Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'TCPI | ' |
Entity Registrant Name | 'TCP International Holdings Ltd. | ' |
Entity Central Index Key | '0001545391 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,696,288 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $16,091 | $21,903 |
Restricted cash | 6,666 | 3,404 |
Accounts receivable, less allowance for doubtful accounts of $1,416 and $1,479 at June 30, 2014 and December 31, 2013, respectively | 82,634 | 59,574 |
Inventories | 116,872 | 119,477 |
Prepaids and other current assets | 18,826 | 14,415 |
Deferred income taxes | 9,030 | 10,551 |
Total current assets | 250,119 | 229,324 |
Property, plant and equipment, net of accumulated depreciation of $39,965 and $39,007 at June 30, 2014 and December 31, 2013 respectively | 70,924 | 74,558 |
Land rights, net | 4,154 | 4,244 |
Deferred costs | 18,364 | 18,732 |
Finance receivable from related party | ' | 1,915 |
Intangible assets, net of accumulated amortization of $861 and $837 at June 30, 2014 and December 31, 2013, respectively | 2,826 | 2,993 |
Deferred income taxes, long-term | 7,772 | 7,758 |
Other long-term assets | 1,707 | 1,741 |
Total assets | 355,866 | 341,265 |
Current liabilities: | ' | ' |
Short-term loans and current portion of long-term debt | 138,711 | 122,840 |
Accounts payable | 103,835 | 105,742 |
Accrued expenses and other current liabilities | 59,208 | 62,539 |
Total current liabilities | 301,754 | 291,121 |
Long-term debt, net of current portion | 5,442 | 7,553 |
Income taxes payable, long-term | 7,410 | 7,043 |
Legal settlements, net of current portion | 31,232 | 30,941 |
Other long-term liabilities | 512 | 427 |
Total liabilities | 346,350 | 337,085 |
Commitments and contingencies (Note 8) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, CHF 1.00 par value; 41,107 shares authorized; 20,553 issued and outstanding at June 30, 2014 and December 31, 2013 | 22,048 | 22,048 |
Additional paid-in capital | 2,553 | 901 |
Accumulated other comprehensive income | 13,237 | 13,721 |
Retained deficit | -28,322 | -32,490 |
Total shareholders' equity | 9,516 | 4,180 |
Total liabilities and shareholders' equity | $355,866 | $341,265 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $1,416 | $1,479 |
Accumulated depreciation | 39,965 | 39,007 |
Accumulated amortization | $861 | $837 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 41,107,000 | 41,107,000 |
Common stock, shares issued | 20,553,000 | 20,553,000 |
Common stock, shares outstanding | 20,553,000 | 20,553,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (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] | ' | ' | ' | ' |
Net sales | $112,464 | $111,157 | $213,581 | $201,451 |
Cost of goods sold | 86,953 | 84,150 | 163,283 | 153,609 |
Gross profit | 25,511 | 27,007 | 50,298 | 47,842 |
Selling, general and administrative expenses | 20,433 | 16,609 | 37,396 | 31,179 |
Litigation settlements | 90 | ' | 190 | ' |
Operating income | 4,988 | 10,398 | 12,712 | 16,663 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 2,319 | 1,598 | 4,626 | 2,991 |
Interest income | -38 | -166 | -65 | -264 |
Foreign exchange (gains) losses, net | -633 | 2,231 | -1,307 | 4,637 |
Income before income taxes | 3,340 | 6,735 | 9,458 | 9,299 |
Income tax expense | 1,387 | 2,184 | 3,584 | 3,807 |
Net income | 1,953 | 4,551 | 5,874 | 5,492 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 172 | 613 | -484 | 1,829 |
Comprehensive income | $2,125 | $5,164 | $5,390 | $7,321 |
Net income per share-basic and diluted | $0.10 | $0.22 | $0.29 | $0.27 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $5,874 | $5,492 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 4,367 | 3,955 |
Deferred income tax expense (benefit) | 1,460 | -600 |
Share-based compensation expense | 606 | ' |
Loss on disposal of equipment | 114 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -24,713 | -10,790 |
Inventories | 2,382 | -30,397 |
Prepaid expenses and other assets | -1,054 | -2,475 |
Accounts payable | 2,773 | 20,727 |
Accrued and other liabilities | -4,095 | -5,668 |
Net cash used in operating activities | -12,286 | -19,756 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -6,025 | -6,162 |
(Increase) decrease in restricted cash | -3,306 | 76 |
Repayment of related party finance receivables | 209 | 422 |
Other investing activities, net | 59 | 2 |
Net cash used in investing activities | -9,063 | -5,662 |
Cash flows from financing activities: | ' | ' |
Borrowings under foreign short-term bank loans | 88,420 | 79,921 |
Repayments of foreign short-term bank loans | -80,222 | -66,426 |
Borrowings on line of credit agreement, net | 7,971 | 3,847 |
Borrowings of long-term debt | 588 | ' |
Repayments of long-term debt | -341 | -124 |
Payment of related party finance liability | -124 | -139 |
Payment of debt issuance costs | -701 | ' |
Payment of deferred offering costs | -40 | ' |
Payment of contingent consideration | ' | -450 |
Net cash provided by financing activities | 15,551 | 16,629 |
Effect of exchange rate changes on cash and cash equivalents | -14 | 313 |
Decrease in cash and cash equivalents | -5,812 | -8,476 |
Cash and cash equivalents at beginning of period | 21,903 | 38,680 |
Cash and cash equivalents at end of period | 16,091 | 30,204 |
Supplemental disclosure of non-cash activities: | ' | ' |
Purchase of property and equipment included in accounts payable | 5,597 | 9,968 |
Deferred offering costs not yet paid | 2,268 | ' |
Forgiveness of related party finance receivable | $1,706 | ' |
Nature_of_Operations
Nature of Operations | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Nature of Operations | ' | |
-1 | Nature of Operations | |
TCP International Holdings Ltd. (TCP or the Company), together with its subsidiaries, designs, develops, manufactures and delivers high quality energy-efficient lamps, fixtures and internet-based lighting control solutions. The Company’s broad portfolio of LED and compact fluorescent lamps (CFLs) and fixtures and internet-based lighting solutions are offered through thousands of retail and consumer and industrial distributors throughout the United States, Canada, Asia, Latin America and Europe/Middle East/Africa (EMEA). | ||
Reverse Stock Split | ||
On June 17, 2014, the Board of Directors approved a 1:10 reverse stock split of the Company’s common stock and par value (the Reverse Stock Split). No fractional shares were issued in connection with the Reverse Stock Split. All of the share and per share data presented in the Company’s consolidated financial statements and notes thereto have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split. | ||
Initial Public Offering | ||
On July 1, 2014, the Company completed an initial public offering pursuant to its Registration Statement on Form S-1, in which it issued 7,143 common shares at a public offering price of $11.00 per share. The estimated aggregate net proceeds raised were $69,800 after deducting underwriter discounts and commissions of $5,500 and estimated other offering expenses of $3,300. The Company granted the underwriters the option to purchase up to an additional 1,071 common shares, which was not executed. | ||
At June 30, 2014, $2,308 of deferred offering costs were included within prepaids and other current assets. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
-2 | Significant Accounting Policies | ||||||||||||||||
(a) | Basis of Presentation | ||||||||||||||||
The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared pursuant accounting principles generally accepted in the United States of America (U.S. GAAP) for interim reporting. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted pursuant to Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC). The accompanying consolidated balance sheet at December 31, 2013, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for a complete set of annual financial statements. | |||||||||||||||||
Financial statements prepared in accordance with U.S. GAAP require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and other disclosures. In the opinion of management, these unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of our operations and cash flows for the interim periods presented. | |||||||||||||||||
The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements as of and for the year ended December 31, 2013, included in the Company’s Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933 on June 27, 2014. | |||||||||||||||||
(b) | Cash and Cash Equivalents | ||||||||||||||||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2014 and December 31, 2013, $14,447 and $21,635, respectively, of the Company’s cash and cash equivalents were held outside the United States. In addition, book overdrafts totaling $1,947 at December 31, 2013, were recorded within accounts payable. There were no book overdrafts at June 30, 2014. | |||||||||||||||||
(c) | Fair Value Measurements | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company did not have any assets or liabilities that were required to be measured at fair value on a recurring basis. Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term borrowings and loans are carried at historical costs, which approximate their fair value due to their relatively short-term maturities. The fair value of the Company’s long-term debt was $6,168 and $8,375 at June 30, 2014 and December 31, 2013, respectively. The fair value of the Company’s long-term debt is based on a discounted cash flow analysis that utilizes Level 2 inputs. These inputs include observable market-based interest rates on debt with similar creditworthiness, terms and maturities. | |||||||||||||||||
(d) | Share-based Compensation | ||||||||||||||||
Share-based compensation awards are valued at fair value, as determined using the closing price of our shares on the New York Stock Exchange on the grant date. The Company recognizes share-based compensation expenses on a straight-line basis over the requisite service periods of each award, net of estimated forfeitures. | |||||||||||||||||
(e) | Earnings Per Share | ||||||||||||||||
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period and potentially dilutive common share equivalents, except in cases where the effect of the common share equivalents would be antidilutive. Potential common share equivalents consist of common shares issuable upon vesting of restricted share units (RSUs) using the treasury stock method, including contingently issuable shares for which the applicable performance conditions have been met. As there were no potential dilutive shares outstanding during the three and six months ended June 30, 2013, basic and diluted net income per share for such periods is the same. For the three and six months ended June 30, 2014, 594 common shares underlying RSUs, for which performance conditions had not been met as of June 30, 2014, were excluded from diluted average shares outstanding. | |||||||||||||||||
The following table presents the calculation of basic and diluted net income per share for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 1,953 | $ | 4,551 | $ | 5,874 | $ | 5,492 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 20,553 | 20,553 | 20,553 | 20,553 | |||||||||||||
Dilutive effect of RSUs | 1 | — | 1 | — | |||||||||||||
Diluted average shares outstanding | 20,554 | 20,553 | 20,554 | 20,553 | |||||||||||||
Net income per share, basic | $ | 0.1 | $ | 0.22 | $ | 0.29 | $ | 0.27 | |||||||||
Net income per share, diluted | $ | 0.1 | $ | 0.22 | $ | 0.29 | $ | 0.27 | |||||||||
(f) | Recently Issued Accounting Pronouncements | ||||||||||||||||
Accounting Standards Adopted in 2014 | |||||||||||||||||
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The objective of this ASU is to resolve the diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 31, 2013. The adoption of this pronouncement did not have an impact on the consolidated financial statements of the Company. | |||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). The ASU provides guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The ASU generally provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this pronouncement did not have an impact on the consolidated financial statements of the Company. | |||||||||||||||||
Accounting Standards Not Yet Adopted | |||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 with early adoption permitted in certain circumstances. The Company will apply the guidance prospectively to disposal activity occurring after the effective date of this ASU. | |||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it evaluated the effect that ASU 2014-09 will have on the consolidated financial statements. |
Sharebased_Compensation
Share-based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-based Compensation | ' | ||||||||
-3 | Share-based Compensation | ||||||||
On June 24, 2014, the Company’s shareholders and board of directors adopted and approved the 2014 Omnibus Incentive Plan (the 2014 Plan), whereby equity awards may be granted to employees, directors and other eligible service providers, as determined by the compensation committee. The Company has reserved 2,500 shares for grants under the 2014 Plan. Unless amended by the Company’s board of directors or compensation committee, the 2014 Plan will expire in June 2024. | |||||||||
On June 25, 2014, the Company granted 527 time-based RSUs and 594 performance-based RSUs. RSUs are subject to such conditions and restrictions, including continued employment or service and/or achievement of pre-established performance goals and objectives and provide for the issuance of one common share of the Company at no cost to the holder. Time-based RSUs generally vest according to the following schedule: 1/3 in February 2015, 1/3 in July 2015, and the remainder in July 2016. Performance-based RSUs vest based on the following schedule, subject to performance criteria established at the time of and in connection with the grant: 1/2 in February 2015, 1/4 in April 2015 and the remainder in July 2015. To cover the vesting of its RSUs, the Company will issue new shares from its authorized, unissued share pool. Surrendered units may be used to satisfy the individual tax obligations of those participants electing a net issuance whereby the Company pays the participant’s minimum statutory tax liability and the participant surrenders a sufficient number of shares equal to the amount of tax liability assumed by the Company. | |||||||||
The weighted average fair value of the RSUs on the date of grant was $11.00 per share, which was equal to the initial public offering price of the Company’s shares. For the three and six months ended June 30, 2014, share-based compensation expense of $606 was recorded through selling, general and administrative expenses. As of June 30, 2014, unrecognized compensation expense was $9,779, which is expected to be recognized over a remaining weighted average period of 12 months. | |||||||||
The following table summarizes additional information concerning our unvested RSU units: | |||||||||
Units | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Unvested at December 31, 2013 | — | $ | — | ||||||
Granted | 1,121 | 11 | |||||||
Unvested at June 30, 2014 | 1,121 | $ | 11 | ||||||
No RSUs vested or were surrendered during the three and six months ended June 30, 2014. |
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
-4 | Inventories | ||||||||
Inventories consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 13,366 | $ | 20,005 | |||||
Work in process | 17,034 | 11,630 | |||||||
Finished goods | 86,472 | 87,842 | |||||||
Total inventories | $ | 116,872 | $ | 119,477 | |||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
-5 | Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued payroll and related expenses | $ | 25,727 | $ | 26,400 | |||||
Accrued legal settlements | 9,412 | 8,694 | |||||||
Accrued rebates | 4,214 | 5,131 | |||||||
Income taxes payable | 3,422 | 4,456 | |||||||
Accrued product warranties | 1,043 | 976 | |||||||
Other | 15,390 | 16,882 | |||||||
Total accrued expenses and other current liabilities | $ | 59,208 | $ | 62,539 | |||||
Financing_Agreements
Financing Agreements | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Financing Agreements | ' | ||||||||
-6 | Financing Agreements | ||||||||
Debt consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Short-term loans: | |||||||||
Revolving line of credit, LIBOR rate loans | $ | 15,000 | $ | 25,000 | |||||
Revolving line of credit, prime rate loans | 20,107 | 2,136 | |||||||
Short-term bank loans | 102,942 | 95,215 | |||||||
Short-term note payable | 442 | — | |||||||
138,491 | 122,351 | ||||||||
Long-term debt: | |||||||||
Mortgage note payable | 5,591 | 87 | |||||||
Capital leases | 71 | 139 | |||||||
Financing liability | — | 7,770 | |||||||
Note payable | — | 46 | |||||||
5,662 | 8,042 | ||||||||
Total debt | 144,153 | 130,393 | |||||||
Less short-term portion of all debt | (138,711 | ) | (122,840 | ) | |||||
Long-term portion | $ | 5,442 | $ | 7,553 | |||||
Revolving Line of Credit: The remaining borrowing capacity under the revolving line of credit was $4,893 at June 30, 2014. Interest on the London Interbank Offered Rate (LIBOR) rate loans and prime rate loans was 3.4% and 5.5%, respectively, at June 30, 2014. Interest on the LIBOR rate loans and prime rate loans was 3.4% and 5.5%, respectively, at December 31, 2013. Additionally, a commitment fee of 0.4% per annum is due quarterly for any unused capacity under the revolving line of credit. As of June 30, 2014, the Company was in compliance with the financial and other covenants in its revolving line of credit. | |||||||||
Short-term Bank Loans: These loans primarily are comprised of short-term notes with various financial institutions in China with maturities ranging from July 2014 to June 2015. The original term for all of the loans was one year or less. Such loans are generally rolled over for an additional 12 months upon maturity. The weighted average interest rate on these loans was 4.5% and 3.6% as of June 30, 2014 and December 31, 2013, respectively. | |||||||||
Short-term bank loans totaling $30,150 are guaranteed by a shareholder of the Company through October and November of 2014. The Company obtained a letter from the shareholder confirming that the shareholder will continue to guarantee these short-term bank loans as necessary through December 31, 2014. | |||||||||
Short-term Note Payable: In April 2014, the Company issued a short-term note payable to a third-party to finance insurance premiums. The note, which is unsecured, is payable in monthly installments of $75, including interest at a rate of 3.3%, through December 2014. | |||||||||
Financing Liability: In April 2007, the Company entered into a 15-year lease agreement with TCP Campus Drive LLC (TCP Campus) requiring annual payments of $846, including interest at a rate of 6.1%. As the Company was deemed the owner of the leased building for accounting purposes during the construction period, the construction costs associated with the building and a corresponding financing liability were recorded. Due to the Company’s continuing involvement with TCP Campus, the Company was precluded from derecognizing the constructed assets and financing liability following the completion of construction. Capital improvements made to the building increased the amount of the financing liability outstanding and a portion of the rental payments reduced the outstanding principal. | |||||||||
In June 2014, the Company acquired all of the membership interests of TCP Campus in exchange for the warehouse owned by the Company in Aurora, Ohio, resulting in the elimination of the financing liability. Refer to Note 9 for further disclosure of the TCP Campus transaction. | |||||||||
Mortgage Note Payable: The Company had a mortgage note payable in 180 monthly payments of $4, which includes interest at a rate of 5.4%, through December 2015. This note was collateralized by a warehouse and was guaranteed by the Company’s CEO. The Company repaid this mortgage in full in June 2014. | |||||||||
In conjunction with the acquisition of the membership interests of TCP Campus, the Company assumed the mortgage note payable on the related land and building. The mortgage requires monthly payments of $42, which includes interest at a rate of 6.0%, and a lump-sum payment of $5,077 upon maturity in May 2017. This note is collateralized by the warehouse facility and is guaranteed by the Company’s CEO. The net book value of the warehouse facility was $8,289 at June 30, 2014. Refer to Note 9 for further disclosure of the TCP Campus transaction. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 6 Months Ended | |
Jun. 30, 2014 | ||
Risks And Uncertainties [Abstract] | ' | |
Concentrations of Credit Risk | ' | |
-7 | Concentrations of Credit Risk | |
Net sales to Walmart and The Home Depot accounted for 20.7% and 20.4%, respectively, of consolidated net sales for the three months ended June 30, 2014 and 20.6% and 19.4%, respectively, of consolidated net sales for the six months ended June 30, 2014. Net sales to Walmart and The Home Depot accounted for 11.6% and 30.3%, respectively, of consolidated net sales for the three months ended June 30, 2013 and 8.6% and 27.6%, respectively, of consolidated net sales for the six months ended June 30, 2013. | ||
Walmart and The Home Depot accounted for 38.5% of total accounts receivable as of June 30, 2014 and Walmart accounted for 11.4% of total accounts receivable as of December 31, 2013, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
-8 | Commitments and Contingencies | |
Legal Matters | ||
GE Lighting Solutions, LLC | ||
In January 2013, GE Lighting Solutions, LLC filed a lawsuit in the U.S. District Court for the Northern District of Ohio, naming the Company as a defendant. The litigation alleges that TCP, by importing, making, selling, offering to sell, and/or using eleven specific LED lamps, is infringing on two GE patents related to the design of the LED lamp heat dissipation apparatus. To date, GE has not specified a monetary claim for damages from TCP for alleged unpaid royalties related to the use of GE patents. TCP continues to seek a business resolution to this dispute as the Company continues to sell the products subject to this lawsuit. Based on negotiations conducted with GE in 2013, the Company has recorded a liability of $1,390 and $1,200 at June 30, 2014 and December 31, 2013, respectively, for the probable resolution of this matter. The Company believes that it is reasonably possible that the settlement of this matter may exceed the recorded liability as GE has taken a position, during early, informal settlement discussions that could lead to a claim for royalties up to $12,500. | ||
Other Legal Matters | ||
Additionally, in the normal course of business, the Company is subject to various other legal claims, actions, and complaints. The Company recorded a liability for certain asserted claims that the Company believed were probable and estimable of $50 and $155 as of June 30, 2014 and December 31, 2013, respectively. | ||
The Company records a liability when it believes that it is probable that a loss has been incurred and the amount can be reasonably estimated. The Company evaluates developments in on-going legal matters that could affect the amount of liability that has been previously accrued at each reporting period, and makes adjustments as appropriate. The Company expenses legal fees in the period in which they are incurred. Although the Company believes it has substantial defenses in these various matters, litigation is inherently unpredictable, and excessive verdicts do occur. The Company could incur judgments or enter into settlements of claims in the future that could have a material adverse effect on its results of operations, financial position and cash flows in any particular period. | ||
Refund of U.S. Customs Import Tariffs: In October 2012, U.S. Customs and Boarder Protection (U.S. Customs) issued a ruling stipulating the import tariff classification on certain of the Company’s LED lamps, thereby raising the duty rate on such lamps to 6.0% ad valorem. In January 2013, the Company filed a Ruling Reconsideration with U.S. Customs and, in June 2013, began filing monthly Submissions of Protest for import entries retroactively to February 2012. Beginning in April 2014, the Company began receiving refunds relating to the protested entries and in July 2014, the Company received a notification of acceptance of its Ruling Reconsideration that affirmed a lower import tariff on the future import of certain of its LED lamps. Based on the U.S. Customs’ revocation ruling and the favorable ruling on the Company’s protests, the Company believes that it may continue to receive refunds from pending protests with U.S. Customs over the next 18 months related to the overpayment of LED tariffs that could total $3,375 in the aggregate. As the ultimate outcome of the pending protests cannot be determined with precision, no amount for the possible collection of future refunds has been recognized at June 30, 2014. For the three and six months ended June 30, 2014, the Company has received protest refunds of $149, which have been recorded as income from operations within the condensed consolidated statements of comprehensive income. | ||
Other Matters: The Company has recorded a liability for unpaid indirect taxes in China assumed as part of a prior acquisition of one of its subsidiaries that remain outstanding. Based on current tax regulations in China, the Company may be liable for interest on this unpaid tax balance. At June 30, 2014, the Company believes it is reasonably possible, but not probable, that up to $4,017 of interest could be assessed for these unpaid taxes, and therefore no liability for interest has been recorded as of June 30, 2014. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | |
Jun. 30, 2014 | ||
Text Block [Abstract] | ' | |
Variable Interest Entities | ' | |
-9 | Variable Interest Entities | |
Consolidated VIE | ||
The wife of a shareholder owns 100% of the stock of Zhenjiang Fengxin Electronic Equipment Co., Ltd. (ZFX) in China. Through 2011, ZFX assembled inventory for the Company’s Asian operations with all of the revenues and income of this entity derived from transactions with the Company. Prior to ZFX’s dissolution in December 2013, the Company controlled the activities of ZFX and the Company was exposed to losses from ZFX through its intercompany accounts receivable. Therefore, the Company was deemed to be the primary beneficiary. For the three and six months ended June 30, 2013, ZFX had no impact on net sales or net income since all sales and profits related to intercompany transactions, including transactions with the VIE, are eliminated in consolidation. | ||
Unconsolidated VIEs | ||
TCP Campus was owned 100% by a shareholder of the Company and his wife. TCP Campus’s initial funding included a loan for $3,300 from the Company and a nominal equity contribution by the equity owner. TCP Campus owned the warehouse and office in Aurora, Ohio leased by the Company. In determining the primary beneficiary of TCP Campus, the Company gave greater consideration to the legal form of ownership that grants control over TCP Campus to the equity owners. | ||
In June 2014, the Company acquired all of the membership interests of TCP Campus in exchange for the warehouse that was owned by the Company in Aurora, Ohio. The net assets of TCP Campus consist of the warehouse and office space formerly leased by the Company and a related mortgage payable to a third-party of $5,591. In contemplation of this transaction, the Company forgave the remaining finance receivable due from TCP Campus of $1,706 in May 2014. These transactions resulted in a financial statement loss of $660, equal to the difference between the cost basis of the membership interests of TCP Campus acquired and the cost basis of the assets sold, the elimination of the associated financing liability, and the amount of the related party finance receivable forgiven. This loss was recorded as a direct reduction of equity since the transaction occurred between entities under common control. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment and Geographic Information | ' | ||||||||||||||||
-10 | Segment and Geographic Information | ||||||||||||||||
The Company operates as a single reportable segment. The chief operating decision maker reviews financial information on a consolidated basis for purposes of allocating resources and assessing performance. Revenue is attributed to geographic areas based on the location of the customer. Net sales and property, plant, and equipment by geographic area and net sales by product line are presented below: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales by geographical area: | |||||||||||||||||
United States | $ | 89,529 | $ | 87,872 | $ | 171,153 | $ | 160,555 | |||||||||
Canada | 4,534 | 3,143 | 8,181 | 6,472 | |||||||||||||
Asia | 9,302 | 4,436 | 15,961 | 12,137 | |||||||||||||
EMEA | 6,288 | 10,945 | 12,147 | 14,477 | |||||||||||||
Latin America | 2,811 | 4,761 | 6,139 | 7,810 | |||||||||||||
Total net sales | $ | 112,464 | $ | 111,157 | $ | 213,581 | $ | 201,451 | |||||||||
Net sales by product line: | |||||||||||||||||
CFL | $ | 59,468 | $ | 71,834 | $ | 118,873 | $ | 135,414 | |||||||||
LED | 46,009 | 27,809 | 82,331 | 46,517 | |||||||||||||
Linear and fixtures | 3,226 | 6,336 | 6,913 | 12,363 | |||||||||||||
Other | 3,761 | 5,178 | 5,464 | 7,157 | |||||||||||||
Total net sales | $ | 112,464 | $ | 111,157 | $ | 213,581 | $ | 201,451 | |||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||
United States | $ | 11,236 | $ | 12,566 | |||||||||||||
Asia | 58,770 | 60,931 | |||||||||||||||
EMEA | 905 | 1,048 | |||||||||||||||
Latin America | 13 | 13 | |||||||||||||||
Total property, plant and equipment, net | $ | 70,924 | $ | 74,558 | |||||||||||||
Equity
Equity | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Equity | ' | ||||||||||||||||||||||||
-11 | Equity | ||||||||||||||||||||||||
The following table presents changes in shareholders’ equity: | |||||||||||||||||||||||||
Common stock | Additional | Accumulated | Retained | Total | |||||||||||||||||||||
other | |||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||
Shares | Amount | paid-in capital | income | deficit | equity | ||||||||||||||||||||
Balances at December 31, 2013 | 20,553 | $ | 22,048 | $ | 901 | $ | 13,721 | $ | (32,490 | ) | $ | 4,180 | |||||||||||||
Net income | — | — | — | — | 5,874 | 5,874 | |||||||||||||||||||
Share-based compensation expense | — | — | 606 | — | — | 606 | |||||||||||||||||||
Forgiveness of finance receivable from related party | — | — | — | — | (1,706 | ) | (1,706 | ) | |||||||||||||||||
Acquistion of TCP Campus | — | — | 1,046 | — | — | 1,046 | |||||||||||||||||||
Currency translation adjustment | — | — | — | (484 | ) | — | (484 | ) | |||||||||||||||||
Balances at June 30, 2014 | 20,553 | $ | 22,048 | $ | 2,553 | $ | 13,237 | $ | (28,322 | ) | $ | 9,516 | |||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
-12 | Subsequent Event | |
During the third quarter of 2014, the Company intends to grant 103 time-based RSUs and 413 performance-based RSUs under the 2014 Plan, which will vest according to the same schedule as the RSUs disclosed in Note 3. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
(a) | Basis of Presentation | ||||||||||||||||
The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared pursuant accounting principles generally accepted in the United States of America (U.S. GAAP) for interim reporting. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted pursuant to Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC). The accompanying consolidated balance sheet at December 31, 2013, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for a complete set of annual financial statements. | |||||||||||||||||
Financial statements prepared in accordance with U.S. GAAP require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and other disclosures. In the opinion of management, these unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of our operations and cash flows for the interim periods presented. | |||||||||||||||||
The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements as of and for the year ended December 31, 2013, included in the Company’s Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933 on June 27, 2014. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
(b) | Cash and Cash Equivalents | ||||||||||||||||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2014 and December 31, 2013, $14,447 and $21,635, respectively, of the Company’s cash and cash equivalents were held outside the United States. In addition, book overdrafts totaling $1,947 at December 31, 2013, were recorded within accounts payable. There were no book overdrafts at June 30, 2014. | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
(c) | Fair Value Measurements | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company did not have any assets or liabilities that were required to be measured at fair value on a recurring basis. Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term borrowings and loans are carried at historical costs, which approximate their fair value due to their relatively short-term maturities. The fair value of the Company’s long-term debt was $6,168 and $8,375 at June 30, 2014 and December 31, 2013, respectively. The fair value of the Company’s long-term debt is based on a discounted cash flow analysis that utilizes Level 2 inputs. These inputs include observable market-based interest rates on debt with similar creditworthiness, terms and maturities. | |||||||||||||||||
Share-based Compensation | ' | ||||||||||||||||
(d) | Share-based Compensation | ||||||||||||||||
Share-based compensation awards are valued at fair value, as determined using the closing price of our shares on the New York Stock Exchange on the grant date. The Company recognizes share-based compensation expenses on a straight-line basis over the requisite service periods of each award, net of estimated forfeitures. | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
(e) | Earnings Per Share | ||||||||||||||||
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period and potentially dilutive common share equivalents, except in cases where the effect of the common share equivalents would be antidilutive. Potential common share equivalents consist of common shares issuable upon vesting of restricted share units (RSUs) using the treasury stock method, including contingently issuable shares for which the applicable performance conditions have been met. As there were no potential dilutive shares outstanding during the three and six months ended June 30, 2013, basic and diluted net income per share for such periods is the same. For the three and six months ended June 30, 2014, 594 common shares underlying RSUs, for which performance conditions had not been met as of June 30, 2014, were excluded from diluted average shares outstanding. | |||||||||||||||||
The following table presents the calculation of basic and diluted net income per share for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 1,953 | $ | 4,551 | $ | 5,874 | $ | 5,492 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 20,553 | 20,553 | 20,553 | 20,553 | |||||||||||||
Dilutive effect of RSUs | 1 | — | 1 | — | |||||||||||||
Diluted average shares outstanding | 20,554 | 20,553 | 20,554 | 20,553 | |||||||||||||
Net income per share, basic | $ | 0.1 | $ | 0.22 | $ | 0.29 | $ | 0.27 | |||||||||
Net income per share, diluted | $ | 0.1 | $ | 0.22 | $ | 0.29 | $ | 0.27 | |||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
(f) | Recently Issued Accounting Pronouncements | ||||||||||||||||
Accounting Standards Adopted in 2014 | |||||||||||||||||
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The objective of this ASU is to resolve the diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 31, 2013. The adoption of this pronouncement did not have an impact on the consolidated financial statements of the Company. | |||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). The ASU provides guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The ASU generally provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this pronouncement did not have an impact on the consolidated financial statements of the Company. | |||||||||||||||||
Accounting Standards Not Yet Adopted | |||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 with early adoption permitted in certain circumstances. The Company will apply the guidance prospectively to disposal activity occurring after the effective date of this ASU. | |||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it evaluated the effect that ASU 2014-09 will have on the consolidated financial statements. | |||||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following table presents the calculation of basic and diluted net income per share for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 1,953 | $ | 4,551 | $ | 5,874 | $ | 5,492 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 20,553 | 20,553 | 20,553 | 20,553 | |||||||||||||
Dilutive effect of RSUs | 1 | — | 1 | — | |||||||||||||
Diluted average shares outstanding | 20,554 | 20,553 | 20,554 | 20,553 | |||||||||||||
Net income per share, basic | $ | 0.1 | $ | 0.22 | $ | 0.29 | $ | 0.27 | |||||||||
Net income per share, diluted | $ | 0.1 | $ | 0.22 | $ | 0.29 | $ | 0.27 | |||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||
The following table summarizes additional information concerning our unvested RSU units: | |||||||||
Units | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Unvested at December 31, 2013 | — | $ | — | ||||||
Granted | 1,121 | 11 | |||||||
Unvested at June 30, 2014 | 1,121 | $ | 11 | ||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 13,366 | $ | 20,005 | |||||
Work in process | 17,034 | 11,630 | |||||||
Finished goods | 86,472 | 87,842 | |||||||
Total inventories | $ | 116,872 | $ | 119,477 | |||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued payroll and related expenses | $ | 25,727 | $ | 26,400 | |||||
Accrued legal settlements | 9,412 | 8,694 | |||||||
Accrued rebates | 4,214 | 5,131 | |||||||
Income taxes payable | 3,422 | 4,456 | |||||||
Accrued product warranties | 1,043 | 976 | |||||||
Other | 15,390 | 16,882 | |||||||
Total accrued expenses and other current liabilities | $ | 59,208 | $ | 62,539 | |||||
Financing_Agreements_Tables
Financing Agreements (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Debt consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Short-term loans: | |||||||||
Revolving line of credit, LIBOR rate loans | $ | 15,000 | $ | 25,000 | |||||
Revolving line of credit, prime rate loans | 20,107 | 2,136 | |||||||
Short-term bank loans | 102,942 | 95,215 | |||||||
Short-term note payable | 442 | — | |||||||
138,491 | 122,351 | ||||||||
Long-term debt: | |||||||||
Mortgage note payable | 5,591 | 87 | |||||||
Capital leases | 71 | 139 | |||||||
Financing liability | — | 7,770 | |||||||
Note payable | — | 46 | |||||||
5,662 | 8,042 | ||||||||
Total debt | 144,153 | 130,393 | |||||||
Less short-term portion of all debt | (138,711 | ) | (122,840 | ) | |||||
Long-term portion | $ | 5,442 | $ | 7,553 | |||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Net Sales by Geographic Area | ' | ||||||||||||||||
Net sales and property, plant, and equipment by geographic area and net sales by product line are presented below: | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales by geographical area: | |||||||||||||||||
United States | $ | 89,529 | $ | 87,872 | $ | 171,153 | $ | 160,555 | |||||||||
Canada | 4,534 | 3,143 | 8,181 | 6,472 | |||||||||||||
Asia | 9,302 | 4,436 | 15,961 | 12,137 | |||||||||||||
EMEA | 6,288 | 10,945 | 12,147 | 14,477 | |||||||||||||
Latin America | 2,811 | 4,761 | 6,139 | 7,810 | |||||||||||||
Total net sales | $ | 112,464 | $ | 111,157 | $ | 213,581 | $ | 201,451 | |||||||||
Summary of Net Sales by Product Line | ' | ||||||||||||||||
Net sales and property, plant, and equipment by geographic area and net sales by product line are presented below: | |||||||||||||||||
Net sales by product line: | |||||||||||||||||
CFL | $ | 59,468 | $ | 71,834 | $ | 118,873 | $ | 135,414 | |||||||||
LED | 46,009 | 27,809 | 82,331 | 46,517 | |||||||||||||
Linear and fixtures | 3,226 | 6,336 | 6,913 | 12,363 | |||||||||||||
Other | 3,761 | 5,178 | 5,464 | 7,157 | |||||||||||||
Total net sales | $ | 112,464 | $ | 111,157 | $ | 213,581 | $ | 201,451 | |||||||||
Schedule of Property Plant and Equipment by Geographic Area | ' | ||||||||||||||||
Net sales and property, plant, and equipment by geographic area and net sales by product line are presented below: | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||
United States | $ | 11,236 | $ | 12,566 | |||||||||||||
Asia | 58,770 | 60,931 | |||||||||||||||
EMEA | 905 | 1,048 | |||||||||||||||
Latin America | 13 | 13 | |||||||||||||||
Total property, plant and equipment, net | $ | 70,924 | $ | 74,558 | |||||||||||||
Equity_Tables
Equity (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Changes in Shareholders' Equity | ' | ||||||||||||||||||||||||
The following table presents changes in shareholders’ equity: | |||||||||||||||||||||||||
Common stock | Additional | Accumulated | Retained | Total | |||||||||||||||||||||
other | |||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||
Shares | Amount | paid-in capital | income | deficit | equity | ||||||||||||||||||||
Balances at December 31, 2013 | 20,553 | $ | 22,048 | $ | 901 | $ | 13,721 | $ | (32,490 | ) | $ | 4,180 | |||||||||||||
Net income | — | — | — | — | 5,874 | 5,874 | |||||||||||||||||||
Share-based compensation expense | — | — | 606 | — | — | 606 | |||||||||||||||||||
Forgiveness of finance receivable from related party | — | — | — | — | (1,706 | ) | (1,706 | ) | |||||||||||||||||
Acquistion of TCP Campus | — | — | 1,046 | — | — | 1,046 | |||||||||||||||||||
Currency translation adjustment | — | — | — | (484 | ) | — | (484 | ) | |||||||||||||||||
Balances at June 30, 2014 | 20,553 | $ | 22,048 | $ | 2,553 | $ | 13,237 | $ | (28,322 | ) | $ | 9,516 | |||||||||||||
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 17, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Nature Of Operations [Line Items] | ' | ' | ' | ' |
Reverse stock split, description | ' | '1:10 reverse stock split of the Companybs common stock and par value | ' | ' |
Stock Issued during period shares, Reverse stock splits | 0 | ' | ' | ' |
Shares issued under initial public offering | ' | ' | 7,143 | ' |
Common stock public offering price | ' | ' | ' | $11 |
Aggregate net proceeds | ' | ' | $69,800 | ' |
Underwriting discounts and commissions | ' | ' | 5,500 | ' |
Other offering expense | ' | ' | 3,300 | ' |
Options to purchase additional shares | ' | ' | ' | 1,071 |
Deferred offering costs | ' | $2,308 | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Cash equivalents | $16,091 | $16,091 | $21,903 | $30,204 | $38,680 |
Book overdrafts | 103,835 | 103,835 | 105,742 | ' | ' |
Long term debt, fair value | 6,168 | 6,168 | 8,375 | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 594 | 594 | ' | ' | ' |
Foreign countries [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Cash equivalents | 14,447 | 14,447 | 21,635 | ' | ' |
Book overdraft [Member] | ' | ' | ' | ' | ' |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Book overdrafts | $0 | $0 | $1,947 | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Schedule of Basic and Diluted Net Income Per Share (Detail) (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 income | $1,953 | $4,551 | $5,874 | $5,492 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding | 20,553 | 20,553 | 20,553 | 20,553 |
Dilutive effect of RSUs | 1 | 0 | 1 | 0 |
Diluted average shares outstanding | 20,554 | 20,553 | 20,554 | 20,553 |
Net income per share, basic | $0.10 | $0.22 | $0.29 | $0.27 |
Net income per share, diluted | $0.10 | $0.22 | $0.29 | $0.27 |
Sharebased_Compensation_Additi
Share-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average grant date fair value, Granted | ' | $11 |
Share-based compensation expense | $606 | $606 |
Unrecognized compensation cost | $9,779 | $9,779 |
Weighted average period to recognize compensation expense | ' | '12 months |
Number of shares vested during period | 0 | 0 |
Time Based Restricted Stock Unit [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation arrangement, share granted | ' | 527 |
Vesting description | ' | 'Time-based RSUs generally vest according to the following schedule: 1/3 in February 2015, 1/3 in July 2015, and the remainder in July 2016 |
Performance Based Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation arrangement, share granted | ' | 594 |
Vesting description | ' | 'Performance-based RSUs vest based on the following schedule, subject to performance criteria established at the time of and in connection with the grant: 1/2 in February 2015, 1/4 in April 2015 and the remainder in July 2015 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average grant date fair value, Granted | ' | $11 |
2014 Omnibus Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares available for grant | 2,500 | 2,500 |
Sharebased_Compensation_Schedu
Share-based Compensation - Schedule of Unvested Restricted Stock Units (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Unvested units, Beginning balance | 0 |
Granted units | 1,121 |
Unvested units, Ending balance | 1,121 |
Weighted average grant date fair value, Beginning balance | $0 |
Weighted average grant date fair value, Granted | $11 |
Weighted average grant date fair value, Ending balance | $11 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $13,366 | $20,005 |
Work in process | 17,034 | 11,630 |
Finished goods | 86,472 | 87,842 |
Total inventories | $116,872 | $119,477 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued payroll and related expenses | $25,727 | $26,400 |
Accrued legal settlements | 9,412 | 8,694 |
Accrued rebates | 4,214 | 5,131 |
Income taxes payable | 3,422 | 4,456 |
Accrued product warranties | 1,043 | 976 |
Other | 15,390 | 16,882 |
Total accrued expenses and other current liabilities | $59,208 | $62,539 |
Financing_Agreements_Schedule_
Financing Agreements - Schedule of Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term loans: | ' | ' |
Short-term bank loans | $102,942 | $95,215 |
Short-term note payable | 442 | ' |
Short-term loans, total | 138,491 | 122,351 |
Long-term debt: | ' | ' |
Mortgage note payable | 5,591 | 87 |
Capital leases | 71 | 139 |
Financing liability | ' | 7,770 |
Note payable | ' | 46 |
Long-term debt, total | 5,662 | 8,042 |
Total debt | 144,153 | 130,393 |
Total debt | 144,153 | 130,393 |
Less short-term portion of all debt | -138,711 | -122,840 |
Long-term portion | 5,442 | 7,553 |
Revolving line of credit [Member] | LIBOR rate loans [Member] | ' | ' |
Short-term loans: | ' | ' |
Revolving line of credit | 15,000 | 25,000 |
Revolving line of credit [Member] | Prime rate loans [Member] | ' | ' |
Short-term loans: | ' | ' |
Revolving line of credit | $20,107 | $2,136 |
Financing_Agreements_Additiona
Financing Agreements - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Short-term bank loans, total | $138,491 | 122,351 |
Short Term Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Repayment of debt | 75 | ' |
Interest rate | 3.30% | ' |
Mortgage Notes Payable 2 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Repayment of debt | 42 | ' |
Interest rate | 6.00% | ' |
lump-sum repayment | 5,077 | ' |
lump-sum repayment date | 1-May-17 | ' |
Mortgage Note Payable [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Repayment of debt | 4 | ' |
Interest rate | 5.40% | ' |
Repayment term | '180 months | ' |
Mortgage note payable, Frequency of periodic payment | 'Monthly | ' |
Land and Building [Member] | Mortgage Notes Payable 2 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Mortgage asset net book value | 8,289 | ' |
Revolving line of credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Remaining borrowing capacity under revolving line of credit | 4,893 | ' |
Commitment fee percentage for unused borrowing capacity per annum | 0.40% | ' |
Finance Liability [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Repayment of debt | 846 | ' |
Lease agreement period | '15 years | ' |
Interest rate on lease payments | 6.10% | ' |
Short Term Bank Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Weighted average interest rate on short-term bank loans | 4.50% | 3.60% |
Short-term loan, term | 'One year or less | ' |
Short-term bank loans, total | $30,150 | ' |
LIBOR rate loans [Member] | Revolving line of credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest on borrowings | 3.40% | 3.40% |
Prime rate loans [Member] | Revolving line of credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest on borrowings | 5.50% | 5.50% |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | The Home Depot [Member] | The Home Depot [Member] | The Home Depot [Member] | The Home Depot [Member] | The Home Depot [Member] | |
Net sales [Member] | Net sales [Member] | Net sales [Member] | Net sales [Member] | Accounts receivable [Member] | Accounts receivable [Member] | Net sales [Member] | Net sales [Member] | Net sales [Member] | Net sales [Member] | Accounts receivable [Member] | |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration of credit risk percentage | 20.70% | 11.60% | 20.60% | 8.60% | 38.50% | 11.40% | 20.40% | 30.30% | 19.40% | 27.60% | 38.50% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Product | ||
Patents | ||
Loss Contingencies [Line Items] | ' | ' |
Percentage of special import duties tariff rates | 6.00% | ' |
Period of recovery of import duties | '18 months | ' |
Recovery of import duties | $3,375 | ' |
Expected recovery of import duties | 0 | ' |
Refund of U.S. Customs import tariffs | 149 | ' |
Other Legal Matters [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Contingent liability | 50 | 155 |
Reasonably possible loss from contingencies | 4,017 | ' |
Liability on future interest payment | 0 | ' |
GE Lighting Solutions, LLC [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Name of plaintiff | 'GE Lighting Solutions, LLC | ' |
Name of defendant | 'TCP | ' |
Lawsuit filing date | 'January 2013 | ' |
Number of patents infringed | 2 | ' |
Number of class of products | 11 | ' |
Contingent liability | 1,390 | 1,200 |
Reasonably possible loss from contingencies | $12,500 | ' |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ' | ' |
Mortgage note payable | $5,591 | $87 |
Forgiveness of related party finance receivable | -1,706 | ' |
Loss on common control transactions | 1,046 | ' |
Consolidated VIE [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Percentage of stock owned in variable entity | 100.00% | ' |
TCP Campus [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Percentage of stock owned in variable entity | 100.00% | ' |
Amount of loan included in initial funding | 3,300 | ' |
Mortgage note payable | 5,591 | ' |
Forgiveness of related party finance receivable | 1,706 | ' |
Loss on common control transactions | ($660) | ' |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segment | 1 |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Summary of Net Sales by Geographic Area (Detail) (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 Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $112,464 | $111,157 | $213,581 | $201,451 |
United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 89,529 | 87,872 | 171,153 | 160,555 |
Canada [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 4,534 | 3,143 | 8,181 | 6,472 |
Asia [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 9,302 | 4,436 | 15,961 | 12,137 |
EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 6,288 | 10,945 | 12,147 | 14,477 |
Latin America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $2,811 | $4,761 | $6,139 | $7,810 |
Segment_and_Geographic_Informa4
Segment and Geographic Information - Summary of Net Sales by Product Line (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | $112,464 | $111,157 | $213,581 | $201,451 |
CFL [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | 59,468 | 71,834 | 118,873 | 135,414 |
LED [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | 46,009 | 27,809 | 82,331 | 46,517 |
Linear and fixtures [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | 3,226 | 6,336 | 6,913 | 12,363 |
Other [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | $3,761 | $5,178 | $5,464 | $7,157 |
Segment_and_Geographic_Informa5
Segment and Geographic Information - Schedule of Property Plant and Equipment by Geographic Area (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant, and equipment, net | $70,924 | $74,558 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant, and equipment, net | 11,236 | 12,566 |
Asia [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant, and equipment, net | 58,770 | 60,931 |
EMEA [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant, and equipment, net | 905 | 1,048 |
Latin America [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property, plant, and equipment, net | $13 | $13 |
Equity_Summary_of_Changes_in_S
Equity - Summary of Changes in Shareholders' Equity (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $4,180 | ' |
Balance at beginning of period, Shares | ' | ' | 20,553 | ' |
Net income | 1,953 | 4,551 | 5,874 | 5,492 |
Share-based compensation expense | ' | ' | 606 | ' |
Forgiveness of finance receivable from related party | ' | ' | -1,706 | ' |
Acquisition of TCP Campus | ' | ' | 1,046 | ' |
Currency translation adjustment | 172 | 613 | -484 | 1,829 |
Balance at end of period | 9,516 | ' | 9,516 | ' |
Balance at end of period, Shares | 20,553 | ' | 20,553 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 22,048 | ' |
Balance at beginning of period, Shares | ' | ' | 20,553 | ' |
Net income | ' | ' | 0 | ' |
Share-based compensation expense | ' | ' | 0 | ' |
Forgiveness of finance receivable from related party | ' | ' | 0 | ' |
Acquisition of TCP Campus | ' | ' | 0 | ' |
Currency translation adjustment | ' | ' | 0 | ' |
Balance at end of period | 22,048 | ' | 22,048 | ' |
Balance at end of period, Shares | 20,553 | ' | 20,553 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 901 | ' |
Net income | ' | ' | 0 | ' |
Share-based compensation expense | ' | ' | 606 | ' |
Forgiveness of finance receivable from related party | ' | ' | 0 | ' |
Acquisition of TCP Campus | ' | ' | 1,046 | ' |
Currency translation adjustment | ' | ' | 0 | ' |
Balance at end of period | 2,553 | ' | 2,553 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 13,721 | ' |
Net income | ' | ' | 0 | ' |
Share-based compensation expense | ' | ' | 0 | ' |
Forgiveness of finance receivable from related party | ' | ' | 0 | ' |
Acquisition of TCP Campus | ' | ' | 0 | ' |
Currency translation adjustment | ' | ' | -484 | ' |
Balance at end of period | 13,237 | ' | 13,237 | ' |
Retained Deficit [Member] | ' | ' | ' | ' |
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -32,490 | ' |
Net income | ' | ' | 5,874 | ' |
Share-based compensation expense | ' | ' | 0 | ' |
Forgiveness of finance receivable from related party | ' | ' | -1,706 | ' |
Acquisition of TCP Campus | ' | ' | 0 | ' |
Currency translation adjustment | ' | ' | 0 | ' |
Balance at end of period | ($28,322) | ' | ($28,322) | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) | 6 Months Ended | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Time Based Restricted Stock Unit [Member] | Performance Based Restricted Stock [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |
Time Based Restricted Stock Unit [Member] | Performance Based Restricted Stock [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share based compensation arrangement, share granted | 527 | 594 | 103 | 413 |