Document and Entity Information
Document and Entity Information Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ESSX | |
Entity Registrant Name | Essex Rental Corp. | |
Entity Central Index Key | 1,373,988 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,961,523 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 756 | $ 1,087 |
Accounts receivable, net of allowances for doubtful accounts and credit memos of $3,472 and $3,019, respectively | 16,706 | 16,981 |
Other receivables | 1,742 | 1,700 |
Deferred tax assets | 3,722 | 3,504 |
Prepaid expenses and other assets | 1,554 | 1,516 |
TOTAL CURRENT ASSETS | 41,750 | 39,333 |
Property and equipment, net | 4,755 | 4,613 |
Spare parts inventory, net | 3,864 | 3,816 |
Identifiable finite lived intangibles, net | 568 | 735 |
Goodwill | 1,796 | 1,796 |
Loan acquisition costs, net | 3,960 | 5,132 |
TOTAL ASSETS | 317,273 | 325,890 |
Accounts payable | 5,693 | 4,966 |
Accrued employee compensation and benefits | 1,698 | 2,008 |
Accrued taxes | 3,323 | 3,694 |
Accrued interest | 1,115 | 870 |
Accrued other expenses | 1,107 | 1,031 |
Unearned rental revenue | 1,660 | 1,849 |
Customer deposits | 855 | 350 |
Revolving credit facilities - short-term | 142,185 | 142,709 |
Term loans - short-term | 32,000 | 2,000 |
Notes Payable, Current | 1,655 | 0 |
Purchase money security interest debt - short-term | 1,521 | 1,655 |
Capital lease obligation - short-term | 71 | 35 |
TOTAL CURRENT LIABILITIES | 192,883 | 161,167 |
Revolving credit facility | 2,514 | 1,781 |
Term loans | 33,500 | 64,500 |
Promissory notes | 0 | 1,655 |
Purchase money security interest debt | 7,928 | 6,652 |
Deferred tax liabilities | 30,626 | 34,487 |
Capital lease obligation | 319 | 162 |
TOTAL LONG-TERM LIABILITIES | 74,887 | 109,237 |
TOTAL LIABILITIES | $ 267,770 | $ 270,404 |
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 24,961,523 shares at June 30, 2015 and 24,824,614 shares at December 31, 2014 | 2 | 2 |
Paid in capital | 126,894 | 126,510 |
Accumulated deficit | (77,484) | (71,077) |
Accumulated other comprehensive income | 91 | 51 |
TOTAL STOCKHOLDERS' EQUITY | 49,503 | 55,486 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 317,273 | 325,890 |
Property Subject to Operating Lease | ||
Rental equipment, held for sale | 390 | 790 |
Property and equipment, net | 260,580 | 270,465 |
Retail Spare Parts Inventory, Net | ||
Retail equipment | 1,768 | 1,725 |
Retail Equipment Inventory | ||
Retail equipment | $ 15,112 | $ 12,030 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts receivable, allowances for doubtful accounts and credit memos | $ 3,472 | $ 3,019 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 40,000,000 | 40,000,000 |
Common stock, issued | 24,961,523 | 24,824,614 |
Common stock, outstanding | 24,961,523 | 24,824,614 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equipment rentals | $ 12,098 | $ 12,518 | $ 24,143 | $ 23,562 |
Transportation | 1,750 | 2,192 | 3,174 | 3,965 |
Equipment repairs and maintenance | 4,162 | 2,801 | 6,987 | 5,283 |
TOTAL REVENUES | 25,215 | 24,509 | 47,281 | 45,595 |
Salaries, payroll taxes and benefits | 2,996 | 2,834 | 5,977 | 5,378 |
Depreciation | 4,471 | 4,613 | 8,912 | 9,217 |
Transportation | 1,497 | 2,048 | 2,763 | 3,824 |
Equipment repairs and maintenance | 3,485 | 3,275 | 6,110 | 5,652 |
Yard operating expenses | 882 | 810 | 1,721 | 1,602 |
TOTAL COST OF REVENUES | 19,290 | 19,236 | 36,362 | 36,140 |
GROSS PROFIT | 5,925 | 5,273 | 10,919 | 9,455 |
Selling, general and administrative expenses | 6,610 | 5,828 | 13,048 | 11,747 |
Other depreciation and amortization | 178 | 255 | 351 | 513 |
LOSS FROM OPERATIONS | (863) | (810) | (2,480) | (2,805) |
Other income (expense) | 0 | (9) | 1 | 2 |
Interest expense | (3,972) | (3,602) | (7,789) | (6,574) |
Foreign currency exchange gains (losses) | 85 | 99 | (251) | (53) |
TOTAL OTHER INCOME (EXPENSES) | (3,887) | (3,512) | (8,039) | (6,625) |
LOSS BEFORE INCOME TAXES | (4,750) | (4,322) | (10,519) | (9,430) |
BENEFIT FOR INCOME TAXES | (1,899) | (1,581) | (4,112) | (3,520) |
NET LOSS | $ (2,851) | $ (2,741) | $ (6,407) | $ (5,910) |
Basic (shares) | 24,938,175 | 24,801,387 | 24,929,536 | 24,795,396 |
Diluted (shares) | 24,938,175 | 24,801,387 | 24,929,536 | 24,795,396 |
Basic earnings (loss) per share | $ (0.11) | $ (0.11) | $ (0.26) | $ (0.24) |
Diluted earnings (loss) per share | $ (0.11) | $ (0.11) | $ (0.26) | $ (0.24) |
Retail Spare Parts Inventory, Net | ||||
Sales Revenue, Goods, Net | $ 2,093 | $ 2,375 | $ 4,019 | $ 4,542 |
Cost of Goods Sold | 1,672 | 1,854 | 3,238 | 3,596 |
Property Subject to Operating Lease | ||||
Sales Revenue, Goods, Net | 1,812 | 1,746 | 2,836 | 4,065 |
Cost of Goods Sold | 1,166 | 1,260 | 1,919 | 3,179 |
Retail Equipment Inventory | ||||
Sales Revenue, Goods, Net | 3,300 | 2,877 | 6,122 | 4,178 |
Cost of Goods Sold | $ 3,121 | $ 2,542 | $ 5,722 | $ 3,692 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net loss | $ (2,851) | $ (2,741) | $ (6,407) | $ (5,910) |
Foreign currency translation adjustments | (18) | (15) | 40 | (4) |
Other comprehensive income | (18) | (15) | 40 | (4) |
Comprehensive loss | $ (2,869) | $ (2,756) | $ (6,367) | $ (5,914) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net loss | $ (6,407) | $ (5,910) |
Depreciation and amortization of tangible assets | 9,094 | 9,563 |
Amortization of loan acquisition costs and other intangibles | 1,337 | 1,448 |
Deferred income taxes | (4,110) | (3,577) |
Share based compensation expense | 251 | 177 |
Accounts receivable, net | (7) | (3,291) |
Other receivables | (42) | 176 |
Prepaid expenses and other assets | (38) | 208 |
Spare parts inventory | (120) | (237) |
Accounts payable and accrued expenses | 1,381 | 3,373 |
Unearned rental revenue | (189) | 468 |
Customer deposits | 505 | (81) |
Total change in operating assets and liabilities | (1,827) | (3,972) |
NET CASH USED IN OPERATING ACTIVITIES | (2,579) | (3,157) |
Purchases of property and equipment | (339) | (430) |
Accounts receivable from rental equipment sales | 282 | 955 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 2,586 | 3,773 |
Proceeds from revolving credit facilities | 50,068 | 49,261 |
Payments on revolving credit facilities | (49,859) | (75,633) |
Proceeds from term loans | 0 | 30,000 |
Payments on term loans | (1,000) | (1,000) |
Proceeds from purchase money security interest debt | 1,171 | 0 |
Payments on purchase money security interest debt | (983) | (483) |
Payments on promissory notes | 0 | (2,000) |
Payments on capital lease obligation | (24) | (5) |
Employer repurchase of shares to satisfy minimum tax withholding | (13) | (24) |
Payments for loan acquisition costs | 0 | (1,217) |
NET CASH USED IN FINANCING ACTIVITIES | (640) | (1,101) |
Effect of exchange rate changes on cash and cash equivalents | 302 | 72 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (331) | (413) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,087 | 1,349 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 756 | 936 |
Board of Directors fees paid in common stock | 147 | 150 |
Equipment obtained through capital lease | 217 | 129 |
Equipment purchased directly through short-term debt obligation | 56 | 525 |
Cash paid for interest | 6,369 | 4,963 |
Cash paid for income taxes, net | 71 | 88 |
Retail Equipment Inventory | ||
Retail equipment inventory | (3,317) | (4,588) |
Property Subject to Operating Lease | ||
Gain on sale of rental equipment | (917) | (886) |
Purchases of property and equipment | (193) | (817) |
Proceeds from sale of rental equipment | $ 2,836 | $ 4,065 |
Business and Principles of Cons
Business and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Principles of Consolidation | Business and Principles of Consolidation The accompanying condensed 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" or "Essex"). 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, bridges and roads, alternative energy projects, water treatment facilities, marine projects, petrochemical projects and other industrial, commercial, residential and infrastructure projects. The Company is also engaged in servicing and distributing heavy lifting machinery and other construction related equipment and parts. The accompanying condensed 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. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date. 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, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . 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, 2014 . |
Significant Accounting Policies
Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies Please refer to Note 2 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2014 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 interest rate swaps and other 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, including its derivative instruments, on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. Segment Reporting We have determined, in accordance with applicable accounting guidance regarding operating segments, that we have 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 condensed consolidated financial statements regarding our segment information. Long-lived Assets - Held for Use 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, 2015 and as a result of continuing losses and depressed utilization rates, the Company determined that a triggering event had occurred at Essex Crane, which caused the Company to determine if an impairment of these long-lived assets to be held and used was necessary. Application of the long-lived asset to be held and used impairment test requires judgment, including the identification of 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 to be held and used. 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 each 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 to be held and used 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 rental equipment assets to be held and used as of June 30, 2015 . Furthermore, future cash flows after allocation to the rental equipment assets are in excess of the carrying value of property, plant and equipment and no impairment was recorded for these assets as of June 30, 2015 . The Company also assessed whether a triggering event for potential impairment of its Coast Crane equipment assets existed, and it was determined that no such event occurred for these assets during the six months ended June 30, 2015 . Recently Issued and Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance for the presentation of debt issuance costs on an entity's balance sheet. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The guidance is effective for fiscal years beginning after December 15, 2015, and interim reporting periods within those years (early adoption is permitted for financial statements that have not been previously issued). Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial results. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB delayed the effective date of the guidance to provide adequate time for effective implementation. This guidance is now effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted no earlier than the original effective date of fiscal years beginning after December 15, 2016. We expect to adopt this guidance when effective, and the impact on our financial statements is not currently estimable. Going Concern/Liquidity On June 18, 2015, the Company received a notice of default from Wells Fargo Capital Finance, LLC, the lead lender and agent under the Essex Crane Revolving Credit Facility, as a result of the excess availability declining below the minimum required excess availability equal to 10% of the aggregate revolving loan commitment. The failure to maintain the required minimum excess availability was the result of a reduction in the appraised orderly liquidation value of the rental equipment fleet of approximately $9.2 million or 3.8% , and the resultant impact on the borrowing base. Due to the existence of the event of default, the agent has elected that (i) all obligations (except for undrawn letters of credit) will bear interest at a per annum rate equal to two percentage points above the per annum rate otherwise applicable under the Essex Crane Revolving Credit Facility, (ii) the letter of credit fee will increase to two percentage points above the per annum rate otherwise applicable under the Essex Crane Revolving Credit Facility, and (iii) the Company may no longer elect to exercise the LIBOR option. Subsequently, on July 30, 2015, the Company notified Wells Fargo Capital Finance, LLC of a failure to maintain the required minimum trailing twelve month fixed charge coverage ratio of not less than 1.10 to 1.00 for the month ended June 30, 2015. The failure to maintain the required fixed charge coverage ratio was primarily due to legal and professional fees incurred during the six months ended June 30, 2015 as a result of the financial statement restatement and activist shareholder issues previously disclosed, in addition to higher interest expense in June 2015 as a result of the increased interest rates due to the ongoing default regarding the Essex Crane Revolving Credit Facility. As of the date of filing this Quarterly Report on Form 10-Q, the Company has not obtained a waiver for the events of default described above from the lenders under the Essex Crane Revolving Credit Facility. The lenders have reserved all of their respective rights and remedies available under the Essex Crane Revolving Credit Facility, including their right to declare the outstanding loans due and payable, as a result of the event of default or any other events of default that may otherwise occur at any time. The Company is currently in discussions with the lenders under the Essex Crane Revolving Credit Facility to remedy and/or waive the events of default. The Company anticipates that a forbearance agreement will be entered into with its lenders that will allow the Company to request additional revolving loans through a mutually agreed upon period of time. These additional revolving loans will enable the Company to pay its ordinary and current expenses. Essex Crane is obligated to make principal payments on outstanding debt totaling approximately $10,000 during the next twelve months, exclusive of approximately $149.8 million outstanding under the Essex Crane Revolving Credit Facility that may become due and payable, and requires a significant amount of cash to fund operations. As of June 30, 2015, and after consideration of the 10% availability threshold covenant included in the Essex Crane Revolving Credit Facility, Essex Crane had no available borrowings under its revolving credit facility. The expected future operating cash flows for Essex Crane are not sufficient to meet our long-term obligations and fund operations without the refinancing of the Essex Crane Revolving Credit Facility. However, no assurance can be given that the Company will be able to refinance the Essex Crane Revolving Credit Facility. If the Company is not able to refinance, we will be required to adopt one or more alternatives, such as selling material assets or operations or seeking to raise additional debt or equity capital. Given current economic and market conditions, including the significant disruptions in the global capital markets, we cannot assure investors that any of these actions could be affected on a timely basis or on satisfactory terms or at all, or that these actions would enable us to continue to satisfy our capital requirements. In addition, our existing or future debt agreements, including the indenture governing the revolving credit facilities, contain certain restrictive covenants, which may prohibit us from adopting any of these alternatives. These circumstances raise significant doubt as to Essex Crane’s ability to operate as a going concern. The accompanying condensed consolidated financial statements have been prepared on a going concern basis in accordance with GAAP. As such, no adjustments have been made to the condensed consolidated financial results for the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue operating as a going concern. Coast Crane has typically had substantial liquidity from its operating cash flows despite the significant downturn in the construction industry and recurring losses in recent years. Coast Crane anticipates its current cash resources, availability under its revolving credit facilities, and cash to be generated from operations in 2015 and the six months ended June 30, 2015 will be adequate to meet its liquidity needs for at least the next twelve months. As discussed further in Note 4 of these consolidated financial statements, Coast Crane is obligated to make principal payments on outstanding debt totaling approximately $3.5 million during the next twelve months. As of June 30, 2015, availability under the Coast Crane borrowing base calculation was approximately $0.6 million. If cash generated from operations is not materially consistent with management’s plans, Coast Crane may not generate sufficient cash flow from operations or from other sources to enable it to repay its indebtedness and to fund its other liquidity needs. Coast Crane may not be able to refinance its indebtedness in a timely manner, on commercially reasonable terms, or at all. If we cannot service or refinance our indebtedness, we may have to divest assets, seek additional equity or reduce or delay capital expenditures, any of which could have an adverse effect on our operations and/or be dilutive to our stockholders. Additionally, we may not be able to effect such actions, if necessary, in a timely manner, on commercially reasonable terms, or at all. Although the Company has determined that there is substantial doubt about Essex Crane's ability to continue as a going concern, the Company does not anticipate that these circumstances will impact Coast Crane's ability to continue as a going concern. Coast Crane and Essex Crane are separate legal entities with separate revolving credit facilities and other debt obligations. The companies do not cross-collateralize their debt agreements and the events of default at Essex Crane have no impact on Coast Crane's current debt obligations or its ability to obtain additional sources of capital in the future. Coast Crane is well established as one of the largest rental equipment providers of boom trucks, rough terrain cranes and tower cranes in the western United States and the Company does not anticipate that the current situation at Essex Crane will significantly affect our customer's, or the market's, perception of the Company or its rental offerings. Furthermore, Coast Crane derives a significant portion of its revenues through retail equipment sales, retail parts sales and repair and maintenance services on third-party equipment, all of which are independent of Essex Crane and unique to Coast Crane. Although Coast Crane and Essex Crane share certain customers, sales force and certain accounting and management functions to a limited extent, Coast Crane is structured in such a manner that it can continue normal business operations even in the event that Essex Crane ceases 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. Although the balances outstanding on the Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, are classified as short-term obligations within the Company's Consolidated Balance Sheets, we expect that we will be able to continue to use the facilities on a long-term basis to fund operations absent any material adverse changes at the Company. A material adverse change would permit the lenders under the Coast Crane revolving credit facilities to exercise their rights under the respective subjective acceleration clauses and declare all outstanding debt under the revolving credit facilities due and payable. If we cannot refinance our indebtedness upon the exercise of the subjective acceleration clauses, we may have to divest assets, seek additional equity financing or reduce or delay capital expenditures, which could have an adverse effect on our operations and/or be dilutive to our stockholders. Additionally, we may not be able to effect any such action, if necessary, in a timely manner, on commercially reasonable terms, or at all. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Goodwill of $1.8 million was recorded associated with the acquisition of Coast Crane's assets on November 24, 2010 for the excess of the total consideration transferred over the fair value of 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): June 30, 2015 December 31, 2014 Essex Crane customer relationship $ 784 $ 784 Essex Crane trademark 804 804 Coast Crane customer relationship 1,500 1,500 Coast Crane trademark 600 600 Total intangible assets 3,688 3,688 Less: accumulated amortization (3,120 ) (2,953 ) Intangible assets, net $ 568 $ 735 The Company’s amortization expense associated with other intangible assets was approximately $0.1 million for each of the three month periods ended June 30, 2015 and 2014 . The company's amortization expense associated with other intangible assets was approximately $0.2 million for each of the six month periods ended June 30, 2015 and 2014 . The following table presents the estimated future amortization expense related to intangible assets as of June 30, 2015 for the years ended December 31st (amounts in thousands): 2015 $ 157 2016 214 2017 197 Total $ 568 |
Revolving Credit Facilities and
Revolving Credit Facilities and Other Debt Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities and Other Debt Obligations | Revolving Credit Facilities and Other Debt Obligations The Company’s revolving credit facilities and other debt obligations consist of the following (amounts in thousands): Principal Outstanding at Weighted Average Interest Rate as of June 30, 2015 June 30, 2015 December 31, 2014 Maturity Dates Essex Crane revolving credit facility - short-term $ 119,761 $ 118,611 6.11 % October 2016 Essex Crane term loan - short-term (1) 30,000 30,000 12.78 % May 2019 Coast Crane revolving credit facility - short-term 22,424 24,098 5.33 % March 2017 Coast Crane revolving credit facility - long-term 2,514 1,781 5.37 % March 2017 Coast Crane term loan 33,500 34,500 5.25 % September 2016 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 1,655 18.00 % October 2016 Purchase money security interest debt 7,928 6,652 5.54 % July 2016 to April 2022 Purchase money security interest debt - short-term 1,521 1,655 5.54 % within 1 year Total debt obligations outstanding $ 221,303 $ 220,952 (1) The Essex Crane term loan was classified as a long-term liability at December 31, 2014. Aggregate payments of principal on debt obligations outstanding as of June 30, 2015 for each of the years ended December 31st based on contractual installment payment terms and maturities are as follows (amounts in thousands): 2015 $ 176,072 2016 5,133 2017 34,772 2018 1,714 2019 and thereafter 3,612 Total $ 221,303 Essex Crane Revolving Credit Facility On May 13, 2014 , Essex Crane entered into a 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 Essex Crane Revolving Credit Facility. 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% . Effective June 18, 2015, as a result of the events of default described below, borrowings on the revolving loan accrue interest at the bank's prime rate plus the applicable prime rate default margin of 3.75% and borrowings on the term loan accrue interest at LIBOR plus the applicable LIBOR term loan default margin of 12.50% with a LIBOR floor of 1.00% . 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 Company's cash proceeds from the sale of certain assets as of March 31, 2015 exceeded the required minimum proceeds outlined in the Essex Crane Revolving Credit Facility. 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. On October 30, 2014 , Essex Crane entered into a First Amendment to the Fourth Amended and Restated Credit Agreement to modify the calculation of the fixed charge coverage ratio to allow for the exclusion of severance expenses. Additionally, the amendment reduced the required fixed charge coverage ratio for September 2014 to not less than 1.08 to 1.00 and to waive an event of default that occurred as a result of the fixed charge coverage ratio falling below the required ratio of 1.10 to 1.00 in August 2014. All other terms of the May 13, 2014 Essex Crane Revolving Credit facility remained in effect following such amendment. The maximum amount that could be borrowed under the revolving loan portion of the Essex Crane Revolving Credit Facility, net of letters of credit and other reserves was approximately $130.9 million and $135.3 million as of June 30, 2015 and December 31, 2014 , respectively. Essex Crane’s available borrowing under its revolving credit facility was approximately $11.1 million and $16.6 million as of June 30, 2015 and December 31, 2014 , respectively. After consideration of the 10% availability threshold covenant, the Company had available borrowings under its revolving credit facility of zero and approximately $2.7 million as of June 30, 2015 and December 31, 2014 , respectively. As of June 30, 2015 and December 31, 2014 , there was zero and approximately $1.5 million of available formulated collateral in excess of the maximum borrowing amount of approximately $135.3 million . As of June 30, 2015 and December 31, 2014 , the outstanding balance on the term loan portion of the Essex Crane Revolving Credit Facility was $30.0 million . As of June 30, 2015 , the applicable prime rate and undrawn commitment fee on the revolving loan were 3.25% and 0.375% , respectively. As of December 31, 2014 , the applicable prime rate, LIBOR rate and undrawn commitment fee on the revolving loan were 3.25% , 0.16% and 0.375% , respectively. As of June 30, 2015 , the LIBOR rate on the term loan was 0.19% with a LIBOR floor of 1.00% . As of December 31, 2014 , the LIBOR rate on the term loan was 0.16% with a LIBOR floor of 1.00% . Essex Crane was not in compliance with the covenants and other provisions set forth in the Essex Crane Revolving Credit Facility as of June 30, 2015 . Noncompliance may have a material adverse effect on the Company's liquidity and operations if the Company is unable to remedy or waive the events of default as described below. On June 18, 2015, the Company received a notice of default from Wells Fargo Capital Finance, LLC, the lead lender and agent under the Essex Crane Revolving Credit Facility, as a result of the excess availability declining below the minimum required excess availability equal to 10% of the aggregate revolving loan commitment. The failure to maintain the required minimum excess availability was the result of a reduction in the appraised orderly liquidation value of the rental equipment fleet of approximately $9.2 million , or 3.8% , and the resultant impact on the borrowing base. Due to the existence of the event of default, the agent has elected that (i) all obligations (except for undrawn letters of credit) will bear interest at a per annum rate equal to two percentage points above the per annum rate otherwise applicable under the Essex Crane Revolving Credit Facility, (ii) the letter of credit fee will increase to two percentage points above the per annum rate otherwise applicable under the Essex Crane Revolving Credit Facility, and (iii) the Company may no longer elect to exercise the LIBOR option. Subsequently, on July 30, 2015, the Company notified Wells Fargo Capital Finance, LLC of a failure to maintain the required minimum trailing twelve month fixed charge coverage ratio of not less than 1.10 to 1.00 for the month ended June 30, 2015. The failure to maintain the required fixed charge coverage ratio was primarily due to legal and professional fees incurred during the six months ended June 30, 2015 as a result of the financial statement restatement and activist shareholder issues previously disclosed, in addition to higher interest expense in June 2015 as a result of the increased interest rates due to the ongoing default regarding the Essex Crane Revolving Credit Facility. The Company is currently in discussions with the lenders under the Essex Crane Revolving Credit Facility to remedy and/or waive the events of default. The Company anticipates that a forbearance agreement will be entered into with its lenders that will allow the Company to request additional revolving loans through a mutually agreed upon period of time. These additional revolving loans will enable the Company to pay its ordinary and current expenses. As a result of the events of default described above, the outstanding principal balances under the Essex Crane Revolving Credit Facility and Essex Crane Term Loan have been classified as current liabilities in the Company’s Condensed Consolidated Balance Sheet at June 30, 2015 . The Essex Crane Revolving Credit Facility includes a subjective acceleration clause and requires the Company to maintain a traditional lock-box. Notwithstanding the events of default described above, the Essex Crane Revolving Credit Facility is classified as a short-term obligation within the Company's Condensed Consolidated Balance Sheets. Coast Crane Revolving Credit Facility On March 12, 2013 , Coast Crane entered into a Second Amended and Restated Credit Agreement (the "Coast Crane Revolving Credit Facility") 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 each quarter beginning on June 30, 2013 . The amounts borrowed under the term loan which are repaid or prepaid may not be reborrowed. The Coast Crane Revolving Credit Facility provides certain limitations on net capital expenditures and a $3.7 million "first amendment reserve" (as defined in the Coast Crane Revolving Credit Facility) as well as a fixed charge coverage ratio requirement of not less than 1.20 to 1.00. The Coast Crane Revolving Credit Facility also limits the amount of certain additional indebtedness, including secured purchase money indebtedness, that Coast Crane can incur to $10.0 million . 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 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 Revolving Credit Facility. 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 remains 1.20 to 1.00. In addition, the Second Amendment waived 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 was at least equal to 1.00 to 1.00. Further, under the amendment, Coast Crane was and 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 First Amendment to the Second Amended and Restated Credit Agreement 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 are 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, 2015 , the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.28% , 3.25% and 0.50% , respectively. At December 31, 2014 , the applicable LIBOR rate, Base rate, and unused line commitment fee were 0.25% , 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 $35.0 million as of June 30, 2015 and December 31, 2014 . Coast Crane’s available borrowing under the Coast Crane Revolving Credit Facility was approximately $0.6 million and $3.3 million as of June 30, 2015 and December 31, 2014 , respectively, after certain lender reserves of $9.5 million and $5.8 million as of June 30, 2015 and December 31, 2014 , 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, 2015 and December 31, 2014 , the outstanding balance on the term loan portion of the Coast Crane Revolving Credit Facility was $35.5 million and $36.5 million , respectively. At June 30, 2015 and December 31, 2014 , $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 . Coast Crane was in compliance with the financial covenants and other provisions set forth in the Coast Crane Revolving Credit Facility as of June 30, 2015 . 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 Condensed 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 Condensed 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 three 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, 2015 and December 31, 2014, 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. As of June 30, 2015 and December 31, 2014, the outstanding principal balance on the unsecured promissory notes was approximately $1.7 million . Beginning on January 1, 2014, including the six month period ended June 30, 2015 and the year ended December 31, 2014, interest accrues on the outstanding promissory notes at a per annum rate of 18.00% and is payable annually in arrears. As a result of the Essex Crane Revolving Credit Facility events of default described above, the Company was in technical default under the unsecured promissory notes as of June 30, 2015 and the outstanding balance on the unsecured promissory notes is classified as a short-term obligation within the Company's Condensed Consolidated Balance Sheets. Noncompliance may have a material adverse effect on the Company's liquidity and operations if the Company is unable to remedy or waive the events of default. Purchase Money Security Interest Debt As of June 30, 2015 , the Company's purchase money security interest debt consisted of the financing of twenty-one pieces of equipment. Ten 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. Eleven of the debt obligations accrue interest at rates that range from 3.59% to 8.29% . The obligations are secured by the equipment purchased and have maturity dates that range from July 2015 to April 2022 . As these loans are amortizing, approximately $1.5 million of the total $9.5 million in principal payments is due prior to June 30, 2016 and as such, this amount is classified as a current liability in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2015 . As of December 31, 2014 , the purchase money security interest debt consisted of the financing of nineteen pieces of equipment with an outstanding balance of approximately $8.3 million . The interest rates at December 31, 2014 ranged from LIBOR plus 3.25% to LIBOR plus 5.38% for ten of the debt obligations. Nine of the debt obligations accrued interest at rates that range from 3.59% to 8.29% as of December 31, 2014. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. During the three and six months ended June 30, 2015 , the Company had one interest rate cap outstanding. Coast Crane Interest Rate Cap On October 8, 2014 , the Company entered into an interest rate cap agreement with one of the lenders of its Coast Crane Revolving Credit Facility to limit its exposure to interest rate fluctuations. The cap agreement has a notional principal amount of $40.0 million and matures on June 17, 2016 . Under the agreement, the Company's exposure to increases in three-month LIBOR is limited to a maximum three-month LIBOR of 2.50% . The interest rate swap was not designated as a cash flow hedge. The change in fair value for the interest rate cap for the three and six months ended June 30, 2015 was an unrealized loss of approximately $6,000 , which is reported within interest expense of other income (expense) in the Condensed Consolidated Statement of Operations. Essex Rental Corp. Summary The weighted average interest rate of the Company’s total debt outstanding, including the impact of the interest rate cap was 6.85% and 5.49% at June 30, 2015 and December 31, 2014 , respectively. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
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 $221.9 million at both June 30, 2015 and December 31, 2014 , 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 Comprehensive
Accumulated Other Comprehensive Income Reclassifications | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014 (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning balance $ 109 $ 22 $ 51 $ 11 Other comprehensive income (loss) before reclassifications (18 ) (15 ) 40 (4 ) Amounts reclassified from accumulated other comprehensive income — — — — Net current period other comprehensive income (loss) (18 ) (15 ) 40 (4 ) Ending balance $ 91 $ 7 $ 91 $ 7 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
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 share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ (2,851 ) $ (2,741 ) $ (6,407 ) $ (5,910 ) Weighted average shares outstanding: Basic 24,938,175 24,801,387 24,929,536 24,795,396 Effect of dilutive securities: Options — — — — Restricted Stock — — — — Diluted 24,938,175 24,801,387 24,929,536 24,795,396 Basic earnings (loss) per share $ (0.11 ) $ (0.11 ) $ (0.26 ) $ (0.24 ) Diluted earnings (loss) per share $ (0.11 ) $ (0.11 ) $ (0.26 ) $ (0.24 ) 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 six months ended June 30, 2014 are 493,671 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 options and restricted stock; only in the periods in which such effect is dilutive. The weighted average restricted stock outstanding that could be converted into 33,955 and 18,237 common shares for the three months ended June 30, 2015 and 2014 , 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 common shares for each of the three months ended June 30, 2015 and 2014 , respectively, 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 32,800 and 20,619 common shares for the six months ended June 30, 2015 and 2014 , 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 common shares for each of the six months ended June 30, 2015 and 2014 , respectively, were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. As of June 30, 2015 and 2014 , there were 1,860,071 and 1,411,903 stock options outstanding, respectively, which are exercisable at weighted average exercise prices of $3.52 and $4.59 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate of 39.1% for the six months ended June 30, 2015 was higher than the statutory federal rate primarily due to discrete items such as the resolution of tax audit activity in Canada. 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. As of June 30, 2015 , the Company has unused federal net operating loss carry-forwards totaling approximately $159.6 million that begin expiring in 2022. As of June 30, 2015 , the Company also has unused state net operating loss carry-forwards totaling approximately $84.6 million , which expire between 2015 and 2035. The net operating loss carry-forwards are primarily from the acquisition of Holdings and losses in recent years. As of December 31, 2014 , the Company had unused federal and state net operating loss carry-forwards totaling approximately $148.3 million and $77.4 million , respectively. The Company also has remaining excess tax goodwill of approximately $3.1 million as of June 30, 2015 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, 2014 . The Company is generally no longer subject to federal and state examinations for tax years prior to December 31, 2011. The Company had unrecognized tax benefits of approximately $0.1 million as of June 30, 2015 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, 2014 . The Company did not incur any interest expense related to uncertain tax positions for the six months ended June 30, 2015 and 2014 . 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, 2015 | |
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 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 granted to certain key members of management options to purchase the following shares by grant date during the six months ended June 30, 2015 and 2014 : Grant Date June 1, June 1, June 27, June 27, March 13, Options granted 203,272 320,434 49,814 98,024 100,000 Exercise price per share $ 1.18 $ 1.18 $ 2.51 $ 2.51 $ 3.26 Service period 3 years 3 years 3 years 3 years 3 years Option life 7 years 10 years 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 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, 2015 and 2014 (amounts in thousands, except per share data): Grant Date June 1, June 1, June 27, June 27, March 13, Expected dividend yield — % — % — % — % — % Risk-free interest rate 1.35 % 1.68 % 1.45 % 1.89 % 1.84 % Expected volatility 74.73 % 74.73 % 69.94 % 69.94 % 71.12 % Expected life of option 4.5 years 6 years 4.5 years 6 years 6 years Grant date fair value per share $ 0.69 $ 0.78 $ 1.40 $ 1.58 $ 1.88 Grant date fair value $ 140 $ 250 $ 70 $ 155 $ 188 Restricted Shares of Common Stock On June 1, 2015, the Company granted to key members of management 234,933 shares of restricted common stock with an aggregate grant date fair value of approximately $0.3 million . One-third of the restricted shares are scheduled to vest on June 1, 2016, June 1, 2017 and June 1, 2018, respectively, and as such, no shares were vested as of June 30, 2015 . 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 vested on June 27, 2015 and an additional one-third of the restricted shares are scheduled to vest on June 27, 2016 and June 27, 2017, respectively, and as such, 17,217 shares were vested as of June 30, 2015 . The Company recorded $0.1 million of non-cash compensation expense associated with stock options and restricted shares in selling, general and administrative expenses for each of the three months ended June 30, 2015 and 2014 .The Company recorded $0.3 million and $0.2 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, 2015 and 2014 , respectively. There was approximately $1.3 million and $0.9 million of total unrecognized compensation cost as of June 30, 2015 and December 31, 2014 , respectively related to unvested 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, 2015 | |
Equity [Abstract] | |
Common Stock and Warrants | Common Stock and Warrants The Company issued 110,986 and 45,719 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, 2015 and 2014 . 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 six months ended June 30, 2014. The Company issued 39,717 and 22,500 shares of common stock related to the vesting of restricted shares during the six months ended June 30, 2015 and 2014, respectively, which were previously granted to employees. The Company withheld 13,794 and 9,621 common shares to cover the employee tax obligation related to the restricted shares issuance during the six months ended June 30, 2015 and 2014, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Information The Company has 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. The Company does not compile discrete financial information by segment other than the information presented below. The following table presents information about the Company's reportable segments related to revenues and gross profit (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment revenues Essex Crane equipment rentals $ 8,179 $ 8,846 $ 16,097 $ 17,156 Coast Crane equipment rentals 7,481 7,610 14,056 14,436 Equipment distribution 3,300 2,877 6,122 4,178 Parts and service 6,255 5,176 11,006 9,825 Total revenues $ 25,215 $ 24,509 $ 47,281 $ 45,595 Segment gross profit Essex Crane equipment rentals $ 623 $ 1,080 $ 1,647 $ 1,736 Coast Crane equipment rentals 3,217 2,732 5,949 4,939 Equipment distribution 29 163 65 174 Parts and service 2,056 1,298 3,258 2,606 Total gross profit $ 5,925 $ 5,273 $ 10,919 $ 9,455 The following table presents information about our reportable segments related to total assets (amounts in thousands): June 30, 2015 December 31, 2014 Segment identified assets Essex Crane equipment rentals $ 202,852 $ 208,777 Coast Crane equipment rentals 79,417 83,561 Equipment distribution 15,295 12,494 Parts and service 7,345 7,277 Total segment identified assets 304,909 312,109 Non-segmented identified assets 12,364 13,781 Total assets $ 317,273 $ 325,890 The Company operates primarily in the United States. Our sales to international customers for the three months ended June 30, 2015 were 7.4% of total revenues. Sales to customers in Canada represented 7.1% 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, 2015, one customer individually accounted for approximately 14.5% of revenues on a segmented basis. Within the equipment distribution segment for the three months ended June 30, 2015, two customers individually accounted for approximately 45.4% and 45.1% 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, 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 six months ended June 30, 2015 were 5.8% of total revenues. Sales to customers in Canada represented 5.5% 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 six months ended June 30, 2015, one customer individually accounted for approximately 20.4% of revenues on a segmented basis. Within the equipment distribution segment for the six months ended June 30, 2015, four customers individually accounted for approximately 24.5% , 24.3% , 20.5% and 11.1% 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. The Company maintains assets in Canada associated with our Coast Crane Ltd. subsidiary. Total assets located in Canada at June 30, 2015 totaled approximately $4.2 million , including long-lived assets totaling approximately $3.1 million . At December 31, 2014 , total assets located in Canada totaled approximately $3.9 million , including long-lived assets totaling approximately $2.8 million . |
Commitments, Contingencies and
Commitments, Contingencies and Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Related Party Transactions | Commitments, Contingencies and Related Party Transactions Since December 2010, the Company occupies office space at 500 Fifth Avenue, 50 th Floor, New York, NY 10110, provided by Hyde Park Real Estate LLC, an affiliate of Laurence S. Levy, our Chairman of the Board of Directors. 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 agreed to pay such entity approximately $8,000 per month for such services based on reimbursement of actual costs with the terms of such arrangement being reconsidered from time to time. Effective November 7, 2014, the Company has agreed to pay such entity approximately $11,000 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, 2015 and 2014 include approximately $33,000 and $23,000 , respectively, of rent expense related to these agreements. The Company’s statements of operations for the six months ended June 30, 2015 and 2014 include approximately $67,000 and $46,000 , respectively, of rent expense related to these agreements. The Company and Hyde Park Real Estate LLC have agreed that the aforementioned reimbursement will not be extended beyond the existing lease agreement which expires in February 2016. 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 were 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 provided in connection with this liability, net of an estimated allowance. 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 $1.6 million , respectively, at June 30, 2015 . Management estimated the gross personal property taxes liability and related contractual customer receivable of the Company to be approximately $3.2 million and $1.7 million , respectively, at December 31, 2014 . The Company is subject to a number of claims and proceedings that generally arise in the normal conduct of business. The Company believes that any liabilities ultimately resulting from these claims will not, individually or in the aggregate, have a material adverse effect on our financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 30, 2015, the Company notified Wells Fargo Capital Finance, LLC of a failure to maintain the required minimum trailing twelve month fixed charge coverage ratio of not less than 1.10 to 1.00 for the month ended June 30, 2015. The failure to maintain the required fixed charge coverage ratio was primarily due to legal and professional fees incurred during the six months ended June 30, 2015 as a result of the financial statement restatement and activist shareholder issues previously disclosed, in addition to higher interest expense in June 2015 as a result of the increased interest rates due to the ongoing default regarding the Essex Crane Revolving Credit Facility. |
Significant Accounting Polici21
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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 interest rate swaps and other financial instruments. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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, including its derivative 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, Policy [Policy Text Block] | Segment Reporting 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 condensed consolidated financial statements regarding our segment information. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets - Held for Use 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, 2015 and as a result of continuing losses and depressed utilization rates, the Company determined that a triggering event had occurred at Essex Crane, which caused the Company to determine if an impairment of these long-lived assets to be held and used was necessary. Application of the long-lived asset to be held and used impairment test requires judgment, including the identification of 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 to be held and used. 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 each 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 to be held and used 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 rental equipment assets to be held and used as of June 30, 2015 . Furthermore, future cash flows after allocation to the rental equipment assets are in excess of the carrying value of property, plant and equipment and no impairment was recorded for these assets as of June 30, 2015 . The Company also assessed whether a triggering event for potential impairment of its Coast Crane equipment assets existed, and it was determined that no such event occurred for these assets during the six months ended June 30, 2015 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued and Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance for the presentation of debt issuance costs on an entity's balance sheet. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The guidance is effective for fiscal years beginning after December 15, 2015, and interim reporting periods within those years (early adoption is permitted for financial statements that have not been previously issued). Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial results. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB delayed the effective date of the guidance to provide adequate time for effective implementation. This guidance is now effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted no earlier than the original effective date of fiscal years beginning after December 15, 2016. We expect to adopt this guidance when effective, and the impact on our financial statements is not currently estimable. |
Substantial Doubt about Going Concern [Text Block] | Going Concern/Liquidity On June 18, 2015, the Company received a notice of default from Wells Fargo Capital Finance, LLC, the lead lender and agent under the Essex Crane Revolving Credit Facility, as a result of the excess availability declining below the minimum required excess availability equal to 10% of the aggregate revolving loan commitment. The failure to maintain the required minimum excess availability was the result of a reduction in the appraised orderly liquidation value of the rental equipment fleet of approximately $9.2 million or 3.8% , and the resultant impact on the borrowing base. Due to the existence of the event of default, the agent has elected that (i) all obligations (except for undrawn letters of credit) will bear interest at a per annum rate equal to two percentage points above the per annum rate otherwise applicable under the Essex Crane Revolving Credit Facility, (ii) the letter of credit fee will increase to two percentage points above the per annum rate otherwise applicable under the Essex Crane Revolving Credit Facility, and (iii) the Company may no longer elect to exercise the LIBOR option. Subsequently, on July 30, 2015, the Company notified Wells Fargo Capital Finance, LLC of a failure to maintain the required minimum trailing twelve month fixed charge coverage ratio of not less than 1.10 to 1.00 for the month ended June 30, 2015. The failure to maintain the required fixed charge coverage ratio was primarily due to legal and professional fees incurred during the six months ended June 30, 2015 as a result of the financial statement restatement and activist shareholder issues previously disclosed, in addition to higher interest expense in June 2015 as a result of the increased interest rates due to the ongoing default regarding the Essex Crane Revolving Credit Facility. As of the date of filing this Quarterly Report on Form 10-Q, the Company has not obtained a waiver for the events of default described above from the lenders under the Essex Crane Revolving Credit Facility. The lenders have reserved all of their respective rights and remedies available under the Essex Crane Revolving Credit Facility, including their right to declare the outstanding loans due and payable, as a result of the event of default or any other events of default that may otherwise occur at any time. The Company is currently in discussions with the lenders under the Essex Crane Revolving Credit Facility to remedy and/or waive the events of default. The Company anticipates that a forbearance agreement will be entered into with its lenders that will allow the Company to request additional revolving loans through a mutually agreed upon period of time. These additional revolving loans will enable the Company to pay its ordinary and current expenses. Essex Crane is obligated to make principal payments on outstanding debt totaling approximately $10,000 during the next twelve months, exclusive of approximately $149.8 million outstanding under the Essex Crane Revolving Credit Facility that may become due and payable, and requires a significant amount of cash to fund operations. As of June 30, 2015, and after consideration of the 10% availability threshold covenant included in the Essex Crane Revolving Credit Facility, Essex Crane had no available borrowings under its revolving credit facility. The expected future operating cash flows for Essex Crane are not sufficient to meet our long-term obligations and fund operations without the refinancing of the Essex Crane Revolving Credit Facility. However, no assurance can be given that the Company will be able to refinance the Essex Crane Revolving Credit Facility. If the Company is not able to refinance, we will be required to adopt one or more alternatives, such as selling material assets or operations or seeking to raise additional debt or equity capital. Given current economic and market conditions, including the significant disruptions in the global capital markets, we cannot assure investors that any of these actions could be affected on a timely basis or on satisfactory terms or at all, or that these actions would enable us to continue to satisfy our capital requirements. In addition, our existing or future debt agreements, including the indenture governing the revolving credit facilities, contain certain restrictive covenants, which may prohibit us from adopting any of these alternatives. These circumstances raise significant doubt as to Essex Crane’s ability to operate as a going concern. The accompanying condensed consolidated financial statements have been prepared on a going concern basis in accordance with GAAP. As such, no adjustments have been made to the condensed consolidated financial results for the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue operating as a going concern. Coast Crane has typically had substantial liquidity from its operating cash flows despite the significant downturn in the construction industry and recurring losses in recent years. Coast Crane anticipates its current cash resources, availability under its revolving credit facilities, and cash to be generated from operations in 2015 and the six months ended June 30, 2015 will be adequate to meet its liquidity needs for at least the next twelve months. As discussed further in Note 4 of these consolidated financial statements, Coast Crane is obligated to make principal payments on outstanding debt totaling approximately $3.5 million during the next twelve months. As of June 30, 2015, availability under the Coast Crane borrowing base calculation was approximately $0.6 million. If cash generated from operations is not materially consistent with management’s plans, Coast Crane may not generate sufficient cash flow from operations or from other sources to enable it to repay its indebtedness and to fund its other liquidity needs. Coast Crane may not be able to refinance its indebtedness in a timely manner, on commercially reasonable terms, or at all. If we cannot service or refinance our indebtedness, we may have to divest assets, seek additional equity or reduce or delay capital expenditures, any of which could have an adverse effect on our operations and/or be dilutive to our stockholders. Additionally, we may not be able to effect such actions, if necessary, in a timely manner, on commercially reasonable terms, or at all. Although the Company has determined that there is substantial doubt about Essex Crane's ability to continue as a going concern, the Company does not anticipate that these circumstances will impact Coast Crane's ability to continue as a going concern. Coast Crane and Essex Crane are separate legal entities with separate revolving credit facilities and other debt obligations. The companies do not cross-collateralize their debt agreements and the events of default at Essex Crane have no impact on Coast Crane's current debt obligations or its ability to obtain additional sources of capital in the future. Coast Crane is well established as one of the largest rental equipment providers of boom trucks, rough terrain cranes and tower cranes in the western United States and the Company does not anticipate that the current situation at Essex Crane will significantly affect our customer's, or the market's, perception of the Company or its rental offerings. Furthermore, Coast Crane derives a significant portion of its revenues through retail equipment sales, retail parts sales and repair and maintenance services on third-party equipment, all of which are independent of Essex Crane and unique to Coast Crane. Although Coast Crane and Essex Crane share certain customers, sales force and certain accounting and management functions to a limited extent, Coast Crane is structured in such a manner that it can continue normal business operations even in the event that Essex Crane ceases 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. Although the balances outstanding on the Coast Crane Revolving Credit Facility, with respect to Coast Crane borrowings, are classified as short-term obligations within the Company's Consolidated Balance Sheets, we expect that we will be able to continue to use the facilities on a long-term basis to fund operations absent any material adverse changes at the Company. A material adverse change would permit the lenders under the Coast Crane revolving credit facilities to exercise their rights under the respective subjective acceleration clauses and declare all outstanding debt under the revolving credit facilities due and payable. If we cannot refinance our indebtedness upon the exercise of the subjective acceleration clauses, we may have to divest assets, seek additional equity financing or reduce or delay capital expenditures, which could have an adverse effect on our operations and/or be dilutive to our stockholders. Additionally, we may not be able to effect any such action, if necessary, in a timely manner, on commercially reasonable terms, or at all. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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): June 30, 2015 December 31, 2014 Essex Crane customer relationship $ 784 $ 784 Essex Crane trademark 804 804 Coast Crane customer relationship 1,500 1,500 Coast Crane trademark 600 600 Total intangible assets 3,688 3,688 Less: accumulated amortization (3,120 ) (2,953 ) Intangible assets, net $ 568 $ 735 |
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, 2015 for the years ended December 31st (amounts in thousands): 2015 $ 157 2016 214 2017 197 Total $ 568 |
Revolving Credit Facilities a23
Revolving Credit Facilities and Other Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 June 30, 2015 December 31, 2014 Maturity Dates Essex Crane revolving credit facility - short-term $ 119,761 $ 118,611 6.11 % October 2016 Essex Crane term loan - short-term (1) 30,000 30,000 12.78 % May 2019 Coast Crane revolving credit facility - short-term 22,424 24,098 5.33 % March 2017 Coast Crane revolving credit facility - long-term 2,514 1,781 5.37 % March 2017 Coast Crane term loan 33,500 34,500 5.25 % September 2016 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 1,655 18.00 % October 2016 Purchase money security interest debt 7,928 6,652 5.54 % July 2016 to April 2022 Purchase money security interest debt - short-term 1,521 1,655 5.54 % within 1 year Total debt obligations outstanding $ 221,303 $ 220,952 |
Schedule of Maturities of Long-term Debt | Aggregate payments of principal on debt obligations outstanding as of June 30, 2015 for each of the years ended December 31st based on contractual installment payment terms and maturities are as follows (amounts in thousands): 2015 $ 176,072 2016 5,133 2017 34,772 2018 1,714 2019 and thereafter 3,612 Total $ 221,303 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income Reclassifications (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014 (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning balance $ 109 $ 22 $ 51 $ 11 Other comprehensive income (loss) before reclassifications (18 ) (15 ) 40 (4 ) Amounts reclassified from accumulated other comprehensive income — — — — Net current period other comprehensive income (loss) (18 ) (15 ) 40 (4 ) Ending balance $ 91 $ 7 $ 91 $ 7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ (2,851 ) $ (2,741 ) $ (6,407 ) $ (5,910 ) Weighted average shares outstanding: Basic 24,938,175 24,801,387 24,929,536 24,795,396 Effect of dilutive securities: Options — — — — Restricted Stock — — — — Diluted 24,938,175 24,801,387 24,929,536 24,795,396 Basic earnings (loss) per share $ (0.11 ) $ (0.11 ) $ (0.26 ) $ (0.24 ) Diluted earnings (loss) per share $ (0.11 ) $ (0.11 ) $ (0.26 ) $ (0.24 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company granted to certain key members of management options to purchase the following shares by grant date during the six months ended June 30, 2015 and 2014 : Grant Date June 1, June 1, June 27, June 27, March 13, Options granted 203,272 320,434 49,814 98,024 100,000 Exercise price per share $ 1.18 $ 1.18 $ 2.51 $ 2.51 $ 3.26 Service period 3 years 3 years 3 years 3 years 3 years Option life 7 years 10 years 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, 2015 and 2014 (amounts in thousands, except per share data): Grant Date June 1, June 1, June 27, June 27, March 13, Expected dividend yield — % — % — % — % — % Risk-free interest rate 1.35 % 1.68 % 1.45 % 1.89 % 1.84 % Expected volatility 74.73 % 74.73 % 69.94 % 69.94 % 71.12 % Expected life of option 4.5 years 6 years 4.5 years 6 years 6 years Grant date fair value per share $ 0.69 $ 0.78 $ 1.40 $ 1.58 $ 1.88 Grant date fair value $ 140 $ 250 $ 70 $ 155 $ 188 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Revenues And Segment Gross Profit Table | The following table presents information about the Company's reportable segments related to revenues and gross profit (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Segment revenues Essex Crane equipment rentals $ 8,179 $ 8,846 $ 16,097 $ 17,156 Coast Crane equipment rentals 7,481 7,610 14,056 14,436 Equipment distribution 3,300 2,877 6,122 4,178 Parts and service 6,255 5,176 11,006 9,825 Total revenues $ 25,215 $ 24,509 $ 47,281 $ 45,595 Segment gross profit Essex Crane equipment rentals $ 623 $ 1,080 $ 1,647 $ 1,736 Coast Crane equipment rentals 3,217 2,732 5,949 4,939 Equipment distribution 29 163 65 174 Parts and service 2,056 1,298 3,258 2,606 Total gross profit $ 5,925 $ 5,273 $ 10,919 $ 9,455 |
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, 2015 December 31, 2014 Segment identified assets Essex Crane equipment rentals $ 202,852 $ 208,777 Coast Crane equipment rentals 79,417 83,561 Equipment distribution 15,295 12,494 Parts and service 7,345 7,277 Total segment identified assets 304,909 312,109 Non-segmented identified assets 12,364 13,781 Total assets $ 317,273 $ 325,890 |
Significant Accounting Polici28
Significant Accounting Policies (Details) | 6 Months Ended | ||||
Jun. 30, 2015USD ($)Segment | Jun. 18, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2014 | May. 13, 2014 | |
Significant Accounting Policies [Line Items] | |||||
Number of Reportable Segments | Segment | 4 | ||||
Long-term Debt, Current Maturities | $ 1,521,000 | $ 1,655,000 | |||
Debt, Long-term and Short-term, Combined Amount | 221,303,000 | 220,952,000 | |||
Purchase Money Security Interest Debt [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Long-term Debt, Current Maturities | 1,521,000 | $ 1,655,000 | |||
Purchase Money Security Interest Debt [Member] | Essex Crane [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Long-term Debt, Current Maturities | $ 10,000 | ||||
Essex Crane Revolving Credit Facility [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Essex Crane Rental Equipment Orderly Liquidation Value Appraisal Reduction | $ 9,200,000 | ||||
Essex Crane Rental Equipment Orderly Liquidation Value Appraisal Percentage Reduction | 3.80% | ||||
Event of Default Interest Rate Increase | 2.00% | ||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.10 | 1.1 | 1.1 | ||
Essex Crane Revolving Credit Facility [Member] | Essex Crane [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt, Long-term and Short-term, Combined Amount | $ 149,800,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Nov. 24, 2010 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 1,796 | $ 1,796 | $ 1,796 | $ 1,800 | ||
Intangible assets | 3,688 | 3,688 | 3,688 | |||
Less: accumulated amortization | (3,120) | (3,120) | (2,953) | |||
Intangible assets, net | 568 | 568 | 735 | |||
Amortization Expense of Intangible Assets | 100 | $ 100 | 200 | $ 200 | ||
2,015 | 157 | 157 | ||||
2,016 | 214 | 214 | ||||
2,017 | 197 | 197 | ||||
Essex Crane Customer Relationship Intangible | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | 784 | 784 | 784 | |||
Essex Crane Trademark Intangible | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | 804 | 804 | 804 | |||
Coast Crane Customer Relationship Intangible | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | 1,500 | 1,500 | 1,500 | |||
Coast Crane Trademark Intangible | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | $ 600 | $ 600 | $ 600 |
Revolving Credit Facilities a30
Revolving Credit Facilities and Other Debt Obligations (Details) | Jun. 18, 2015USD ($) | May. 13, 2014USD ($) | Apr. 29, 2014USD ($) | Mar. 12, 2013USD ($) | Nov. 30, 2010USD ($)$ / sharesshares | Jun. 30, 2015USD ($)debt_obligationequipment | Dec. 31, 2014USD ($)debt_obligationequipment | Sep. 30, 2014 | Aug. 31, 2014 | Feb. 21, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2013USD ($) | Nov. 24, 2010USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Line of Credit, Current | $ 142,185,000 | $ 142,709,000 | |||||||||||
Revolving credit facility | 2,514,000 | 1,781,000 | |||||||||||
Term loans | 33,500,000 | 64,500,000 | |||||||||||
Term loans - short-term | 32,000,000 | 2,000,000 | |||||||||||
Promissory notes | 0 | 1,655,000 | |||||||||||
Purchase money security interest debt | 7,928,000 | 6,652,000 | |||||||||||
Purchase money security interest debt - short-term | 1,521,000 | 1,655,000 | |||||||||||
Total debt obligations outstanding | 221,303,000 | 220,952,000 | |||||||||||
2,015 | 176,072,000 | ||||||||||||
2,016 | 5,133,000 | ||||||||||||
2,017 | 34,772,000 | ||||||||||||
2,018 | 1,714,000 | ||||||||||||
2019 and thereafter | 3,612,000 | ||||||||||||
Essex Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit, Current | $ 119,761,000 | 118,611,000 | |||||||||||
Debt, Weighted Average Interest Rate | 6.11% | ||||||||||||
Debt Instrument, Maturity Date, Description | October 2,016 | ||||||||||||
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 | 0.375% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Default Rate | 3.75% | ||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.1 | 1.10 | 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 | $ 130,900,000 | 135,300,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 11,100,000 | $ 16,600,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity After 10 Percent Availability Covenant Threshold | 0 | 2,700,000 | |||||||||||
Line Of Credit Facility Excess Availability | 0 | $ 1,500,000 | |||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.16% | ||||||||||||
Essex Crane Rental Equipment Orderly Liquidation Value Appraisal Reduction | $ 9,200,000 | ||||||||||||
Essex Crane Rental Equipment Orderly Liquidation Value Appraisal Percentage Reduction | 3.80% | ||||||||||||
Event of Default Interest Rate Increase | 2.00% | ||||||||||||
Coast Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit, Current | $ 22,424,000 | $ 24,098,000 | |||||||||||
Debt, Weighted Average Interest Rate | 5.33% | ||||||||||||
Debt Instrument, Maturity Date, Description | March 2,017 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | 0.50% | 0.50% | ||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.2 | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000,000 | $ 35,000,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 600,000 | 3,300,000 | |||||||||||
London Interbank Offered Rate Interest Rate Floor | 1.50% | ||||||||||||
Reserves on Revolving Credit Facility | $ 3,700,000 | ||||||||||||
Line of Credit Facility, Letter of Credit Fee | 3.75% | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity Reserve | 9,500,000 | 5,800,000 | |||||||||||
Coast Crane Revolving Credit Facility, Coast LTD Portion | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit facility | $ 2,514,000 | 1,781,000 | |||||||||||
Debt, Weighted Average Interest Rate | 5.37% | ||||||||||||
Debt Instrument, Maturity Date, Description | March 2,017 | ||||||||||||
Essex Crane Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loans | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | ||||||||||
Debt, Weighted Average Interest Rate | 12.78% | ||||||||||||
Debt Instrument, Maturity Date, Description | May 2,019 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Default Rate | 12.50% | ||||||||||||
Line of Credit Facility London Interbank Offer Rate (LIBOR) | 0.19% | 0.16% | |||||||||||
London Interbank Offered Rate Interest Rate Floor | 1.00% | 1.00% | 1.00% | ||||||||||
Coast Crane Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loans | $ 40,000,000 | $ 33,500,000 | $ 34,500,000 | ||||||||||
Term loans - short-term | $ 2,000,000 | 2,000,000 | |||||||||||
Debt, Weighted Average Interest Rate | 5.25% | ||||||||||||
Debt Instrument, Maturity Date, Description | within 1 year | ||||||||||||
Debt Instrument, Quarterly Principal Payment | $ 500,000 | ||||||||||||
Loans Payable to Bank | $ 35,500,000 | 36,500,000 | |||||||||||
Unsecured Promissory Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Promissory notes | $ 5,200,000 | $ 1,655,000 | $ 1,655,000 | $ 5,200,000 | |||||||||
Debt, Weighted Average Interest Rate | 18.00% | ||||||||||||
Debt Instrument, Maturity Date, Description | October 2,016 | ||||||||||||
Class of Warrant or Right Issued | shares | 90,000 | ||||||||||||
Common Stock Issuable Upon Exercise of Warrants | shares | 90,000 | ||||||||||||
Warrant Exercise Price per Share | $ / shares | $ 0.01 | ||||||||||||
Class of Warrant or Right Fair Value | $ 300,000 | ||||||||||||
Debt Instrument, Discount Amortization Period | 3 years | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 18.00% | 18.00% | |||||||||||
Purchase Money Security Interest Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Purchase money security interest debt | $ 7,928,000 | $ 6,652,000 | |||||||||||
Purchase money security interest debt - short-term | $ 1,521,000 | $ 1,655,000 | |||||||||||
Debt, Weighted Average Interest Rate | 5.54% | ||||||||||||
Debt Instrument, Maturity Date, Description | within 1 year | ||||||||||||
Pieces of Equipment Financed | equipment | 21 | 19 | |||||||||||
Long-term Debt | $ 9,500,000 | $ 8,300,000 | |||||||||||
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 | September 2,016 | ||||||||||||
Minimum | Purchase Money Security Interest Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | July 2,016 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.59% | 3.59% | |||||||||||
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 | March 2,017 | ||||||||||||
Maximum | Purchase Money Security Interest Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | April 2,022 | ||||||||||||
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 | 3.75% | 0.375% | 0.375% | ||||||||||
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) | 0.28% | 0.25% | |||||||||||
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 | debt_obligation | 10 | 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% | 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% | 5.38% | |||||||||||
Stated Interest Rate | Purchase Money Security Interest Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Pieces of Equipment Financed | debt_obligation | 11 | ||||||||||||
Stated Interest Rate | Maximum | Purchase Money Security Interest Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | 8.29% | |||||||||||
Stated Interest Rate 8.29% | Purchase Money Security Interest Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Pieces of Equipment Financed | debt_obligation | 9 | ||||||||||||
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 One | Coast Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | 85.00% | |||||||||||
Option One | Coast Crane Revolving Credit Facility, Coast LTD Portion | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts | 85.00% | ||||||||||||
Option Two | Coast Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility Borrowing Base, Percentage of Net Orderly Liquidation Value and Invoice Cost of New Equipment | 85.00% | ||||||||||||
September 2014 | Essex Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.08 | ||||||||||||
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 | 7,900,000 | ||||||||||||
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 | 8,200,000 | ||||||||||||
June 2015 and Thereafter | Coast Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Required Trailing Twelve Month EBITDA | $ 8,300,000 | ||||||||||||
2014 and Thereafter | Coast Crane Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Covenant Maximum Indebtedness | $ 10,000,000 |
Derivatives and Hedging Activ31
Derivatives and Hedging Activities (Details) | Oct. 08, 2014USD ($) | Jun. 30, 2015USD ($)contract | Jun. 30, 2015USD ($)contract | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Number of Interest Rate Derivatives Held | contract | 1 | 1 | ||
Derivative, Notional Amount | $ 40,000,000 | |||
Derivative, Maturity Date | Jun. 17, 2016 | |||
Derivative, Cap Interest Rate | 2.50% | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (6,000) | $ (6,000) | ||
Long-term Debt, Weighted Average Interest Rate | 6.85% | 6.85% | 5.49% |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Debt instrument, fair value disclosure | $ 221.9 | $ 221.9 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 51 | |||
Net current period other comprehensive income (loss) | $ (18) | $ (15) | 40 | $ (4) |
Ending balance | 91 | 91 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 109 | 22 | 51 | 11 |
Other comprehensive income (loss) before reclassifications | (18) | (15) | 40 | (4) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (18) | (15) | 40 | (4) |
Ending balance | $ 91 | $ 7 | $ 91 | $ 7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net loss | $ (2,851) | $ (2,741) | $ (6,407) | $ (5,910) |
Basic (shares) | 24,938,175 | 24,801,387 | 24,929,536 | 24,795,396 |
Diluted (shares) | 24,938,175 | 24,801,387 | 24,929,536 | 24,795,396 |
Basic earnings (loss) per share | $ (0.11) | $ (0.11) | $ (0.26) | $ (0.24) |
Diluted earnings (loss) per share | $ (0.11) | $ (0.11) | $ (0.26) | $ (0.24) |
Weighted average number of shares, retained interests | 493,671 | |||
Stock options outstanding, number | 1,860,071 | 1,411,903 | 1,860,071 | 1,411,903 |
Stock options outstanding, weighted average exercise price | $ 3.52 | $ 4.59 | $ 3.52 | $ 4.59 |
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 | 0 | 0 | 0 |
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 | 33,955 | 18,237 | 32,800 | 20,619 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate, percent | 39.10% | 37.30% | |
Business acquisition, goodwill, expected tax deductible amount | $ 3.1 | $ 3.1 | |
Tax goodwill amortization period | 3 years | ||
Unrecognized tax benefits | $ 0.1 | 0.1 | |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 159.6 | 148.3 | |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 84.6 | $ 77.4 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2015 | Jun. 27, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Nov. 15, 2013 | Jun. 18, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 100 | $ 100 | $ 300 | $ 200 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,300 | $ 1,300 | $ 900 | ||||||
June 1 2015 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options granted | 203,272 | 203,272 | |||||||
Exercise price per share | $ 1.18 | $ 1.18 | |||||||
Service period | 3 years | 3 years | |||||||
Option life | 7 years | 7 years | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
Risk-free interest rate | 1.35% | 1.35% | |||||||
Expected volatility | 74.73% | 74.73% | |||||||
Expected life of option | 4 years 6 months | 4 years 6 months | |||||||
Grant date fair value per share | $ 0.69 | $ 0.69 | |||||||
Grant date fair value | $ 140 | $ 140 | |||||||
June 1 2015 | Restricted Stock | |||||||||
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 | 234,933 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | $ 300 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 0 | 0 | |||||||
June 1 2015 Executives | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options granted | 320,434 | 320,434 | |||||||
Exercise price per share | $ 1.18 | $ 1.18 | |||||||
Service period | 3 years | 3 years | |||||||
Option life | 10 years | 10 years | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
Risk-free interest rate | 1.68% | 1.68% | |||||||
Expected volatility | 74.73% | 74.73% | |||||||
Expected life of option | 6 years | 6 years | |||||||
Grant date fair value per share | $ 0.78 | $ 0.78 | |||||||
Grant date fair value | $ 250 | $ 250 | |||||||
June 27 2014 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options granted | 49,814 | 49,814 | |||||||
Exercise price per share | $ 2.51 | $ 2.51 | |||||||
Service period | 3 years | 3 years | |||||||
Option life | 7 years | 7 years | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
Risk-free interest rate | 1.45% | 1.45% | |||||||
Expected volatility | 69.94% | 69.94% | |||||||
Expected life of option | 4 years 6 months | 4 years 6 months | |||||||
Grant date fair value per share | $ 1.40 | $ 1.40 | |||||||
Grant date fair value | $ 70 | $ 70 | |||||||
June 27 2014 | Restricted Stock | |||||||||
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 | 51,640 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Total Grant Date Fair Value | $ 100 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 17,217 | 17,217 | |||||||
June 27 2014 Executives | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options granted | 98,024 | 98,024 | |||||||
Exercise price per share | $ 2.51 | $ 2.51 | |||||||
Service period | 3 years | 3 years | |||||||
Option life | 10 years | 10 years | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
Risk-free interest rate | 1.89% | 1.89% | |||||||
Expected volatility | 69.94% | 69.94% | |||||||
Expected life of option | 6 years | 6 years | |||||||
Grant date fair value per share | $ 1.58 | $ 1.58 | |||||||
Grant date fair value | $ 155 | $ 155 | |||||||
March 13 2014 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options granted | 100,000 | 100,000 | |||||||
Exercise price per share | $ 3.26 | $ 3.26 | |||||||
Service period | 3 years | 3 years | |||||||
Option life | 10 years | 10 years | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||||
Risk-free interest rate | 1.84% | 1.84% | |||||||
Expected volatility | 71.12% | 71.12% | |||||||
Expected life of option | 6 years | 6 years | |||||||
Grant date fair value per share | $ 1.88 | $ 1.88 | |||||||
Grant date fair value | $ 188 | $ 188 | |||||||
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 | |||||||
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% | ||||||||
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 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% | ||||||||
June 1 2016 | June 1 2015 | 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 1 2017 | June 1 2015 | 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 1 2018 | June 1 2015 | 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) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Strategic Planning and Finance Committee | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, Issued for Services | 110,986 | 45,719 |
Director [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, Issued for Services | 3,155 | |
Executive Officer [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, Issued for Services | 8,352 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 22,500 | |
Shares Paid for Tax Withholding for Share Based Compensation | 9,621 | |
Management [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 39,717 | |
Shares Paid for Tax Withholding for Share Based Compensation | 13,794 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Customer | Jun. 30, 2014USD ($)Customer | Jun. 30, 2015USD ($)CustomerSegment | Jun. 30, 2014USD ($)Customer | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | Segment | 4 | ||||
Revenues | $ 25,215 | $ 24,509 | $ 47,281 | $ 45,595 | |
Gross Profit | 5,925 | 5,273 | 10,919 | 9,455 | |
Assets | 317,273 | 317,273 | $ 325,890 | ||
Essex Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8,179 | 8,846 | 16,097 | 17,156 | |
Gross Profit | 623 | 1,080 | 1,647 | 1,736 | |
Assets | 202,852 | 202,852 | 208,777 | ||
Coast Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,481 | 7,610 | 14,056 | 14,436 | |
Gross Profit | 3,217 | 2,732 | 5,949 | 4,939 | |
Assets | 79,417 | 79,417 | 83,561 | ||
Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,300 | 2,877 | 6,122 | 4,178 | |
Gross Profit | 29 | 163 | 65 | 174 | |
Assets | 15,295 | 15,295 | 12,494 | ||
Parts and Service | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 6,255 | 5,176 | 11,006 | 9,825 | |
Gross Profit | 2,056 | $ 1,298 | 3,258 | $ 2,606 | |
Assets | 7,345 | 7,345 | 7,277 | ||
Segmented Assets Total | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 304,909 | 304,909 | 312,109 | ||
Total Non-Segmented Assets | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 12,364 | 12,364 | 13,781 | ||
CANADA | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 4,200 | 4,200 | 3,900 | ||
Assets, Noncurrent | $ 3,100 | $ 3,100 | $ 2,800 | ||
Sales Revenue, Net | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | Customer | 1 | ||||
Customer Concentration Risk | Sales Revenue, Net | Essex Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | Customer | 1 | 1 | 1 | 1 | |
Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Segment Reporting, Number of Major Customers | Customer | 2 | 3 | 4 | 3 | |
Geographic Concentration Risk | Sales Revenue, Net | International Customers | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 7.40% | 7.30% | 5.80% | 7.90% | |
Geographic Concentration Risk | Sales Revenue, Net | CANADA | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 7.10% | 6.40% | 5.50% | 5.60% | |
Customer One | Customer Concentration Risk | Sales Revenue, Net | Essex Crane Equipment Rentals | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 14.50% | 18.20% | 20.40% | 20.20% | |
Customer One | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 45.40% | 40.30% | 24.50% | 27.70% | |
Customer Two | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 45.10% | 20.30% | 24.30% | 13.00% | |
Customer Three | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 15.40% | 20.50% | 10.60% | ||
Customer Four | Customer Concentration Risk | Sales Revenue, Net | Equipment Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 11.10% |
Commitments, Contingencies an39
Commitments, Contingencies and Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2010 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Nov. 24, 2010 | |
Related Party Transaction [Line Items] | |||||||
Promissory Notes | $ 0 | $ 0 | $ 1,655,000 | ||||
Personal Property Tax Liability | 3,100,000 | 3,100,000 | 3,200,000 | ||||
Personal Property Tax Receivable | 1,600,000 | 1,600,000 | 1,700,000 | ||||
Hyde Park Real Estate LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Leases, Rent Expense | 33,000 | $ 23,000 | 67,000 | $ 46,000 | |||
January 1 2012 [Member] | Hyde Park Real Estate LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Leases, Monthly Rent Expense | 8,000 | ||||||
November 7 2014 [Member] | Hyde Park Real Estate LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Operating Leases, Monthly Rent Expense | 11,000 | ||||||
Unsecured Promissory Notes [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Promissory Notes | $ 5,200,000 | $ 1,655,000 | $ 1,655,000 | $ 1,655,000 | $ 5,200,000 | ||
Common Stock Warrants Issued | 90,000 | ||||||
Share Price | $ 0.01 |
Subsequent Events (Details)
Subsequent Events (Details) | Jun. 30, 2015 | Aug. 31, 2014 | May. 13, 2014 |
Essex Crane Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Fixed Charge Coverage Ratio | 1.10 | 1.1 | 1.1 |