Pioneer Power Solutions (PPSI) 10-Q 7 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 07, 2014
Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'PIONEER POWER SOLUTIONS, INC.	'
Entity Central Index Key	'0001449792	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'
Entity Common Stock, Shares Outstanding	'	7,172,255

Consolidated_Statements_of_Ear

Consolidated Statements of Earnings (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenues	$21,064	$21,995	$41,957	$44,546
Cost of goods sold	16,876	16,415	32,848	33,885
Gross profit	4,188	5,580	9,109	10,661
Operating expenses	'	'	'	'
Selling, general and administrative	3,509	3,531	7,478	7,052
Foreign exchange (gain) loss	108	-14	63	47
Total operating expenses	3,617	3,517	7,541	7,099
Operating income	571	2,063	1,568	3,562
Interest expense	129	183	266	368
Other expense	'	74	2	167
Earnings before income taxes	442	1,806	1,300	3,027
Provision for income taxes	140	544	408	852
Net earnings	$302	$1,262	$892	$2,175
Earnings per common share:	'	'	'	'
Basic	$0.04	$0.21	$0.12	$0.37
Diluted	$0.04	$0.21	$0.12	$0.37
Weighted average common shares outstanding:	'	'	'	'
Basic	7,172	5,907	7,172	5,907
Diluted	7,237	5,924	7,244	5,922

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Net earnings	$302	$1,262	$892	$2,175
Other comprehensive income (loss), net of tax:	'	'	'	'
Foreign currency translation adjustments	657	-350	-19	-484
Amortization of net prior service costs and net actuarial losses	10	-22	73	30
Other comprehensive income (loss)	667	-372	54	-454
Comprehensive income	$969	$890	$946	$1,721

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current Assets	'	'
Cash and cash equivalents	$58	$425
Accounts receivable	11,485	9,739
Inventories	14,983	12,643
Income taxes receivable	64	65
Deferred income taxes	2,581	1,982
Prepaid expenses and other current assets	1,375	1,291
Total current assets	30,546	26,145
Property, plant and equipment	12,020	12,213
Noncurrent deferred income taxes	1,062	1,091
Other assets	1,116	1,129
Intangible assets	5,122	5,285
Goodwill	7,994	7,998
Total assets	57,860	53,861
Current Liabilities	'	'
Bank overdrafts	866	'
Revolving credit facilities	1,436	795
Accounts payable and accrued liabilities	11,308	8,370
Current maturities of long-term debt	1,971	2,108
Income taxes payable	875	1,072
Total current liabilities	16,456	12,345
Long-term debt, net of current maturities	6,209	7,205
Pension deficit	65	213
Noncurrent deferred income taxes	3,302	3,306
Total liabilities	26,032	23,069
Shareholders' Equity	'	'
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued	'	'
Common stock, par value $0.001; 30,000,000 shares authorized; 7,172,255 shares issued and outstanding	7	7
Additional paid-in capital	16,254	16,164
Accumulated other comprehensive loss	-1,375	-1,429
Retained earnings	16,942	16,050
Total shareholders' equity	31,828	30,792
Total liabilities and shareholders' equity	$57,860	$53,861

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, authorized	30,000,000	30,000,000
Common stock, issued	7,172,255	7,172,255
Common stock, outstanding shares	7,172,255	7,172,255

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities	'	'
Net earnings	$892	$2,175
Depreciation	666	579
Amortization of intangibles	159	142
Deferred tax expense	-573	-249
Accrued pension	-144	-65
Stock-based compensation	100	119
Foreign currency remeasurement gain	31	'
Changes in current operating assets and liabilities:	'	'
Accounts receivable	-1,764	618
Inventories	-2,326	622
Prepaid expenses and other assets	-40	-654
Income taxes	-184	-343
Accounts payable and accrued liabilities	2,923	-1,715
Net cash (used in) provided by operating activities	-260	1,229
Investing activities	'	'
Additions to property, plant and equipment	-505	-1,731
Business acquisitions, net of cash acquired	'	-655
Note receivable	-34	'
Net cash used in investing activities	-539	-2,386
Financing activities	'	'
Increase in bank overdrafts	729	1,112
Increase in revolving credit facilities	661	1,329
Repayment of long-term debt	-1,090	-938
Other, net	-10	'
Net cash provided by financing activities	290	1,503
Increase (decrease) in cash and cash equivalents	-509	346
Effect of foreign exchange on cash and cash equivalents	142	9
Cash and cash equivalents	'	'
Beginning of year	425	467
End of period	$58	$822

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Basis of Presentation [Abstract]	'
Basis of Presentation	'
	1.Basis of Presentation
	These unaudited consolidated financial statements include the accounts of the Pioneer Power Solutions, Inc. (referred to herein as the “Company,” “Pioneer,” “we,” “our” and “us”) and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation.
	These unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), have been condensed or omitted pursuant to those rules and regulations. We believe that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim consolidated financial statements have been included. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP for a year end balance sheet.
	These unaudited consolidated financial statements should be read in conjunction with the risk factors and the audited consolidated financial statements and notes thereto of the Company and its subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC on March 14, 2014.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	2.Summary of Significant Accounting Policies
	The Company’s significant accounting policies were described in Note 2 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. There have been no significant changes in the Company’s accounting policies during the second quarter of 2014.
	Recent Accounting Pronouncements
	There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in United States (“U.S. GAAP”). The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
	The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures).  The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in 2017.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2014
Inventories [Abstract]	'
Inventories	'
	3.Inventories
	The components of inventories are summarized below (in thousands):
		June 30,		December 31,
		2014		2013
	Raw materials	$	6,464	$	5,210
	Work in process		4,314		2,635
	Finished goods		4,472		5,125
	Provision for excess and obsolete inventory		-267		-327
	Total inventories	$	14,983	$	12,643
	Included in raw materials and finished goods at June 30, 2014 and December 31, 2013 are goods in transit of approximately $0.1 million and $0.1 million.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2014
Goodwill and Other Intangible Assets [Abstract]	'
Goodwill and Other Intangible Assets	'
	4.Goodwill and Other Intangible Assets
	Changes in goodwill and intangible asset balances for the six months ended June 30, 2014, consisted of the following (in thousands):
				Intangible
		Goodwill		assets
	Balance as of December 31, 2013	$	7,998	$	5,285
	Amortization		-		-159
	Foreign currency translation		-4		-4
	Balance as of June 30, 2014	$	7,994	$	5,122
	The components of intangible assets as of June 30, 2014 are summarized below (in thousands):
		Intangible		Accumulated		Foreign currency		Net book
		assets		amortization		translation		value
	Customer relationships	$	2,962	$	-1,001	$	-80	$	1,881
	Non-compete agreements		465		-169		-1		295
	Trademarks		2,049		-		-25		2,024
	Technology-related industry accreditations		950		-		-28		922
	Total intangible assets	$	6,426	$	-1,170	$	-134	$	5,122

Other_Assets

Other Assets	6 Months Ended
	Jun. 30, 2014
Other Assets [Abstract]	'
Other Assets	'
	5.Other Assets
	In December 2011 and January 2012, the Company made two loans, each in the amount of $300,000, to a developer of a renewable energy project in the U.S. The promissory notes accrue interest at a rate of 4.5% per annum with a final payment of all unpaid principal and interest becoming fully due and payable upon the earlier to occur of (i) the four year anniversary of the issuance date of the promissory notes, or (ii) an event of default. As defined in the promissory notes, an event of default includes, but is not limited to, the following: any bankruptcy, reorganization or similar proceeding involving the borrower, a sale or transfer of substantially all the assets of the borrower, a default by the borrower relating to any indebtedness due to third parties, the incurrence of additional indebtedness by the borrower without the Company’s written consent and failure of the borrower to perform its obligations pursuant to its other agreements with the Company, including its purchase order for pad mount transformers.
	Also included in Other Assets at June 30, 2014 are deferred financing costs of $0.3 million, value added taxes of $0.1 million and a customer note receivable of $0.1 million as compared to deferred financing costs of $0.3 million and value added taxes of $0.2 million at December 31, 2013.

Debt

Debt	6 Months Ended
	Jun. 30, 2014
Debt [Abstract]	'
Debt	'
	6.Debt
	Canadian Credit Facilities
	In June 2013, the Company’s Canadian subsidiary, Pioneer Electrogroup Canada Inc., entered into an amended and restated letter loan agreement with Bank of Montreal (the “Canadian Facilities”) that replaced and superseded all of the Company’s prior financing arrangements with the bank.
	The Canadian Facilities provide for up to $22.0 million Canadian dollars (“CAD”) (approximately $20.6 million expressed in U.S. dollars) in revolving and term debt. The Canadian facilities consist of a $10.0 million demand revolving credit facility (“Facility A”), a $2.0 million term credit facility (“Facility B”) and a $10.0 million term credit facility (“Facility C”).
	Borrowings on Facility A are subject to margin criteria and are available in either U.S. or Canadian dollars. Pricing for U.S. Base Rate and Canadian Rate loans is the U.S. Base Rate or Canadian Rate plus 0.50%. Borrowings of U.S. dollar LIBOR-based loans are priced at LIBOR plus 2.00%. Borrowings under Facility B bear interest at the Canadian Rate plus 1.00%. Under Facility C, interest rates for borrowings in U.S. dollars are based on either LIBOR (plus 2.00% to 2.25%) or the U.S. Base Rate (plus 1.00% to 1.25%), depending on our leverage ratio. Facility C borrowings in Canadian dollars are priced at the Canadian Rate plus 1.00% to 1.25%, depending on our leverage ratio.
	The Canadian Facilities are guaranteed by the Company and are secured by a first-ranking lien in the amount of $30 million CAD on all of the present and future movable and immovable property of the Company’s Canadian subsidiaries. The Canadian Facilities require the Company’s Canadian operations to comply on a consolidated basis with various financial covenants, including maintaining a minimum fixed charge coverage ratio, a maximum funded debt to EBITDA ratio and a limitation on funded debt to capitalization.
	As of June 30, 2014, the Company had approximately $7.5 million in U.S. dollar equivalents outstanding under the Canadian Facilities and was in compliance with its financial covenant requirements. The Company’s borrowings consisted of approximately $0 outstanding under Facility A, $1.0 million outstanding under Facility B and $6.5 million outstanding under Facility C.
	United States Credit Facility
	On June 28, 2013, the Company and its wholly-owned U.S. subsidiaries entered into a credit agreement with Bank of Montreal, Chicago Branch (the “U.S. Facility”) consisting of a $10.0 million demand revolving credit facility.
	The U.S. Facility, as amended, requires the Company to comply with a two-step test of financial covenants. First, if the Company’s funded debt to adjusted EBITDA ratio is less than or equal to 2.75x and its fixed charge coverage ratio is at or above 1.25x, then no further compliance tests are required. Alternatively, the Company may comply with the financial covenant requirements of the U.S. Facility if its U.S. operations comply with various financial covenants, including maintaining a maximum funded debt to capitalization ratio, and certain minimum fixed charge coverage ratios and maximum funded debt to adjusted EBITDA ratios which vary by measurement period through December 2014.
	Borrowings under the U.S. Facility bear interest, at the Company’s option, at the bank’s prime rate plus 1.00% per annum on prime rate loans, or an adjusted LIBOR rate plus 2.25% per annum on Eurodollar loans.
	In connection with the U.S. Facility, the Company and its U.S. subsidiaries and the bank entered into a security agreement, pursuant to which the Company granted a security interest in substantially all of its assets in the U.S., and including 65% of the shares of Pioneer Electrogroup Canada Inc. held by the Company, to secure the Company’s obligations under the U.S. Facility.
	As of June 30, 2014, the Company had approximately $1.4 million outstanding under the U.S. Facility and was in compliance with its financial covenant requirements.
	Nexus Promissory Note
	On July 25, 2012, the Company’s Mexican subsidiary, Nexus Magneticos de Mexico, S. de R.L. de C.V. (“Nexus”), entered into a $1.65 million term loan agreement with GE CF Mexico, S.A. de C.V. (“GE Capital Mexico”). The term loan is payable in 60 consecutive monthly installments and bears interest, payable monthly, at a rate of 6.93% per annum. The obligations of Nexus under the term loan are secured by certain machinery and equipment located in Mexico and by a corporate guaranty by the Company.
	Pico Promissory Note
	In August 2013, in connection with the acquisition of certain assets from Pico Electrical Equipment, Inc. and Pico Metal Products, Inc., the Company’s Pioneer Custom Electrical Products Inc. subsidiary issued a $455,000 non-interest bearing promissory note to the sellers of the assets. As of June 30, 2014, the principal amount of the promissory note had been repaid in full.
	Long-term debt consists of the following (in thousands):
		June 30,		December 31,
		2014		2013
	Term credit facilities	$	7,465	$	8,239
	Nexus promissory note		715		824
	Pico promissory note		-		250
	Total debt		8,180		9,313
	Less current portion		-1,971		-2,108
	Total long-term debt	$	6,209	$	7,205

Shareholders_Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2014
Shareholders' Equity [Abstract]	'
Shareholders' Equity	'
	7.Shareholders’ Equity
	The Company had 7,172,255 shares of common stock, $0.001 par value per share, outstanding of as of June 30, 2014 and December 31, 2013, respectively. In September 2013, the Company completed a public offering and issued 1,265,000 shares of its common stock at a gross sales price of $7.00 per share, resulting in $7.9 million in net proceeds after deducting the underwriting discount and costs directly attributable to the offering. In connection with the public offering, the Company issued warrants to the underwriters to purchase 50,600 shares of common stock, exercisable at the public offering price, or $7.00 per share.
	As of June 30, 2014, the Company had warrants outstanding to purchase 680,600 shares of common stock with a weighted average exercise price of $13.45 per share. The warrants expire on dates beginning on December 2, 2014 and ending on September 18, 2018.  No warrants were exercised during the three and six months ended June 30, 2014.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	8.Stock-Based Compensation
	A summary of stock option activity under the 2011 Long-Term Incentive Plan as of June 30, 2014, and changes during the six months ended June 30, 2014, are presented below:
		Stock	Weighted average		Weighted	Aggregate
		Options	exercise price		average remaining	intrinsic value
					contractual term
	Outstanding as of December 31, 2013	261,400	$	9.81	6.4	$	418,160
	Granted	105,000		10.21	9.7		-
	Exercised	-		-	-		-
	Forfeited	-		-	-		-
	Outstanding as of June 30, 2014	366,400	$	9.92	7.4	$	418,160
	Exercisable as of June 30, 2014	204,066	$	11.07	6.0	$	240,712
	As of June 30, 2014, there were 333,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.
	Expense for stock-based compensation recorded for the six months ended June 30, 2014 and 2013 was approximately $100,000 and $119,000, respectively. At June 30, 2014, the Company had total stock-based compensation expense remaining to be recognized in the statement of earnings of approximately $0.5 million.

Pension_Plan

Pension Plan	6 Months Ended
	Jun. 30, 2014
Pension Plan [Abstract]	'
Pension Plan	'
	9.Pension Plan
	The Company’s Canadian subsidiary sponsors a defined benefit pension plan at one of its locations in which a majority of its employees there are members. The subsidiary funds 100% of all contributions to the plan. The benefits, or the rate per year of credit service, are established by the Company and updated at its discretion.
	The components of the expense the Company incurred under the pension plan are as follows (in thousands):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Current service cost, net of employee contributions	$	9	$	13	$	20	$	31
	Interest cost on accrued benefit obligation		32		32		64		63
	Expected return on plan assets		-44		-42		-86		-83
	Amortization of transitional obligation		3		3		6		7
	Amortization of past service costs		2		2		4		4
	Amortization of net actuarial gain		8		14		17		29
	Total cost of benefit	$	10	$	22	$	25	$	51
	The Company’s policy is to fund the pension plan at or above the minimum level required by law. The Company made $68,000 and $74,000 of contributions to its defined benefit pension plan during the six months ended June 30, 2014 and 2013, respectively. Changes in the discount rate and actual investment returns that are lower than the long-term expected return on plan assets could result in the Company making additional contributions.

Geographical_Information

Geographical Information	6 Months Ended
	Jun. 30, 2014
Geographical Information [Abstract]	'
Geographical Information	'
	10.Geographical Information
	The Company has one material operating segment, being the manufacture and sale of electrical transmission and distribution equipment. Revenues are attributable to countries based on the location of the Company’s customers (in thousands):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Canada	$	11,968	$	12,336	$	22,542	$	26,632
	United States		9,088		8,841		19,407		16,239
	Others		8		818		8		1,675
	Total	$	21,064	$	21,995	$	41,957	$	44,546

Basic_and_Diluted_Earnings_Per

Basic and Diluted Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Basic and Diluted Earnings Per Share [Abstract]	'
Basic and Diluted Earnings Per Share	'
	11.Basic and Diluted Earnings Per Share
	Basic and diluted earnings per common share are calculated based on the weighted average number of shares outstanding during the period. The Company’s employee and director stock option awards, as well as incremental shares issuable upon exercise of warrants, are not considered in the calculations if the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Numerator:
	Net earnings	$	302	$	1,262	$	892	$	2,175
	Denominator:
	Weighted average basic shares outstanding		7,172		5,907		7,172		5,907
	Effect of dilutive securities - equity based compensation plans		54		17		60		15
	Net dilutive effect of warrants outstanding		11		-		12		-
	Denominator for diluted earnings per common share		7,237		5,924		7,244		5,922
	Net earnings per common share:
	Basic	$	0.04	$	0.21	$	0.12	$	0.37
	Diluted	$	0.04	$	0.21	$	0.12	$	0.37
	Anti-dilutive securities (excluded from per share calculation):
	Equity based compensation plans		223		118		223		118
	Warrants		630		640		630		640

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies [Abstract]	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in United States (“U.S. GAAP”). The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
	The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures).  The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in 2017

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Jun. 30, 2014
Inventories [Abstract]	'
Schedule of Inventories	'
	The components of inventories are summarized below (in thousands):
		June 30,		December 31,
		2014		2013
	Raw materials	$	6,464	$	5,210
	Work in process		4,314		2,635
	Finished goods		4,472		5,125
	Provision for excess and obsolete inventory		-267		-327
	Total inventories	$	14,983	$	12,643

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Other Intangible Assets [Abstract]	'
Schedule of Intangible Assets and Goodwill	'
	Changes in goodwill and intangible asset balances for the six months ended June 30, 2014, consisted of the following (in thousands):
				Intangible
		Goodwill		assets
	Balance as of December 31, 2013	$	7,998	$	5,285
	Amortization		-		-159
	Foreign currency translation		-4		-4
	Balance as of June 30, 2014	$	7,994	$	5,122
Schedule of Intangible Assets	'
				Intangible
		Goodwill		assets
	Balance as of December 31, 2013	$	7,998	$	5,285
	Amortization		-		-159
	Foreign currency translation		-4		-4
	Balance as of June 30, 2014	$	7,994	$	5,122
	The components of intangible assets as of June 30, 2014 are summarized below (in thousands):
		Intangible		Accumulated		Foreign currency		Net book
		assets		amortization		translation		value
	Customer relationships	$	2,962	$	-1,001	$	-80	$	1,881
	Non-compete agreements		465		-169		-1		295
	Trademarks		2,049		-		-25		2,024
	Technology-related industry accreditations		950		-		-28		922
	Total intangible assets	$	6,426	$	-1,170	$	-134	$	5,122

Debt_Tables

Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt [Abstract]	'
Schedule of Long-Term Debt	'
	Long-term debt consists of the following (in thousands):
		June 30,		December 31,
		2014		2013
	Term credit facilities	$	7,465	$	8,239
	Nexus promissory note		715		824
	Pico promissory note		-		250
	Total debt		8,180		9,313
	Less current portion		-1,971		-2,108
	Total long-term debt	$	6,209	$	7,205

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Stock-Based Compensation [Abstract]	'
Schedule of Stock-Based Compensation	'
	A summary of stock option activity under the 2011 Long-Term Incentive Plan as of June 30, 2014, and changes during the six months ended June 30, 2014, are presented below:
		Stock	Weighted average		Weighted	Aggregate
		Options	exercise price		average remaining	intrinsic value
					contractual term
	Outstanding as of December 31, 2013	261,400	$	9.81	6.4	$	418,160
	Granted	105,000		10.21	9.7		-
	Exercised	-		-	-		-
	Forfeited	-		-	-		-
	Outstanding as of June 30, 2014	366,400	$	9.92	7.4	$	418,160
	Exercisable as of June 30, 2014	204,066	$	11.07	6.0	$	240,712

Pension_Plan_Tables

Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2014
Pension Plan [Abstract]	'
Schedule of Pension Plan Expenses	'
	The components of the expense the Company incurred under the pension plan are as follows (in thousands):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Current service cost, net of employee contributions	$	9	$	13	$	20	$	31
	Interest cost on accrued benefit obligation		32		32		64		63
	Expected return on plan assets		-44		-42		-86		-83
	Amortization of transitional obligation		3		3		6		7
	Amortization of past service costs		2		2		4		4
	Amortization of net actuarial gain		8		14		17		29
	Total cost of benefit	$	10	$	22	$	25	$	51

Geographical_Information_Table

Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2014
Geographical Information [Abstract]	'
Schedule of Geographical Information	'
	The Company has one material operating segment, being the manufacture and sale of electrical transmission and distribution equipment. Revenues are attributable to countries based on the location of the Company’s customers (in thousands):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Canada	$	11,968	$	12,336	$	22,542	$	26,632
	United States		9,088		8,841		19,407		16,239
	Others		8		818		8		1,675
	Total	$	21,064	$	21,995	$	41,957	$	44,546

Basic_and_Diluted_Earnings_Per1

Basic and Diluted Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Basic and Diluted Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share	'
	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Numerator:
	Net earnings	$	302	$	1,262	$	892	$	2,175
	Denominator:
	Weighted average basic shares outstanding		7,172		5,907		7,172		5,907
	Effect of dilutive securities - equity based compensation plans		54		17		60		15
	Net dilutive effect of warrants outstanding		11		-		12		-
	Denominator for diluted earnings per common share		7,237		5,924		7,244		5,922
	Net earnings per common share:
	Basic	$	0.04	$	0.21	$	0.12	$	0.37
	Diluted	$	0.04	$	0.21	$	0.12	$	0.37
	Anti-dilutive securities (excluded from per share calculation):
	Equity based compensation plans		223		118		223		118
	Warrants		630		640		630		640

Inventories_Narrative_Details

Inventories (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Inventories [Abstract]	'	'
Goods in transit	$0.10	$0.10

Inventories_Schedule_of_Invent

Inventories (Schedule of Inventories) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventories [Abstract]	'	'
Raw materials	$6,464	$5,210
Work in process	4,314	2,635
Finished goods	4,472	5,125
Provision for excess and obsolete inventory	-267	-327
Total inventories	$14,983	$12,643

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Goodwill [Roll Forward]	'	'
Balance as of December 31, 2013	$7,998	'
Foreign currency translation	-4	'
Balance as of June 30, 2014	7,994	'
Intangible Assets [Roll Forward]	'	'
Balance as of December 31, 2013	5,285	'
Amortization	-159	-142
Foreign currency translation	-4	'
Balance as of June 30, 2014	$5,122	'

Goodwill_and_Other_Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]	'	'
Net book value	$5,122	$5,285
Customer Relationships [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Intangible assets	2,962	'
Accumulated amortization	-1,001	'
Foreign currency translation	-80	'
Net book value	1,881	'
Non-Compete Agreement [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Intangible assets	465	'
Accumulated amortization	-169	'
Foreign currency translation	-1	'
Net book value	295	'
Trademarks	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Intangible assets	2,049	'
Foreign currency translation	-25	'
Net book value	2,024	'
Technology-Related Industry Accreditations [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Intangible assets	950	'
Foreign currency translation	-28	'
Net book value	922	'
Total Intangible Assets [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Intangible assets	6,426	'
Accumulated amortization	-1,170	'
Foreign currency translation	-134	'
Net book value	$5,122	'

Other_Assets_Narrative_Details

Other Assets (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jan. 31, 2012	Jan. 31, 2012	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2014
			Promissory Notes [Member]	Promissory Notes [Member]	Promissory Notes [Member]	Promissory Notes [Member]	Promissory Notes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'
Principal amount	'	'	$300,000	$300,000	$300,000	$300,000	'
Accrued interest rate (in percent)	'	'	4.50%	'	4.50%	'	'
Notes receivables, maturity date, description	'	'	'	'	'	'	'the four year anniversary of the issuance date of the promissory notes, or (ii) an event of default
Notes receivables, maturity date	'	'	'	31-Jan-16	'	31-Dec-15	'
Deferred financing costs	300,000	300,000	'	'	'	'	'
Value added tax receivable	100,000	200,000	'	'	'	'	'
Note receivable	'	'	'	'	'	'	$100,000

Debt_Narrative_Canadian_Credit

Debt (Narrative) (Canadian Credit Facilities) (Details)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2011

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

USD ($)

USD ($)

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility B)

Canadian Credit Facilities (Facility B)

Canadian Credit Facilities (Facility A)

Canadian Credit Facilities (Facility A)

Term Credit Facilities [Member]

Term Credit Facilities [Member]

Term Credit Facilities [Member]

Base Rate Plus Funds Borrowed in USD [Member]

Base Rate Plus Funds Borrowed in USD [Member]

Base Rate Plus Funds Borrowed in CAD [Member]

Base Rate Plus Funds Borrowed in CAD [Member]

Base Rate Plus Funds Borrowed in CAD [Member]

Base Rate Plus Funds Borrowed in USD or CAD [Member]

LIBOR Plus Funds Borrowed In USD [Member]

LIBOR Plus Funds Borrowed In USD [Member]

LIBOR Plus Funds Borrowed In USD [Member]

USD ($)

CAD

USD ($)

CAD

USD ($)

CAD

USD ($)

CAD

USD ($)

Minimum [Member]

Maximum [Member]

Canadian Credit Facilities (Facility B)

Minimum [Member]

Maximum [Member]

Canadian Credit Facilities (Facility A)

Canadian Credit Facilities (Facility A)

Minimum [Member]

Maximum [Member]

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility C)

Canadian Credit Facilities (Facility C)

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, borrowing capacity

'

'

'

10,000,000

'

2,000,000

'

10,000,000

'

22,000,000

$20,600,000

'

'

'

'

'

'

'

'

'

Canadian facilities secured by a first-ranking lien

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

'

'

'

'

'

'

Interest rate spread

'

'

'

'

'

'

'

'

'

'

'

1.00%

1.25%

1.00%

1.00%

1.25%

0.50%

2.00%

2.00%

2.25%

Credit facility amount outstanding

$1,436,000

$795,000

$6,500,000

'

$1,000,000

'

$0

'

$7,500,000

'

'

'

'

'

'

'

'

'

'

'

Debt_Narrative_United_States_C

Debt (Narrative) (United States Credit Facilities) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 28, 2013	Jun. 28, 2013	Jun. 28, 2013	Jun. 28, 2013	Jun. 28, 2013
In Thousands, unless otherwise specified			Term Credit Facility (U.S. Facilities) [Member]	United States Credit Facilities	United States Credit Facilities	United States Credit Facilities	Maximum [Member]
					Prime Rate [Member]	LIBOR Eurodollar Loan [Member]	Term Credit Facility (U.S. Facilities) [Member]
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'
Credit facility amount outstanding	$1,436	$795	'	$10,000	'	'	'
Interest rate spread	'	'	'	'	1.00%	2.25%	'
Minimum fixed charge coverage ratio	'	'	1.25	'	'	'	'
EBITDA benchmark ratio	'	'	'	'	'	'	2.75
Percentage of subsidiary to secure borrowings in facility	'	'	65.00%	'	'	'	'

Debt_Narrative_Nexus_Promissor

Debt (Narrative) (Nexus Promissory Note) (Details) (GE Cf Mexico (Term Loan Agreement) [Member], USD $)	0 Months Ended
	Jul. 25, 2012
GE Cf Mexico (Term Loan Agreement) [Member]	'
Note issued	$1,650,000
Term loan frequency of periodic payment	'60 consecutive monthly installments
Rate of interest of debt instrument	6.93%

Debt_Narrative_Pico_Promissory

Debt (Narrative) (Pico Promissory Note) (Details) (Pioneer Custom Electrical Products Inc. [Member], USD $)	Aug. 19, 2013
Pioneer Custom Electrical Products Inc. [Member]	'
Note issued	$455,000

Debt_Schedule_of_LongTerm_Debt

Debt (Schedule of Long-Term Debt) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Total debt and capital lease obligations	$8,180	$9,313
Less current portion	-1,971	-2,108
Long-term debt and capital lease obligations, net of current maturities	6,209	7,205
Term Credit Facilities [Member]	'	'
Debt Instrument [Line Items]	'	'
Total debt and capital lease obligations	7,465	8,239
Nexus Promissory Note [Member]	'	'
Debt Instrument [Line Items]	'	'
Total debt and capital lease obligations	715	824
Pico Promissory Note [Member]	'	'
Debt Instrument [Line Items]	'	'
Total debt and capital lease obligations	'	$250

Shareholders_Equity_Narrative_

Shareholders' Equity (Narrative) (Details) (USD $)	1 Months Ended	6 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2014	Dec. 31, 2013
Shareholders' Equity [Abstract]	'	'	'
Common stock, par value (in dollars per share)	'	$0.00	$0.00
Common stock, outstanding shares	'	7,172,255	7,172,255
Outstanding purchase of warrants (in shares)	50,600	680,600	'
Average exercise price (in dollars per share)	'	$13.45	'
Warrant expiration date range start	'	2-Dec-14	'
Warrant expiration date range end	'	18-Sep-18	'
Preferred stock, authorized	'	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	'	$0.00	$0.00
Stock issued during period, shares, new issues	1,265,000	'	'
Stock issued during period, price per share	$7	'	'
Net proceeds from issuance of common stock	$7.90	'	'
Warrants exercisable price per share	$7	'	'
Warrants exercised	'	0	'

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Stock-based compensation expense	$100,000	$119,000
Stock-based compensation expense unrecognized in the statement of earnings	$500,000	'
2011 Long-Term Incentive Plan [Member]	'	'
Shares available for future grants	333,600	'

StockBased_Compensation_Schedu

Stock-Based Compensation (Schedule of Stock-Based Compensation) (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'	'
Balance at the beginning of period	261,400	'
Granted	105,000	'
Exercised	'	'
Forfeited	'	'
Outstanding at the end of period	366,400	261,400
Exercisable at the end of period	204,066	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]	'	'
Balance at the beginning of period, per share	$9.81	'
Granted, per share	$10.21	'
Exercised, per share	'	'
Forfeited, per share	'	'
Outstanding at the end of period, per share	$9.92	$9.81
Exercisable at the end of period, per share	$11.07	'
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term [Roll forward]	'	'
Balance at the period (in years)	'7 years 4 months 24 days	'6 years 4 months 24 days
Granted (in years)	'9 years 8 months 12 days	'
Exercisable at the end of period (in years)	'6 years	'
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value [Roll forward]	'	'
Balance at the beginning of period	$418,160	'
Granted	'	'
Outstanding at the end of period	418,160	418,160
Exercisable at the end of period	$240,712	'

Pension_Plan_Narrative_Details

Pension Plan (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Pension Plan [Abstract]	'	'
Funded percentage (in percent)	100.00%	100.00%
Contributions to defined benefit pension plan	$68,000	$74,000

Pension_Plan_Schedule_of_Pensi

Pension Plan (Schedule of Pension Plan Expenses) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Pension Plan [Abstract]	'	'	'	'
Current service cost, net of employee contributions	$9	$13	$20	$31
Interest cost on accrued benefit obligation	32	32	64	63
Expected return on plan assets	-44	-42	-86	-83
Amortization of transitional obligation	3	3	6	7
Amortization of past service costs	2	2	4	4
Amortization of net actuarial gain	8	14	17	29
Total cost of benefit	$10	$22	$25	$51

Geographical_Information_Sched

Geographical Information (Schedule of Geographical Information) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
			segment
Revenues from External Customers [Line Items]	'	'	'	'
Revenues	$21,064	$21,995	$41,957	$44,546
Number of material operating segments	'	'	1	'
Canada [Member]	'	'	'	'
Revenues from External Customers [Line Items]	'	'	'	'
Revenues	11,968	12,336	22,542	26,632
United States [Member]	'	'	'	'
Revenues from External Customers [Line Items]	'	'	'	'
Revenues	9,088	8,841	19,407	16,239
Others	'	'	'	'
Revenues from External Customers [Line Items]	'	'	'	'
Revenues	$8	$818	$8	$1,675

Basic_and_Diluted_Earnings_Per2

Basic and Diluted Earnings Per Share (Schedule of Earnings Per Share) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net earnings	$302	$1,262	$892	$2,175
Denominator:	'	'	'	'
Weighted average basic shares outstanding	7,172	5,907	7,172	5,907
Effect of dilutive securities - equity based compensation plans	54	17	60	15
Net dilutive effect of warrants outstanding	11	'	12	'
Denominator for diluted earnings per common share	7,237	5,924	7,244	5,922
Net earnings per common share:	'	'	'	'
Basic	$0.04	$0.21	$0.12	$0.37
Diluted	$0.04	$0.21	$0.12	$0.37
Equity Based Compensation Plans[Member]	'	'	'	'
Anti-dilutive securities (excluded from per share calculation):	'	'	'	'
Excluded securities from computation of basic and diluted EPS	223	118	223	118
Warrants [Member]	'	'	'	'
Anti-dilutive securities (excluded from per share calculation):	'	'	'	'
Excluded securities from computation of basic and diluted EPS	630	640	630	640