Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Entity Information [Line Items] | ||
Document Type | 10-Q/A | |
Amendment Flag | TRUE | |
Amendment Description | This amended filing reflects corrections made to our financial statements and related disclosures related to (i) classification of indebtedness outstanding under our revolving credit facilities as long-term obligations instead of short-term obligations and (ii) aggregation of our operating subsidiaries' equipment rentals segments in our segment disclosures. | |
Document Period End Date | 30-Jun-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ESSX | |
Entity Registrant Name | Essex Rental Corp. | |
Entity Central Index Key | 1373988 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,813,619 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $936 | $1,349 |
Accounts receivable, net of allowances for doubtful accounts and credit memos of $2,641 and $2,485, respectively | 16,395 | 14,059 |
Other receivables | 2,236 | 2,412 |
Deferred tax assets | 3,020 | 2,878 |
Prepaid expenses and other assets | 1,583 | 1,791 |
TOTAL CURRENT ASSETS | 33,285 | 27,503 |
Property and equipment, net | 4,807 | 5,205 |
Spare parts inventory, net | 3,466 | 3,248 |
Identifiable finite lived intangibles, net | 902 | 1,069 |
Goodwill | 1,796 | 1,796 |
Loan acquisition costs, net | 6,030 | 6,095 |
TOTAL ASSETS | 328,135 | 332,776 |
Accounts payable | 9,106 | 5,703 |
Accrued employee compensation and benefits | 1,997 | 2,012 |
Accrued taxes | 3,683 | 3,909 |
Accrued interest | 984 | 655 |
Accrued other expenses | 715 | 1,007 |
Unearned rental revenue | 2,136 | 1,668 |
Customer deposits | 212 | 293 |
Revolving credit facilities - short-term | 137,975 | 163,114 |
Term loan - short-term | 2,000 | 2,000 |
Purchase money security interest debt - short-term | 966 | 959 |
Capital lease obligation | 20 | 0 |
TOTAL CURRENT LIABILITIES | 159,794 | 181,320 |
Revolving credit facility | 1,135 | 2,368 |
Term loans | 65,500 | 36,500 |
Promissory notes | 1,655 | 3,655 |
Purchase money security interest debt | 2,011 | 1,975 |
Deferred tax liabilities | 37,433 | 40,869 |
Capital lease obligation | 104 | 0 |
TOTAL LONG-TERM LIABILITIES | 107,838 | 85,367 |
TOTAL LIABILITIES | 267,632 | 266,687 |
Commitments and contingencies | ||
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 24,813,619 shares at June 30, 2014 and 24,743,513 shares at December 31, 2013 | 2 | 2 |
Paid in capital | 126,280 | 125,952 |
Accumulated deficit | -65,786 | -59,876 |
Accumulated other comprehensive income | 7 | 11 |
TOTAL STOCKHOLDERS' EQUITY | 60,503 | 66,089 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 328,135 | 332,776 |
Property Subject to Operating Lease | ||
Property and equipment, net | 277,849 | 287,860 |
Retail Spare Parts Inventory, Net | ||
Retail equipment | 1,602 | 1,598 |
Retail Equipment Inventory | ||
Retail equipment | $7,513 | $3,416 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances for doubtful accounts and credit memos | $2,641 | $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 | 24,813,619 | 24,743,513 |
Common stock, outstanding | 24,813,619 | 24,743,513 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equipment rentals | $12,518 | $12,192 | $23,562 | $23,645 |
Transportation | 2,192 | 1,878 | 3,965 | 3,071 |
Equipment repairs and maintenance | 2,801 | 3,257 | 5,283 | 6,390 |
TOTAL REVENUES | 24,509 | 25,213 | 45,595 | 50,279 |
Salaries, payroll taxes and benefits | 2,834 | 2,750 | 5,378 | 5,501 |
Depreciation | 4,613 | 4,658 | 9,217 | 9,329 |
Transportation | 2,048 | 1,810 | 3,824 | 2,941 |
Equipment repairs and maintenance | 3,275 | 2,598 | 5,652 | 5,479 |
Yard operating expenses | 810 | 718 | 1,602 | 1,542 |
TOTAL COST OF REVENUES | 19,236 | 18,850 | 36,140 | 38,191 |
GROSS PROFIT | 5,273 | 6,363 | 9,455 | 12,088 |
Selling, general and administrative expenses | 5,828 | 6,313 | 11,747 | 12,394 |
Other depreciation and amortization | 255 | 258 | 513 | 542 |
LOSS FROM OPERATIONS | -810 | -208 | -2,805 | -848 |
Other income (expense) | -9 | 1 | 2 | 6 |
Interest expense | -3,602 | -2,985 | -6,574 | -5,500 |
Foreign currency exchange gains (losses) | 99 | -213 | -53 | -332 |
TOTAL OTHER INCOME (EXPENSES) | -3,512 | -3,197 | -6,625 | -5,826 |
LOSS BEFORE INCOME TAXES | -4,322 | -3,405 | -9,430 | -6,674 |
BENEFIT FOR INCOME TAXES | -1,581 | -1,473 | -3,520 | -2,579 |
NET LOSS | -2,741 | -1,932 | -5,910 | -4,095 |
Basic (shares) | 24,801,387 | 24,653,513 | 24,795,396 | 24,632,629 |
Diluted (shares) | 24,801,387 | 24,653,513 | 24,795,396 | 24,632,629 |
Basic earnings (loss) per share | ($0.11) | ($0.08) | ($0.24) | ($0.17) |
Diluted earnings (loss) per share | ($0.11) | ($0.08) | ($0.24) | ($0.17) |
Retail Spare Parts Inventory, Net | ||||
Sales Revenue, Goods, Net | 2,375 | 2,173 | 4,542 | 3,951 |
Cost of Goods Sold | 1,854 | 1,630 | 3,596 | 2,981 |
Property Subject to Operating Lease | ||||
Sales Revenue, Goods, Net | 1,746 | 4,858 | 4,065 | 8,657 |
Cost of Goods Sold | 1,260 | 4,008 | 3,179 | 6,610 |
Retail Equipment Inventory | ||||
Sales Revenue, Goods, Net | 2,877 | 855 | 4,178 | 4,565 |
Cost of Goods Sold | $2,542 | $678 | $3,692 | $3,808 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net loss | ($5,910) | ($4,095) |
Depreciation and amortization of tangible assets | 9,563 | 9,704 |
Amortization of loan acquisition costs and other intangibles | 1,448 | 1,010 |
Amortization of promissory notes discount | 0 | 48 |
Gain on sale of rental equipment | -886 | -2,047 |
Deferred income taxes | -3,577 | -2,737 |
Share based compensation expense | 177 | 585 |
Accounts receivable, net | -3,291 | 966 |
Other receivables | 176 | -68 |
Prepaid expenses and other assets | 208 | 89 |
Spare parts inventory | -237 | -59 |
Accounts payable and accrued expenses | 3,373 | 1,600 |
Unearned rental revenue | 468 | 168 |
Customer deposits | -81 | 192 |
Total change in operating assets and liabilities | -3,972 | 154 |
NET CASH USED IN OPERATING ACTIVITIES | -3,157 | 2,622 |
Purchases of property and equipment | -430 | -602 |
Accounts receivable from rental equipment sales | 955 | 131 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 3,773 | 5,334 |
Proceeds from revolving credit facilities | 49,261 | 47,394 |
Payments on revolving credit facilities | -75,633 | -93,053 |
Proceeds from term loans | 30,000 | 40,000 |
Payments on term loans | -1,000 | -500 |
Payments on purchase money security interest debt | -483 | -575 |
Payments on promissory notes | -2,000 | 0 |
Payments on capital lease obligation | -5 | -3 |
Employer repurchase of shares to satisfy minimum tax withholding | -24 | -103 |
Payments for loan acquisition costs | -1,217 | -6,783 |
NET CASH USED IN FINANCING ACTIVITIES | -1,101 | -13,623 |
Effect of exchange rate changes on cash and cash equivalents | 72 | 248 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -413 | -5,419 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,349 | 8,389 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 936 | 2,970 |
Board of Directors fees paid in common stock | 150 | 150 |
Equipment obtained through capital lease | 129 | 0 |
Equipment purchased directly through short-term debt obligation | 525 | 464 |
Cash paid for interest | 4,963 | 5,102 |
Cash paid for income taxes, net | 88 | 101 |
Retail Equipment Inventory | ||
Retail equipment inventory | -4,588 | -2,734 |
Property Subject to Operating Lease | ||
Purchases of property and equipment | -817 | -2,852 |
Proceeds from sale of rental equipment | $4,065 | $8,657 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net loss | ($2,741) | ($1,932) | ($5,910) | ($4,095) |
Foreign currency translation adjustments | -15 | 1 | -4 | -4 |
Other comprehensive income (loss) | -15 | 1 | -4 | -4 |
Comprehensive loss | ($2,756) | ($1,931) | ($5,914) | ($4,099) |
Business_and_Principles_of_Con
Business and Principles of Consolidation | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (As Restated) |
Please refer to Note 2 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K/A for the year ended December 31, 2013 for a complete description of our significant accounting policies. | |
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 (As Restated) | |
We have determined, in accordance with applicable accounting guidance regarding operating segments, that we have four reportable segments. We derive our revenues from four principal business activities: (1) Essex Crane equipment rentals; (2) Coast Crane equipment rentals; (3) equipment distribution; and (4) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 12 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2014. |
Restatement_Notes
Restatement (Notes) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||
Restatement | Restatement | ||||||||||||||||
On March 17, 2015, the Company concluded that certain of the Company's previously issued Consolidated Financial Statements, including those for the period covered by this report, should not be relied upon due to errors relating to the Company's classification of its revolving credit facilities and errors related to segment reporting. Management concluded that (i) reclassification of certain of the obligations under the revolving credit facilities as short term obligations is appropriate under relevant accounting guidance that provides for such classification when a credit facility includes a subjective acceleration clause and a traditional lock-box arrangement and (ii) the equipment rental operating segment of the Company's two operating subsidiaries, Essex Crane and Coast Crane, should not be aggregated, but reported as separate segments, under applicable accounting guidance that provides for segment reporting when two operating segments do not share similar economic characteristics based on certain quantitative measures. The restatement of the Consolidated Financial Statements included in this report does not have any impact on the net cash flows, cash balances, revenues, net income or earnings per share of the Company, as previously reported. | |||||||||||||||||
The Company has restated its Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013. In addition, Note 5 and Note 12 to the Consolidated Financial Statements have been restated to reflect the correction of these errors. | |||||||||||||||||
The effects of the restatement of certain revolving credit facilities to short-term obligations on the Consolidated Balance Sheet as of June 30, 2014 are as follows (amounts in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Revolving credit facilities - short-term | $ | — | $ | 137,975 | $ | 137,975 | |||||||||||
Total Current Liabilities | 21,819 | 137,975 | 159,794 | ||||||||||||||
Long-term Liabilities: | |||||||||||||||||
Revolving credit facility | 139,110 | (137,975 | ) | 1,135 | |||||||||||||
Total Long-term Liabilities | $ | 245,813 | $ | (137,975 | ) | $ | 107,838 | ||||||||||
The effects of the restatement of the revolving credit facilities to short-term obligations on the Consolidated Balance Sheet as of December 31, 2013 are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Revolving credit facilities - short-term | $ | — | $ | 163,114 | $ | 163,114 | |||||||||||
Total Current Liabilities | 18,206 | 163,114 | 181,320 | ||||||||||||||
Long-term Liabilities: | |||||||||||||||||
Revolving credit facility | 165,482 | (163,114 | ) | 2,368 | |||||||||||||
Total Long-term Liabilities | $ | 248,481 | $ | (163,114 | ) | $ | 85,367 | ||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the three months ended June 30, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 16,456 | $ | (16,456 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 8,846 | 8,846 | ||||||||||||||
Coast Crane equipment rentals | — | 7,610 | 7,610 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 3,812 | (3,812 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 1,080 | 1,080 | ||||||||||||||
Coast Crane equipment rentals | — | 2,732 | 2,732 | ||||||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the three months ended June 30, 2013 are as follows (amounts in thousands): | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 18,928 | $ | (18,928 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 10,440 | 10,440 | ||||||||||||||
Coast Crane equipment rentals | — | 8,488 | 8,488 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 4,732 | (4,732 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 1,629 | 1,629 | ||||||||||||||
Coast Crane equipment rentals | $ | — | $ | 3,103 | $ | 3,103 | |||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the six months ended June 30, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 31,592 | $ | (31,592 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 17,156 | 17,156 | ||||||||||||||
Coast Crane equipment rentals | — | 14,436 | 14,436 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 6,675 | (6,675 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 1,736 | 1,736 | ||||||||||||||
Coast Crane equipment rentals | — | 4,939 | 4,939 | ||||||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the six months ended June 30, 2013 are as follows (amounts in thousands): | |||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 35,373 | $ | (35,373 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 17,878 | 17,878 | ||||||||||||||
Coast Crane equipment rentals | — | 17,495 | 17,495 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 8,750 | (8,750 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 2,467 | 2,467 | ||||||||||||||
Coast Crane equipment rentals | $ | — | $ | 6,283 | $ | 6,283 | |||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment identified assets within Note 12 as of June 30, 2014 along with the impact of certain reclassifications to conform with the current year presentation are as follows (amounts in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | Reclassifications | As Restated | ||||||||||||||
Segment identified assets: | |||||||||||||||||
Equipment rentals | $ | 298,683 | $ | (298,683 | ) | $ | — | $ | — | ||||||||
Essex Crane equipment rentals | — | 219,749 | — | 219,749 | |||||||||||||
Coast Crane equipment rentals | — | 78,934 | 359 | 79,293 | |||||||||||||
Equipment distribution | 8,273 | — | (718 | ) | 7,555 | ||||||||||||
Parts and service | $ | 6,911 | $ | — | $ | 359 | $ | 7,270 | |||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment identified assets within Note 12 as of December 31, 2012 along with the impact of certain reclassifications to conform with the current year presentation are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | Reclassifications | As Restated | ||||||||||||||
Segment identified assets: | |||||||||||||||||
Equipment rentals | $ | 307,372 | $ | (307,372 | ) | $ | — | $ | — | ||||||||
Essex Crane equipment rentals | — | 225,502 | — | 225,502 | |||||||||||||
Coast Crane equipment rentals | — | 81,870 | 1,236 | 83,106 | |||||||||||||
Equipment distribution | 5,150 | — | (740 | ) | 4,410 | ||||||||||||
Parts and service | $ | 5,261 | $ | — | $ | (496 | ) | $ | 4,765 | ||||||||
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Assets | Intangible Assets | |||||||
As of June 30, 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 (amounts in thousands): | ||||||||
30-Jun-14 | 31-Dec-13 | |||||||
Essex Crane customer relationship | $ | 785 | $ | 785 | ||||
Essex Crane trademark | 804 | 804 | ||||||
Coast Crane customer relationship | 1,500 | 1,500 | ||||||
Coast Crane trademark | 600 | 600 | ||||||
Total intangible assets | 3,689 | 3,689 | ||||||
Less: accumulated amortization | (2,787 | ) | (2,620 | ) | ||||
Intangible assets, net | $ | 902 | $ | 1,069 | ||||
The Company’s amortization expense associated with other intangible assets was approximately $0.1 million for each of the three months ended June 30, 2014 and 2013. The Company's amortization expense associated with other intangible assets was approximately $0.2 million for each of the six months ended June 30, 2014 and 2013. | ||||||||
The following table presents the estimated future amortization expense related to intangible assets as of June 30, 2014 for the years ended December 31st (amounts in thousands): | ||||||||
2014 | $ | 167 | ||||||
2015 | 324 | |||||||
2016 | 214 | |||||||
2017 | 197 | |||||||
Total | $ | 902 | ||||||
Revolving_Credit_Facilities_an
Revolving Credit Facilities and Other Debt Obligations | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Revolving Credit Facilities and Other Debt Obligations | Revolving Credit Facilities and Other Debt Obligations (As Restated) | ||||||||||||
The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): | |||||||||||||
Principal Outstanding at | Weighted Average | ||||||||||||
Interest Rate as of | |||||||||||||
30-Jun-14 | December 31, 2013 | 30-Jun-14 | Maturity Dates | ||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | ||||||||||
Essex Crane revolving credit facility - short-term | $ | 122,375 | $ | 148,149 | 3.92 | % | Oct-16 | ||||||
Coast Crane revolving credit facility - short-term | 15,600 | 14,965 | 5.4 | % | Mar-17 | ||||||||
Coast Crane revolving credit facility - long-term | 1,135 | 2,368 | 5.47 | % | Mar-17 | ||||||||
Essex Crane term loan | 30,000 | — | 11.5 | % | May-19 | ||||||||
Coast Crane term loan | 35,500 | 36,500 | 5.25 | % | September 2015 to March 2017 | ||||||||
Coast Crane term loan - short-term | 2,000 | 2,000 | 5.25 | % | within 1 year | ||||||||
Unsecured promissory notes (related party) | 1,655 | 3,655 | 18 | % | Oct-16 | ||||||||
Purchase money security interest debt | 2,011 | 1,975 | 5.05 | % | September 2015 to October 2018 | ||||||||
Purchase money security interest debt - short-term | 966 | 959 | 5.05 | % | within 1 year | ||||||||
Total debt obligations outstanding | $ | 211,242 | $ | 210,571 | |||||||||
Aggregate payments of principal on debt obligations outstanding as of June 30, 2014 for each of the years ended December 31st based on contractual installment payment terms and maturities are as follows: | |||||||||||||
2014 | $ | 139,590 | |||||||||||
2015 | 2,846 | ||||||||||||
2016 | 3,996 | ||||||||||||
2017 | 34,206 | ||||||||||||
2018 and thereafter | 30,604 | ||||||||||||
Total | $ | 211,242 | |||||||||||
Essex Crane Revolving Credit Facility | |||||||||||||
On May 13, 2014, Essex Crane entered into the Fourth Amended and Restated Credit Agreement (the “Essex Crane Revolving Credit Facility”). The credit facility provides for a revolving loan in the amount of $145.0 million, with a $20.0 million aggregate sublimit for letters of credit, and a $30.0 million term loan. Essex Crane may borrow on the revolving loan 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 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, 60% of free cash flow, other than net cash proceeds from certain asset sales, as defined within the credit agreement. The maximum commitment under the Essex Crane Revolving Credit Facility may not exceed $130.0 million beginning on February 28, 2016. The revolving loan and term loan mature on October 31, 2016 and May 13, 2019, respectively. The Essex Crane Revolving Credit Facility is collateralized by a first priority security interest in substantially all of Essex Crane’s assets. | |||||||||||||
Under the terms of the Essex Crane Revolving Credit Facility, borrowings on the revolving loan accrue interest at the borrower’s option of either (a) the bank’s prime rate plus the applicable prime rate margin of 1.75% or (b) a Euro-dollar rate based on the rate the bank offers deposits of U.S. Dollars in the London interbank market (“LIBOR”) plus the applicable LIBOR margin of 3.75%. Borrowings on the term loan accrue interest at LIBOR plus the applicable LIBOR term loan margin of 10.50% with a LIBOR floor of 1.00%. Essex Crane is also required to pay a monthly commitment fee with respect to the undrawn commitments under the Essex Crane Revolving Credit Facility of 0.375%. | |||||||||||||
The Essex Crane Revolving Credit Facility requires Essex Crane to maintain a trailing twelve month fixed charge coverage ratio of not less than 1.10 to 1.00. Additionally, Essex Crane must generate net cash proceeds, through the sale of certain assets, of not less than $8.0 million by March 31, 2016 with not less than $3.0 million of net cash proceeds generated by March 31, 2015. The Essex Crane Revolving Credit Facility 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. 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 provisions set forth in the Essex Crane Revolving Credit Facility. | |||||||||||||
The maximum amount that could be borrowed under the revolving loan portion of the Essex Crane Revolving Credit Facility, net of letters of credit, interest rate swaps and other reserves was approximately $139.5 million and $170.1 million as of June 30, 2014 and December 31, 2013, respectively. Essex Crane’s available borrowing under its revolving credit facility was approximately $17.1 million and $21.9 million as of June 30, 2014 and December 31, 2013, respectively. After consideration of the 10% availability threshold covenant, the Company had available borrowings under its revolving credit facility of approximately $2.6 million and $4.4 million as of June 30, 2014 and December 31, 2013, respectively. As of June 30, 2014 and December 31, 2013, there was $2.6 million and $9.3 million, respectively, of available formulated collateral in excess of the maximum borrowing amounts of approximately $139.5 million and $170.1 million, respectively. As of June 30, 2014 and December 31, 2013, the outstanding balance on the term loan portion of the Essex Crane Revolving Credit Facility was $30.0 million and zero, respectively. | |||||||||||||
As of June 30, 2014, the applicable prime rate, LIBOR rate and undrawn commitment fee on the revolving loan were 3.25%, 0.15% and 0.375%, respectively. As of December 31, 2013, the applicable prime rate, LIBOR rate and undrawn commitment fee on the revolving loan were 3.25%, 0.15% and 0.375%, respectively. As of June 30, 2014, the LIBOR rate on the term loan was 0.15% with a LIBOR floor of 1.00%. | |||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3 as of June 30, 2014 and for the three and six months then ended, Essex Crane was in technical default under the Essex Crane Revolving Credit Facility. Such default was waived as of March 19, 2015 by the lenders under such facility. 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. | |||||||||||||
The Essex Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box. As a result, the Essex Crane Revolving Credit Facility is classified as a short-term obligation within the Company's Consolidated Balance Sheets. | |||||||||||||
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. | |||||||||||||
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. | |||||||||||||
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 June 30, 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 $34.5 million and $34.4 million as of June 30, 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 $8.3 million and $8.9 million as of June 30, 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 June 30, 2014 and December 31, 2013, the outstanding balance on the term loan portion of the Coast Crane Revolving Credit Facility was $37.5 million and $38.5 million, respectively. At June 30, 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. | |||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3 as of June 30, 2014 and for the three and six months then ended, Coast Crane was in technical default under the Coast Crane Revolving Credit Facility. Such default was waived as of March 20, 2015 by the lenders under such facility. 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. | |||||||||||||
The Coast Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box for Coast Crane and a springing lock-box for Coast Crane Ltd. As a result, the Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, is classified as a short-term obligation within the Company's Consolidated Balance Sheets. The Coast Crane Ltd. borrowings under the Coast Crane Revolving Credit facility are classified as long-term obligations within the Company's Consolidated Balance Sheets. | |||||||||||||
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 June 30, 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 18.00% and is payable in arrears. | |||||||||||||
As of June 30, 2014 and December 31, 2013, the outstanding principal balance on the unsecured promissory notes was approximately $1.7 million and $3.7 million, respectively. Interest accrued on the outstanding promissory notes at a per annum rate of 18.00% and 10.00% at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
As a result of the errors in our Consolidated Balance Sheets discussed in Note 3 as of June 30, 2014 and for the three and six months then ended, the Company was in technical default under the unsecured promissory notes. Such default was waived as of March 24, 2015 by the lenders. 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. | |||||||||||||
Purchase Money Security Interest Debt | |||||||||||||
As of June 30, 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 $3.0 million in principal payments is due prior to June 30, 2015 and as such, this amount is classified as a current liability in the accompanying consolidated balance sheets as of June 30, 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 a result of the errors in our Consolidated Balance Sheets discussed in Note 3 as of June 30, 2014 and for the three and six months then ended, the Company was in technical default under the purchase money security interest debt agreements. Such default was waived as of March 18, 2015 by the lenders. 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. |
Fair_Value
Fair Value | 6 Months Ended | |
Jun. 30, 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 $211.2 million and $212.0 million as of June 30, 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 | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income Reclassifications [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income Reclassifications | Accumulated Other Comprehensive Income Reclassifications | |||||||||||||||
The following table presents the Company's changes in accumulated other comprehensive income related to foreign currency translation adjustments for the three and six months ended June 30, 2014 and 2013 (amounts in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Beginning balance | $ | 22 | $ | 5 | $ | 11 | $ | 10 | ||||||||
Other comprehensive income (loss) before reclassifications | (15 | ) | 1 | (4 | ) | (4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | — | ||||||||||||
Net current period other comprehensive income (loss) | (15 | ) | 1 | (4 | ) | (4 | ) | |||||||||
Ending balance | $ | 7 | $ | 6 | $ | 7 | $ | 6 | ||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | 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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net loss | $ | (2,741 | ) | $ | (1,932 | ) | $ | (5,910 | ) | $ | (4,095 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 24,801 | 24,654 | 24,795 | 24,633 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Warrants | — | — | — | — | ||||||||||||
Options | — | — | — | — | ||||||||||||
Restricted common stock | — | — | — | — | ||||||||||||
Diluted | 24,801 | 24,654 | 24,795 | 24,633 | ||||||||||||
Basic earnings (loss) per share | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.17 | ) | ||||
Diluted earnings (loss) per share | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.17 | ) | ||||
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 and six months ended June 30, 2014 and 2013 are 493,671 weighted average shares of common stock for the effective conversion of the retained interest in Holdings into common stock of the Company. The retained interests were converted to common stock on April 17, 2014. 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 18,237 and eighty-four common shares for the three months ended June 30, 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 103,295 common shares for the three months ended June 30, 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 89,792 common shares for the three months ended June 30, 2013 were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. | ||||||||||||||||
The weighted average restricted stock outstanding that could be converted into 20,619 and zero common shares for the six months ended June 30, 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 86,545 common shares for the six months ended June 30, 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 89,784 common shares for the six months ended June 30, 2013 were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. | ||||||||||||||||
As of June 30, 2014 and 2013, there were 1,411,903 and 1,430,459 stock options outstanding, respectively, which are exercisable at weighted average exercise prices of $4.59 and $5.29, respectively. As of June 30, 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 | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company’s effective tax rate of 37.3% for the six months ended June 30, 2014 was higher than the statutory federal rate due to discrete items including changes in state valuation allowances and state income tax audit activity. The Company’s effective tax rate of 38.6% for the six months ended June 30, 2013 was higher than the statutory federal rate due to state taxes. | |
As of June 30, 2014, the Company has unused federal net operating loss carry-forwards totaling approximately $152.3 million that begin expiring in 2022. As of June 30, 2014, the Company also has unused state net operating loss carry-forwards totaling approximately $82.7 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 June 30, 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 June 30, 2014 primarily associated with tax positions taken in a prior years. The Company had unrecognized tax benefits of approximately $0.1 million as of December 31, 2013. The Company did not incur any interest expense related to uncertain tax positions for the six months ended June 30, 2014 and 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 | 6 Months Ended | |||||||||||
Jun. 30, 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 at either seven or ten years from issuance. | ||||||||||||
Stock Options | ||||||||||||
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 service period of the award. The Company has granted to certain key members of management options to purchase the following shares by grant date during the six months ended June 30, 2014: | ||||||||||||
Grant Date | ||||||||||||
June 27, | June 27, | March 13, | ||||||||||
2014 | 2014 | 2014 | ||||||||||
Options granted | 49,814 | 98,024 | 100,000 | |||||||||
Exercise price per share | $ | 2.51 | $ | 2.51 | $ | 3.26 | ||||||
Service period | 3 years | 3 years | 3 years | |||||||||
Option life | 7 years | 10 years | 10 years | |||||||||
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 the expected volatility for the 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. | ||||||||||||
The following table presents the assumptions used in the Black-Scholes option pricing model and the resulting option fair values by grant date during the six months ended June 30, 2014 (amounts in thousands, except per share data): | ||||||||||||
Grant Date | ||||||||||||
June 27, | June 27, | March 12, | ||||||||||
2014 | 2014 | 2014 | ||||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||
Risk-free interest rate | 1.45 | % | 1.89 | % | 1.84 | % | ||||||
Expected volatility | 69.94 | % | 69.94 | % | 71.12 | % | ||||||
Expected life of option | 4.5 years | 6 years | 6 years | |||||||||
Grant date fair value per share | $ | 1.4 | $ | 1.58 | $ | 1.88 | ||||||
Grant date fair value | $ | 70 | $ | 155 | $ | 188 | ||||||
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 June 27, 2014, the Company granted to key members of management 51,640 shares of restricted common stock with an aggregate grant date fair value of approximately $0.1 million. One-third of the restricted shares are scheduled to vest on June 27, 2015, June 27, 2016 and June 27, 2017, respectively, and as such, no shares were vested as of June 30, 2014. | ||||||||||||
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 November 15, 2014, November 15, 2015 and November 15, 2016, respectively, and as such, no shares were vested as of June 30, 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 June 18, 2014, June 18, 2015 and June 18, 2016, respectively, and as such, 22,500 shares were vested as of June 30, 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 June 30, 2014 and 2013. | ||||||||||||
The Company recorded $0.1 million and $0.5 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for the three months ended June 30, 2014 and 2013, respectively. The Company recorded $0.2 million and $0.6 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for the six months ended June 30, 2014 and 2013, respectively. There was approximately $1.1 million and $0.7 million of total unrecognized compensation cost as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 six months ended June 30, 2014. The Company issued 8,352 shares of common stock to certain members of management in lieu of cash compensation during the three months ended June 30, 2014. The Company issued 22,500 and 83,469 shares of common stock related to the vesting of restricted shares during the six months ended June 30, 2014 and 2013, respectively, which were previously granted to certain employees. The Company withheld 9,621 and 29,489 common shares to cover the employee tax obligation related to the restricted shares issuance during the six months ended June 30, 2014 and 2013, respectively. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting Disclosure | Segment Information (As Restated) | |||||||||||||||
We have identified four reportable segments: Essex Crane equipment rentals, Coast Crane equipment rentals, equipment distribution, and parts and service. These segments are based upon how management of the Company allocates resources and assesses performance. The Essex Crane and Coast Crane equipment rentals segments include 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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||
Segment revenues | ||||||||||||||||
Essex Crane equipment rentals | $ | 8,846 | $ | 10,440 | $ | 17,156 | $ | 17,878 | ||||||||
Coast Crane equipment rentals | 7,610 | 8,488 | 14,436 | 17,495 | ||||||||||||
Equipment distribution | 2,877 | 855 | 4,178 | 4,565 | ||||||||||||
Parts and service | 5,176 | 5,430 | 9,825 | 10,341 | ||||||||||||
Total revenues | $ | 24,509 | $ | 25,213 | $ | 45,595 | $ | 50,279 | ||||||||
Segment gross profit | ||||||||||||||||
Essex Crane equipment rentals | $ | 1,080 | $ | 1,629 | $ | 1,736 | $ | 2,467 | ||||||||
Coast Crane equipment rentals | 2,732 | 3,103 | 4,939 | 6,283 | ||||||||||||
Equipment distribution | 163 | 29 | 174 | 439 | ||||||||||||
Parts and service | 1,298 | 1,602 | 2,606 | 2,899 | ||||||||||||
Total gross profit | $ | 5,273 | $ | 6,363 | $ | 9,455 | $ | 12,088 | ||||||||
The following table presents information about our reportable segments related to total assets (amounts in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
(Restated) | (Restated) | |||||||||||||||
Segment identified assets | ||||||||||||||||
Essex Crane equipment rentals | $ | 219,749 | $ | 225,502 | ||||||||||||
Coast Crane equipment rentals | 79,293 | 83,106 | ||||||||||||||
Equipment distribution | 7,555 | 4,410 | ||||||||||||||
Parts and service | 7,270 | 4,765 | ||||||||||||||
Total segment identified assets | 313,867 | 317,783 | ||||||||||||||
Non-segmented identified assets | 14,268 | 14,993 | ||||||||||||||
Total assets | $ | 328,135 | $ | 332,776 | ||||||||||||
The Company operates primarily in the United States. Our sales to international customers for the three months ended June 30, 2014 were 7.3% of total revenues. Sales to customers in Canada represented 6.4% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the Essex Crane equipment rentals segment for the three months ended June 30, 2014, one customer individually accounted for approximately 18.2% of revenues on a segmented basis. Within the equipment distribution segment for the three months ended June 30, 2014, three customers individually accounted for approximately 40.3%, 20.3% and 15.4% 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 June 30, 2013 were 9.8% of total revenues. Sales to customers in Canada represented 9.2% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the Essex Crane equipment rentals segment, one customer individually accounted for approximately 16.7% of revenues on a segmented basis. Within the Coast Crane Equipment rentals segment, one customer individually accounted for approximately 12.4% of segmented revenues.Within the equipment distribution segment for the three months ended June 30, 2013, three customers individually accounted for approximately 45.4%, 26.6% and 11.2% 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 six months ended June 30, 2014 were 7.9% of total revenues. Sales to customers in Canada represented 5.6% of total revenues. One customer accounted for more than 10% of our revenues on a consolidated basis. Within the Essex Crane equipment rentals segment for the six months ended June 30, 2014, one customer individually accounted for approximately 20.2% of revenues on a segmented basis.Within the equipment distribution segment for the six months ended June 30, 2014, three customers individually accounted for approximately 27.7%, 13.0% and 10.6% 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 six months ended June 30, 2013 were 9.1% of total revenues. Sales to customers in Canada represented 8.5% of total revenues. No customer accounted for more than 10% of our revenues on a consolidated basis. Within the equipment distribution segment for the six months ended June 30, 2013, one customer individually accounted for approximately 46.3% 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 June 30, 2014 totaled approximately $3.3 million, including long-lived assets totaling approximately $2.3 million. At December 31, 2013, total assets located in Canada totaled approximately $4.5 million, including long-lived assets totaling approximately $3.5 million. |
Commitments_Contingencies_and_
Commitments, Contingencies and Related Party Transactions | 6 Months Ended |
Jun. 30, 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 based on reimbursement of actual costs with the terms of such arrangement being reconsidered from time to time. The Company’s statements of operations for the three months ended June 30, 2014 and 2013 and the six months ended June 30, 2014 and 2013 include approximately $23,064 and $46,128, respectively 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 $3.1 million and $1.8 million, respectively, as of June 30, 2014 and approximately $3.3 million and $2.0 million, respectively, as of December 31, 2013. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | |
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 | 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 (As Restated) |
We have determined, in accordance with applicable accounting guidance regarding operating segments, that we have four reportable segments. We derive our revenues from four principal business activities: (1) Essex Crane equipment rentals; (2) Coast Crane equipment rentals; (3) equipment distribution; and (4) parts and service. These segments are based upon how we allocate resources and assess performance. See Note 12 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2014. |
Restatement_Tables
Restatement (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||
Schedule of Effects of the Restatement | The effects of the restatement of certain revolving credit facilities to short-term obligations on the Consolidated Balance Sheet as of June 30, 2014 are as follows (amounts in thousands): | ||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Revolving credit facilities - short-term | $ | — | $ | 137,975 | $ | 137,975 | |||||||||||
Total Current Liabilities | 21,819 | 137,975 | 159,794 | ||||||||||||||
Long-term Liabilities: | |||||||||||||||||
Revolving credit facility | 139,110 | (137,975 | ) | 1,135 | |||||||||||||
Total Long-term Liabilities | $ | 245,813 | $ | (137,975 | ) | $ | 107,838 | ||||||||||
The effects of the restatement of the revolving credit facilities to short-term obligations on the Consolidated Balance Sheet as of December 31, 2013 are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Revolving credit facilities - short-term | $ | — | $ | 163,114 | $ | 163,114 | |||||||||||
Total Current Liabilities | 18,206 | 163,114 | 181,320 | ||||||||||||||
Long-term Liabilities: | |||||||||||||||||
Revolving credit facility | 165,482 | (163,114 | ) | 2,368 | |||||||||||||
Total Long-term Liabilities | $ | 248,481 | $ | (163,114 | ) | $ | 85,367 | ||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the three months ended June 30, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 16,456 | $ | (16,456 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 8,846 | 8,846 | ||||||||||||||
Coast Crane equipment rentals | — | 7,610 | 7,610 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 3,812 | (3,812 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 1,080 | 1,080 | ||||||||||||||
Coast Crane equipment rentals | — | 2,732 | 2,732 | ||||||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the three months ended June 30, 2013 are as follows (amounts in thousands): | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 18,928 | $ | (18,928 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 10,440 | 10,440 | ||||||||||||||
Coast Crane equipment rentals | — | 8,488 | 8,488 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 4,732 | (4,732 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 1,629 | 1,629 | ||||||||||||||
Coast Crane equipment rentals | $ | — | $ | 3,103 | $ | 3,103 | |||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the six months ended June 30, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 31,592 | $ | (31,592 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 17,156 | 17,156 | ||||||||||||||
Coast Crane equipment rentals | — | 14,436 | 14,436 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 6,675 | (6,675 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 1,736 | 1,736 | ||||||||||||||
Coast Crane equipment rentals | — | 4,939 | 4,939 | ||||||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment revenue and gross profit within Note 12 for the six months ended June 30, 2013 are as follows (amounts in thousands): | |||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||
Segment revenues: | |||||||||||||||||
Equipment rentals | $ | 35,373 | $ | (35,373 | ) | $ | — | ||||||||||
Essex Crane equipment rentals | — | 17,878 | 17,878 | ||||||||||||||
Coast Crane equipment rentals | — | 17,495 | 17,495 | ||||||||||||||
Segment gross profit: | |||||||||||||||||
Equipment rentals | 8,750 | (8,750 | ) | — | |||||||||||||
Essex Crane equipment rentals | — | 2,467 | 2,467 | ||||||||||||||
Coast Crane equipment rentals | $ | — | $ | 6,283 | $ | 6,283 | |||||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment identified assets within Note 12 as of June 30, 2014 along with the impact of certain reclassifications to conform with the current year presentation are as follows (amounts in thousands): | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
As Previously Reported | Adjustments | Reclassifications | As Restated | ||||||||||||||
Segment identified assets: | |||||||||||||||||
Equipment rentals | $ | 298,683 | $ | (298,683 | ) | $ | — | $ | — | ||||||||
Essex Crane equipment rentals | — | 219,749 | — | 219,749 | |||||||||||||
Coast Crane equipment rentals | — | 78,934 | 359 | 79,293 | |||||||||||||
Equipment distribution | 8,273 | — | (718 | ) | 7,555 | ||||||||||||
Parts and service | $ | 6,911 | $ | — | $ | 359 | $ | 7,270 | |||||||||
The effects of the restatement related to the disaggregation of the equipment rentals segment identified assets within Note 12 as of December 31, 2012 along with the impact of certain reclassifications to conform with the current year presentation are as follows (amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
As Previously Reported | Adjustments | Reclassifications | As Restated | ||||||||||||||
Segment identified assets: | |||||||||||||||||
Equipment rentals | $ | 307,372 | $ | (307,372 | ) | $ | — | $ | — | ||||||||
Essex Crane equipment rentals | — | 225,502 | — | 225,502 | |||||||||||||
Coast Crane equipment rentals | — | 81,870 | 1,236 | 83,106 | |||||||||||||
Equipment distribution | 5,150 | — | (740 | ) | 4,410 | ||||||||||||
Parts and service | $ | 5,261 | $ | — | $ | (496 | ) | $ | 4,765 | ||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 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 (amounts in thousands): | |||||||
30-Jun-14 | 31-Dec-13 | |||||||
Essex Crane customer relationship | $ | 785 | $ | 785 | ||||
Essex Crane trademark | 804 | 804 | ||||||
Coast Crane customer relationship | 1,500 | 1,500 | ||||||
Coast Crane trademark | 600 | 600 | ||||||
Total intangible assets | 3,689 | 3,689 | ||||||
Less: accumulated amortization | (2,787 | ) | (2,620 | ) | ||||
Intangible assets, net | $ | 902 | $ | 1,069 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated future amortization expense related to intangible assets as of June 30, 2014 for the years ended December 31st (amounts in thousands): | |||||||
2014 | $ | 167 | ||||||
2015 | 324 | |||||||
2016 | 214 | |||||||
2017 | 197 | |||||||
Total | $ | 902 | ||||||
Revolving_Credit_Facilities_an1
Revolving Credit Facilities and Other Debt Obligations (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Debt | The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): | ||||||||||||
Principal Outstanding at | Weighted Average | ||||||||||||
Interest Rate as of | |||||||||||||
30-Jun-14 | December 31, 2013 | 30-Jun-14 | Maturity Dates | ||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | ||||||||||
Essex Crane revolving credit facility - short-term | $ | 122,375 | $ | 148,149 | 3.92 | % | Oct-16 | ||||||
Coast Crane revolving credit facility - short-term | 15,600 | 14,965 | 5.4 | % | Mar-17 | ||||||||
Coast Crane revolving credit facility - long-term | 1,135 | 2,368 | 5.47 | % | Mar-17 | ||||||||
Essex Crane term loan | 30,000 | — | 11.5 | % | May-19 | ||||||||
Coast Crane term loan | 35,500 | 36,500 | 5.25 | % | September 2015 to March 2017 | ||||||||
Coast Crane term loan - short-term | 2,000 | 2,000 | 5.25 | % | within 1 year | ||||||||
Unsecured promissory notes (related party) | 1,655 | 3,655 | 18 | % | Oct-16 | ||||||||
Purchase money security interest debt | 2,011 | 1,975 | 5.05 | % | September 2015 to October 2018 | ||||||||
Purchase money security interest debt - short-term | 966 | 959 | 5.05 | % | within 1 year | ||||||||
Total debt obligations outstanding | $ | 211,242 | $ | 210,571 | |||||||||
Schedule of Maturities of Long-term Debt | Aggregate payments of principal on debt obligations outstanding as of June 30, 2014 for each of the years ended December 31st based on contractual installment payment terms and maturities are as follows: | ||||||||||||
2014 | $ | 139,590 | |||||||||||
2015 | 2,846 | ||||||||||||
2016 | 3,996 | ||||||||||||
2017 | 34,206 | ||||||||||||
2018 and thereafter | 30,604 | ||||||||||||
Total | $ | 211,242 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Reclassifications (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income Reclassifications [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the Company's changes in accumulated other comprehensive income related to foreign currency translation adjustments for the three and six months ended June 30, 2014 and 2013 (amounts in thousands): | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Beginning balance | $ | 22 | $ | 5 | $ | 11 | $ | 10 | ||||||||
Other comprehensive income (loss) before reclassifications | (15 | ) | 1 | (4 | ) | (4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | — | ||||||||||||
Net current period other comprehensive income (loss) | (15 | ) | 1 | (4 | ) | (4 | ) | |||||||||
Ending balance | $ | 7 | $ | 6 | $ | 7 | $ | 6 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following tables set forth the computation of basic and diluted earnings per share (amounts in thousands except per share data): | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net loss | $ | (2,741 | ) | $ | (1,932 | ) | $ | (5,910 | ) | $ | (4,095 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 24,801 | 24,654 | 24,795 | 24,633 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Warrants | — | — | — | — | ||||||||||||
Options | — | — | — | — | ||||||||||||
Restricted common stock | — | — | — | — | ||||||||||||
Diluted | 24,801 | 24,654 | 24,795 | 24,633 | ||||||||||||
Basic earnings (loss) per share | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.17 | ) | ||||
Diluted earnings (loss) per share | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.17 | ) |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company has granted to certain key members of management options to purchase the following shares by grant date during the six months ended June 30, 2014: | |||||||||||
Grant Date | ||||||||||||
June 27, | June 27, | March 13, | ||||||||||
2014 | 2014 | 2014 | ||||||||||
Options granted | 49,814 | 98,024 | 100,000 | |||||||||
Exercise price per share | $ | 2.51 | $ | 2.51 | $ | 3.26 | ||||||
Service period | 3 years | 3 years | 3 years | |||||||||
Option life | 7 years | 10 years | 10 years | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents the assumptions used in the Black-Scholes option pricing model and the resulting option fair values by grant date during the six months ended June 30, 2014 (amounts in thousands, except per share data): | |||||||||||
Grant Date | ||||||||||||
June 27, | June 27, | March 12, | ||||||||||
2014 | 2014 | 2014 | ||||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||
Risk-free interest rate | 1.45 | % | 1.89 | % | 1.84 | % | ||||||
Expected volatility | 69.94 | % | 69.94 | % | 71.12 | % | ||||||
Expected life of option | 4.5 years | 6 years | 6 years | |||||||||
Grant date fair value per share | $ | 1.4 | $ | 1.58 | $ | 1.88 | ||||||
Grant date fair value | $ | 70 | $ | 155 | $ | 188 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule Of Segment Revenues And Segment Gross Profit Table | The following table presents information about our reportable segments related to revenues and gross profit (amounts in thousands): | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||
Segment revenues | ||||||||||||||||
Essex Crane equipment rentals | $ | 8,846 | $ | 10,440 | $ | 17,156 | $ | 17,878 | ||||||||
Coast Crane equipment rentals | 7,610 | 8,488 | 14,436 | 17,495 | ||||||||||||
Equipment distribution | 2,877 | 855 | 4,178 | 4,565 | ||||||||||||
Parts and service | 5,176 | 5,430 | 9,825 | 10,341 | ||||||||||||
Total revenues | $ | 24,509 | $ | 25,213 | $ | 45,595 | $ | 50,279 | ||||||||
Segment gross profit | ||||||||||||||||
Essex Crane equipment rentals | $ | 1,080 | $ | 1,629 | $ | 1,736 | $ | 2,467 | ||||||||
Coast Crane equipment rentals | 2,732 | 3,103 | 4,939 | 6,283 | ||||||||||||
Equipment distribution | 163 | 29 | 174 | 439 | ||||||||||||
Parts and service | 1,298 | 1,602 | 2,606 | 2,899 | ||||||||||||
Total gross profit | $ | 5,273 | $ | 6,363 | $ | 9,455 | $ | 12,088 | ||||||||
Reconciliation of Assets from Segment to Consolidated | The following table presents information about our reportable segments related to total assets (amounts in thousands): | |||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
(Restated) | (Restated) | |||||||||||||||
Segment identified assets | ||||||||||||||||
Essex Crane equipment rentals | $ | 219,749 | $ | 225,502 | ||||||||||||
Coast Crane equipment rentals | 79,293 | 83,106 | ||||||||||||||
Equipment distribution | 7,555 | 4,410 | ||||||||||||||
Parts and service | 7,270 | 4,765 | ||||||||||||||
Total segment identified assets | 313,867 | 317,783 | ||||||||||||||
Non-segmented identified assets | 14,268 | 14,993 | ||||||||||||||
Total assets | $ | 328,135 | $ | 332,776 | ||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 4 |
Restatement_Details
Restatement (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Revolving credit facilities - short-term | $137,975 | $137,975 | $163,114 | ||
Total Current Liabilities | 159,794 | 159,794 | 181,320 | ||
Revolving credit facility | 1,135 | 1,135 | 2,368 | ||
Total Long-term Liabilities | 107,838 | 107,838 | 85,367 | ||
Revenues | 24,509 | 25,213 | 45,595 | 50,279 | |
Gross Profit | 5,273 | 6,363 | 9,455 | 12,088 | |
Assets | 328,135 | 328,135 | 332,776 | ||
Scenario, Previously Reported [Member] | |||||
Revolving credit facilities - short-term | 0 | 0 | 0 | ||
Total Current Liabilities | 21,819 | 21,819 | 18,206 | ||
Revolving credit facility | 139,110 | 139,110 | 165,482 | ||
Total Long-term Liabilities | 245,813 | 245,813 | 248,481 | ||
Scenario, Adjustment [Member] | |||||
Revolving credit facilities - short-term | 137,975 | 137,975 | 163,114 | ||
Total Current Liabilities | 137,975 | 137,975 | 163,114 | ||
Revolving credit facility | -137,975 | -137,975 | -163,114 | ||
Total Long-term Liabilities | -137,975 | -137,975 | -163,114 | ||
Equipment Rental | |||||
Revenues | 0 | 0 | 0 | 0 | |
Gross Profit | 0 | 0 | 0 | 0 | |
Equipment Rental | Scenario, Previously Reported [Member] | |||||
Revenues | 16,456 | 18,928 | 31,592 | 35,373 | |
Gross Profit | 3,812 | 4,732 | 6,675 | 8,750 | |
Assets | 298,683 | 298,683 | 307,372 | ||
Equipment Rental | Scenario, Adjustment [Member] | |||||
Revenues | -16,456 | -18,928 | -31,592 | -35,373 | |
Gross Profit | -3,812 | -4,732 | -6,675 | -8,750 | |
Assets | -298,683 | -298,683 | -307,372 | ||
Equipment Rental | Reclassification [Member] | |||||
Assets | 0 | 0 | 0 | ||
Equipment Rental | Scenario, Actual [Member] | |||||
Assets | 0 | 0 | 0 | ||
Essex Crane Equipment Rentals | |||||
Revenues | 8,846 | 10,440 | 17,156 | 17,878 | |
Gross Profit | 1,080 | 1,629 | 1,736 | 2,467 | |
Assets | 219,749 | 219,749 | 225,502 | ||
Essex Crane Equipment Rentals | Scenario, Previously Reported [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Gross Profit | 0 | 0 | 0 | 0 | |
Assets | 0 | 0 | 0 | ||
Essex Crane Equipment Rentals | Scenario, Adjustment [Member] | |||||
Revenues | 8,846 | 10,440 | 17,156 | 17,878 | |
Gross Profit | 1,080 | 1,629 | 1,736 | 2,467 | |
Assets | 219,749 | 219,749 | 225,502 | ||
Essex Crane Equipment Rentals | Reclassification [Member] | |||||
Assets | 0 | 0 | 0 | ||
Essex Crane Equipment Rentals | Scenario, Actual [Member] | |||||
Assets | 219,749 | 219,749 | 225,502 | ||
Coast Crane Equipment Rentals | |||||
Revenues | 7,610 | 8,488 | 14,436 | 17,495 | |
Gross Profit | 2,732 | 3,103 | 4,939 | 6,283 | |
Assets | 79,293 | 79,293 | 83,106 | ||
Coast Crane Equipment Rentals | Scenario, Previously Reported [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Gross Profit | 0 | 0 | 0 | 0 | |
Assets | 0 | 0 | 0 | ||
Coast Crane Equipment Rentals | Scenario, Adjustment [Member] | |||||
Revenues | 7,610 | 8,488 | 14,436 | 17,495 | |
Gross Profit | 2,732 | 3,103 | 4,939 | 6,283 | |
Assets | 78,934 | 78,934 | 81,870 | ||
Coast Crane Equipment Rentals | Reclassification [Member] | |||||
Assets | 359 | 359 | 1,236 | ||
Coast Crane Equipment Rentals | Scenario, Actual [Member] | |||||
Assets | 79,293 | 79,293 | 83,106 | ||
Equipment Distribution [Member] | |||||
Revenues | 2,877 | 855 | 4,178 | 4,565 | |
Gross Profit | 163 | 29 | 174 | 439 | |
Assets | 7,555 | 7,555 | 4,410 | ||
Equipment Distribution [Member] | Scenario, Previously Reported [Member] | |||||
Assets | 8,273 | 8,273 | 5,150 | ||
Equipment Distribution [Member] | Scenario, Adjustment [Member] | |||||
Assets | 0 | 0 | 0 | ||
Equipment Distribution [Member] | Reclassification [Member] | |||||
Assets | -718 | -718 | -740 | ||
Equipment Distribution [Member] | Scenario, Actual [Member] | |||||
Assets | 7,555 | 7,555 | 4,410 | ||
Parts and Service [Member] | |||||
Revenues | 5,176 | 5,430 | 9,825 | 10,341 | |
Gross Profit | 1,298 | 1,602 | 2,606 | 2,899 | |
Assets | 7,270 | 7,270 | 4,765 | ||
Parts and Service [Member] | Scenario, Previously Reported [Member] | |||||
Assets | 6,911 | 6,911 | 5,261 | ||
Parts and Service [Member] | Scenario, Adjustment [Member] | |||||
Assets | 0 | 0 | 0 | ||
Parts and Service [Member] | Reclassification [Member] | |||||
Assets | 359 | 359 | -496 | ||
Parts and Service [Member] | Scenario, Actual [Member] | |||||
Assets | $7,270 | $7,270 | $4,765 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $1,796,000 | $1,796,000 | $1,796,000 | ||
Intangible assets | 3,689,000 | 3,689,000 | 3,689,000 | ||
Less: accumulated amortization | -2,787,000 | -2,787,000 | -2,620,000 | ||
Intangible assets, net | 902,000 | 902,000 | 1,069,000 | ||
Amortization Expense of Intangible Assets | 100,000 | 100,000 | 200,000 | 200,000 | |
2014 | 167,000 | 167,000 | |||
2015 | 324,000 | 324,000 | |||
2016 | 214,000 | 214,000 | |||
2017 | 197,000 | 197,000 | |||
Essex Crane Customer Relationship Intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 785,000 | 785,000 | 785,000 | ||
Essex Crane Trademark Intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 804,000 | 804,000 | 804,000 | ||
Coast Crane Customer Relationship Intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 1,500,000 | 1,500,000 | 1,500,000 | ||
Coast Crane Trademark Intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | $600,000 | $600,000 | $600,000 |
Revolving_Credit_Facilities_an2
Revolving Credit Facilities and Other Debt Obligations (Details) (USD $) | 6 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | 13-May-14 | 7-May-12 | Nov. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Apr. 29, 2014 | Feb. 21, 2014 | Mar. 12, 2013 | Mar. 31, 2012 | Feb. 29, 2012 | Jan. 31, 2012 | Nov. 24, 2010 | Jan. 01, 2014 | |
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility | $1,135,000 | $2,368,000 | ||||||||||||||
Term loans | 65,500,000 | 36,500,000 | ||||||||||||||
Term loan - short-term | 2,000,000 | 2,000,000 | ||||||||||||||
Promissory notes | 1,655,000 | 3,655,000 | 5,200,000 | |||||||||||||
Purchase money security interest debt | 2,011,000 | 1,975,000 | ||||||||||||||
Purchase money security interest debt - short-term | 966,000 | 959,000 | ||||||||||||||
Total debt obligations outstanding | 211,242,000 | 210,571,000 | ||||||||||||||
2014 | 139,590,000 | |||||||||||||||
2015 | 2,846,000 | |||||||||||||||
2016 | 3,996,000 | |||||||||||||||
2017 | 34,206,000 | |||||||||||||||
2018 and thereafter | 30,604,000 | |||||||||||||||
Proceeds from revolving credit facilities | 49,261,000 | 47,394,000 | ||||||||||||||
Essex Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility | 122,375,000 | 148,149,000 | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.92% | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 145,000,000 | |||||||||||||||
Maximum Amount Of Letters Of Credit Sublimit Under Credit Facility | 20,000,000 | |||||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 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, Unused Capacity, Commitment Fee Percentage | 0.38% | |||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.1 | |||||||||||||||
Line of Credit Facility, Limit on Certain Capital Expenditures | 2,000,000 | |||||||||||||||
Debt Instrument Covenant Maximum Indebtedness | 1,500,000 | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 139,500,000 | 170,100,000 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 17,100,000 | 21,900,000 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity After 10 Percent Availability Covenant Threshold | 2,600,000 | 4,400,000 | ||||||||||||||
Line Of Credit Facility Excess Availability | 2,600,000 | 9,300,000 | ||||||||||||||
Debt Instrument, Maturity Date, Description | Oct-16 | |||||||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.15% | 0.15% | ||||||||||||||
Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility | 15,600,000 | 14,965,000 | ||||||||||||||
Debt, Weighted Average Interest Rate | 5.40% | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | 75,000,000 | ||||||||||||||
Maximum Amount Of Letters Of Credit Sublimit Under Credit Facility | 2,000,000 | |||||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | |||||||||||||||
Proceeds from revolving credit facilities | 1,500,000 | |||||||||||||||
Reserves on Revolving Credit Facility | 3,700,000 | |||||||||||||||
Line of Credit Facility, Letter of Credit Fee | 3.75% | |||||||||||||||
London Interbank Offered Rate Interest Rate Floor | 1.50% | |||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | 0.50% | ||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.2 | |||||||||||||||
Minimum Availability Level Of Borrowings To Avoid Fixed Charge Coverage Ratio Test | 8,000,000 | |||||||||||||||
Payment Of Contributions By Subsidiary | 2,500,000 | |||||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization | 6,000,000 | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 34,500,000 | 34,400,000 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 9,400,000 | 8,200,000 | ||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity Reserve | 8,300,000 | 8,900,000 | ||||||||||||||
Line Of Credit Facility Excess Availability | 8,500,000 | 8,400,000 | 9,500,000 | |||||||||||||
Debt Instrument, Maturity Date, Description | Mar-17 | |||||||||||||||
Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit facility | 1,135,000 | 2,368,000 | ||||||||||||||
Debt, Weighted Average Interest Rate | 5.47% | |||||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | |||||||||||||||
Debt Instrument, Maturity Date, Description | Mar-17 | |||||||||||||||
Essex Crane Term Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loans | 30,000,000 | 30,000,000 | 0 | |||||||||||||
Debt, Weighted Average Interest Rate | 11.50% | |||||||||||||||
London Interbank Offered Rate Interest Rate Floor | 1.00% | |||||||||||||||
Debt Instrument, Maturity Date, Description | May-19 | |||||||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.15% | |||||||||||||||
Coast Crane Term Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loans | 35,500,000 | 36,500,000 | 40,000,000 | |||||||||||||
Term loan - short-term | 2,000,000 | 2,000,000 | ||||||||||||||
Debt, Weighted Average Interest Rate | 5.25% | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | |||||||||||||||
Loans Payable to Bank | 37,500,000 | 38,500,000 | ||||||||||||||
Debt Instrument, Maturity Date, Description | within 1 year | |||||||||||||||
Unsecured Promissory Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Promissory notes | 1,655,000 | 3,655,000 | 5,200,000 | |||||||||||||
Debt, Weighted Average Interest Rate | 18.00% | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 18.00% | 10.00% | 18.00% | |||||||||||||
Debt Instrument, Maturity Date, Description | Oct-16 | |||||||||||||||
Class of Warrant or Right Issued | 90,000 | |||||||||||||||
Common Stock Issuable Upon Exercise of Warrants | 90,000 | |||||||||||||||
Warrant Exercise Price per Share | $0.01 | |||||||||||||||
Class of Warrant or Right Fair Value | 300,000 | |||||||||||||||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 3 years | |||||||||||||||
Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Purchase money security interest debt | 2,011,000 | 1,975,000 | ||||||||||||||
Purchase money security interest debt - short-term | 966,000 | 959,000 | ||||||||||||||
Long-term Debt | 3,000,000 | 2,900,000 | ||||||||||||||
Debt, Weighted Average Interest Rate | 5.05% | |||||||||||||||
Pieces of Equipment Financed | 12 | 11 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | 8.29% | ||||||||||||||
Debt Instrument, Maturity Date, Description | within 1 year | |||||||||||||||
Minimum | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
US Eligible New Sale Inventory Cap | 4,000,000 | |||||||||||||||
Minimum | Coast Crane Term Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Maturity Date, Description | Sep-15 | |||||||||||||||
Minimum | Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Maturity Date, Description | Sep-15 | |||||||||||||||
Maximum | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
US Eligible New Sale Inventory Cap | 15,000,000 | |||||||||||||||
Maximum | Coast Crane Term Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Maturity Date, Description | Mar-17 | |||||||||||||||
Maximum | Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Maturity Date, Description | Oct-18 | |||||||||||||||
Prime Rate | Essex Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||
Line of Credit Facility Prime Rate | 3.25% | 3.25% | ||||||||||||||
Prime Rate | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Line of Credit Facility Prime Rate | 3.25% | 3.25% | ||||||||||||||
London Interbank Offered Rate (LIBOR) | Essex Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.38% | 0.38% | 3.75% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.23% | 0.24% | ||||||||||||||
London Interbank Offered Rate (LIBOR) | Essex Crane Term Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 10.50% | |||||||||||||||
London Interbank Offered Rate (LIBOR) | Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Pieces of Equipment Financed | 11 | 10 | ||||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.38% | |||||||||||||||
Stated Interest Rate 8.29% | Purchase Money Security Interest Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Pieces of Equipment Financed | 1 | 1 | ||||||||||||||
February 28 2016 | Essex Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 130,000,000 | |||||||||||||||
March 31 2016 | Essex Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Rental Equipment Sales Proceeds | 8,000,000 | |||||||||||||||
March 31 2015 | Essex Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Rental Equipment Sales Proceeds | 3,000,000 | |||||||||||||||
Option Two | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 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 | ||||||||||||||
Option Two | Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Inventory | 50.00% | |||||||||||||||
Line of Credit Facility Borrowing Base | 800,000 | |||||||||||||||
Option Three | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility Borrowing Base | 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% | ||||||||||||||
Option Three | Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility Borrowing Base | 2,000,000 | |||||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 95.00% | |||||||||||||||
Option Four | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 85.00% | |||||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value Less Reserves | 85.00% | |||||||||||||||
Option Four | Coast Crane Revolving Credit Facility, Coast LTD Portion [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 85.00% | |||||||||||||||
April 30 2014 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 0.88 | |||||||||||||||
May 31 2014 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1 | |||||||||||||||
June 30 2014 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.1 | |||||||||||||||
July 31 2014 and Thereafter | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.2 | |||||||||||||||
March 31 2014 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1 | |||||||||||||||
March 2014 to August 2014 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Trailing Twelve Month EBITDA | 7,700,000 | |||||||||||||||
September 2014 to November 2014 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Trailing Twelve Month EBITDA | 7,850,000 | |||||||||||||||
December 2014 to February 2015 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Trailing Twelve Month EBITDA | 8,000,000 | |||||||||||||||
March 2015 to May 2015 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Trailing Twelve Month EBITDA | 8,150,000 | |||||||||||||||
June 2015 and Thereafter | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Required Trailing Twelve Month EBITDA | 8,300,000 | |||||||||||||||
2013 | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument Covenant Maximum Indebtedness | 7,000,000 | |||||||||||||||
2014 and Thereafter | Coast Crane Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument Covenant Maximum Indebtedness | $10,000,000 |
Fair_Value_Details
Fair Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Debt instrument, fair value disclosure | $211.20 | $212 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Reclassifications (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $22 | $5 | $11 | $10 |
Other comprehensive income (loss) before reclassifications | -15 | 1 | -4 | -4 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | -15 | 1 | -4 | -4 |
Ending balance | $7 | $6 | $7 | $6 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net loss | ($2,741) | ($1,932) | ($5,910) | ($4,095) |
Basic (shares) | 24,801,387 | 24,653,513 | 24,795,396 | 24,632,629 |
Diluted (shares) | 24,801,387 | 24,653,513 | 24,795,396 | 24,632,629 |
Basic earnings (loss) per share | ($0.11) | ($0.08) | ($0.24) | ($0.17) |
Diluted earnings (loss) per share | ($0.11) | ($0.08) | ($0.24) | ($0.17) |
Weighted average number of shares, retained interests | 493,671 | 493,671 | 493,671 | 493,671 |
Stock options outstanding, number | 1,411,903 | 1,430,459 | 1,411,903 | 1,430,459 |
Stock options outstanding, weighted average exercise price | $4.59 | $5.29 | $4.59 | $5.29 |
Class of warrant or rights, outstanding (shares) | 90,000 | 90,000 | ||
Class of warrants or rights, exercise price of warrants or rights | $0.01 | $0.01 | ||
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities (shares) | 0 | 0 | 0 | 0 |
Antidilutive securities excluded from computation of earnings per share, amount | 89,792 | 89,784 | ||
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities (shares) | 0 | 0 | 0 | 0 |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 103,295 | 0 | 86,545 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive securities (shares) | 0 | 0 | 0 | 0 |
Antidilutive securities excluded from computation of earnings per share, amount | 18,237 | 84 | 20,619 | 0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate, percent | 37.30% | 38.60% | |
Business acquisition, goodwill, expected tax deductible amount | $3.10 | $3.10 | |
Tax goodwill amortization period | 3 years | ||
Unrecognized tax benefits | 0.1 | 0.1 | |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 152.3 | 143.8 | |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $82.70 | $77.30 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-13 | Jun. 27, 2014 | Mar. 13, 2014 | Nov. 15, 2013 | Jun. 18, 2013 | Jan. 03, 2011 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $100,000 | $500,000 | $200,000 | $600,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,100,000 | 1,100,000 | 700,000 | ||||||||
Share Based Compensation, Options, Annual Vesting Percentage | 33.33% | 33.33% | |||||||||
March 18 2010 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 403,353 | ||||||||||
January 14 2011 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 32,487 | ||||||||||
June 27 2014 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options granted | 49,814 | ||||||||||
Exercise price per share | $2.51 | ||||||||||
Service period | 3 years | ||||||||||
Option life | 7 years | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Risk-free interest rate | 1.45% | ||||||||||
Expected volatility | 69.94% | ||||||||||
Expected life of option | 4 years 6 months | ||||||||||
Grant date fair value per share | $1.40 | ||||||||||
Grant date fair value | 70,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,640 | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | 100,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||||||||
June 27 2014 Executives | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options granted | 98,024 | ||||||||||
Exercise price per share | $2.51 | ||||||||||
Service period | 3 years | ||||||||||
Option life | 10 years | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Risk-free interest rate | 1.89% | ||||||||||
Expected volatility | 69.94% | ||||||||||
Expected life of option | 6 years | ||||||||||
Grant date fair value per share | $1.58 | ||||||||||
Grant date fair value | 155,000 | ||||||||||
March 13 2014 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options granted | 100,000 | ||||||||||
Exercise price per share | $3.26 | ||||||||||
Service period | 3 years | ||||||||||
Option life | 10 years | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Risk-free interest rate | 1.84% | ||||||||||
Expected volatility | 71.12% | ||||||||||
Expected life of option | 6 years | ||||||||||
Grant date fair value per share | $1.88 | ||||||||||
Grant date fair value | 188,000 | ||||||||||
November 15 2013 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,000 | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | 200,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||||||||
June 18 2013 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,500 | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | 300,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 22,500 | ||||||||||
January 3 2011 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 166,943 | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | $900,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 166,943 | ||||||||||
2011 Long Term Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | 1,500,000 | |||||||||
2008 Long Term Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,575,000 | 1,575,000 | |||||||||
January 3 2012 | January 3 2011 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 50.00% | ||||||||||
January 3 2013 | January 3 2011 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 50.00% | ||||||||||
November 15 2014 | November 15 2013 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
November 15 2015 | November 15 2013 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
November 15 2016 | November 15 2013 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
June 18 2014 | June 18 2013 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
June 18 2015 | June 18 2013 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
June 18 2016 | June 18 2013 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
June 27 2015 | June 27 2014 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
June 27 2016 | June 27 2014 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% | ||||||||||
June 27 2017 | June 27 2014 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share Based Compensation, Restricted Common Stock, Percentage Vesting By Date | 33.33% |
Common_Stock_and_Warrants_Deta
Common Stock and Warrants (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Oct. 31, 2008 |
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Value | $12 | |||
Strategic Planning and Finance Committee [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 45,719 | 43,715 | ||
Board of Directors [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 3,155 | |||
Management [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 8,352 | |||
June 18 2013 Restricted Share Grant [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 22,500 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 9,621 | |||
January 3 2011 Restricted Share Grant [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 83,469 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 29,489 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Segment | |||||
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | 4 | ||||
Revenues | $24,509,000 | $25,213,000 | $45,595,000 | $50,279,000 | |
Gross Profit | 5,273,000 | 6,363,000 | 9,455,000 | 12,088,000 | |
Assets | 328,135,000 | 328,135,000 | 332,776,000 | ||
Essex Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8,846,000 | 10,440,000 | 17,156,000 | 17,878,000 | |
Gross Profit | 1,080,000 | 1,629,000 | 1,736,000 | 2,467,000 | |
Assets | 219,749,000 | 219,749,000 | 225,502,000 | ||
Coast Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,610,000 | 8,488,000 | 14,436,000 | 17,495,000 | |
Gross Profit | 2,732,000 | 3,103,000 | 4,939,000 | 6,283,000 | |
Assets | 79,293,000 | 79,293,000 | 83,106,000 | ||
Equipment Rental | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Gross Profit | 0 | 0 | 0 | 0 | |
Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,877,000 | 855,000 | 4,178,000 | 4,565,000 | |
Gross Profit | 163,000 | 29,000 | 174,000 | 439,000 | |
Assets | 7,555,000 | 7,555,000 | 4,410,000 | ||
Parts and Service | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5,176,000 | 5,430,000 | 9,825,000 | 10,341,000 | |
Gross Profit | 1,298,000 | 1,602,000 | 2,606,000 | 2,899,000 | |
Assets | 7,270,000 | 7,270,000 | 4,765,000 | ||
Segmented Assets Total | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 313,867,000 | 313,867,000 | 317,783,000 | ||
Total Non-Segmented Assets | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 14,268,000 | 14,268,000 | 14,993,000 | ||
CANADA | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 3,300,000 | 3,300,000 | 4,500,000 | ||
Long-Lived Assets | $2,300,000 | $2,300,000 | $3,500,000 | ||
Sales Revenue, Net | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | 0 | 0 | 1 | 0 | |
Sales Revenue, Net | Essex Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | 1 | 1 | 1 | ||
Sales Revenue, Net | Coast Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | 1 | ||||
Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | 3 | 3 | 3 | 1 | |
Geographic Concentration Risk | Sales Revenue, Net | Foreign | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 7.30% | 9.80% | 7.90% | 9.10% | |
Geographic Concentration Risk | Sales Revenue, Net | CANADA | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 6.40% | 9.20% | 5.60% | 8.50% | |
Customer One | Customer Concentration Risk | Sales Revenue, Net | Essex Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 18.20% | 16.70% | 20.20% | ||
Customer One | Customer Concentration Risk | Sales Revenue, Net | Coast Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 12.40% | ||||
Customer One | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 40.30% | 45.40% | 27.70% | 46.30% | |
Customer Two | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 20.30% | 26.60% | 13.00% | ||
Customer Three | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 15.40% | 11.20% | 10.60% |
Commitments_Contingencies_and_1
Commitments, Contingencies and Related Party Transactions (Details) (USD $) | 1 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2010 | Jan. 02, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||||||
Debt Conversion, Converted Instrument, Amount | $5,200,000 | ||||||
Promissory Notes | 5,200,000 | 1,655,000 | 1,655,000 | 3,655,000 | |||
Common Stock Warrants Issued | 90,000 | ||||||
Share Price | $0.01 | ||||||
Personal Property Tax Liability | 3,100,000 | 3,100,000 | 3,300,000 | ||||
Personal Property Tax Receivable | 1,800,000 | 1,800,000 | 2,000,000 | ||||
Hyde Park Real Estate LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Leases, Monthly Rent Expense | 7,688 | ||||||
Operating Leases, Rent Expense, Net | $23,064 | $23,064 | $46,128 | $46,128 |