Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Entity Listings [Line Items] | ' | ' |
Entity Registrant Name | 'Thermon Group Holdings, Inc. | ' |
Entity Central Index Key | '0001489096 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 31,996,248 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $77,259 | $72,640 |
Accounts receivable, net of allowance for doubtful accounts of $858 and $1,434 as of December 31, 2012 and March 31, 2012, respectively | 61,093 | 52,578 |
Inventories, net | 37,545 | 37,316 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,389 | 2,880 |
Income taxes receivable | 3,309 | 3,310 |
Prepaid expenses and other current assets | 6,331 | 5,058 |
Deferred income taxes | 2,569 | 2,325 |
Total current assets | 190,495 | 176,107 |
Property, plant and equipment, net | 31,469 | 31,532 |
Goodwill | 115,484 | 114,112 |
Intangible assets, net | 117,326 | 118,917 |
Debt issuance costs, net | 1,701 | 1,528 |
Other long term assets | 253 | 263 |
Total assets | 456,728 | 442,459 |
Current liabilities: | ' | ' |
Accounts payable | 17,634 | 17,066 |
Accrued liabilities | 12,502 | 9,869 |
Current portion of long term debt | 13,500 | 13,500 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,297 | 1,749 |
Income taxes payable | 1,514 | 956 |
Obligations due to settle the CHS Transactions | 567 | 567 |
Total current liabilities | 47,014 | 43,707 |
Long-term debt, net of current maturities | 104,625 | 108,000 |
Deferred income taxes | 34,052 | 37,896 |
Other noncurrent liabilities | 2,432 | 2,390 |
Total liabilities | 188,123 | 191,993 |
Shareholders' equity | ' | ' |
Common stock: $.001 par value; 150,000,000 authorized; 31,995,684 and 31,920,865 shares issued and outstanding at June 30, 2014 and March 31, 2014, respectively | 32 | 32 |
Preferred stock: $.001 par value; 10,000,000 authorized; no shares issued and outstanding | 0 | 0 |
Additional paid in capital | 210,696 | 208,451 |
Accumulated other comprehensive income | -3,520 | -7,880 |
Retained earnings (accumulated deficit) | 61,397 | 49,863 |
Shareholders’ equity | 268,605 | 250,466 |
Total liabilities and shareholders' equity | $456,728 | $442,459 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 31,995,684 | 31,920,865 |
Common stock, shares outstanding | 31,995,684 | 31,920,865 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Thermon Holding Corp. | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $951 | $751 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Sales | $67,667 | $65,600 |
Cost of sales | 33,822 | 34,586 |
Gross profit | 33,845 | 31,014 |
Operating expenses: | ' | ' |
Marketing, general and administrative and engineering | 18,334 | 16,171 |
Amortization of intangible assets | 2,751 | 2,788 |
Income from operations | 12,760 | 12,055 |
Other income/(expenses): | ' | ' |
Interest income | 108 | 26 |
Interest expense | -1,298 | -6,001 |
Loss on retirement of senior secured notes | 0 | -15,485 |
Other Income | 17 | 30 |
Income (loss) before provision for income taxes | 11,587 | -9,375 |
Income tax expense (benefit) | 53 | -2,437 |
Net income (loss) | 11,534 | -6,938 |
Comprehensive income (loss): | ' | ' |
Net income (loss) | 11,534 | -6,938 |
Foreign currency translation adjustment | 4,618 | -4,037 |
Derivative valuation, net of tax | -292 | 0 |
Comprehensive income (loss) | $15,860 | ($10,975) |
Net Income (loss) per common share: | ' | ' |
Basic (in dollars per share) | $0.36 | ($0.22) |
Diluted (in dollars per share) | $0.36 | ($0.22) |
Weighted-average shares used in computing net income per common share: | ' | ' |
Basic (in shares) | 31,943,534 | 31,342,078 |
Diluted (in shares) | 32,339,937 | 31,342,078 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating activities | ' | ' |
Net income (loss) | $11,534,000 | ($6,938,000) |
Adjustment to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 3,558,000 | 3,533,000 |
Amortization of deferred debt issuance costs | 118,000 | 4,207,000 |
Stock compensation expense | 556,000 | 366,000 |
Deferred income taxes | -4,046,000 | -4,901,000 |
Loss on retirement of senior secured notes | 0 | 15,485,000 |
Other | -684,000 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -7,395,000 | 5,386,000 |
Inventories | 205,000 | 232,000 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 122,000 | -552,000 |
Other current and noncurrent assets | -1,034,000 | -503,000 |
Accounts payable | 583,000 | -1,688,000 |
Accrued liabilities and noncurrent liabilities | 2,365,000 | -9,035,000 |
Income taxes payable and receivable | 238,000 | 569,000 |
Net cash provided by operating activities | 6,120,000 | 6,161,000 |
Investing activities | ' | ' |
Purchases of property, plant and equipment | -751,000 | -617,000 |
Net cash used in investing activities | -751,000 | -617,000 |
Financing activities | ' | ' |
Payments on senior secured notes | 0 | -118,145,000 |
Proceeds from long term debt | 0 | 135,000,000 |
Payments on long term debt | -3,375,000 | -3,375,000 |
Issuance costs associated with revolving line of credit and long term debt | -290,000 | -1,728,000 |
Proceeds from exercise of stock options | 326,000 | 486,000 |
Benefit from excess tax deduction from option exercises | 1,364,000 | 0 |
Premiums paid on redemptions | 0 | -15,485,000 |
Lease financing, net | 24,000 | 0 |
Net cash used in financing activities | -1,951,000 | -3,247,000 |
Effect of exchange rate changes on cash and cash equivalents | 1,201,000 | -779,000 |
Change in cash and cash equivalents | 4,619,000 | 1,518,000 |
Cash and cash equivalents at beginning of period | 72,640,000 | 43,847,000 |
Cash and cash equivalents at end of period | $77,259,000 | $45,365,000 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policy Information | 3 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Accounting Policy Information | ' |
Basis of Presentation and Accounting Policy Information | |
On April 30, 2010, a group of investors led by entities affiliated with CHS Capital LLC (“CHS”) and two other private equity firms (together with CHS, our “former private equity sponsors”) acquired a controlling interest in Thermon Holding Corp. and its subsidiaries from Thermon Holdings, LLC (“Predecessor”) for approximately $321,500 in a transaction that was financed by approximately $129,252 of equity investments by our former private equity sponsors and certain members of our current and former management team (collectively, the “management investors”) and $210,000 of debt raised in an exempt Rule 144A senior secured note offering to qualified institutional investors (collectively, the “CHS Transactions”). The proceeds from the equity investments and debt financing were used both to finance the acquisition and pay related transaction costs. As a result of the CHS Transactions, Thermon Group Holdings, Inc. became the ultimate parent of Thermon Holding Corp. Thermon Group Holdings, Inc. and its direct and indirect subsidiaries are referred to collectively as “we,” “our,” the “Company” or “Successor” herein. | |
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended March 31, 2014. In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at June 30, 2014 and March 31, 2014, and the results of our operations for the three months ended June 30, 2014 and 2013. Certain reclassifications have been made to the prior period presentation of our geographic operating income to conform to the current period presentation. The reclassifications had no effect on the reported sales or operating income in prior periods. | |
Use of Estimates | |
Generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at June 30, 2014, actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three months ended June 30, 2014 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2015. | |
Recent Accounting Pronouncements | |
Revenue Recognition - In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 "Revenue from Contracts with Customers" (Topic 606), which supersedes almost all existing revenue recognition requirements and guidance. Under the new guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Early adoption is not permitted. The standard will be adopted on April 1, 2017. We have not selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |
Stock Compensation - In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-12 (Topic 718), which clarified the treatment of share-based payments when a performance target could be achieved after the requisite service period. Under the new guidance, compensation cost should be recognized over the requisite service period when it becomes probable that the performance target will be achieved. The total compensation cost recognized should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. These provisions are effective for annual periods and interim periods within those years beginning on or after December 15, 2015. Early adoption is permitted. When adopted, we do not believe this update will have a material impact on our consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||
Fair Value Measurements | ||||||||||||||||||
Fair Value. We measure fair value based on authoritative accounting guidance, which defines fair value, establishes a framework for measuring fair value and expands on required disclosures regarding fair value measurements. | ||||||||||||||||||
Inputs are referred to as assumptions that market participants would use in pricing the asset or liability. The uses of inputs in the valuation process are categorized into a three-level fair value hierarchy. | ||||||||||||||||||
• | Level 1 — uses quoted prices in active markets for identical assets or liabilities we have the ability to access. | |||||||||||||||||
• | Level 2 — uses observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||
• | Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. | |||||||||||||||||
Financial assets and liabilities with carrying amounts approximating fair value include cash, trade accounts receivable, accounts payable, accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. At June 30, 2014 and March 31, 2014, no assets or liabilities were valued using Level 3 criteria. | ||||||||||||||||||
Information about our long-term debt that is not measured at fair value is as follows: | ||||||||||||||||||
30-Jun-14 | 31-Mar-14 | |||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation Technique | ||||||||||||||
Value | Value | |||||||||||||||||
Financial Liabilities | ||||||||||||||||||
Long-term debt | $ | 118,125 | $ | 118,125 | $ | 121,500 | $ | 121,500 | Level 2 - Market Approach | |||||||||
At June 30, 2014 and March 31, 2014, the fair value of our variable rate term loan approximates its carrying value as we pay interest based on the current market rate. As the quoted price is only available for similar financial assets, the Company concluded the pricing is indirectly observable through dealers and has been classified as Level 2. | ||||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||
We transact business in various foreign currencies and have established a program that primarily utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures. Under this program, increases or decreases in our foreign currency exposures are offset by gains or losses on the forward contracts to mitigate foreign currency transaction gains or losses. These foreign currency exposures typically arise from intercompany transactions. Our forward contracts generally have terms of 30 days. We do not use forward contracts for trading purposes or designate these forward contracts as hedging instruments pursuant to ASC 815. We adjust the carrying amount of all contracts to their fair value at the end of each reporting period and unrealized gains and losses are included in our results of operations for that period. These gains and losses largely offset gains and losses resulting from settlement of payments received from our foreign operations which are settled in U.S. dollars. The fair value is determined by quoted prices from active foreign currency markets (Level 2 fair value). The condensed consolidated balance sheets reflect unrealized gains within accounts receivable, net and unrealized losses within accrued liabilities. Our ultimate realized gain or loss with respect to currency fluctuations will depend on the currency exchange rates and other factors in effect as the contracts mature. As of June 30, 2014 and March 31, 2014, the notional amounts of forward contracts were as follows: | ||||||||||||||||||
Notional amount of foreign currency forward contracts by currency | ||||||||||||||||||
30-Jun-14 | March 31, 2014 | |||||||||||||||||
Russian Ruble | $ | — | $ | 772 | ||||||||||||||
Euro | 3,770 | 2,386 | ||||||||||||||||
Canadian Dollar | 2,373 | — | ||||||||||||||||
South Korean Won | 3,739 | 532 | ||||||||||||||||
Indian Rupee | 2,786 | 2,574 | ||||||||||||||||
British Pound | 1,201 | 201 | ||||||||||||||||
Mexican Peso | 697 | 1,077 | ||||||||||||||||
Other | 1,280 | 636 | ||||||||||||||||
Total notional amounts | $ | 15,846 | $ | 8,178 | ||||||||||||||
The following table represents the fair value of our foreign currency forward contracts: | ||||||||||||||||||
30-Jun-14 | March 31, 2014 | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Foreign currency forward contracts | $ | 31 | $ | 82 | $ | 35 | $ | 93 | ||||||||||
Foreign currency gains or losses related to our forward contracts in the accompanying condensed consolidated statements of comprehensive income were gains of $33 and $165 for the three months ended June 30, 2014 and 2013, respectively. Gains and losses from our forward contracts were offset by transaction gains or losses incurred with the settlement of transactions denominated in foreign currencies. Our net foreign currency gains were $15 and $17 for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||
Interest Rate Swap | ||||||||||||||||||
During the three months ended June 30, 2013, the Company entered into an interest rate swap contract to reduce the exposure to interest rate fluctuations associated with its variable rate term loan. Under the agreement we will pay a fixed amount and receive or make payments based on a variable rate. Effective July 1, 2013, the Company designated the interest rate swap contract as a cash flow hedge pursuant to ASC 815. The Company formally documents all relationships between the hedging instrument and hedged item, its risk management objective and strategy, as well as counter-party creditworthiness. At each reporting period our interest rate swap contract is adjusted to fair value based on dealer quotes, which consider forward yield curves and volatility levels (Level 2 fair value). Unrealized gains, representing derivative assets, are reported within accounts receivable, net and unrealized losses, representing derivative liabilities, are reported within accrued liabilities on the accompanying condensed consolidated balance sheets. As of June 30, 2014, the fair value of the interest rate swap contract was an unrealized loss of $341. The change in fair value of the derivative instruments is recorded in accumulated other comprehensive income to the extent the derivative instruments are deemed effective. Ineffectiveness is measured based on the changes in fair value of the interest rate swap contract and the change in fair value of the hypothetical derivative and is recognized in earnings in the period in which ineffectiveness is realized. Based on the criteria established by ASC 815, the interest rate swap contract is deemed to be highly effective. Any realized gains or losses resulting from the interest rate swap contract are recognized within interest expense. Gains and losses from our interest rate swap contract are offset by changes in the variable interest rate on our term loan. During the three months ended June 30, 2014, our interest rate on outstanding principal amounts was fixed at approximately 3.62%. Effective July 1, 2014, our interest expense on outstanding principal was fixed at approximately 3.37% after taking into account the interest rate swap contract. We have hedged 100% of the outstanding principal on our variable rate term loan through April 2016. For the period from May 1, 2016 through April 30, 2018, interest payments on approximately $5,200 of average outstanding principal remain unhedged as of June 30, 2014, increasing to $49,780 for the period from May 1, 2018 to April 19, 2019. | ||||||||||||||||||
The following table summarizes the aggregate unrealized loss in accumulated other comprehensive loss, and the losses reclassified into earnings for the three months ended June 30, 2014 (amounts in thousands): | ||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Unrealized gain/(loss) at beginning of the period | $ | (81 | ) | |||||||||||||||
Add: gain/(loss) from change in fair value of cash flow hedge | (555 | ) | ||||||||||||||||
Less: Loss reclassified to earnings from effective hedge | (284 | ) | ||||||||||||||||
Less: ineffective portion of hedge transferred to earnings | (11 | ) | ||||||||||||||||
Unrealized loss at end of the period | $ | (341 | ) | |||||||||||||||
We did not have any interest rate swaps designated as hedging instruments pursuant to ASC 815 during the three months ended June 30, 2013. | ||||||||||||||||||
Transfers out of accumulated other comprehensive loss | ||||||||||||||||||
During the three months ended June 30, 2014 and 2013, there were no transfers out of accumulated other comprehensive loss except for realized losses from our interest rate swap contract presented in the preceding table, which were recorded within interest expense, and $11 related to hedge ineffectiveness. |
Earnings_and_Net_Income_Loss_p
Earnings and Net Income (Loss) per Common Share | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings and Net Income (Loss) per Common Share | ' | ||||||||
Earnings and Net Income per Common Share | |||||||||
Basic earnings per share ("EPS") and net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assumed that the target number of shares would be issued within the calculation of diluted net income per common share. | |||||||||
The reconciliations of the denominators used to calculate basic and diluted EPS for the three months ended June 30, 2014 and 2013, respectively, are as follows: | |||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||
Basic net income (loss) per common share | |||||||||
Net income (loss) | $ | 11,534 | $ | (6,938 | ) | ||||
Weighted-average common shares outstanding | 31,943,534 | 31,342,078 | |||||||
Basic net income (loss) per common share | $ | 0.36 | $ | (0.22 | ) | ||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||
Diluted net income (loss) per common share | |||||||||
Net income (loss) | $ | 11,534 | $ | (6,938 | ) | ||||
Weighted-average common shares outstanding | 31,943,534 | 31,342,078 | |||||||
Common share equivalents: | |||||||||
Stock options | 298,948 | — | |||||||
Restricted and performance stock units | 97,455 | — | |||||||
Weighted average shares outstanding – dilutive (1) | 32,339,937 | 31,342,078 | |||||||
Diluted net income (loss) per common share | $ | 0.36 | $ | (0.22 | ) | ||||
(1) For the three months ended June 30, 2014, 49,193 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect. For the three months ended June 30, 2013, the Company was in a net loss position; therefore, 649,125 common stock equivalents were not included in the calculation of diluted loss per common share since they would have had an anti-dilutive effect. |
Inventories
Inventories | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 11,310 | $ | 12,036 | ||||
Work in process | 2,812 | 2,200 | ||||||
Finished goods | 24,394 | 23,973 | ||||||
38,516 | 38,209 | |||||||
Valuation reserves | (971 | ) | (893 | ) | ||||
Inventories, net | $ | 37,545 | $ | 37,316 | ||||
Goodwill
Goodwill | 3 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The carrying amount of goodwill as of June 30, 2014 is as follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Balance as of March 31, 2014 | 114,112 | ||||||||||||||||||||||||
Foreign currency translation impact | 1,372 | ||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 115,484 | |||||||||||||||||||||||
The excess purchase price over the fair value of assets acquired is recorded as goodwill. Goodwill is tested for impairment on an annual basis, and between annual tests if indicators of potential impairment exist. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In addition to the qualitative analysis, we also perform a quantitative analysis using the income approach. Our annual impairment test will be performed during the fourth quarter of our fiscal year. At June 30, 2014, there were no indicators of a goodwill impairment. Goodwill is not deductible for tax purposes. | |||||||||||||||||||||||||
Other intangible assets consisted of the following: | |||||||||||||||||||||||||
Gross Carrying Amount at June 30, 2014 | Accumulated Amortization | Net Carrying Amount at June 30, 2014 | Gross Carrying Amount at March 31, 2014 | Accumulated Amortization | Net Carrying Amount at March 31, 2014 | ||||||||||||||||||||
Trademarks | $ | 47,508 | $ | — | $ | 47,508 | $ | 47,042 | $ | — | $ | 47,042 | |||||||||||||
Developed technology | 10,887 | (2,324 | ) | 8,563 | 10,781 | (2,167 | ) | 8,614 | |||||||||||||||||
Customer relationships | 100,594 | (40,340 | ) | 60,254 | 99,578 | (37,383 | ) | 62,195 | |||||||||||||||||
Backlog | 10,015 | (10,015 | ) | — | 9,874 | (9,874 | ) | — | |||||||||||||||||
Certification | 497 | — | 497 | 498 | — | 498 | |||||||||||||||||||
Other | 1,630 | (1,126 | ) | 504 | 1,630 | (1,062 | ) | 568 | |||||||||||||||||
Total | $ | 171,131 | $ | (53,805 | ) | $ | 117,326 | $ | 169,403 | $ | (50,486 | ) | $ | 118,917 | |||||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
Accrued current liabilities consisted of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Accrued employee compensation and related expenses | $ | 7,091 | $ | 5,043 | ||||
Customer prepayment | 943 | 1,235 | ||||||
Warranty reserve | 404 | 645 | ||||||
Professional fees | 1,509 | 1,250 | ||||||
Sales tax payable | 943 | 707 | ||||||
Other | 1,612 | 989 | ||||||
Total accrued current liabilities | $ | 12,502 | $ | 9,869 | ||||
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
Included in our condensed consolidated balance sheets is “Obligations due to settle the CHS Transactions,” which totaled $567 at June 30, 2014 and March 31, 2014. These amounts represent amounts due to the Predecessor owners in final settlement of the acquisition by our former private equity sponsors of a controlling interest in us that was completed on April 30, 2010. During the three months ended June 30, 2014 and 2013, we made no payments to the Predecessor owners. At June 30, 2014, the remaining $567 outstanding represents remaining encumbered cash to be released as letters of credit expire. |
ShortTerm_Revolving_Lines_of_C
Short-Term Revolving Lines of Credit | 3 Months Ended |
Jun. 30, 2014 | |
Short-term Debt [Abstract] | ' |
Short-Term Revolving Credit Facilities | ' |
Short-Term Revolving Credit Facilities | |
The Company’s subsidiary in the Netherlands has a revolving credit facility in the amount of Euro 4,000 (equivalent to $5,458 at June 30, 2014). The facility is collateralized by receivables, inventory, equipment, furniture and real estate. No amounts were outstanding under this facility at June 30, 2014 or March 31, 2014. | |
The Company’s subsidiary in India has a revolving credit facility in the amount of 80,000 Rupees (equivalent to $1,331 at June 30, 2014). The facility is collateralized by receivables, inventory, real estate, a letter of credit and cash. No amounts were outstanding under this facility at June 30, 2014 or March 31, 2014. | |
The Company’s subsidiary in Australia has a revolving credit facility in the amount of $325 Australian Dollars (equivalent to $306 at June 30, 2014). The facility is collateralized by real estate. No amounts were outstanding under this facility at June 30, 2014 or March 31, 2014. | |
The Company’s subsidiary in Japan has a revolving credit facility in the amount of 45,000 Japanese Yen (equivalent to $443 at June 30, 2014). No amounts were outstanding under this facility at June 30, 2014 or March 31, 2014. | |
Under the Company’s principal revolving credit facility described below in Note 9, “Long-Term Debt,” there were no outstanding borrowings at either June 30, 2014 or March 31, 2014, respectively. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Variable Rate Term Loan, due April 2019 | 118,125 | 121,500 | ||||||
Less current portion | (13,500 | ) | (13,500 | ) | ||||
$ | 104,625 | $ | 108,000 | |||||
Revolving Credit Facility and Senior Secured Debt | ||||||||
Credit facility. On June 11, 2014, we entered into the first amendment (the "Amendment") to our amended and restated credit agreement, executed April 19, 2013. The Amendment extended the maturity date of our variable rate secured term loan and $60,000 senior secured revolving credit facility, which we refer to collectively as our "credit facility," through April 19, 2019. Under the Amendment the fixed portion of our borrowing rate, which is dictated by our leverage ratio, was reduced by 0.25% and our payments on undrawn amounts on our senior secured revolving credit facility was reduced 0.05%. The interest payment reductions will be effective July 1, 2014 and June 11, 2014, respectively. The Amendment also changed the maximum leverage ratio permitted for each fiscal quarter ending on and after March 31, 2015 from 2.25 to 1.0 to 2.75 to 1.0. | ||||||||
Under our credit facility, in no case shall availability exceed commitments thereunder. The credit facility will mature in April 2019. Any credit facility borrowings will bear interest, at our option, at a rate equal to either (i) a base rate determined by reference to the greatest of (a) JPMorgan Chase Bank's prime rate in New York City, (b) the federal funds effective rate in effect on such day plus ½ of 1% and (c) the adjusted LIBOR rate for a one month interest period on such day plus 1%, in each case plus an applicable margin dictated by our leverage ratio, or (ii) the LIBOR rate, plus an applicable margin dictated by our leverage ratio. Borrowings denominated in Canadian Dollars under the Canadian sub-facility bear interest at our option, at a rate equal to either (i) a base rate determined by reference to the greater of (a) JPMorgan Chase Bank, Toronto branch's prime rate and (b) the sum of (x) the yearly interest rate to which the one-month Canadian deposit offered rate is equivalent plus (y) 1.0%, in each case plus an applicable margin dictated by our leverage ratio, or (ii) a Canadian deposit offered rate determined by the sum of (a) the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant period for Canadian dollar-denominated bankers' acceptances plus (b) 0.10% per annum, plus an applicable margin dictated by our leverage ratio. In addition to paying interest on outstanding borrowings under our credit facility, we are currently required to pay a 0.35% per annum commitment fee to the lenders in respect of the unutilized commitments thereunder, which commitment fee could change based on our leverage ratio, and letter of credit fees equal to the LIBOR margin or the Canadian deposit offered rate, as applicable, on the undrawn amount of all outstanding letters of credit, in addition to a 0.125% annual fronting fee. At June 30, 2014, we had no outstanding borrowings under our revolving credit facility. Had there been any outstanding borrowings thereunder, the interest rate would have been 2.69%. As of June 30, 2014, we had $59,137 of capacity available under our revolving credit facility after taking into account the borrowing base, outstanding loan advances and letters of credit. The variable rate term loan bears interest at the LIBOR rate plus an applicable margin dictated by our leverage ratio. As of June 30, 2014, our interest rate was 2.69%. The term loan includes monthly principal payments of $1,125 through March 31, 2017, increasing to $1,688 through the maturity date. The remaining $40,500 is due in April 2019. | ||||||||
Senior secured notes and refinancing under a term loan. On May 20, 2013, we utilized the proceeds from our variable rate term loan to redeem the remaining $118,145 of aggregate principal amount outstanding of our 9.5% senior secured notes. In conjunction with the redemption, we paid a total of $15,485 in call premiums and expensed the remaining $4,010 of associated deferred debt issuance costs. During the three months ended June 30, 2014, in connection with the Amendment we incurred $290 of fees, which we have deferred and will recognize as interest expense over the life of the term loan. | ||||||||
Interest rate swap. During the three months ended June 30, 2013, the Company entered into an interest rate swap to reduce the exposure to interest rate fluctuations associated with its variable rate term loan interest payments. Under the agreement we will pay a fixed amount and receive payments based on a variable interest rate. During the three months ended June 30, 2014, our interest rate on outstanding principal amounts was fixed at approximately 3.62%. Effective July 1, 2014 our interest expense on outstanding principal will be fixed at approximately 3.37% through April 2016. For the period from May 1, 2016 through April 30, 2018, interest payments based on the one month LIBOR rate on approximately $5,200 of average outstanding principal, remains unhedged as of June 30, 2014, increasing to $49,780 for the period from May 1, 2018 to April 19, 2019. | ||||||||
Guarantees; security. The obligations under our credit facility are guaranteed on a senior secured basis by each of our existing and future domestic restricted subsidiaries, including Thermon Industries, Inc., the U.S. borrower under our credit facility. The obligations under our credit facility are secured by a first priority perfected security interest in substantially all of our assets, subject to certain exceptions, permitted liens and encumbrances reasonably acceptable to the administrative agent under our credit facility. | ||||||||
Restrictive covenants. The credit facility contains various restrictive covenants that include restrictions or limitations on our ability to: incur additional indebtedness or issue disqualified capital stock unless certain financial tests are satisfied; pay dividends, redeem subordinated debt or make other restricted payments; make certain investments or acquisitions; issue stock of subsidiaries; grant or permit certain liens on our assets; enter into certain transactions with affiliates; merge, consolidate or transfer substantially all of our assets; incur dividend or other payment restrictions affecting certain of our subsidiaries; transfer or sell assets, including capital stock of our subsidiaries; and change the business we conduct. As of June 30, 2014, we were in compliance with all restrictive covenants of the credit facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
At June 30, 2014, the Company had in place letter of credit guarantees and performance bonds securing performance obligations of the Company. These arrangements totaled approximately $13,370. Of this amount, $1,429 is secured by cash deposits at the Company’s financial institutions. The remaining $11,941 represents a reduction of the available amount of the Company’s short term and long term revolving lines of credit and performance bonds that the Company has secured. Included in prepaid expenses and other current assets at June 30, 2014 and March 31, 2014 was approximately $1,429 and $1,307, respectively, of cash deposits pledged as collateral on performance bonds and letters of credit. Our Indian subsidiary also has $3,961 in customs bonds outstanding to secure the Company's customs and duties obligations in India. | |
The Company is involved in various legal and administrative proceedings that arise from time to time in the ordinary course of doing business. Some of these proceedings may result in fines, penalties or judgments being assessed against us, which may adversely affect our financial results. In addition, from time to time, the Company is involved in various disputes, which may or may not be settled prior to legal proceedings being instituted and which may result in losses in excess of accrued liabilities, if any, relating to such unresolved disputes. As of June 30, 2014, management believes that adequate reserves have been established for any probable losses. Expenses related to litigation reduce operating income. We do not believe that the outcome of any of these proceedings or disputes would have a significant adverse effect on our financial position, long-term results of operations, or cash flows. It is possible, however, that charges related to these matters could be significant to our results of operations or cash flows in any one accounting period. | |
The Company has no outstanding legal matters outside of matters arising in the ordinary course of business, except as described below. We can give no assurances we will prevail in any of these matters. | |
Notice of Tax Dispute with the Canada Revenue Agency. On June 13, 2011, we received notice from the Canada Revenue Agency, which we refer to as the "Agency," advising us that they disagree with the tax treatment we proposed with respect to certain asset transfers that were completed in August 2007 by our Predecessor owners. During the three months ended June 30, 2014, we were informed by the Agency that they had concluded their review in the Company's favor and would not make an assessment under Canada's General Anti Avoidance Rule. | |
Russia Tax Audit. Our income tax returns for the three years ended December 31, 2012 are subject to ongoing audits with the Russian tax authority. During our fiscal year ended March 31, 2014, we were issued an assessment by the Russian tax authority for which we have filed an objection. As of June 30, 2014, we have accrued $167 in our consolidated financial statements for the amount we believe to be payable to the Russian tax authority. See Note 12, “Income Taxes.” |
StockBased_Compensation_Expens
Stock-Based Compensation Expense | 3 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-Based Compensation Expense | ' |
Stock-Based Compensation Expense | |
Since the completion of the CHS Transactions on April 30, 2010, the board of directors has adopted and the shareholders have approved two stock option award plans. The 2010 Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plan (“2010 Plan”) was approved on July 28, 2010. The 2010 Plan authorized the issuance of 2,767,171 stock options or restricted shares (on a post-stock split basis). On April 8, 2011, the board of directors approved the Thermon Group Holdings, Inc. 2011 Long-Term Incentive Plan (“2011 LTIP”). The 2011 LTIP made available 2,893,341 shares of the Company’s common stock that may be awarded to employees, directors or non-employee contractor's compensation in the form of stock options, restricted stock awards or restricted stock units. | |
At June 30, 2014, there were 494,791 options outstanding. For the three months ended June 30, 2014 and 2013, stock compensation expense was $556 and $366, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the three month periods ended June 30, 2014 and 2013, the Company recorded tax expense of $53 on pre-tax income of $11,587 and a tax benefit of $2,437 on pre-tax loss of $9,375, respectively. During the three months ended June 30, 2014, the Company released a deferred tax liability of $3,224 for taxes accrued on previously undistributed foreign earnings that are no longer expected to be repatriated. Our anticipated annual effective tax rate before discrete events is approximately 28.3% and has been applied to our consolidated pre-tax income for the three month period ended June 30, 2014. | |
As of April 1, 2013, we adopted a permanent reinvestment position whereby we expect to reinvest our foreign earnings for most of our foreign subsidiaries and do not expect to repatriate future earnings. As a result of the adoption of a permanent reinvestment position, we no longer accrue a tax liability in anticipation of future dividends from most of our foreign subsidiaries. The estimated annual effective tax rate for the fiscal year ending March 31, 2015 reflects the estimated taxable earnings of our various foreign subsidiaries and the applicable local tax rates, after accounting for certain permanent differences, such as nondeductible compensation expenses. | |
As of June 30, 2014, we have established a long-term liability for uncertain tax positions in the amount of $869. The Company recognizes related accrued interest and penalties as income tax expense and has accrued $15 for the three months ended June 30, 2014. | |
As of June 30, 2014, the tax years 2006 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject, except for the United States federal income tax returns, where the federal income tax returns for fiscal 2012 and 2013 remain open. |
Geographic_Information
Geographic Information | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Geographic Information | ' | ||||||||
Geographic Information | |||||||||
We have defined our operating segments based on geographic regions. These regions share similar economic characteristics, product mix, customers and distribution methods. Accordingly, we have elected to aggregate these geographic regions into a single reportable segment. | |||||||||
Within our one reportable segment, we present additional detail for those countries or regions that generate significant revenue and operating income. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services. | |||||||||
Total sales and income from operations are classified by major geographic area in which the Company operates are as follows: | |||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||
Sales by geographic area: | |||||||||
United States | $ | 21,991 | $ | 20,746 | |||||
Canada | 21,880 | 24,784 | |||||||
Europe | 13,694 | 13,116 | |||||||
Asia | 10,102 | 6,954 | |||||||
$ | 67,667 | $ | 65,600 | ||||||
Operating income: | |||||||||
United States | $ | 3,572 | $ | 2,800 | |||||
Canada | 6,897 | 8,027 | |||||||
Europe | 876 | 1,003 | |||||||
Asia | 2,273 | 958 | |||||||
Unallocated: | |||||||||
Stock compensation | (556 | ) | (366 | ) | |||||
Public company costs | (302 | ) | (367 | ) | |||||
$ | 12,760 | $ | 12,055 | ||||||
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policy Information (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
Generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at June 30, 2014, actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three months ended June 30, 2014 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2015. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Revenue Recognition - In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 "Revenue from Contracts with Customers" (Topic 606), which supersedes almost all existing revenue recognition requirements and guidance. Under the new guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Early adoption is not permitted. The standard will be adopted on April 1, 2017. We have not selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |
Stock Compensation - In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-12 (Topic 718), which clarified the treatment of share-based payments when a performance target could be achieved after the requisite service period. Under the new guidance, compensation cost should be recognized over the requisite service period when it becomes probable that the performance target will be achieved. The total compensation cost recognized should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. These provisions are effective for annual periods and interim periods within those years beginning on or after December 15, 2015. Early adoption is permitted. When adopted, we do not believe this update will have a material impact on our consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Schedule of long-term debt that is not measured at fair value | ' | |||||||||||||||||
Information about our long-term debt that is not measured at fair value is as follows: | ||||||||||||||||||
30-Jun-14 | 31-Mar-14 | |||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation Technique | ||||||||||||||
Value | Value | |||||||||||||||||
Financial Liabilities | ||||||||||||||||||
Long-term debt | $ | 118,125 | $ | 118,125 | $ | 121,500 | $ | 121,500 | Level 2 - Market Approach | |||||||||
Schedule of notional amounts of forward contracts held in foreign currencies | ' | |||||||||||||||||
As of June 30, 2014 and March 31, 2014, the notional amounts of forward contracts were as follows: | ||||||||||||||||||
Notional amount of foreign currency forward contracts by currency | ||||||||||||||||||
30-Jun-14 | March 31, 2014 | |||||||||||||||||
Russian Ruble | $ | — | $ | 772 | ||||||||||||||
Euro | 3,770 | 2,386 | ||||||||||||||||
Canadian Dollar | 2,373 | — | ||||||||||||||||
South Korean Won | 3,739 | 532 | ||||||||||||||||
Indian Rupee | 2,786 | 2,574 | ||||||||||||||||
British Pound | 1,201 | 201 | ||||||||||||||||
Mexican Peso | 697 | 1,077 | ||||||||||||||||
Other | 1,280 | 636 | ||||||||||||||||
Total notional amounts | $ | 15,846 | $ | 8,178 | ||||||||||||||
Schedule of fair value of foreign currency forward contracts | ' | |||||||||||||||||
The following table represents the fair value of our foreign currency forward contracts: | ||||||||||||||||||
30-Jun-14 | March 31, 2014 | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Foreign currency forward contracts | $ | 31 | $ | 82 | $ | 35 | $ | 93 | ||||||||||
Schedule of unrealized loss in accumulated other comprehensive loss | ' | |||||||||||||||||
The following table summarizes the aggregate unrealized loss in accumulated other comprehensive loss, and the losses reclassified into earnings for the three months ended June 30, 2014 (amounts in thousands): | ||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Unrealized gain/(loss) at beginning of the period | $ | (81 | ) | |||||||||||||||
Add: gain/(loss) from change in fair value of cash flow hedge | (555 | ) | ||||||||||||||||
Less: Loss reclassified to earnings from effective hedge | (284 | ) | ||||||||||||||||
Less: ineffective portion of hedge transferred to earnings | (11 | ) | ||||||||||||||||
Unrealized loss at end of the period | $ | (341 | ) |
Earnings_and_Net_Income_Loss_p1
Earnings and Net Income (Loss) per Common Share (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of reconciliation of the denominators used to calculate basic EPS and diluted EPS | ' | ||||||||
The reconciliations of the denominators used to calculate basic and diluted EPS for the three months ended June 30, 2014 and 2013, respectively, are as follows: | |||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||
Basic net income (loss) per common share | |||||||||
Net income (loss) | $ | 11,534 | $ | (6,938 | ) | ||||
Weighted-average common shares outstanding | 31,943,534 | 31,342,078 | |||||||
Basic net income (loss) per common share | $ | 0.36 | $ | (0.22 | ) | ||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||
Diluted net income (loss) per common share | |||||||||
Net income (loss) | $ | 11,534 | $ | (6,938 | ) | ||||
Weighted-average common shares outstanding | 31,943,534 | 31,342,078 | |||||||
Common share equivalents: | |||||||||
Stock options | 298,948 | — | |||||||
Restricted and performance stock units | 97,455 | — | |||||||
Weighted average shares outstanding – dilutive (1) | 32,339,937 | 31,342,078 | |||||||
Diluted net income (loss) per common share | $ | 0.36 | $ | (0.22 | ) | ||||
(1) For the three months ended June 30, 2014, 49,193 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect. For the three months ended June 30, 2013, the Company was in a net loss position; therefore, 649,125 common stock equivalents were not included in the calculation of diluted loss per common share since they would have had an anti-dilutive effect. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 11,310 | $ | 12,036 | ||||
Work in process | 2,812 | 2,200 | ||||||
Finished goods | 24,394 | 23,973 | ||||||
38,516 | 38,209 | |||||||
Valuation reserves | (971 | ) | (893 | ) | ||||
Inventories, net | $ | 37,545 | $ | 37,316 | ||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of carrying amount of goodwill | ' | ||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Balance as of March 31, 2014 | 114,112 | ||||||||||||||||||||||||
Foreign currency translation impact | 1,372 | ||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 115,484 | |||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | ||||||||||||||||||||||||
At June 30, 2014, there were no indicators of a goodwill impairment. Goodwill is not deductible for tax purposes. | |||||||||||||||||||||||||
Other intangible assets consisted of the following: | |||||||||||||||||||||||||
Gross Carrying Amount at June 30, 2014 | Accumulated Amortization | Net Carrying Amount at June 30, 2014 | Gross Carrying Amount at March 31, 2014 | Accumulated Amortization | Net Carrying Amount at March 31, 2014 | ||||||||||||||||||||
Trademarks | $ | 47,508 | $ | — | $ | 47,508 | $ | 47,042 | $ | — | $ | 47,042 | |||||||||||||
Developed technology | 10,887 | (2,324 | ) | 8,563 | 10,781 | (2,167 | ) | 8,614 | |||||||||||||||||
Customer relationships | 100,594 | (40,340 | ) | 60,254 | 99,578 | (37,383 | ) | 62,195 | |||||||||||||||||
Backlog | 10,015 | (10,015 | ) | — | 9,874 | (9,874 | ) | — | |||||||||||||||||
Certification | 497 | — | 497 | 498 | — | 498 | |||||||||||||||||||
Other | 1,630 | (1,126 | ) | 504 | 1,630 | (1,062 | ) | 568 | |||||||||||||||||
Total | $ | 171,131 | $ | (53,805 | ) | $ | 117,326 | $ | 169,403 | $ | (50,486 | ) | $ | 118,917 | |||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued current liabilities | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Accrued employee compensation and related expenses | $ | 7,091 | $ | 5,043 | ||||
Customer prepayment | 943 | 1,235 | ||||||
Warranty reserve | 404 | 645 | ||||||
Professional fees | 1,509 | 1,250 | ||||||
Sales tax payable | 943 | 707 | ||||||
Other | 1,612 | 989 | ||||||
Total accrued current liabilities | $ | 12,502 | $ | 9,869 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
Variable Rate Term Loan, due April 2019 | 118,125 | 121,500 | ||||||
Less current portion | (13,500 | ) | (13,500 | ) | ||||
$ | 104,625 | $ | 108,000 | |||||
Geographic_Information_Tables
Geographic Information (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Total sales and operating income classified by major geographic area in which the company operates | ' | ||||||||
Total sales and income from operations are classified by major geographic area in which the Company operates are as follows: | |||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||
Sales by geographic area: | |||||||||
United States | $ | 21,991 | $ | 20,746 | |||||
Canada | 21,880 | 24,784 | |||||||
Europe | 13,694 | 13,116 | |||||||
Asia | 10,102 | 6,954 | |||||||
$ | 67,667 | $ | 65,600 | ||||||
Operating income: | |||||||||
United States | $ | 3,572 | $ | 2,800 | |||||
Canada | 6,897 | 8,027 | |||||||
Europe | 876 | 1,003 | |||||||
Asia | 2,273 | 958 | |||||||
Unallocated: | |||||||||
Stock compensation | (556 | ) | (366 | ) | |||||
Public company costs | (302 | ) | (367 | ) | |||||
$ | 12,760 | $ | 12,055 | ||||||
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policy Information (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2010 |
Thermon Holding Corp. | ' |
Business Acquisition [Line Items] | ' |
Cost of selling controlling interest | $321,500 |
Business Combination, Acquirer's Disclosure, Consideration Transferred, Equity Interests | 129,252 |
Business Combination, Acquirer's Disclosure, Consideration Transferred, Liabilities Incurred | $210,000 |
Thermon Holding Corp. | Group of investors and other private equity firms | ' |
Business Acquisition [Line Items] | ' |
Number of other private equity firms | 2 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Liabilities, Long-term debt | ' | ' |
Carrying Value | $118,125 | $121,500 |
Fair Value | $118,125 | $121,500 |
Fair_Value_Measurements_Foreig
Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) (Thermon Holding Corp., Foreign Exchange Forward Contracts, USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives [Line Items] | ' | ' |
Notional amount | $15,846 | $8,178 |
Russian Rubles | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 0 | 772 |
Euro | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 3,770 | 2,386 |
Canadian Dollars | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 2,373 | 0 |
South Korean Won | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 3,739 | 532 |
India, Rupees | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 2,786 | 2,574 |
United Kingdom, Pounds | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 1,201 | 201 |
Mexico, Pesos | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | 697 | 1,077 |
Other | ' | ' |
Derivatives [Line Items] | ' | ' |
Notional amount | $1,280 | $636 |
Fair_Value_Measurements_Foreig1
Fair Value Measurements - Foreign Exchange Contracts (Details) (Thermon Holding Corp., USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Maximum term of forward contracts | '30 days | ' | ' |
Net Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $15 | $17 | ' |
Foreign Exchange Forward Contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Foreign exchange contract forwards, assets | 31 | ' | 35 |
Foreign exchange contract forwards, liabilities | 82 | ' | 93 |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $33 | $165 | ' |
Fair_Value_Measurements_Swap_D
Fair Value Measurements - Swap (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 01, 2014 |
Interest Rate Swap | Revolving credit facility | Revolving credit facility | ||
Interest Rate Swap | Subsequent Event | |||
Interest Rate Swap | ||||
Unrealized Loss In Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' | ' |
Unrealized net gain (loss), beginning of period | ($81) | ' | ' | ' |
Add: gain/(loss) from change in fair value of cash flow hedge | -555 | ' | ' | ' |
Less: Loss reclassified to earnings from effective hedge | -284 | ' | ' | ' |
Less: ineffective portion of hedge transferred to earnings | -11 | ' | ' | ' |
Unrealized net gain (loss), end of period | -341 | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | -341 | ' | ' |
Derivative, fixed interest rate | ' | ' | 3.62% | 3.37% |
Interest, period payment, May 1, 2016 through April 30, 2018 | ' | ' | 5,200 | ' |
Interest, period payment, May 1, 2018 through April 19, 2019 | ' | ' | $49,780 | ' |
Earnings_and_Net_Income_Loss_p2
Earnings and Net Income (Loss) per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Basic net income (loss) per common share | ' | ' |
Net income (loss) | $11,534 | ($6,938) |
Weighted-average common shares outstanding | 31,943,534 | 31,342,078 |
Basic net income (loss) per common share (in dollars per share) | $0.36 | ($0.22) |
Diluted net income (loss) per common share | ' | ' |
Net income (loss) | $11,534 | ($6,938) |
Weighted-average common shares outstanding | 31,943,534 | 31,342,078 |
Diluted (in shares) | 32,339,937 | 31,342,078 |
Diluted net income (loss) per common share (in dollars per share) | $0.36 | ($0.22) |
Equity Option | ' | ' |
Diluted net income (loss) per common share | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 298,948 | 0 |
Restricted Stock Units | ' | ' |
Diluted net income (loss) per common share | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 97,455 | 0 |
Stock Compensation Plan | ' | ' |
Diluted net income (loss) per common share | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 49,193 | ' |
Common Stock Equivalents | ' | ' |
Diluted net income (loss) per common share | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 649,125,000 | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $11,310 | $12,036 |
Work in process | 2,812 | 2,200 |
Finished goods | 24,394 | 23,973 |
Inventories, gross | 38,516 | 38,209 |
Valuation reserves | -971 | -893 |
Inventories, net | $37,545 | $37,316 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill | ' |
Balance at the beginning of the period | $114,112 |
Foreign currency translation impact | 1,372 |
Balance at the end of the period | $115,484 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ($53,805) | ($50,486) |
Intangible Assets, Gross (Excluding Goodwill) | 171,131 | 169,403 |
Intangible Assets, Net (Excluding Goodwill) | 117,326 | 118,917 |
Developed Technology Rights | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 10,887 | 10,781 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,324 | -2,167 |
Finite-Lived Intangible Assets, Net | 8,563 | 8,614 |
Customer Relationships | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 100,594 | 99,578 |
Finite-Lived Intangible Assets, Accumulated Amortization | -40,340 | -37,383 |
Finite-Lived Intangible Assets, Net | 60,254 | 62,195 |
Order or Production Backlog | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 10,015 | 9,874 |
Finite-Lived Intangible Assets, Accumulated Amortization | -10,015 | -9,874 |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Other Intangible Assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,630 | 1,630 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,126 | -1,062 |
Finite-Lived Intangible Assets, Net | 504 | 568 |
Trademarks | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 47,508 | 47,042 |
Certification Marks | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $497 | $498 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued employee compensation and related expenses | $7,091 | $5,043 |
Customer prepayment | 943 | 1,235 |
Warranty reserve | 404 | 645 |
Professional fees | 1,509 | 1,250 |
Sales tax payable | 943 | 707 |
Other | 1,612 | 989 |
Total accrued current liabilities | $12,502 | $9,869 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Obligations due to settle the CHS Transactions | $567,000 | ' | $567,000 |
Payments to Acquire Businesses, Net of Cash Acquired | $0 | $0 | ' |
ShortTerm_Revolving_Lines_of_C1
Short-Term Revolving Lines of Credit (Details) | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Netherlands | India | India | Australia | Australia | Japan | Japan | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Euro Member Countries, Euro | India, Rupees | Australia, Dollars | Japan, Yen | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Netherlands | India | Australia | Japan | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | |
USD ($) | USD ($) | USD ($) | USD ($) | Netherlands | India | Australia | Japan | ||||||||||
EUR (€) | INR | AUD | JPY (¥) | ||||||||||||||
Short-Term Revolving Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,458,000 | $1,331,000 | $306,000 | $443,000 | € 4,000,000 | 80,000,000 | 325,000 | ¥ 45,000,000 |
Outstanding borrowings | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | 20-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 11, 2014 | Jun. 10, 2014 | Jun. 30, 2014 | Jun. 11, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
9.500% Senior Secured Notes, due May 2017 | 9.500% Senior Secured Notes, due May 2017 | Loans Payable | Loans Payable | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Canadian Deposit Offer Rate | Minimum | Maximum | Through March 31, 2016 | Last Two Years Of Loan | Due in April 2018 | ||||
Thermon Industries, Inc. | Base Rate | Base Rate | Loans Payable | Loans Payable | Loans Payable | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Rate Term Loan, due April 2019 | ' | ' | ' | $118,145,000 | ' | $118,125,000 | $121,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion | -13,500,000 | ' | -13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, noncurrent | 104,625,000 | ' | 108,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, decrease (percentage) | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, decrease in periodic payment (as a percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio | ' | ' | ' | ' | ' | ' | ' | 2.75 | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee on unutilized commitments (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity available under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,137,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, interest rate, stated percentage | ' | ' | ' | ' | 2.69% | 2.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,125,000 | 1,688,000 | 40,500,000 |
Premiums paid on redemptions | 0 | -15,485,000 | ' | 15,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred debt amortization | ' | ' | ' | 4,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance costs associated with revolving line of credit and long term debt | $290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate in addition to LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 0.50% | 1.00% | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations | $13,370 | ' |
Guarantee obligations secured by cash deposits | 1,429 | ' |
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit | 11,941 | ' |
Cash deposits pledged as collateral on performance bonds and letters of credit | 1,429 | 1,307 |
Indian Custom Bonds Outstanding | 3,961 | ' |
Liability for Uncertain Tax Positions, Current | $167 | ' |
StockBased_Compensation_Expens1
Stock-Based Compensation Expense (Details) (USD $) | 3 Months Ended | 49 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jul. 28, 2010 | Apr. 08, 2011 |
plan | Restricted Stock and Stock Option Plan | 2011 Long-term Incentive Plan | |||
Stock-Based Compensation Expense | ' | ' | ' | ' | ' |
Number of stock option award plans | ' | ' | 2 | ' | ' |
Maximum number of shares of the company's common stock that may be awarded | ' | ' | ' | 2,767,171 | 2,893,341 |
Options outstanding (in shares) | 494,791 | ' | 494,791 | ' | ' |
Stock compensation expense | $556 | $366 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense (benefit) | $53 | ($2,437) |
Pre-tax income (loss) | 11,587 | -9,375 |
Decrease of deferred tax liability | 3,224 | ' |
Annual effective tax rate before discrete events | 28.30% | ' |
Long-term liability for uncertain tax positions | 869 | ' |
Interest and penalties accrued as income tax expense | $15 | ' |
Geographic_Information_Details
Geographic Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
segment | ||
Sales by geographic area: | ' | ' |
Revenues | $67,667 | $65,600 |
Operating income | ' | ' |
Stock compensation expense | -556 | -366 |
Operating income (loss) | 12,760 | 12,055 |
Number of Reportable Segments | 1 | ' |
United States | ' | ' |
Sales by geographic area: | ' | ' |
Revenues | 21,991 | 20,746 |
Operating income | ' | ' |
Operating income (loss) | 3,572 | 2,800 |
Canada | ' | ' |
Sales by geographic area: | ' | ' |
Revenues | 21,880 | 24,784 |
Operating income | ' | ' |
Operating income (loss) | 6,897 | 8,027 |
Europe | ' | ' |
Sales by geographic area: | ' | ' |
Revenues | 13,694 | 13,116 |
Operating income | ' | ' |
Operating income (loss) | 876 | 1,003 |
Asia | ' | ' |
Sales by geographic area: | ' | ' |
Revenues | 10,102 | 6,954 |
Operating income | ' | ' |
Operating income (loss) | 2,273 | 958 |
Unallocated | ' | ' |
Operating income | ' | ' |
Stock compensation expense | -556 | -366 |
Public company costs | ($302) | ($367) |