 | ||||||||||
Prepaid expenses and other | -2,715,853 | - | 80,000 | -2,635,853 | ||||||||||
Accounts payable | 25,432,811 | 165,516 | 1,853,248 | 27,451,575 | ||||||||||
Accrued expenses and other | 4,024,780 | -534,856 | 395,500 | 3,885,424 | ||||||||||
Net cash provided by operating activities | 27,830,536 | - | - | 27,830,536 | ||||||||||
Payments for acquisitions, net of cash acquired | -17,097,159 | 2,314,362 | - | -14,782,797 | ||||||||||
Net cash used in investing activities | -33,575,352 | 2,314,362 | - | -31,260,990 | ||||||||||
Payments of contingent consideration | - | -2,314,362 | - | -2,314,362 | ||||||||||
Net cash provided by financing activites | 14,067,712 | -2,314,362 | - | 11,753,350 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||
Net income | $ | 19,111,888 | $ | 19,715,060 | $ | -32,926 | $ | 38,794,022 | ||||||
Deferred income taxes | 1,090,502 | - | -2,085,720 | -995,218 | ||||||||||
Change in fair value of contingent consideration | -2,724,978 | -24,963,796 | - | -27,688,774 | ||||||||||
liability | ||||||||||||||
Accounts receivable and unbilled revenue | -23,278,410 | 5,691,444 | 2,740,961 | -14,846,005 | ||||||||||
Inventories | -2,134,490 | - | -955,419 | -3,089,909 | ||||||||||
Prepaid expenses and other | -13,063,957 | - | -13,584 | -13,077,541 | ||||||||||
Accounts payable | 13,582,947 | 33,831 | 1,201,935 | 14,818,713 | ||||||||||
Accrued expenses and other | 6,616,912 | -1,601,244 | -855,247 | 4,160,421 | ||||||||||
Net cash provided by operating activities | 10,536,440 | -1,124,705 | - | 9,411,735 | ||||||||||
Payments for acquisitions, net of cash acquired | -1,127,954 | - | - | -1,127,954 | ||||||||||
Net cash used in investing activities | -14,706,533 | - | - | -14,706,533 | ||||||||||
Payments of contingent consideration | -8,303,112 | 1,124,705 | - | -7,178,407 | ||||||||||
Net cash provided by financing activites | 8,458,783 | 1,124,705 | - | 9,583,488 | ||||||||||
Restatement_of_Prior_Period_Qu
Restatement of Prior Period Quarterly Financial Statements (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Restatement Of Prior Period Quarterly Financial Statements [Abstract] | ' | |||||||||||||||||||||||||
Restatement Of Prior Period Quarterly Financial Statements [Text Block] | ' | |||||||||||||||||||||||||
20 | Restatement of Prior Period Quarterly Financial Statements (Unaudited) | |||||||||||||||||||||||||
As discussed in greater detail in Note 19 - Restatement of Prior Period Financial Statements, the Company determined that it needed to restate its previously issued consolidated financial information for the quarterly periods ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2103 and September 30, 2013. The following tables summarize the effects of the restatements on our previously issued unaudited condensed consolidated financial statements. | ||||||||||||||||||||||||||
Condensed consolidated statements of income (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Revenue | $ | 187,577,031 | $ | 204,577,416 | ||||||||||||||||||||||
Cost of goods sold | 146,870,289 | 158,227,615 | ||||||||||||||||||||||||
Gross profit | 40,706,742 | 46,349,801 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 31,115,144 | 47,111,617 | ||||||||||||||||||||||||
Depreciation and amortization | 2,444,096 | 2,465,667 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | 200,141 | 608,832 | ||||||||||||||||||||||||
Income (loss) from operations | 6,947,361 | -3,836,315 | ||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Gain on sale of investment | 247,697 | - | ||||||||||||||||||||||||
Interest income | 51,741 | 7,334 | ||||||||||||||||||||||||
Interest expense | -698,094 | -485,107 | ||||||||||||||||||||||||
Other, net | 138,268 | -446,163 | ||||||||||||||||||||||||
Total other income (expense) | -260,388 | -923,936 | ||||||||||||||||||||||||
Income (loss) before taxes | 6,686,973 | -4,760,251 | ||||||||||||||||||||||||
Income tax expense (benefit) | 2,257,759 | -1,958,977 | ||||||||||||||||||||||||
Net (loss) income | $ | 4,429,214 | $ | -2,801,274 | ||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.09 | $ | -0.06 | ||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.09 | $ | -0.06 | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,861,474 | $ | -4,718,963 | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | (as restated) | |||||||||||||||||||||||
Revenue | $ | 201,321,036 | $ | 210,875,626 | $ | 388,898,067 | $ | 415,453,042 | ||||||||||||||||||
Cost of goods sold | 153,523,598 | 162,699,024 | 300,393,887 | 320,926,639 | ||||||||||||||||||||||
Gross profit | 47,797,438 | 48,176,602 | 88,504,180 | 94,526,403 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 38,381,812 | 41,347,183 | 69,496,956 | 88,458,800 | ||||||||||||||||||||||
Depreciation and amortization | 2,936,981 | 2,648,396 | 5,381,077 | 5,114,063 | ||||||||||||||||||||||
Change in fair value of contingent consideration | 266,544 | -1,649,389 | 466,685 | -1,040,557 | ||||||||||||||||||||||
Income from operations | 6,212,101 | 5,830,412 | 13,159,462 | 1,994,097 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Gain on sale of investment | 247,875 | - | 495,572 | - | ||||||||||||||||||||||
Interest income | 43,047 | 555 | 94,788 | 7,889 | ||||||||||||||||||||||
Interest expense | -660,492 | -514,825 | -1,358,586 | -999,932 | ||||||||||||||||||||||
Other, net | -124,329 | 25,510 | 13,939 | -420,653 | ||||||||||||||||||||||
Total other income (expense) | -493,899 | -488,760 | -754,287 | -1,412,696 | ||||||||||||||||||||||
Income before taxes | 5,718,202 | 5,341,652 | 12,405,175 | 581,401 | ||||||||||||||||||||||
Income tax expense (benefit) | 1,944,378 | 1,666,131 | 4,202,137 | -292,846 | ||||||||||||||||||||||
Net income | $ | 3,773,824 | $ | 3,675,521 | $ | 8,203,038 | $ | 874,247 | ||||||||||||||||||
Basic earnings per share | $ | 0.08 | $ | 0.07 | $ | 0.17 | $ | 0.02 | ||||||||||||||||||
Diluted earnings per share | $ | 0.07 | $ | 0.07 | $ | 0.16 | $ | 0.02 | ||||||||||||||||||
Comprehensive income (loss) | $ | 2,829,531 | $ | 3,477,251 | $ | 7,691,005 | $ | -1,241,712 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | (as restated) | |||||||||||||||||||||||
Revenue | $ | 198,843,932 | $ | 232,629,788 | $ | 587,741,999 | $ | 648,082,830 | ||||||||||||||||||
Cost of goods sold | 152,887,337 | 179,448,580 | 453,281,224 | 500,375,219 | ||||||||||||||||||||||
Gross profit | 45,956,595 | 53,181,208 | 134,460,775 | 147,707,611 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 36,299,315 | 44,724,982 | 105,796,271 | 133,183,782 | ||||||||||||||||||||||
Depreciation and amortization | 2,696,255 | 3,880,431 | 8,077,332 | 8,994,494 | ||||||||||||||||||||||
Change in fair value of contingent consideration | 330,791 | -29,627,005 | 797,476 | -30,667,562 | ||||||||||||||||||||||
Goodwill impairment charge | - | 37,908,000 | - | 37,908,000 | ||||||||||||||||||||||
Restructuring and other charges | - | 4,321,862 | - | 4,321,862 | ||||||||||||||||||||||
Income (loss) from operations | 6,630,234 | -8,027,062 | 19,789,696 | -6,032,965 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Gain on sale of investment | 346,836 | - | 842,408 | - | ||||||||||||||||||||||
Interest income | 10,667 | 14,887 | 105,455 | 22,776 | ||||||||||||||||||||||
Interest expense | -633,085 | -820,081 | -1,991,671 | -1,820,013 | ||||||||||||||||||||||
Other, net | 108,667 | 77,147 | 122,606 | -343,506 | ||||||||||||||||||||||
Total other income (expense) | -166,915 | -728,047 | -921,202 | -2,140,743 | ||||||||||||||||||||||
Income (loss) before taxes | 6,463,319 | -8,755,109 | 18,868,494 | -8,173,708 | ||||||||||||||||||||||
Income tax expense (benefit) | 2,159,825 | 310,961 | 6,361,962 | 18,115 | ||||||||||||||||||||||
Net income (loss) | $ | 4,303,494 | $ | -9,066,070 | $ | 12,506,532 | $ | -8,191,823 | ||||||||||||||||||
Basic earnings (loss) per share | $ | 0.09 | $ | -0.18 | $ | 0.26 | $ | -0.16 | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.08 | $ | -0.18 | $ | 0.25 | $ | -0.16 | ||||||||||||||||||
Comprehensive income (loss) | $ | 4,724,259 | $ | -5,694,098 | $ | 12,415,264 | $ | -6,935,810 | ||||||||||||||||||
Quarterly financial data (unaudited) | ||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||
As Reported | Adjustments | As Restated | ||||||||||||||||||||||||
Revenue | $ | 207,987 | $ | -6,143 | $ | 201,844 | ||||||||||||||||||||
Gross profit | 49,303 | -6,205 | 43,098 | |||||||||||||||||||||||
Net income | 5,974 | 20,313 | 26,287 | |||||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.41 | $ | 0.53 | ||||||||||||||||||||
Diluted | $ | 0.12 | $ | 0.39 | $ | 0.51 | ||||||||||||||||||||
Condensed consolidated balance sheets (unaudited) | ||||||||||||||||||||||||||
March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2013 | 2013 | 2013 | ||||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,609,171 | $ | 14,164,356 | $ | 19,224,801 | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 145,033,144 | 148,458,376 | 165,267,866 | |||||||||||||||||||||||
Unbilled revenue | 30,191,086 | 27,041,664 | 28,920,833 | |||||||||||||||||||||||
Inventories | 15,310,762 | 16,390,726 | 29,423,436 | |||||||||||||||||||||||
Prepaid expenses | 19,830,132 | 16,226,314 | 10,639,529 | |||||||||||||||||||||||
Deferred income taxes | 1,541,351 | 1,440,660 | 3,059,701 | |||||||||||||||||||||||
Other current assets | 20,934,611 | 18,735,224 | 23,766,065 | |||||||||||||||||||||||
Total current assets | 243,450,257 | 242,457,320 | 280,302,231 | |||||||||||||||||||||||
Property and equipment, net | 18,327,091 | 19,516,534 | 20,763,736 | |||||||||||||||||||||||
Intangibles and other assets: | ||||||||||||||||||||||||||
Goodwill | 250,025,226 | 260,714,048 | 250,863,723 | |||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 38,186,926 | 39,367,233 | 57,100,375 | |||||||||||||||||||||||
Deferred income taxes | - | - | - | |||||||||||||||||||||||
Other assets | 1,417,979 | 699,262 | 1,035,867 | |||||||||||||||||||||||
289,630,131 | 300,780,543 | 308,999,965 | ||||||||||||||||||||||||
Total assets | $ | 551,407,479 | $ | 562,754,397 | $ | 610,065,932 | ||||||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable-trade | $ | 126,805,292 | $ | 117,764,548 | $ | 143,548,372 | ||||||||||||||||||||
Current portion of contingent consideration | 26,678,442 | 29,241,446 | 24,876,636 | |||||||||||||||||||||||
Due to seller | 943,424 | 685,114 | 1,194,520 | |||||||||||||||||||||||
Other liabilities | 6,115,295 | 7,987,811 | 12,490,643 | |||||||||||||||||||||||
Accrued expenses | 9,258,800 | 9,467,010 | 11,106,292 | |||||||||||||||||||||||
Total current liabilities | 169,801,253 | 165,145,929 | 193,216,463 | |||||||||||||||||||||||
Revolving credit facility | 70,500,000 | 78,300,000 | 91,500,000 | |||||||||||||||||||||||
Deferred income taxes | 5,117,858 | 5,760,815 | 15,989,408 | |||||||||||||||||||||||
Contingent consideration, net of current portion | 60,712,734 | 63,083,023 | 64,212,585 | |||||||||||||||||||||||
Other long-term liabilities | 1,500,705 | 1,406,296 | 1,369,131 | |||||||||||||||||||||||
Total liabilities | 307,632,550 | 313,696,063 | 366,287,587 | |||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||
Common stock, par value $0.0001 per share, 200,000,000 shares authorized, 60,971,436, 61,268,422 and 61,363,632 shares issued, 50,623,049, 50,932,298 and 51,250,323 shares outstanding, respectively | 6,097 | 6,127 | 6,136 | |||||||||||||||||||||||
Additional paid-in capital | 201,550,716 | 203,233,352 | 201,158,609 | |||||||||||||||||||||||
Treasury stock at cost, 10,336,124, 10,113,309 and 10,113,309 shares, respectively | -64,962,291 | -64,824,042 | -62,312,100 | |||||||||||||||||||||||
Accumulated other comprehensive income | -1,644,768 | -1,843,038 | 1,528,935 | |||||||||||||||||||||||
Retained earnings | 108,825,175 | 112,485,935 | 103,396,765 | |||||||||||||||||||||||
Total stockholders' equity | 243,774,929 | 249,058,334 | 243,778,345 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 551,407,479 | $ | 562,754,397 | $ | 610,065,932 | ||||||||||||||||||||
March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2012 | 2012 | 2012 | ||||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,665,972 | $ | 11,971,416 | $ | 9,156,463 | ||||||||||||||||||||
Short-term investments | 888,897 | 793,707 | 362,259 | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 146,907,627 | 139,259,771 | 152,529,957 | |||||||||||||||||||||||
Unbilled revenue | 30,883,113 | 33,512,456 | 33,630,255 | |||||||||||||||||||||||
Inventories | 12,198,821 | 11,787,614 | 14,401,850 | |||||||||||||||||||||||
Prepaid expenses | 10,696,763 | 11,288,934 | 14,109,383 | |||||||||||||||||||||||
Deferred income taxes | 1,463,492 | 1,734,274 | 1,681,213 | |||||||||||||||||||||||
Other current assets | 24,697,846 | 19,574,702 | 36,286,672 | |||||||||||||||||||||||
Total current assets | 243,402,531 | 229,922,874 | 262,158,052 | |||||||||||||||||||||||
Property and equipment, net | 12,168,279 | 13,707,584 | 14,531,012 | |||||||||||||||||||||||
Intangibles and other assets: | ||||||||||||||||||||||||||
Goodwill | 199,257,989 | 202,761,094 | 211,191,783 | |||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 37,268,369 | 36,918,524 | 36,594,576 | |||||||||||||||||||||||
Deferred income taxes | 3,715,207 | 3,716,284 | 2,695,971 | |||||||||||||||||||||||
Other assets | 791,106 | 1,061,292 | 1,043,296 | |||||||||||||||||||||||
241,032,671 | 244,457,194 | 251,525,626 | ||||||||||||||||||||||||
Total assets | $ | 496,603,481 | $ | 488,087,652 | $ | 528,214,690 | ||||||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable-trade | $ | 120,157,340 | $ | 100,268,319 | $ | 125,889,990 | ||||||||||||||||||||
Current portion of contingent consideration | 16,199,571 | 15,396,575 | 16,923,240 | |||||||||||||||||||||||
Due to seller | 1,532,592 | - | - | |||||||||||||||||||||||
Other liabilities | 7,633,577 | 9,587,750 | 7,086,530 | |||||||||||||||||||||||
Accrued expenses | 15,050,039 | 12,148,857 | 12,076,796 | |||||||||||||||||||||||
Total current liabilities | 160,573,119 | 137,401,501 | 161,976,556 | |||||||||||||||||||||||
Revolving credit facility | 71,400,000 | 73,000,000 | 74,000,000 | |||||||||||||||||||||||
Deferred income taxes | 6,833,274 | 7,002,310 | 7,301,933 | |||||||||||||||||||||||
Contingent consideration, net of current portion | 63,411,139 | 66,107,784 | 69,546,954 | |||||||||||||||||||||||
Other long-term liabilities | 1,370,976 | 1,354,311 | 1,379,506 | |||||||||||||||||||||||
Total liabilities | 303,588,508 | 284,865,906 | 314,204,949 | |||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||
Common stock, par value $0.0001 per share, 200,000,000 shares authorized, 58,961,117, 59,833,466 and 60,460,457 shares issued, 48,123,303, 49,184,937 and 49,924,994 shares outstanding, respectively | 5,896 | 5,983 | 6,046 | |||||||||||||||||||||||
Additional paid-in capital | 185,458,845 | 190,769,991 | 195,558,997 | |||||||||||||||||||||||
Treasury stock at cost, 10,837,814, 10,648,529 and 10,535,463 shares, respectively | -70,479,927 | -68,345,991 | -67,071,323 | |||||||||||||||||||||||
Accumulated other comprehensive income | 700,591 | -243,701 | 177,063 | |||||||||||||||||||||||
Retained earnings | 77,329,568 | 81,035,464 | 85,338,958 | |||||||||||||||||||||||
Total stockholders' equity | 193,014,973 | 203,221,746 | 214,009,741 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 496,603,481 | $ | 488,087,652 | $ | 528,214,690 | ||||||||||||||||||||
Condensed consolidated statements of cash flows (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Net income (loss) | $ | 4,429,214 | $ | -2,801,274 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 2,444,096 | 2,465,667 | ||||||||||||||||||||||||
Stock-based compensation expense | 1,047,645 | 973,193 | ||||||||||||||||||||||||
Deferred income taxes | 902,380 | 585,098 | ||||||||||||||||||||||||
Gain on sale of investment | -247,697 | - | ||||||||||||||||||||||||
Bad debt provision | 145,447 | 13,844 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | -4,163,793 | -951,066 | ||||||||||||||||||||||||
Change in fair value of contingent consideration liability | 200,141 | 608,832 | ||||||||||||||||||||||||
Other operating activities | 30,254 | 55,629 | ||||||||||||||||||||||||
Change in assets, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable and unbilled revenue | -21,904,760 | -1,304,702 | ||||||||||||||||||||||||
Inventories | 1,648,396 | 2,920,270 | ||||||||||||||||||||||||
Prepaid expenses and other | -10,351,793 | -3,098,782 | ||||||||||||||||||||||||
Change in liabilities, net of acquisitons: | ||||||||||||||||||||||||||
Accounts payable | 16,003,529 | 3,710,942 | ||||||||||||||||||||||||
Accrued expenses and other | 2,344,303 | -4,020,290 | ||||||||||||||||||||||||
Net cash used in operating activities | -7,472,638 | -842,639 | ||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of property and equipment | -1,862,648 | -2,886,245 | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | -1,587,576 | -6,261,942 | ||||||||||||||||||||||||
Proceeds from sale of marketable securities | 249,540 | - | ||||||||||||||||||||||||
Other investing activities | 11,567 | - | ||||||||||||||||||||||||
Net cash used in investing activities | -3,189,117 | -9,148,187 | ||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Net borrowings (repayments) from revolving credit facility and short-term debt | 11,400,000 | 5,500,000 | ||||||||||||||||||||||||
Payments of contingent consideration | -3,228,375 | -3,720,821 | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 555,355 | 846,541 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | 4,163,793 | 951,066 | ||||||||||||||||||||||||
Other financing activities | -4,349 | -36,642 | ||||||||||||||||||||||||
Net cash provided by financing activites | 12,886,424 | 3,540,144 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 221,918 | -159,046 | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2,446,587 | -6,609,728 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 13,219,385 | 17,218,899 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 15,665,972 | $ | 10,609,171 | ||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Net income | $ | 8,203,038 | $ | 874,247 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 5,381,077 | 5,114,063 | ||||||||||||||||||||||||
Stock-based compensation expense | 2,451,374 | 2,054,106 | ||||||||||||||||||||||||
Deferred income taxes | 806,152 | 720,547 | ||||||||||||||||||||||||
Gain on sale of investment | -495,572 | - | ||||||||||||||||||||||||
Bad debt provision | 352,332 | 158,730 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | -7,447,068 | -1,066,357 | ||||||||||||||||||||||||
Change in fair value of contingent consideration liability | 466,685 | -1,040,557 | ||||||||||||||||||||||||
Other operating activities | 81,728 | 111,258 | ||||||||||||||||||||||||
Change in assets, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable and unbilled revenue | -15,750,384 | 1,449,472 | ||||||||||||||||||||||||
Inventories | 1,984,370 | 1,984,593 | ||||||||||||||||||||||||
Prepaid expenses and other | -6,975,351 | 4,288,640 | ||||||||||||||||||||||||
Change in liabilities, net of acquisitons: | ||||||||||||||||||||||||||
Accounts payable | -5,392,463 | -7,511,701 | ||||||||||||||||||||||||
Accrued expenses and other | 5,212,828 | -4,227,037 | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | -11,121,254 | 2,910,004 | ||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of property and equipment | -5,045,823 | -5,822,741 | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | 287,396 | -11,559,092 | ||||||||||||||||||||||||
Payments to seller for acquisitions closed prior to 2009 | -3,000,000 | - | ||||||||||||||||||||||||
Proceeds from sale of marketable securities | 499,122 | - | ||||||||||||||||||||||||
Other investing activities | 11,567 | - | ||||||||||||||||||||||||
Net cash used in investing activities | -7,247,738 | -17,381,833 | ||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Net borrowings (repayments) from revolving credit facility and short-term debt | 13,000,000 | 13,300,000 | ||||||||||||||||||||||||
Payments of contingent consideration | -4,367,253 | -4,664,219 | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 1,171,660 | 1,842,044 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | 7,447,068 | 1,066,357 | ||||||||||||||||||||||||
Other financing activities | -7,270 | -36,642 | ||||||||||||||||||||||||
Net cash provided by financing activites | 17,244,205 | 11,507,540 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | -123,182 | -90,254 | ||||||||||||||||||||||||
Decrease in cash and cash equivalents | -1,247,969 | -3,054,543 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 13,219,385 | 17,218,899 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 11,971,416 | $ | 14,164,356 | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Net income (loss) | $ | 12,506,532 | $ | -8,191,823 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 8,077,332 | 8,994,494 | ||||||||||||||||||||||||
Stock-based compensation expense | 3,171,073 | 3,036,188 | ||||||||||||||||||||||||
Deferred income taxes | 1,908,788 | 4,026,444 | ||||||||||||||||||||||||
Gain on sale of investment | -842,408 | - | ||||||||||||||||||||||||
Bad debt provision | 856,098 | 372,482 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | -8,352,190 | 1,768,277 | ||||||||||||||||||||||||
Change in fair value of contingent consideration liability | 797,476 | -30,667,562 | ||||||||||||||||||||||||
Goodwill impairment charge | - | 37,908,000 | ||||||||||||||||||||||||
Reduction of prepaid commissions | - | 3,939,974 | ||||||||||||||||||||||||
Other operating activities | - | 166,888 | ||||||||||||||||||||||||
Change in assets, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable and unbilled revenue | -28,134,374 | -6,171,498 | ||||||||||||||||||||||||
Inventories | 397,738 | -7,321,557 | ||||||||||||||||||||||||
Prepaid expenses and other | -26,239,457 | 999,626 | ||||||||||||||||||||||||
Change in liabilities, net of acquisitons: | - | - | ||||||||||||||||||||||||
Accounts payable | 18,587,299 | 6,752,468 | ||||||||||||||||||||||||
Accrued expenses and other | 3,040,904 | -6,148,551 | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | -14,225,189 | 9,463,850 | ||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of property and equipment | -7,462,169 | -8,690,905 | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | -946,060 | -19,795,603 | ||||||||||||||||||||||||
Payments to seller for acquisitions closed prior to 2009 | -3,000,000 | - | ||||||||||||||||||||||||
Proceeds from sale of marketable securities | 603,053 | - | ||||||||||||||||||||||||
Other investing activities | 11,567 | - | ||||||||||||||||||||||||
Net cash used in investing activities | -10,793,609 | -28,486,508 | ||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Net borrowings (repayments) from revolving credit facility and short-term debt | 14,000,000 | 26,500,000 | ||||||||||||||||||||||||
Payments of contingent consideration | -5,015,639 | -5,489,373 | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 3,958,789 | 1,939,274 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | 8,352,190 | -1,768,277 | ||||||||||||||||||||||||
Other financing activities | -7,270 | -274,052 | ||||||||||||||||||||||||
Net cash provided by financing activites | 21,288,070 | 20,907,572 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | -332,194 | 120,988 | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | -4,062,922 | 2,005,902 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 13,219,385 | 17,218,899 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 9,156,463 | $ | 19,224,801 | ||||||||||||||||||||||
Reconciliation of restated quarterly financial statement amounts (unaudited) | ||||||||||||||||||||||||||
Restated consolidated statements of income amounts (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | As Reported | Productions | Other | As Restated | |||||||||||||||||||
Graphics | Graphics | |||||||||||||||||||||||||
Revenue | $ | 188,546,402 | $ | -649,526 | $ | -319,845 | $ | 187,577,031 | $ | 204,316,125 | $ | 261,291 | $ | - | $ | 204,577,416 | ||||||||||
Cost of goods sold | 147,153,019 | - | -282,730 | 146,870,289 | 158,323,630 | -96,015 | - | 158,227,615 | ||||||||||||||||||
Gross profit | 41,393,383 | -649,526 | -37,115 | 40,706,742 | 45,992,495 | 357,306 | - | 46,349,801 | ||||||||||||||||||
Selling, general and administrative expenses | 32,883,123 | -1,410,979 | -357,000 | 31,115,144 | 41,126,957 | 6,308,660 | -324,000 | 47,111,617 | ||||||||||||||||||
Income (loss) from operations | 5,866,023 | 761,453 | 319,885 | 6,947,361 | 1,791,039 | -5,951,355 | 324,001 | -3,836,315 | ||||||||||||||||||
Income (loss) before taxes | 5,605,635 | 761,453 | 319,885 | 6,686,973 | 867,103 | -5,951,355 | 324,001 | -4,760,251 | ||||||||||||||||||
Income tax expense (benefit) | 1,917,947 | 214,417 | 125,395 | 2,257,759 | -28,027 | -2,057,958 | 127,008 | -1,958,977 | ||||||||||||||||||
Net income (loss) | 3,687,688 | 547,036 | 194,490 | 4,429,214 | 895,130 | -3,893,397 | 196,993 | -2,801,274 | ||||||||||||||||||
Basic earnings (loss) per share | 0.08 | 0.01 | - | 0.09 | 0.02 | -0.08 | - | -0.06 | ||||||||||||||||||
Diluted earnings (loss) per share | 0.07 | 0.01 | 0.01 | 0.09 | 0.02 | -0.07 | - | -0.06 | ||||||||||||||||||
Comprehensive income (loss) | 4,089,394 | 577,590 | 194,490 | 4,861,474 | -956,066 | -3,959,890 | 196,993 | -4,718,963 | ||||||||||||||||||
Three Months Ended June 30, 2012 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | As Reported | Productions | Other | As Restated | |||||||||||||||||||
Graphics | Graphics | |||||||||||||||||||||||||
Revenue | $ | 201,397,471 | $ | -76,435 | $ | - | $ | 201,321,036 | $ | 210,875,626 | $ | - | $ | - | $ | 210,875,626 | ||||||||||
Cost of goods sold | 153,551,408 | -27,810 | - | 153,523,598 | 162,699,024 | - | - | 162,699,024 | ||||||||||||||||||
Gross profit | 47,846,063 | -48,625 | - | 47,797,438 | 48,176,602 | - | - | 48,176,602 | ||||||||||||||||||
Selling, general and administrative expenses | 37,377,559 | 1,004,253 | - | 38,381,812 | 43,907,070 | -2,559,887 | - | 41,347,183 | ||||||||||||||||||
Income from operations | 7,264,979 | -1,052,878 | - | 6,212,101 | 3,270,525 | 2,559,887 | - | 5,830,412 | ||||||||||||||||||
Income before taxes | 6,771,080 | -1,052,878 | - | 5,718,202 | 2,781,765 | 2,559,887 | - | 5,341,652 | ||||||||||||||||||
Income tax expense | 2,296,680 | -352,302 | - | 1,944,378 | 878,420 | 787,711 | - | 1,666,131 | ||||||||||||||||||
Net income | 4,474,400 | -700,576 | - | 3,773,824 | 1,903,345 | 1,772,176 | - | 3,675,521 | ||||||||||||||||||
Basic earnings per share | 0.09 | -0.01 | - | 0.08 | 0.04 | 0.03 | - | 0.07 | ||||||||||||||||||
Diluted earnings per share | 0.09 | -0.02 | - | 0.07 | 0.04 | 0.03 | - | 0.07 | ||||||||||||||||||
Comprehensive income | 3,493,203 | -663,672 | - | 2,829,531 | 1,705,075 | 1,772,176 | - | 3,477,251 | ||||||||||||||||||
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | As Reported | Productions | Other | As Restated | |||||||||||||||||||
Graphics | Graphics | |||||||||||||||||||||||||
Revenue | $ | 389,943,873 | $ | -725,961 | $ | -319,845 | $ | 388,898,067 | $ | 415,191,751 | $ | 261,291 | $ | - | $ | 415,453,042 | ||||||||||
Cost of goods sold | 300,704,427 | -27,810 | -282,730 | 300,393,887 | 321,022,654 | -96,015 | - | 320,926,639 | ||||||||||||||||||
Gross profit | 89,239,446 | -698,151 | -37,115 | 88,504,180 | 94,169,097 | 357,306 | - | 94,526,403 | ||||||||||||||||||
Selling, general and administrative expenses | 70,260,682 | -406,726 | -357,000 | 69,496,956 | 85,034,027 | 3,748,773 | -324,000 | 88,458,800 | ||||||||||||||||||
Income from operations | 13,131,002 | -291,425 | 319,885 | 13,159,462 | 5,061,564 | -3,391,467 | 324,000 | 1,994,097 | ||||||||||||||||||
Income before taxes | 12,376,715 | -291,425 | 319,885 | 12,405,175 | 3,648,868 | -3,391,467 | 324,000 | 581,401 | ||||||||||||||||||
Income tax expense (benefit) | 4,214,627 | -137,885 | 125,395 | 4,202,137 | 850,393 | -1,270,246 | 127,007 | -292,846 | ||||||||||||||||||
Net income | 8,162,088 | -153,540 | 194,490 | 8,203,038 | 2,798,475 | -2,121,221 | 196,993 | 874,247 | ||||||||||||||||||
Basic earnings per share | 0.17 | - | - | 0.17 | 0.06 | -0.04 | - | 0.02 | ||||||||||||||||||
Diluted earnings per share | 0.16 | - | - | 0.16 | 0.05 | -0.03 | - | 0.02 | ||||||||||||||||||
Comprehensive income (loss) | 7,582,597 | -86,082 | 194,490 | 7,691,005 | 749,009 | -2,187,714 | 196,993 | -1,241,712 | ||||||||||||||||||
As a result of the revised estimates of fair value as of December 31, 2012, the contingent consideration liability decreased by $17.2 million. This amount has been reflected as a reduction in the fair value adjustment originally recognized as of September 30, 2013. | ||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Revenue | $ | 199,768,676 | $ | -924,744 | $ | - | $ | 198,843,932 | $ | 232,629,788 | $ | - | $ | - | $ | 232,629,788 | ||||||||||
Cost of goods sold | 152,887,337 | - | - | 152,887,337 | 179,511,134 | -62,554 | - | 179,448,580 | ||||||||||||||||||
Gross profit | 46,881,339 | -924,744 | - | 45,956,595 | 53,118,654 | 62,554 | - | 53,181,208 | ||||||||||||||||||
Selling, general and administrative expenses | 36,253,631 | -4,355 | 50,040 | 36,299,315 | 45,832,645 | -1,107,663 | - | 44,724,982 | ||||||||||||||||||
Change in fair value of contingent consideration | 330,791 | - | - | 330,791 | -46,793,951 | 17,166,946 | - | -29,627,005 | ||||||||||||||||||
Income (loss) from operations | 7,600,662 | -920,388 | -50,040 | 6,630,234 | 7,969,667 | -15,996,729 | - | -8,027,062 | ||||||||||||||||||
Income (loss) before taxes | 7,433,747 | -920,388 | -50,040 | 6,463,319 | 7,241,620 | -15,996,729 | - | -8,755,109 | ||||||||||||||||||
Income tax expense (benefit) | 2,457,403 | -277,962 | -19,616 | 2,159,825 | -50,301 | 361,262 | - | 310,961 | ||||||||||||||||||
Net income (loss) | 4,976,344 | -642,426 | -30,424 | 4,303,494 | 7,291,921 | -16,357,992 | - | -9,066,070 | ||||||||||||||||||
Basic earnings (loss) per share | 0.1 | -0.01 | - | 0.09 | 0.14 | -0.32 | - | -0.18 | ||||||||||||||||||
Diluted earnings (loss) per share | 0.1 | -0.02 | - | 0.08 | 0.14 | -0.32 | - | -0.18 | ||||||||||||||||||
Comprehensive income (loss) | 5,397,109 | -642,426 | -30,424 | 4,724,259 | 10,663,894 | -16,357,992 | - | -5,694,098 | ||||||||||||||||||
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Revenue | $ | 589,712,549 | $ | -1,650,705 | $ | -319,845 | $ | 587,741,999 | $ | 647,821,539 | $ | 261,291 | $ | - | $ | 648,082,830 | ||||||||||
Cost of goods sold | 453,591,764 | -27,810 | -282,730 | 453,281,224 | 500,533,788 | -158,569 | - | 500,375,219 | ||||||||||||||||||
Gross profit | 136,120,785 | -1,622,895 | -37,115 | 134,460,775 | 147,287,751 | 419,860 | - | 147,707,611 | ||||||||||||||||||
Selling, general and administrative expenses | 106,514,313 | -411,082 | -306,960 | 105,796,271 | 130,866,672 | 2,641,110 | -323,999 | 133,183,782 | ||||||||||||||||||
Change in fair value of contingent consideration | 797,476 | - | - | 797,476 | -47,834,508 | 17,166,946 | - | -30,667,562 | ||||||||||||||||||
Income (loss) from operations | 20,731,664 | -1,211,813 | 269,845 | 19,789,696 | 13,031,231 | -19,388,196 | 324,000 | -6,032,965 | ||||||||||||||||||
Income (loss) before taxes | 19,810,462 | -1,211,813 | 269,845 | 18,868,494 | 10,890,488 | -19,388,196 | 324,000 | -8,173,708 | ||||||||||||||||||
Income tax expense (benefit) | 6,672,030 | -415,847 | 105,779 | 6,361,962 | 800,092 | -908,984 | 127,007 | 18,115 | ||||||||||||||||||
Net income (loss) | 13,138,432 | -795,966 | 164,066 | 12,506,532 | 10,090,396 | -18,479,213 | 196,994 | -8,191,823 | ||||||||||||||||||
Basic earnings (loss) per share | 0.27 | -0.01 | - | 0.26 | 0.2 | -0.36 | - | -0.16 | ||||||||||||||||||
Diluted earnings (loss) per share | 0.26 | -0.01 | - | 0.25 | 0.19 | -0.35 | - | -0.16 | ||||||||||||||||||
Comprehensive income (loss) | 12,979,706 | -728,508 | 164,066 | 12,415,264 | 11,412,903 | -18,545,706 | 196,993 | -6,935,810 | ||||||||||||||||||
Restated consolidated balance sheets amounts (unaudited) | ||||||||||||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | |||||||||||||||||||||||
Graphics | ||||||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 150,492,103 | $ | -5,458,959 | $ | - | $ | 145,033,144 | ||||||||||||||||||
Prepaid expenses | 19,880,172 | - | -50,040 | 19,830,132 | ||||||||||||||||||||||
Other current assets | 20,914,995 | - | 19,616 | 20,934,611 | ||||||||||||||||||||||
Total current assets | 248,939,640 | -5,458,959 | -30,424 | 243,450,257 | ||||||||||||||||||||||
Goodwill | 251,315,684 | - | -1,290,458 | 250,025,226 | ||||||||||||||||||||||
Total intangibles and other assets | 290,920,589 | - | -1,290,458 | 289,630,131 | ||||||||||||||||||||||
Total assets | 558,187,320 | -5,458,959 | -1,320,882 | 551,407,479 | ||||||||||||||||||||||
Accounts payable-trade | $ | 126,701,960 | $ | 103,332 | $ | - | $ | 126,805,292 | ||||||||||||||||||
Other liabilities | 7,616,000 | - | -1,500,705 | 6,115,295 | ||||||||||||||||||||||
Accrued expenses | 13,985,283 | -4,690,811 | -35,672 | 9,258,800 | ||||||||||||||||||||||
Total current liabilities | 175,925,109 | -4,587,479 | -1,536,377 | 169,801,253 | ||||||||||||||||||||||
Deferred income taxes | 6,317,317 | - | -1,199,459 | 5,117,858 | ||||||||||||||||||||||
Contingent consideration, net of current portion | 77,879,680 | -17,166,946 | - | 60,712,734 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,500,705 | 1,500,705 | ||||||||||||||||||||||
Total liabilities | 330,622,106 | -21,754,424 | -1,235,132 | 307,632,550 | ||||||||||||||||||||||
Accumulated other comprehensive income | -1,645,734 | 966 | - | -1,644,768 | ||||||||||||||||||||||
Retained earnings | 92,616,426 | 16,294,500 | -85,751 | 108,825,175 | ||||||||||||||||||||||
Total stockholders' equity | 227,565,214 | 16,295,466 | -85,751 | 243,774,929 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 558,187,320 | -5,458,959 | -1,320,882 | 551,407,479 | ||||||||||||||||||||||
As of June 30, 2013 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 151,357,448 | $ | -2,899,072 | $ | - | $ | 148,458,376 | ||||||||||||||||||
Prepaid expenses | 16,276,354 | - | -50,040 | 16,226,314 | ||||||||||||||||||||||
Other current assets | 18,715,608 | - | 19,616 | 18,735,224 | ||||||||||||||||||||||
Total current assets | 245,386,816 | -2,899,072 | -30,424 | 242,457,320 | ||||||||||||||||||||||
Goodwill | 262,004,506 | - | -1,290,458 | 260,714,048 | ||||||||||||||||||||||
Total intangibles and other assets | 302,071,001 | - | -1,290,458 | 300,780,543 | ||||||||||||||||||||||
Total assets | 566,974,351 | -2,899,072 | -1,320,882 | 562,754,397 | ||||||||||||||||||||||
Accounts payable-trade | $ | 117,661,216 | $ | 103,332 | $ | - | $ | 117,764,548 | ||||||||||||||||||
Other liabilities | 9,394,107 | - | -1,406,296 | 7,987,811 | ||||||||||||||||||||||
Accrued expenses | 13,405,782 | -3,903,100 | -35,672 | 9,467,010 | ||||||||||||||||||||||
Total current liabilities | 170,387,665 | -3,799,767 | -1,441,969 | 165,145,929 | ||||||||||||||||||||||
Deferred income taxes | 6,960,274 | - | -1,199,459 | 5,760,815 | ||||||||||||||||||||||
Contingent consideration, net of current portion | 80,249,969 | -17,166,946 | - | 63,083,023 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,406,296 | 1,406,296 | ||||||||||||||||||||||
Total liabilities | 335,897,908 | -20,966,713 | -1,235,132 | 313,696,063 | ||||||||||||||||||||||
Accumulated other comprehensive income | -1,844,004 | 966 | - | -1,843,038 | ||||||||||||||||||||||
Retained earnings | 94,505,010 | 18,066,675 | -85,750 | 112,485,935 | ||||||||||||||||||||||
Total stockholders' equity | 231,076,443 | 18,067,640 | -85,750 | 249,058,334 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 566,974,351 | -2,899,072 | -1,320,882 | 562,754,397 | ||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 167,059,275 | $ | -1,791,409 | $ | - | $ | 165,267,866 | ||||||||||||||||||
Prepaid expenses | 10,689,569 | - | -50,040 | 10,639,529 | ||||||||||||||||||||||
Other current assets | 23,746,449 | - | 19,616 | 23,766,065 | ||||||||||||||||||||||
Total current assets | 282,124,064 | -1,791,409 | -30,424 | 280,302,231 | ||||||||||||||||||||||
Goodwill | 252,154,181 | - | -1,290,458 | 250,863,723 | ||||||||||||||||||||||
Total intangibles and other assets | 310,290,423 | - | -1,290,458 | 308,999,965 | ||||||||||||||||||||||
Total assets | 613,178,223 | -1,791,409 | -1,320,882 | 610,065,932 | ||||||||||||||||||||||
Accounts payable-trade | $ | 143,507,594 | $ | 40,778 | $ | - | $ | 143,548,372 | ||||||||||||||||||
Other liabilities | 13,859,774 | - | -1,369,131 | 12,490,643 | ||||||||||||||||||||||
Accrued expenses | 14,683,802 | -3,541,838 | -35,672 | 11,106,292 | ||||||||||||||||||||||
Total current liabilities | 198,122,326 | -3,501,059 | -1,404,804 | 193,216,463 | ||||||||||||||||||||||
Deferred income taxes | 17,188,867 | - | -1,199,459 | 15,989,408 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,369,131 | 1,369,131 | ||||||||||||||||||||||
Total liabilities | 371,023,778 | -3,501,059 | -1,235,132 | 366,287,587 | ||||||||||||||||||||||
Accumulated other comprehensive income | 1,527,969 | 966 | - | 1,528,935 | ||||||||||||||||||||||
Retained earnings | 101,773,831 | 1,708,684 | -85,750 | 103,396,765 | ||||||||||||||||||||||
Total stockholders' equity | 242,154,445 | 1,709,650 | -85,750 | 243,778,345 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 613,178,223 | -1,791,409 | -1,320,882 | 610,065,932 | ||||||||||||||||||||||
As of March 31, 2012 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 147,099,923 | $ | -192,296 | $ | - | $ | 146,907,627 | ||||||||||||||||||
Total current assets | 243,594,827 | -192,296 | - | 243,402,531 | ||||||||||||||||||||||
Goodwill | 208,313,495 | - | -9,055,506 | 199,257,989 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 25,743,759 | - | 11,524,610 | 37,268,369 | ||||||||||||||||||||||
Total intangibles and other assets | 238,563,567 | - | 2,469,104 | 241,032,671 | ||||||||||||||||||||||
Total assets | 494,326,673 | -192,296 | 2,469,104 | 496,603,481 | ||||||||||||||||||||||
Accounts payable-trade | $ | 119,991,824 | $ | 165,516 | $ | - | $ | 120,157,340 | ||||||||||||||||||
Due to seller | 2,620,392 | -1,087,800 | - | 1,532,592 | ||||||||||||||||||||||
Other liabilities | 9,004,553 | - | -1,370,976 | 7,633,577 | ||||||||||||||||||||||
Accrued expenses | 15,406,150 | -320,439 | -35,672 | 15,050,039 | ||||||||||||||||||||||
Total current liabilities | 163,222,490 | -1,242,723 | -1,406,648 | 160,573,119 | ||||||||||||||||||||||
Deferred income taxes | - | - | 6,833,274 | 6,833,274 | ||||||||||||||||||||||
Contingent consideration, net of current portion | 67,684,309 | - | -4,273,170 | 63,411,139 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,370,976 | 1,370,976 | ||||||||||||||||||||||
Total liabilities | 302,306,799 | -1,242,723 | 2,524,432 | 303,588,508 | ||||||||||||||||||||||
Common stock | 4,812 | - | 1,084 | 5,896 | ||||||||||||||||||||||
Additional paid-in capital | 185,459,929 | - | -1,084 | 185,458,845 | ||||||||||||||||||||||
Accumulated other comprehensive income | 670,037 | 30,554 | - | 700,591 | ||||||||||||||||||||||
Retained earnings | 76,365,023 | 1,019,873 | -55,328 | 77,329,568 | ||||||||||||||||||||||
Total stockholders' equity | 192,019,874 | 1,050,427 | -55,328 | 193,014,973 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 494,326,673 | -192,296 | 2,469,104 | 496,603,481 | ||||||||||||||||||||||
As of June 30, 2012 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 139,408,050 | $ | -148,279 | $ | - | $ | 139,259,771 | ||||||||||||||||||
Total current assets | 230,071,153 | -148,279 | - | 229,922,874 | ||||||||||||||||||||||
Goodwill | 196,756,214 | - | 6,004,880 | 202,761,094 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 36,012,094 | - | 906,430 | 36,918,524 | ||||||||||||||||||||||
Total intangibles and other assets | 237,545,884 | - | 6,911,310 | 244,457,194 | ||||||||||||||||||||||
Total assets | 481,324,621 | -148,279 | 6,911,310 | 488,087,652 | ||||||||||||||||||||||
Accounts payable-trade | $ | 100,130,613 | $ | 137,706 | $ | - | $ | 100,268,319 | ||||||||||||||||||
Other liabilities | 10,942,061 | - | -1,354,311 | 9,587,750 | ||||||||||||||||||||||
Accrued expenses | 12,857,270 | -672,741 | -35,672 | 12,148,857 | ||||||||||||||||||||||
Total current liabilities | 139,326,519 | -535,035 | -1,389,983 | 137,401,501 | ||||||||||||||||||||||
Deferred income taxes | - | - | 7,002,310 | 7,002,310 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,354,311 | 1,354,311 | ||||||||||||||||||||||
Total liabilities | 278,434,303 | -535,035 | 6,966,638 | 284,865,906 | ||||||||||||||||||||||
Common stock | 4,918 | - | 1,065 | 5,983 | ||||||||||||||||||||||
Additional paid-in capital | 190,771,056 | - | -1,065 | 190,769,991 | ||||||||||||||||||||||
Accumulated other comprehensive income | -311,160 | 67,459 | - | -243,701 | ||||||||||||||||||||||
Retained earnings | 80,771,495 | 319,297 | -55,328 | 81,035,464 | ||||||||||||||||||||||
Total stockholders' equity | 202,890,318 | 386,756 | -55,328 | 203,221,746 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 481,324,621 | -148,279 | 6,911,310 | 488,087,652 | ||||||||||||||||||||||
As of September 30, 2012 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 153,598,624 | $ | -1,068,667 | $ | - | $ | 152,529,957 | ||||||||||||||||||
Prepaid expenses | 14,159,423 | - | -50,040 | 14,109,383 | ||||||||||||||||||||||
Other current assets | 36,267,056 | - | 19,616 | 36,286,672 | ||||||||||||||||||||||
Total current assets | 263,257,143 | -1,068,667 | -30,424 | 262,158,052 | ||||||||||||||||||||||
Goodwill | 204,887,280 | - | 6,304,503 | 211,191,783 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 35,688,146 | - | 906,430 | 36,594,576 | ||||||||||||||||||||||
Total intangibles and other assets | 244,314,693 | - | 7,210,933 | 251,525,626 | ||||||||||||||||||||||
Total assets | 522,102,848 | -1,068,667 | 7,180,509 | 528,214,690 | ||||||||||||||||||||||
Accounts payable-trade | $ | 125,752,284 | $ | 137,706 | $ | - | $ | 125,889,990 | ||||||||||||||||||
Other liabilities | 8,466,036 | - | -1,379,506 | 7,086,530 | ||||||||||||||||||||||
Accrued expenses | 13,063,171 | -950,703 | -35,672 | 12,076,796 | ||||||||||||||||||||||
Total current liabilities | 164,204,731 | -812,997 | -1,415,178 | 161,976,556 | ||||||||||||||||||||||
Deferred income taxes | - | - | 7,301,933 | 7,301,933 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,379,506 | 1,379,506 | ||||||||||||||||||||||
Total liabilities | 307,751,685 | -812,997 | 7,266,261 | 314,204,949 | ||||||||||||||||||||||
Common stock | 4,992 | - | 1,054 | 6,046 | ||||||||||||||||||||||
Additional paid-in capital | 195,560,051 | - | -1,054 | 195,558,997 | ||||||||||||||||||||||
Accumulated other comprehensive income | 109,604 | 67,459 | - | 177,063 | ||||||||||||||||||||||
Retained earnings | 85,747,839 | -323,129 | -85,752 | 85,338,958 | ||||||||||||||||||||||
Total stockholders' equity | 214,351,163 | -255,670 | -85,752 | 214,009,741 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 522,102,848 | -1,068,667 | 7,180,509 | 528,214,690 | ||||||||||||||||||||||
Restated consolidated statements of cash flows amounts (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Net income | $ | 3,687,688 | $ | 547,036 | $ | 194,490 | $ | 4,429,214 | $ | 895,130 | $ | -3,893,397 | $ | 196,993 | $ | -2,801,274 | ||||||||||
Accounts receivable and unbilled revenue | -22,809,398 | -1,258,207 | 2,162,845 | -21,904,760 | 378,286 | -1,682,988 | - | -1,304,702 | ||||||||||||||||||
Inventories | 2,119,878 | - | -471,482 | 1,648,396 | 1,964,851 | - | 955,419 | 2,920,270 | ||||||||||||||||||
Prepaid expenses and other | -10,271,793 | - | -80,000 | -10,351,793 | -3,142,790 | - | 44,008 | -3,098,782 | ||||||||||||||||||
Accounts payable | 16,003,529 | - | - | 16,003,529 | 4,843,377 | -96,015 | -1,036,420 | 3,710,942 | ||||||||||||||||||
Accrued expenses and other | 3,438,985 | 711,171 | -1,805,853 | 2,344,303 | -4,137,671 | 277,381 | -160,000 | -4,020,290 | ||||||||||||||||||
Net cash provided by operating activities | -7,472,638 | - | - | -7,472,638 | 4,552,380 | -5,395,019 | - | -842,639 | ||||||||||||||||||
Payments of contingent consideration | -3,228,375 | - | - | -3,228,375 | -9,115,840 | 5,395,019 | - | -3,720,821 | ||||||||||||||||||
Net cash provided by (used in) financing activites | 12,886,424 | - | - | 12,886,424 | -1,854,875 | 5,395,019 | - | 3,540,144 | ||||||||||||||||||
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Net income | $ | 8,162,088 | $ | -153,540 | $ | 194,490 | $ | 8,203,038 | $ | 2,798,475 | $ | -2,121,221 | $ | 196,993 | $ | 874,247 | ||||||||||
Accounts receivable and unbilled revenue | -16,611,005 | -1,302,224 | 2,162,845 | -15,750,384 | 5,692,347 | -4,242,875 | - | 1,449,472 | ||||||||||||||||||
Inventories | 2,455,852 | - | -471,482 | 1,984,370 | 1,029,174 | - | 955,419 | 1,984,593 | ||||||||||||||||||
Prepaid expenses and other | -6,895,351 | - | -80,000 | -6,975,351 | 4,244,632 | - | 44,008 | 4,288,640 | ||||||||||||||||||
Accounts payable | -5,364,653 | -27,810 | - | -5,392,463 | -6,379,266 | -96,015 | -1,036,420 | -7,511,701 | ||||||||||||||||||
Accrued expenses and other | 6,659,812 | 358,869 | -1,805,853 | 5,212,828 | -5,132,129 | 1,065,092 | -160,000 | -4,227,037 | ||||||||||||||||||
Net cash provided by operating activities | -9,996,549 | -1,124,705 | - | -11,121,254 | 8,305,023 | -5,395,019 | - | 2,910,004 | ||||||||||||||||||
Payments of contingent consideration | -5,491,958 | 1,124,705 | - | -4,367,253 | -10,059,238 | 5,395,019 | - | -4,664,219 | ||||||||||||||||||
Net cash provided by financing activites | 16,119,500 | 1,124,705 | - | 17,244,205 | 6,112,521 | 5,395,019 | - | 11,507,540 | ||||||||||||||||||
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Net income | $ | 13,138,432 | $ | -795,967 | $ | 164,067 | $ | 12,506,532 | $ | 10,090,396 | $ | -18,479,212 | $ | 196,993 | $ | -8,191,823 | ||||||||||
Bad debt provision | 856,098 | - | - | 856,098 | 569,334 | -196,852 | - | 372,482 | ||||||||||||||||||
Change in fair value of contingent consideration liability | 797,476 | - | - | 797,476 | -47,834,508 | 17,166,946 | - | -30,667,562 | ||||||||||||||||||
Accounts receivable and unbilled revenue | -29,915,383 | -381,836 | 2,162,845 | -28,134,374 | -1,017,812 | -5,153,686 | - | -6,171,498 | ||||||||||||||||||
Inventories | 869,220 | - | -471,482 | 397,738 | -8,276,976 | - | 955,419 | -7,321,557 | ||||||||||||||||||
Prepaid expenses and other | -26,189,881 | - | -49,576 | -26,239,457 | 955,618 | - | 44,008 | 999,626 | ||||||||||||||||||
Accounts payable | 18,615,109 | -27,810 | - | 18,587,299 | 7,947,457 | -158,569 | -1,036,420 | 6,752,468 | ||||||||||||||||||
Accrued expenses and other | 4,765,850 | 80,908 | -1,805,854 | 3,040,904 | -7,414,905 | 1,426,354 | -160,000 | -6,148,551 | ||||||||||||||||||
Net cash provided by operating activities | -13,100,484 | -1,124,705 | - | -14,225,189 | 14,858,869 | -5,395,019 | - | 9,463,850 | ||||||||||||||||||
Payments of contingent consideration | -6,140,344 | 1,124,705 | - | -5,015,639 | -10,884,392 | 5,395,019 | - | -5,489,373 | ||||||||||||||||||
Net cash provided by financing activites | 20,163,365 | 1,124,705 | - | 21,288,070 | 15,512,553 | 5,395,019 | - | 20,907,572 | ||||||||||||||||||
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
(Uncollectible | |||||||||||||||||
Accounts | |||||||||||||||||
Balance at | Written Off, | ||||||||||||||||
Beginning of | Charged to | Net of | Balance at End | ||||||||||||||
Description | Period | Expense | Recoveries) | Other | of Period | ||||||||||||
Fiscal year ended December 31, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,553,926 | $ | 1,285,326 | $ | -710,462 | $ | - | $ | 2,128,790 | |||||||
Fiscal year ended December 31, 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 3,293,241 | $ | 1,681,942 | $ | -3,421,257 | $ | - | $ | 1,553,926 | |||||||
Fiscal year ended December 31, 2011 | |||||||||||||||||
Allowance for doubtful accounts | $ | 3,610,977 | $ | 2,414,710 | $ | -2,732,446 | $ | - | $ | 3,293,241 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Restatement Policy [Policy Text Block] | ' | ||||||||||
Restatement | |||||||||||
The Company has restated herein its audited consolidated financial statements as of December 31, 2012 and for the years ended December 31, 2011 and 2012, as well as its unaudited interim consolidated financial statements as of and for the quarters and year to date periods ended March 31, 2013, June 30, 2013 and September 30, 2013, and related 2012 comparative prior quarter and year to date periods. See Note 19 for additional information. | |||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||
Basis of Presentation | |||||||||||
The consolidated financial statements include the accounts of InnerWorkings, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
Preparation Of Financial Statements and Use Of Estimates Policy [Policy Text Block] | ' | ||||||||||
Preparation of Financial Statements and Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results can differ from those estimates. | |||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||
Foreign Currency Translation | |||||||||||
The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income, a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. | |||||||||||
The net realized gains (losses) on foreign currency transactions were $0.0 million, $(0.1) million and $0.3 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||
Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the Company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the year ended December 31, 2013. | |||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue upon meeting all of the following revenue recognition criteria, which is typically met upon shipment or delivery of our products to customers: (i) persuasive evidence of an arrangement exists through customer contracts and orders, (ii) the customer takes title and assumes the risks and rewards of ownership, (iii) the sales price charged is fixed or determinable as evidenced by customer contracts and orders, and (iv) collectability is reasonably assured. Unbilled revenue relates to shipments that have been made to customers for which the related account receivable has not yet been billed. | |||||||||||
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-45, Revenue Recognition – Principal Agent Considerations, the Company generally reports revenue on a gross basis because the Company is the primary obligor in its arrangements to procure printed materials and other products for its customers. Under these arrangements, the Company is responsible for the fulfillment, including the acceptability, of the printed materials and other products. In addition, the Company (i) determines which suppliers are included in its network, (ii) has discretion to select from among the suppliers within its network, (iii) is obligated to pay its suppliers regardless of whether it is paid by its customers, and (iv) has reasonable latitude to establish exchange price. In some transactions, the Company also has general inventory risk and is involved in the determination of the nature or characteristics of the printed materials and products. When the Company is not the primary obligor, revenues are reported net. | |||||||||||
The Company recognizes revenue for creative and other services provided to its customers which may be delivered in conjunction with the procurement of printed materials at the time when delivery and customer acceptance occur and all other revenue recognition criteria are met. The Company recognizes revenue for creative and other services provided on a stand-alone basis upon completion of the service. Service revenue has not been material to the Company’s overall revenue to date. | |||||||||||
The Company records taxes collected from customers and remitted to governmental authorities on a net basis. | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. | |||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||||
Accounts Receivable | |||||||||||
Accounts receivable are uncollateralized customer obligations due under normal trade terms. Invoices require payment within 30 to 90 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices past due 90 days are considered delinquent. Interest is not accrued on outstanding balances. | |||||||||||
The carrying amount of accounts receivable is reduced by an allowance that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances and, based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. Fully reserved receivables are reviewed on a monthly basis and uncollectible accounts are written off when all reasonable collection efforts have been exhausted. | |||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||
Inventories | |||||||||||
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method, and represents the lower of replacement cost or estimated realizable value. Inventories consist of purchased finished goods. | |||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||
Property and Equipment | |||||||||||
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives, by asset class, are as follows: | |||||||||||
Computer equipment | 3 years | ||||||||||
Software | 3 to 6 years | ||||||||||
Office equipment | 5 years | ||||||||||
Furniture and fixtures | 7 years | ||||||||||
Leasehold improvements are depreciated using the straight-line method over the shorter of their estimated useful lives or the terms of the related leases. | |||||||||||
Internal Use Software, Policy [Policy Text Block] | ' | ||||||||||
Internal-Use Software | |||||||||||
In accordance with ASC 350-40, Intangibles—Goodwill and Other, Internal-Use Software, certain costs incurred in the planning and evaluation stage of internal-use computer software are expensed as incurred. Costs incurred during the application development stage are capitalized and included in property and equipment. Capitalized internal-use software costs are depreciated over the expected economic life of three to six years using the straight-line method. Capitalized internal-use software asset depreciation expense for the years ended December 31, 2011, 2012 and 2013 was $5.1 million, $4.3 million and $3.9 million, respectively, and is included in total depreciation expense in Note 7. At December 31, 2012 and 2013, the net book value of internal-use software was $10.6 million and $17.3 million, respectively. | |||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||
Goodwill and Other Intangibles | |||||||||||
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company tests for goodwill impairment as of December 31 of each year. The provisions of ASU 2011-08, “Testing Goodwill for Impairment,” were adopted in the fourth quarter of 2012. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment. | |||||||||||
In the third quarter of 2013, the Company recorded a non-cash, goodwill impairment charge of $37.9 million. For additional information related to the goodwill impairment, see Note 4. | |||||||||||
As of December 31, 2013, the Company defines its three reporting units as North America, Latin America and EMEA. At December 31, 2013, the Company elected to perform the quantitative impairment test for each of its three reporting units. In performing this test, the Company determined the fair value of the reporting units based on the income approach. Under the income approach, the fair value of a reporting unit is calculated based on the present value of estimated future cash flows. No impairment was identified as of December 31, 2013 as a result of this test. | |||||||||||
In accordance with ASC 350, Intangibles—Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and nine years, respectively. | |||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||||
Shipping and Handling Costs | |||||||||||
Shipping and handling costs are classified in cost of goods sold in the consolidated statements of income. | |||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes in accordance with ASC 740, Income Taxes, under which deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. A valuation allowance is established to reduce the carrying value of deferred tax assets if it is considered more likely than not that such assets will not be realized. Any change in the valuation allowance would be charged to income in the period such determination was made. | |||||||||||
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There was no interest or penalties related to unrecognized tax benefits for the years ended December 31, 2011, 2012 and 2013. | |||||||||||
Based on the Company’s evaluation, it was concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The evaluation was performed for the tax years ended December 31, 2011, 2012 and 2013, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2013. | |||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||
Advertising | |||||||||||
Costs of advertising, which are expensed as incurred by the Company, were $0.3 million, $0.8 million and $0.7 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||
Comprehensive Income | |||||||||||
The components of accumulated comprehensive income included in the Consolidated Balance Sheets at December 31, 2012 and 2013 are as follows: | |||||||||||
Unrealized holding | Total accumulated | ||||||||||
gains on available- | other comprehensive | ||||||||||
Foreign currency | for-sale securities | income | |||||||||
Balance at December 31, 2011 (as restated) | $ | -404,689 | $ | 673,020 | $ | 268,331 | |||||
Other comprehensive income before reclassifications | 676,272 | 55,605 | 731,877 | ||||||||
Amounts reclassified from AOCI | - | -727,287 | -727,287 | ||||||||
Net current-period other comprehensive income | 676,272 | -671,682 | 4,590 | ||||||||
Balance at December 31, 2012 (as restated) | 271,583 | 1,338 | 272,921 | ||||||||
Other comprehensive income before reclassifications | 2,505,417 | - | 2,505,417 | ||||||||
Amounts reclassified from AOCI | -1,338 | -1,338 | |||||||||
Net current-period other comprehensive income | 2,505,417 | -1,338 | 2,504,079 | ||||||||
Balance at December 31, 2013 | $ | 2,777,000 | $ | - | $ | 2,777,000 | |||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||
Stock-Based Compensation | |||||||||||
The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award. | |||||||||||
Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||
New Accounting Pronouncements | |||||||||||
In February 2012, the FASB issued ASU 2013-02, which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. These requirements are effective for public companies for reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 in the first quarter of 2013. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' | ||||||||||
The estimated useful lives, by asset class, are as follows: | |||||||||||
Computer equipment | 3 years | ||||||||||
Software | 3 to 6 years | ||||||||||
Office equipment | 5 years | ||||||||||
Furniture and fixtures | 7 years | ||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||
The components of accumulated comprehensive income included in the Consolidated Balance Sheets at December 31, 2012 and 2013 are as follows: | |||||||||||
Unrealized holding | Total accumulated | ||||||||||
gains on available- | other comprehensive | ||||||||||
Foreign currency | for-sale securities | income | |||||||||
Balance at December 31, 2011 (as restated) | $ | -404,689 | $ | 673,020 | $ | 268,331 | |||||
Other comprehensive income before reclassifications | 676,272 | 55,605 | 731,877 | ||||||||
Amounts reclassified from AOCI | - | -727,287 | -727,287 | ||||||||
Net current-period other comprehensive income | 676,272 | -671,682 | 4,590 | ||||||||
Balance at December 31, 2012 (as restated) | 271,583 | 1,338 | 272,921 | ||||||||
Other comprehensive income before reclassifications | 2,505,417 | - | 2,505,417 | ||||||||
Amounts reclassified from AOCI | -1,338 | -1,338 | |||||||||
Net current-period other comprehensive income | 2,505,417 | -1,338 | 2,504,079 | ||||||||
Balance at December 31, 2013 | $ | 2,777,000 | $ | - | $ | 2,777,000 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||
The following unaudited pro forma summary presents consolidated financial information of the Company as if the business combination had occurred on January 1, 2012. | ||||||||||||||
Year ended December 31, | ||||||||||||||
2012 | 2013 | |||||||||||||
Revenue | $ | 830,934,575 | $ | 917,322,482 | ||||||||||
Gross profit | 187,265,538 | 210,932,557 | ||||||||||||
Net income (loss) | 42,665,326 | -5,212,310 | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||
The following table summarizes the total consideration transferred to acquire these companies and the amount of identified assets acquired and liabilities assumed at the acquisition dates. | ||||||||||||||
DB Studios | EYELEVEL | Other | Total | |||||||||||
Cash | $ | 6,459,609 | $ | 13,505,356 | $ | 5,458,377 | $ | 25,423,342 | ||||||
Common stock | - | - | 2,488,842 | 2,488,842 | ||||||||||
Contingent consideration | 35,999,651 | 20,900,000 | 11,266,023 | 68,165,674 | ||||||||||
Total consideration transferred | $ | 42,459,260 | $ | 34,405,356 | $ | 19,213,242 | $ | 96,077,858 | ||||||
Cash and cash equivalents | $ | 9,282 | $ | 5,312,275 | $ | 918,235 | $ | 6,239,792 | ||||||
Accounts receivable | 2,046,573 | 6,338,627 | 6,465,435 | 14,850,635 | ||||||||||
Inventories | 62,433 | 6,380,145 | 1,182,206 | 7,624,784 | ||||||||||
Other assets | 1,282,088 | 2,313,739 | 236,670 | 3,832,497 | ||||||||||
Customer lists | 3,176,075 | 19,300,000 | 3,984,960 | 26,461,035 | ||||||||||
Goodwill | 39,568,534 | 18,657,659 | 14,376,601 | 72,602,794 | ||||||||||
Accounts payable | -1,376,071 | -8,095,760 | -5,336,623 | -14,808,454 | ||||||||||
Other current liabilities | -1,064,696 | -10,617,336 | -1,769,085 | -13,451,117 | ||||||||||
Deferred income taxes | -1,244,958 | -5,183,993 | -845,157 | -7,274,108 | ||||||||||
Total identifiable net assets and goodwill | $ | 42,459,260 | $ | 34,405,356 | $ | 19,213,242 | $ | 96,077,858 | ||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | |||||||||||||
As of December 31, 2013, the potential maximum contingent payments are payable as follows: | ||||||||||||||
Cash | Common Stock | Total | ||||||||||||
2014 | $ | 5,194,140 | $ | 57,210,778 | $ | 62,404,918 | ||||||||
2015 | 13,490,680 | 21,937,168 | 35,427,848 | |||||||||||
2016 | 33,244,890 | 30,489,870 | 63,734,760 | |||||||||||
2017 | - | 21,977,240 | 21,977,240 | |||||||||||
$ | 51,929,710 | $ | 131,615,056 | $ | 183,544,766 | |||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Business Combination, Segment Allocation [Table Text Block] | ' | |||||||||||||
The following is a summary of the goodwill balance for each operating segment as of December 31: | ||||||||||||||
North America | Latin America | EMEA | Total | |||||||||||
Balance as of December 31, 2011 (as restated) | $ | 115,895,946 | $ | 9,481,056 | $ | 70,850,079 | $ | 196,227,081 | ||||||
Goodwill acquired related to 2012 acquisitions | 3,262,280 | - | 10,181,937 | 13,444,217 | ||||||||||
Finalization of purchase accounting for prior year acquisitions | - | 175,361 | 1,665,573 | 1,840,934 | ||||||||||
Foreign exchange impact | 4,509 | - | 1,279,681 | 1,284,190 | ||||||||||
Balance as of December 31, 2012 (as restated) | 119,162,735 | 9,656,417 | 83,977,270 | 212,796,422 | ||||||||||
Goodwill acquired related to 2013 acquisitions | 52,025,837 | - | 20,576,957 | 72,602,794 | ||||||||||
Finalization of purchase accounting for prior year acquisitions | -34,120 | 218,819 | -40,940 | 143,759 | ||||||||||
Impairment charge | - | - | -37,908,000 | -37,908,000 | ||||||||||
Foreign exchange impact | -59,876 | - | 3,653,599 | 3,593,723 | ||||||||||
Balance as of December 31, 2013 | $ | 171,094,576 | $ | 9,875,236 | $ | 70,258,886 | $ | 251,228,698 | ||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets [Table Text Block] | ' | |||||||||||
The following is a summary of the Company’s other intangible assets as of December 31: | ||||||||||||
Weighted | ||||||||||||
2012 | 2013 | Average Life | ||||||||||
Customer lists | $ | 50,008,913 | $ | 77,244,427 | 13.8 | years | ||||||
Noncompete agreements | 1,077,349 | 1,077,349 | 3.9 | years | ||||||||
Trade names | 3,467,655 | 3,467,655 | 12.4 | years | ||||||||
Patents | 38,456 | 56,896 | 9 | years | ||||||||
54,592,373 | 81,846,327 | |||||||||||
Less accumulated amortization | -18,195,508 | -25,270,793 | ||||||||||
Intangible assets, net | $ | 36,396,865 | $ | 56,575,534 | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||
The estimated amortization expense for the next five years is as follows: | ||||||||||||
2014 | $ | 7,308,111 | ||||||||||
2015 | 6,606,179 | |||||||||||
2016 | 6,151,448 | |||||||||||
2017 | 5,699,472 | |||||||||||
2018 | 5,172,887 | |||||||||||
Thereafter | 25,637,437 | |||||||||||
$ | 56,575,534 | |||||||||||
Restructuring_Activities_and_O1
Restructuring Activities and Other Charges (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||
Restructuring Charges By Reportable Segment [Table Text Block] | ' | ||||||||||
The following table summarizes the restructuring charges by reportable segment. As of December 31, 2013, there are no unpaid obligations remaining. | |||||||||||
North America | EMEA | Total | |||||||||
Employee terminations and other benefits | $ | 2,745,373 | $ | 260,407 | $ | 3,005,780 | |||||
Cash payments | -121,482 | -260,407 | -381,889 | ||||||||
Write-off of prepaid commissions balance (1) | -2,623,891 | - | -2,623,891 | ||||||||
Accrued restructuring costs as of December 31, 2013 | $ | - | $ | - | $ | - | |||||
-1 | Prepaid commission balances represent cash paid to our account executives in advance of commissions earned and is recorded in prepaid expenses on the balance sheet. For employees who had a balance and were affected by the restructuring actions, which primarily includes Small and Medium Business (“SMB”) account executives, the Company included these balances as part of the severance paid to these individuals. | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment at December 31, 2012 and 2013 consisted of the following: | ||||||||
2012 | 2013 | |||||||
Computer equipment | $ | 5,427,019 | $ | 7,889,630 | ||||
Software, including internal use software | 31,571,109 | 41,987,111 | ||||||
Office equipment and furniture | 3,584,174 | 2,136,168 | ||||||
Leasehold improvements | 1,848,177 | 1,468,841 | ||||||
42,430,479 | 53,481,750 | |||||||
Less accumulated depreciation | -25,352,095 | -29,757,000 | ||||||
$ | 17,078,384 | $ | 23,724,750 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Minimum annual rental payments are as follows: | |||||
Operating | |||||
Leases | |||||
2014 | $ | 7,179,871 | |||
2015 | 6,498,031 | ||||
2016 | 4,894,071 | ||||
2017 | 3,224,377 | ||||
2018 | 2,162,612 | ||||
Thereafter | 4,434,475 | ||||
Total minimum lease payments | $ | 28,393,437 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
The provision for income taxes consisted of the following components for the years ended December 31, 2011, 2012 and 2013: | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(as restated) | (as restated) | ||||||||||
Current | |||||||||||
Federal | $ | 4,582,235 | $ | 5,364,247 | $ | -1,803,191 | |||||
State | 515,584 | 703,380 | -316,367 | ||||||||
Foreign | 1,558,991 | 801,212 | 2,216,025 | ||||||||
Total current | 6,656,810 | 6,868,839 | 96,467 | ||||||||
Deferred | |||||||||||
Federal | 741,346 | 1,494,274 | 2,823,798 | ||||||||
State | 459,475 | 206,125 | 449,424 | ||||||||
Foreign | -450,945 | -2,695,617 | -3,925,617 | ||||||||
Total deferred | 749,876 | -995,218 | -652,395 | ||||||||
Income tax expense (benefit) | $ | 7,406,686 | $ | 5,873,621 | $ | -555,928 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
The provision for income taxes for the years ended December 31, 2011, 2012 and 2013 differs from the amount computed by applying the U.S. federal income tax rate of 35% to pretax income because of the effect of the following items: | |||||||||||
Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(as restated) | (as restated) | ||||||||||
Tax expense at U.S. federal income tax rate | $ | 8,407,946 | $ | 15,633,675 | $ | -3,225,697 | |||||
State income taxes, net of federal income tax effect | 814,996 | 747,802 | 204,687 | ||||||||
Effect of non-US operations | -821,547 | -1,294,217 | -644,353 | ||||||||
Foreign valuation allowances | - | - | 607,467 | ||||||||
Nontaxable contingent liability fair value changes and goodwill impairment | -543,900 | -8,737,329 | 3,827,806 | ||||||||
Research and development credit | -200,568 | - | -1,046,430 | ||||||||
199 Domestic production activities deduction | -109,171 | -141,376 | - | ||||||||
Nondeductible (benefit) and other | -141,070 | -334,935 | -279,408 | ||||||||
Income tax expense (benefit) | $ | 7,406,686 | $ | 5,873,620 | $ | -555,928 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
At December 31, 2012 and 2013, the Company’s deferred tax assets and liabilities consisted of the following: | |||||||||||
December 31, | |||||||||||
2012 | 2013 | ||||||||||
(as restated) | |||||||||||
Current deferred tax assets: | |||||||||||
Reserves and allowances | $ | 1,481,809 | $ | 1,452,133 | |||||||
Other | 104,216 | 19,561 | |||||||||
Total current deferred tax assets | 1,586,025 | 1,471,694 | |||||||||
Noncurrent deferred tax assets: | |||||||||||
Income tax basis in excess of financial statement basis in intangible assets | 6,981,503 | 6,140,517 | |||||||||
Stock options | 3,429,601 | 3,974,354 | |||||||||
Net operating loss carryforward | 923,504 | 10,002,615 | |||||||||
Tax credit carryforwards | 107,111 | 1,353,589 | |||||||||
Other | 22,385 | 46,303 | |||||||||
11,464,104 | 21,517,378 | ||||||||||
Valuation allowance | -144,964 | -762,123 | |||||||||
Total noncurrent deferred tax assets | 11,319,140 | 20,755,255 | |||||||||
Total deferred tax assets | 12,905,165 | 22,226,949 | |||||||||
Total current deferred tax liability: | |||||||||||
Prepaid & other expenses | -71,751 | -352,361 | |||||||||
Unrealized gain on available for sale securities | -860 | - | |||||||||
Total current deferred tax liability | -72,611 | -352,361 | |||||||||
Noncurrent deferred tax liabilities: | |||||||||||
Fixed assets | -2,312,584 | -5,085,865 | |||||||||
Intangible assets | -12,502,896 | -22,411,410 | |||||||||
Other | -51,697 | - | |||||||||
Total noncurrent deferred tax liabilities | -14,867,177 | -27,497,275 | |||||||||
Total deferred tax liabilities | -14,939,788 | -27,849,636 | |||||||||
Net deferred tax liability | $ | -2,034,623 | $ | -5,622,687 | |||||||
Net current deferred tax asset | $ | 1,513,414 | $ | 1,119,333 | |||||||
Net noncurrent deferred tax liability | -3,548,037 | -6,742,020 | |||||||||
Net deferred tax liability | $ | -2,034,623 | $ | -5,622,687 | |||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||
The following tables set forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and 2013, respectively: | ||||||||||||||
Quoted Prices in | ||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||
Total Fair Value | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||
At December 31, 2012 | Measurement | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | ||||||||||||||
Money market funds(1) | $ | 667,045 | $ | 667,045 | $ | - | $ | - | ||||||
Liabilities: | ||||||||||||||
Contingent consideration (as restated) | $ | -54,497,824 | $ | - | $ | - | $ | -54,497,824 | ||||||
Quoted Prices in | ||||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||||
Total Fair Value | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||
At December 31, 2013 | Measurement | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | ||||||||||||||
Money market funds(1) | $ | 667,122 | $ | 667,122 | $ | - | $ | - | ||||||
Liabilities: | ||||||||||||||
Contingent consideration | $ | -87,332,461 | $ | - | $ | - | $ | -87,332,461 | ||||||
-1 | Included in cash and cash equivalents on the balance sheet. | |||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3): | ||||||||||||||
Fair Value Measurements at | ||||||||||||||
Reporting Date Using | ||||||||||||||
Significant Unobservable Inputs | ||||||||||||||
(Level 3) | ||||||||||||||
Contingent Consideration | ||||||||||||||
Balance at December 31, 2011 (as restated) | $ | -77,729,672 | ||||||||||||
Contingent consideration from 2012 acquisitions | -10,419,881 | |||||||||||||
Contingent consideration payments paid in cash | 4,178,407 | |||||||||||||
Contingent consideration payments paid in stock | 165,138 | |||||||||||||
Reclassified to Due to seller | 3,000,000 | |||||||||||||
Change in fair value (1) | 27,688,774 | |||||||||||||
Foreign exchange impact (2) | -1,380,590 | |||||||||||||
Balance as of December 31, 2012 (as restated) | -54,497,824 | |||||||||||||
Contingent consideration from 2013 acquisitions | -68,165,674 | |||||||||||||
Contingent consideration payments paid in cash | 4,297,803 | |||||||||||||
Contingent consideration payments paid in stock | 614,216 | |||||||||||||
Change in fair value (1) | 31,330,567 | |||||||||||||
Foreign exchange impact (2) | -911,549 | |||||||||||||
Balance as of December 31, 2013 | $ | -87,332,461 | ||||||||||||
-1 | Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statements of income. | |||||||||||||
-2 | Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income. | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
The computation of basic and diluted earnings per common share for the years ended December 31, 2011, 2012, and 2013, is as follows: | |||||||||||
Years Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(as restated) | (as restated) | ||||||||||
Numerator: | |||||||||||
Net income (loss) | $ | 16,616,026 | $ | 38,794,022 | $ | -8,660,349 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per share—weighted-average shares | 46,428,443 | 48,811,218 | 50,875,131 | ||||||||
Effect of dilutive securities: | |||||||||||
Employee stock options and restricted common shares | 2,352,584 | 2,411,260 | - | ||||||||
Contingently issuable shares | 36,603 | 17,598 | - | ||||||||
Denominator for dilutive earnings per share | 48,817,630 | 51,240,076 | 50,875,131 | ||||||||
Basic earnings per share | $ | 0.36 | $ | 0.79 | $ | -0.17 | |||||
Diluted earnings per share | $ | 0.34 | $ | 0.76 | $ | -0.17 | |||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
A summary of stock option activity for the years ended December 31, 2011, 2012 and 2013 is as follows: | ||||||||||||||
Outstanding | Weighted-Average | Aggregate | ||||||||||||
Options | Exercise Price | Intrinsic Value | ||||||||||||
Outstanding at December 31, 2010 | 5,343,637 | $ | 4.33 | $ | 16,638,131 | |||||||||
Granted | 917,552 | 8.05 | - | |||||||||||
Exercised | -298,770 | 1.18 | 2,301,618 | |||||||||||
Forfeited | -11,938 | 10.23 | - | |||||||||||
Outstanding at December 31, 2011 | 5,950,481 | 5.07 | 28,048,306 | |||||||||||
Granted | 538,933 | 12.15 | - | |||||||||||
Exercised | -2,474,713 | 2.23 | 23,936,039 | |||||||||||
Forfeited | -93,519 | 7.35 | - | |||||||||||
Outstanding at December 31, 2012 | 3,921,182 | 7.8 | 23,767,012 | |||||||||||
Granted | 226,971 | 14.6 | - | |||||||||||
Exercised | -415,480 | 4.83 | 3,190,219 | |||||||||||
Forfeited | -179,139 | 8.97 | - | |||||||||||
Outstanding at December 31, 2013 | 3,553,534 | $ | 8.52 | $ | 4,778,565 | |||||||||
Options vested at December 31, 2013 | 2,569,366 | $ | 7.63 | $ | 4,579,822 | |||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||
The weighted-average fair values and ranges of exercise prices for stock options granted during the years ended December 31, 2011, 2012 and 2013, which vest ratably from one to five years, are as follows: | ||||||||||||||
Weighted-Average | ||||||||||||||
Options Granted | Fair Value | Exercise Prices | ||||||||||||
2011 | 917,552 | $ | 4.1 | $ | 6.36 - $8.66 | |||||||||
2012 | 538,933 | 5.99 | $ | 11.97 - $14.39 | ||||||||||
2013 | 226,971 | 5.58 | $ | 10.76 - $15.05 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
Using the Black-Scholes option valuation model and the assumptions listed below, the Company recorded $2.0 million, $3.0 million and $2.1 million in compensation expense related to stock options. The following assumptions were utilized in the valuation for options granted in 2011, 2012 and 2013: | ||||||||||||||
2011 | 2012 | 2013 | ||||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.33%-2.90 | % | 1.03%-1.67 | % | 1.32%-1.41 | % | ||||||||
Expected life | 7 years | 6-7 years | 6 years | |||||||||||
Volatility | 47.5 | % | 38.0%-47.5 | % | 38 | % | ||||||||
Schedule Of Stock Options Outstanding [Table Text Block] | ' | |||||||||||||
The following table summarizes information about all stock options outstanding for the Company as of December 31, 2013: | ||||||||||||||
Options Outstanding | Options Vested | |||||||||||||
Weighted- | Weighted- | |||||||||||||
Number | Weighted- | Average | Number | Average | ||||||||||
Exercise Price | Outstanding | Average Life | Exercise Price | Exercisable | Exercise Price | |||||||||
$0.65 - $4.92 | 780,258 | 2.43 | $ | 3.63 | 774,640 | $ | 3.63 | |||||||
$5.19 - $7.86 | 1,024,824 | 5.75 | 6.31 | 845,106 | 6.19 | |||||||||
$8.07 - $11.97 | 654,980 | 7.35 | 9.35 | 330,665 | 9.23 | |||||||||
$12.10 - $16.41 | 1,093,472 | 6.46 | 13.59 | 618,955 | 13.74 | |||||||||
3,553,534 | 5.54 | $ | 8.52 | 2,569,366 | $ | 7.63 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||
A summary of restricted share activity is as follows: | ||||||||||||||
Outstanding | Weighed- | |||||||||||||
Restricted | Average Grant- | |||||||||||||
Common Shares | Date Fair Value | |||||||||||||
Nonvested Restricted Common Shares at December 31, 2010 | 690,377 | $ | 6.72 | |||||||||||
Granted | 490,074 | 8.09 | ||||||||||||
Vested and transferred to unrestricted common stock | -368,879 | 6.93 | ||||||||||||
Forfeited | -27,756 | 5.71 | ||||||||||||
Nonvested Restricted Common Shares at December 31, 2011 | 783,816 | 7.52 | ||||||||||||
Granted | 306,296 | 11.92 | ||||||||||||
Vested and transferred to unrestricted common stock | -362,116 | 8.86 | ||||||||||||
Forfeited | -35,864 | 7.02 | ||||||||||||
Nonvested Restricted Common Shares at December 31, 2012 | 692,132 | 8.95 | ||||||||||||
Granted | 448,158 | 11.46 | ||||||||||||
Vested and transferred to unrestricted common stock | -278,461 | 9.22 | ||||||||||||
Forfeited | -127,279 | 8.56 | ||||||||||||
Nonvested Restricted Common Shares at December 31, 2013 | 734,550 | $ | 10.45 | |||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
The table below presents financial information for our reportable operating segments and Other for the fiscal years noted (in thousands): | |||||||||||||||||
North America | Latin America | EMEA | Other | Total | |||||||||||||
Fiscal 2013: | |||||||||||||||||
Net revenues from third parties | $ | 657,989 | $ | 88,016 | $ | 144,955 | $ | - | $ | 890,960 | |||||||
Net revenues from other segments | 33 | 1,270 | 75 | -1,378 | - | ||||||||||||
Total net revenues | 658,022 | 89,286 | 145,030 | -1,378 | 890,960 | ||||||||||||
Adjusted EBITDA (1) | 51,873 | 3,098 | 764 | -28,834 | 26,901 | ||||||||||||
Total assets | 431,562 | 29,841 | 119,531 | 33,733 | 614,667 | ||||||||||||
Fiscal 2012 (as restated): | |||||||||||||||||
Net revenues from third parties | 648,732 | 57,575 | 83,278 | - | 789,585 | ||||||||||||
Net revenues from other segments | 68 | 1,625 | 27 | -1,720 | - | ||||||||||||
Total net revenues | 648,800 | 59,200 | 83,305 | -1,720 | 789,585 | ||||||||||||
Adjusted EBITDA (1) | 61,890 | 1,745 | -2,664 | -23,754 | 37,217 | ||||||||||||
Total assets | 330,159 | 23,219 | 139,466 | 21,936 | 514,780 | ||||||||||||
Fiscal 2011 (as restated): | |||||||||||||||||
Net revenues from third parties | 541,036 | 42,979 | 48,299 | - | 632,314 | ||||||||||||
Net revenues from other segments | 11 | - | 413 | -424 | - | ||||||||||||
Total net revenues | 541,047 | 42,979 | 48,712 | -424 | 632,314 | ||||||||||||
Adjusted EBITDA (1) | 47,945 | 1,497 | 3,061 | -17,365 | 35,138 | ||||||||||||
Total assets | 322,460 | 18,785 | 108,633 | 10,405 | 460,283 | ||||||||||||
-1 | Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, income/expense related to changes in the fair value of contingent consideration liabilities, goodwill impairment charges, restructuring and other charges and legal fees from patent infringement defense, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. | ||||||||||||||||
Schedule Of Earnings Before Interest Tax Depreciation And Amortization Reconciliation [Table Text Block] | ' | ||||||||||||||||
The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to consolidated income before income taxes (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
(as restated) | (as restated) | ||||||||||||||||
Adjusted EBITDA | $ | 35,138 | $ | 37,217 | $ | 26,901 | |||||||||||
Depreciation and amortization | -10,172 | -10,791 | -13,664 | ||||||||||||||
Stock-based compensation | -3,976 | -6,193 | -4,733 | ||||||||||||||
Change in fair value of contingent consideration | 1,702 | 27,689 | 31,331 | ||||||||||||||
Preference claim charge | -950 | -1,099 | - | ||||||||||||||
VAT settlement charge | - | -1,485 | - | ||||||||||||||
Payments to former owner of Productions Graphics, net of cash recovered | 402 | 411 | -2,624 | ||||||||||||||
Goodwill impairment charge | - | - | -37,908 | ||||||||||||||
Restructuring and other charges | - | - | -4,322 | ||||||||||||||
Legal fees in connection with patent infringement | - | - | -961 | ||||||||||||||
Total other income (expense) | 1,879 | -1,081 | -3,236 | ||||||||||||||
Income (loss) before income taxes | $ | 24,023 | $ | 44,668 | $ | -9,216 | |||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The tables below are a condensed summary of the Company’s unaudited quarterly statements of income and quarterly earnings per share data for the years ended December 31, 2012 and 2013 (in thousands). With the exception of the fourth quarter of 2013, the tables have been restated to correct for the items described in Note 19. See Notes 19 and 20 for additional information and reconciliations from the amounts as originally reported to the applicable restated amounts: | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter(1) | Quarter(2) | Quarter(3) | Quarter | |||||||||||
(In thousands, except per share data) | ||||||||||||||
(as restated) | (as restated) | (as restated) | ||||||||||||
Revenue | $ | 204,577 | $ | 210,876 | $ | 232,630 | $ | 242,877 | ||||||
Gross profit | 46,350 | 48,177 | 53,181 | 54,318 | ||||||||||
Net income (loss) | -2,801 | 3,675 | -9,066 | -469 | ||||||||||
Net income (loss) per share: | ||||||||||||||
Basic | $ | -0.06 | $ | 0.07 | $ | -0.18 | $ | -0.01 | ||||||
Diluted | $ | -0.06 | $ | 0.07 | $ | -0.18 | $ | -0.01 | ||||||
-1 | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||
-2 | The Company made acquisitions during the second quarter of 2013 which were not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||
-3 | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter(1) | Quarter(2) | Quarter | |||||||||||
(In thousands, except per share data) | ||||||||||||||
(as restated) | (as restated) | (as restated) | (as restated) | |||||||||||
Revenue | $ | 187,576 | $ | 201,321 | $ | 198,844 | $ | 201,844 | ||||||
Gross profit | 40,707 | 47,797 | 45,957 | 43,098 | ||||||||||
Net income | 4,430 | 3,773 | 4,303 | 26,287 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.09 | $ | 0.08 | $ | 0.09 | $ | 0.53 | ||||||
Diluted | $ | 0.09 | $ | 0.07 | $ | 0.08 | $ | 0.51 | ||||||
-1 | The Company made acquisitions during the second quarter of 2012 which were not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. | |||||||||||||
-2 | The Company made acquisitions during the second quarter of 2012 which were not material to the Company’s operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||
Restatement_of_Prior_Period_Fi1
Restatement of Prior Period Financial Statements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||
Schedule of Restatement of Prior Period Adjustments To Consolidated Statements of Income [Table Text Block] | ' | |||||||||||||
Restated consolidated statements of income amounts | ||||||||||||||
Adjustments | ||||||||||||||
Productions | ||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||
Year Ended December 31, 2011: | ||||||||||||||
Revenue | $ | 633,846,120 | $ | -1,852,243 | $ | 319,845 | $ | 632,313,722 | ||||||
Cost of goods sold | 484,483,592 | 165,516 | 282,730 | 484,931,838 | ||||||||||
Gross profit | 149,362,528 | -2,017,759 | 37,115 | 147,381,884 | ||||||||||
Selling, general and administrative expenses | 115,771,805 | -401,740 | 448,000 | 115,818,065 | ||||||||||
Change in fair value of contingent consideration | -147,529 | -1,554,000 | - | -1,701,529 | ||||||||||
Income from operations | 22,616,494 | -62,019 | -410,885 | 22,143,590 | ||||||||||
Income before taxes | 24,495,616 | -62,019 | -410,885 | 24,022,712 | ||||||||||
Income tax expense | 8,102,609 | -534,856 | -161,067 | 7,406,686 | ||||||||||
Net income | 16,393,007 | 472,837 | -249,818 | 16,616,026 | ||||||||||
Basic earnings per share | 0.35 | 0.01 | - | 0.36 | ||||||||||
Diluted earnings per share | 0.34 | 0.01 | -0.01 | 0.34 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||
Revenue | $ | 797,698,870 | $ | -7,793,984 | $ | -319,845 | $ | 789,585,041 | ||||||
Cost of goods sold | 612,275,393 | 33,831 | -282,730 | 612,026,494 | ||||||||||
Gross profit | 185,423,477 | -7,827,815 | -37,115 | 177,558,547 | ||||||||||
Selling, general and administrative expenses | 146,357,262 | -250,688 | 17,040 | 146,123,614 | ||||||||||
Change in fair value of contingent consideration | -2,724,978 | -24,963,796 | - | -27,688,774 | ||||||||||
Income from operations | 28,416,267 | 17,386,669 | -54,155 | 45,748,781 | ||||||||||
Income before taxes | 27,335,129 | 17,386,669 | -54,155 | 44,667,643 | ||||||||||
Income tax expense | 8,223,241 | -2,328,391 | -21,229 | 5,873,621 | ||||||||||
Net income | 19,111,888 | 19,715,060 | -32,926 | 38,794,022 | ||||||||||
Basic earnings per share | 0.39 | 0.4 | - | 0.79 | ||||||||||
Diluted earnings per share | 0.37 | 0.38 | - | 0.76 | ||||||||||
Schedule of Restatement of Prior Period Adjustments To Consolidated Statements of Comprehensive Income [Table Text Block] | ' | |||||||||||||
Restated consolidated statements of comprehensive income amounts | ||||||||||||||
Adjustments | ||||||||||||||
Productions | ||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||
Year Ended December 31, 2011: | ||||||||||||||
Net income | $ | 16,393,007 | $ | 472,837 | $ | -249,818 | $ | 16,616,026 | ||||||
Comprehensive income | 13,726,957 | 472,837 | -249,818 | 13,949,976 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||
Net income | $ | 19,111,888 | $ | 19,715,060 | $ | -32,926 | $ | 38,794,022 | ||||||
Foreign currency translation adjustments | 608,813 | 67,459 | - | 676,272 | ||||||||||
Other comprehensive income (loss), before tax | -501,425 | 67,459 | - | -433,966 | ||||||||||
Other comprehensive income (loss), net of tax | -62,869 | 67,459 | - | 4,590 | ||||||||||
Comprehensive income | 19,049,019 | 19,782,519 | -32,926 | 38,798,612 | ||||||||||
Schedule of Restatement of Prior Period Adjustments To Consolidated Balance Sheet [Table Text Block] | ' | |||||||||||||
Restated consolidated balance sheet amounts | ||||||||||||||
Adjustments | ||||||||||||||
As Reported | Productions | Other | As Restated | |||||||||||
Graphics | ||||||||||||||
As of December 31, 2012: | ||||||||||||||
Accounts receivable | $ | 149,246,568 | $ | -7,141,947 | $ | - | $ | 142,104,621 | ||||||
Inventories | 17,406,863 | - | 955,419 | 18,362,282 | ||||||||||
Prepaid expenses | 16,210,053 | - | -182,040 | 16,028,013 | ||||||||||
Other current assets | 21,051,907 | - | 195,624 | 21,247,531 | ||||||||||
Total current assets | 253,445,934 | -7,141,947 | 969,003 | 247,272,990 | ||||||||||
Goodwill | 214,086,880 | - | -1,290,458 | 212,796,422 | ||||||||||
Total intangibles and other assets | 251,719,264 | - | -1,290,458 | 250,428,806 | ||||||||||
Total assets | 522,243,582 | -7,141,947 | -321,455 | 514,780,180 | ||||||||||
Accounts payable-trade | $ | 121,132,051 | $ | 199,347 | $ | 1,036,419 | $ | 122,367,817 | ||||||
Due to seller | 10,796,850 | -7,796,850 | - | 3,000,000 | ||||||||||
Other liabilities | 8,111,051 | - | -1,317,255 | 6,793,796 | ||||||||||
Accrued expenses | 17,558,675 | -2,632,853 | -35,672 | 14,890,150 | ||||||||||
Total current liabilities | 165,394,116 | -10,230,357 | -316,507 | 154,847,252 | ||||||||||
Deferred income taxes | 5,000,740 | - | -1,039,459 | 3,961,281 | ||||||||||
Contingent consideration, net of current portion | 63,869,281 | -17,166,946 | - | 46,702,335 | ||||||||||
Other long-term liabilities | - | - | 1,317,255 | 1,317,255 | ||||||||||
Total liabilities | 299,264,137 | -27,397,303 | -38,711 | 271,828,123 | ||||||||||
Accumulated other comprehensive income | 205,462 | 67,459 | - | 272,921 | ||||||||||
Retained earnings | 91,721,296 | 20,187,897 | -282,744 | 111,626,449 | ||||||||||
Total stockholders' equity | 222,979,445 | 20,255,356 | -282,744 | 242,952,057 | ||||||||||
Total liabilities and stockholders' equity | 522,243,582 | -7,141,947 | -321,455 | 514,780,180 | ||||||||||
Schedule of Restatement of Prior Period Adjustments To Consolidated Statements of Cash Flows [Table Text Block] | ' | |||||||||||||
Restated consolidated statements of cash flows amounts | ||||||||||||||
Adjustments | ||||||||||||||
As Reported | Productions | Other | As Restated | |||||||||||
Graphics | ||||||||||||||
Year Ended December 31, 2011: | ||||||||||||||
Net income | $ | 16,393,007 | $ | 472,837 | $ | -249,818 | $ | 16,616,026 | ||||||
Deferred income taxes | 1,228,443 | - | -478,567 | 749,876 | ||||||||||
Change in fair value of contingent consideration | -147,529 | -1,554,000 | - | -1,701,529 | ||||||||||
liability | ||||||||||||||
Accounts receivable and unbilled revenue | -24,785,185 | 1,450,503 | -2,071,845 | -25,406,527 | ||||||||||
Inventories | -3,326,116 | - | 471,482 | -2,854,634 | ||||||||||
Prepaid expenses and other | -2,715,853 | - | 80,000 | -2,635,853 | ||||||||||
Accounts payable | 25,432,811 | 165,516 | 1,853,248 | 27,451,575 | ||||||||||
Accrued expenses and other | 4,024,780 | -534,856 | 395,500 | 3,885,424 | ||||||||||
Net cash provided by operating activities | 27,830,536 | - | - | 27,830,536 | ||||||||||
Payments for acquisitions, net of cash acquired | -17,097,159 | 2,314,362 | - | -14,782,797 | ||||||||||
Net cash used in investing activities | -33,575,352 | 2,314,362 | - | -31,260,990 | ||||||||||
Payments of contingent consideration | - | -2,314,362 | - | -2,314,362 | ||||||||||
Net cash provided by financing activites | 14,067,712 | -2,314,362 | - | 11,753,350 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||
Net income | $ | 19,111,888 | $ | 19,715,060 | $ | -32,926 | $ | 38,794,022 | ||||||
Deferred income taxes | 1,090,502 | - | -2,085,720 | -995,218 | ||||||||||
Change in fair value of contingent consideration | -2,724,978 | -24,963,796 | - | -27,688,774 | ||||||||||
liability | ||||||||||||||
Accounts receivable and unbilled revenue | -23,278,410 | 5,691,444 | 2,740,961 | -14,846,005 | ||||||||||
Inventories | -2,134,490 | - | -955,419 | -3,089,909 | ||||||||||
Prepaid expenses and other | -13,063,957 | - | -13,584 | -13,077,541 | ||||||||||
Accounts payable | 13,582,947 | 33,831 | 1,201,935 | 14,818,713 | ||||||||||
Accrued expenses and other | 6,616,912 | -1,601,244 | -855,247 | 4,160,421 | ||||||||||
Net cash provided by operating activities | 10,536,440 | -1,124,705 | - | 9,411,735 | ||||||||||
Payments for acquisitions, net of cash acquired | -1,127,954 | - | - | -1,127,954 | ||||||||||
Net cash used in investing activities | -14,706,533 | - | - | -14,706,533 | ||||||||||
Payments of contingent consideration | -8,303,112 | 1,124,705 | - | -7,178,407 | ||||||||||
Net cash provided by financing activites | 8,458,783 | 1,124,705 | - | 9,583,488 | ||||||||||
Restatement_of_Prior_Period_Qu1
Restatement of Prior Period Quarterly Financial Statements (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Restatement Of Prior Period Quarterly Financial Statements [Abstract] | ' | |||||||||||||||||||||||||
Schedule Of Restatement Of Prior Period Quarterly Financial Statements Condensed Consolidated Statement Of Income [Table Text Block] | ' | |||||||||||||||||||||||||
The following tables summarize the effects of the restatements on our previously issued unaudited condensed consolidated financial statements. | ||||||||||||||||||||||||||
Condensed consolidated statements of income (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Revenue | $ | 187,577,031 | $ | 204,577,416 | ||||||||||||||||||||||
Cost of goods sold | 146,870,289 | 158,227,615 | ||||||||||||||||||||||||
Gross profit | 40,706,742 | 46,349,801 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 31,115,144 | 47,111,617 | ||||||||||||||||||||||||
Depreciation and amortization | 2,444,096 | 2,465,667 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | 200,141 | 608,832 | ||||||||||||||||||||||||
Income (loss) from operations | 6,947,361 | -3,836,315 | ||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Gain on sale of investment | 247,697 | - | ||||||||||||||||||||||||
Interest income | 51,741 | 7,334 | ||||||||||||||||||||||||
Interest expense | -698,094 | -485,107 | ||||||||||||||||||||||||
Other, net | 138,268 | -446,163 | ||||||||||||||||||||||||
Total other income (expense) | -260,388 | -923,936 | ||||||||||||||||||||||||
Income (loss) before taxes | 6,686,973 | -4,760,251 | ||||||||||||||||||||||||
Income tax expense (benefit) | 2,257,759 | -1,958,977 | ||||||||||||||||||||||||
Net (loss) income | $ | 4,429,214 | $ | -2,801,274 | ||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.09 | $ | -0.06 | ||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.09 | $ | -0.06 | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,861,474 | $ | -4,718,963 | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | (as restated) | |||||||||||||||||||||||
Revenue | $ | 201,321,036 | $ | 210,875,626 | $ | 388,898,067 | $ | 415,453,042 | ||||||||||||||||||
Cost of goods sold | 153,523,598 | 162,699,024 | 300,393,887 | 320,926,639 | ||||||||||||||||||||||
Gross profit | 47,797,438 | 48,176,602 | 88,504,180 | 94,526,403 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 38,381,812 | 41,347,183 | 69,496,956 | 88,458,800 | ||||||||||||||||||||||
Depreciation and amortization | 2,936,981 | 2,648,396 | 5,381,077 | 5,114,063 | ||||||||||||||||||||||
Change in fair value of contingent consideration | 266,544 | -1,649,389 | 466,685 | -1,040,557 | ||||||||||||||||||||||
Income from operations | 6,212,101 | 5,830,412 | 13,159,462 | 1,994,097 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Gain on sale of investment | 247,875 | - | 495,572 | - | ||||||||||||||||||||||
Interest income | 43,047 | 555 | 94,788 | 7,889 | ||||||||||||||||||||||
Interest expense | -660,492 | -514,825 | -1,358,586 | -999,932 | ||||||||||||||||||||||
Other, net | -124,329 | 25,510 | 13,939 | -420,653 | ||||||||||||||||||||||
Total other income (expense) | -493,899 | -488,760 | -754,287 | -1,412,696 | ||||||||||||||||||||||
Income before taxes | 5,718,202 | 5,341,652 | 12,405,175 | 581,401 | ||||||||||||||||||||||
Income tax expense (benefit) | 1,944,378 | 1,666,131 | 4,202,137 | -292,846 | ||||||||||||||||||||||
Net income | $ | 3,773,824 | $ | 3,675,521 | $ | 8,203,038 | $ | 874,247 | ||||||||||||||||||
Basic earnings per share | $ | 0.08 | $ | 0.07 | $ | 0.17 | $ | 0.02 | ||||||||||||||||||
Diluted earnings per share | $ | 0.07 | $ | 0.07 | $ | 0.16 | $ | 0.02 | ||||||||||||||||||
Comprehensive income (loss) | $ | 2,829,531 | $ | 3,477,251 | $ | 7,691,005 | $ | -1,241,712 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | (as restated) | |||||||||||||||||||||||
Revenue | $ | 198,843,932 | $ | 232,629,788 | $ | 587,741,999 | $ | 648,082,830 | ||||||||||||||||||
Cost of goods sold | 152,887,337 | 179,448,580 | 453,281,224 | 500,375,219 | ||||||||||||||||||||||
Gross profit | 45,956,595 | 53,181,208 | 134,460,775 | 147,707,611 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 36,299,315 | 44,724,982 | 105,796,271 | 133,183,782 | ||||||||||||||||||||||
Depreciation and amortization | 2,696,255 | 3,880,431 | 8,077,332 | 8,994,494 | ||||||||||||||||||||||
Change in fair value of contingent consideration | 330,791 | -29,627,005 | 797,476 | -30,667,562 | ||||||||||||||||||||||
Goodwill impairment charge | - | 37,908,000 | - | 37,908,000 | ||||||||||||||||||||||
Restructuring and other charges | - | 4,321,862 | - | 4,321,862 | ||||||||||||||||||||||
Income (loss) from operations | 6,630,234 | -8,027,062 | 19,789,696 | -6,032,965 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Gain on sale of investment | 346,836 | - | 842,408 | - | ||||||||||||||||||||||
Interest income | 10,667 | 14,887 | 105,455 | 22,776 | ||||||||||||||||||||||
Interest expense | -633,085 | -820,081 | -1,991,671 | -1,820,013 | ||||||||||||||||||||||
Other, net | 108,667 | 77,147 | 122,606 | -343,506 | ||||||||||||||||||||||
Total other income (expense) | -166,915 | -728,047 | -921,202 | -2,140,743 | ||||||||||||||||||||||
Income (loss) before taxes | 6,463,319 | -8,755,109 | 18,868,494 | -8,173,708 | ||||||||||||||||||||||
Income tax expense (benefit) | 2,159,825 | 310,961 | 6,361,962 | 18,115 | ||||||||||||||||||||||
Net income (loss) | $ | 4,303,494 | $ | -9,066,070 | $ | 12,506,532 | $ | -8,191,823 | ||||||||||||||||||
Basic earnings (loss) per share | $ | 0.09 | $ | -0.18 | $ | 0.26 | $ | -0.16 | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.08 | $ | -0.18 | $ | 0.25 | $ | -0.16 | ||||||||||||||||||
Comprehensive income (loss) | $ | 4,724,259 | $ | -5,694,098 | $ | 12,415,264 | $ | -6,935,810 | ||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||
As Reported | Adjustments | As Restated | ||||||||||||||||||||||||
Revenue | $ | 207,987 | $ | -6,143 | $ | 201,844 | ||||||||||||||||||||
Gross profit | 49,303 | -6,205 | 43,098 | |||||||||||||||||||||||
Net income | 5,974 | 20,313 | 26,287 | |||||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.41 | $ | 0.53 | ||||||||||||||||||||
Diluted | $ | 0.12 | $ | 0.39 | $ | 0.51 | ||||||||||||||||||||
Restated consolidated statements of income amounts (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | As Reported | Productions | Other | As Restated | |||||||||||||||||||
Graphics | Graphics | |||||||||||||||||||||||||
Revenue | $ | 188,546,402 | $ | -649,526 | $ | -319,845 | $ | 187,577,031 | $ | 204,316,125 | $ | 261,291 | $ | - | $ | 204,577,416 | ||||||||||
Cost of goods sold | 147,153,019 | - | -282,730 | 146,870,289 | 158,323,630 | -96,015 | - | 158,227,615 | ||||||||||||||||||
Gross profit | 41,393,383 | -649,526 | -37,115 | 40,706,742 | 45,992,495 | 357,306 | - | 46,349,801 | ||||||||||||||||||
Selling, general and administrative expenses | 32,883,123 | -1,410,979 | -357,000 | 31,115,144 | 41,126,957 | 6,308,660 | -324,000 | 47,111,617 | ||||||||||||||||||
Income (loss) from operations | 5,866,023 | 761,453 | 319,885 | 6,947,361 | 1,791,039 | -5,951,355 | 324,001 | -3,836,315 | ||||||||||||||||||
Income (loss) before taxes | 5,605,635 | 761,453 | 319,885 | 6,686,973 | 867,103 | -5,951,355 | 324,001 | -4,760,251 | ||||||||||||||||||
Income tax expense (benefit) | 1,917,947 | 214,417 | 125,395 | 2,257,759 | -28,027 | -2,057,958 | 127,008 | -1,958,977 | ||||||||||||||||||
Net income (loss) | 3,687,688 | 547,036 | 194,490 | 4,429,214 | 895,130 | -3,893,397 | 196,993 | -2,801,274 | ||||||||||||||||||
Basic earnings (loss) per share | 0.08 | 0.01 | - | 0.09 | 0.02 | -0.08 | - | -0.06 | ||||||||||||||||||
Diluted earnings (loss) per share | 0.07 | 0.01 | 0.01 | 0.09 | 0.02 | -0.07 | - | -0.06 | ||||||||||||||||||
Comprehensive income (loss) | 4,089,394 | 577,590 | 194,490 | 4,861,474 | -956,066 | -3,959,890 | 196,993 | -4,718,963 | ||||||||||||||||||
Three Months Ended June 30, 2012 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | As Reported | Productions | Other | As Restated | |||||||||||||||||||
Graphics | Graphics | |||||||||||||||||||||||||
Revenue | $ | 201,397,471 | $ | -76,435 | $ | - | $ | 201,321,036 | $ | 210,875,626 | $ | - | $ | - | $ | 210,875,626 | ||||||||||
Cost of goods sold | 153,551,408 | -27,810 | - | 153,523,598 | 162,699,024 | - | - | 162,699,024 | ||||||||||||||||||
Gross profit | 47,846,063 | -48,625 | - | 47,797,438 | 48,176,602 | - | - | 48,176,602 | ||||||||||||||||||
Selling, general and administrative expenses | 37,377,559 | 1,004,253 | - | 38,381,812 | 43,907,070 | -2,559,887 | - | 41,347,183 | ||||||||||||||||||
Income from operations | 7,264,979 | -1,052,878 | - | 6,212,101 | 3,270,525 | 2,559,887 | - | 5,830,412 | ||||||||||||||||||
Income before taxes | 6,771,080 | -1,052,878 | - | 5,718,202 | 2,781,765 | 2,559,887 | - | 5,341,652 | ||||||||||||||||||
Income tax expense | 2,296,680 | -352,302 | - | 1,944,378 | 878,420 | 787,711 | - | 1,666,131 | ||||||||||||||||||
Net income | 4,474,400 | -700,576 | - | 3,773,824 | 1,903,345 | 1,772,176 | - | 3,675,521 | ||||||||||||||||||
Basic earnings per share | 0.09 | -0.01 | - | 0.08 | 0.04 | 0.03 | - | 0.07 | ||||||||||||||||||
Diluted earnings per share | 0.09 | -0.02 | - | 0.07 | 0.04 | 0.03 | - | 0.07 | ||||||||||||||||||
Comprehensive income | 3,493,203 | -663,672 | - | 2,829,531 | 1,705,075 | 1,772,176 | - | 3,477,251 | ||||||||||||||||||
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | As Reported | Productions | Other | As Restated | |||||||||||||||||||
Graphics | Graphics | |||||||||||||||||||||||||
Revenue | $ | 389,943,873 | $ | -725,961 | $ | -319,845 | $ | 388,898,067 | $ | 415,191,751 | $ | 261,291 | $ | - | $ | 415,453,042 | ||||||||||
Cost of goods sold | 300,704,427 | -27,810 | -282,730 | 300,393,887 | 321,022,654 | -96,015 | - | 320,926,639 | ||||||||||||||||||
Gross profit | 89,239,446 | -698,151 | -37,115 | 88,504,180 | 94,169,097 | 357,306 | - | 94,526,403 | ||||||||||||||||||
Selling, general and administrative expenses | 70,260,682 | -406,726 | -357,000 | 69,496,956 | 85,034,027 | 3,748,773 | -324,000 | 88,458,800 | ||||||||||||||||||
Income from operations | 13,131,002 | -291,425 | 319,885 | 13,159,462 | 5,061,564 | -3,391,467 | 324,000 | 1,994,097 | ||||||||||||||||||
Income before taxes | 12,376,715 | -291,425 | 319,885 | 12,405,175 | 3,648,868 | -3,391,467 | 324,000 | 581,401 | ||||||||||||||||||
Income tax expense (benefit) | 4,214,627 | -137,885 | 125,395 | 4,202,137 | 850,393 | -1,270,246 | 127,007 | -292,846 | ||||||||||||||||||
Net income | 8,162,088 | -153,540 | 194,490 | 8,203,038 | 2,798,475 | -2,121,221 | 196,993 | 874,247 | ||||||||||||||||||
Basic earnings per share | 0.17 | - | - | 0.17 | 0.06 | -0.04 | - | 0.02 | ||||||||||||||||||
Diluted earnings per share | 0.16 | - | - | 0.16 | 0.05 | -0.03 | - | 0.02 | ||||||||||||||||||
Comprehensive income (loss) | 7,582,597 | -86,082 | 194,490 | 7,691,005 | 749,009 | -2,187,714 | 196,993 | -1,241,712 | ||||||||||||||||||
Three Months Ended September 30, 2012 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Revenue | $ | 199,768,676 | $ | -924,744 | $ | - | $ | 198,843,932 | $ | 232,629,788 | $ | - | $ | - | $ | 232,629,788 | ||||||||||
Cost of goods sold | 152,887,337 | - | - | 152,887,337 | 179,511,134 | -62,554 | - | 179,448,580 | ||||||||||||||||||
Gross profit | 46,881,339 | -924,744 | - | 45,956,595 | 53,118,654 | 62,554 | - | 53,181,208 | ||||||||||||||||||
Selling, general and administrative expenses | 36,253,631 | -4,355 | 50,040 | 36,299,315 | 45,832,645 | -1,107,663 | - | 44,724,982 | ||||||||||||||||||
Change in fair value of contingent consideration | 330,791 | - | - | 330,791 | -46,793,951 | 17,166,946 | - | -29,627,005 | ||||||||||||||||||
Income (loss) from operations | 7,600,662 | -920,388 | -50,040 | 6,630,234 | 7,969,667 | -15,996,729 | - | -8,027,062 | ||||||||||||||||||
Income (loss) before taxes | 7,433,747 | -920,388 | -50,040 | 6,463,319 | 7,241,620 | -15,996,729 | - | -8,755,109 | ||||||||||||||||||
Income tax expense (benefit) | 2,457,403 | -277,962 | -19,616 | 2,159,825 | -50,301 | 361,262 | - | 310,961 | ||||||||||||||||||
Net income (loss) | 4,976,344 | -642,426 | -30,424 | 4,303,494 | 7,291,921 | -16,357,992 | - | -9,066,070 | ||||||||||||||||||
Basic earnings (loss) per share | 0.1 | -0.01 | - | 0.09 | 0.14 | -0.32 | - | -0.18 | ||||||||||||||||||
Diluted earnings (loss) per share | 0.1 | -0.02 | - | 0.08 | 0.14 | -0.32 | - | -0.18 | ||||||||||||||||||
Comprehensive income (loss) | 5,397,109 | -642,426 | -30,424 | 4,724,259 | 10,663,894 | -16,357,992 | - | -5,694,098 | ||||||||||||||||||
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Revenue | $ | 589,712,549 | $ | -1,650,705 | $ | -319,845 | $ | 587,741,999 | $ | 647,821,539 | $ | 261,291 | $ | - | $ | 648,082,830 | ||||||||||
Cost of goods sold | 453,591,764 | -27,810 | -282,730 | 453,281,224 | 500,533,788 | -158,569 | - | 500,375,219 | ||||||||||||||||||
Gross profit | 136,120,785 | -1,622,895 | -37,115 | 134,460,775 | 147,287,751 | 419,860 | - | 147,707,611 | ||||||||||||||||||
Selling, general and administrative expenses | 106,514,313 | -411,082 | -306,960 | 105,796,271 | 130,866,672 | 2,641,110 | -323,999 | 133,183,782 | ||||||||||||||||||
Change in fair value of contingent consideration | 797,476 | - | - | 797,476 | -47,834,508 | 17,166,946 | - | -30,667,562 | ||||||||||||||||||
Income (loss) from operations | 20,731,664 | -1,211,813 | 269,845 | 19,789,696 | 13,031,231 | -19,388,196 | 324,000 | -6,032,965 | ||||||||||||||||||
Income (loss) before taxes | 19,810,462 | -1,211,813 | 269,845 | 18,868,494 | 10,890,488 | -19,388,196 | 324,000 | -8,173,708 | ||||||||||||||||||
Income tax expense (benefit) | 6,672,030 | -415,847 | 105,779 | 6,361,962 | 800,092 | -908,984 | 127,007 | 18,115 | ||||||||||||||||||
Net income (loss) | 13,138,432 | -795,966 | 164,066 | 12,506,532 | 10,090,396 | -18,479,213 | 196,994 | -8,191,823 | ||||||||||||||||||
Basic earnings (loss) per share | 0.27 | -0.01 | - | 0.26 | 0.2 | -0.36 | - | -0.16 | ||||||||||||||||||
Diluted earnings (loss) per share | 0.26 | -0.01 | - | 0.25 | 0.19 | -0.35 | - | -0.16 | ||||||||||||||||||
Comprehensive income (loss) | 12,979,706 | -728,508 | 164,066 | 12,415,264 | 11,412,903 | -18,545,706 | 196,993 | -6,935,810 | ||||||||||||||||||
Schedule Of Restatement Of Prior Period Quarterly Financial Statements Condensed Consolidated Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||||
Condensed consolidated balance sheets (unaudited) | ||||||||||||||||||||||||||
March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2013 | 2013 | 2013 | ||||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,609,171 | $ | 14,164,356 | $ | 19,224,801 | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 145,033,144 | 148,458,376 | 165,267,866 | |||||||||||||||||||||||
Unbilled revenue | 30,191,086 | 27,041,664 | 28,920,833 | |||||||||||||||||||||||
Inventories | 15,310,762 | 16,390,726 | 29,423,436 | |||||||||||||||||||||||
Prepaid expenses | 19,830,132 | 16,226,314 | 10,639,529 | |||||||||||||||||||||||
Deferred income taxes | 1,541,351 | 1,440,660 | 3,059,701 | |||||||||||||||||||||||
Other current assets | 20,934,611 | 18,735,224 | 23,766,065 | |||||||||||||||||||||||
Total current assets | 243,450,257 | 242,457,320 | 280,302,231 | |||||||||||||||||||||||
Property and equipment, net | 18,327,091 | 19,516,534 | 20,763,736 | |||||||||||||||||||||||
Intangibles and other assets: | ||||||||||||||||||||||||||
Goodwill | 250,025,226 | 260,714,048 | 250,863,723 | |||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 38,186,926 | 39,367,233 | 57,100,375 | |||||||||||||||||||||||
Deferred income taxes | - | - | - | |||||||||||||||||||||||
Other assets | 1,417,979 | 699,262 | 1,035,867 | |||||||||||||||||||||||
289,630,131 | 300,780,543 | 308,999,965 | ||||||||||||||||||||||||
Total assets | $ | 551,407,479 | $ | 562,754,397 | $ | 610,065,932 | ||||||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable-trade | $ | 126,805,292 | $ | 117,764,548 | $ | 143,548,372 | ||||||||||||||||||||
Current portion of contingent consideration | 26,678,442 | 29,241,446 | 24,876,636 | |||||||||||||||||||||||
Due to seller | 943,424 | 685,114 | 1,194,520 | |||||||||||||||||||||||
Other liabilities | 6,115,295 | 7,987,811 | 12,490,643 | |||||||||||||||||||||||
Accrued expenses | 9,258,800 | 9,467,010 | 11,106,292 | |||||||||||||||||||||||
Total current liabilities | 169,801,253 | 165,145,929 | 193,216,463 | |||||||||||||||||||||||
Revolving credit facility | 70,500,000 | 78,300,000 | 91,500,000 | |||||||||||||||||||||||
Deferred income taxes | 5,117,858 | 5,760,815 | 15,989,408 | |||||||||||||||||||||||
Contingent consideration, net of current portion | 60,712,734 | 63,083,023 | 64,212,585 | |||||||||||||||||||||||
Other long-term liabilities | 1,500,705 | 1,406,296 | 1,369,131 | |||||||||||||||||||||||
Total liabilities | 307,632,550 | 313,696,063 | 366,287,587 | |||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||
Common stock, par value $0.0001 per share, 200,000,000 shares authorized, 60,971,436, 61,268,422 and 61,363,632 shares issued, 50,623,049, 50,932,298 and 51,250,323 shares outstanding, respectively | 6,097 | 6,127 | 6,136 | |||||||||||||||||||||||
Additional paid-in capital | 201,550,716 | 203,233,352 | 201,158,609 | |||||||||||||||||||||||
Treasury stock at cost, 10,336,124, 10,113,309 and 10,113,309 shares, respectively | -64,962,291 | -64,824,042 | -62,312,100 | |||||||||||||||||||||||
Accumulated other comprehensive income | -1,644,768 | -1,843,038 | 1,528,935 | |||||||||||||||||||||||
Retained earnings | 108,825,175 | 112,485,935 | 103,396,765 | |||||||||||||||||||||||
Total stockholders' equity | 243,774,929 | 249,058,334 | 243,778,345 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 551,407,479 | $ | 562,754,397 | $ | 610,065,932 | ||||||||||||||||||||
March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2012 | 2012 | 2012 | ||||||||||||||||||||||||
(as restated) | (as restated) | (as restated) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,665,972 | $ | 11,971,416 | $ | 9,156,463 | ||||||||||||||||||||
Short-term investments | 888,897 | 793,707 | 362,259 | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 146,907,627 | 139,259,771 | 152,529,957 | |||||||||||||||||||||||
Unbilled revenue | 30,883,113 | 33,512,456 | 33,630,255 | |||||||||||||||||||||||
Inventories | 12,198,821 | 11,787,614 | 14,401,850 | |||||||||||||||||||||||
Prepaid expenses | 10,696,763 | 11,288,934 | 14,109,383 | |||||||||||||||||||||||
Deferred income taxes | 1,463,492 | 1,734,274 | 1,681,213 | |||||||||||||||||||||||
Other current assets | 24,697,846 | 19,574,702 | 36,286,672 | |||||||||||||||||||||||
Total current assets | 243,402,531 | 229,922,874 | 262,158,052 | |||||||||||||||||||||||
Property and equipment, net | 12,168,279 | 13,707,584 | 14,531,012 | |||||||||||||||||||||||
Intangibles and other assets: | ||||||||||||||||||||||||||
Goodwill | 199,257,989 | 202,761,094 | 211,191,783 | |||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 37,268,369 | 36,918,524 | 36,594,576 | |||||||||||||||||||||||
Deferred income taxes | 3,715,207 | 3,716,284 | 2,695,971 | |||||||||||||||||||||||
Other assets | 791,106 | 1,061,292 | 1,043,296 | |||||||||||||||||||||||
241,032,671 | 244,457,194 | 251,525,626 | ||||||||||||||||||||||||
Total assets | $ | 496,603,481 | $ | 488,087,652 | $ | 528,214,690 | ||||||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable-trade | $ | 120,157,340 | $ | 100,268,319 | $ | 125,889,990 | ||||||||||||||||||||
Current portion of contingent consideration | 16,199,571 | 15,396,575 | 16,923,240 | |||||||||||||||||||||||
Due to seller | 1,532,592 | - | - | |||||||||||||||||||||||
Other liabilities | 7,633,577 | 9,587,750 | 7,086,530 | |||||||||||||||||||||||
Accrued expenses | 15,050,039 | 12,148,857 | 12,076,796 | |||||||||||||||||||||||
Total current liabilities | 160,573,119 | 137,401,501 | 161,976,556 | |||||||||||||||||||||||
Revolving credit facility | 71,400,000 | 73,000,000 | 74,000,000 | |||||||||||||||||||||||
Deferred income taxes | 6,833,274 | 7,002,310 | 7,301,933 | |||||||||||||||||||||||
Contingent consideration, net of current portion | 63,411,139 | 66,107,784 | 69,546,954 | |||||||||||||||||||||||
Other long-term liabilities | 1,370,976 | 1,354,311 | 1,379,506 | |||||||||||||||||||||||
Total liabilities | 303,588,508 | 284,865,906 | 314,204,949 | |||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||
Common stock, par value $0.0001 per share, 200,000,000 shares authorized, 58,961,117, 59,833,466 and 60,460,457 shares issued, 48,123,303, 49,184,937 and 49,924,994 shares outstanding, respectively | 5,896 | 5,983 | 6,046 | |||||||||||||||||||||||
Additional paid-in capital | 185,458,845 | 190,769,991 | 195,558,997 | |||||||||||||||||||||||
Treasury stock at cost, 10,837,814, 10,648,529 and 10,535,463 shares, respectively | -70,479,927 | -68,345,991 | -67,071,323 | |||||||||||||||||||||||
Accumulated other comprehensive income | 700,591 | -243,701 | 177,063 | |||||||||||||||||||||||
Retained earnings | 77,329,568 | 81,035,464 | 85,338,958 | |||||||||||||||||||||||
Total stockholders' equity | 193,014,973 | 203,221,746 | 214,009,741 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 496,603,481 | $ | 488,087,652 | $ | 528,214,690 | ||||||||||||||||||||
Restated consolidated balance sheets amounts (unaudited) | ||||||||||||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
As Reported | Productions | Other | As Restated | |||||||||||||||||||||||
Graphics | ||||||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 150,492,103 | $ | -5,458,959 | $ | - | $ | 145,033,144 | ||||||||||||||||||
Prepaid expenses | 19,880,172 | - | -50,040 | 19,830,132 | ||||||||||||||||||||||
Other current assets | 20,914,995 | - | 19,616 | 20,934,611 | ||||||||||||||||||||||
Total current assets | 248,939,640 | -5,458,959 | -30,424 | 243,450,257 | ||||||||||||||||||||||
Goodwill | 251,315,684 | - | -1,290,458 | 250,025,226 | ||||||||||||||||||||||
Total intangibles and other assets | 290,920,589 | - | -1,290,458 | 289,630,131 | ||||||||||||||||||||||
Total assets | 558,187,320 | -5,458,959 | -1,320,882 | 551,407,479 | ||||||||||||||||||||||
Accounts payable-trade | $ | 126,701,960 | $ | 103,332 | $ | - | $ | 126,805,292 | ||||||||||||||||||
Other liabilities | 7,616,000 | - | -1,500,705 | 6,115,295 | ||||||||||||||||||||||
Accrued expenses | 13,985,283 | -4,690,811 | -35,672 | 9,258,800 | ||||||||||||||||||||||
Total current liabilities | 175,925,109 | -4,587,479 | -1,536,377 | 169,801,253 | ||||||||||||||||||||||
Deferred income taxes | 6,317,317 | - | -1,199,459 | 5,117,858 | ||||||||||||||||||||||
Contingent consideration, net of current portion | 77,879,680 | -17,166,946 | - | 60,712,734 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,500,705 | 1,500,705 | ||||||||||||||||||||||
Total liabilities | 330,622,106 | -21,754,424 | -1,235,132 | 307,632,550 | ||||||||||||||||||||||
Accumulated other comprehensive income | -1,645,734 | 966 | - | -1,644,768 | ||||||||||||||||||||||
Retained earnings | 92,616,426 | 16,294,500 | -85,751 | 108,825,175 | ||||||||||||||||||||||
Total stockholders' equity | 227,565,214 | 16,295,466 | -85,751 | 243,774,929 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 558,187,320 | -5,458,959 | -1,320,882 | 551,407,479 | ||||||||||||||||||||||
As of June 30, 2013 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 151,357,448 | $ | -2,899,072 | $ | - | $ | 148,458,376 | ||||||||||||||||||
Prepaid expenses | 16,276,354 | - | -50,040 | 16,226,314 | ||||||||||||||||||||||
Other current assets | 18,715,608 | - | 19,616 | 18,735,224 | ||||||||||||||||||||||
Total current assets | 245,386,816 | -2,899,072 | -30,424 | 242,457,320 | ||||||||||||||||||||||
Goodwill | 262,004,506 | - | -1,290,458 | 260,714,048 | ||||||||||||||||||||||
Total intangibles and other assets | 302,071,001 | - | -1,290,458 | 300,780,543 | ||||||||||||||||||||||
Total assets | 566,974,351 | -2,899,072 | -1,320,882 | 562,754,397 | ||||||||||||||||||||||
Accounts payable-trade | $ | 117,661,216 | $ | 103,332 | $ | - | $ | 117,764,548 | ||||||||||||||||||
Other liabilities | 9,394,107 | - | -1,406,296 | 7,987,811 | ||||||||||||||||||||||
Accrued expenses | 13,405,782 | -3,903,100 | -35,672 | 9,467,010 | ||||||||||||||||||||||
Total current liabilities | 170,387,665 | -3,799,767 | -1,441,969 | 165,145,929 | ||||||||||||||||||||||
Deferred income taxes | 6,960,274 | - | -1,199,459 | 5,760,815 | ||||||||||||||||||||||
Contingent consideration, net of current portion | 80,249,969 | -17,166,946 | - | 63,083,023 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,406,296 | 1,406,296 | ||||||||||||||||||||||
Total liabilities | 335,897,908 | -20,966,713 | -1,235,132 | 313,696,063 | ||||||||||||||||||||||
Accumulated other comprehensive income | -1,844,004 | 966 | - | -1,843,038 | ||||||||||||||||||||||
Retained earnings | 94,505,010 | 18,066,675 | -85,750 | 112,485,935 | ||||||||||||||||||||||
Total stockholders' equity | 231,076,443 | 18,067,640 | -85,750 | 249,058,334 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 566,974,351 | -2,899,072 | -1,320,882 | 562,754,397 | ||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 167,059,275 | $ | -1,791,409 | $ | - | $ | 165,267,866 | ||||||||||||||||||
Prepaid expenses | 10,689,569 | - | -50,040 | 10,639,529 | ||||||||||||||||||||||
Other current assets | 23,746,449 | - | 19,616 | 23,766,065 | ||||||||||||||||||||||
Total current assets | 282,124,064 | -1,791,409 | -30,424 | 280,302,231 | ||||||||||||||||||||||
Goodwill | 252,154,181 | - | -1,290,458 | 250,863,723 | ||||||||||||||||||||||
Total intangibles and other assets | 310,290,423 | - | -1,290,458 | 308,999,965 | ||||||||||||||||||||||
Total assets | 613,178,223 | -1,791,409 | -1,320,882 | 610,065,932 | ||||||||||||||||||||||
Accounts payable-trade | $ | 143,507,594 | $ | 40,778 | $ | - | $ | 143,548,372 | ||||||||||||||||||
Other liabilities | 13,859,774 | - | -1,369,131 | 12,490,643 | ||||||||||||||||||||||
Accrued expenses | 14,683,802 | -3,541,838 | -35,672 | 11,106,292 | ||||||||||||||||||||||
Total current liabilities | 198,122,326 | -3,501,059 | -1,404,804 | 193,216,463 | ||||||||||||||||||||||
Deferred income taxes | 17,188,867 | - | -1,199,459 | 15,989,408 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,369,131 | 1,369,131 | ||||||||||||||||||||||
Total liabilities | 371,023,778 | -3,501,059 | -1,235,132 | 366,287,587 | ||||||||||||||||||||||
Accumulated other comprehensive income | 1,527,969 | 966 | - | 1,528,935 | ||||||||||||||||||||||
Retained earnings | 101,773,831 | 1,708,684 | -85,750 | 103,396,765 | ||||||||||||||||||||||
Total stockholders' equity | 242,154,445 | 1,709,650 | -85,750 | 243,778,345 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 613,178,223 | -1,791,409 | -1,320,882 | 610,065,932 | ||||||||||||||||||||||
As of March 31, 2012 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 147,099,923 | $ | -192,296 | $ | - | $ | 146,907,627 | ||||||||||||||||||
Total current assets | 243,594,827 | -192,296 | - | 243,402,531 | ||||||||||||||||||||||
Goodwill | 208,313,495 | - | -9,055,506 | 199,257,989 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 25,743,759 | - | 11,524,610 | 37,268,369 | ||||||||||||||||||||||
Total intangibles and other assets | 238,563,567 | - | 2,469,104 | 241,032,671 | ||||||||||||||||||||||
Total assets | 494,326,673 | -192,296 | 2,469,104 | 496,603,481 | ||||||||||||||||||||||
Accounts payable-trade | $ | 119,991,824 | $ | 165,516 | $ | - | $ | 120,157,340 | ||||||||||||||||||
Due to seller | 2,620,392 | -1,087,800 | - | 1,532,592 | ||||||||||||||||||||||
Other liabilities | 9,004,553 | - | -1,370,976 | 7,633,577 | ||||||||||||||||||||||
Accrued expenses | 15,406,150 | -320,439 | -35,672 | 15,050,039 | ||||||||||||||||||||||
Total current liabilities | 163,222,490 | -1,242,723 | -1,406,648 | 160,573,119 | ||||||||||||||||||||||
Deferred income taxes | - | - | 6,833,274 | 6,833,274 | ||||||||||||||||||||||
Contingent consideration, net of current portion | 67,684,309 | - | -4,273,170 | 63,411,139 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,370,976 | 1,370,976 | ||||||||||||||||||||||
Total liabilities | 302,306,799 | -1,242,723 | 2,524,432 | 303,588,508 | ||||||||||||||||||||||
Common stock | 4,812 | - | 1,084 | 5,896 | ||||||||||||||||||||||
Additional paid-in capital | 185,459,929 | - | -1,084 | 185,458,845 | ||||||||||||||||||||||
Accumulated other comprehensive income | 670,037 | 30,554 | - | 700,591 | ||||||||||||||||||||||
Retained earnings | 76,365,023 | 1,019,873 | -55,328 | 77,329,568 | ||||||||||||||||||||||
Total stockholders' equity | 192,019,874 | 1,050,427 | -55,328 | 193,014,973 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 494,326,673 | -192,296 | 2,469,104 | 496,603,481 | ||||||||||||||||||||||
As of June 30, 2012 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 139,408,050 | $ | -148,279 | $ | - | $ | 139,259,771 | ||||||||||||||||||
Total current assets | 230,071,153 | -148,279 | - | 229,922,874 | ||||||||||||||||||||||
Goodwill | 196,756,214 | - | 6,004,880 | 202,761,094 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 36,012,094 | - | 906,430 | 36,918,524 | ||||||||||||||||||||||
Total intangibles and other assets | 237,545,884 | - | 6,911,310 | 244,457,194 | ||||||||||||||||||||||
Total assets | 481,324,621 | -148,279 | 6,911,310 | 488,087,652 | ||||||||||||||||||||||
Accounts payable-trade | $ | 100,130,613 | $ | 137,706 | $ | - | $ | 100,268,319 | ||||||||||||||||||
Other liabilities | 10,942,061 | - | -1,354,311 | 9,587,750 | ||||||||||||||||||||||
Accrued expenses | 12,857,270 | -672,741 | -35,672 | 12,148,857 | ||||||||||||||||||||||
Total current liabilities | 139,326,519 | -535,035 | -1,389,983 | 137,401,501 | ||||||||||||||||||||||
Deferred income taxes | - | - | 7,002,310 | 7,002,310 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,354,311 | 1,354,311 | ||||||||||||||||||||||
Total liabilities | 278,434,303 | -535,035 | 6,966,638 | 284,865,906 | ||||||||||||||||||||||
Common stock | 4,918 | - | 1,065 | 5,983 | ||||||||||||||||||||||
Additional paid-in capital | 190,771,056 | - | -1,065 | 190,769,991 | ||||||||||||||||||||||
Accumulated other comprehensive income | -311,160 | 67,459 | - | -243,701 | ||||||||||||||||||||||
Retained earnings | 80,771,495 | 319,297 | -55,328 | 81,035,464 | ||||||||||||||||||||||
Total stockholders' equity | 202,890,318 | 386,756 | -55,328 | 203,221,746 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 481,324,621 | -148,279 | 6,911,310 | 488,087,652 | ||||||||||||||||||||||
As of September 30, 2012 | ||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Productions | ||||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | |||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 153,598,624 | $ | -1,068,667 | $ | - | $ | 152,529,957 | ||||||||||||||||||
Prepaid expenses | 14,159,423 | - | -50,040 | 14,109,383 | ||||||||||||||||||||||
Other current assets | 36,267,056 | - | 19,616 | 36,286,672 | ||||||||||||||||||||||
Total current assets | 263,257,143 | -1,068,667 | -30,424 | 262,158,052 | ||||||||||||||||||||||
Goodwill | 204,887,280 | - | 6,304,503 | 211,191,783 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | 35,688,146 | - | 906,430 | 36,594,576 | ||||||||||||||||||||||
Total intangibles and other assets | 244,314,693 | - | 7,210,933 | 251,525,626 | ||||||||||||||||||||||
Total assets | 522,102,848 | -1,068,667 | 7,180,509 | 528,214,690 | ||||||||||||||||||||||
Accounts payable-trade | $ | 125,752,284 | $ | 137,706 | $ | - | $ | 125,889,990 | ||||||||||||||||||
Other liabilities | 8,466,036 | - | -1,379,506 | 7,086,530 | ||||||||||||||||||||||
Accrued expenses | 13,063,171 | -950,703 | -35,672 | 12,076,796 | ||||||||||||||||||||||
Total current liabilities | 164,204,731 | -812,997 | -1,415,178 | 161,976,556 | ||||||||||||||||||||||
Deferred income taxes | - | - | 7,301,933 | 7,301,933 | ||||||||||||||||||||||
Other long-term liabilities | - | - | 1,379,506 | 1,379,506 | ||||||||||||||||||||||
Total liabilities | 307,751,685 | -812,997 | 7,266,261 | 314,204,949 | ||||||||||||||||||||||
Common stock | 4,992 | - | 1,054 | 6,046 | ||||||||||||||||||||||
Additional paid-in capital | 195,560,051 | - | -1,054 | 195,558,997 | ||||||||||||||||||||||
Accumulated other comprehensive income | 109,604 | 67,459 | - | 177,063 | ||||||||||||||||||||||
Retained earnings | 85,747,839 | -323,129 | -85,752 | 85,338,958 | ||||||||||||||||||||||
Total stockholders' equity | 214,351,163 | -255,670 | -85,752 | 214,009,741 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | 522,102,848 | -1,068,667 | 7,180,509 | 528,214,690 | ||||||||||||||||||||||
Schedule Of Restatement Of Prior Period Quarterly Financial Statements Condensed Consolidated Statement Of Cash Flow [Table Text Block] | ' | |||||||||||||||||||||||||
Condensed consolidated statements of cash flows (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Net income (loss) | $ | 4,429,214 | $ | -2,801,274 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 2,444,096 | 2,465,667 | ||||||||||||||||||||||||
Stock-based compensation expense | 1,047,645 | 973,193 | ||||||||||||||||||||||||
Deferred income taxes | 902,380 | 585,098 | ||||||||||||||||||||||||
Gain on sale of investment | -247,697 | - | ||||||||||||||||||||||||
Bad debt provision | 145,447 | 13,844 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | -4,163,793 | -951,066 | ||||||||||||||||||||||||
Change in fair value of contingent consideration liability | 200,141 | 608,832 | ||||||||||||||||||||||||
Other operating activities | 30,254 | 55,629 | ||||||||||||||||||||||||
Change in assets, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable and unbilled revenue | -21,904,760 | -1,304,702 | ||||||||||||||||||||||||
Inventories | 1,648,396 | 2,920,270 | ||||||||||||||||||||||||
Prepaid expenses and other | -10,351,793 | -3,098,782 | ||||||||||||||||||||||||
Change in liabilities, net of acquisitons: | ||||||||||||||||||||||||||
Accounts payable | 16,003,529 | 3,710,942 | ||||||||||||||||||||||||
Accrued expenses and other | 2,344,303 | -4,020,290 | ||||||||||||||||||||||||
Net cash used in operating activities | -7,472,638 | -842,639 | ||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of property and equipment | -1,862,648 | -2,886,245 | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | -1,587,576 | -6,261,942 | ||||||||||||||||||||||||
Proceeds from sale of marketable securities | 249,540 | - | ||||||||||||||||||||||||
Other investing activities | 11,567 | - | ||||||||||||||||||||||||
Net cash used in investing activities | -3,189,117 | -9,148,187 | ||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Net borrowings (repayments) from revolving credit facility and short-term debt | 11,400,000 | 5,500,000 | ||||||||||||||||||||||||
Payments of contingent consideration | -3,228,375 | -3,720,821 | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 555,355 | 846,541 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | 4,163,793 | 951,066 | ||||||||||||||||||||||||
Other financing activities | -4,349 | -36,642 | ||||||||||||||||||||||||
Net cash provided by financing activites | 12,886,424 | 3,540,144 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 221,918 | -159,046 | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2,446,587 | -6,609,728 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 13,219,385 | 17,218,899 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 15,665,972 | $ | 10,609,171 | ||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Net income | $ | 8,203,038 | $ | 874,247 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 5,381,077 | 5,114,063 | ||||||||||||||||||||||||
Stock-based compensation expense | 2,451,374 | 2,054,106 | ||||||||||||||||||||||||
Deferred income taxes | 806,152 | 720,547 | ||||||||||||||||||||||||
Gain on sale of investment | -495,572 | - | ||||||||||||||||||||||||
Bad debt provision | 352,332 | 158,730 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | -7,447,068 | -1,066,357 | ||||||||||||||||||||||||
Change in fair value of contingent consideration liability | 466,685 | -1,040,557 | ||||||||||||||||||||||||
Other operating activities | 81,728 | 111,258 | ||||||||||||||||||||||||
Change in assets, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable and unbilled revenue | -15,750,384 | 1,449,472 | ||||||||||||||||||||||||
Inventories | 1,984,370 | 1,984,593 | ||||||||||||||||||||||||
Prepaid expenses and other | -6,975,351 | 4,288,640 | ||||||||||||||||||||||||
Change in liabilities, net of acquisitons: | ||||||||||||||||||||||||||
Accounts payable | -5,392,463 | -7,511,701 | ||||||||||||||||||||||||
Accrued expenses and other | 5,212,828 | -4,227,037 | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | -11,121,254 | 2,910,004 | ||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of property and equipment | -5,045,823 | -5,822,741 | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | 287,396 | -11,559,092 | ||||||||||||||||||||||||
Payments to seller for acquisitions closed prior to 2009 | -3,000,000 | - | ||||||||||||||||||||||||
Proceeds from sale of marketable securities | 499,122 | - | ||||||||||||||||||||||||
Other investing activities | 11,567 | - | ||||||||||||||||||||||||
Net cash used in investing activities | -7,247,738 | -17,381,833 | ||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Net borrowings (repayments) from revolving credit facility and short-term debt | 13,000,000 | 13,300,000 | ||||||||||||||||||||||||
Payments of contingent consideration | -4,367,253 | -4,664,219 | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 1,171,660 | 1,842,044 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | 7,447,068 | 1,066,357 | ||||||||||||||||||||||||
Other financing activities | -7,270 | -36,642 | ||||||||||||||||||||||||
Net cash provided by financing activites | 17,244,205 | 11,507,540 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | -123,182 | -90,254 | ||||||||||||||||||||||||
Decrease in cash and cash equivalents | -1,247,969 | -3,054,543 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 13,219,385 | 17,218,899 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 11,971,416 | $ | 14,164,356 | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Net income (loss) | $ | 12,506,532 | $ | -8,191,823 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 8,077,332 | 8,994,494 | ||||||||||||||||||||||||
Stock-based compensation expense | 3,171,073 | 3,036,188 | ||||||||||||||||||||||||
Deferred income taxes | 1,908,788 | 4,026,444 | ||||||||||||||||||||||||
Gain on sale of investment | -842,408 | - | ||||||||||||||||||||||||
Bad debt provision | 856,098 | 372,482 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | -8,352,190 | 1,768,277 | ||||||||||||||||||||||||
Change in fair value of contingent consideration liability | 797,476 | -30,667,562 | ||||||||||||||||||||||||
Goodwill impairment charge | - | 37,908,000 | ||||||||||||||||||||||||
Reduction of prepaid commissions | - | 3,939,974 | ||||||||||||||||||||||||
Other operating activities | - | 166,888 | ||||||||||||||||||||||||
Change in assets, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable and unbilled revenue | -28,134,374 | -6,171,498 | ||||||||||||||||||||||||
Inventories | 397,738 | -7,321,557 | ||||||||||||||||||||||||
Prepaid expenses and other | -26,239,457 | 999,626 | ||||||||||||||||||||||||
Change in liabilities, net of acquisitons: | - | - | ||||||||||||||||||||||||
Accounts payable | 18,587,299 | 6,752,468 | ||||||||||||||||||||||||
Accrued expenses and other | 3,040,904 | -6,148,551 | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | -14,225,189 | 9,463,850 | ||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Purchases of property and equipment | -7,462,169 | -8,690,905 | ||||||||||||||||||||||||
Payments for acquisitions, net of cash acquired | -946,060 | -19,795,603 | ||||||||||||||||||||||||
Payments to seller for acquisitions closed prior to 2009 | -3,000,000 | - | ||||||||||||||||||||||||
Proceeds from sale of marketable securities | 603,053 | - | ||||||||||||||||||||||||
Other investing activities | 11,567 | - | ||||||||||||||||||||||||
Net cash used in investing activities | -10,793,609 | -28,486,508 | ||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Net borrowings (repayments) from revolving credit facility and short-term debt | 14,000,000 | 26,500,000 | ||||||||||||||||||||||||
Payments of contingent consideration | -5,015,639 | -5,489,373 | ||||||||||||||||||||||||
Proceeds from exercise of stock options | 3,958,789 | 1,939,274 | ||||||||||||||||||||||||
Excess tax benefit from exercise of stock awards | 8,352,190 | -1,768,277 | ||||||||||||||||||||||||
Other financing activities | -7,270 | -274,052 | ||||||||||||||||||||||||
Net cash provided by financing activites | 21,288,070 | 20,907,572 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | -332,194 | 120,988 | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | -4,062,922 | 2,005,902 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 13,219,385 | 17,218,899 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 9,156,463 | $ | 19,224,801 | ||||||||||||||||||||||
Restated consolidated statements of cash flows amounts (unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Net income | $ | 3,687,688 | $ | 547,036 | $ | 194,490 | $ | 4,429,214 | $ | 895,130 | $ | -3,893,397 | $ | 196,993 | $ | -2,801,274 | ||||||||||
Accounts receivable and unbilled revenue | -22,809,398 | -1,258,207 | 2,162,845 | -21,904,760 | 378,286 | -1,682,988 | - | -1,304,702 | ||||||||||||||||||
Inventories | 2,119,878 | - | -471,482 | 1,648,396 | 1,964,851 | - | 955,419 | 2,920,270 | ||||||||||||||||||
Prepaid expenses and other | -10,271,793 | - | -80,000 | -10,351,793 | -3,142,790 | - | 44,008 | -3,098,782 | ||||||||||||||||||
Accounts payable | 16,003,529 | - | - | 16,003,529 | 4,843,377 | -96,015 | -1,036,420 | 3,710,942 | ||||||||||||||||||
Accrued expenses and other | 3,438,985 | 711,171 | -1,805,853 | 2,344,303 | -4,137,671 | 277,381 | -160,000 | -4,020,290 | ||||||||||||||||||
Net cash provided by operating activities | -7,472,638 | - | - | -7,472,638 | 4,552,380 | -5,395,019 | - | -842,639 | ||||||||||||||||||
Payments of contingent consideration | -3,228,375 | - | - | -3,228,375 | -9,115,840 | 5,395,019 | - | -3,720,821 | ||||||||||||||||||
Net cash provided by (used in) financing activites | 12,886,424 | - | - | 12,886,424 | -1,854,875 | 5,395,019 | - | 3,540,144 | ||||||||||||||||||
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Net income | $ | 8,162,088 | $ | -153,540 | $ | 194,490 | $ | 8,203,038 | $ | 2,798,475 | $ | -2,121,221 | $ | 196,993 | $ | 874,247 | ||||||||||
Accounts receivable and unbilled revenue | -16,611,005 | -1,302,224 | 2,162,845 | -15,750,384 | 5,692,347 | -4,242,875 | - | 1,449,472 | ||||||||||||||||||
Inventories | 2,455,852 | - | -471,482 | 1,984,370 | 1,029,174 | - | 955,419 | 1,984,593 | ||||||||||||||||||
Prepaid expenses and other | -6,895,351 | - | -80,000 | -6,975,351 | 4,244,632 | - | 44,008 | 4,288,640 | ||||||||||||||||||
Accounts payable | -5,364,653 | -27,810 | - | -5,392,463 | -6,379,266 | -96,015 | -1,036,420 | -7,511,701 | ||||||||||||||||||
Accrued expenses and other | 6,659,812 | 358,869 | -1,805,853 | 5,212,828 | -5,132,129 | 1,065,092 | -160,000 | -4,227,037 | ||||||||||||||||||
Net cash provided by operating activities | -9,996,549 | -1,124,705 | - | -11,121,254 | 8,305,023 | -5,395,019 | - | 2,910,004 | ||||||||||||||||||
Payments of contingent consideration | -5,491,958 | 1,124,705 | - | -4,367,253 | -10,059,238 | 5,395,019 | - | -4,664,219 | ||||||||||||||||||
Net cash provided by financing activites | 16,119,500 | 1,124,705 | - | 17,244,205 | 6,112,521 | 5,395,019 | - | 11,507,540 | ||||||||||||||||||
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||
Productions | Productions | |||||||||||||||||||||||||
As Reported | Graphics | Other | As Restated | As Reported | Graphics | Other | As Restated | |||||||||||||||||||
Net income | $ | 13,138,432 | $ | -795,967 | $ | 164,067 | $ | 12,506,532 | $ | 10,090,396 | $ | -18,479,212 | $ | 196,993 | $ | -8,191,823 | ||||||||||
Bad debt provision | 856,098 | - | - | 856,098 | 569,334 | -196,852 | - | 372,482 | ||||||||||||||||||
Change in fair value of contingent consideration liability | 797,476 | - | - | 797,476 | -47,834,508 | 17,166,946 | - | -30,667,562 | ||||||||||||||||||
Accounts receivable and unbilled revenue | -29,915,383 | -381,836 | 2,162,845 | -28,134,374 | -1,017,812 | -5,153,686 | - | -6,171,498 | ||||||||||||||||||
Inventories | 869,220 | - | -471,482 | 397,738 | -8,276,976 | - | 955,419 | -7,321,557 | ||||||||||||||||||
Prepaid expenses and other | -26,189,881 | - | -49,576 | -26,239,457 | 955,618 | - | 44,008 | 999,626 | ||||||||||||||||||
Accounts payable | 18,615,109 | -27,810 | - | 18,587,299 | 7,947,457 | -158,569 | -1,036,420 | 6,752,468 | ||||||||||||||||||
Accrued expenses and other | 4,765,850 | 80,908 | -1,805,854 | 3,040,904 | -7,414,905 | 1,426,354 | -160,000 | -6,148,551 | ||||||||||||||||||
Net cash provided by operating activities | -13,100,484 | -1,124,705 | - | -14,225,189 | 14,858,869 | -5,395,019 | - | 9,463,850 | ||||||||||||||||||
Payments of contingent consideration | -6,140,344 | 1,124,705 | - | -5,015,639 | -10,884,392 | 5,395,019 | - | -5,489,373 | ||||||||||||||||||
Net cash provided by financing activites | 20,163,365 | 1,124,705 | - | 21,288,070 | 15,512,553 | 5,395,019 | - | 20,907,572 | ||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Computer Equipment [Member] | ' |
Schedule of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 Years |
Office Equipment [Member] | ' |
Schedule of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 Years |
Furniture and Fixtures [Member] | ' |
Schedule of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '7 Years |
Software and Software Development Costs [Member] | Maximum [Member] | ' |
Schedule of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '6 Years |
Software and Software Development Costs [Member] | Minimum [Member] | ' |
Schedule of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 Years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $242,952,057 | $181,724,806 | $160,184,126 | $243,778,345 | $249,058,334 | $243,774,929 | $214,009,741 | $203,221,746 | $193,014,973 |
Total other comprehensive income | 2,504,079 | 4,590 | -2,666,050 | ' | ' | ' | ' | ' | ' |
Balance | 245,441,574 | 242,952,057 | 181,724,806 | 243,778,345 | 249,058,334 | 243,774,929 | 214,009,741 | 203,221,746 | 193,014,973 |
Foreign Currency [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 271,583 | -404,689 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | 2,505,417 | 676,272 | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from AOCI | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Total other comprehensive income | 2,505,417 | 676,272 | ' | ' | ' | ' | ' | ' | ' |
Balance | 2,777,000 | 271,583 | ' | ' | ' | ' | ' | ' | ' |
Unrealized Holdings Gain on available Sale of Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 1,338 | 673,020 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | 0 | 55,605 | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from AOCI | -1,338 | -727,287 | ' | ' | ' | ' | ' | ' | ' |
Total other comprehensive income | -1,338 | -671,682 | ' | ' | ' | ' | ' | ' | ' |
Balance | 0 | 1,338 | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 272,921 | 268,331 | 2,934,381 | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | 2,505,417 | 731,877 | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from AOCI | -1,338 | -727,287 | ' | ' | ' | ' | ' | ' | ' |
Total other comprehensive income | 2,504,079 | 4,590 | -2,666,050 | ' | ' | ' | ' | ' | ' |
Balance | $2,777,000 | $272,921 | $268,331 | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 08, 2013 | |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | $6,900,000 | $4,600,000 | $3,700,000 | ' |
Finite-Lived Intangible Assets, Net | ' | 56,575,534 | ' | ' | ' |
Advertising Expense | ' | 700,000 | 800,000 | 300,000 | ' |
Foreign Currency Transaction Gain (Loss), Realized | ' | 300,000 | 100,000 | 0 | ' |
Foreign Currency Exchange Rate, Translation | ' | ' | 4.3 | ' | 6.3 |
Foreign Currency Transaction Gain (Loss), before Tax | ' | 200,000 | ' | ' | ' |
Goodwill, Impaired, Adjustment to Initial Estimate Amount | 37,900,000 | 37,908,000 | ' | ' | ' |
Internal Use Software [Member] | ' | ' | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | 3,900,000 | 4,300,000 | 5,100,000 | ' |
Finite-Lived Intangible Assets, Net | ' | $17,300,000 | $10,600,000 | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Revenue | $917,322,482 | $830,934,575 |
Gross profit | 210,932,557 | 187,265,538 |
Net income (loss) | ($5,212,310) | $42,665,326 |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Business Acquisitions, by Purchase Price Allocation [Line Items] | ' | ' |
Cash | $25,423,342 | ' |
Common stock | 2,488,842 | ' |
Contingent consideration | 68,165,674 | ' |
Total consideration transferred | 96,077,858 | ' |
Cash and cash equivalents | 6,239,792 | ' |
Accounts receivable | 14,850,635 | ' |
Inventories | 7,624,784 | ' |
Other assets | 3,832,497 | ' |
Customer lists | 26,461,035 | ' |
Goodwill | 72,602,794 | 13,444,217 |
Accounts payable | -14,808,454 | ' |
Other current liabilities | -13,451,117 | ' |
Deferred income taxes | -7,274,108 | ' |
Total identifiable net assets and goodwill | 96,077,858 | ' |
Other [Member] | ' | ' |
Schedule of Business Acquisitions, by Purchase Price Allocation [Line Items] | ' | ' |
Cash | 5,458,377 | ' |
Common stock | 2,488,842 | ' |
Contingent consideration | 11,266,023 | ' |
Total consideration transferred | 19,213,242 | ' |
Cash and cash equivalents | 918,235 | ' |
Accounts receivable | 6,465,435 | ' |
Inventories | 1,182,206 | ' |
Other assets | 236,670 | ' |
Customer lists | 3,984,960 | ' |
Goodwill | 14,376,601 | ' |
Accounts payable | -5,336,623 | ' |
Other current liabilities | -1,769,085 | ' |
Deferred income taxes | -845,157 | ' |
Total identifiable net assets and goodwill | 19,213,242 | ' |
DB Studios [Member] | ' | ' |
Schedule of Business Acquisitions, by Purchase Price Allocation [Line Items] | ' | ' |
Cash | 6,459,609 | ' |
Common stock | 0 | ' |
Contingent consideration | 35,999,651 | ' |
Total consideration transferred | 42,459,260 | ' |
Cash and cash equivalents | 9,282 | ' |
Accounts receivable | 2,046,573 | ' |
Inventories | 62,433 | ' |
Other assets | 1,282,088 | ' |
Customer lists | 3,176,075 | ' |
Goodwill | 39,568,534 | ' |
Accounts payable | -1,376,071 | ' |
Other current liabilities | -1,064,696 | ' |
Deferred income taxes | -1,244,958 | ' |
Total identifiable net assets and goodwill | 42,459,260 | ' |
EYE LEVEL [Member] | ' | ' |
Schedule of Business Acquisitions, by Purchase Price Allocation [Line Items] | ' | ' |
Cash | 13,505,356 | ' |
Common stock | 0 | ' |
Contingent consideration | 20,900,000 | ' |
Total consideration transferred | 34,405,356 | ' |
Cash and cash equivalents | 5,312,275 | ' |
Accounts receivable | 6,338,627 | ' |
Inventories | 6,380,145 | ' |
Other assets | 2,313,739 | ' |
Customer lists | 19,300,000 | ' |
Goodwill | 18,657,659 | ' |
Accounts payable | -8,095,760 | ' |
Other current liabilities | -10,617,336 | ' |
Deferred income taxes | -5,183,993 | ' |
Total identifiable net assets and goodwill | $34,405,356 | ' |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | Dec. 31, 2013 |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | $183,544,766 |
Common Stock [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 131,615,056 |
Cash [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 51,929,710 |
2014 [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 62,404,918 |
2014 [Member] | Common Stock [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 57,210,778 |
2014 [Member] | Cash [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 5,194,140 |
2015 [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 35,427,848 |
2015 [Member] | Common Stock [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 21,937,168 |
2015 [Member] | Cash [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 13,490,680 |
2016 [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 63,734,760 |
2016 [Member] | Common Stock [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 30,489,870 |
2016 [Member] | Cash [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 33,244,890 |
2017 [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 21,977,240 |
2017 [Member] | Common Stock [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | 21,977,240 |
2017 [Member] | Cash [Member] | ' |
Schedule of Business Acquisitions, by Consideration [Line Items] | ' |
Potential Maximum Contingent Payments | $0 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EYE LEVEL [Member] | Other Acquisitions [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Contribution To Revenues Percentage | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 3.00% | 3.00% |
Business Acquisition Contribution To Gross Profit Percentage | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | 4.00% | 4.00% |
Business Acquisition Contingent Consideration Earnout Payment Due | ' | ' | ' | ' | ' | ' | $8,000,000 | ' | ' | ' | ' | ' | ' |
Business Acquisitions Contingent Consideration Decreased Fair Value | ' | ' | ' | ' | ' | ' | 26,600,000 | 25,400,000 | 1,600,000 | ' | ' | ' | ' |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value | ' | ' | ' | ' | ' | ' | 87,332,461 | 54,497,824 | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Change in fair value | -608,832 | -200,141 | 1,040,557 | -466,685 | 30,667,562 | -797,476 | 31,330,567 | 27,688,774 | 1,701,529 | ' | ' | ' | ' |
Loss Contingency Damages Maximum Contingent Consideration | ' | ' | ' | ' | ' | ' | $66,800,000 | ' | ' | € 5,900,000 | € 1,200,000 | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance | $260,714,048 | $212,796,422 | $196,227,081 | $250,025,226 | $211,191,783 | $202,761,094 | $199,257,989 |
Goodwill acquired related to acquisitions | ' | 72,602,794 | 13,444,217 | ' | ' | ' | ' |
Finalization of purchase accounting for prior year acquisitions | ' | 143,759 | 1,840,934 | ' | ' | ' | ' |
Impairment charge | -37,900,000 | -37,908,000 | ' | ' | ' | ' | ' |
Foreign exchange impact | ' | 3,593,723 | 1,284,190 | ' | ' | ' | ' |
Balance | 250,863,723 | 251,228,698 | 212,796,422 | 250,025,226 | 211,191,783 | 202,761,094 | 199,257,989 |
North America [Member] | ' | ' | ' | ' | ' | ' | ' |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | 119,162,735 | 115,895,946 | ' | ' | ' | ' |
Goodwill acquired related to acquisitions | ' | 52,025,837 | 3,262,280 | ' | ' | ' | ' |
Finalization of purchase accounting for prior year acquisitions | ' | -34,120 | 0 | ' | ' | ' | ' |
Impairment charge | ' | 0 | ' | ' | ' | ' | ' |
Foreign exchange impact | ' | -59,876 | 4,509 | ' | ' | ' | ' |
Balance | ' | 171,094,576 | 119,162,735 | ' | ' | ' | ' |
Latin America [Member] | ' | ' | ' | ' | ' | ' | ' |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | 9,656,417 | 9,481,056 | ' | ' | ' | ' |
Goodwill acquired related to acquisitions | ' | 0 | 0 | ' | ' | ' | ' |
Finalization of purchase accounting for prior year acquisitions | ' | 218,819 | 175,361 | ' | ' | ' | ' |
Impairment charge | ' | 0 | ' | ' | ' | ' | ' |
Foreign exchange impact | ' | 0 | 0 | ' | ' | ' | ' |
Balance | ' | 9,875,236 | 9,656,417 | ' | ' | ' | ' |
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | 83,977,270 | 70,850,079 | ' | ' | ' | ' |
Goodwill acquired related to acquisitions | ' | 20,576,957 | 10,181,937 | ' | ' | ' | ' |
Finalization of purchase accounting for prior year acquisitions | ' | -40,940 | 1,665,573 | ' | ' | ' | ' |
Impairment charge | ' | -37,908,000 | ' | ' | ' | ' | ' |
Foreign exchange impact | ' | 3,653,599 | 1,279,681 | ' | ' | ' | ' |
Balance | ' | $70,258,886 | $83,977,270 | ' | ' | ' | ' |
Other_Intangible_Assets_Detail
Other Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Trade Names [Member] | Trade Names [Member] | Customer Lists [Member] | Customer Lists [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Patents [Member] | Patents [Member] | |||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $81,846,327 | ' | ' | ' | $54,592,373 | ' | ' | ' | $3,467,655 | $3,467,655 | $77,244,427 | $50,008,913 | $1,077,349 | $1,077,349 | $56,896 | $38,456 |
Less accumulated amortization | -25,270,793 | ' | ' | ' | -18,195,508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | $56,575,534 | $57,100,375 | $39,367,233 | $38,186,926 | $36,396,865 | $36,594,576 | $36,918,524 | $37,268,369 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '12 years 4 months 24 days | ' | '13 years 9 months 18 days | ' | '3 years 10 months 24 days | ' | '9 years | ' |
Other_Intangible_Assets_Detail1
Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Line Items] | ' |
2014 | $7,308,111 |
2015 | 6,606,179 |
2016 | 6,151,448 |
2017 | 5,699,472 |
2018 | 5,172,887 |
Thereafter | 25,637,437 |
Finite-Lived Intangible Assets, Net | $56,575,534 |
Other_Intangible_Assets_Detail2
Other Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Of Intangible Assets | $6.90 | $4.60 | $3.70 |
Restructuring_Activities_and_O2
Restructuring Activities and Other Charges (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Schedule of Restructuring Activities and Other Charges [Line Items] | ' | |
Employee terminations and other benefits | $3,005,780 | |
Cash payments | -381,889 | |
Write-off of prepaid commissions balance (1) | -2,623,891 | [1] |
Accrued restructuring costs as of December 31, 2013 | 0 | |
North America [Member] | ' | |
Schedule of Restructuring Activities and Other Charges [Line Items] | ' | |
Employee terminations and other benefits | 2,745,373 | |
Cash payments | -121,482 | |
Write-off of prepaid commissions balance (1) | -2,623,891 | [1] |
Accrued restructuring costs as of December 31, 2013 | 0 | |
EMEA [Member] | ' | |
Schedule of Restructuring Activities and Other Charges [Line Items] | ' | |
Employee terminations and other benefits | 260,407 | |
Cash payments | -260,407 | |
Write-off of prepaid commissions balance (1) | 0 | [1] |
Accrued restructuring costs as of December 31, 2013 | $0 | |
[1] | Prepaid commission balances represent cash paid to our account executives in advance of commissions earned and is recorded in prepaid expenses on the balance sheet. For employees who had a balance and were affected by the restructuring actions, which primarily includes Small and Medium Business (bSMBb) account executives, the Company included these balances as part of the severance paid to these individuals. |
Restructuring_Activities_and_O3
Restructuring Activities and Other Charges (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Restructuring Activities and Other Charges [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges, Total | $3,000,000 | $0 | $4,321,862 | $0 | $4,321,862 | $0 | $0 |
Additional Charges | $1,300,000 | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property Plant And Equipment Gross | $53,481,750 | ' | ' | ' | $42,430,479 | ' | ' | ' |
Less accumulated depreciation | -29,757,000 | ' | ' | ' | -25,352,095 | ' | ' | ' |
Property,plant and equipment, net | 23,724,750 | 20,763,736 | 19,516,534 | 18,327,091 | 17,078,384 | 14,531,012 | 13,707,584 | 12,168,279 |
Computer equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property Plant And Equipment Gross | 7,889,630 | ' | ' | ' | 5,427,019 | ' | ' | ' |
Software, including internal use software [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property Plant And Equipment Gross | 41,987,111 | ' | ' | ' | 31,571,109 | ' | ' | ' |
Office equipment and furniture [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property Plant And Equipment Gross | 2,136,168 | ' | ' | ' | 3,584,174 | ' | ' | ' |
Leasehold improvements [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property Plant And Equipment Gross | $1,468,841 | ' | ' | ' | $1,848,177 | ' | ' | ' |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $6.70 | $6.20 | $6.40 |
Revolving_Credit_Facility_Deta
Revolving Credit Facility (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $150 |
Line Of Credit Facility Increased Current Borrowing Capacity | 25 |
Line Of Credit Facility Increased Maximum Borrowing Capacity | 175 |
Line Of Credit Facility Maturity Date | 2-Aug-15 |
Line of Credit Facility, Interest Rate Description | 'The ranges of applicable rates charged for interest on outstanding loans and letters of credit are 3.25%-1.15% for letter of credit fees and loans based on the Eurodollar rate and 2.25%-0.15% for loans based on the base rate |
Accounts Receivable from Securitization | 50 |
Line Of Credit Facility Maximum Consolidated Leverage Ratio | '3.00:1.00 to 2.75:1.00 |
Line Of Credit Facility, Unused Capacity | 33.3 |
Line Of Credit Facility Leverage Ratio, Description | 'leverage ratio of no more than 3.50 to 1.0 for the quarter ended December 31, 2013, 3.75 to 1.0 for the quarter ended March 31, 2014, 3.50 to 1.0 for the quarters ended June 30, 2014 and September 30, 2014, and 3.0 to 1.0 for each period thereafter. |
Line Of Credit Facility Interest Coverage Ratio, Description | 'interest coverage ratio of no less than 5.00 to 1.0 and a minimum net worth of $119.0 million for each quarterly period |
Line Of Credit Facility Borrowings To Be Drawn | $0.80 |
Transactions_Involving_Former_1
Transactions Involving Former Owner of Productions Graphics (Details Textual) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 |
EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss Contingency Damages Value Fixed Consideration | € 5.80 | ' | ' | ' | $5.80 |
Loss Contingency Damages Value Contingent Consideration | 7.1 | ' | ' | 7.1 | ' |
Fraudulent Invoice Amount | ' | 6.9 | 6.9 | ' | ' |
Loss Contingency Damages Value Contingent Consideration Partial Refund | 5.7 | ' | ' | ' | ' |
Loss Contingency Damages Maximum Contingent Consideration | ' | € 5.90 | € 1.20 | $66.80 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
Schedule of Operating Leases, Future Minimum Payments [Line Items] | ' |
2014 | $7,179,871 |
2015 | 6,498,031 |
2016 | 4,894,071 |
2017 | 3,224,377 |
2018 | 2,162,612 |
Thereafter | 4,434,475 |
Total minimum lease payments | $28,393,437 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | 60 Months Ended | 44 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 06, 2012 | Dec. 31, 2013 | |
EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | Maximum [Member] | Minimum [Member] | Inner Workings Europe Ltd [Member] | Inner Workings Europe Ltd [Member] | |
USD ($) | USD ($) | EUR (€) | EUR (€) | |||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Related Receivable Carrying Value, Additions | ' | ' | ' | ' | ' | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | 9,100,000 | 7,700,000 | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Loss in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,316,008 |
Loss Contingency, Settlement Agreement, Terms | ' | ' | ' | ' | ' | '90 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual, Carrying Value, Payments | ' | 9,000,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,000,000 | 35,000,000 | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | ' | 925,000 | ' | ' | ' | ' | ' | 2,316,008 | ' |
Loss Contingency Damages Value Contingent Consideration | ' | ' | 7,100,000 | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency Damages Value Fixed Consideration | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | 5,800,000 | ' | ' | ' | ' | ' |
Loss Contingency Damages Maximum Contingent Consideration | ' | ' | $66,800,000 | ' | ' | ' | € 5,900,000 | ' | ' | € 1,200,000 | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,803,191) | $5,364,247 | $4,582,235 |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -316,367 | 703,380 | 515,584 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,216,025 | 801,212 | 1,558,991 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,467 | 6,868,839 | 6,656,810 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,823,798 | 1,494,274 | 741,346 |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 449,424 | 206,125 | 459,475 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,925,617 | -2,695,617 | -450,945 |
Total deferred | ' | ' | 585,098 | ' | ' | 902,380 | 720,547 | 806,152 | 4,026,444 | 1,908,788 | -652,395 | -995,218 | 749,876 |
Income tax expense (benefit) | $310,961 | $1,666,131 | ($1,958,977) | $2,159,825 | $1,944,378 | $2,257,759 | ($292,846) | $4,202,137 | $18,115 | $6,361,962 | ($555,928) | $5,873,621 | $7,406,686 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense at U.S. federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,225,697) | $15,633,675 | $8,407,946 |
State income taxes, net of federal income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,687 | 747,802 | 814,996 |
Effect of non-US operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -644,353 | -1,294,217 | -821,547 |
Foreign valuation allowances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 607,467 | 0 | 0 |
Nontaxable contingent liability fair value changes and goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,827,806 | -8,737,329 | -543,900 |
Research and development credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,046,430 | 0 | -200,568 |
199 Domestic production activities deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -141,376 | -109,171 |
Nondeductible (benefit) and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -279,408 | -334,935 | -141,070 |
Income tax expense (benefit) | $310,961 | $1,666,131 | ($1,958,977) | $2,159,825 | $1,944,378 | $2,257,759 | ($292,846) | $4,202,137 | $18,115 | $6,361,962 | ($555,928) | $5,873,621 | $7,406,686 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Current deferred tax assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Reserves and allowances | $1,452,133 | ' | ' | ' | $1,481,809 | ' | ' | ' |
Other | 19,561 | ' | ' | ' | 104,216 | ' | ' | ' |
Total current deferred tax assets | 1,471,694 | ' | ' | ' | 1,586,025 | ' | ' | ' |
Noncurrent deferred tax assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax basis in excess of financial statement basis in intangible assets | 6,140,517 | ' | ' | ' | 6,981,503 | ' | ' | ' |
Stock options | 3,974,354 | ' | ' | ' | 3,429,601 | ' | ' | ' |
Net operating loss carryforward | 10,002,615 | ' | ' | ' | 923,504 | ' | ' | ' |
Tax credit carryforwards | 1,353,589 | ' | ' | ' | 107,111 | ' | ' | ' |
Other | 46,303 | ' | ' | ' | 22,385 | ' | ' | ' |
Deferred Tax Assets, Gross, Noncurrent | 21,517,378 | ' | ' | ' | 11,464,104 | ' | ' | ' |
Valuation allowance | -762,123 | ' | ' | ' | -144,964 | ' | ' | ' |
Total noncurrent deferred tax assets | 20,755,255 | 0 | 0 | 0 | 11,319,140 | 2,695,971 | 3,716,284 | 3,715,207 |
Total deferred tax assets | 22,226,949 | ' | ' | ' | 12,905,165 | ' | ' | ' |
Total current deferred tax liability: | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid & other expenses | -352,361 | ' | ' | ' | -71,751 | ' | ' | ' |
Unrealized gain on available for sale securities | 0 | ' | ' | ' | -860 | ' | ' | ' |
Total current deferred tax liability | -352,361 | ' | ' | ' | -72,611 | ' | ' | ' |
Noncurrent deferred tax liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets | -5,085,865 | ' | ' | ' | -2,312,584 | ' | ' | ' |
Intangible assets | -22,411,410 | ' | ' | ' | -12,502,896 | ' | ' | ' |
Other | 0 | ' | ' | ' | -51,697 | ' | ' | ' |
Total noncurrent deferred tax liabilities | -27,497,275 | ' | ' | ' | -14,867,177 | ' | ' | ' |
Total deferred tax liabilities | -27,849,636 | ' | ' | ' | -14,939,788 | ' | ' | ' |
Net deferred tax liability | -5,622,687 | ' | ' | ' | -2,034,623 | ' | ' | ' |
Net current deferred tax asset | 1,119,333 | 3,059,701 | 1,440,660 | 1,541,351 | 1,513,414 | 1,681,213 | 1,734,274 | 1,463,492 |
Net noncurrent deferred tax liability | -6,742,020 | ' | ' | ' | -3,548,037 | ' | ' | ' |
Net deferred tax liability | ($5,622,687) | ' | ' | ' | ($2,034,623) | ' | ' | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $1.50 | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | 3.1 | 5.4 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -13.8 | 23.8 | 6.3 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Operating Loss Carryforwards, Valuation Allowance, Total | 0.6 | 0.1 | ' |
Deferred Tax Asset Tax Deduction On Equity Component | 3.1 | ' | ' |
Operating Loss Carry Forward Limit | 0.2 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 17.8 | ' | ' |
Operating Loss Carryforwards Expiration Period | '2025 | ' | ' |
Tax Credit Carryforward, Amount | 0.9 | ' | ' |
Tax Credit Carryforward Expiration | '2029 | ' | ' |
Total Operating Loss Carry Forwards | 2 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 13.7 | ' | ' |
Operating Loss Carryforwards Expiration Period | '2022 | ' | ' |
Tax Credit Carryforward, Amount | 0.4 | ' | ' |
Tax Credit Carryforward Expiration | '2015 | ' | ' |
France Tax Authority [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 16.2 | ' | ' |
Chile Tax Authority [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 1.1 | ' | ' |
Brazil Tax Authority [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $0.90 | ' | ' |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Assets: | ' | ' | ' | ||
Money market funds(1) | $667,122 | [1] | $667,045 | [1] | ' |
Liabilities: | ' | ' | ' | ||
Contingent consideration | -87,332,461 | -54,497,824 | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Assets: | ' | ' | ' | ||
Money market funds(1) | 667,122 | [1] | 667,045 | [1] | ' |
Liabilities: | ' | ' | ' | ||
Contingent consideration | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Assets: | ' | ' | ' | ||
Money market funds(1) | 0 | [1] | 0 | [1] | ' |
Liabilities: | ' | ' | ' | ||
Contingent consideration | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Assets: | ' | ' | ' | ||
Money market funds(1) | 0 | [1] | 0 | [1] | ' |
Liabilities: | ' | ' | ' | ||
Contingent consideration | ($87,332,461) | ($54,497,824) | ($77,729,672) | ||
[1] | Included in cash and cash equivalents on the balance sheet. |
Fair_Value_Measurement_Details1
Fair Value Measurement (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance | ($54,497,824) | ' | ($54,497,824) | ' | ($54,497,824) | ' | ($54,497,824) | ' | ' | ||
Change in fair value | -608,832 | -200,141 | 1,040,557 | -466,685 | 30,667,562 | -797,476 | 31,330,567 | 27,688,774 | 1,701,529 | ||
Balance | ' | ' | ' | ' | ' | ' | -87,332,461 | -54,497,824 | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance | -54,497,824 | -77,729,672 | -54,497,824 | -77,729,672 | -54,497,824 | -77,729,672 | -54,497,824 | -77,729,672 | ' | ||
Purchase accounting adjustments from acquisitions | ' | ' | ' | ' | ' | ' | -68,165,674 | -10,419,881 | ' | ||
Contingent consideration payments paid in cash | ' | ' | ' | ' | ' | ' | 4,297,803 | 4,178,407 | ' | ||
Contingent consideration payments paid in stock | ' | ' | ' | ' | ' | ' | 614,216 | 165,138 | ' | ||
Reclassified to Due to Seller | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ||
Change in fair value | ' | ' | ' | ' | ' | ' | 31,330,567 | [1] | 27,688,774 | [1] | ' |
Foreign exchange impact | ' | ' | ' | ' | ' | ' | -911,549 | [2] | -1,380,590 | [2] | ' |
Balance | ' | ' | ' | ' | ' | ' | ($87,332,461) | ($54,497,824) | ' | ||
[1] | Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statements of income. | ||||||||||
[2] | Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income. |
Fair_Value_Measurement_Details2
Fair Value Measurement (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Fair Value, Adjustment Disclosure [Line Items] | ' |
Effect Of Discount Rate Increase In Fair Value | $1.80 |
Fair Value Measurements Valuation Process Probability Percentage | 100.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ($469,000) | ($9,066,000) | [1] | $3,675,000 | [2] | ($2,801,000) | [3] | $26,287,000 | $4,303,000 | [4] | $3,773,000 | [5] | $4,430,000 | $874,247 | $8,203,038 | ($8,191,823) | $12,506,532 | ($8,660,349) | $38,794,022 | $16,616,026 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Denominator for basic earnings per share - weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,875,131 | 48,811,218 | 46,428,443 | |||||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Employee stock options and restricted common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,411,260 | 2,352,584 | |||||
Contingently issuable shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 17,598 | 36,603 | |||||
Denominator for dilutive earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,875,131 | 51,240,076 | 48,817,630 | |||||
Basic earnings per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.53 | $0.09 | [4] | $0.08 | [5] | $0.09 | $0.02 | $0.17 | ($0.16) | $0.26 | ($0.17) | $0.79 | $0.36 |
Diluted earnings per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.51 | $0.08 | [4] | $0.07 | [5] | $0.09 | $0.02 | $0.16 | ($0.16) | $0.25 | ($0.17) | $0.76 | $0.34 |
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,288,084 | 1,099,604 | 1,576,582 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Stock Options, Activity [Line Items] | ' | ' | ' |
Outstanding - Outstanding Options | 3,921,182 | 5,950,481 | 5,343,637 |
Granted - Outstanding Options | 226,971 | 538,933 | 917,552 |
Exercised - Outstanding Options | -415,480 | -2,474,713 | -298,770 |
Forfeited - Outstanding Options | -179,139 | -93,519 | -11,938 |
Outstanding - Outstanding Options | 3,553,534 | 3,921,182 | 5,950,481 |
Options vested - Outstanding Options | 2,569,366 | 2,458,206 | 4,133,373 |
Outstanding - Weighted- Average Exercise Price | $7.80 | $5.07 | $4.33 |
Granted - Weighted- Average Exercise Price | $14.60 | $12.15 | $8.05 |
Exercised - Weighted- Average Exercise Price | $4.83 | $2.23 | $1.18 |
Forfeited - Weighted- Average Exercise Price | $8.97 | $7.35 | $10.23 |
Outstanding - Weighted- Average Exercise Price | $8.52 | $7.80 | $5.07 |
Options vested - Weighted- Average Exercise Price | $7.63 | ' | ' |
Outstanding - Aggregate Intrinsic Value | $23,767,012 | $28,048,306 | $16,638,131 |
Granted - Aggregate Intrinsic Value | 0 | 0 | 0 |
Exercised - Aggregate Intrinsic Value | 3,190,219 | 23,936,039 | 2,301,618 |
Forfeited - Aggregate Intrinsic Value | 0 | 0 | 0 |
Outstanding - Aggregate Intrinsic Value | 4,778,565 | 23,767,012 | 28,048,306 |
Options vested - Aggregate Intrinsic Value | $4,579,822 | ' | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Stock Options, Activity [Line Items] | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 226,971 | 538,933 | 917,552 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $5.58 | $5.99 | $4.10 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation, Stock Options, Activity [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $15.05 | $14.39 | $8.66 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation, Stock Options, Activity [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $10.76 | $11.97 | $6.36 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation,Fair Value Assumptions [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | '6 years | ' | '7 years |
Volatility | 38.00% | ' | 47.50% |
Minimum [Member] | ' | ' | ' |
Share-based Compensation,Fair Value Assumptions [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.32% | 1.03% | 1.33% |
Expected life | ' | '6 years | ' |
Volatility | ' | 38.00% | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation,Fair Value Assumptions [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.41% | 1.67% | 2.90% |
Expected life | ' | '7 years | ' |
Volatility | ' | 47.50% | ' |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Details 3) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Number Outstanding | 3,553,534 | 3,921,182 | 5,950,481 | 5,343,637 |
Options Outstanding - Weighted-Average Life | '5 years 6 months 14 days | ' | ' | ' |
Options Outstanding - Weighted-Average Exercise Price | $8.52 | $7.80 | $5.07 | $4.33 |
Options Vested - Number Exercisable | 2,569,366 | 2,458,206 | 4,133,373 | ' |
Options Vested - Weighted-Average Exercise Price | $7.63 | ' | ' | ' |
Stock Option One [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Number Outstanding | 780,258 | ' | ' | ' |
Options Outstanding - Weighted-Average Life | '2 years 5 months 5 days | ' | ' | ' |
Options Outstanding - Weighted-Average Exercise Price | $3.63 | ' | ' | ' |
Options Vested - Number Exercisable | 774,640 | ' | ' | ' |
Options Vested - Weighted-Average Exercise Price | $3.63 | ' | ' | ' |
Stock Option One [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $0.65 | ' | ' | ' |
Stock Option One [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $4.92 | ' | ' | ' |
Stock Option Two [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Number Outstanding | 1,024,824 | ' | ' | ' |
Options Outstanding - Weighted-Average Life | '5 years 9 months | ' | ' | ' |
Options Outstanding - Weighted-Average Exercise Price | $6.31 | ' | ' | ' |
Options Vested - Number Exercisable | 845,106 | ' | ' | ' |
Options Vested - Weighted-Average Exercise Price | $6.19 | ' | ' | ' |
Stock Option Two [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $5.19 | ' | ' | ' |
Stock Option Two [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $7.86 | ' | ' | ' |
Stock Option Three [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Number Outstanding | 654,980 | ' | ' | ' |
Options Outstanding - Weighted-Average Life | '7 years 4 months 6 days | ' | ' | ' |
Options Outstanding - Weighted-Average Exercise Price | $9.35 | ' | ' | ' |
Options Vested - Number Exercisable | 330,665 | ' | ' | ' |
Options Vested - Weighted-Average Exercise Price | $9.23 | ' | ' | ' |
Stock Option Three [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $8.07 | ' | ' | ' |
Stock Option Three [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $11.97 | ' | ' | ' |
Stock Option Four [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Number Outstanding | 1,093,472 | ' | ' | ' |
Options Outstanding - Weighted-Average Life | '6 years 5 months 16 days | ' | ' | ' |
Options Outstanding - Weighted-Average Exercise Price | $13.59 | ' | ' | ' |
Options Vested - Number Exercisable | 618,955 | ' | ' | ' |
Options Vested - Weighted-Average Exercise Price | $13.74 | ' | ' | ' |
Stock Option Four [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $12.10 | ' | ' | ' |
Stock Option Four [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation, Activity [Line Items] | ' | ' | ' | ' |
Options Outstanding - Exercise Price | $16.41 | ' | ' | ' |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Equity Instruments Other than Options Award [Line Items] | ' | ' | ' |
Nonvested Restricted Common Shares, Outstanding | 692,132 | 783,816 | 690,377 |
Granted, Outstanding Restricted Common Shares | 448,158 | 306,296 | 490,074 |
Forfeited - Outstanding Options | -278,461 | -362,116 | -368,879 |
Forfeited, Outstanding Restricted Common Shares | -127,279 | -35,864 | -27,756 |
Nonvested Restricted Common Shares, Outstanding | 734,550 | 692,132 | 783,816 |
Nonvested Restricted Common Shares, Weighted-Average Grant Date Fair Value | $8.95 | $7.52 | $6.72 |
Granted, Weighted-Average Grant Date Fair Value | $11.46 | $11.92 | $8.09 |
Vested and transferred to unrestricted common stock, Weighted-Average Grant Date Fair Value | $9.22 | $8.86 | $6.93 |
Forfeited, Weighted-Average Grant Date Fair Value | $8.56 | $7.02 | $5.71 |
Nonvested Restricted Common Shares, Weighted-Average Grant Date Fair Value | $10.45 | $8.95 | $7.52 |
StockBased_Compensation_Plans_6
Stock-Based Compensation Plans (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Maximum [Member] | Minimum [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||
Nonvested Performance-based Units Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,650,000 | 4,750,000 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | $4,733,000 | $6,193,000 | $3,976,000 | $2,100,000 | $3,000,000 | $2,000,000 | ' | ' | ' | ' | $2,600,000 | $3,200,000 | $2,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | ' | ' | ' | ' | 2,569,366 | 2,458,206 | 4,133,373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | $7.79 | $13.78 | $9.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 3,900,000 | 3,500,000 | ' | ' | ' | ' | 4,500,000 | 3,600,000 | 3,300,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | '2 years 10 months 24 days | '2 years 9 months 18 days | '2 years 10 months 24 days | '2 years 7 months 6 days | '3 years 1 month 6 days | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' |
Additional Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | 2,047,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $973,193 | $1,047,645 | $2,054,106 | $2,451,374 | $3,036,188 | $3,171,073 | $4,733,031 | $6,192,870 | $3,976,187 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | 7.00% | ' | ' | ' | ' | ' |
Benefit_Plans_Details_Textual
Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0.10 | $0.50 | $0.70 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Print Procurement Services | $0.70 | $0.60 | $0.50 |
Insurance and Risk Management Services | 0.5 | 0.4 | 0.4 |
Echo [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Investment Shares Sold During Period | ' | 69,831 | 285,911 |
Equity Method Investment, Net Sales Proceeds | ' | 1.2 | 3.9 |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | 1.2 | 3.9 |
Costs and Expenses, Related Party | 0.2 | 0.1 | 0.1 |
Related Party Transaction, Other Revenues from Transactions with Related Party | 12.8 | 10.8 | 8.7 |
Advances from related parties | $2.10 | $1.40 | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $890,960,000 | $789,585,000 | $632,314,000 | ||||||||
Net revenues from other segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Total net revenues | 242,877,000 | 232,630,000 | [1] | 210,876,000 | [2] | 204,577,000 | [3] | 201,844,000 | 198,844,000 | [4] | 201,321,000 | [5] | 187,576,000 | 415,453,042 | 388,898,067 | 648,082,830 | 587,741,999 | 890,959,963 | 789,585,041 | 632,313,722 | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,901,000 | [6] | 37,217,000 | [6] | 35,138,000 | [6] | |||||
Total assets | 614,666,778 | 610,065,932 | 562,754,397 | 551,407,479 | 514,780,180 | 528,214,690 | 488,087,652 | 496,603,481 | 562,754,397 | 488,087,652 | 610,065,932 | 528,214,690 | 614,666,778 | 514,780,180 | 460,283,000 | ||||||||
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 657,989,000 | 648,732,000 | 541,036,000 | ||||||||
Net revenues from other segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | 68,000 | 11,000 | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,022,000 | 648,800,000 | 541,047,000 | ||||||||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,873,000 | [6] | 61,890,000 | [6] | 47,945,000 | [6] | |||||
Total assets | 431,562,000 | ' | ' | ' | 330,159,000 | ' | ' | ' | ' | ' | ' | ' | 431,562,000 | 330,159,000 | 322,460,000 | ||||||||
Latin America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,016,000 | 57,575,000 | 42,979,000 | ||||||||
Net revenues from other segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,270,000 | 1,625,000 | 0 | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,286,000 | 59,200,000 | 42,979,000 | ||||||||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,098,000 | [6] | 1,745,000 | [6] | 1,497,000 | [6] | |||||
Total assets | 29,841,000 | ' | ' | ' | 23,219,000 | ' | ' | ' | ' | ' | ' | ' | 29,841,000 | 23,219,000 | 18,785,000 | ||||||||
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,955,000 | 83,278,000 | 48,299,000 | ||||||||
Net revenues from other segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | 27,000 | 413,000 | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,030,000 | 83,305,000 | 48,712,000 | ||||||||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 764,000 | [6] | -2,664,000 | [6] | 3,061,000 | [6] | |||||
Total assets | 119,531,000 | ' | ' | ' | 139,466,000 | ' | ' | ' | ' | ' | ' | ' | 119,531,000 | 139,466,000 | 108,633,000 | ||||||||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Net revenues from other segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,378,000 | -1,720,000 | -424,000 | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,378,000 | -1,720,000 | -424,000 | ||||||||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,834,000 | [6] | -23,754,000 | [6] | -17,365,000 | [6] | |||||
Total assets | $33,733,000 | ' | ' | ' | $21,936,000 | ' | ' | ' | ' | ' | ' | ' | $33,733,000 | $21,936,000 | $10,405,000 | ||||||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | ||||||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | ||||||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | ||||||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | ||||||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. | ||||||||||||||||||||||
[6] | Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, income/expense related to changes in the fair value of contingent consideration liabilities, goodwill impairment charges, restructuring and other charges and legal fees from patent infringement defense, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. |
Business_Segments_Details_1
Business Segments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,901,000 | [1] | $37,217,000 | [1] | $35,138,000 | [1] |
Depreciation and amortization | ' | ' | -2,465,667 | ' | ' | -2,444,096 | -5,114,063 | -5,381,077 | -8,994,494 | -8,077,332 | -13,663,859 | -10,790,452 | -10,171,758 | |||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,733,000 | -6,193,000 | -3,976,000 | |||
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,331,000 | 27,689,000 | 1,702,000 | |||
Preference claim charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,099,000 | -950,000 | |||
VAT settlement charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,485,088 | 0 | |||
Payments to former owner of Productions Graphics, net of cash recovered | ' | ' | 6,261,942 | ' | ' | 1,587,576 | 11,559,092 | -287,396 | 19,795,603 | 946,060 | 19,300,864 | 1,127,954 | 14,782,797 | |||
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,908,000 | 0 | 0 | |||
Restructuring and other charges | 3,000,000 | ' | ' | 0 | ' | ' | ' | ' | 4,321,862 | 0 | 4,321,862 | 0 | 0 | |||
Legal fees in connection with patent infringement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -961,000 | 0 | 0 | |||
Total other income (expense) | -728,047 | -488,760 | -923,936 | -166,915 | -493,899 | -260,388 | -1,412,696 | -754,287 | -2,140,743 | -921,202 | -3,235,749 | -1,081,138 | 1,879,122 | |||
Income (loss) before income taxes | ($8,755,109) | $5,341,652 | ($4,760,251) | $6,463,319 | $5,718,202 | $6,686,973 | $581,401 | $12,405,175 | ($8,173,708) | $18,868,494 | ($9,216,277) | $44,667,643 | $24,022,712 | |||
[1] | Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, income/expense related to changes in the fair value of contingent consideration liabilities, goodwill impairment charges, restructuring and other charges and legal fees from patent infringement defense, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. |
Business_Segments_Details_Text
Business Segments (Details Textual) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unitedstates [Member] | Unitedstates [Member] | Unitedstates [Member] | International [Member] | International [Member] | International [Member] | |||||||||
Long-lived Assets by Geographic Areas [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $23,724,750 | $20,763,736 | $19,516,534 | $18,327,091 | $17,078,384 | $14,531,012 | $13,707,584 | $12,168,279 | $18,100,000 | $13,900,000 | $10,300,000 | $5,600,000 | $3,200,000 | $1,700,000 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | $242,877,000 | $232,630,000 | [1] | $210,876,000 | [2] | $204,577,000 | [3] | $201,844,000 | $198,844,000 | [4] | $201,321,000 | [5] | $187,576,000 | $415,453,042 | $388,898,067 | $648,082,830 | $587,741,999 | $890,959,963 | $789,585,041 | $632,313,722 |
Gross profit | 54,318,000 | 53,181,000 | [1] | 48,177,000 | [2] | 46,350,000 | [3] | 43,098,000 | 45,957,000 | [4] | 47,797,000 | [5] | 40,707,000 | 94,526,403 | 88,504,180 | 147,707,611 | 134,460,775 | 202,026,064 | 177,558,547 | 147,381,884 |
Net income (loss) | ($469,000) | ($9,066,000) | [1] | $3,675,000 | [2] | ($2,801,000) | [3] | $26,287,000 | $4,303,000 | [4] | $3,773,000 | [5] | $4,430,000 | $874,247 | $8,203,038 | ($8,191,823) | $12,506,532 | ($8,660,349) | $38,794,022 | $16,616,026 |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic earnings per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.53 | $0.09 | [4] | $0.08 | [5] | $0.09 | $0.02 | $0.17 | ($0.16) | $0.26 | ($0.17) | $0.79 | $0.36 |
Diluted earnings per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.51 | $0.08 | [4] | $0.07 | [5] | $0.09 | $0.02 | $0.16 | ($0.16) | $0.25 | ($0.17) | $0.76 | $0.34 |
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Fi2
Restatement of Prior Period Financial Statements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Revenues, Total | $242,877,000 | $232,630,000 | [1] | $210,876,000 | [2] | $204,577,000 | [3] | $201,844,000 | $198,844,000 | [4] | $201,321,000 | [5] | $187,576,000 | $415,453,042 | $388,898,067 | $648,082,830 | $587,741,999 | $890,959,963 | $789,585,041 | $632,313,722 |
Cost of goods sold | ' | 179,448,580 | 162,699,024 | 158,227,615 | 43,098 | 152,887,337 | 153,523,598 | 146,870,289 | 320,926,639 | 300,393,887 | 500,375,219 | 453,281,224 | 688,933,899 | 612,026,494 | 484,931,838 | |||||
Gross profit | 54,318,000 | 53,181,000 | [1] | 48,177,000 | [2] | 46,350,000 | [3] | 43,098,000 | 45,957,000 | [4] | 47,797,000 | [5] | 40,707,000 | 94,526,403 | 88,504,180 | 147,707,611 | 134,460,775 | 202,026,064 | 177,558,547 | 147,381,884 |
Selling, general and administrative expenses | ' | 44,724,982 | 41,347,183 | 47,111,617 | ' | 36,299,315 | 38,381,812 | 31,115,144 | 88,458,800 | 69,496,956 | 133,183,782 | 105,796,271 | 183,443,438 | 146,123,614 | 115,818,065 | |||||
Change in fair value of contingent consideration | ' | -29,627,005 | -1,649,389 | 608,832 | ' | 330,791 | 266,544 | 200,141 | -1,040,557 | 466,685 | -30,667,562 | 797,476 | 31,330,567 | 27,688,774 | 1,701,529 | |||||
Income from operations | ' | -8,027,062 | 5,830,412 | -3,836,315 | ' | 6,630,234 | 6,212,101 | 6,947,361 | 1,994,097 | 13,159,462 | -6,032,965 | 19,789,696 | -5,980,528 | 45,748,781 | 22,143,590 | |||||
Income before taxes | ' | -8,755,109 | 5,341,652 | -4,760,251 | ' | 6,463,319 | 5,718,202 | 6,686,973 | 581,401 | 12,405,175 | -8,173,708 | 18,868,494 | -9,216,277 | 44,667,643 | 24,022,712 | |||||
Income tax expense | ' | 310,961 | 1,666,131 | -1,958,977 | ' | 2,159,825 | 1,944,378 | 2,257,759 | -292,846 | 4,202,137 | 18,115 | 6,361,962 | -555,928 | 5,873,621 | 7,406,686 | |||||
Net income (loss) | -469,000 | -9,066,000 | [1] | 3,675,000 | [2] | -2,801,000 | [3] | 26,287,000 | 4,303,000 | [4] | 3,773,000 | [5] | 4,430,000 | 874,247 | 8,203,038 | -8,191,823 | 12,506,532 | -8,660,349 | 38,794,022 | 16,616,026 |
Basic earnings (loss) per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.53 | $0.09 | [4] | $0.08 | [5] | $0.09 | $0.02 | $0.17 | ($0.16) | $0.26 | ($0.17) | $0.79 | $0.36 |
Diluted earnings (loss) per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.51 | $0.08 | [4] | $0.07 | [5] | $0.09 | $0.02 | $0.16 | ($0.16) | $0.25 | ($0.17) | $0.76 | $0.34 |
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues, Total | ' | 0 | 0 | 261,291 | -6,143 | -924,744 | -76,435 | -649,526 | 261,291 | -725,961 | 261,291 | -1,650,705 | ' | -7,793,984 | -1,852,243 | |||||
Cost of goods sold | ' | -62,554 | 0 | -96,015 | -6,205 | 0 | -27,810 | 0 | -96,015 | -27,810 | -158,569 | -27,810 | ' | 33,831 | 165,516 | |||||
Gross profit | ' | 62,554 | 0 | 357,306 | ' | -924,744 | -48,625 | -649,526 | 357,306 | -698,151 | 419,860 | -1,622,895 | ' | -7,827,815 | -2,017,759 | |||||
Selling, general and administrative expenses | ' | -1,107,663 | -2,559,887 | 6,308,660 | ' | -4,355 | 1,004,253 | -1,410,979 | 3,748,773 | -406,726 | 2,641,110 | -411,082 | ' | -250,688 | -401,740 | |||||
Change in fair value of contingent consideration | ' | 17,166,946 | ' | ' | ' | 0 | ' | ' | ' | ' | 17,166,946 | 0 | ' | -24,963,796 | -1,554,000 | |||||
Income from operations | ' | -15,996,729 | 2,559,887 | -5,951,355 | ' | -920,388 | -1,052,878 | 761,453 | -3,391,467 | -291,425 | -19,388,196 | -1,211,813 | ' | 17,386,669 | -62,019 | |||||
Income before taxes | ' | -15,996,729 | 2,559,887 | -5,951,355 | ' | -920,388 | -1,052,878 | 761,453 | -3,391,467 | -291,425 | -19,388,196 | -1,211,813 | ' | 17,386,669 | -62,019 | |||||
Income tax expense | ' | 361,262 | 787,711 | -2,057,958 | ' | -277,962 | -352,302 | 214,417 | -1,270,246 | -137,885 | -908,984 | -415,847 | ' | -2,328,391 | -534,856 | |||||
Net income (loss) | ' | -16,357,992 | 1,772,176 | -3,893,397 | 20,313 | -642,426 | -700,576 | 547,036 | -2,121,221 | -153,540 | -18,479,213 | -795,966 | ' | 19,715,060 | 472,837 | |||||
Basic earnings (loss) per share (in dollars per share) | ' | ($0.32) | $0.03 | ($0.08) | $0.41 | ($0.01) | ($0.01) | $0.01 | ($0.04) | $0 | ($0.36) | ($0.01) | ' | $0.40 | $0.01 | |||||
Diluted earnings (loss) per share (in dollars per share) | ' | ($0.32) | $0.03 | ($0.07) | $0.39 | ($0.02) | ($0.02) | $0.01 | ($0.03) | $0 | ($0.35) | ($0.01) | ' | $0.38 | $0.01 | |||||
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues, Total | ' | 0 | 0 | 0 | ' | 0 | 0 | -319,845 | 0 | -319,845 | 0 | -319,845 | ' | -319,845 | 319,845 | |||||
Cost of goods sold | ' | 0 | 0 | 0 | ' | 0 | 0 | -282,730 | 0 | -282,730 | 0 | -282,730 | ' | -282,730 | 282,730 | |||||
Gross profit | ' | 0 | 0 | 0 | ' | 0 | 0 | -37,115 | 0 | -37,115 | 0 | -37,115 | ' | -37,115 | 37,115 | |||||
Selling, general and administrative expenses | ' | 0 | 0 | -324,000 | ' | 50,040 | 0 | -357,000 | -324,000 | -357,000 | -323,999 | -306,960 | ' | 17,040 | 448,000 | |||||
Change in fair value of contingent consideration | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | |||||
Income from operations | ' | 0 | 0 | 324,001 | ' | -50,040 | 0 | 319,885 | 324,000 | 319,885 | 324,000 | 269,845 | ' | -54,155 | -410,885 | |||||
Income before taxes | ' | 0 | 0 | 324,001 | ' | -50,040 | 0 | 319,885 | 324,000 | 319,885 | 324,000 | 269,845 | ' | -54,155 | -410,885 | |||||
Income tax expense | ' | 0 | 0 | 127,008 | ' | -19,616 | 0 | 125,395 | 127,007 | 125,395 | 127,007 | 105,779 | ' | -21,229 | -161,067 | |||||
Net income (loss) | ' | 0 | 0 | 196,993 | ' | -30,424 | 0 | 194,490 | 196,993 | 194,490 | 196,994 | 164,066 | ' | -32,926 | -249,818 | |||||
Basic earnings (loss) per share (in dollars per share) | ' | $0 | $0 | $0 | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | $0 | $0 | |||||
Diluted earnings (loss) per share (in dollars per share) | ' | $0 | $0 | $0 | ' | $0 | $0 | $0.01 | $0 | $0 | $0 | $0 | ' | $0 | ($0.01) | |||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues, Total | ' | 232,629,788 | 210,875,626 | 204,316,125 | 207,987 | 199,768,676 | 201,397,471 | 188,546,402 | 415,191,751 | 389,943,873 | 647,821,539 | 589,712,549 | ' | 797,698,870 | 633,846,120 | |||||
Cost of goods sold | ' | 179,511,134 | 162,699,024 | 158,323,630 | 49,303 | 152,887,337 | 153,551,408 | 147,153,019 | 321,022,654 | 300,704,427 | 500,533,788 | 453,591,764 | ' | 612,275,393 | 484,483,592 | |||||
Gross profit | ' | 53,118,654 | 48,176,602 | 45,992,495 | ' | 46,881,339 | 47,846,063 | 41,393,383 | 94,169,097 | 89,239,446 | 147,287,751 | 136,120,785 | ' | 185,423,477 | 149,362,528 | |||||
Selling, general and administrative expenses | ' | 45,832,645 | 43,907,070 | 41,126,957 | ' | 36,253,631 | 37,377,559 | 32,883,123 | 85,034,027 | 70,260,682 | 130,866,672 | 106,514,313 | ' | 146,357,262 | 115,771,805 | |||||
Change in fair value of contingent consideration | ' | -46,793,951 | ' | ' | ' | 330,791 | ' | ' | ' | ' | -47,834,508 | 797,476 | ' | -2,724,978 | -147,529 | |||||
Income from operations | ' | 7,969,667 | 3,270,525 | 1,791,039 | ' | 7,600,662 | 7,264,979 | 5,866,023 | 5,061,564 | 13,131,002 | 13,031,231 | 20,731,664 | ' | 28,416,267 | 22,616,494 | |||||
Income before taxes | ' | 7,241,620 | 2,781,765 | 867,103 | ' | 7,433,747 | 6,771,080 | 5,605,635 | 3,648,868 | 12,376,715 | 10,890,488 | 19,810,462 | ' | 27,335,129 | 24,495,616 | |||||
Income tax expense | ' | -50,301 | 878,420 | -28,027 | ' | 2,457,403 | 2,296,680 | 1,917,947 | 850,393 | 4,214,627 | 800,092 | 6,672,030 | ' | 8,223,241 | 8,102,609 | |||||
Net income (loss) | ' | $7,291,921 | $1,903,345 | $895,130 | $5,974 | $4,976,344 | $4,474,400 | $3,687,688 | $2,798,475 | $8,162,088 | $10,090,396 | $13,138,432 | ' | $19,111,888 | $16,393,007 | |||||
Basic earnings (loss) per share (in dollars per share) | ' | $0.14 | $0.04 | $0.02 | $0.12 | $0.10 | $0.09 | $0.08 | $0.06 | $0.17 | $0.20 | $0.27 | ' | $0.39 | $0.35 | |||||
Diluted earnings (loss) per share (in dollars per share) | ' | $0.14 | $0.04 | $0.02 | $0.12 | $0.10 | $0.09 | $0.07 | $0.05 | $0.16 | $0.19 | $0.26 | ' | $0.37 | $0.34 | |||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Fi3
Restatement of Prior Period Financial Statements (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Net income (loss) | ($469,000) | ($9,066,000) | [1] | $3,675,000 | [2] | ($2,801,000) | [3] | $26,287,000 | $4,303,000 | [4] | $3,773,000 | [5] | $4,430,000 | $874,247 | $8,203,038 | ($8,191,823) | $12,506,532 | ($8,660,349) | $38,794,022 | $16,616,026 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,505,417 | 676,272 | -540,032 | |||||
Other comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,503,216 | -433,966 | -3,642,153 | |||||
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,504,079 | 4,590 | -2,666,050 | |||||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,798,612 | 13,949,976 | |||||
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | -16,357,992 | 1,772,176 | -3,893,397 | 20,313 | -642,426 | -700,576 | 547,036 | -2,121,221 | -153,540 | -18,479,213 | -795,966 | ' | 19,715,060 | 472,837 | |||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,459 | ' | |||||
Other comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,459 | ' | |||||
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,459 | ' | |||||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,782,519 | 472,837 | |||||
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | 0 | 0 | 196,993 | ' | -30,424 | 0 | 194,490 | 196,993 | 194,490 | 196,994 | 164,066 | ' | -32,926 | -249,818 | |||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Other comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32,926 | -249,818 | |||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | 7,291,921 | 1,903,345 | 895,130 | 5,974 | 4,976,344 | 4,474,400 | 3,687,688 | 2,798,475 | 8,162,088 | 10,090,396 | 13,138,432 | ' | 19,111,888 | 16,393,007 | |||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 608,813 | ' | |||||
Other comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -501,425 | ' | |||||
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -62,869 | ' | |||||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,049,019 | $13,726,957 | |||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Fi4
Restatement of Prior Period Financial Statements (Details 2) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accounts Receivable, Net, Current, Total | $173,569,905 | $165,267,866 | $148,458,376 | $145,033,144 | $142,104,621 | $152,529,957 | $139,259,771 | $146,907,627 | ' | ' |
Inventories | 26,473,732 | 29,423,436 | 16,390,726 | 15,310,762 | 18,362,282 | 14,401,850 | 11,787,614 | 12,198,821 | ' | ' |
Prepaid expenses | 11,746,965 | 10,639,529 | 16,226,314 | 19,830,132 | 16,028,013 | 14,109,383 | 11,288,934 | 10,696,763 | ' | ' |
Other current assets | 22,408,692 | 23,766,065 | 18,735,224 | 20,934,611 | 21,247,531 | 36,286,672 | 19,574,702 | 24,697,846 | ' | ' |
Total current assets | 279,671,203 | 280,302,231 | 242,457,320 | 243,450,257 | 247,272,990 | 262,158,052 | 229,922,874 | 243,402,531 | ' | ' |
Goodwill | 251,228,698 | 250,863,723 | 260,714,048 | 250,025,226 | 212,796,422 | 211,191,783 | 202,761,094 | 199,257,989 | 196,227,081 | ' |
Total intangibles and other assets | 1,147,078 | ' | ' | 289,630,131 | 822,275 | 251,525,626 | 244,457,194 | 241,032,671 | ' | ' |
Total assets | 614,666,778 | 610,065,932 | 562,754,397 | 551,407,479 | 514,780,180 | 528,214,690 | 488,087,652 | 496,603,481 | 460,283,000 | ' |
Accounts payable-trade | 166,154,959 | 143,548,372 | 117,764,548 | 126,805,292 | 122,367,817 | 125,889,990 | 100,268,319 | 120,157,340 | ' | ' |
Due to seller | 0 | 1,194,520 | 685,114 | 943,424 | 3,000,000 | 0 | 0 | 1,532,592 | ' | ' |
Other liabilities | 15,818,791 | 12,490,643 | 7,987,811 | 6,115,295 | 6,793,796 | 7,086,530 | 9,587,750 | 7,633,577 | ' | ' |
Accrued expenses | 20,206,268 | 11,106,292 | 9,467,010 | 9,258,800 | 14,890,150 | 12,076,796 | 12,148,857 | 15,050,039 | ' | ' |
Total current liabilities | 218,898,534 | 193,216,463 | 165,145,929 | 169,801,253 | 154,847,252 | 161,976,556 | 137,401,501 | 160,573,119 | ' | ' |
Deferred income taxes | 9,061,535 | 15,989,408 | 5,760,815 | 5,117,858 | 3,961,281 | 7,301,933 | 7,002,310 | 6,833,274 | ' | ' |
Contingent consideration, net of current portion | 70,613,945 | 64,212,585 | 63,083,023 | 60,712,734 | 46,702,335 | 69,546,954 | 66,107,784 | 63,411,139 | ' | ' |
Other long-term liabilities | ' | 1,369,131 | 1,406,296 | 1,500,705 | 1,317,255 | 1,379,506 | 1,354,311 | 1,370,976 | ' | ' |
Total liabilities | 369,225,204 | 366,287,587 | 313,696,063 | 307,632,550 | 271,828,123 | 314,204,949 | 284,865,906 | 303,588,508 | ' | ' |
Accumulated other comprehensive income | 2,777,000 | 1,528,935 | -1,843,038 | -1,644,768 | 272,921 | 177,063 | -243,701 | 700,591 | ' | ' |
Retained earnings | 102,928,239 | 103,396,765 | 112,485,935 | 108,825,175 | 111,626,449 | 85,338,958 | 81,035,464 | 77,329,568 | ' | ' |
Total stockholders' equity | 245,441,574 | 243,778,345 | 249,058,334 | 243,774,929 | 242,952,057 | 214,009,741 | 203,221,746 | 193,014,973 | 181,724,806 | 160,184,126 |
Total liabilities and stockholders' equity | 614,666,778 | 610,065,932 | 562,754,397 | 551,407,479 | 514,780,180 | 528,214,690 | 488,087,652 | 496,603,481 | ' | ' |
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Net, Current, Total | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Inventories | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Prepaid expenses | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other current assets | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Total current assets | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Goodwill | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total intangibles and other assets | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total assets | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Accounts payable-trade | ' | 40,778 | 103,332 | 103,332 | 199,347 | 137,706 | 137,706 | 165,516 | ' | ' |
Due to seller | ' | ' | ' | ' | -7,796,850 | ' | ' | -1,087,800 | ' | ' |
Other liabilities | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accrued expenses | ' | -3,541,838 | -3,903,100 | -4,690,811 | -2,632,853 | -950,703 | -672,741 | -320,439 | ' | ' |
Total current liabilities | ' | -3,501,059 | -3,799,767 | -4,587,479 | -10,230,357 | -812,997 | -535,035 | -1,242,723 | ' | ' |
Deferred income taxes | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Contingent consideration, net of current portion | ' | ' | -17,166,946 | -17,166,946 | -17,166,946 | ' | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total liabilities | ' | -3,501,059 | -20,966,713 | -21,754,424 | -27,397,303 | -812,997 | -535,035 | -1,242,723 | ' | ' |
Accumulated other comprehensive income | ' | 966 | 966 | 966 | 67,459 | 67,459 | 67,459 | 30,554 | ' | ' |
Retained earnings | ' | 1,708,684 | 18,066,675 | 16,294,500 | 20,187,897 | -323,129 | 319,297 | 1,019,873 | ' | ' |
Total stockholders' equity | ' | 1,709,650 | 18,067,640 | 16,295,466 | 20,255,356 | -255,670 | 386,756 | 1,050,427 | ' | ' |
Total liabilities and stockholders' equity | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Net, Current, Total | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Inventories | ' | ' | ' | ' | 955,419 | ' | ' | ' | ' | ' |
Prepaid expenses | ' | -50,040 | -50,040 | -50,040 | -182,040 | -50,040 | ' | ' | ' | ' |
Other current assets | ' | 19,616 | 19,616 | 19,616 | 195,624 | 19,616 | ' | ' | ' | ' |
Total current assets | ' | -30,424 | -30,424 | -30,424 | 969,003 | -30,424 | 0 | 0 | ' | ' |
Goodwill | ' | -1,290,458 | -1,290,458 | -1,290,458 | -1,290,458 | 6,304,503 | 6,004,880 | -9,055,506 | ' | ' |
Total intangibles and other assets | ' | -1,290,458 | -1,290,458 | -1,290,458 | -1,290,458 | 7,210,933 | 6,911,310 | 2,469,104 | ' | ' |
Total assets | ' | -1,320,882 | -1,320,882 | -1,320,882 | -321,455 | 7,180,509 | 6,911,310 | 2,469,104 | ' | ' |
Accounts payable-trade | ' | 0 | 0 | 0 | 1,036,419 | 0 | 0 | 0 | ' | ' |
Due to seller | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' |
Other liabilities | ' | -1,369,131 | -1,406,296 | -1,500,705 | -1,317,255 | -1,379,506 | -1,354,311 | -1,370,976 | ' | ' |
Accrued expenses | ' | -35,672 | -35,672 | -35,672 | -35,672 | -35,672 | -35,672 | -35,672 | ' | ' |
Total current liabilities | ' | -1,404,804 | -1,441,969 | -1,536,377 | -316,507 | -1,415,178 | -1,389,983 | -1,406,648 | ' | ' |
Deferred income taxes | ' | -1,199,459 | -1,199,459 | -1,199,459 | -1,039,459 | 7,301,933 | 7,002,310 | 6,833,274 | ' | ' |
Contingent consideration, net of current portion | ' | ' | 0 | 0 | 0 | ' | ' | -4,273,170 | ' | ' |
Other long-term liabilities | ' | 1,369,131 | 1,406,296 | 1,500,705 | 1,317,255 | 1,379,506 | 1,354,311 | 1,370,976 | ' | ' |
Total liabilities | ' | -1,235,132 | -1,235,132 | -1,235,132 | -38,711 | 7,266,261 | 6,966,638 | 2,524,432 | ' | ' |
Accumulated other comprehensive income | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Retained earnings | ' | -85,750 | -85,750 | -85,751 | -282,744 | -85,752 | -55,328 | -55,328 | ' | ' |
Total stockholders' equity | ' | -85,750 | -85,750 | -85,751 | -282,744 | -85,752 | -55,328 | -55,328 | ' | ' |
Total liabilities and stockholders' equity | ' | -1,320,882 | -1,320,882 | -1,320,882 | -321,455 | 7,180,509 | 6,911,310 | 2,469,104 | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Net, Current, Total | ' | 167,059,275 | 151,357,448 | 150,492,103 | 149,246,568 | 153,598,624 | 139,408,050 | 147,099,923 | ' | ' |
Inventories | ' | ' | ' | ' | 17,406,863 | ' | ' | ' | ' | ' |
Prepaid expenses | ' | 10,689,569 | 16,276,354 | 19,880,172 | 16,210,053 | 14,159,423 | ' | ' | ' | ' |
Other current assets | ' | 23,746,449 | 18,715,608 | 20,914,995 | 21,051,907 | 36,267,056 | ' | ' | ' | ' |
Total current assets | ' | 282,124,064 | 245,386,816 | 248,939,640 | 253,445,934 | 263,257,143 | 230,071,153 | 243,594,827 | ' | ' |
Goodwill | ' | 252,154,181 | 262,004,506 | 251,315,684 | 214,086,880 | 204,887,280 | 196,756,214 | 208,313,495 | ' | ' |
Total intangibles and other assets | ' | 310,290,423 | 302,071,001 | 290,920,589 | 251,719,264 | 244,314,693 | 237,545,884 | 238,563,567 | ' | ' |
Total assets | ' | 613,178,223 | 566,974,351 | 558,187,320 | 522,243,582 | 522,102,848 | 481,324,621 | 494,326,673 | ' | ' |
Accounts payable-trade | ' | 143,507,594 | 117,661,216 | 126,701,960 | 121,132,051 | 125,752,284 | 100,130,613 | 119,991,824 | ' | ' |
Due to seller | ' | ' | ' | ' | 10,796,850 | ' | ' | 2,620,392 | ' | ' |
Other liabilities | ' | 13,859,774 | 9,394,107 | 7,616,000 | 8,111,051 | 8,466,036 | 10,942,061 | 9,004,553 | ' | ' |
Accrued expenses | ' | 14,683,802 | 13,405,782 | 13,985,283 | 17,558,675 | 13,063,171 | 12,857,270 | 15,406,150 | ' | ' |
Total current liabilities | ' | 198,122,326 | 170,387,665 | 175,925,109 | 165,394,116 | 164,204,731 | 139,326,519 | 163,222,490 | ' | ' |
Deferred income taxes | ' | 17,188,867 | 6,960,274 | 6,317,317 | 5,000,740 | 0 | 0 | 0 | ' | ' |
Contingent consideration, net of current portion | ' | ' | 80,249,969 | 77,879,680 | 63,869,281 | ' | ' | 67,684,309 | ' | ' |
Other long-term liabilities | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total liabilities | ' | 371,023,778 | 335,897,908 | 330,622,106 | 299,264,137 | 307,751,685 | 278,434,303 | 302,306,799 | ' | ' |
Accumulated other comprehensive income | ' | 1,527,969 | -1,844,004 | -1,645,734 | 205,462 | 109,604 | -311,160 | 670,037 | ' | ' |
Retained earnings | ' | 101,773,831 | 94,505,010 | 92,616,426 | 91,721,296 | 85,747,839 | 80,771,495 | 76,365,023 | ' | ' |
Total stockholders' equity | ' | 242,154,445 | 231,076,443 | 227,565,214 | 222,979,445 | 214,351,163 | 202,890,318 | 192,019,874 | ' | ' |
Total liabilities and stockholders' equity | ' | $613,178,223 | $566,974,351 | $558,187,320 | $522,243,582 | $522,102,848 | $481,324,621 | $494,326,673 | ' | ' |
Restatement_of_Prior_Period_Fi5
Restatement of Prior Period Financial Statements (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Net income (loss) | ($469,000) | ($9,066,000) | [1] | $3,675,000 | [2] | ($2,801,000) | [3] | $26,287,000 | $4,303,000 | [4] | $3,773,000 | [5] | $4,430,000 | $874,247 | $8,203,038 | ($8,191,823) | $12,506,532 | ($8,660,349) | $38,794,022 | $16,616,026 |
Deferred income taxes | ' | ' | ' | 585,098 | ' | ' | ' | 902,380 | 720,547 | 806,152 | 4,026,444 | 1,908,788 | -652,395 | -995,218 | 749,876 | |||||
Change in fair value of contingent consideration liability | ' | -29,627,005 | -1,649,389 | 608,832 | ' | 330,791 | 266,544 | 200,141 | -1,040,557 | 466,685 | -30,667,562 | 797,476 | 31,330,567 | 27,688,774 | 1,701,529 | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | 1,304,702 | ' | ' | ' | 21,904,760 | -1,449,472 | 15,750,384 | 6,171,498 | 28,134,374 | ' | -14,846,005 | -25,406,527 | |||||
Inventories | ' | ' | ' | -2,920,270 | ' | ' | ' | -1,648,396 | -1,984,593 | -1,984,370 | 7,321,557 | -397,738 | 1,383,994 | 3,089,909 | 2,854,634 | |||||
Prepaid expenses and other | ' | ' | ' | 3,098,782 | ' | ' | ' | 10,351,793 | -4,288,640 | 6,975,351 | -999,626 | 26,239,457 | -2,331,672 | 13,077,541 | 2,635,853 | |||||
Accounts payable | ' | ' | ' | 3,710,942 | ' | ' | ' | 16,003,529 | -7,511,701 | -5,392,463 | 6,752,468 | 18,587,299 | 29,642,545 | 14,818,713 | 27,451,575 | |||||
Accrued expenses and other | ' | ' | ' | -4,020,290 | ' | ' | ' | 2,344,303 | -4,227,037 | 5,212,828 | -6,148,551 | 3,040,904 | -12,120,684 | 4,160,421 | 3,885,424 | |||||
Net cash provided by operating activities | ' | ' | ' | -842,639 | ' | ' | ' | -7,472,638 | 2,910,004 | -11,121,254 | 9,463,850 | -14,225,189 | ' | 9,411,735 | 27,830,536 | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | 6,261,942 | ' | ' | ' | 1,587,576 | 11,559,092 | -287,396 | 19,795,603 | 946,060 | 19,300,864 | 1,127,954 | 14,782,797 | |||||
Net cash used in investing activities | ' | ' | ' | -9,148,187 | ' | ' | ' | -3,189,117 | -17,381,833 | -7,247,738 | -28,486,508 | -10,793,609 | ' | -14,706,533 | -31,260,990 | |||||
Payments of contingent consideration | ' | ' | ' | 3,720,821 | ' | ' | ' | 3,228,375 | 4,664,219 | 4,367,253 | 5,489,373 | 5,015,639 | 7,297,803 | 7,178,407 | 2,314,362 | |||||
Net cash provided by financing activites | ' | ' | ' | 3,540,144 | ' | ' | ' | 12,886,424 | 11,507,540 | 17,244,205 | 20,907,572 | 21,288,070 | ' | 9,583,488 | 11,753,350 | |||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | 7,291,921 | 1,903,345 | 895,130 | 5,974 | 4,976,344 | 4,474,400 | 3,687,688 | 2,798,475 | 8,162,088 | 10,090,396 | 13,138,432 | ' | 19,111,888 | 16,393,007 | |||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,090,502 | 1,228,443 | |||||
Change in fair value of contingent consideration liability | ' | -46,793,951 | ' | ' | ' | 330,791 | ' | ' | ' | ' | -47,834,508 | 797,476 | ' | -2,724,978 | -147,529 | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | -378,286 | ' | ' | ' | 22,809,398 | -5,692,347 | 16,611,005 | 1,017,812 | 29,915,383 | ' | -23,278,410 | -24,785,185 | |||||
Inventories | ' | ' | ' | -1,964,851 | ' | ' | ' | -2,119,878 | -1,029,174 | -2,455,852 | 8,276,976 | -869,220 | ' | -2,134,490 | -3,326,116 | |||||
Prepaid expenses and other | ' | ' | ' | 3,142,790 | ' | ' | ' | 10,271,793 | -4,244,632 | 6,895,351 | -955,618 | 26,189,881 | ' | -13,063,957 | -2,715,853 | |||||
Accounts payable | ' | ' | ' | 4,843,377 | ' | ' | ' | 16,003,529 | -6,379,266 | -5,364,653 | 7,947,457 | 18,615,109 | ' | 13,582,947 | 25,432,811 | |||||
Accrued expenses and other | ' | ' | ' | -4,137,671 | ' | ' | ' | 3,438,985 | -5,132,129 | 6,659,812 | -7,414,905 | 4,765,850 | ' | 6,616,912 | 4,024,780 | |||||
Net cash provided by operating activities | ' | ' | ' | 4,552,380 | ' | ' | ' | -7,472,638 | 8,305,023 | -9,996,549 | 14,858,869 | -13,100,484 | ' | 10,536,440 | 27,830,536 | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,127,954 | -17,097,159 | |||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,706,533 | -33,575,352 | |||||
Payments of contingent consideration | ' | ' | ' | 9,115,840 | ' | ' | ' | 3,228,375 | 10,059,238 | 5,491,958 | 10,884,392 | 6,140,344 | ' | -8,303,112 | 0 | |||||
Net cash provided by financing activites | ' | ' | ' | -1,854,875 | ' | ' | ' | 12,886,424 | 6,112,521 | 16,119,500 | 15,512,553 | 20,163,365 | ' | 8,458,783 | 14,067,712 | |||||
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | -16,357,992 | 1,772,176 | -3,893,397 | 20,313 | -642,426 | -700,576 | 547,036 | -2,121,221 | -153,540 | -18,479,213 | -795,966 | ' | 19,715,060 | 472,837 | |||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||||
Change in fair value of contingent consideration liability | ' | 17,166,946 | ' | ' | ' | 0 | ' | ' | ' | ' | 17,166,946 | 0 | ' | -24,963,796 | -1,554,000 | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | 1,682,988 | ' | ' | ' | 1,258,207 | 4,242,875 | 1,302,224 | 5,153,686 | 381,836 | ' | 5,691,444 | 1,450,503 | |||||
Inventories | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Prepaid expenses and other | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Accounts payable | ' | ' | ' | -96,015 | ' | ' | ' | 0 | -96,015 | -27,810 | -158,569 | -27,810 | ' | 33,831 | 165,516 | |||||
Accrued expenses and other | ' | ' | ' | 277,381 | ' | ' | ' | 711,171 | 1,065,092 | 358,869 | 1,426,354 | 80,908 | ' | -1,601,244 | -534,856 | |||||
Net cash provided by operating activities | ' | ' | ' | -5,395,019 | ' | ' | ' | 0 | -5,395,019 | -1,124,705 | -5,395,019 | -1,124,705 | ' | -1,124,705 | 0 | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,314,362 | |||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,314,362 | |||||
Payments of contingent consideration | ' | ' | ' | -5,395,019 | ' | ' | ' | 0 | -5,395,019 | -1,124,705 | -5,395,019 | -1,124,705 | ' | 1,124,705 | -2,314,362 | |||||
Net cash provided by financing activites | ' | ' | ' | 5,395,019 | ' | ' | ' | 0 | 5,395,019 | 1,124,705 | 5,395,019 | 1,124,705 | ' | 1,124,705 | -2,314,362 | |||||
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | 0 | 0 | 196,993 | ' | -30,424 | 0 | 194,490 | 196,993 | 194,490 | 196,994 | 164,066 | ' | -32,926 | -249,818 | |||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,085,720 | -478,567 | |||||
Change in fair value of contingent consideration liability | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | 0 | ' | ' | ' | -2,162,845 | 0 | -2,162,845 | 0 | -2,162,845 | ' | 2,740,961 | -2,071,845 | |||||
Inventories | ' | ' | ' | -955,419 | ' | ' | ' | 471,482 | -955,419 | 471,482 | -955,419 | 471,482 | ' | -955,419 | 471,482 | |||||
Prepaid expenses and other | ' | ' | ' | -44,008 | ' | ' | ' | 80,000 | -44,008 | 80,000 | -44,008 | 49,576 | ' | -13,584 | 80,000 | |||||
Accounts payable | ' | ' | ' | -1,036,420 | ' | ' | ' | 0 | -1,036,420 | 0 | -1,036,420 | 0 | ' | 1,201,935 | 1,853,248 | |||||
Accrued expenses and other | ' | ' | ' | -160,000 | ' | ' | ' | -1,805,853 | -160,000 | -1,805,853 | -160,000 | -1,805,854 | ' | -855,247 | 395,500 | |||||
Net cash provided by operating activities | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||||
Payments of contingent consideration | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Net cash provided by financing activites | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | ' | $0 | $0 | |||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Fi6
Restatement of Prior Period Financial Statements (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 60 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | ||||||
Revenues, Total | $242,877,000 | $232,630,000 | [1] | $210,876,000 | [2] | $204,577,000 | [3] | $201,844,000 | $198,844,000 | [4] | $201,321,000 | [5] | $187,576,000 | $415,453,042 | $388,898,067 | $648,082,830 | $587,741,999 | $890,959,963 | $789,585,041 | $632,313,722 | ' |
Selling, General and Administrative Expense, Total | ' | 44,724,982 | 41,347,183 | 47,111,617 | ' | 36,299,315 | 38,381,812 | 31,115,144 | 88,458,800 | 69,496,956 | 133,183,782 | 105,796,271 | 183,443,438 | 146,123,614 | 115,818,065 | ' | |||||
Contingent Consideration Liability, Due | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||
Change In Fair Value Of Contingent Consideration | ' | -29,627,005 | -1,649,389 | 608,832 | ' | 330,791 | 266,544 | 200,141 | -1,040,557 | 466,685 | -30,667,562 | 797,476 | 31,330,567 | 27,688,774 | 1,701,529 | ' | |||||
Contingent Consideration Liability | ' | ' | ' | ' | 34,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 34,100,000 | ' | ' | |||||
Earn Out Payment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | 1,500,000 | ' | ' | |||||
Increase (Decrease) In Income Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,200,000 | |||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues, Total | ' | 232,629,788 | 210,875,626 | 204,316,125 | 207,987 | 199,768,676 | 201,397,471 | 188,546,402 | 415,191,751 | 389,943,873 | 647,821,539 | 589,712,549 | ' | 797,698,870 | 633,846,120 | ' | |||||
Selling, General and Administrative Expense, Total | ' | 45,832,645 | 43,907,070 | 41,126,957 | ' | 36,253,631 | 37,377,559 | 32,883,123 | 85,034,027 | 70,260,682 | 130,866,672 | 106,514,313 | ' | 146,357,262 | 115,771,805 | ' | |||||
Contingent Consideration Liability, Due | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | 1,500,000 | ' | |||||
Change In Fair Value Of Contingent Consideration | ' | -46,793,951 | ' | ' | ' | 330,791 | ' | ' | ' | ' | -47,834,508 | 797,476 | ' | -2,724,978 | -147,529 | ' | |||||
Contingent Consideration Liability | ' | ' | ' | ' | 51,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 51,200,000 | ' | ' | |||||
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues, Total | ' | 0 | 0 | 261,291 | -6,143 | -924,744 | -76,435 | -649,526 | 261,291 | -725,961 | 261,291 | -1,650,705 | ' | -7,793,984 | -1,852,243 | ' | |||||
Selling, General and Administrative Expense, Total | ' | -1,107,663 | -2,559,887 | 6,308,660 | ' | -4,355 | 1,004,253 | -1,410,979 | 3,748,773 | -406,726 | 2,641,110 | -411,082 | ' | -250,688 | -401,740 | ' | |||||
Contingent Consideration Liability, Due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | |||||
Change In Fair Value Of Contingent Consideration | ' | 17,166,946 | ' | ' | ' | 0 | ' | ' | ' | ' | 17,166,946 | 0 | ' | -24,963,796 | -1,554,000 | ' | |||||
Change In Fair Value Of Contingent Consideration, Event 1 | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | |||||
Increase (Decrease) In Income Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($19,100,000) | ' | ' | $17,300,000 | ($500,000) | ' | |||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | ||||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | ||||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | ||||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | ||||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Qu2
Restatement of Prior Period Quarterly Financial Statements (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Revenue | $242,877,000 | $232,630,000 | [1] | $210,876,000 | [2] | $204,577,000 | [3] | $201,844,000 | $198,844,000 | [4] | $201,321,000 | [5] | $187,576,000 | $415,453,042 | $388,898,067 | $648,082,830 | $587,741,999 | $890,959,963 | $789,585,041 | $632,313,722 |
Cost of goods sold | ' | 179,448,580 | 162,699,024 | 158,227,615 | 43,098 | 152,887,337 | 153,523,598 | 146,870,289 | 320,926,639 | 300,393,887 | 500,375,219 | 453,281,224 | 688,933,899 | 612,026,494 | 484,931,838 | |||||
Gross profit | 54,318,000 | 53,181,000 | [1] | 48,177,000 | [2] | 46,350,000 | [3] | 43,098,000 | 45,957,000 | [4] | 47,797,000 | [5] | 40,707,000 | 94,526,403 | 88,504,180 | 147,707,611 | 134,460,775 | 202,026,064 | 177,558,547 | 147,381,884 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Selling, general and administrative expenses | ' | 44,724,982 | 41,347,183 | 47,111,617 | ' | 36,299,315 | 38,381,812 | 31,115,144 | 88,458,800 | 69,496,956 | 133,183,782 | 105,796,271 | 183,443,438 | 146,123,614 | 115,818,065 | |||||
Depreciation and amortization | ' | 3,880,431 | 2,648,396 | 2,465,667 | ' | 2,696,255 | 2,936,981 | 2,444,096 | 5,114,063 | 5,381,077 | 8,994,494 | 8,077,332 | 13,663,859 | 10,790,452 | 10,171,758 | |||||
Change in fair value of contingent consideration | ' | -29,627,005 | -1,649,389 | 608,832 | ' | 330,791 | 266,544 | 200,141 | -1,040,557 | 466,685 | -30,667,562 | 797,476 | 31,330,567 | 27,688,774 | 1,701,529 | |||||
Goodwill impairment charge | ' | 37,908,000 | ' | ' | ' | 0 | ' | ' | ' | ' | 37,908,000 | 0 | 37,908,000 | 0 | 0 | |||||
Restructuring and other charges | ' | 3,000,000 | ' | ' | ' | 0 | ' | ' | ' | ' | 4,321,862 | 0 | 4,321,862 | 0 | 0 | |||||
Income (loss) from operations | ' | -8,027,062 | 5,830,412 | -3,836,315 | ' | 6,630,234 | 6,212,101 | 6,947,361 | 1,994,097 | 13,159,462 | -6,032,965 | 19,789,696 | -5,980,528 | 45,748,781 | 22,143,590 | |||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on sale of investment | ' | 0 | 0 | 0 | ' | 346,836 | 247,875 | 247,697 | 0 | 495,572 | 0 | 842,408 | 0 | 1,196,196 | 3,948,082 | |||||
Interest income | ' | 14,887 | 555 | 7,334 | ' | 10,667 | 43,047 | 51,741 | 7,889 | 94,788 | 22,776 | 105,455 | 75,931 | 66,489 | 182,050 | |||||
Interest expense | ' | -820,081 | -514,825 | -485,107 | ' | -633,085 | -660,492 | -698,094 | -999,932 | -1,358,586 | -1,820,013 | -1,991,671 | -2,954,339 | -2,438,234 | -2,251,010 | |||||
Other, net | ' | 77,147 | 25,510 | -446,163 | ' | 108,667 | -124,329 | 138,268 | -420,653 | 13,939 | -343,506 | 122,606 | -357,341 | 94,411 | 0 | |||||
Total other income (expense) | ' | -728,047 | -488,760 | -923,936 | ' | -166,915 | -493,899 | -260,388 | -1,412,696 | -754,287 | -2,140,743 | -921,202 | -3,235,749 | -1,081,138 | 1,879,122 | |||||
Income (loss) before taxes | ' | -8,755,109 | 5,341,652 | -4,760,251 | ' | 6,463,319 | 5,718,202 | 6,686,973 | 581,401 | 12,405,175 | -8,173,708 | 18,868,494 | -9,216,277 | 44,667,643 | 24,022,712 | |||||
Income tax expense (benefit) | ' | 310,961 | 1,666,131 | -1,958,977 | ' | 2,159,825 | 1,944,378 | 2,257,759 | -292,846 | 4,202,137 | 18,115 | 6,361,962 | -555,928 | 5,873,621 | 7,406,686 | |||||
Net income (loss) | -469,000 | -9,066,000 | [1] | 3,675,000 | [2] | -2,801,000 | [3] | 26,287,000 | 4,303,000 | [4] | 3,773,000 | [5] | 4,430,000 | 874,247 | 8,203,038 | -8,191,823 | 12,506,532 | -8,660,349 | 38,794,022 | 16,616,026 |
Basic earnings (loss) per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.53 | $0.09 | [4] | $0.08 | [5] | $0.09 | $0.02 | $0.17 | ($0.16) | $0.26 | ($0.17) | $0.79 | $0.36 |
Diluted earnings (loss) per share (in dollars per share) | ($0.01) | ($0.18) | [1] | $0.07 | [2] | ($0.06) | [3] | $0.51 | $0.08 | [4] | $0.07 | [5] | $0.09 | $0.02 | $0.16 | ($0.16) | $0.25 | ($0.17) | $0.76 | $0.34 |
Comprehensive income (loss) | ' | -5,694,098 | 3,477,251 | -4,718,963 | ' | 4,724,259 | 2,829,531 | 4,861,474 | -1,241,712 | 7,691,005 | -6,935,810 | 12,415,264 | -6,156,270 | 38,798,612 | 13,949,976 | |||||
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | 0 | 0 | 261,291 | -6,143 | -924,744 | -76,435 | -649,526 | 261,291 | -725,961 | 261,291 | -1,650,705 | ' | -7,793,984 | -1,852,243 | |||||
Cost of goods sold | ' | -62,554 | 0 | -96,015 | -6,205 | 0 | -27,810 | 0 | -96,015 | -27,810 | -158,569 | -27,810 | ' | 33,831 | 165,516 | |||||
Gross profit | ' | 62,554 | 0 | 357,306 | ' | -924,744 | -48,625 | -649,526 | 357,306 | -698,151 | 419,860 | -1,622,895 | ' | -7,827,815 | -2,017,759 | |||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Selling, general and administrative expenses | ' | -1,107,663 | -2,559,887 | 6,308,660 | ' | -4,355 | 1,004,253 | -1,410,979 | 3,748,773 | -406,726 | 2,641,110 | -411,082 | ' | -250,688 | -401,740 | |||||
Change in fair value of contingent consideration | ' | 17,166,946 | ' | ' | ' | 0 | ' | ' | ' | ' | 17,166,946 | 0 | ' | -24,963,796 | -1,554,000 | |||||
Income (loss) from operations | ' | -15,996,729 | 2,559,887 | -5,951,355 | ' | -920,388 | -1,052,878 | 761,453 | -3,391,467 | -291,425 | -19,388,196 | -1,211,813 | ' | 17,386,669 | -62,019 | |||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (loss) before taxes | ' | -15,996,729 | 2,559,887 | -5,951,355 | ' | -920,388 | -1,052,878 | 761,453 | -3,391,467 | -291,425 | -19,388,196 | -1,211,813 | ' | 17,386,669 | -62,019 | |||||
Income tax expense (benefit) | ' | 361,262 | 787,711 | -2,057,958 | ' | -277,962 | -352,302 | 214,417 | -1,270,246 | -137,885 | -908,984 | -415,847 | ' | -2,328,391 | -534,856 | |||||
Net income (loss) | ' | -16,357,992 | 1,772,176 | -3,893,397 | 20,313 | -642,426 | -700,576 | 547,036 | -2,121,221 | -153,540 | -18,479,213 | -795,966 | ' | 19,715,060 | 472,837 | |||||
Basic earnings (loss) per share (in dollars per share) | ' | ($0.32) | $0.03 | ($0.08) | $0.41 | ($0.01) | ($0.01) | $0.01 | ($0.04) | $0 | ($0.36) | ($0.01) | ' | $0.40 | $0.01 | |||||
Diluted earnings (loss) per share (in dollars per share) | ' | ($0.32) | $0.03 | ($0.07) | $0.39 | ($0.02) | ($0.02) | $0.01 | ($0.03) | $0 | ($0.35) | ($0.01) | ' | $0.38 | $0.01 | |||||
Comprehensive income (loss) | ' | -16,357,992 | 1,772,176 | -3,959,890 | ' | -642,426 | -663,672 | 577,590 | -2,187,714 | -86,082 | -18,545,706 | -728,508 | ' | ' | ' | |||||
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | 0 | 0 | 0 | ' | 0 | 0 | -319,845 | 0 | -319,845 | 0 | -319,845 | ' | -319,845 | 319,845 | |||||
Cost of goods sold | ' | 0 | 0 | 0 | ' | 0 | 0 | -282,730 | 0 | -282,730 | 0 | -282,730 | ' | -282,730 | 282,730 | |||||
Gross profit | ' | 0 | 0 | 0 | ' | 0 | 0 | -37,115 | 0 | -37,115 | 0 | -37,115 | ' | -37,115 | 37,115 | |||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Selling, general and administrative expenses | ' | 0 | 0 | -324,000 | ' | 50,040 | 0 | -357,000 | -324,000 | -357,000 | -323,999 | -306,960 | ' | 17,040 | 448,000 | |||||
Change in fair value of contingent consideration | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | |||||
Income (loss) from operations | ' | 0 | 0 | 324,001 | ' | -50,040 | 0 | 319,885 | 324,000 | 319,885 | 324,000 | 269,845 | ' | -54,155 | -410,885 | |||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (loss) before taxes | ' | 0 | 0 | 324,001 | ' | -50,040 | 0 | 319,885 | 324,000 | 319,885 | 324,000 | 269,845 | ' | -54,155 | -410,885 | |||||
Income tax expense (benefit) | ' | 0 | 0 | 127,008 | ' | -19,616 | 0 | 125,395 | 127,007 | 125,395 | 127,007 | 105,779 | ' | -21,229 | -161,067 | |||||
Net income (loss) | ' | 0 | 0 | 196,993 | ' | -30,424 | 0 | 194,490 | 196,993 | 194,490 | 196,994 | 164,066 | ' | -32,926 | -249,818 | |||||
Basic earnings (loss) per share (in dollars per share) | ' | $0 | $0 | $0 | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | $0 | $0 | |||||
Diluted earnings (loss) per share (in dollars per share) | ' | $0 | $0 | $0 | ' | $0 | $0 | $0.01 | $0 | $0 | $0 | $0 | ' | $0 | ($0.01) | |||||
Comprehensive income (loss) | ' | 0 | 0 | 196,993 | ' | -30,424 | 0 | 194,490 | 196,993 | 194,490 | 196,993 | 164,066 | ' | ' | ' | |||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | 232,629,788 | 210,875,626 | 204,316,125 | 207,987 | 199,768,676 | 201,397,471 | 188,546,402 | 415,191,751 | 389,943,873 | 647,821,539 | 589,712,549 | ' | 797,698,870 | 633,846,120 | |||||
Cost of goods sold | ' | 179,511,134 | 162,699,024 | 158,323,630 | 49,303 | 152,887,337 | 153,551,408 | 147,153,019 | 321,022,654 | 300,704,427 | 500,533,788 | 453,591,764 | ' | 612,275,393 | 484,483,592 | |||||
Gross profit | ' | 53,118,654 | 48,176,602 | 45,992,495 | ' | 46,881,339 | 47,846,063 | 41,393,383 | 94,169,097 | 89,239,446 | 147,287,751 | 136,120,785 | ' | 185,423,477 | 149,362,528 | |||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Selling, general and administrative expenses | ' | 45,832,645 | 43,907,070 | 41,126,957 | ' | 36,253,631 | 37,377,559 | 32,883,123 | 85,034,027 | 70,260,682 | 130,866,672 | 106,514,313 | ' | 146,357,262 | 115,771,805 | |||||
Change in fair value of contingent consideration | ' | -46,793,951 | ' | ' | ' | 330,791 | ' | ' | ' | ' | -47,834,508 | 797,476 | ' | -2,724,978 | -147,529 | |||||
Income (loss) from operations | ' | 7,969,667 | 3,270,525 | 1,791,039 | ' | 7,600,662 | 7,264,979 | 5,866,023 | 5,061,564 | 13,131,002 | 13,031,231 | 20,731,664 | ' | 28,416,267 | 22,616,494 | |||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (loss) before taxes | ' | 7,241,620 | 2,781,765 | 867,103 | ' | 7,433,747 | 6,771,080 | 5,605,635 | 3,648,868 | 12,376,715 | 10,890,488 | 19,810,462 | ' | 27,335,129 | 24,495,616 | |||||
Income tax expense (benefit) | ' | -50,301 | 878,420 | -28,027 | ' | 2,457,403 | 2,296,680 | 1,917,947 | 850,393 | 4,214,627 | 800,092 | 6,672,030 | ' | 8,223,241 | 8,102,609 | |||||
Net income (loss) | ' | 7,291,921 | 1,903,345 | 895,130 | 5,974 | 4,976,344 | 4,474,400 | 3,687,688 | 2,798,475 | 8,162,088 | 10,090,396 | 13,138,432 | ' | 19,111,888 | 16,393,007 | |||||
Basic earnings (loss) per share (in dollars per share) | ' | $0.14 | $0.04 | $0.02 | $0.12 | $0.10 | $0.09 | $0.08 | $0.06 | $0.17 | $0.20 | $0.27 | ' | $0.39 | $0.35 | |||||
Diluted earnings (loss) per share (in dollars per share) | ' | $0.14 | $0.04 | $0.02 | $0.12 | $0.10 | $0.09 | $0.07 | $0.05 | $0.16 | $0.19 | $0.26 | ' | $0.37 | $0.34 | |||||
Comprehensive income (loss) | ' | $10,663,894 | $1,705,075 | ($956,066) | ' | $5,397,109 | $3,493,203 | $4,089,394 | $749,009 | $7,582,597 | $11,412,903 | $12,979,706 | ' | ' | ' | |||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Qu3
Restatement of Prior Period Quarterly Financial Statements (Unaudited) (Details 1) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $18,606,030 | $19,224,801 | $14,164,356 | $10,609,171 | $17,218,899 | $9,156,463 | $11,971,416 | $15,665,972 | $13,219,385 | $5,259,272 |
Short-term investments | ' | ' | ' | ' | ' | 362,259 | 793,707 | 888,897 | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | 173,569,905 | 165,267,866 | 148,458,376 | 145,033,144 | 142,104,621 | 152,529,957 | 139,259,771 | 146,907,627 | ' | ' |
Unbilled revenue | 25,746,546 | 28,920,833 | 27,041,664 | 30,191,086 | 30,798,230 | 33,630,255 | 33,512,456 | 30,883,113 | ' | ' |
Inventories | 26,473,732 | 29,423,436 | 16,390,726 | 15,310,762 | 18,362,282 | 14,401,850 | 11,787,614 | 12,198,821 | ' | ' |
Prepaid expenses | 11,746,965 | 10,639,529 | 16,226,314 | 19,830,132 | 16,028,013 | 14,109,383 | 11,288,934 | 10,696,763 | ' | ' |
Deferred income taxes | 1,119,333 | 3,059,701 | 1,440,660 | 1,541,351 | 1,513,414 | 1,681,213 | 1,734,274 | 1,463,492 | ' | ' |
Other current assets | 22,408,692 | 23,766,065 | 18,735,224 | 20,934,611 | 21,247,531 | 36,286,672 | 19,574,702 | 24,697,846 | ' | ' |
Total current assets | 279,671,203 | 280,302,231 | 242,457,320 | 243,450,257 | 247,272,990 | 262,158,052 | 229,922,874 | 243,402,531 | ' | ' |
Property and equipment, net | 23,724,750 | 20,763,736 | 19,516,534 | 18,327,091 | 17,078,384 | 14,531,012 | 13,707,584 | 12,168,279 | ' | ' |
Intangibles and other assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 251,228,698 | 250,863,723 | 260,714,048 | 250,025,226 | 212,796,422 | 211,191,783 | 202,761,094 | 199,257,989 | 196,227,081 | ' |
Intangible assets, net of accumulated amortization | 56,575,534 | 57,100,375 | 39,367,233 | 38,186,926 | 36,396,865 | 36,594,576 | 36,918,524 | 37,268,369 | ' | ' |
Deferred income taxes | 20,755,255 | 0 | 0 | 0 | 11,319,140 | 2,695,971 | 3,716,284 | 3,715,207 | ' | ' |
Total intangibles and other assets | 1,147,078 | ' | ' | 289,630,131 | 822,275 | 251,525,626 | 244,457,194 | 241,032,671 | ' | ' |
Total Other Assets | ' | 1,035,867 | 699,262 | 1,417,979 | ' | 1,043,296 | 1,061,292 | 791,106 | ' | ' |
Total assets | 614,666,778 | 610,065,932 | 562,754,397 | 551,407,479 | 514,780,180 | 528,214,690 | 488,087,652 | 496,603,481 | 460,283,000 | ' |
Other assets | 1,147,078 | ' | ' | 289,630,131 | 822,275 | 251,525,626 | 244,457,194 | 241,032,671 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable-trade | 166,154,959 | 143,548,372 | 117,764,548 | 126,805,292 | 122,367,817 | 125,889,990 | 100,268,319 | 120,157,340 | ' | ' |
Current portion of contingent consideration | 16,718,516 | 24,876,636 | 29,241,446 | 26,678,442 | 7,795,489 | 16,923,240 | 15,396,575 | 16,199,571 | ' | ' |
Due to seller | 0 | 1,194,520 | 685,114 | 943,424 | 3,000,000 | 0 | 0 | 1,532,592 | ' | ' |
Other liabilities | 15,818,791 | 12,490,643 | 7,987,811 | 6,115,295 | 6,793,796 | 7,086,530 | 9,587,750 | 7,633,577 | ' | ' |
Accrued expenses | 20,206,268 | 11,106,292 | 9,467,010 | 9,258,800 | 14,890,150 | 12,076,796 | 12,148,857 | 15,050,039 | ' | ' |
Total current liabilities | 218,898,534 | 193,216,463 | 165,145,929 | 169,801,253 | 154,847,252 | 161,976,556 | 137,401,501 | 160,573,119 | ' | ' |
Revolving credit facility | 69,000,000 | 91,500,000 | 78,300,000 | 70,500,000 | 65,000,000 | 74,000,000 | 73,000,000 | 71,400,000 | ' | ' |
Deferred income taxes | 9,061,535 | 15,989,408 | 5,760,815 | 5,117,858 | 3,961,281 | 7,301,933 | 7,002,310 | 6,833,274 | ' | ' |
Contingent consideration, net of current portion | 70,613,945 | 64,212,585 | 63,083,023 | 60,712,734 | 46,702,335 | 69,546,954 | 66,107,784 | 63,411,139 | ' | ' |
Other long-term liabilities | ' | 1,369,131 | 1,406,296 | 1,500,705 | 1,317,255 | 1,379,506 | 1,354,311 | 1,370,976 | ' | ' |
Total liabilities | 369,225,204 | 366,287,587 | 313,696,063 | 307,632,550 | 271,828,123 | 314,204,949 | 284,865,906 | 303,588,508 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 61,395,494 shares issued, 50,200,098 and 51,282,185 shares outstanding, respectively | 6,140 | 6,136 | 6,127 | 6,097 | 6,074 | 6,046 | 5,983 | 5,896 | ' | ' |
Additional paid-in capital | -202,042,296 | 201,158,609 | 203,233,352 | 201,550,716 | -198,117,936 | 195,558,997 | 190,769,991 | 185,458,845 | ' | ' |
Treasury stock at cost, 10,535,463 and 10,113,309 shares, respectively | -62,312,101 | -62,312,100 | -64,824,042 | -64,962,291 | -67,071,323 | -67,071,323 | -68,345,991 | -70,479,927 | ' | ' |
Accumulated other comprehensive income | 2,777,000 | 1,528,935 | -1,843,038 | -1,644,768 | 272,921 | 177,063 | -243,701 | 700,591 | ' | ' |
Retained earnings | 102,928,239 | 103,396,765 | 112,485,935 | 108,825,175 | 111,626,449 | 85,338,958 | 81,035,464 | 77,329,568 | ' | ' |
Total stockholders' equity | 245,441,574 | 243,778,345 | 249,058,334 | 243,774,929 | 242,952,057 | 214,009,741 | 203,221,746 | 193,014,973 | 181,724,806 | 160,184,126 |
Total liabilities and stockholders' equity | 614,666,778 | 610,065,932 | 562,754,397 | 551,407,479 | 514,780,180 | 528,214,690 | 488,087,652 | 496,603,481 | ' | ' |
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Inventories | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Prepaid expenses | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other current assets | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Total current assets | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Intangibles and other assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' |
Total intangibles and other assets | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total assets | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Other assets | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable-trade | ' | 40,778 | 103,332 | 103,332 | 199,347 | 137,706 | 137,706 | 165,516 | ' | ' |
Due to seller | ' | ' | ' | ' | -7,796,850 | ' | ' | -1,087,800 | ' | ' |
Other liabilities | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accrued expenses | ' | -3,541,838 | -3,903,100 | -4,690,811 | -2,632,853 | -950,703 | -672,741 | -320,439 | ' | ' |
Total current liabilities | ' | -3,501,059 | -3,799,767 | -4,587,479 | -10,230,357 | -812,997 | -535,035 | -1,242,723 | ' | ' |
Deferred income taxes | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Contingent consideration, net of current portion | ' | ' | -17,166,946 | -17,166,946 | -17,166,946 | ' | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total liabilities | ' | -3,501,059 | -20,966,713 | -21,754,424 | -27,397,303 | -812,997 | -535,035 | -1,242,723 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 61,395,494 shares issued, 50,200,098 and 51,282,185 shares outstanding, respectively | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' |
Additional paid-in capital | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' |
Accumulated other comprehensive income | ' | 966 | 966 | 966 | 67,459 | 67,459 | 67,459 | 30,554 | ' | ' |
Retained earnings | ' | 1,708,684 | 18,066,675 | 16,294,500 | 20,187,897 | -323,129 | 319,297 | 1,019,873 | ' | ' |
Total stockholders' equity | ' | 1,709,650 | 18,067,640 | 16,295,466 | 20,255,356 | -255,670 | 386,756 | 1,050,427 | ' | ' |
Total liabilities and stockholders' equity | ' | -1,791,409 | -2,899,072 | -5,458,959 | -7,141,947 | -1,068,667 | -148,279 | -192,296 | ' | ' |
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Inventories | ' | ' | ' | ' | 955,419 | ' | ' | ' | ' | ' |
Prepaid expenses | ' | -50,040 | -50,040 | -50,040 | -182,040 | -50,040 | ' | ' | ' | ' |
Other current assets | ' | 19,616 | 19,616 | 19,616 | 195,624 | 19,616 | ' | ' | ' | ' |
Total current assets | ' | -30,424 | -30,424 | -30,424 | 969,003 | -30,424 | 0 | 0 | ' | ' |
Intangibles and other assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | -1,290,458 | -1,290,458 | -1,290,458 | -1,290,458 | 6,304,503 | 6,004,880 | -9,055,506 | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' | ' | ' | 906,430 | 906,430 | 11,524,610 | ' | ' |
Total intangibles and other assets | ' | -1,290,458 | -1,290,458 | -1,290,458 | -1,290,458 | 7,210,933 | 6,911,310 | 2,469,104 | ' | ' |
Total assets | ' | -1,320,882 | -1,320,882 | -1,320,882 | -321,455 | 7,180,509 | 6,911,310 | 2,469,104 | ' | ' |
Other assets | ' | -1,290,458 | -1,290,458 | -1,290,458 | -1,290,458 | 7,210,933 | 6,911,310 | 2,469,104 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable-trade | ' | 0 | 0 | 0 | 1,036,419 | 0 | 0 | 0 | ' | ' |
Due to seller | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' |
Other liabilities | ' | -1,369,131 | -1,406,296 | -1,500,705 | -1,317,255 | -1,379,506 | -1,354,311 | -1,370,976 | ' | ' |
Accrued expenses | ' | -35,672 | -35,672 | -35,672 | -35,672 | -35,672 | -35,672 | -35,672 | ' | ' |
Total current liabilities | ' | -1,404,804 | -1,441,969 | -1,536,377 | -316,507 | -1,415,178 | -1,389,983 | -1,406,648 | ' | ' |
Deferred income taxes | ' | -1,199,459 | -1,199,459 | -1,199,459 | -1,039,459 | 7,301,933 | 7,002,310 | 6,833,274 | ' | ' |
Contingent consideration, net of current portion | ' | ' | 0 | 0 | 0 | ' | ' | -4,273,170 | ' | ' |
Other long-term liabilities | ' | 1,369,131 | 1,406,296 | 1,500,705 | 1,317,255 | 1,379,506 | 1,354,311 | 1,370,976 | ' | ' |
Total liabilities | ' | -1,235,132 | -1,235,132 | -1,235,132 | -38,711 | 7,266,261 | 6,966,638 | 2,524,432 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 61,395,494 shares issued, 50,200,098 and 51,282,185 shares outstanding, respectively | ' | ' | ' | ' | ' | 1,054 | 1,065 | 1,084 | ' | ' |
Additional paid-in capital | ' | ' | ' | ' | ' | -1,054 | -1,065 | -1,084 | ' | ' |
Accumulated other comprehensive income | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Retained earnings | ' | -85,750 | -85,750 | -85,751 | -282,744 | -85,752 | -55,328 | -55,328 | ' | ' |
Total stockholders' equity | ' | -85,750 | -85,750 | -85,751 | -282,744 | -85,752 | -55,328 | -55,328 | ' | ' |
Total liabilities and stockholders' equity | ' | -1,320,882 | -1,320,882 | -1,320,882 | -321,455 | 7,180,509 | 6,911,310 | 2,469,104 | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | ' | 167,059,275 | 151,357,448 | 150,492,103 | 149,246,568 | 153,598,624 | 139,408,050 | 147,099,923 | ' | ' |
Inventories | ' | ' | ' | ' | 17,406,863 | ' | ' | ' | ' | ' |
Prepaid expenses | ' | 10,689,569 | 16,276,354 | 19,880,172 | 16,210,053 | 14,159,423 | ' | ' | ' | ' |
Other current assets | ' | 23,746,449 | 18,715,608 | 20,914,995 | 21,051,907 | 36,267,056 | ' | ' | ' | ' |
Total current assets | ' | 282,124,064 | 245,386,816 | 248,939,640 | 253,445,934 | 263,257,143 | 230,071,153 | 243,594,827 | ' | ' |
Intangibles and other assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 252,154,181 | 262,004,506 | 251,315,684 | 214,086,880 | 204,887,280 | 196,756,214 | 208,313,495 | ' | ' |
Intangible assets, net of accumulated amortization | ' | ' | ' | ' | ' | 35,688,146 | 36,012,094 | 25,743,759 | ' | ' |
Total intangibles and other assets | ' | 310,290,423 | 302,071,001 | 290,920,589 | 251,719,264 | 244,314,693 | 237,545,884 | 238,563,567 | ' | ' |
Total assets | ' | 613,178,223 | 566,974,351 | 558,187,320 | 522,243,582 | 522,102,848 | 481,324,621 | 494,326,673 | ' | ' |
Other assets | ' | 310,290,423 | 302,071,001 | 290,920,589 | 251,719,264 | 244,314,693 | 237,545,884 | 238,563,567 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable-trade | ' | 143,507,594 | 117,661,216 | 126,701,960 | 121,132,051 | 125,752,284 | 100,130,613 | 119,991,824 | ' | ' |
Due to seller | ' | ' | ' | ' | 10,796,850 | ' | ' | 2,620,392 | ' | ' |
Other liabilities | ' | 13,859,774 | 9,394,107 | 7,616,000 | 8,111,051 | 8,466,036 | 10,942,061 | 9,004,553 | ' | ' |
Accrued expenses | ' | 14,683,802 | 13,405,782 | 13,985,283 | 17,558,675 | 13,063,171 | 12,857,270 | 15,406,150 | ' | ' |
Total current liabilities | ' | 198,122,326 | 170,387,665 | 175,925,109 | 165,394,116 | 164,204,731 | 139,326,519 | 163,222,490 | ' | ' |
Deferred income taxes | ' | 17,188,867 | 6,960,274 | 6,317,317 | 5,000,740 | 0 | 0 | 0 | ' | ' |
Contingent consideration, net of current portion | ' | ' | 80,249,969 | 77,879,680 | 63,869,281 | ' | ' | 67,684,309 | ' | ' |
Other long-term liabilities | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total liabilities | ' | 371,023,778 | 335,897,908 | 330,622,106 | 299,264,137 | 307,751,685 | 278,434,303 | 302,306,799 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 61,395,494 shares issued, 50,200,098 and 51,282,185 shares outstanding, respectively | ' | ' | ' | ' | ' | 4,992 | 4,918 | 4,812 | ' | ' |
Additional paid-in capital | ' | ' | ' | ' | ' | 195,560,051 | 190,771,056 | 185,459,929 | ' | ' |
Accumulated other comprehensive income | ' | 1,527,969 | -1,844,004 | -1,645,734 | 205,462 | 109,604 | -311,160 | 670,037 | ' | ' |
Retained earnings | ' | 101,773,831 | 94,505,010 | 92,616,426 | 91,721,296 | 85,747,839 | 80,771,495 | 76,365,023 | ' | ' |
Total stockholders' equity | ' | 242,154,445 | 231,076,443 | 227,565,214 | 222,979,445 | 214,351,163 | 202,890,318 | 192,019,874 | ' | ' |
Total liabilities and stockholders' equity | ' | $613,178,223 | $566,974,351 | $558,187,320 | $522,243,582 | $522,102,848 | $481,324,621 | $494,326,673 | ' | ' |
Restatement_of_Prior_Period_Qu4
Restatement of Prior Period Quarterly Financial Statements (Unaudited) (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ($469,000) | ($9,066,000) | [1] | $3,675,000 | [2] | ($2,801,000) | [3] | $26,287,000 | $4,303,000 | [4] | $3,773,000 | [5] | $4,430,000 | $874,247 | $8,203,038 | ($8,191,823) | $12,506,532 | ($8,660,349) | $38,794,022 | $16,616,026 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Depreciation and amortization | ' | ' | ' | 2,465,667 | ' | ' | ' | 2,444,096 | 5,114,063 | 5,381,077 | 8,994,494 | 8,077,332 | 13,663,859 | 10,790,452 | 10,171,758 | |||||
Stock-based compensation expense | ' | ' | ' | 973,193 | ' | ' | ' | 1,047,645 | 2,054,106 | 2,451,374 | 3,036,188 | 3,171,073 | 4,733,031 | 6,192,870 | 3,976,187 | |||||
Deferred income taxes | ' | ' | ' | 585,098 | ' | ' | ' | 902,380 | 720,547 | 806,152 | 4,026,444 | 1,908,788 | -652,395 | -995,218 | 749,876 | |||||
Gain on sale of investment | ' | 0 | 0 | 0 | ' | -346,836 | -247,875 | -247,697 | 0 | -495,572 | 0 | -842,408 | 0 | -1,196,196 | -3,948,082 | |||||
Bad debt provision | ' | ' | ' | 13,844 | ' | ' | ' | 145,447 | 158,730 | 352,332 | 372,482 | 856,098 | 1,285,326 | 1,681,942 | 2,414,710 | |||||
Excess tax benefit from exercise of stock awards | ' | ' | ' | -951,066 | ' | ' | ' | -4,163,793 | -1,066,357 | -7,447,068 | 1,768,277 | -8,352,190 | 2,618,779 | -6,666,884 | -1,144,344 | |||||
Change in fair value of contingent consideration liability | ' | ' | ' | 608,832 | ' | ' | ' | 200,141 | -1,040,557 | 466,685 | -30,667,562 | 797,476 | -31,330,567 | -27,688,774 | -1,701,529 | |||||
Other operating activities | ' | ' | ' | 55,629 | ' | ' | ' | 30,254 | 111,258 | 81,728 | 166,888 | 0 | 238,778 | 533,842 | 255,949 | |||||
Goodwill impairment charge | ' | 37,908,000 | ' | ' | ' | 0 | ' | ' | ' | ' | 37,908,000 | 0 | 37,908,000 | 0 | 0 | |||||
Reduction of prepaid commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,939,974 | 0 | 3,939,974 | 0 | 0 | |||||
Change in assets, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | -1,304,702 | ' | ' | ' | -21,904,760 | 1,449,472 | -15,750,384 | -6,171,498 | -28,134,374 | ' | 14,846,005 | 25,406,527 | |||||
Inventories | ' | ' | ' | 2,920,270 | ' | ' | ' | 1,648,396 | 1,984,593 | 1,984,370 | -7,321,557 | 397,738 | -1,383,994 | -3,089,909 | -2,854,634 | |||||
Prepaid expenses and other | ' | ' | ' | -3,098,782 | ' | ' | ' | -10,351,793 | 4,288,640 | -6,975,351 | 999,626 | -26,239,457 | 2,331,672 | -13,077,541 | -2,635,853 | |||||
Change in liabilities, net of acquisitons: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts payable | ' | ' | ' | 3,710,942 | ' | ' | ' | 16,003,529 | -7,511,701 | -5,392,463 | 6,752,468 | 18,587,299 | 29,642,545 | 14,818,713 | 27,451,575 | |||||
Accrued expenses and other | ' | ' | ' | -4,020,290 | ' | ' | ' | 2,344,303 | -4,227,037 | 5,212,828 | -6,148,551 | 3,040,904 | -12,120,684 | 4,160,421 | 3,885,424 | |||||
Net cash provided by operating activities | ' | ' | ' | -842,639 | ' | ' | ' | -7,472,638 | 2,910,004 | -11,121,254 | 9,463,850 | -14,225,189 | ' | 9,411,735 | 27,830,536 | |||||
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Purchases of property and equipment | ' | ' | ' | -2,886,245 | ' | ' | ' | -1,862,648 | -5,822,741 | -5,045,823 | -8,690,905 | -7,462,169 | -12,226,083 | -11,823,646 | -8,182,832 | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | -6,261,942 | ' | ' | ' | -1,587,576 | -11,559,092 | 287,396 | -19,795,603 | -946,060 | -19,300,864 | -1,127,954 | -14,782,797 | |||||
Payments to seller for acquisitions closed prior to 2009 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,000,000 | 0 | -3,000,000 | 0 | 3,000,000 | 12,247,533 | |||||
Proceeds from sale of marketable securities | ' | ' | ' | 0 | ' | ' | ' | 249,540 | 0 | 499,122 | 0 | 603,053 | 0 | 1,213,501 | 3,952,172 | |||||
Other investing activities | ' | ' | ' | 0 | ' | ' | ' | 11,567 | 0 | 11,567 | 0 | 11,567 | 0 | 31,566 | 0 | |||||
Net cash used in investing activities | ' | ' | ' | -9,148,187 | ' | ' | ' | -3,189,117 | -17,381,833 | -7,247,738 | -28,486,508 | -10,793,609 | ' | -14,706,533 | -31,260,990 | |||||
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments of contingent consideration | ' | ' | ' | -3,720,821 | ' | ' | ' | -3,228,375 | -4,664,219 | -4,367,253 | -5,489,373 | -5,015,639 | -7,297,803 | -7,178,407 | -2,314,362 | |||||
Net borrowings (repayments) from revolving credit facility and short-term debt | ' | ' | ' | 5,500,000 | ' | ' | ' | 11,400,000 | 13,300,000 | 13,000,000 | 26,500,000 | 14,000,000 | 4,000,000 | 5,000,000 | 12,600,000 | |||||
Proceeds from exercise of stock options | ' | ' | ' | 846,541 | ' | ' | ' | 555,355 | 1,842,044 | 1,171,660 | 1,939,274 | 3,958,789 | 2,005,114 | 5,458,981 | 354,584 | |||||
Excess tax benefit from exercise of stock awards | ' | ' | ' | 951,066 | ' | ' | ' | 4,163,793 | 1,066,357 | 7,447,068 | -1,768,277 | 8,352,190 | -2,618,779 | 6,666,884 | 1,144,345 | |||||
Other financing activities | ' | ' | ' | -36,642 | ' | ' | ' | -4,349 | -36,642 | -7,270 | -274,052 | -7,270 | -410,750 | -7,270 | -31,217 | |||||
Net cash provided by financing activites | ' | ' | ' | 3,540,144 | ' | ' | ' | 12,886,424 | 11,507,540 | 17,244,205 | 20,907,572 | 21,288,070 | ' | 9,583,488 | 11,753,350 | |||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | -159,046 | ' | ' | ' | 221,918 | -90,254 | -123,182 | 120,988 | -332,194 | 190,601 | -289,176 | -362,783 | |||||
Increase (decrease) in cash and cash equivalents | ' | ' | ' | -6,609,728 | ' | ' | ' | 2,446,587 | -3,054,543 | -1,247,969 | 2,005,902 | -4,062,922 | 1,387,131 | 3,999,514 | 7,960,113 | |||||
Cash and cash equivalents, beginning of period | 19,224,801 | 14,164,356 | 10,609,171 | 17,218,899 | 9,156,463 | 11,971,416 | 15,665,972 | 13,219,385 | 17,218,899 | 13,219,385 | 17,218,899 | 13,219,385 | 17,218,899 | 13,219,385 | 5,259,272 | |||||
Cash and cash equivalents, end of period | 18,606,030 | 19,224,801 | 14,164,356 | 10,609,171 | 17,218,899 | 9,156,463 | 11,971,416 | 15,665,972 | 14,164,356 | 11,971,416 | 19,224,801 | 9,156,463 | 18,606,030 | 17,218,899 | 13,219,385 | |||||
Productions Graphics Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | -16,357,992 | 1,772,176 | -3,893,397 | 20,313 | -642,426 | -700,576 | 547,036 | -2,121,221 | -153,540 | -18,479,213 | -795,966 | ' | 19,715,060 | 472,837 | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||||
Bad debt provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -196,852 | 0 | ' | ' | ' | |||||
Change in fair value of contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,166,946 | 0 | ' | ' | ' | |||||
Change in assets, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | -1,682,988 | ' | ' | ' | -1,258,207 | -4,242,875 | -1,302,224 | -5,153,686 | -381,836 | ' | -5,691,444 | -1,450,503 | |||||
Inventories | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Prepaid expenses and other | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Change in liabilities, net of acquisitons: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts payable | ' | ' | ' | -96,015 | ' | ' | ' | 0 | -96,015 | -27,810 | -158,569 | -27,810 | ' | 33,831 | 165,516 | |||||
Accrued expenses and other | ' | ' | ' | 277,381 | ' | ' | ' | 711,171 | 1,065,092 | 358,869 | 1,426,354 | 80,908 | ' | -1,601,244 | -534,856 | |||||
Net cash provided by operating activities | ' | ' | ' | -5,395,019 | ' | ' | ' | 0 | -5,395,019 | -1,124,705 | -5,395,019 | -1,124,705 | ' | -1,124,705 | 0 | |||||
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,314,362 | |||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,314,362 | |||||
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments of contingent consideration | ' | ' | ' | 5,395,019 | ' | ' | ' | 0 | 5,395,019 | 1,124,705 | 5,395,019 | 1,124,705 | ' | -1,124,705 | 2,314,362 | |||||
Net cash provided by financing activites | ' | ' | ' | 5,395,019 | ' | ' | ' | 0 | 5,395,019 | 1,124,705 | 5,395,019 | 1,124,705 | ' | 1,124,705 | -2,314,362 | |||||
Other Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | 0 | 0 | 196,993 | ' | -30,424 | 0 | 194,490 | 196,993 | 194,490 | 196,994 | 164,066 | ' | -32,926 | -249,818 | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,085,720 | -478,567 | |||||
Bad debt provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | |||||
Change in fair value of contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | |||||
Change in assets, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | 0 | ' | ' | ' | 2,162,845 | 0 | 2,162,845 | 0 | 2,162,845 | ' | -2,740,961 | 2,071,845 | |||||
Inventories | ' | ' | ' | 955,419 | ' | ' | ' | -471,482 | 955,419 | -471,482 | 955,419 | -471,482 | ' | 955,419 | -471,482 | |||||
Prepaid expenses and other | ' | ' | ' | 44,008 | ' | ' | ' | -80,000 | 44,008 | -80,000 | 44,008 | -49,576 | ' | 13,584 | -80,000 | |||||
Change in liabilities, net of acquisitons: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts payable | ' | ' | ' | -1,036,420 | ' | ' | ' | 0 | -1,036,420 | 0 | -1,036,420 | 0 | ' | 1,201,935 | 1,853,248 | |||||
Accrued expenses and other | ' | ' | ' | -160,000 | ' | ' | ' | -1,805,853 | -160,000 | -1,805,853 | -160,000 | -1,805,854 | ' | -855,247 | 395,500 | |||||
Net cash provided by operating activities | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||||
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments of contingent consideration | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Net cash provided by financing activites | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | |||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) | ' | 7,291,921 | 1,903,345 | 895,130 | 5,974 | 4,976,344 | 4,474,400 | 3,687,688 | 2,798,475 | 8,162,088 | 10,090,396 | 13,138,432 | ' | 19,111,888 | 16,393,007 | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,090,502 | 1,228,443 | |||||
Bad debt provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 569,334 | 856,098 | ' | ' | ' | |||||
Change in fair value of contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47,834,508 | 797,476 | ' | ' | ' | |||||
Change in assets, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable and unbilled revenue | ' | ' | ' | 378,286 | ' | ' | ' | -22,809,398 | 5,692,347 | -16,611,005 | -1,017,812 | -29,915,383 | ' | 23,278,410 | 24,785,185 | |||||
Inventories | ' | ' | ' | 1,964,851 | ' | ' | ' | 2,119,878 | 1,029,174 | 2,455,852 | -8,276,976 | 869,220 | ' | 2,134,490 | 3,326,116 | |||||
Prepaid expenses and other | ' | ' | ' | -3,142,790 | ' | ' | ' | -10,271,793 | 4,244,632 | -6,895,351 | 955,618 | -26,189,881 | ' | 13,063,957 | 2,715,853 | |||||
Change in liabilities, net of acquisitons: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts payable | ' | ' | ' | 4,843,377 | ' | ' | ' | 16,003,529 | -6,379,266 | -5,364,653 | 7,947,457 | 18,615,109 | ' | 13,582,947 | 25,432,811 | |||||
Accrued expenses and other | ' | ' | ' | -4,137,671 | ' | ' | ' | 3,438,985 | -5,132,129 | 6,659,812 | -7,414,905 | 4,765,850 | ' | 6,616,912 | 4,024,780 | |||||
Net cash provided by operating activities | ' | ' | ' | 4,552,380 | ' | ' | ' | -7,472,638 | 8,305,023 | -9,996,549 | 14,858,869 | -13,100,484 | ' | 10,536,440 | 27,830,536 | |||||
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments for acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,127,954 | 17,097,159 | |||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,706,533 | -33,575,352 | |||||
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments of contingent consideration | ' | ' | ' | -9,115,840 | ' | ' | ' | -3,228,375 | -10,059,238 | -5,491,958 | -10,884,392 | -6,140,344 | ' | 8,303,112 | 0 | |||||
Net cash provided by financing activites | ' | ' | ' | ($1,854,875) | ' | ' | ' | $12,886,424 | $6,112,521 | $16,119,500 | $15,512,553 | $20,163,365 | ' | $8,458,783 | $14,067,712 | |||||
[1] | The Company acquired U.S. and international businesses of EYELEVEL in July 2013 as well as one other company which was not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[2] | The Company made acquisitions during the second quarter of 2013 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning at the respective acquisition dates. | |||||||||||||||||||
[3] | The Company acquired DB Studios, Inc. in March 2013. Financial results for this acquisition are included in the Consolidated Financial Statements beginning in March 2013. | |||||||||||||||||||
[4] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in August 2012. | |||||||||||||||||||
[5] | The Company made acquisitions during the second quarter of 2012 which were not material to the Companybs operations. Financial results for these acquisitions are included in the Consolidated Financial Statements beginning in April 2012. |
Restatement_of_Prior_Period_Qu5
Restatement of Prior Period Quarterly Financial Statements (Unaudited) (Details Textual) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Change In Fair Value Of Contingent Consideration, Event 2 | $17.20 |
SCHEDULE_IIVALUATION_AND_QUALI1
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Balance at Beginning of Period | $1,553,926 | $3,293,241 | $1,553,926 | $3,293,241 | $1,553,926 | $3,293,241 | $1,553,926 | $3,293,241 | $3,610,977 |
Charged to Expense | 13,844 | 145,447 | 158,730 | 352,332 | 372,482 | 856,098 | 1,285,326 | 1,681,942 | 2,414,710 |
Uncollectible Accounts Written Off, Net of Recoveries | ' | ' | ' | ' | ' | ' | -710,462 | -3,421,257 | -2,732,446 |
Other | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Balance at End of Period | ' | ' | ' | ' | ' | ' | $2,128,790 | $1,553,926 | $3,293,241 |