Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ESSX | ' |
Entity Registrant Name | 'Essex Rental Corp. | ' |
Entity Central Index Key | '0001373988 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 24,800,739 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $1,030 | $1,349 |
Accounts receivable, net of allowances for doubtful accounts and credit memos of $2,524 and $2,485, respectively | 13,444 | 14,059 |
Other receivables | 2,126 | 2,412 |
Deferred tax assets | 3,078 | 2,878 |
Inventory | ' | ' |
Retail equipment | 3,886 | 3,416 |
Retail spare parts, net | 1,747 | 1,598 |
Prepaid expenses and other assets | 1,871 | 1,791 |
TOTAL CURRENT ASSETS | 27,182 | 27,503 |
Property and equipment, net | 4,710 | 5,205 |
Spare parts inventory, net | 3,365 | 3,248 |
Identifiable finite lived intangibles, net | 986 | 1,069 |
Goodwill | 1,796 | 1,796 |
Loan acquisition costs, net | 5,635 | 6,095 |
TOTAL ASSETS | 326,157 | 332,776 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 5,755 | 5,703 |
Accrued employee compensation and benefits | 2,053 | 2,012 |
Accrued taxes | 3,458 | 3,909 |
Accrued interest | 809 | 655 |
Accrued other expenses | 775 | 1,007 |
Unearned rental revenue | 1,838 | 1,668 |
Customer deposits | 202 | 293 |
Term loan - short-term | 2,000 | 2,000 |
Purchase money security interest debt - short-term | 1,041 | 959 |
Capital lease obligation | 13 | 0 |
TOTAL CURRENT LIABILITIES | 17,944 | 18,206 |
LONG-TERM LIABILITIES | ' | ' |
Revolving credit facilities | 164,028 | 165,482 |
Term loan | 36,000 | 36,500 |
Promissory notes | 3,655 | 3,655 |
Purchase money security interest debt | 2,189 | 1,975 |
Deferred tax liabilities | 39,105 | 40,869 |
Capital lease obligation | 73 | 0 |
TOTAL LONG-TERM LIABILITIES | 245,050 | 248,481 |
TOTAL LIABILITIES | 262,994 | 266,687 |
Commitments and contingencies | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, none issued | 0 | 0 |
Common stock, $.0001 par value, Authorized 40,000,000 shares; issued and outstanding 24,792,387 shares at March 31, 2014 and 24,743,513 shares at December 31, 2013 | 2 | 2 |
Paid in capital | 126,183 | 125,952 |
Accumulated deficit | -63,044 | -59,876 |
Accumulated other comprehensive income | 22 | 11 |
TOTAL STOCKHOLDERS' EQUITY | 63,163 | 66,089 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 326,157 | 332,776 |
Rental equipment | ' | ' |
Inventory | ' | ' |
Property and equipment, net | $282,483 | $287,860 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowances for doubtful accounts and credit memos | $2,524 | $2,485 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 40,000,000 | 40,000,000 |
Common stock, issued | 24,792,387 | 24,743,513 |
Common stock, outstanding | 24,792,387 | 24,743,513 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Equipment rentals | $11,044 | $11,453 |
Retail parts sales | 2,167 | 1,778 |
Transportation | 1,773 | 1,193 |
Equipment repairs and maintenance | 2,482 | 3,132 |
Revenues | 21,086 | 25,065 |
COST OF REVENUES | ' | ' |
Salaries, payroll taxes and benefits | 2,544 | 2,751 |
Depreciation | 4,604 | 4,671 |
Retail parts sales | 1,742 | 1,351 |
Transportation | 1,776 | 1,131 |
Equipment repairs and maintenance | 2,377 | 2,881 |
Yard operating expenses | 792 | 824 |
TOTAL COST OF REVENUES | 16,904 | 19,342 |
GROSS PROFIT | 4,182 | 5,723 |
Selling, general and administrative expenses | 5,919 | 6,081 |
Other depreciation and amortization | 258 | 284 |
LOSS FROM OPERATIONS | -1,995 | -642 |
OTHER INCOME (EXPENSES) | ' | ' |
Other income | 11 | 5 |
Interest expense | -2,972 | -2,515 |
Foreign currency exchange losses | -152 | -116 |
TOTAL OTHER INCOME (EXPENSES) | -3,113 | -2,626 |
LOSS BEFORE INCOME TAXES | -5,108 | -3,268 |
BENEFIT FOR INCOME TAXES | -1,939 | -1,106 |
NET LOSS | -3,169 | -2,162 |
Weighted average shares outstanding: | ' | ' |
Basic (shares) | 24,789,338 | 24,611,513 |
Diluted (shares) | 24,789,338 | 24,611,513 |
Loss per share: | ' | ' |
Basic (usd per share) | ($0.13) | ($0.09) |
Diluted (usd per share) | ($0.13) | ($0.09) |
Used Rental [Member] | ' | ' |
REVENUES | ' | ' |
Equipment sales | 2,319 | 3,799 |
COST OF REVENUES | ' | ' |
Equipment sales | 1,919 | 2,602 |
Retail [Member] | ' | ' |
REVENUES | ' | ' |
Equipment sales | 1,301 | 3,710 |
COST OF REVENUES | ' | ' |
Equipment sales | $1,150 | $3,131 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net loss | ($3,169) | ($2,162) |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | 11 | -5 |
Other comprehensive income (loss) | 11 | -5 |
Comprehensive loss | ($3,158) | ($2,167) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($3,169) | ($2,162) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization of tangible assets | 4,778 | 4,871 |
Amortization of loan acquisition costs and other intangibles | 579 | 485 |
Amortization of promissory notes discount | 0 | 24 |
Deferred income taxes | -1,958 | -649 |
Share based compensation expense | 81 | 112 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -189 | -1,952 |
Other receivables | 287 | 199 |
Prepaid expenses and other assets | -80 | -151 |
Retail equipment inventory | -686 | 1,181 |
Spare parts inventory | -281 | 132 |
Accounts payable and accrued expenses | 237 | -3,430 |
Unearned rental revenue | 171 | 270 |
Customer deposits | -91 | 413 |
Total change in operating assets and liabilities | -632 | -3,338 |
NET CASH USED IN OPERATING ACTIVITIES | -721 | -1,854 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of rental equipment | -591 | -142 |
Purchases of property and equipment | -64 | -194 |
Accounts receivable from rental equipment sales | 804 | -466 |
Proceeds from sale of rental equipment | 2,319 | 3,799 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 2,468 | 2,997 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from revolving credit facilities | 21,378 | 24,546 |
Payments on revolving credit facilities | -22,832 | -63,948 |
Proceeds from term loan | 0 | 40,000 |
Payments on term loan | -500 | 0 |
Payments on purchase money security interest debt | -229 | -405 |
Payments on capital lease obligation | 0 | -2 |
Employer repurchase of shares to satisfy minimum tax withholding | 0 | -103 |
Payments for loan acquisition costs | -36 | -6,586 |
NET CASH USED IN FINANCING ACTIVITIES | -2,219 | -6,498 |
Effect of exchange rate changes on cash and cash equivalents | 153 | 74 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -319 | -5,281 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,349 | 8,389 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,030 | 3,108 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING / FINANCING ACTIVITIES | ' | ' |
Board of Directors fees paid in common stock | 150 | 150 |
Equipment purchased directly through short-term debt obligation | 525 | 464 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest and swaps | 2,972 | 2,710 |
Cash paid for income taxes, net | 18 | 36 |
Rental equipment | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Gain on sale of rental equipment | ($400) | ($1,197) |
Business_and_Principles_of_Con
Business and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business and Principles of Consolidation | ' |
Business and Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Essex Rental Corp. (“Essex Rental”) and its wholly owned subsidiaries Essex Holdings, LLC ("Holdings"), Essex Crane Rental Corp. ("Essex Crane"), Essex Finance Corp. (“Essex Finance”), CC Acquisition Holding Corp. (“CC Acquisition”), Coast Crane Company, formerly known as CC Bidding Corp. (“Coast Crane”) and Coast Crane Ltd. (“Coast Crane Ltd.") (collectively the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. | |
The Company is engaged primarily in renting lattice boom crawler cranes and attachments, tower cranes and attachments, rough terrain cranes, boom trucks and other related heavy lifting machinery and equipment to the construction industry throughout the United States of America, including Hawaii and Alaska, and Canada. The assets are rented for use in building and maintaining power plants, refineries, bridge and road construction, alternative energy, water treatment facilities and other industrial, commercial, residential and infrastructure related projects. The Company is also engaged in servicing and distributing heavy lifting machinery and other construction related equipment and parts. | |
The accompanying consolidated financial statements of the Company include all adjustments (consisting of normal recurring adjustments) which management considers necessary for the fair presentation of the Company’s operating results, financial position and cash flows as of and for all periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these unaudited financial statements in accordance with applicable rules. | |
The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. For further information, please refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Please refer to Note 2 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2013 for a complete description of our significant accounting policies. | |
Reclassifications | |
Certain prior year amounts in the consolidated statements of operations and segment information note have been reclassified to conform to the current year presentation. The reclassifications had no effect on net loss, earnings per share or shareholders' equity. | |
Use of Estimates | |
The preparation of these financial statements requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and the related disclosures. Accordingly, actual results could materially differ from those estimates. Significant estimates include the allowance for doubtful accounts and credit memos, spare parts inventory obsolescence reserve, useful lives for rental equipment and property and equipment, deferred income taxes, personal property tax receivable and accrual, loss contingencies and the fair value of financial instruments. | |
Fair Value of Financial Instruments | |
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | |
Segment Reporting | |
We have determined, in accordance with applicable accounting guidance regarding operating segments that we have three reportable segments. We derive our revenues from three principal business activities: (1) equipment rentals; (2) equipment distribution; and (3) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 11 to the consolidated financial statements regarding our segment information. | |
Long-lived Assets | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The criteria for determining impairment for such long-lived assets to be held and used is determined by comparing the carrying value of these long-lived assets to be held and used to management's best estimate of future undiscounted cash flows expected to result from the use of these assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The estimated fair value of the assets is measured by estimating the present value of the future discounted cash flows to be generated. | |
During the three months ended March 31, 2014, and as a result of continuing losses and depressed utilization rates the Company determined that triggering event had occurred at Essex Crane, which caused the Company to determine if an impairment of these long-lived assets was necessary. | |
Application of the long-lived asset impairment test requires judgment, including the identification the primary asset, identification of the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities and the future cash flows of the long-lived assets. The Company identified its crawler crane rental equipment fleet as the primary asset as it is the basis of all revenue generating activities for Essex Crane, its replacement would require a significant level of investment and its remaining useful life significantly exceeds the remaining useful life of all other assets. The lowest level of identifiable cash flows within the rental equipment fleet is at the equipment model level. Each equipment model group is capable of producing cash flows without other complementary assets and each asset within the specific equipment model groups is interchangeable with any other asset within that equipment model group. The Company tested the recoverability of the rental equipment assets by model using an undiscounted cash flow approach dependent primarily upon estimates of future rental income, orderly liquidation value and discount rates. Cash flows for each equipment model group considered the possibility of continuing to rent the assets and selling the assets in orderly transactions in the future or at the end of their remaining useful lives. The Company estimated that the future cash flows generated by each of the equipment model groups exceeded the carrying value of the assets and no impairment was recorded for the three months ended March 31, 2014. | |
The Company also assessed whether a triggering event for potential impairment of its other equipment assets existed, and it was determined that no such event occurred for these assets during the three months ended March 31, 2013. | |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued authoritative guidance regarding the reporting of reclassifications out of accumulated other comprehensive income. Under the new guidance, an entity has the option to present either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the statement of operations line items affected by the reclassification. The amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this guidance during the three months ended March 31, 2013 and has disclosed the reclassifications out of other comprehensive income and the effect on the statement of operations line items within the notes to the consolidated financial statements. | |
In July 2013, the FASB issued authoritative guidance regarding the financial statement presentation of unrecognized tax benefits. Under the new guidance, unrecognized tax benefits, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The company adopted this guidance for the fiscal year beginning January 1, 2014. Adoption of this guidance did not have a material impact on the Company's financial results. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets | ||||||||||||
As of March 31, 2014 and December 31, 2013, goodwill related to the acquisition of Coast Crane's assets was approximately $1.8 million. Goodwill represents the excess of the total consideration transferred over the fair value of the identifiable assets acquired, net of liabilities assumed. | ||||||||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable finite lived intangible assets at March 31, 2014 (amounts in thousands): | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 785 | $ | (785 | ) | $ | — | |||||
Essex Crane trademark | 804 | (804 | ) | — | ||||||||
Coast Crane customer relationship | 1,500 | (714 | ) | 786 | ||||||||
Coast Crane trademark | 600 | (400 | ) | 200 | ||||||||
$ | 3,689 | $ | (2,703 | ) | $ | 986 | ||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable intangible assets at December 31, 2013 (amounts in thousands): | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 785 | $ | (785 | ) | $ | — | |||||
Essex Crane trademark | 804 | (804 | ) | — | ||||||||
Coast Crane customer relationship | 1,500 | (661 | ) | 839 | ||||||||
Coast Crane trademark | 600 | (370 | ) | 230 | ||||||||
$ | 3,689 | $ | (2,620 | ) | $ | 1,069 | ||||||
The Company’s amortization expense associated with other intangible assets was approximately $0.1 million for each of the three month periods ended March 31, 2014 and 2013. | ||||||||||||
The following table presents the estimated future amortization expense related to intangible assets as of March 31, 2014 for the years ended December 31 (amounts in thousands): | ||||||||||||
2014 | $ | 251 | ||||||||||
2015 | 324 | |||||||||||
2016 | 214 | |||||||||||
2017 | 197 | |||||||||||
Total | $ | 986 | ||||||||||
Revolving_Credit_Facilities_an
Revolving Credit Facilities and Other Debt Obligations | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Revolving Credit Facilities and Other Debt Obligations | ' | |||||||||||
Revolving Credit Facilities and Other Debt Obligations | ||||||||||||
The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): | ||||||||||||
Principal Outstanding at | Weighted Average Interest as of | Maturity | ||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | Date Ranges | |||||||||
Essex Crane revolving credit facility | $ | 147,353 | $ | 148,149 | 3.92% | Oct-16 | ||||||
Coast Crane revolving credit facility | 16,675 | 17,333 | 5.31% | Mar-17 | ||||||||
Term loan | 36,000 | 36,500 | 5.25% | June 2015 to March 2017 | ||||||||
Term loan - short-term | 2,000 | 2,000 | 5.25% | within 1 year | ||||||||
Unsecured promissory notes (related party) | 3,655 | 3,655 | 18.00% | Oct-16 | ||||||||
Purchase money security interest debt | 2,189 | 1,975 | 4.86% | September 2015 to October 2018 | ||||||||
Purchase money security interest debt - short-term | 1,041 | 959 | 4.86% | within 1 year | ||||||||
Total debt obligations outstanding | $ | 208,913 | $ | 210,571 | ||||||||
Essex Crane Revolving Credit Facility | ||||||||||||
In conjunction with the acquisition of Holdings on October 31, 2008, Essex Crane amended its senior secured revolving line of credit facility (“Essex Crane Revolving Credit Facility”), which permitted it to borrow up to $190.0 million with a $20.0 million aggregate sublimit for letters of credit. Essex Crane may borrow up to an amount equal to the sum of 85% of eligible net receivables and 75% of the net orderly liquidation value of eligible rental equipment. The Essex Crane Revolving Credit Facility is collateralized by a first priority security interest in substantially all of Essex Crane’s assets. | ||||||||||||
On March 15, 2013, the Essex Crane Revolving Credit Facility was amended and restated to extend the maturity to October 31, 2016. The amendment reduced the maximum amount Essex Crane is able to borrow to $175.0 million. The amendment also provided for increases in the applicable prime rate margin, Euro-dollar LIBOR margin and unused line commitment fee to 1.75%, 3.75% and 0.375%, respectively. Under the amendment, the springing covenant threshold is eliminated and, instead, Essex Crane is required to have availability in excess of 10% of the outstanding commitment and is subject to a fixed charge coverage ratio of 1.10 to 1.00. Further, under the amendment, the aggregate commitment will be reduced by: (i) on an individual transaction basis, 100% of the net cash proceeds from the sales of certain assets and (ii) on an annual basis commencing in 2014, 60% of free cash flow, other than net cash proceeds from certain asset sales, as defined within the amended and restated revolving credit facility. In addition, the maximum commitment may not exceed $165.0 million, $150.0 million and $130.0 million beginning on March 31, 2014, March 31, 2015 and February 28, 2016, respectively. The amendment also provides for an annual limit on certain capital expenditures of $2.0 million and limits the ability of Essex Crane to make distributions to affiliates. All other terms of the October 31, 2008 amendment remained in effect following such amendment. | ||||||||||||
Borrowings under the Essex Crane Revolving Credit Facility, as amended, accrue interest at the borrower’s option of either (a) the bank’s prime rate (3.25% at March 31, 2014) plus an applicable margin or (b) a Euro-dollar rate based on the rate the bank offers deposits of U.S. Dollars in the London interbank market (“LIBOR”) (0.15% at March 31, 2014) plus an applicable margin. Essex Crane is also required to pay a monthly commitment fee with respect to the undrawn commitments under the Essex Crane Revolving Credit Facility. At March 31, 2014 and December 31, 2013, the applicable prime rate margin, Euro-dollar LIBOR margin, and unused line commitment fee were 1.75%, 3.75% and 0.375%, respectively. | ||||||||||||
The maximum amount that could be borrowed under the Essex Crane Revolving Credit Facility, net of letters of credit, interest rate swaps and other reserves was approximately $165.0 million and $170.1 million as of March 31, 2014 and December 31, 2013, respectively. Essex Crane’s available borrowing under its revolving credit facility was approximately $17.4 million and $21.9 million as of March 31, 2014 and December 31, 2013, respectively. As of March 31, 2014 and December 31, 2013, there was $11.9 million and $9.3 million, respectively, of available formulated collateral in excess of the maximum borrowing amounts of approximately $165.0 million and $170.1 million, respectively. Although the Essex Crane Revolving Credit Facility limits Essex Crane’s ability to incur additional indebtedness, Essex Crane is permitted to incur certain additional indebtedness, including secured purchase money indebtedness of up to $1.5 million outstanding at any time, subject to certain conditions set forth in the Essex Crane Revolving Credit Facility. | ||||||||||||
The maximum commitment under the Essex Crane Revolving Credit Facility may not exceed $150.0 million and $130.0 million beginning on March 31, 2015 and February 28, 2016, respectively, and Essex Crane is required to have availability in excess of 10% of the outstanding commitment. At March 31, 2014, Essex Crane had approximately $1.1 million of liquidity available under the Essex Crane Revolving Credit Facility to fund operations. The Company intends to use the proceeds from crawler crane assets sales and cash flows generated by operations to meet the commitment reductions, however, it is likely that other financing sources will be required to fully meet the March 31, 2015 and February 28, 2016 commitment reductions. | ||||||||||||
As of March 31, 2014, and for the three months then ended, Essex Crane was in compliance with the covenants and other provisions set forth in the Essex Crane Revolving Credit Facility, as amended. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company’s liquidity and operations. | ||||||||||||
Coast Crane Revolving Credit Facility | ||||||||||||
On November 24, 2010, Coast Crane entered into a new revolving credit facility in conjunction with the acquisition of Coast Crane's assets (the “Coast Crane Revolving Credit Facility”). The Coast Crane Revolving Credit Facility provided for a revolving loan and letter of credit facility in the maximum aggregate principal amount of $75.0 million with a $2.0 million aggregate principal sublimit for letters of credit. Coast Crane’s ability to borrow under the Coast Crane Revolving Credit Facility is subject to, among other things, a borrowing base calculated based on the sum of (a) 85% of eligible accounts, (b) the lesser of 50% of eligible spare parts inventory and $5.0 million, (c) the lesser of 95% of the lesser of (x) the net orderly liquidation value and (y) the invoice cost, of eligible new equipment inventory and $15.0 million and (d) 85% of the net orderly liquidation value of eligible other equipment, less reserves established by the lenders and the liquidity reserve. | ||||||||||||
On November 14, 2011 the Coast Crane Revolving Credit Facility was amended and restated to include Coast Crane Ltd. as a signatory to the credit facility. The amendment provided that equipment owned by Coast Crane located in Canada may be included in the borrowing base calculation, which was previously prohibited. As amended, the Coast Crane Revolving Credit Facility agreement is collateralized by a first priority security interest in substantially all of Coast Crane’s and Coast Crane Ltd.’s assets. | ||||||||||||
Proceeds of the first borrowing under the amended Coast Crane Revolving Credit Facility in the amount of $1.5 million were used to pay off the remaining balance on the Coast Crane Ltd.'s revolving credit facility at the time of its termination in November 2011. | ||||||||||||
On May 7, 2012, the Coast Crane Revolving Credit Facility was amended to provide certain limitations on net capital expenditures and a $3.7 million “first amendment reserve” (as defined in the Coast Crane Revolving Credit Facility). The amendment also provides for a modified fixed charge coverage ratio of 1.20 to 1.00 as well as an obligation of Essex to contribute, or cause to be contributed, to Coast Crane up to $2.5 million to the extent that EBITDA for Coast Crane for the year ending December 31, 2012 was less than $6.0 million. Coast Crane EBITDA for the year ended December 31, 2012 exceeded the $6.0 million threshold and no contribution from Essex was required. The amendment also reduced the amount of certain additional indebtedness, including secured purchase money indebtedness, that Coast Crane may incur to $7.0 million for the year ending December 31, 2013 and $10.0 million thereafter. All other terms of the November 14, 2011 amendment and restatement remained in effect following such amendment. | ||||||||||||
A definitional interpretation resulted in Coast Crane's lenders determining that the springing fixed charge coverage ratio of 1.20 to 1.00 (which under the Coast Crane Revolving Credit Facility was triggered if Coast Crane's borrowing availability fell below $8.0 million) was triggered notwithstanding that Coast Crane and Coast Crane Ltd. had combined excess availability of $9.5 million, $8.4 million and $8.5 million as of January 31, 2012, February 29, 2012 and March 31, 2012, respectively. The modified fixed charge coverage ratio included in the May 7, 2012 amendment replaced the springing trailing twelve month fixed charge coverage ratio. The May 7, 2012 amendment also addressed and waived Coast Crane’s non-compliance (which existed as of March 31, 2012) with certain delivery and reporting requirements contained in the Coast Crane Revolving Credit Facility. | ||||||||||||
On March 12, 2013, the Coast Crane Revolving Credit Facility was amended and restated to extend the maturity date to March 12, 2017. The amendment also provides for a $40.0 million term loan and reduces the aggregate maximum principal amount of the revolving loan and letter of credit facility by a corresponding amount to $35.0 million. In addition, the amendment provides for scheduled quarterly term loan payments to reduce the term loan principal outstanding by $0.5 million beginning on June 30, 2013. The amounts borrowed under the term loan which are repaid or prepaid may not be reborrowed. All other terms of the May 7, 2012 amendment and restatement remained in effect following such amendment. | ||||||||||||
On February 21, 2014, Coast Crane and Coast Crane Ltd. entered into a First Amendment to the Second Amended and Restated Credit Agreement to amend the mandatory prepayment provision to exclude proceeds received from permitted equipment asset sales and to waive an event of default that occurred as a result of permitted equipment asset sales and the failure to apply proceeds to the term loan under the Coast Crane Credit Agreement. In addition, the First Amendment amends the borrowing base calculation as it relates to new equipment inventory, and creates a progressive new equipment inventory cap based on a leverage ratio. | ||||||||||||
Under the terms of the February 21, 2014 amendment, Coast Crane and Coast Crane Ltd. may borrow, repay and reborrow under the Coast Crane Facility. Coast Crane’s ability to borrow under the Coast Crane Facility is subject to, among other things, a borrowing base which is calculated as the sum of (a) 85% of eligible Coast Crane accounts, (b) the lesser of 50% of eligible Coast Crane inventory and $5.0 million, (c) the lesser of (i) 95% of the lesser of (x) the Net Orderly Liquidation Value and (y) the invoice cost, of U.S. Eligible New Sale Equipment Inventory and (ii) the U.S. Eligible New Sale Equipment Inventory Cap (as hereinafter defined) and (d) 85% of the net orderly liquidation value of eligible other equipment, less reserves established by the lenders and the liquidity reserve. Coast Crane Ltd.’s ability to borrow under the Coast Crane Facility is subject to among other things, a borrowing base which is calculated as the sum of (a) 85% of eligible Coast Crane Ltd. accounts, (b) the lesser of 50% of eligible Coast Crane Ltd. inventory and $0.8 million, (c) the lesser of (i) 95% of the lesser of (x) the net orderly liquidation value and (y) the invoice cost, of eligible new Coast Crane Ltd. equipment and (ii) $2.0 million and (d) 85% of the net orderly liquidation value of eligible other Coast Crane Ltd. equipment, less reserves established by the lenders and the liquidity reserve. | ||||||||||||
The U.S. Eligible New Sale Equipment Inventory Cap shall mean the U.S. Eligible New Sale Equipment Inventory Cap in effect from time to time determined based upon the applicable leverage ratio then in effect. The U.S. Eligible New Sale Equipment Inventory Cap is adjusted from $4.0 million to $15.0 million based on the applicable leverage ratio then in effect and also based on the amount of U.S. Eligible New Sale Equipment Inventory that is under a written agreement to be sold to a customer. | ||||||||||||
Interest accrues on Coast Crane's outstanding revolving loans and term loan under the revolving credit facility at either a per annum rate equal to (a) LIBOR plus 3.75%, with a 1.50% LIBOR floor or (b) the Base rate plus 2.75%, at Coast Crane’s election. Coast Crane will be obligated to pay a letter of credit fee on the outstanding letter of credit accommodations based on a per annum rate of 3.75%. Interest on the revolving loans and fees on the letter of credit accommodations is payable monthly in arrears. Coast Crane is also obligated to pay an unused line fee on the amount by which the maximum credit under the Coast Crane Revolving Credit Facility exceeds the aggregate amount of revolving loans and letter of credit accommodations based on a per annum rate of 0.50%. At March 31, 2014, the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.23%, 3.25% and 0.50%, respectively. At December 31, 2013, the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.24%, 3.25% and 0.50%, respectively. | ||||||||||||
The maximum amount that could be borrowed under the revolving loans under the Coast Crane Revolving Credit Facility was approximately $34.9 million and $34.4 million as of March 31, 2014 and December 31, 2013, respectively. Coast Crane’s available borrowing under the Coast Crane Revolving Credit Facility was approximately $9.4 million and $8.2 million, respectively, after certain lender reserves of $8.8 million and $8.9 million as of March 31, 2014 and December 31, 2013, respectively. Although the Coast Crane Revolving Credit Facility limits Coast Crane’s and Coast Crane Ltd.’s ability to incur additional indebtedness, Coast Crane and Coast Crane Ltd. are permitted to incur certain additional indebtedness, including secured purchase money indebtedness, subject to certain conditions set forth in the Coast Crane Revolving Credit Facility. | ||||||||||||
As of March 31, 2014 and December 31, 2013, the outstanding balance on the term loan portion of the Coast Crane Revolving Credit Facility was $38.0 million and $38.5 million, respectively. At March 31, 2014 and December 31, 2013, $2.0 million of the outstanding balance is classified as a current liability as a result of the scheduled quarterly term loan payments of $0.5 million that began on June 30, 2013. | ||||||||||||
On April 29, 2014, Coast Crane entered into a Second Amendment (the “Second Amendment”) to the Second Amended and Restated Credit Agreement. The purpose of the Second Amendment is to adjust the minimum fixed charge coverage ratio requirement to 0.88 to 1.00, 1.00 to 1.00 and 1.10 to 1.00 from 1.20 to 1.00, for the trailing twelve month periods ended April 30, 2014, May 31, 2014 and June 30, 2014, respectively. The minimum required fixed charge coverage ratio for the trailing twelve month periods ending July 31, 2014 and thereafter will remain 1.20 to 1.00. In addition, the Second Amendment waives any event of default arising from Coast Crane’s breach of the minimum 1.20 to 1.00 fixed charge coverage ratio requirement for the trailing twelve month period ended March 31, 2014, so long as the fixed charge coverage ratio for such period is at least equal to 1.00 to 1.00. Further, under the amendment, Coast Crane is required to achieve a minimum trailing twelve month EBITDA threshold as of the last day of the month of $7.7 million for March 2014 through August 2014; $7.9 million for September 2014 through November 2014; $8.0 million for December 2014 through February 2015; $8.2 million for March 2015 through May 2015; and $8.3 million for June, 2015 and thereafter. All other terms of the February 21, 2014 amendment and restatement remained in effect following such amendment. | ||||||||||||
Coast Crane was not in compliance with the covenants and other provisions set forth in the Coast Crane Revolving Credit Facility, as amended, at March 31, 2014 due to the fixed charge coverage ratio failing to meet the required minimum ratio. The Second Amendment to the Coast Crane Revolving Credit Facility, entered into on April 28, 2014, waived any event of default and Coast Crane is currently in compliance with the Second Amendment to the Second Amended and Restated Credit Agreement. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on the Company’s liquidity and operations. | ||||||||||||
Unsecured Promissory Notes | ||||||||||||
In November 2010, the Company entered into an agreement with the holders of certain Coast Crane indebtedness pursuant to which such holders agreed, in consideration of the assumption of such indebtedness by the Company, to exchange such indebtedness for one or more promissory notes issued by the Company in the aggregate principal amount of $5.2 million. As additional consideration under the agreement, the Company agreed to issue 90,000 warrants to the holders of such indebtedness entitling the holder thereof to purchase up to 90,000 shares of Essex Rental common stock at an exercise price of $0.01 per share, and to reimburse such holders for certain legal fees incurred in connection with the transaction. The warrants were exercised in full on October 24, 2013. | ||||||||||||
In accordance with accounting guidance related to debt issued with conversion or other options, the fair value of the detachable warrants of $0.3 million was recorded as a discount to the principal balance outstanding with an offset to additional paid-in capital on the consolidated statements of stockholders’ equity and was amortized on a straight-line basis over the 3 year life of the notes as additional interest expense on the consolidated statement of operations, which is not materially different than the effective interest method. As of March 31, 2014 and December 31, 2013, the discount related to the fair value of the detachable warrants was fully amortized. | ||||||||||||
On December 31, 2013, the unsecured promissory notes were amended and restated to extend the maturity date to the earlier of October 31, 2016 or the consummation of any Essex Crane Revolving Credit Facility refinancing to the extent that the terms and conditions of the refinancing permit the Company to use the proceeds from refinancing for the repayment of the outstanding principal balance on the unsecured promissory notes. In addition, beginning on January 1, 2014, interest accrues on the outstanding promissory notes at a per annum rate of 18.0% and is payable in arrears. | ||||||||||||
As of March 31, 2014 and December 31, 2013, the outstanding principal balance on the unsecured promissory notes was approximately $3.7 million. Interest accrued on the outstanding promissory notes at a per annum rate of 18.0% and 10.0% at March 31, 2014 and December 31, 2013, respectively, and is payable annually in arrears. | ||||||||||||
Purchase Money Security Interest Debt | ||||||||||||
As of March 31, 2014, the Company's purchase money security interest debt consisted of the financing of twelve pieces of equipment. Eleven of these debt obligations accrue interest at rates that range from LIBOR plus 3.25% to LIBOR plus 5.38% per annum with interest payable in arrears. One of the debt obligations accrues interest at a rate of 8.29%. The obligations are secured by the equipment purchased and have maturity dates that range from September 2015 to October 2018. As these loans are amortizing, approximately $1.0 million of the total $3.2 million in principal payments is due prior to March 31, 2015 and as such, this amount is classified as a current liability in the accompanying consolidated balance sheets as of March 31, 2014. | ||||||||||||
As of December 31, 2013, the purchase money security interest debt consisted of the financing of eleven pieces of equipment with an outstanding balance of approximately $2.9 million. The interest rates at December 31, 2013 ranged from LIBOR plus 3.25% to LIBOR plus 5.38% for ten of the debt obligations. One of the debt obligations accrued interest at a rate of 8.29% as of December 31, 2013. | ||||||||||||
As described above, Essex Crane and Coast Crane (including Coast Crane Ltd.) are permitted to incur up to $1.5 million and $10.0 million, respectively, of secured purchase money indebtedness under the terms of, and subject to certain conditions set forth in, the Essex Crane Revolving Credit Facility and Coast Crane Revolving Credit Facility, respectively. |
Fair_Value
Fair Value | 3 Months Ended | |
Mar. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value | ' | |
Fair Value | ||
The FASB issued a statement on Fair Value Measurements which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||
• | Level 1 - Observable inputs such as quoted prices in active markets: | |
• | Level 2- Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |
• | Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |
The fair value of the Company’s total debt obligations was approximately $210.2 million and $212.0 million as of March 31, 2014 and December 31, 2013, respectively, calculated using a discounted cash flows approach at a market rate of interest. The inputs used in the calculation are classified within Level 2 of the fair value hierarchy. | ||
The fair values of the Company’s financial instruments, including cash and cash equivalents, approximate their carrying values. The Company bases its fair values on listed market prices or third party quotes when available. If not available, then the Company bases its estimates on instruments with similar terms and maturities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Reclassifications | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Equity [Abstract] | ' | |||
Accumulated Other Comprehensive Income Reclassifications | ' | |||
Accumulated Other Comprehensive Income Reclassifications | ||||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended March 31, 2014 (amounts in thousands): | ||||
Foreign Currency Translation Adjustments | ||||
Beginning balance | $ | 11 | ||
Other comprehensive income (loss) before reclassifications | 11 | |||
Amounts reclassified from accumulated other comprehensive income | — | |||
Net current period other comprehensive income (loss) | 11 | |||
Ending balance | $ | 22 | ||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended March 31, 2013 (amounts in thousands): | ||||
Foreign Currency Translation Adjustments | ||||
Beginning balance | $ | 10 | ||
Other comprehensive income (loss) before reclassifications | (5 | ) | ||
Amounts reclassified from accumulated other comprehensive income | — | |||
Net current period other comprehensive income (loss) | (5 | ) | ||
Ending balance | $ | 5 | ||
Earnings_per_Share_and_Compreh
Earnings per Share and Comprehensive Income | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Share and Comprehensive Income | ' | |||||||
Earnings per Share and Comprehensive Income | ||||||||
The following tables set forth the computation of basic and diluted earnings per share (amounts in thousands except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net loss | $ | (3,169 | ) | $ | (2,162 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 24,789 | 24,612 | ||||||
Effect of dilutive securities: | ||||||||
Warrants | — | — | ||||||
Options | — | — | ||||||
Diluted | 24,789 | 24,612 | ||||||
Basic earnings (loss) per share | $ | (0.13 | ) | $ | (0.09 | ) | ||
Diluted earnings (loss) per share | $ | (0.13 | ) | $ | (0.09 | ) | ||
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period. Included in the weighted average number of shares outstanding for the three months ended March 31, 2014 and 2013 are 493,670 weighted average shares of common stock for the effective conversion of the retained interest in Holdings into common stock of the Company. Diluted EPS adjusts basic EPS for the effects of Warrants, Units and Options; only in the periods in which such effect is dilutive. | ||||||||
The weighted average restricted stock outstanding that could be converted into 16,608 and zero common shares for the three months ended March 31, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Weighted average options outstanding that could be converted into zero and 62,286 common shares for the three months ended March 31, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. Weighted average warrants outstanding that could be converted into 89,776 common shares for the three months ended March 31, 2013 were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. | ||||||||
As of March 31, 2014 and 2013, there were 1,313,879 and 1,474,719 stock options outstanding, respectively, which are exercisable at weighted average exercise prices of $4.75 and $5.45, respectively. As of March 31, 2013, there were 90,000 privately issued warrants outstanding which were exercisable at a weighted average exercise price of $0.01. The warrants were exercised in full on October 24, 2013. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rate of 38.0% for the three months ended March 31, 2014 was higher than the statutory federal rate due to state taxes and discrete items such as changes in the state valuation allowances and audit activity. The Company’s effective tax rate of 33.8% for the three months ended March 31, 2013 was lower than the statutory federal rate due to state taxes. | |
As of March 31, 2014, the Company has unused federal net operating loss carry-forwards totaling approximately $152.5 million that begin expiring in 2022. As of March 31, 2014, the Company also has unused state net operating loss carry-forwards totaling approximately $82.1 million which expire between 2014 and 2035. The net operating loss carry-forwards are primarily from the acquisition of Holdings and losses in recent years. The Company had unused federal and state net operating loss carry-forwards totaling approximately $143.8 million and $77.3 million, respectively, as of December 31, 2013. | |
The Company also has remaining excess tax goodwill of approximately $3.1 million as of March 31, 2014 associated with the acquisition of Holdings. The excess tax goodwill will be amortized and deducted for tax purposes over the remaining three year term. However, the excess tax goodwill has not been recorded for GAAP purposes and will not be realized as a benefit to the income tax provision until the amortization deductions are realized through the reduction of taxable income in future years. The Company had remaining excess tax goodwill of approximately $3.1 million as of December 31, 2013. | |
The Company is generally no longer subject to federal and state examinations for tax years prior to December 31, 2010. | |
The Company had unrecognized tax benefits of approximately $0.1 million as of March 31, 2014 primarily associated with tax positions taken in a prior year. The Company had unrecognized tax benefits of approximately $0.1 million as of December 31, 2013. | |
The Company utilizes a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Stock Based Compensation | ' | |||||||||||||||||||||||
Stock Based Compensation | ||||||||||||||||||||||||
The Company may issue up to 1,500,000 shares of common stock pursuant to its 2011 Long-term Incentive Plan to employees, non-employee directors and consultants of the Company. The Company may issue up to 1,575,000 shares of common stock pursuant to its 2008 Long-term Incentive Plan to employees, non-employee directors and consultants of the Company. Options to purchase shares of common stock are granted at its market price on the grant date and expire ten years from issuance. | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Stock options granted to employees have a 10 year life and vest one-third annually beginning one year from the date of issue. The Company calculates stock option compensation expense based on the grant date fair value of the award and recognizes expense on a straight-line basis over the 3 year service period of the award. The Company has granted to certain present and former key members of management options to purchase 100,000 shares at $3.26 per share, 75,000 shares at $3.02 per share, 100,000 shares at $4.26 per share, 423,750 shares at $5.58 per share, 485,969 shares at $6.45 per share, and 565,000 shares at $4.50 per share on grant dates of March 13, 2014, November 15, 2013, June 18, 2013, January 14, 2011, March 18, 2010, and December 18, 2008, respectively. | ||||||||||||||||||||||||
The fair values of the stock options granted are estimated at the date of grant using the Black-Scholes option pricing model. The model is sensitive to changes in assumptions which can materially affect the fair value estimate. The Company’s method of estimating expected volatility for the 2008 and 2010 option grants was based on the volatility of its peers since the Company only had operations for a short period of time as of the grant date. The Company’s method of estimating the expected volatility for the 2011, 2013 and 2014 option grants was based on the volatility of its own common shares outstanding. The expected dividend yield was estimated based on the Company’s expected dividend rate over the term of the options. The expected term of the options was based on management’s estimate, and the risk-free rate is based on U.S. Treasuries with a term approximating the expected life of the options. | ||||||||||||||||||||||||
Based on the results of the model, the weighted average fair value of the stock options granted were $1.88, $1.95, $2.79, $3.19, $3.76 and $2.54 per share for the options granted on March 13, 2014, November 15, 2013, June 18, 2013, January 14, 2011, March 18, 2010, and December 18, 2008, respectively, using the following assumptions (amounts in thousands): | ||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||
2014 | 2013 (1) | 2013 (2) | 2011 | 2010 | 2008 | |||||||||||||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
Risk-free interest rate | 1.84 | % | 1.71 | % | 1.33 | % | 2.31 | % | 2.79 | % | 1.43 | % | ||||||||||||
Expected volatility | 71.12 | % | 72.71 | % | 74.98 | % | 60 | % | 61 | % | 61 | % | ||||||||||||
Expected life of option | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | ||||||||||||||||||
Grant date fair value | $ | 188 | $ | 146 | $ | 279 | $ | 1,352 | $ | 1,827 | $ | 1,435 | ||||||||||||
-1 | Stock options granted on November 15, 2013 | |||||||||||||||||||||||
-2 | Stock options granted on June 18, 2013 | |||||||||||||||||||||||
On November 11, 2013 and May 31, 2013, the Company entered into separation agreements with its former Chief Executive Officer and former Chief Financial Officer, respectively. In accordance with the terms of the separation agreements, and as permitted under the terms of the applicable option awards, the Company agreed that options awarded to the former executives of the Company on December 18, 2008 and January 14, 2011, to the extent vested, will remain exercisable until the ten year anniversary of the applicable grant date, instead of expiring 90 days following the date employment was terminated, as provided in the option award agreements. The separation agreements resulted in the forfeiture of 403,353 vested options issued under the March 18, 2010 option grant and 32,487 unvested options issued under the January 14, 2011 option grant. | ||||||||||||||||||||||||
Restricted Shares of Common Stock | ||||||||||||||||||||||||
On November 15, 2013, the Company granted to a key member of management 50,000 shares of restricted common stock with an aggregate grant date fair value of $0.2 million. One-third of the restricted shares are scheduled to vest on June 30, 2014, June 30, 2015 and June 30, 2016, respectively, and as such, no shares were vested as of March 31, 2014. | ||||||||||||||||||||||||
On June 18, 2013, the Company granted to a key member of management 67,500 shares of restricted common stock with an aggregate grant date fair value of $0.3 million. One-third of the restricted shares are scheduled to vest on May 20, 2014, May 20, 2015 and May 20, 2016, respectively, and as such, no shares were vested as of March 31, 2014. | ||||||||||||||||||||||||
On January 3, 2011, the Company granted to certain employees 166,943 shares of restricted common stock with an aggregate grant date fair value of $0.9 million. One half of these restricted shares vested on January 3, 2012 and the remainder vested on January 3, 2013, and as such, 166,943 were vested as of March 31, 2014 and 2013. | ||||||||||||||||||||||||
The Company recorded $0.1 million and $0.1 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for the three months ended March 31, 2014 and 2013, respectively. There was approximately $0.9 million and $0.7 million of total unrecognized compensation cost as of March 31, 2014 and December 31, 2013, respectively related to non-vested stock option and restricted share awards. The remaining cost is expected to be recognized ratably over the remaining respective vesting periods. |
Common_Stock_and_Warrants
Common Stock and Warrants | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Common Stock and Warrants | ' |
Common Stock and Warrants | |
In October 2008 our Board of Directors authorized a stock and warrant repurchase program, under which the Company may purchase, from time to time, in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit, up to $12.0 million of the Company’s outstanding common stock and warrants. The Company’s stock repurchase program was suspended in May 2010 in conjunction with the launching of the cashless exercise warrant offer. Repurchases of our common stock and warrants were funded with cash flows of the business. | |
The Company issued 45,719 and 43,715 shares of common stock, respectively, for services provided by the members of the Strategic Planning and Finance Committee of the Board of Directors during the three months ended March 31, 2014 and 2013, respectively. The Company issued 3,155 shares of common stock for services provided by one member of the Board of Directors during the three months ended March 31, 2014. The Company issued 83,469 shares of restricted common stock to certain employees during the three months ended March 31, 2013. The Company withheld 29,489 common shares to cover the employee tax obligation related to the restricted shares issuance during the three months ended March 31, 2013. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
We have identified three reportable segments: equipment rentals, equipment distribution, and parts and service. These segments are based upon how management of the Company allocates resources and assesses performance. The equipment rental segment includes rental, transportation and used rental equipment sales. There were no sales between segments for any of the periods presented. Selling, general, and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to our reportable segments. | ||||||||
We do not compile discrete financial information by our segments other than the information presented below. The following table presents information about our reportable segments related to revenues and gross profit (amounts in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Segment revenues | ||||||||
Equipment rentals | $ | 15,136 | $ | 16,445 | ||||
Equipment distribution | 1,301 | 3,710 | ||||||
Parts and service | 4,649 | 4,910 | ||||||
Total revenues | $ | 21,086 | $ | 25,065 | ||||
Segment gross profit | ||||||||
Equipment rentals | $ | 2,865 | $ | 4,018 | ||||
Equipment distribution | 10 | 409 | ||||||
Parts and service | 1,307 | 1,296 | ||||||
Total gross profit | $ | 4,182 | $ | 5,723 | ||||
The following table presents information about our reportable segments related to total assets (amounts in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Segment identified assets | ||||||||
Equipment rentals | $ | 300,503 | $ | 307,372 | ||||
Equipment distribution | 4,260 | 5,150 | ||||||
Parts and service | 6,985 | 5,261 | ||||||
Total segment identified assets | 311,748 | 317,783 | ||||||
Non-segmented identified assets | 14,409 | 14,993 | ||||||
Total assets | $ | 326,157 | $ | 332,776 | ||||
The Company operates primarily in the United States. Our sales to international customers for the three months ended March 31, 2014 were 9% of total revenues. Sales to customers in Canada represented 5% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment rentals segment for the three months ended March 31, 2014, one customer individually accounted for approximately 12% of revenues on a segmented basis. Within the equipment distribution segment for the three months ended March 31, 2014, five customers individually accounted for approximately 22%, 21%, 21%, 21% and 14% of revenues on a segmented basis. The concentration of revenues from these customers within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||
Our sales to international customers for the three months ended March 31, 2013 were 8% of total revenues. Sales to customers in Canada represented 8% of total revenues. One customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment distribution segment for the three months ended March 31, 2013, one customer individually accounted for approximately 76% of revenues on a segmented basis. The concentration of revenues from this customer within the equipment distribution segment is directly attributable to the large dollar value of individual transactions and the small number of individual transactions. | ||||||||
The Company maintains assets in Canada associated with our Coast Crane Ltd. subsidiary. Total assets located in Canada at March 31, 2014 totaled approximately $3.2 million, including long-lived assets totaling approximately $2.2 million. At December 31, 2013, total assets located in Canada totaled approximately $7.2 million, including long-lived assets totaling approximately $5.8 million. |
Commitments_Contingencies_and_
Commitments, Contingencies and Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies and Related Party Transactions | ' |
Commitments, Contingencies and Related Party Transactions | |
Since December 2010, the Company has occupied office space at 500 Fifth Avenue, 50th Floor, New York, NY 10110, provided by Hyde Park Real Estate LLC, an affiliate of Laurence S. Levy, our chairman of the board. Such affiliate has agreed that it will make such office space, as well as certain office and administrative services, available to the Company, as may be required by the Company from time to time. Effective January 1, 2012, the Company has agreed to pay such entity $7,688 per month for such services with the terms of such arrangement being reconsidered from time to time. The Company’s statements of operations for the three months ended March 31, 2014 and 2013 each include approximately $23,064 of rent expense related to these agreements. | |
In November 2010, the Company entered into an agreement with the holders of certain Coast Crane indebtedness pursuant to which such holders agreed, in consideration of the assumption of such indebtedness by the Company, to exchange such indebtedness of $5.2 million for unsecured promissory notes issued by the Company in the aggregate principal amount of $5.2 million plus the receipt of up to 90,000 warrants to purchase Essex common stock at $0.01 per share. The warrants were exercised in full on October 24, 2013. The holders of the unsecured promissory notes are related parties to the Company as they owned a significant amount of the Company’s outstanding shares of common stock at the time of the transaction. | |
The Company maintains reserves for personal property taxes. These reserves are based on a variety of factors including: duration of rental in each county jurisdiction, tax rates, rental contract terms, customer filings, tax-exempt nature of projects or jurisdictions, statutes of limitations and potential related penalties and interest. Additionally, most customer rental contracts contain a provision that provides that personal property taxes are an obligation to be borne by the lessee. Where provided in the rental contract, management will invoice the customer for any personal property taxes paid by the Company. An estimated receivable has been recorded, net of an estimated allowance in connection with this liability. This customer receivable has been presented as other receivables in current assets while the property tax reserve has been included in accrued taxes. | |
Management estimated the gross personal property taxes liability and related contractual customer receivable of the Company to be approximately $3.0 million and $1.8 million, respectively, as of March 31, 2014 and approximately $3.3 million and $2.0 million, respectively, as of December 31, 2013. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On April 29, 2014, Coast Crane entered into a Second Amendment (the “Second Amendment”) to the Second Amended and Restated Credit Agreement. The purpose of the Second Amendment is to adjust the minimum fixed charge coverage ratio requirement to 0.88 to 1.00, 1.00 to 1.00 and 1.10 to 1.00 from 1.20 to 1.00, for the trailing twelve month periods ended April 30, 2014, May 31, 2014 and June 30, 2014, respectively. The minimum required fixed charge coverage ratio for the trailing twelve month periods ending July 31, 2014 and thereafter will remain 1.20 to 1.00. In addition, the Second Amendment waives any event of default arising from Coast Crane’s breach of the minimum 1.20 to 1.00 fixed charge coverage ratio requirement for the trailing twelve month period ended March 31, 2014, so long as the fixed charge coverage ratio for such period is at least equal to 1.00 to 1.00. Further, under the amendment, Coast Crane is required to achieve a minimum trailing twelve month EBITDA threshold as of the last day of the month of $7.7 million for March 2014 through August 2014; $7.9 million for September 2014 through November 2014; $8.0 million for December 2014 through February 2015; $8.2 million for March 2015 through May 2015; and $8.3 million for June, 2015 and thereafter. All other terms of the February 21, 2014 amendment and restatement remained in effect following such amendment. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Reclassifications | ' |
Reclassifications | |
Certain prior year amounts in the consolidated statements of operations and segment information note have been reclassified to conform to the current year presentation. The reclassifications had no effect on net loss, earnings per share or shareholders' equity | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these financial statements requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and the related disclosures. Accordingly, actual results could materially differ from those estimates. Significant estimates include the allowance for doubtful accounts and credit memos, spare parts inventory obsolescence reserve, useful lives for rental equipment and property and equipment, deferred income taxes, personal property tax receivable and accrual, loss contingencies and the fair value of financial instruments. | |
Fair Value of Financial Instruments, Including Derivative Instruments | ' |
Fair Value of Financial Instruments | |
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. | |
Segment Reporting | ' |
Segment Reporting | |
We have determined, in accordance with applicable accounting guidance regarding operating segments that we have three reportable segments. We derive our revenues from three principal business activities: (1) equipment rentals; (2) equipment distribution; and (3) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 11 to the consolidated financial statements regarding our segment information. | |
Long-lived Assets | ' |
Long-lived Assets | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The criteria for determining impairment for such long-lived assets to be held and used is determined by comparing the carrying value of these long-lived assets to be held and used to management's best estimate of future undiscounted cash flows expected to result from the use of these assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The estimated fair value of the assets is measured by estimating the present value of the future discounted cash flows to be generated. | |
During the three months ended March 31, 2014, and as a result of continuing losses and depressed utilization rates the Company determined that triggering event had occurred at Essex Crane, which caused the Company to determine if an impairment of these long-lived assets was necessary. | |
Application of the long-lived asset impairment test requires judgment, including the identification the primary asset, identification of the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities and the future cash flows of the long-lived assets. The Company identified its crawler crane rental equipment fleet as the primary asset as it is the basis of all revenue generating activities for Essex Crane, its replacement would require a significant level of investment and its remaining useful life significantly exceeds the remaining useful life of all other assets. The lowest level of identifiable cash flows within the rental equipment fleet is at the equipment model level. Each equipment model group is capable of producing cash flows without other complementary assets and each asset within the specific equipment model groups is interchangeable with any other asset within that equipment model group. The Company tested the recoverability of the rental equipment assets by model using an undiscounted cash flow approach dependent primarily upon estimates of future rental income, orderly liquidation value and discount rates. Cash flows for each equipment model group considered the possibility of continuing to rent the assets and selling the assets in orderly transactions in the future or at the end of their remaining useful lives. The Company estimated that the future cash flows generated by each of the equipment model groups exceeded the carrying value of the assets and no impairment was recorded for the three months ended March 31, 2014. | |
The Company also assessed whether a triggering event for potential impairment of its other equipment assets existed, and it was determined that no such event occurred for these assets during the three months ended March 31, 2013. | |
Recently Issued and Adopted Accounting Pronouncements | ' |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued authoritative guidance regarding the reporting of reclassifications out of accumulated other comprehensive income. Under the new guidance, an entity has the option to present either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the statement of operations line items affected by the reclassification. The amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this guidance during the three months ended March 31, 2013 and has disclosed the reclassifications out of other comprehensive income and the effect on the statement of operations line items within the notes to the consolidated financial statements. | |
In July 2013, the FASB issued authoritative guidance regarding the financial statement presentation of unrecognized tax benefits. Under the new guidance, unrecognized tax benefits, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The company adopted this guidance for the fiscal year beginning January 1, 2014. Adoption of this guidance did not have a material impact on the Company's financial results. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable finite lived intangible assets at March 31, 2014 (amounts in thousands): | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 785 | $ | (785 | ) | $ | — | |||||
Essex Crane trademark | 804 | (804 | ) | — | ||||||||
Coast Crane customer relationship | 1,500 | (714 | ) | 786 | ||||||||
Coast Crane trademark | 600 | (400 | ) | 200 | ||||||||
$ | 3,689 | $ | (2,703 | ) | $ | 986 | ||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of the Company’s other identifiable intangible assets at December 31, 2013 (amounts in thousands): | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | Carrying | ||||||||||
Amount | Amount | |||||||||||
Other identifiable intangible assets: | ||||||||||||
Essex Crane customer relationship | $ | 785 | $ | (785 | ) | $ | — | |||||
Essex Crane trademark | 804 | (804 | ) | — | ||||||||
Coast Crane customer relationship | 1,500 | (661 | ) | 839 | ||||||||
Coast Crane trademark | 600 | (370 | ) | 230 | ||||||||
$ | 3,689 | $ | (2,620 | ) | $ | 1,069 | ||||||
Schedule of Estimated Future Amortization Expense | ' | |||||||||||
The following table presents the estimated future amortization expense related to intangible assets as of March 31, 2014 for the years ended December 31 (amounts in thousands): | ||||||||||||
2014 | $ | 251 | ||||||||||
2015 | 324 | |||||||||||
2016 | 214 | |||||||||||
2017 | 197 | |||||||||||
Total | $ | 986 | ||||||||||
Revolving_Credit_Facilities_an1
Revolving Credit Facilities and Other Debt Obligations (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Revolving Credit Facilities and Other Debt Obligations | ' | |||||||||||
The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): | ||||||||||||
Principal Outstanding at | Weighted Average Interest as of | Maturity | ||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | Date Ranges | |||||||||
Essex Crane revolving credit facility | $ | 147,353 | $ | 148,149 | 3.92% | Oct-16 | ||||||
Coast Crane revolving credit facility | 16,675 | 17,333 | 5.31% | Mar-17 | ||||||||
Term loan | 36,000 | 36,500 | 5.25% | June 2015 to March 2017 | ||||||||
Term loan - short-term | 2,000 | 2,000 | 5.25% | within 1 year | ||||||||
Unsecured promissory notes (related party) | 3,655 | 3,655 | 18.00% | Oct-16 | ||||||||
Purchase money security interest debt | 2,189 | 1,975 | 4.86% | September 2015 to October 2018 | ||||||||
Purchase money security interest debt - short-term | 1,041 | 959 | 4.86% | within 1 year | ||||||||
Total debt obligations outstanding | $ | 208,913 | $ | 210,571 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Reclassifications (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Equity [Abstract] | ' | |||
Schedule of Changes in Accumulated Other Comprehensive Income by Component of Net Tax | ' | |||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended March 31, 2014 (amounts in thousands): | ||||
Foreign Currency Translation Adjustments | ||||
Beginning balance | $ | 11 | ||
Other comprehensive income (loss) before reclassifications | 11 | |||
Amounts reclassified from accumulated other comprehensive income | — | |||
Net current period other comprehensive income (loss) | 11 | |||
Ending balance | $ | 22 | ||
The following table presents the Company's changes in accumulated other comprehensive income by component net of tax for the three months ended March 31, 2013 (amounts in thousands): | ||||
Foreign Currency Translation Adjustments | ||||
Beginning balance | $ | 10 | ||
Other comprehensive income (loss) before reclassifications | (5 | ) | ||
Amounts reclassified from accumulated other comprehensive income | — | |||
Net current period other comprehensive income (loss) | (5 | ) | ||
Ending balance | $ | 5 | ||
Earnings_per_Share_and_Compreh1
Earnings per Share and Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||
The following tables set forth the computation of basic and diluted earnings per share (amounts in thousands except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net loss | $ | (3,169 | ) | $ | (2,162 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 24,789 | 24,612 | ||||||
Effect of dilutive securities: | ||||||||
Warrants | — | — | ||||||
Options | — | — | ||||||
Diluted | 24,789 | 24,612 | ||||||
Basic earnings (loss) per share | $ | (0.13 | ) | $ | (0.09 | ) | ||
Diluted earnings (loss) per share | $ | (0.13 | ) | $ | (0.09 | ) |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Assumptions Used To Determine Fair Value of Options Granted | ' | |||||||||||||||||||||||
Based on the results of the model, the weighted average fair value of the stock options granted were $1.88, $1.95, $2.79, $3.19, $3.76 and $2.54 per share for the options granted on March 13, 2014, November 15, 2013, June 18, 2013, January 14, 2011, March 18, 2010, and December 18, 2008, respectively, using the following assumptions (amounts in thousands): | ||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||
2014 | 2013 (1) | 2013 (2) | 2011 | 2010 | 2008 | |||||||||||||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
Risk-free interest rate | 1.84 | % | 1.71 | % | 1.33 | % | 2.31 | % | 2.79 | % | 1.43 | % | ||||||||||||
Expected volatility | 71.12 | % | 72.71 | % | 74.98 | % | 60 | % | 61 | % | 61 | % | ||||||||||||
Expected life of option | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | ||||||||||||||||||
Grant date fair value | $ | 188 | $ | 146 | $ | 279 | $ | 1,352 | $ | 1,827 | $ | 1,435 | ||||||||||||
-1 | Stock options granted on November 15, 2013 | |||||||||||||||||||||||
-2 | Stock options granted on June 18, 2013 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Reportable Segments Related to Revenues and Gross Profit | ' | |||||||
The following table presents information about our reportable segments related to revenues and gross profit (amounts in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Segment revenues | ||||||||
Equipment rentals | $ | 15,136 | $ | 16,445 | ||||
Equipment distribution | 1,301 | 3,710 | ||||||
Parts and service | 4,649 | 4,910 | ||||||
Total revenues | $ | 21,086 | $ | 25,065 | ||||
Segment gross profit | ||||||||
Equipment rentals | $ | 2,865 | $ | 4,018 | ||||
Equipment distribution | 10 | 409 | ||||||
Parts and service | 1,307 | 1,296 | ||||||
Total gross profit | $ | 4,182 | $ | 5,723 | ||||
Reportable Segments Related to Total Assets | ' | |||||||
The following table presents information about our reportable segments related to total assets (amounts in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Segment identified assets | ||||||||
Equipment rentals | $ | 300,503 | $ | 307,372 | ||||
Equipment distribution | 4,260 | 5,150 | ||||||
Parts and service | 6,985 | 5,261 | ||||||
Total segment identified assets | 311,748 | 317,783 | ||||||
Non-segmented identified assets | 14,409 | 14,993 | ||||||
Total assets | $ | 326,157 | $ | 332,776 | ||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of reportable segments | 3 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | $3,689,000 | ' | $3,689,000 |
Accumulated Amortization | -2,703,000 | ' | -2,620,000 |
Net Carrying Amount | 986,000 | ' | 1,069,000 |
Goodwill | 1,796,000 | ' | 1,796,000 |
Amortization expense | 100,000 | 100,000 | ' |
Essex Crane customer relationship | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 785,000 | ' | 785,000 |
Accumulated Amortization | -785,000 | ' | -785,000 |
Net Carrying Amount | 0 | ' | 0 |
Essex Crane trademark | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 804,000 | ' | 804,000 |
Accumulated Amortization | -804,000 | ' | -804,000 |
Net Carrying Amount | 0 | ' | 0 |
Coast Crane customer relationship | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 1,500,000 | ' | 1,500,000 |
Accumulated Amortization | -714,000 | ' | -661,000 |
Net Carrying Amount | 786,000 | ' | 839,000 |
Coast Crane trademark | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 600,000 | ' | 600,000 |
Accumulated Amortization | -400,000 | ' | -370,000 |
Net Carrying Amount | $200,000 | ' | $230,000 |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Future Amortization) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Future Amortization Expense Related to Intangible Assets | ' | ' |
2014 | $251 | ' |
2015 | 324 | ' |
2016 | 214 | ' |
2017 | 197 | ' |
Net Carrying Amount | $986 | $1,069 |
Revolving_Credit_Facilities_an2
Revolving Credit Facilities and Other Debt Obligations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 15, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2008 | 7-May-12 | Mar. 31, 2014 | Feb. 21, 2014 | Dec. 31, 2013 | Mar. 12, 2013 | Nov. 24, 2010 | Feb. 21, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 21, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 21, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 21, 2014 | Nov. 24, 2010 | Feb. 21, 2014 | Feb. 21, 2014 | Nov. 24, 2010 | Feb. 21, 2014 | Feb. 21, 2014 | Nov. 24, 2010 | Feb. 21, 2014 |
Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane Revolving Credit Facility, Coast Crane Ltd Portion [Member] | Term loan | Term loan | Term loan | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Option Two [Member] | Option Two [Member] | Option Two [Member] | Option Three [Member] | Option Three [Member] | Option Three [Member] | Option Four [Member] | Option Four [Member] | Option Four [Member] | |||
Short-term | Short-term | Coast Crane revolving credit facility | Term loan | Purchase money security interest debt | Coast Crane revolving credit facility | Term loan | Purchase money security interest debt | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane Revolving Credit Facility, Coast Crane Ltd Portion [Member] | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane Revolving Credit Facility, Coast Crane Ltd Portion [Member] | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane Revolving Credit Facility, Coast Crane Ltd Portion [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Availability Less Ten Percent of Outstanding Commitment | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | 85.00% | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
US Eligible New Sale Inventory Cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 175,000,000 | ' | ' | ' | 190,000,000 | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | 'October 2016 | ' | ' | ' | ' | 'March 2017 | ' | ' | ' | ' | ' | 'within 1 year | ' | ' | 'October 2016 | ' | 'within 1 year | ' | ' | ' | 'June 2015 | 'September 2015 | ' | 'March 2017 | 'October 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | 147,353,000 | ' | 148,149,000 | ' | ' | 16,675,000 | ' | 17,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | 36,000,000 | 36,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | 36,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan - short-term | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecruted promissory notes (related party) | 3,655,000 | 3,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,655,000 | 3,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase money security interest debt | 2,189,000 | 1,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,189,000 | 1,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase money security interest debt - short-term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,041,000 | 959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt obligations outstanding | 208,913,000 | 210,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Interest | ' | ' | ' | 3.92% | ' | ' | ' | ' | 5.31% | ' | ' | ' | ' | ' | 5.25% | ' | 5.25% | 18.00% | ' | 4.86% | ' | 4.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Amount Of Letters Of Credit Sublimit Under Credit Facility | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable to Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | 38,000,000 | 38,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve on Credit Facility | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Total Trade Receivables | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Net Orderly Liquidation Value Eligible Asset | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Future Reduction in Aggregate Commitment, Percentage of Proceeds on Sale of Assets | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Future Reduction in Aggregate Commitment, Percentage of Free Cash Flow | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity, Year Two | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable Margin Rate On Base Rate | ' | ' | 1.75% | 1.75% | ' | 1.75% | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable Margin Rate On Eurodollar Rate | ' | ' | 3.75% | 3.75% | ' | 3.75% | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 0.38% | 0.38% | 0.38% | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Fixed Charge Coverage Ratio | ' | ' | 1.1 | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Covenant Maximum Indebtedness | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Borrowing Base, Percentage of Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Borrowing Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | $5,000,000 | $800,000 | ' | $15,000,000 | $2,000,000 | ' | ' | ' |
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | 95.00% | 95.00% | ' | ' | ' |
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value Less Reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 85.00% | 85.00% |
Revolving_Credit_Facilities_an3
Revolving Credit Facilities and Other Debt Obligations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 15, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2008 | 7-May-12 | Nov. 14, 2011 | Mar. 31, 2014 | Dec. 31, 2012 | Feb. 21, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 12, 2013 | Mar. 31, 2012 | Feb. 29, 2012 | Jan. 31, 2012 | Nov. 24, 2010 | Dec. 31, 2013 | Feb. 21, 2014 | Nov. 24, 2010 | Feb. 21, 2014 | Nov. 24, 2010 | Feb. 21, 2014 | Nov. 24, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Coast Crane Ltd. | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Essex Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Coast Crane revolving credit facility | Term loan | Term loan | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Unsecured promissory notes (related party) | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase money security interest debt | Purchase Money Security Interest Non LIBOR | Unsecured promissory notes (related party) | ||||
31-Dec-13 | Option Two [Member] | Option Two [Member] | Option Three [Member] | Option Three [Member] | Option Four [Member] | Option Four [Member] | Maximum [Member] | equipment | equipment | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing amount | ' | ' | ' | ' | $175,000,000 | ' | ' | ' | $190,000,000 | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublimit for letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of borrowing of net receivables | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net orderly liquidation value of eligible rental equipment. | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable prime rate margin | ' | ' | ' | ' | 1.75% | 1.75% | ' | 1.75% | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Euro-dollar LIBOR margin | ' | ' | ' | ' | 3.75% | 3.75% | ' | 3.75% | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused line commitment fee | ' | ' | ' | ' | 0.38% | 0.38% | 0.38% | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum required availability as a percentage of outstanding commitment | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of net proceeds from sales of certain assets to reduce aggregate commitment | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of free cash flows to reduce aggregate commitment | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment on March 31, 2014 | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment on March 31, 2015 | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum commitment on February, 28, 2016 | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limit on certain capital expenditures | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank's prime rate | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | 3.25% | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Debt Obligations at LIBOR plus a Margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' |
Applicable LIBOR rate | ' | ' | ' | ' | ' | 0.15% | ' | ' | ' | ' | ' | 0.23% | ' | ' | 0.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum current borrowing capacity under revolving credit facility | ' | ' | ' | ' | ' | 165,000,000 | ' | 170,100,000 | ' | ' | ' | 34,900,000 | ' | ' | 34,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing under revolving credit facility | ' | ' | ' | ' | ' | 17,400,000 | ' | 21,900,000 | ' | ' | ' | 9,400,000 | ' | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available collateral in excess of maximum borrowing amount | ' | ' | ' | ' | ' | 11,900,000 | ' | 9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 8,400,000 | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured purchase money indebtedness | ' | ' | ' | 10,000,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate principal amount, letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Borrowing Base, Percentage of Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Borrowing Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value Less Reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds of the first borrowing under credit facility | 21,378,000 | 24,546,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First amendment reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Essex contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum EBITDA Threshold (less than $6 million) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum availability level of borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | 38,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled quarterly term loan payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in addition to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | 5.38% | 5.38% | ' | ' |
LIBOR floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit fee, rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lender reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | ' | ' | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan - short-term | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal balance assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that the warrants entitle the holder to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the detachable warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | 18.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.29% | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 |
Pieces of equipment financed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' |
Purchase money security interest debt - short-term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,041,000 | 959,000 | ' | ' | ' | ' | ' | ' |
Obligations payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | $2,900,000 | ' | ' | ' | ' | ' | ' |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of total debt obligations | $210.20 | $212 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Reclassifications - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Beginning Balance | $11 | ' |
Other comprehensive income (loss) | 11 | -5 |
Ending Balance | 22 | ' |
Foreign Currency Translation Adjustments | ' | ' |
Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Beginning Balance | 11 | 10 |
Other comprehensive income (loss) before reclassifications | 11 | -5 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income (loss) | 11 | -5 |
Ending Balance | $22 | $5 |
Earnings_per_Share_and_Compreh2
Earnings per Share and Comprehensive Income - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Net loss | ($3,169) | ($2,162) |
Weighted average shares outstanding: | ' | ' |
Basic (shares) | 24,789,338 | 24,611,513 |
Effect of dilutive securities: | ' | ' |
Diluted (shares) | 24,789,338 | 24,611,513 |
Basic earnings (loss) per share | ($0.13) | ($0.09) |
Diluted earnings (loss) per share | ($0.13) | ($0.09) |
Warrants | ' | ' |
Effect of dilutive securities: | ' | ' |
Effect of dilutive securities | 0 | 0 |
Stock Options | ' | ' |
Effect of dilutive securities: | ' | ' |
Effect of dilutive securities | 0 | 0 |
Earnings_per_Share_and_Compreh3
Earnings per Share and Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Shares of common stock for effective conversion of retained interest in Holdings | 493,670 | 493,670 |
Stock options, outstanding | 1,313,879 | 1,474,719 |
Restricted Stock | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Shares/Units that were not included in computation of diluted earnings per share | 16,608 | 0 |
Stock Options | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Shares/Units that were not included in computation of diluted earnings per share | 0 | 62,286 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 4.75 | 5.45 |
Warrants | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Shares/Units that were not included in computation of diluted earnings per share | ' | 89,776 |
Warrants, outstanding | ' | 90,000 |
Warrants exercisable, weighted average exercise price | ' | 0.01 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate | 38.00% | 33.80% | ' |
Unrecorded excess tax goodwill | $3.10 | ' | $3.10 |
Excess tax goodwill remaining amortization period | '3 years | ' | ' |
Unrecognized tax benefits | 0.1 | ' | 0.1 |
Federal | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 152.5 | ' | 143.8 |
State | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $82.10 | ' | $77.30 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2013 | Mar. 31, 2014 | Mar. 13, 2014 | Jun. 18, 2013 | Jan. 14, 2011 | Dec. 31, 2013 | Mar. 18, 2010 | Dec. 31, 2013 | Dec. 18, 2008 | Jan. 03, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | 2011 Long Term Incentive Plan | 2008 Long Term Incentive Plan | November Fifteen Two Thousand Thirteen [Member] | November Fifteen Two Thousand Thirteen [Member] | March Twelve Two Thousand Fourteen [Member] | June Eighteen Two Thousand Thirteen [Member] | January Fourteen Two Thousand Eleven [Member] | January Fourteen Two Thousand Eleven [Member] | March Eighteen Two Thousand Ten [Member] | March Eighteen Two Thousand Ten [Member] | December Eighteen Two Thousand Eight [Member] | January Third Two Thousand Eleven [Member] | January Third Two Thousand Eleven [Member] | January Third Two Thousand Twelve [Member] | January Third Two Thousand Thirteen [Member] | June Thirty Two Thousand Fourteen [Member] | June Thirty Two Thousand Fifteen [Member] | June Thirty Two Thousand Sixteen [Member] | May Twenty Two Thousand Fourteen [Member] | May Twenty Two Thousand Fifteen [Member] | May Twenty Two Thousand Sixteen [Member] | |||
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | |||||||||||||||||||
Coast Crane Ltd. | Coast Crane Ltd. | November Fifteen Two Thousand Thirteen [Member] | November Fifteen Two Thousand Thirteen [Member] | November Fifteen Two Thousand Thirteen [Member] | June Eighteen Two Thousand Thirteen [Member] | June Eighteen Two Thousand Thirteen [Member] | June Eighteen Two Thousand Thirteen [Member] | |||||||||||||||||||
Essex Rental Corp [Member] | Essex Rental Corp [Member] | Essex Rental Corp [Member] | Essex Rental Corp [Member] | Essex Rental Corp [Member] | Essex Rental Corp [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | 1,500,000 | 1,575,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual vesting perectage of stock options | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 33.30% | 33.30% | 33.30% | 33.30% | 33.30% | 33.30% |
Aggregate grant date fair value of stock issued | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | 100,000 | 100,000 | 423,750 | ' | 485,969 | ' | 565,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price of stock options granted (use per share) | ' | ' | ' | ' | ' | ' | ' | $3.02 | ' | $3.26 | $4.26 | $5.58 | ' | $6.45 | ' | $4.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of stock options granted (usd per share) | ' | ' | ' | ' | ' | ' | ' | $1.95 | ' | $1.88 | $2.79 | $3.19 | ' | $3.76 | ' | $2.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,487 | ' | 403,353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | 67,500 | ' | ' | ' | ' | ' | 166,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | $300,000 | ' | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 166,943 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash compensation expense | 81,000 | 112,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | $900,000 | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Weigh
Stock Based Compensation - Weighted Average Fair value of Stock Options Granted (Detail) (USD $) | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 13, 2014 | Nov. 15, 2013 | Jun. 18, 2013 | Jan. 14, 2011 | Mar. 18, 2010 | Dec. 18, 2008 | ||
March Twelve Two Thousand Fourteen [Member] | November Fifteen Two Thousand Thirteen [Member] | June Eighteen Two Thousand Thirteen [Member] | January Fourteen Two Thousand Eleven [Member] | March Eighteen Two Thousand Ten [Member] | December Eighteen Two Thousand Eight [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Expected dividend yield | 0.00% | 0.00% | [1] | 0.00% | [2] | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.84% | 1.71% | [1] | 1.33% | [2] | 2.31% | 2.79% | 1.43% |
Expected volatility | 71.12% | 72.71% | [1] | 74.98% | [2] | 60.00% | 61.00% | 61.00% |
Expected life of option | '6 years | '6 years | [1] | '6 years | [2] | '6 years | '6 years | '6 years |
Grant date fair value | $188 | $146 | [1] | $279 | [2] | $1,352 | $1,827 | $1,435 |
[1] | Stock options granted on November 15, 2013 | |||||||
[2] | Stock options granted on June 18, 2013 |
Common_Stock_and_Warrants_Addi
Common Stock and Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2008 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Coast Crane | Restricted Stock | Strategic Planning and Finance Committee | Strategic Planning and Finance Committee | Board Of Directors | ||
Coast Crane | ||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | $12 | ' | ' | ' | ' | ' |
Common stock issued for services (in shares) | ' | ' | ' | 45,719 | 43,715 | 3,155 |
Shares of restricted common stock issued to employees of Coast Crane | ' | 83,469 | ' | ' | ' | ' |
Shares withheld to cover Employee Tax | ' | ' | 29,489 | ' | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Segment | |||
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of reportable operating segment | 3 | ' | ' |
Sales between segments | $0 | $0 | ' |
TOTAL ASSETS | 326,157,000 | ' | 332,776,000 |
Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of major customers | ' | 1 | ' |
Customer 1 | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of major customers | ' | 1 | ' |
Customer 1 | Equipment rentals | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of major customers | 1 | ' | ' |
Customer 1 | Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of major customers | 5 | ' | ' |
Canada | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
TOTAL ASSETS | 3,200,000 | ' | 7,200,000 |
Long-lived assets | $2,200,000 | ' | $5,800,000 |
Net revenues | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of major customers | 0 | ' | ' |
Net revenues | Geographic concentration risk | International customers | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 9.00% | 8.00% | ' |
Net revenues | Geographic concentration risk | Canada | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 5.00% | 8.00% | ' |
Net revenues | Customer concentration risk | Customer 1 | Equipment rentals | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 12.00% | ' | ' |
Net revenues | Customer concentration risk | Customer 1 | Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 22.00% | 76.00% | ' |
Net revenues | Customer concentration risk | Customer 2 | Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | ' | ' |
Net revenues | Customer concentration risk | Customer 3 | Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | ' | ' |
Net revenues | Customer concentration risk | Customer 4 | Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | ' | ' |
Net revenues | Customer concentration risk | Customer 5 | Equipment distribution | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Concentration risk percentage | 14.00% | ' | ' |
Segment_Information_Reportable
Segment Information - Reportable Segments Related to Revenues and Gross Profit (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment revenues | ' | ' |
Total revenues | $21,086 | $25,065 |
Segment gross profit | ' | ' |
Total gross profit | 4,182 | 5,723 |
Equipment rentals | ' | ' |
Segment revenues | ' | ' |
Total revenues | 15,136 | 16,445 |
Segment gross profit | ' | ' |
Total gross profit | 2,865 | 4,018 |
Equipment distribution | ' | ' |
Segment revenues | ' | ' |
Total revenues | 1,301 | 3,710 |
Segment gross profit | ' | ' |
Total gross profit | 10 | 409 |
Parts and service | ' | ' |
Segment revenues | ' | ' |
Total revenues | 4,649 | 4,910 |
Segment gross profit | ' | ' |
Total gross profit | $1,307 | $1,296 |
Segment_Information_Reportable1
Segment Information - Reportable Segments Related to Total Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $326,157 | $332,776 |
Segment identified assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 311,748 | 317,783 |
Segment identified assets | Equipment rentals | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 300,503 | 307,372 |
Segment identified assets | Equipment distribution | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 4,260 | 5,150 |
Segment identified assets | Parts and service | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 6,985 | 5,261 |
Non-segmented identified assets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $14,409 | $14,993 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Related Party Transactions - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Jan. 02, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Coast Crane Ltd. | Coast Crane Ltd. | Hyde Park Real Estate LLC | Hyde Park Real Estate LLC | Hyde Park Real Estate LLC | |||
Maximum | |||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Monthly rent payment | ' | ' | ' | ' | $7,688 | ' | ' |
Rent expense | ' | ' | ' | ' | ' | 23,064 | 23,064 |
Debt conversion, converted instrument, amount | ' | ' | 5,200,000 | ' | ' | ' | ' |
Unsecured promissory notes | ' | ' | 5,200,000 | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | 90,000 | ' | ' | ' |
Share price | ' | ' | $0.01 | ' | ' | ' | ' |
Gross personal property taxes liability | 3,000,000 | 3,300,000 | ' | ' | ' | ' | ' |
Contractual customer receivable | $1,800,000 | $2,000,000 | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Coast Crane revolving credit facility, USD $) | 7-May-12 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 |
In Millions, unless otherwise specified | April Thirty Two Thousand Fourteen [Member] | May Thirty One Two Thousand Fourteen [Member] | June Thirty Two Thousand Fourteen [Member] | July Thirty One Two Thousand Fourteen And Thereafter [Member] | March Thirty One Two Thousand Fourteen [Member] | March 2014 to August 2014 [Member] | September 2014 to November 2014 [Member] | December 2014 to February 2015 [Member] | March 2015 to May 2015 [Member] | June 2015 and Thereafter [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.2 | 0.88 | 1 | 1.1 | 1.2 | 1 | ' | ' | ' | ' | ' |
Required Trailing Twelve Month EBITDA | ' | ' | ' | ' | ' | ' | $7.70 | $7.90 | $8 | $8.20 | $8.30 |