Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CHYRONHEGO CORPORATION | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 31,216,353 | ' |
Entity Public Float | ' | ' | $20,347,482 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000020232 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,266 | $2,483 |
Accounts receivable, net | 7,781 | 5,630 |
Inventories, net | 2,816 | 2,285 |
Prepaid expenses and other current assets | 2,525 | 626 |
Total current assets | 18,388 | 11,024 |
Property and equipment, net | 4,145 | 1,347 |
Intangible assets, net | 8,968 | 559 |
Goodwill | 18,948 | 2,066 |
Deferred tax asset | 56 | ' |
Other assets | 147 | 119 |
TOTAL ASSETS | 50,652 | 15,115 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 9,240 | 3,100 |
Deferred revenue | 4,660 | 3,637 |
Due to related parties | 716 | ' |
Current portion of pension liability | 518 | 278 |
Deferred tax liability | 271 | ' |
Short-term debt | 1,532 | 280 |
Capital lease obligations | 215 | 20 |
Total current liabilities | 17,152 | 7,315 |
Pension liability | 2,197 | 3,873 |
Deferred revenue | 923 | 1,198 |
Long-term debt | 772 | 397 |
Deferred tax liability | 1,195 | ' |
Other liabilities | 686 | 351 |
Total liabilities | 35,185 | 13,134 |
Commitments and contingencies | ' | ' |
Preferred stock, par value without designation | ' | ' |
Authorized - 1,000,000 shares, Issued - none | ' | ' |
Common stock, par value $.01 | ' | ' |
Issued and outstanding – 30,788,251 and 17,135,239 at December 31, 2013 and 2012, respectively | 308 | 171 |
Additional paid-in capital | 103,642 | 84,539 |
Accumulated deficit | -88,243 | -80,404 |
Accumulated other comprehensive loss | -421 | -2,325 |
Total ChyronHego Corporation shareholders' equity | 15,286 | 1,981 |
Non-controlling interests | 181 | ' |
Total shareholders' equity | 15,467 | 1,981 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 50,652 | 15,115 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Current liabilities: | ' | ' |
Contingent consideration | $12,260 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) (in Dollars per share) (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 30,788,251 | 17,135,239 |
Common stock, shares outstanding | 30,788,251 | 17,135,239 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Product revenues | $27,136 | $21,674 | ||
Service revenues | 20,271 | 8,548 | ||
Total revenues | 47,407 | [1] | 30,222 | [1] |
Cost of sales | 16,296 | 9,319 | ||
Gross profit | 31,111 | 20,903 | ||
Operating expenses: | ' | ' | ||
Selling, general and administrative | 24,836 | 17,209 | ||
Research and development | 9,163 | 7,443 | ||
Change in fair value of contingent consideration | 4,760 | ' | ||
Total operating expenses | 38,759 | 24,652 | ||
Operating loss | -7,648 | -3,749 | ||
Interest expense, net | -261 | -28 | ||
Other (loss) income, net | -25 | 15 | ||
Loss before taxes | -7,934 | -3,762 | ||
Income tax benefit (expense), net | 134 | -18,539 | ||
Net loss | -7,800 | -22,301 | ||
Less: Net income attributable to non-controlling interests | 39 | ' | ||
Net loss attributable to ChyronHego shareholders | ($7,839) | ($22,301) | ||
Net loss per share attributable to ChyronHego shareholders - basic (in Dollars per share) | ($0.31) | ($1.31) | ||
Net loss per share attributable to ChyronHego shareholders - diluted (in Dollars per share) | ($0.31) | ($1.31) | ||
Weighted average shares outstanding: | ' | ' | ||
Basic (in Shares) | 25,379 | 16,961 | ||
Diluted (in Shares) | 25,379 | 16,961 | ||
[1] | Included in North America revenues are $25.1 million of revenues from external customers in the United States and included in EMEA revenues are $7.8 million of revenues from external customers in Sweden. No revenues from any other individual country makes up more than 10% of consolidated revenues. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net loss | ($7,800) | ($22,301) |
Other comprehensive income (loss): | ' | ' |
Deferred pension income (loss) | 1,760 | -910 |
Cumulative translation adjustment | 144 | 13 |
Comprehensive loss | -5,896 | -23,198 |
Less: Comprehensive income attributable to non-controlling interest | 39 | ' |
Comprehensive loss attributable to ChyronHego Corporation | ($5,935) | ($23,198) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | |
Net loss | ($7,800) | ($22,301) | |
Adjustments to reconcile net loss to net cash from operating activities: | ' | ' | |
Depreciation and amortization | 2,913 | 919 | |
Deferred tax asset allowance | 23 | 19,475 | |
Deferred income tax benefit | -70 | -974 | |
Share-based payment arrangements | 2,993 | 938 | |
Shares issued for 401(k) match | 243 | 288 | |
Inventory provisions | 225 | 85 | |
Change in fair value of contingent consideration | 4,760 | ' | |
Other | 147 | -63 | |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | |
Accounts receivable | 632 | 97 | |
Inventories | -756 | -238 | |
Prepaid expenses and other assets | -444 | 127 | |
Accounts payable and accrued expenses | 1,673 | -747 | |
Deferred revenue | 409 | 867 | |
Other liabilities | 536 | -164 | |
Net cash provided by (used in) operating activities | 5,484 | -1,691 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | |
Acquisitions of property and equipment | -1,989 | -546 | |
Purchase of businesses, net of cash acquired | 14 | ' | |
Net cash used in investing activities | -1,975 | -546 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | |
Proceeds from borrowings | 311 | 700 | |
Repayments on debt | -1,048 | -159 | |
Proceeds from revolving credit facilities, net | 73 | ' | |
Payments on capital lease obligations | -196 | -38 | |
Proceeds from exercise of stock options | 12 | 1 | |
Net cash (used in) provided by financing activities | -848 | 504 | |
Effect of exchange rates on cash and cash equivalents | 122 | ' | |
Change in cash and cash equivalents | 2,783 | -1,733 | |
Cash and cash equivalents at beginning of year | 2,483 | 4,216 | |
Cash and cash equivalents at end of year | 5,266 | 2,483 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | |
Interest paid | 315 | 15 | |
Taxes paid | 405 | 29 | |
Deferred pension income (loss) | 1,760 | -910 | |
Common stock and warrants issued for acquisitions | 17,370 | ' | |
Debt incurred for acquisition | 1,044 | ' | |
At Acquisition Date [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | |
Contingent consideration for acquisition | 7,500 | ' | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | |
Adjustments to reconcile net loss to net cash from operating activities: | ' | ' | |
Change in fair value of contingent consideration | 4,760 | ' | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | |
Contingent consideration for acquisition | $7,500 | [1] | ' |
[1] | Represents the initial recording of the contingent consideration from the Business Combination with Hego. |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $166 | $83,407 | ($58,103) | ($1,428) | ' | $24,042 |
Balance (in Shares) at Dec. 31, 2011 | 16,639,000 | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | -22,301 | ' | ' | -22,301 |
Total comprehensive income (loss) | ' | ' | ' | -897 | ' | -897 |
Share-based compensation | ' | 938 | ' | ' | ' | 938 |
Exercise of stock options | ' | 1 | ' | ' | ' | 1 |
Exercise of stock options (in Shares) | 2,000 | ' | ' | ' | ' | ' |
Vesting of restricted stock units | 3 | -93 | ' | ' | ' | -90 |
Vesting of restricted stock units (in Shares) | 261,000 | ' | ' | ' | ' | ' |
Shares issued for 401(k) match | 2 | 286 | ' | ' | ' | 288 |
Shares issued for 401(k) match (in Shares) | 233,000 | ' | ' | ' | ' | 233,000 |
Balance at Dec. 31, 2012 | 171 | 84,539 | -80,404 | -2,325 | ' | 1,981 |
Balance (in Shares) at Dec. 31, 2012 | 17,135,000 | ' | ' | ' | ' | 17,135,239 |
Net income (loss) | ' | ' | -7,839 | ' | 39 | -7,800 |
Total comprehensive income (loss) | ' | ' | ' | 1,904 | ' | 1,904 |
Share-based compensation | ' | 2,157 | ' | ' | ' | 2,157 |
Exercise of stock options | ' | 12 | ' | ' | ' | 12 |
Exercise of stock options (in Shares) | 37,000 | ' | ' | ' | ' | 73,230 |
Vesting of restricted stock units | 8 | 211 | ' | ' | ' | 219 |
Vesting of restricted stock units (in Shares) | 799,000 | ' | ' | ' | ' | ' |
Shares issued for 401(k) match | 2 | 241 | ' | ' | ' | 243 |
Shares issued for 401(k) match (in Shares) | 204,000 | ' | ' | ' | ' | 204,000 |
Shares and warrants issued for acquisitions | 127 | 16,482 | ' | ' | 142 | 16,751 |
Shares and warrants issued for acquisitions (in Shares) | 12,613,000 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $308 | $103,642 | ($88,243) | ($421) | $181 | $15,467 |
Balance (in Shares) at Dec. 31, 2013 | 30,788,000 | ' | ' | ' | ' | 30,788,251 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Nature of Business | |||||||||
On May 22, 2013 Chyron Corporation ("Chyron") acquired the outstanding stock of Hego Aktiebolag ("Hego" or "Hego AB"), and changed its name to ChyronHego Corporation (the "Company" or "ChyronHego"). Hego is a global graphics services company based in Stockholm, Sweden that develops real-time graphics products for the broadcast and sports industries. The companies combined in a stock-for-stock transaction and the Company has continued to trade on the NASDAQ under the symbol "CHYR." The combination of these two companies, which is referred to in these consolidated financial statements as the "Business Combination," forms a leading global provider of broadcast graphics creation, playout and real-time data visualization. | |||||||||
Basis of Presentation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany amounts have been eliminated. The results of operations include the operating results of Hego since the completion of the Business Combination on May 22, 2013. See Note 8 of these consolidated financial statements. | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, costs and expenses during the periods presented. Estimates made by management include inventory valuations, stock compensation, allowances for doubtful accounts, income taxes, pension assumptions, allocations of purchase price, contingent consideration, valuation of intangible assets and reserves for warranty and incurred but not reported health insurance claims. Actual results could differ from those estimates. The Company has not segregated its cost of sales between costs of products and costs of services as it is not practicable to segregate such costs. Certain prior amounts have been reclassified to conform to the current year presentation. | |||||||||
Cash and Cash Equivalents | |||||||||
Cash includes cash on deposit, overnight repurchase agreements, and amounts invested in highly liquid money market funds. Cash equivalents consist of short term investments with original maturities of three months or less. Cash and cash equivalents include $3.9 million and $1.7 million of investments in overnight repurchase agreements at December 31, 2013 and 2012, respectively. Repurchase agreements are collateralized by U.S. Treasury and federal agency securities with a fair value of 102% of the securities sold. This credit risk is primarily divided among six financial institutions that management believes to be of high quality. The carrying amount of cash and cash equivalents approximates their fair value. | |||||||||
Accounts Receivable | |||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable are stated net of an allowance for doubtful accounts. Our allowance for doubtful accounts considers historical experience, the age of amounts due, current economic conditions and other factors that may affect customers' ability to pay. | |||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market, cost being determined primarily on the basis of FIFO and average cost. The need for inventory obsolescence provisions is evaluated by the Company and when appropriate, reserves for technological obsolescence, non-profitability of product lines and excess quantities are established. | |||||||||
Property, Equipment and Depreciation | |||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on the straight line method over the following estimated useful lives: | |||||||||
Machinery and equipment (years) | 3 | - | 10 | ||||||
Furniture and fixtures (years) | 5 | - | 10 | ||||||
Automobiles (years) | 3 | - | 4 | ||||||
Leasehold improvements | Shorter of the life of improvement or remaining life of the lease | ||||||||
When assets are retired or disposed of, the assets and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in operations. | |||||||||
Capitalized Software Costs | |||||||||
For development costs related to the Company's on line web-based solutions, the Company capitalizes costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities were expensed as incurred. The Company has not capitalized any software development costs for the years ended December 31, 2013 and 2012. | |||||||||
Self Insurance | |||||||||
The Company is self-insured for healthcare costs up to certain stop-loss limits. Such costs are accrued based on known claims and an estimate of incurred, but not reported ("IBNR") claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future actual results differ from original estimates, adjustments to recorded accruals may be necessary. | |||||||||
Research, Development and Engineering | |||||||||
Technological feasibility for the Company's products is reached shortly before the products are released to manufacturing. Consequently, costs incurred after technological feasibility is established have not been material, and accordingly, the Company expenses all research and development costs when incurred. The Company re-evaluates the materiality of these costs on an on-going basis. Research and development costs include wages and other personnel costs, material costs and an allocation of certain indirect costs related to facilities. | |||||||||
Long-Lived Assets and Intangible Assets | |||||||||
Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. There was no impairment of long-lived assets and intangible assets for the years ended December 31, 2013 and 2012. | |||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||
The Company’s goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in various business combinations. The Company also has an indefinite-lived intangible consisting of a tradename. Goodwill and intangible assets deemed to have indefinite lives are not amortized and are tested for impairment at least annually. | |||||||||
When evaluating goodwill for impairment, we may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit is more-likely-than-not greater than its carrying amount. If, based on the review of the qualitative factors, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we bypass the required two-step impairment test. If we do not perform a qualitative assessment or if the fair value of the reporting unit is not more-likely- than-not greater than its carrying value, we perform the first step, which is referred to as step one, of the two-step impairment test, and calculate the estimated fair value of the reporting unit. If the carrying value of goodwill exceeds the estimated fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment for goodwill and other intangible assets is measured as the excess of its carrying amount over its fair value. | |||||||||
Revenue Recognition | |||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, title has transferred, product payment is not contingent upon installation or other service obligations, the price is fixed and determinable, and collectability is reasonably assured. This condition is normally met when the product has been delivered or upon performance of services. In instances where final acceptance of the product or service is specified by the customer, revenue is deferred until all acceptance criteria have been met. | |||||||||
The Company also enters into arrangements that contain multiple elements such as equipment, installation and service. For multiple-element arrangements, revenue is recognized based on an allocation of the total amount of the arrangement to each deliverable based on fair value. Fair value is determined using vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE or TPE is available. BESP must be determined in a manner that is consistent with that used to determine the price to sell the specific elements on a standalone basis. The Company's best estimate of selling price is established considering multiple factors including, but not limited to, pricing practices in different geographies and through different sales channels, gross margin objectives, competitor pricing pressures and other factors contemplated in negotiating the arrangement with the customer. | |||||||||
Revenue from training, installation and services is recognized upon the performance of services. The Company also provides one year maintenance contracts with certain equipment sales and defers a portion of the revenue from the equipment sale based on the relative fair value as determined above. Multiple year maintenance contracts are also offered. Deferred maintenance revenue is recognized ratably, on a straight line basis over the contract period, generally one to three years. | |||||||||
In connection with the Company's on-line web-based solutions, the Company recognizes revenue on a monthly basis for use of its subscription based products. The Company recognizes set-up or other up-front fees, if any, ratably over the longer of the contract or the expected customer relationship period, generally one to three years. Revenues from these web-based solutions are included in service revenues in the Company's Consolidated Statements of Operations. | |||||||||
Approximately 21% and 35% of 2013 and 2012 consolidated revenues, respectively, were made through third-party dealers and system integrators (collectively, dealers). The Company recognizes revenue from sales to dealers when the product is shipped and all other revenue recognition criteria are met. | |||||||||
Shipping and Handling Fees and Costs | |||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue, and the costs incurred by the Company for shipping and handling are reported as a component of cost of sales. Amounts billed have approximated $0.1 million in 2013 and 2012. | |||||||||
Advertising Costs | |||||||||
Advertising costs are expensed as incurred. Advertising expense was $50 thousand in 2013 and $74 thousand in 2012. | |||||||||
Income Taxes | |||||||||
The Company accounts for income taxes under an asset and liability approach, which recognizes deferred tax assets and liabilities based on the difference between the financial reporting and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. | |||||||||
The Company recognizes tax benefits associated with the exercise of stock options directly to stockholders' equity only when realized. A tax benefit occurs when the actual tax benefit realized by the Company upon an employee's disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award that the Company had recorded. When assessing whether a tax benefit relating to share-based compensation has been realized, the Company follows the tax law ordering method, under which current year share-based compensation deductions are assumed to be utilized before net operating loss carryforwards and other tax attributes. | |||||||||
The Company recognizes the financial statement impact of tax positions, taken or expected to be taken, utilizing a more-likely-than not recognition threshold. We also recognize any interest and penalties related to tax uncertainties as income tax expense. At December 31, 2013 there are no unrecognized tax benefits, or related accrued interest and penalties, recorded in the consolidated financial statements. | |||||||||
Sales and Value Added Taxes | |||||||||
The Company accounts for sales and value added taxes imposed on the Company's goods and services on a net basis in the Company's Consolidated Statements of Operations. Since the Company primarily acts as an agent for the governmental authorities in these matters, the amount charged to the customer is collected and remitted directly to the appropriate jurisdictional entity. | |||||||||
Foreign Currencies | |||||||||
Assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars at the period end rate of exchange, while revenues and expenses are translated at the average exchange rate during the period. Adjustments from translating the Company's foreign subsidiaries' financial statements are reported as a component of other comprehensive income or loss. Transaction gains or losses are included in other income and expense, net. The net impact of foreign exchange transactions for the years ended December 31, 2013 and 2012 were a loss of $36 thousand and a gain of $13 thousand, respectively. | |||||||||
Earnings (Loss) Per Share | |||||||||
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of stock options and restricted stock units are reflected in diluted net income (loss) per share by applying the treasury stock method. | |||||||||
The Company recorded net losses for the years ended December 31, 2013 and 2012. Potential common shares are anti-dilutive in periods in which the Company records a net loss because they would reduce the respective period's net loss per share. Anti-dilutive potential common shares are excluded from the calculation of diluted earnings per share. As a result, net diluted loss per share was equal to basic net loss per share in all periods presented. | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Basic weighted average shares outstanding | 25,379 | 16,961 | |||||||
Effect of dilutive stock options | - | - | |||||||
Diluted weighted average shares outstanding | 25,379 | 16,961 | |||||||
Weighted average shares which are not included in the calculation of diluted earnings per share because their impact is antidilutive | |||||||||
Stock options | 2,803 | 3,087 | |||||||
Restricted stock units | 30 | 173 | |||||||
Other Comprehensive Income (Loss) | |||||||||
The Company reports comprehensive income (loss) in accordance with ASC 220-10. ASC 220-10 establishes guidelines for the reporting and display of comprehensive income (loss), net income (loss) and its components in financial statements. Included in other comprehensive income (loss) for the Company are the deferred income (losses) on the Company's pension plan and translation adjustments related to the Company's foreign subsidiaries. | |||||||||
Share-Based Compensation | |||||||||
The Company's share-based compensation programs consist of grants of share-based awards to employees and non-employee directors, including stock options, restricted stock, restricted stock units and other equity awards. The estimated fair value of these awards, including the effect of forfeitures, is charged to income over the requisite service period, which is generally the vesting period. | |||||||||
The fair value of stock options is estimated at the grant date using the Black-Scholes option valuation model. The fair value of restricted stock units is based on the market value of the Company's common stock on the date of grant. | |||||||||
Fair Value Measurements | |||||||||
Financial assets and liabilities are classified as Level 1, 2 or 3 within the fair value hierarchy. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. | |||||||||
Retirement-Related Benefits | |||||||||
The Company recognizes in its balance sheet as an asset or liability the overfunded or underfunded status of its defined benefit plan. This asset or liability is measured as the difference between the fair value of plan assets and the benefit obligation, which is calculated based on actuarial computations of current and future benefits for employees. Actuarial gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit (expense), are recognized as a component of accumulated other comprehensive income (loss). Pension expense is charged to operating expenses. | |||||||||
Recent Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued amendments to disclosure requirements for presentation of comprehensive income. The standard requires presentation (either in a single note or parenthetically on the face of the financial statements) of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, a cross reference to the related footnote for additional information will be required. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The implementation of the amended accounting guidance has not had a material impact on the Company's consolidated financial position or results of operations. | |||||||||
In February 2013, the FASB issued new accounting guidance clarifying the accounting for obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2013. The implementation of the new accounting guidance is not expected to have a material impact on the Company's consolidated financial position or results of operations. | |||||||||
In March 2013, the FASB issued amendments to address the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013 (early adoption is permitted). The implementation of the amended accounting guidance is not expected to have a material impact on the Company's consolidated financial position or results of operations. | |||||||||
Liquidity | |||||||||
Our long-term success will depend on our ability to achieve and sustain profitable operating results and our ability to raise additional capital on acceptable terms should additional capital be required. In the event that we are unable to achieve expected goals of profitability or raise sufficient additional capital, if needed, we may have to scale back or eliminate certain parts of our operations. | |||||||||
Based on our plan for continuing to combine the operating activities of both Chyron and Hego, and provided that we are able to achieve our planned results of operations and retain the availability under our credit facilities, we believe that cash on hand, net cash to be generated in the business, and availability of funding under our credit facilities, will be sufficient to meet our cash requirements for at least the next twelve months. | |||||||||
If these sources of funds are not sufficient, we may need to reduce, delay or terminate our existing or planned products and services. We may also need to raise additional funds through one or more capital financings. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our existing stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring debt, making capital expenditures or declaring dividends. If we raise additional funds through collaborations, strategic alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or products, or grant licenses on terms that are not favorable to us. | |||||||||
There can be no assurance that additional funds will be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available to us on a timely basis, we may be required to delay, limit, reduce or terminate development activities for one or more of our products or services, or delay, limit, reduce or terminate our sales and marketing capabilities or other activities that may be necessary to commercialize one or more of our products or services. |
Note_2_Accounts_Receivable
Note 2 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
2. ACCOUNTS RECEIVABLE | |
Accounts receivable are stated net of an allowance for doubtful accounts of $0.6 million and $0.4 million at December 31, 2013 and 2012, respectively. Accounts receivable are principally due from customers in, and dealers serving, the broadcast video industry. At December 31, 2013 and 2012, receivables included approximately $4.9 million and $2.2 million, respectively, due from foreign customers. | |
Bad debt expense amounted to $0.2 million in 2013 and zero in 2012. We record an allowance for doubtful accounts based on specifically identified amounts that management believes to be uncollectible and an additional allowance based on historical experience and management's assessment of the general financial conditions affecting the Company's customer base. We also evaluate the credit worthiness of the Company's customers and determine whether collateral (in the form of letters of credit or credit insurance) should be taken or whether reduced credit limits are necessary. Credit losses have consistently been within management's expectations. The carrying amounts of accounts receivable approximate their fair values. |
Note_3_Inventories
Note 3 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
3. INVENTORIES | |||||||||
Inventory is comprised of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 539 | $ | 465 | |||||
Work-in-progress | 310 | 468 | |||||||
Raw material | 1,967 | 1,352 | |||||||
$ | 2,816 | $ | 2,285 | ||||||
Inventories are stated net of reserves of approximately $5.4 million and $5.1 million at December 31, 2013 and 2012, respectively. |
Note_4_Goodwill_and_Intangible
Note 4 - Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||
4. GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
The Company’s goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in various business combinations. The Company also has an indefinite-lived intangible consisting of a tradename. Goodwill and intangible assets deemed to have indefinite lives are not amortized and are tested for impairment on an annual basis during our fourth quarter, or more frequently if circumstances indicate impairment might exist. Goodwill is evaluated for impairment through the comparison of fair value of our reporting units to their carrying values. When evaluating goodwill for impairment, we may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit is more-likely-than-not greater than its carrying amount. This qualitative assessment is referred to as a "step zero" approach. If, based on the review of the qualitative factors, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we bypass the required two-step impairment test. If we do not perform a qualitative assessment or if the fair value of the reporting unit is not more-likely- than-not greater than its carrying value, we perform the first step, which is referred to as step one, of the two-step impairment test, and calculate the estimated fair value of the reporting unit. If the carrying value of goodwill exceeds the estimated fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, we would record an impairment loss for the difference. In considering the step zero approach to testing goodwill for impairment, we perform a qualitative analysis evaluating factors including, but not limited to, macro-economic conditions, market and industry conditions, internal cost factors, competitive environment, share price fluctuations, results of past impairment tests, and the operational stability and the overall financial performance of the reporting units. During the fourth quarter of fiscal 2013, we utilized a qualitative assessment for our reporting units where no significant change occurred and no potential impairment indicators existed since the previous evaluation of goodwill and indefinite-lived intangibles, and concluded it is more-likely-than-not that the fair values were more than their carrying value on a reporting unit basis. As we did not become aware of any impairment indicators subsequent to the date of the annual assessment, we determined there was no impairment to the goodwill of $18.9 million or the indefinite-lived intangible of $1.9 million as of December 31, 2013. | ||||||||||||||||
The components and estimated useful lives of intangible assets as of December 31, 2013 and 2012 are stated below. Amortization is provided on a straight line method, or in the case of customer relationships, on an accelerated method, over the following estimated useful lives (in thousands): | ||||||||||||||||
2013 | ||||||||||||||||
Gross | Accumulated | Net | Estimated | |||||||||||||
Amount | Amortization | Amount | Useful Life (years) | |||||||||||||
Definite-lived intangibles: | ||||||||||||||||
Customer relationships | $ | 6,570 | $ | 1,512 | $ | 5,058 | 10 | |||||||||
Tradenames | 1,104 | 153 | 951 | 15 | ||||||||||||
Proprietary technology | 1,420 | 403 | 1,017 | 10 | - | 15 | ||||||||||
Non-compete agreement | 25 | 25 | - | 3 | ||||||||||||
Domain name and related website | 53 | 11 | 42 | 10 | - | 15 | ||||||||||
9,172 | 2,104 | 7,068 | ||||||||||||||
Indefinite-lived intangibles: | ||||||||||||||||
Tradename | 1,900 | - | 1,900 | |||||||||||||
$ | 11,072 | $ | 2,104 | $ | 8,968 | |||||||||||
2012 | ||||||||||||||||
Gross | Accumulated | Net | Estimated | |||||||||||||
Amount | Amortization | Amount | Useful Life (years) | |||||||||||||
Tradenames | $ | 304 | $ | 101 | $ | 203 | - | 15 | - | |||||||
Proprietary technology | 620 | 310 | 310 | 10 | ||||||||||||
Non-compete agreement | 25 | 25 | - | 3 | ||||||||||||
Customer relationships | 170 | 138 | 32 | 10 | ||||||||||||
Domain name and related website | 23 | 9 | 14 | 15 | ||||||||||||
$ | 1,142 | $ | 583 | $ | 559 | |||||||||||
The activity in our goodwill balance consists of the following (in thousands): | ||||||||||||||||
Balance at January 1, 2013 | $ | 2,066 | ||||||||||||||
Acquisitions: | ||||||||||||||||
Hego AB | 16,321 | |||||||||||||||
Granvideo AB | 561 | |||||||||||||||
Balance at December 31, 2013 | $ | 18,948 | ||||||||||||||
Amortization expense related to intangible assets for the years ended December 31, 2013 and 2012 was $1.52 million and $99 thousand, respectively. Annual amortization expense, in thousands, for intangible assets over the next five years ending December 31 is summarized as follows (in thousands): | ||||||||||||||||
2014 | $ | 1,325 | ||||||||||||||
2015 | 1,124 | |||||||||||||||
2016 | 959 | |||||||||||||||
2017 | 824 | |||||||||||||||
2018 | 617 | |||||||||||||||
Thereafter | 2,219 | |||||||||||||||
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 9,746 | $ | 5,194 | |||||
Furniture and fixtures | 2,230 | 1,129 | |||||||
Automobiles | 550 | - | |||||||
Leasehold improvements | 276 | 167 | |||||||
12,802 | 6,490 | ||||||||
Less: Accumulated depreciation and amortization | 8,657 | 5,143 | |||||||
$ | 4,145 | $ | 1,347 | ||||||
Depreciation expense, which includes amortization of assets under capital lease, was $1.4 million and $0.8 million in 2013 and 2012, respectively. | |||||||||
The value of equipment recorded under capital leases was approximately $1.0 million and $0.15 million at December 31, 2013 and 2012, respectively. |
Note_6_Accounts_Payable_and_Ac
Note 6 - Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |||||||||
Accounts payable and accrued expenses consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 4,498 | $ | 1,924 | |||||
Accrued salaries, and other employee benefits | 1,859 | 529 | |||||||
Accrued severance | 1,502 | 47 | |||||||
Accrued warranty (Note 14) | 118 | 50 | |||||||
Accrued medical costs | 136 | 197 | |||||||
Other | 1,127 | 353 | |||||||
$ | 9,240 | $ | 3,100 | ||||||
Note_7_Longterm_Debt
Note 7 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
7. LONG-TERM DEBT | |||||||||
Long-term debt consists of the following (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving credit facilities - Europe | $ | 933 | $ | - | |||||
Note payable - Europe | 921 | - | |||||||
Term loans - Europe | 355 | - | |||||||
Term loan - US | - | 677 | |||||||
Other | 95 | - | |||||||
2,304 | 677 | ||||||||
Less: portion due within one year | 1,532 | 280 | |||||||
$ | 772 | $ | 397 | ||||||
Revolving credit facilities - Europe | |||||||||
As a result of the Business Combination, the Company has revolving credit facilities in Europe that total $1.3 million of which $0.9 million is outstanding at December 31, 2013. The revolving credit facilities have expiration dates of December 31, 2014 and automatically renew for twelve month periods, unless notified by the lender ninety days prior to expiration. The interest rate on these revolving credit facilities is 5.95%. The revolving credit agreements are collateralized by the assets of certain European subsidiaries of the Company. | |||||||||
Note payable - Europe | |||||||||
In connection with the acquisition of Granvideo AB, by the Company's 51% owned subsidiary Sportsground AB (see Note 8 of these consolidated financial statements), the Company issued a note to the previous shareholder of Granvideo AB in the principal amount of $1.2 million with a maturity date of December 31, 2017. The note does not bear interest and accordingly was recorded at an original discounted amount of $1.04 million. The Company made principal payments of $0.06 million on September 1, 2013 and $0.1 million on November 15, 2013 and is required to make four equal annual principal payments of $0.26 million on December 31 from 2014 to 2017. The principal balance at December 31, 2013 was $0.9 million. | |||||||||
Term loans - Europe | |||||||||
As a result of the Business Combination, the Company also has four term loans related to its European operations that total $0.4 million. Three of the term loans require principal payments totaling $10 thousand per month and bear interest at rates that range between 7.45% and 7.75% and will mature in 2014 and 2015. The fourth term loan, which has an outstanding balance of $0.2 million, bears interest that is payable quarterly at 15%, requires no principal payments and was paid in full in January 2014. | |||||||||
Term loan and revolving line of credit - US | |||||||||
On August 5, 2013, the Company entered into a loan modification and waiver agreement with Silicon Valley Bank ("SVB") whereby the expiration of the Company's then existing credit facility with SVB was extended with the intention that the Company and SVB would enter into a new credit facility. The Company failed to meet its financial covenants under this credit facility from May 31, 2013 to September 30, 2013 due to the Business Combination, which was not anticipated when the original covenant requirements were established. The Company obtained waivers from SVB with respect to those financial covenants. | |||||||||
In November 2013, the Company entered into a two-year $4.0 million revolving line of credit (the "Revolver") with SVB. Borrowings on the Revolver will be based on 80% of eligible accounts receivable. At December 31, 2013, available borrowings under the Revolver were $3.3 million but no borrowings were outstanding. The Company is also required to maintain an adjusted quick ratio ("AQR") of at least 1.25 to 1.0, measured at each calendar month-end. Additionally, if the Company's AQR falls below 1.5x at any month-end, then any borrowings will be repaid by SVB applying collections from the Company's SVB collateral account (for receipts by wire) and SVB lockbox account (for receipts by check) to reduce the revolving loan balance on a daily basis, until such time as the month-end AQR is again 1.5x or greater. If the AQR at month-end is 1.5x or greater, the Company will maintain a static loan balance and all collections will be deposited into the Company's operating account. At December 31, 2013, we are in compliance with our bank covenants. | |||||||||
The Revolver will bear interest at a floating annual rate equal to SVB's prime rate ("Prime") +1.25%. If the Company's AQR falls below 1.5x at any month-end, the interest rate will be Prime +1.75%. In connection with the Revolver, the Company was required to pay the outstanding balance on its previously outstanding term loan which was $0.4 million on the closing date. The original term loan was being repaid over 30 months and was subject to interest at Prime + 2.25% (which was 4.5% at December 31, 2013). | |||||||||
As is usual and customary in such lending agreements, the Revolver also contains certain non-financial requirements, such as required periodic reporting to the bank and various representations and warranties. The Revolver also restricts the Company's ability to pay dividends without the bank's consent. | |||||||||
The Revolver is collateralized by the assets of the U.S. subsidiaries of the Company, except for (i) its intellectual property rights which are subject to a negative pledge arrangement with the bank, and (ii) any equipment whose purchase is financed by any other lender or lessor, solely to the extent the security agreement with such lender or lessor prohibits junior liens on such equipment, and only until the lien held by such lender or lessor is terminated or released with respect to such equipment. |
Note_8_Business_Combinations
Note 8 - Business Combinations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
8. BUSINESS COMBINATIONS | |||||||||
On May 22, 2013, Chyron and Hego completed the Business Combination which was structured as a share purchase transaction, pursuant to the terms of a stock purchase agreement (the "Stock Purchase Agreement") whereby a wholly-owned subsidiary of Chyron acquired all of the issued and outstanding shares of Hego. Pursuant to the terms of the Stock Purchase Agreement, Chyron issued 12,199,431 shares of Chyron's common stock to the former Hego stockholders. The number of shares issued was equal to 40% of the total of (i) the issued and outstanding shares of Chyron's common stock as of May 10, 2013, (ii) the shares of Chyron's common stock issuable upon the exercise of all outstanding options and restricted stock units that had an exercise price of less than or equal to $1.25 per share as of May 10, 2013, and (iii) the shares issued at the closing, which are collectively referred to as the "Outstanding Closing Shares." In addition, upon Hego achieving certain revenue milestones during the fiscal years 2013, 2014 and 2015, the Company may issue additional shares, which are referred to as the "Earn-Out Shares" to the former Hego stockholders, such that the aggregate amount of shares of the Company's common stock issued in the transaction would equal up to 18,299,147 shares, or 50% of the total Outstanding Closing Shares and Earn-Out Shares. In connection with the Business Combination, the Company incurred $1.0 million in transaction costs that were expensed during 2013. The Company and Hego entered into the Business Combination to create a market leading company in the fields of TV graphics, data visualization and production services for 'Live' and on line news and sports production. The Company intends to broaden its range of sophisticated products and services offerings to grow in international markets. | |||||||||
The total purchase price of $24.6 million is comprised of 12.2 million shares of Chyron common stock (the Closing Shares) valued at $16.6 million, contingent consideration of shares of Chyron common stock (the Earn-Out Shares) valued at an estimated $7.5 million and $0.5 million in cash and other consideration. The $7.5 million represents the value of the Earn-Out Shares based on a probability-based model measuring the likelihood of achieving certain revenue milestones as detailed below, and has been recorded as a liability in the balance sheet. In connection with FASB ASC 805, Business Combinations, the fair value of the contingent consideration was established at the date of the Business Combination and included in the total purchase price at fair value. The contingent consideration is then adjusted to the then current fair value as an increase or decrease to earnings in each reporting period. This adjustment could have a material impact on the Company's financial position or results of operations. In the year ended December 31, 2013 a charge of $4.8 million has been recorded in order to adjust the contingent consideration to $12.3 million, its current fair value at December 31, 2013, in the level 3 category. Based on the revenue milestones, additional shares could be issued as follows: | |||||||||
Revenue milestones | Additional shares | ||||||||
$15.5 million in 2013 | 2,772,598 | ||||||||
$16.0 million in 2014 | 1,584,342 | ||||||||
$16.5 million in 2015 | 1,742,776 | ||||||||
Total | 6,099,716 | ||||||||
Or, alternatively, if $33.0 million for 2013 and 2014 combined | 6,099,716 | ||||||||
At December 31, 2013, the 2013 revenue milestone has been achieved and the respective additional shares will be issued in early 2014. | |||||||||
The following table summarizes the allocation of the purchase price (in thousands): | |||||||||
Net fair value of assets acquired | $ | 107 | |||||||
Intangible assets, net of tax | 9,930 | ||||||||
Goodwill | 16,321 | ||||||||
26,358 | |||||||||
Deferred tax liability | (1,766 | ) | |||||||
$ | 24,592 | ||||||||
The Company believes that the goodwill resulting from the Business Combination reflects the unique proprietary image and player tracking technology that strengthens our product and services offerings internationally and provides access to new and existing customers. The Company believes that this goodwill will not be deductible for tax purposes. | |||||||||
The components of the intangible assets acquired as of December 31, 2013 are stated below (in thousands): | |||||||||
Definite-lived intangibles: | |||||||||
Customer relationships | $ | 6,400 | |||||||
Proprietary technology | 800 | ||||||||
Other intangibles | 830 | ||||||||
Indefinite-lived intangibles: | |||||||||
Tradename | 1,900 | ||||||||
$ | 9,930 | ||||||||
Below are the unaudited proforma results of operations for the years ended December 31, 2013 and 2012 as if the Business Combination had occurred on January 1, 2012. Such proforma results are not necessarily indicative of the annual results of operations that would have been achieved if the Business Combination occurred on the date assumed, nor are they necessarily indicative of future consolidated results of operations (in thousands except per share data): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net sales | $ | 53,281 | $ | 45,024 | |||||
Net loss | (8,282 | ) | (28,010 | ) | |||||
Net loss per share - basic and diluted | $ | (0.28 | ) | $ | (0.96 | ) | |||
In future periods, the combined business may incur charges to operations to reflect costs associated with integrating the two businesses that the Company cannot reasonably estimate at this time. | |||||||||
On September 1, 2013, Sportsground AB, a 51% owned subsidiary of the Company, purchased 100% of the equity of Granvideo AB ("Granvideo"). Granvideo is based in Sweden and operates in the high quality video broadcast market for web and TV. The purchase price was $1.04 million consisting of a note payable to the former shareholder of Granvideo with a principal amount of $1.2 million, recorded at a discounted value of $1.04 million to account for the fact that the note is not interest bearing. The Company made principal payments on the note of $0.06 million on September 1, 2013 and $0.1 million on November 15, 2013 and is required to make four equal annual principal payments of $0.26 million on December 31 from 2014 to 2017. The principal balance at December 31, 2013 was $0.9 million. The cost of the acquisition was allocated to the assets acquired and liabilities assumed based on their fair values which totaled $0.5 million, resulting in $0.5 million of goodwill. Proforma information for this transaction is not included because the results of the acquired operations would not have materially impacted the Company's consolidated operating results. | |||||||||
ChyronHego AB, a wholly owned subsidiary of the Company, was a beneficial owner of approximately 60% of Hego Trac AB. In October 2013, Chyron Hego AB purchased the remaining 40% of the outstanding capital stock of Hego Trac AB. Pursuant to the terms of the purchase agreement, we issued 413,324 shares of our common stock and warrants to purchase up to 206,661 shares of our common stock at $1.59 per share. The total purchase price of $0.8 million is comprised of the value of the common stock issued of $0.6 million and the value of the warrants of $0.2 million, estimated using a Black-Scholes option valuation model. In accordance with ASC 810, changes in ownership interests that do not result in a change in control are considered equity transactions. Accordingly, the difference between carrying value of the minority interest and the fair value of the consideration paid has been recorded in additional paid in capital. |
Note_9_Long_Term_Incentive_Pla
Note 9 - Long Term Incentive Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
9. LONG-TERM INCENTIVE PLAN | |||||||||||||||||
Pursuant to the 2008 Long-term Incentive Plan (the "Plan"), the Company may grant stock options (non-qualified or incentive), stock appreciation rights, restricted stock and other share-based awards to employees, directors and other persons who serve the Company. The Plan is overseen by the Compensation Committee of the Board of Directors, which approves the timing and circumstances under which share-based awards may be granted. At December 31, 2013 there were 1.4 million shares available to be granted under the Plan. The Company issues new shares to satisfy the exercise or release of share-based awards. Under the provisions of Accounting Standards Codification Topic 718, Stock Compensation, all share-based payments are required to be recognized in the statement of operations based on their fair values at the date of grant. | |||||||||||||||||
The fair value of each option award is estimated using a Black-Scholes option valuation model. Expected volatility is based on the historical volatility of the price of the Company's stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. Options generally have a life of 10 years and have either time-based or performance-based vesting features. Time-based awards generally vest over a three year period, while the performance-based awards vest upon the achievement of specific performance targets. At December 31, 2013, there were no performance based awards outstanding. The fair values of the options granted during the years ended December 31, 2013 and 2012, were estimated based on the following weighted average assumptions: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Expected volatility | 76.87 | % | 71.46 | % | |||||||||||||
Risk-free interest rate | 1.78 | % | 0.58 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected life (in years) | 6 | 6 | |||||||||||||||
Estimated fair value per option granted | $ | 1.08 | $ | 0.67 | |||||||||||||
The following table presents a summary of the Company's stock options for the year ended December 31, 2013: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | average | ||||||||||||||||
Number | average | remaining | Aggregate | ||||||||||||||
of | exercise | contractual | intrinsic | ||||||||||||||
options | price | life (years) | value | ||||||||||||||
Outstanding at January 1, 2013 | 4,294,273 | $ | 2.08 | ||||||||||||||
Granted | 1,989,000 | 1.61 | |||||||||||||||
Exercised | (73,230 | ) | 0.72 | ||||||||||||||
Forfeited and cancelled | (215,255 | ) | 1.57 | ||||||||||||||
Outstanding at December 31, 2013 | 5,994,788 | 1.96 | 7 | $ | 2,904,515 | ||||||||||||
Exercisable at December 31, 2013 | 4,056,572 | 2.13 | 5.6 | $ | 1,929,051 | ||||||||||||
The aggregate intrinsic value of options exercised during the year ended December 31, 2013 and 2012 was approximately $38 thousand and $1 thousand, respectively. | |||||||||||||||||
The Company also grants restricted stock units, or RSUs, that entitle the holder to a share of Company common stock. The fair value of an RSU is equal to the market value of a share of common stock on the date of grant. | |||||||||||||||||
The following table presents a summary of the Company's RSU activity for the year ended December 31, 2013: | |||||||||||||||||
Weighted average | |||||||||||||||||
Shares | grant date fair value | ||||||||||||||||
Nonvested at January 1, 2013 | 343,161 | $ | 1.76 | ||||||||||||||
Granted | 329,164 | 0.81 | |||||||||||||||
Vested | (672,325 | ) | 1.3 | ||||||||||||||
Nonvested at December 31, 2013 | - | 0 | |||||||||||||||
On May 22, 2013, the Business Combination of Chyron and Hego, as discussed in Note 8 to these consolidated financial statements, constituted a change in control under the Company's long-term incentive plans. As a result, at the closing of the Business Combination, all outstanding awards became immediately exercisable and fully vested, without regard to any time and/or performance vesting conditions. As a result, the Company recorded a charge in 2013 of $1.3 million, representing the unamortized expense related to the vesting of such equity awards. | |||||||||||||||||
On May 2, 2013 the Company implemented a restructuring plan to reduce operating costs that resulted in the reduction of its workforce by 20 employees. All affected employees were provided with an adjustment in the terms of their stock options and/or RSUs that were outstanding on their termination date. Subject to a properly executed release by the affected employees, the stock option and RSU awards were amended to permit those awards to vest at their termination date regardless of performance conditions if any in the original award, and the expiration date for exercise of the stock options was extended through the end of the original term of the stock option, usually ten years from date of grant, rather than expiring ninety days after the employee's termination date as stated in the original awards. As a result, the Company recorded a charge in 2013 of approximately $0.4 million associated with the modifications of these awards. | |||||||||||||||||
In addition, each year the Company adopts a Management Incentive Compensation Plan (the "Incentive Plan") that entitles recipients to a combination of cash and equity awards based on achievement of certain performance and service criteria in the fiscal years for which the Incentive Plan is adopted. During the year ended December 31, 2013 the Company recorded an expense of $1.3 million associated with the awards under the Incentive Plan of which approximately 65% is payable in common stock. During 2012 no expense was recorded because no amounts were earned under the Plan. | |||||||||||||||||
The impact on the Company's results of operations of recording share-based compensation expense for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cost of sales | $ | 35 | $ | 75 | |||||||||||||
Research and development | 243 | 323 | |||||||||||||||
Selling, general and administrative | 2,715 | 540 | |||||||||||||||
$ | 2,993 | $ | 938 | ||||||||||||||
As of December 31, 2013, there was approximately $1.7 million of total unrecognized share-based compensation cost related to stock options granted under the Company's plans to employees or for services performed by non-employees that will be recognized over the next three years. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||
10. INCOME TAXES | |||||||||||||||||
The components of deferred income taxes are as follows (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 12,074 | $ | 14,491 | |||||||||||||
Inventory | 1,856 | 1,769 | |||||||||||||||
Other liabilities | 3,051 | 3,055 | |||||||||||||||
Fixed assets | 2,069 | 440 | |||||||||||||||
Other temporary differences | 751 | 589 | |||||||||||||||
19,801 | 20,344 | ||||||||||||||||
Less: valuation allowance | (19,745 | ) | (20,344 | ) | |||||||||||||
Total deferred tax assets | 56 | - | |||||||||||||||
Deferred tax liability: | |||||||||||||||||
Intangibles | (1,453 | ) | - | ||||||||||||||
Other temporary differences | (13 | ) | - | ||||||||||||||
Net deferred tax liability | $ | (1,410 | ) | $ | - | ||||||||||||
As reported: | |||||||||||||||||
Non-current deferred tax assets | $ | 56 | $ | - | |||||||||||||
Current deferred tax liability | $ | (271 | ) | $ | - | ||||||||||||
Non-current deferred tax liabilities | $ | (1,195 | ) | $ | - | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2013, the gross deferred tax asset balance was $19.8 million and includes the $12.1 million tax effect of $34 million in U.S. Federal net operating loss carryforwards ("NOLs") expiring between 2018 and 2032. The Company has not recorded a deferred tax asset of approximately $1.3 million related to the NOLs resulting from the exercise of outstanding nonqualified stock options and restricted stock units which will be accounted for as a credit to additional paid in capital when realized as a reduction to income taxes payable. | |||||||||||||||||
Sections 382 and 383 of the Internal Revenue Code, and similar state regulations, contain provisions that may limit the net operating loss carryforwards available to be used to offset income in any given year upon the occurrence of certain events, including changes in the ownership interests of significant stockholders. In the event of a cumulative change in ownership in excess of 50% over a three-year period, the amount of the net operating loss carryforwards that the Company may utilize in any one year may be limited. As of December 31, 2013, the Company's net operating loss carryforwards are not limited by any such Section 382 limitations. | |||||||||||||||||
Accounting standards require that the Company continually assess the likelihood that its deferred taxes will be realizable. In making such assessment all available evidence, both positive and negative, must be considered in determining whether it is more likely than not that the deferred tax assets will be realized. Significant weight is given to evidence that can be objectively verified. In fiscal 2012 we considered the fact that we had incurred a net loss during that fiscal year, in addition to the consecutive losses in recent preceding fiscal years. Also in 2012, approximately $5.6 million of federal net operating losses, which had been fully reserved in 2011 as they were not deemed to be realizable based on management's expectation at such time, expired unutilized. These negative factors, combined with uncertain near-term market and economic conditions, reduced the Company's ability to rely on its projections of future taxable income in determining whether a valuation allowance was required. Accordingly, the Company concluded that a full valuation allowance was required. The Company will continue to assess the likelihood that its deferred tax assets will be realizable, and its valuation will be adjusted accordingly, which could materially impact its financial position and results of operations in future periods. | |||||||||||||||||
The components of loss before taxes for the years ended December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Domestic | $ | (1,162 | ) | $ | (3,762 | ) | |||||||||||
Foreign | (6,772 | ) | - | ||||||||||||||
$ | (7,934 | ) | $ | (3,762 | ) | ||||||||||||
The Company's income tax benefit (expense) for the years ended December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current: | |||||||||||||||||
State and foreign | $ | 87 | $ | (38 | ) | ||||||||||||
Deferred: | |||||||||||||||||
State | (21 | ) | 53 | ||||||||||||||
Federal | (2 | ) | 921 | ||||||||||||||
Foreign | 93 | - | |||||||||||||||
70 | 974 | ||||||||||||||||
Valuation allowance | (23 | ) | (19,475 | ) | |||||||||||||
Income tax benefit (expense) | $ | 134 | $ | (18,539 | ) | ||||||||||||
The effective income tax rate differed from the Federal statutory rate as follows (dollars in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
Federal income tax benefit at statutory rate | $ | 2,698 | 34 | $ | 1,279 | 34 | |||||||||||
Permanent items: | |||||||||||||||||
Nondeductible mark-to-market adjustment for contingent liability | (1,047 | ) | (13.2 | ) | - | - | |||||||||||
Nondeductible share based payments | (464 | ) | (5.8 | ) | - | - | |||||||||||
Nondeductible merger transaction costs | (353 | ) | (4.4 | ) | - | - | |||||||||||
Other nondeductible items | (43 | ) | (0.6 | ) | (150 | ) | (4.1 | ) | |||||||||
Research and development credits | (133 | ) | (1.7 | ) | - | - | |||||||||||
International tax rate differentials | (813 | ) | (10.3 | ) | (18 | ) | (0.4 | ) | |||||||||
Other | (310 | ) | (3.7 | ) | (175 | ) | (4.6 | ) | |||||||||
Effect of increase in valuation allowance for deferred tax assets | 599 | 7.4 | (19,475 | ) | (517.7 | ) | |||||||||||
$ | 134 | 1.7 | $ | (18,539 | ) | (492.8 | ) | ||||||||||
The difference between our effective income tax rate and the federal statutory rate is primarily due to transaction costs associated with our Business Combination with Hego and the mark to market adjustment for our contingent liability that will not be deductible for tax purposes and the amount of expense associated with our share-based payment arrangements which are not deductible and the portion thereof that will give rise to tax deductions. | |||||||||||||||||
The Company files U.S. federal income tax returns as well as income tax returns in various states and foreign jurisdictions. It may be subject to examination by the Internal Revenue Service ("IRS") for calendar years 2010 through 2013 under the normal statute of limitations. Additionally, any net operating losses that were generated in prior years and utilized in these years may also be subject to examination by the IRS. Generally, for state tax purposes, the Company's 2009 through 2013 tax years remain open for examination by the tax authorities under a four year statute of limitations, however, certain states may keep their review period open for six to ten years. The Company has evaluated its income tax positions and determined that no material uncertain tax positions existed at December 31, 2013. The Company does not expect a significant change in its unrecognized tax benefits within the next twelve months. | |||||||||||||||||
Deferred taxes have not been provided for approximately $0.9 million of undistributed earnings of foreign subsidiaries. Any undistributed earnings are expected to be permanently reinvested in our foreign operations. A deferred tax liability is recognized when we expect that we will recover those undistributed earnings in a taxable manner, such as through receipt of dividends or sale of the investments. The Company intends to permanently reinvest any undistributed earnings as the Company has cash in the U.S. and the ability to borrow funds in the U.S. if necessary. Furthermore, the Company has no plan for further repatriation. Determination of the amount of the unrecognized U.S. income tax liability on undistributed earnings is not practical because of the complexities of the hypothetical calculation. In addition, unrecognized foreign tax credit carryforwards would be available to reduce a portion of such U.S. tax liability. |
Note_11_Other_Comprehensive_In
Note 11 - Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
11. OTHER COMPREHENSIVE INCOME | |||||||||||||
Components and activity related to accumulated other comprehensive income (loss) is as follows (in thousands): | |||||||||||||
Foreign | Accumulated | ||||||||||||
Currency | Pension | Other | |||||||||||
Translation | Benefit | Comprehensive | |||||||||||
Adjustment | Costs | Income (Loss) | |||||||||||
1-Jan-12 | $ | (26 | ) | $ | (1,402 | ) | $ | (1,428 | ) | ||||
Change for period | 13 | (1,080 | ) | (1,067 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | 170 | 170 | ||||||||||
31-Dec-12 | (13 | ) | (2,312 | ) | (2,325 | ) | |||||||
Change for period | 144 | 1,507 | 1,651 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | 253 | 253 | ||||||||||
31-Dec-13 | $ | 131 | $ | (552 | ) | $ | (421 | ) | |||||
The amounts reclassified from accumulated other comprehensive income (loss) for both 2013 and 2012 were recorded as part of selling, general and administrative expenses on our Consolidated Statements of Operations. |
Note_12_Fair_Value_Measurement
Note 12 - Fair Value Measurements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||
12. FAIR VALUE MEASUREMENTS | |||||
Financial assets and liabilities at fair value at December 31, 2013 and 2012 are classified in one of the three categories, which are described below. | |||||
● | Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | ||||
● | Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | ||||
● | Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | ||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers a counterparty credit risk in its assessment of fair value. | |||||
The carrying amount of cash and cash equivalents, accounts receivables and accounts payables and other short-term financial instruments approximate their fair value due to their short-term nature. Included in cash equivalents at December 31, 2013 are $3.9 million of investments in overnight repurchase agreements which are categorized as level 2 for fair value measurement. The Company believes that borrowings outstanding under its revolvers and its term loans approximate fair value because such borrowings bear interest at current variable market rates. The Company's borrowings are categorized as level 2 for fair value measurement. The contingent consideration, resulting from the Business Combination with Hego, has been adjusted to its fair value of $12.3 million at December 31, 2013, in the level 3 category. The contingent consideration was calculated using a probability based model measuring the likelihood of achieving the revenue milestones, as defined in the Stock Purchase Agreement, and valued based on the market value of the Company's common stock. At December 31, 2013, the likelihood of achieving the revenue milestones was based on a probability level of 100% relating to the 2013 earn-out and 90% for the 2014 and 2015 earn-outs, respectively. | |||||
Additionally, on a nonrecurring basis, the Company uses fair value measures when analyzing asset impairment. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair value. Measurements based on undiscounted cash flows are considered to be level 3 inputs. During the fourth quarter of each year, the Company evaluates goodwill and indefinite-lived intangibles for impairment at the reporting unit level including, but not limited to macro-economic conditions, market and industry conditions, internal cost factors, competitive environment, share price fluctuation, results of past impairment tests and the operational stability and the overall performance of the reporting units. This measurement would be classified based on level 3 input. | |||||
The following table represents a reconciliation of items measured at fair value on a recurring basis using unobservable inputs (level 3) (in thousands): | |||||
Balance at January 1, 2013 | $ | - | |||
Additions to level 3 (1) | 7,500 | ||||
Unrealized loss for the year - change in fair value of contingent consideration | 4,760 | ||||
Balance at December 31, 2013 | $ | 12,260 | |||
-1 | Represents the initial recording of the contingent consideration from the Business Combination with Hego. | ||||
Note_13_Benfit_Plans
Note 13 - Benfit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
13. BENEFIT PLANS | |||||||||||||||||
The Company has a domestic defined benefit pension plan (the "U.S. Pension Plan") covering certain U.S. employees meeting minimum eligibility requirements. Benefits paid to retirees are based upon age at retirement, years of credited service and average compensation. The U.S. Pension Plan was closed to new employees that joined the Company on or after October 1, 2006. Pension expense is actuarially determined using the projected unit credit method. The Company's policy is to fund the minimum contributions required under the Employee Retirement Income Security Act (ERISA), and, subject to cash flow levels, the Company may choose to make a discretionary contribution to the U.S. Pension Plan to reduce the unfunded liability. The Company made required contributions to the U.S. Pension Plan in 2013 of $0.3 million. Based on current assumptions, the Company expects to make approximately $0.5 million in contributions during 2014. The Company uses a December 31 measurement date to determine pension benefit obligations. | |||||||||||||||||
Benefit plan information for the U.S. Pension Plan is as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Reconciliation of projected benefit obligation: | |||||||||||||||||
Obligation at January 1 | $ | 9,479 | $ | 7,535 | |||||||||||||
Service cost | 408 | 482 | |||||||||||||||
Interest cost | 384 | 360 | |||||||||||||||
Actuarial (gain)/ loss | (1,153 | ) | 1,164 | ||||||||||||||
Benefit payments | (679 | ) | (62 | ) | |||||||||||||
Curtailments | (72 | ) | - | ||||||||||||||
Obligation at December 31 | $ | 8,367 | $ | 9,479 | |||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||
Fair value of plan assets at January 1 | $ | 5,328 | $ | 4,088 | |||||||||||||
Actual return on plan assets | 720 | 407 | |||||||||||||||
Employer contributions | 283 | 895 | |||||||||||||||
Benefit payments | (679 | ) | (62 | ) | |||||||||||||
Fair value of plan assets at December 31 | $ | 5,652 | $ | 5,328 | |||||||||||||
Funded Status: | |||||||||||||||||
Unfunded status at December 31 | $ | (2,715 | ) | $ | (4,151 | ) | |||||||||||
Projected benefit obligation | $ | 8,367 | $ | 9,479 | |||||||||||||
Accumulated benefit obligation | 7,894 | 8,701 | |||||||||||||||
Fair value of plan assets | 5,652 | 5,328 | |||||||||||||||
Amounts recognized in consolidated balance sheets: | |||||||||||||||||
Prior service credit | $ | - | $ | 7 | |||||||||||||
Net loss | (1,325 | ) | (3,093 | ) | |||||||||||||
Accumulated other comprehensive loss | (1,325 | ) | (3,086 | ) | |||||||||||||
Net periodic benefit cost in excess of accumulated contributions | (1,390 | ) | (1,065 | ) | |||||||||||||
Net amount recognized in consolidated balance sheet | $ | (2,715 | ) | $ | (4,151 | ) | |||||||||||
2013 | 2012 | ||||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 408 | $ | 482 | |||||||||||||
Interest cost | 384 | 360 | |||||||||||||||
Expected return on plan assets | (410 | ) | (345 | ) | |||||||||||||
Amortization of net loss | 232 | 203 | |||||||||||||||
Amortization of prior service credit | (6 | ) | (11 | ) | |||||||||||||
Net periodic benefit cost | 608 | 689 | |||||||||||||||
Curtailment gain | (1 | ) | - | ||||||||||||||
Net periodic benefit cost after curtailment | 607 | 689 | |||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||
Net loss | (1,463 | ) | 1,102 | ||||||||||||||
Amortization of net loss | (232 | ) | (203 | ) | |||||||||||||
Amortization of prior service cost | 6 | 11 | |||||||||||||||
Curtailment (gain) loss | (72 | ) | - | ||||||||||||||
Prior service credit/(cost) received due to curtailment | 1 | - | |||||||||||||||
Total recognized in other comprehensive (income) loss | (1,760 | ) | 910 | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (1,153 | ) | $ | 1,599 | ||||||||||||
In 2014, the Company expects that a net loss of $55 thousand, transition asset/(obligation) of $0, and a prior service credit of $6 thousand will be amortized from accumulated other comprehensive income (loss) into net periodic pension cost. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||
Discount rate | 4.03 | % | 4.61 | % | |||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | |||||||||||||
Rate of compensation increase | (a) | (b) | |||||||||||||||
Weighted-average assumptions used to determine pension benefit obligation as of December 31: | |||||||||||||||||
Discount rate | 4.9 | % | 4.03 | % | |||||||||||||
Rate of compensation increase | (a) | (b) | |||||||||||||||
(a) | 0.0% in 2013, 2.0% thereafter | ||||||||||||||||
(b) | 0.0% in 2012 and 2013, 2.0% thereafter | ||||||||||||||||
The assumed expected long-term rate of return on plan assets is an estimate based on the Company's plan investment guidelines which specify the Company's strategic asset allocation, historical performance for the various asset classes in its strategic allocation, and its expectations for long-term rates of return for these various asset classes. The Company recognizes that market performance varies and that its assumed expected long-term rate of return may not be meaningful during some periods. The Company re-evaluates its assumed expected long-term rate of return on plan assets annually through discussion with its plan investment manager. The Company selects that return which it believes best reflects a reasonable expected return on funds invested and to be invested to provide for the benefits included in the projected benefit obligation. The overall investment objective for the pension plan investment portfolio is to achieve the highest level of return with the least amount of risk. The Company's actual pension plan asset allocations at December 31, 2013 and 2012 are as follows: | |||||||||||||||||
Target | Actual | ||||||||||||||||
Allocation Range | Allocation | ||||||||||||||||
Asset Category | 2013 | 2013 | 2012 | ||||||||||||||
Equity securities | 60 | % | (+/- | 1 | to | 5 | %) | 62 | % | 58 | % | ||||||
Debt securities | 35 | % | (+/- | 1 | to | 5 | %) | 31 | % | 33 | % | ||||||
Cash and cash equivalents | 5 | % | (+/- | 1 | to | 5 | %) | 7 | % | 9 | % | ||||||
The following table presents estimated future benefit payments over the next ten years (in thousands): | |||||||||||||||||
2014 | $ | 204 | |||||||||||||||
2015 | 164 | ||||||||||||||||
2016 | 176 | ||||||||||||||||
2017 | 377 | ||||||||||||||||
2018 | 393 | ||||||||||||||||
2019 | to | 2023 | 2,885 | ||||||||||||||
The amortization of gains and losses is determined by using a 10% corridor of the greater of the market-related value of assets and the projected benefit obligation. Total unamortized gains and losses in excess of the corridor are amortized into income over the average remaining future service. Prior service costs/(benefits) are amortized over the average remaining future service at the time the prior service was established. Average remaining future service as of January 1, 2013 was about 9 years. | |||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the U.S. Pension Plan's assets measured at fair value on a recurring basis as of December 31 (in thousands): | |||||||||||||||||
2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Government and other fixed income securities | $ | 591 | $ | 1,181 | $ | - | $ | 1,772 | |||||||||
Equities | 3,499 | - | - | 3,499 | |||||||||||||
$ | 4,090 | $ | 1,181 | $ | - | $ | 5,271 | ||||||||||
2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Government and other fixed income securities | $ | 601 | $ | 1,158 | $ | - | $ | 1,759 | |||||||||
Equities | 3,063 | - | - | 3,063 | |||||||||||||
$ | 3,664 | $ | 1,158 | $ | - | $ | 4,822 | ||||||||||
The Company has adopted a 401(k) Plan exclusively for the benefit of participants and their beneficiaries. All U.S. employees of ChyronHego are eligible to participate in the 401(k) Plan. An employee may elect to contribute a percentage of his or her current compensation to the 401(k) Plan, subject to a maximum of 20% of compensation or the Internal Revenue Service annual contribution limit, whichever is less. The Company may make discretionary matching contributions of the compensation contributed by a participant. The discretionary matching contribution is two-thirds of the first 6% of qualifying compensation. The Company has the option of making the matching contributions in cash or through shares of Company common stock. Employees will vest in the matching contributions in equal increments annually over three years. During 2013 and 2012, the Company match was substantially made in the form of newly issued ChyronHego common stock. As a result, the Company issued 204 thousand and 233 thousand shares of common stock, in lieu of an aggregate cash match of $243 thousand and $288 thousand during 2013 and 2012, respectively. | |||||||||||||||||
Substantially all employees of the Company's foreign subsidiaries receive retirement benefits, at least to the extent required, through funds that are governed by local statutory requirements. Contributions are typically based on specified percentages of the employees' salaries. |
Note_14_Product_Warranty
Note 14 - Product Warranty | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
14. PRODUCT WARRANTY | |||||||||
The Company provides product warranties for its various products, typically for one year. Liabilities for the estimated future costs of repair or replacement are established and charged to cost of sales at the time the sale is recognized. The Company established its reserve based on such historical data, taking into consideration specific product information. The following table sets forth the movement in the warranty reserve (in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 50 | $ | 50 | |||||
Provisions | 170 | 49 | |||||||
Warranty services provided | (102 | ) | (49 | ) | |||||
$ | 118 | $ | 50 | ||||||
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
15. COMMITMENTS AND CONTINGENCIES | |||||||||
At December 31, 2013, the Company was obligated under operating and capital leases, expiring at various dates through 2019, covering facility space and equipment as follows (in thousands): | |||||||||
Operating | Capital | ||||||||
2014 | $ | 1,872 | $ | 215 | |||||
2015 | 1,720 | 159 | |||||||
2016 | 1,560 | 43 | |||||||
2017 | 1,160 | ||||||||
2018 | 1,110 | ||||||||
thereafter | 622 | ||||||||
The operating lease contains provisions for escalations and for facility maintenance. Total rent expense was approximately $1.1 million in 2013 and $0.7 million in 2012. | |||||||||
The Company has severance arrangements for key and virtually all other employees of the Company that provide for payment of a portion of their salary and continuance of their benefits for their severance period, in the event they are involuntarily terminated. The severance periods range from a week to a number of months depending on the length of service and/or level of the employee within the Company. Had all such key and other covered employees been terminated at December 31, 2013, the estimated total severance and benefits would have approximated $2.2 million. | |||||||||
At December 31, 2013, the Company has commitments for hosting services of $1.9 million over the next three years. | |||||||||
The Company is not a party to any legal proceedings that it believes will have a material impact on its business, financial condition, results of operations or liquidity. |
Note_16_Due_to_Related_Parties
Note 16 - Due to Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
16. DUE TO RELATED PARTIES | |
The balance due to related parties represents amounts that are due to certain former shareholders or employees of Hego AB that are now shareholders or employees of the Company. The balance resulted from loans to Hego AB, and dividends declared but not paid by Hego AB, prior to its merger with Chyron. Interest is accrued on the outstanding balance at the annual rate of 5.95%. |
Note_17_Segment_and_Geographic
Note 17 - Segment and Geographic Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
17. SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||
Revenues by geography are based on the country in which the end user customer resides. Geographic information about revenue and long-lived assets (excluding goodwill and intangible assets) are detailed as follows (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Revenues from external customers(1): | |||||||||||||||||
North America | $ | 26,250 | $ | 21,218 | |||||||||||||
Europe, Middle East and Africa (EMEA) | 16,492 | 4,254 | |||||||||||||||
Latin America | 3,092 | 2,538 | |||||||||||||||
Asia | 1,573 | 2,212 | |||||||||||||||
$ | 47,407 | $ | 30,222 | ||||||||||||||
(1)Included in North America revenues are $25.1 million of revenues from external customers in the United States and included in EMEA revenues are $7.8 million of revenues from external customers in Sweden. No revenues from any other individual country makes up more than 10% of consolidated revenues. | |||||||||||||||||
Long-lived assets: | |||||||||||||||||
United States | $ | 910 | $ | 1,347 | |||||||||||||
Europe(2) | 3,235 | - | |||||||||||||||
(2)Approximately $2.1 million and $0.9 million of long-lived assets are in Sweden and Finland, respectively. No other country holds more than 10% of long-lived assets. | |||||||||||||||||
Prior to the Business Combination with Hego, the Company operated as one reporting segment. As a result of the Business Combination the Company was organized, managed and internally reported as two segments in fiscal 2013. Because the Company will not evaluate performance based upon return on assets at the operating segment level, assets are not tracked internally by segment, and therefore, segment asset information is not presented. | |||||||||||||||||
The Company's revenues, provided by both segments, include sales of graphics products for the broadcast and sports industries. The Company's services revenues include production services, development and sales of maintenance contracts. | |||||||||||||||||
Operating segment data is as follows (in thousands): | |||||||||||||||||
Operating income | |||||||||||||||||
(loss) before | Depreciation | Operating | |||||||||||||||
depreciation and | and | income | |||||||||||||||
amortization | amortization | (loss) | Revenue | ||||||||||||||
Hego | $ | 1,950 | $ | (2,095 | ) | $ | (145 | ) | $ | 12,961 | |||||||
Chyron | 5,781 | (818 | ) | 4,963 | 34,446 | ||||||||||||
Corporate | |||||||||||||||||
(unallocated) | (12,466 | ) | - | (12,466 | ) | - | |||||||||||
$ | (4,735 | ) | $ | (2,913 | ) | $ | (7,648 | ) | $ | 47,407 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Business Description and Basis of Presentation [Text Block] | ' | ||||||||
Nature of Business | |||||||||
On May 22, 2013 Chyron Corporation ("Chyron") acquired the outstanding stock of Hego Aktiebolag ("Hego" or "Hego AB"), and changed its name to ChyronHego Corporation (the "Company" or "ChyronHego"). Hego is a global graphics services company based in Stockholm, Sweden that develops real-time graphics products for the broadcast and sports industries. The companies combined in a stock-for-stock transaction and the Company has continued to trade on the NASDAQ under the symbol "CHYR." The combination of these two companies, which is referred to in these consolidated financial statements as the "Business Combination," forms a leading global provider of broadcast graphics creation, playout and real-time data visualization. | |||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | ||||||||
Basis of Presentation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany amounts have been eliminated. The results of operations include the operating results of Hego since the completion of the Business Combination on May 22, 2013. See Note 8 of these consolidated financial statements. | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, costs and expenses during the periods presented. Estimates made by management include inventory valuations, stock compensation, allowances for doubtful accounts, income taxes, pension assumptions, allocations of purchase price, contingent consideration, valuation of intangible assets and reserves for warranty and incurred but not reported health insurance claims. Actual results could differ from those estimates. The Company has not segregated its cost of sales between costs of products and costs of services as it is not practicable to segregate such costs. Certain prior amounts have been reclassified to conform to the current year presentation. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Cash includes cash on deposit, overnight repurchase agreements, and amounts invested in highly liquid money market funds. Cash equivalents consist of short term investments with original maturities of three months or less. Cash and cash equivalents include $3.9 million and $1.7 million of investments in overnight repurchase agreements at December 31, 2013 and 2012, respectively. Repurchase agreements are collateralized by U.S. Treasury and federal agency securities with a fair value of 102% of the securities sold. This credit risk is primarily divided among six financial institutions that management believes to be of high quality. The carrying amount of cash and cash equivalents approximates their fair value. | |||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable are stated net of an allowance for doubtful accounts. Our allowance for doubtful accounts considers historical experience, the age of amounts due, current economic conditions and other factors that may affect customers' ability to pay. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market, cost being determined primarily on the basis of FIFO and average cost. The need for inventory obsolescence provisions is evaluated by the Company and when appropriate, reserves for technological obsolescence, non-profitability of product lines and excess quantities are established. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property, Equipment and Depreciation | |||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on the straight line method over the following estimated useful lives: | |||||||||
Machinery and equipment (years) | 3 | - | 10 | ||||||
Furniture and fixtures (years) | 5 | - | 10 | ||||||
Automobiles (years) | 3 | - | 4 | ||||||
Leasehold improvements | Shorter of the life of improvement or remaining life of the lease | ||||||||
When assets are retired or disposed of, the assets and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in operations. | |||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | ||||||||
Capitalized Software Costs | |||||||||
For development costs related to the Company's on line web-based solutions, the Company capitalizes costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities were expensed as incurred. The Company has not capitalized any software development costs for the years ended December 31, 2013 and 2012. | |||||||||
Self Insurance [Policy Text Block] | ' | ||||||||
Self Insurance | |||||||||
The Company is self-insured for healthcare costs up to certain stop-loss limits. Such costs are accrued based on known claims and an estimate of incurred, but not reported ("IBNR") claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future actual results differ from original estimates, adjustments to recorded accruals may be necessary. | |||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||
Research, Development and Engineering | |||||||||
Technological feasibility for the Company's products is reached shortly before the products are released to manufacturing. Consequently, costs incurred after technological feasibility is established have not been material, and accordingly, the Company expenses all research and development costs when incurred. The Company re-evaluates the materiality of these costs on an on-going basis. Research and development costs include wages and other personnel costs, material costs and an allocation of certain indirect costs related to facilities. | |||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
Long-Lived Assets and Intangible Assets | |||||||||
Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. There was no impairment of long-lived assets and intangible assets for the years ended December 31, 2013 and 2012. | |||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||
The Company’s goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired in various business combinations. The Company also has an indefinite-lived intangible consisting of a tradename. Goodwill and intangible assets deemed to have indefinite lives are not amortized and are tested for impairment at least annually. | |||||||||
When evaluating goodwill for impairment, we may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit is more-likely-than-not greater than its carrying amount. If, based on the review of the qualitative factors, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we bypass the required two-step impairment test. If we do not perform a qualitative assessment or if the fair value of the reporting unit is not more-likely- than-not greater than its carrying value, we perform the first step, which is referred to as step one, of the two-step impairment test, and calculate the estimated fair value of the reporting unit. If the carrying value of goodwill exceeds the estimated fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment for goodwill and other intangible assets is measured as the excess of its carrying amount over its fair value. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition | |||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, title has transferred, product payment is not contingent upon installation or other service obligations, the price is fixed and determinable, and collectability is reasonably assured. This condition is normally met when the product has been delivered or upon performance of services. In instances where final acceptance of the product or service is specified by the customer, revenue is deferred until all acceptance criteria have been met. | |||||||||
The Company also enters into arrangements that contain multiple elements such as equipment, installation and service. For multiple-element arrangements, revenue is recognized based on an allocation of the total amount of the arrangement to each deliverable based on fair value. Fair value is determined using vendor-specific objective evidence ("VSOE") if available, third-party evidence ("TPE") if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE or TPE is available. BESP must be determined in a manner that is consistent with that used to determine the price to sell the specific elements on a standalone basis. The Company's best estimate of selling price is established considering multiple factors including, but not limited to, pricing practices in different geographies and through different sales channels, gross margin objectives, competitor pricing pressures and other factors contemplated in negotiating the arrangement with the customer. | |||||||||
Revenue from training, installation and services is recognized upon the performance of services. The Company also provides one year maintenance contracts with certain equipment sales and defers a portion of the revenue from the equipment sale based on the relative fair value as determined above. Multiple year maintenance contracts are also offered. Deferred maintenance revenue is recognized ratably, on a straight line basis over the contract period, generally one to three years. | |||||||||
In connection with the Company's on-line web-based solutions, the Company recognizes revenue on a monthly basis for use of its subscription based products. The Company recognizes set-up or other up-front fees, if any, ratably over the longer of the contract or the expected customer relationship period, generally one to three years. Revenues from these web-based solutions are included in service revenues in the Company's Consolidated Statements of Operations. | |||||||||
Approximately 21% and 35% of 2013 and 2012 consolidated revenues, respectively, were made through third-party dealers and system integrators (collectively, dealers). The Company recognizes revenue from sales to dealers when the product is shipped and all other revenue recognition criteria are met. | |||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||
Shipping and Handling Fees and Costs | |||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue, and the costs incurred by the Company for shipping and handling are reported as a component of cost of sales. Amounts billed have approximated $0.1 million in 2013 and 2012. | |||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||
Advertising Costs | |||||||||
Advertising costs are expensed as incurred. Advertising expense was $50 thousand in 2013 and $74 thousand in 2012. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Income Taxes | |||||||||
The Company accounts for income taxes under an asset and liability approach, which recognizes deferred tax assets and liabilities based on the difference between the financial reporting and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. | |||||||||
The Company recognizes tax benefits associated with the exercise of stock options directly to stockholders' equity only when realized. A tax benefit occurs when the actual tax benefit realized by the Company upon an employee's disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award that the Company had recorded. When assessing whether a tax benefit relating to share-based compensation has been realized, the Company follows the tax law ordering method, under which current year share-based compensation deductions are assumed to be utilized before net operating loss carryforwards and other tax attributes. | |||||||||
The Company recognizes the financial statement impact of tax positions, taken or expected to be taken, utilizing a more-likely-than not recognition threshold. We also recognize any interest and penalties related to tax uncertainties as income tax expense. At December 31, 2013 there are no unrecognized tax benefits, or related accrued interest and penalties, recorded in the consolidated financial statements. | |||||||||
Sales Taxes [Policy Text Block] | ' | ||||||||
Sales and Value Added Taxes | |||||||||
The Company accounts for sales and value added taxes imposed on the Company's goods and services on a net basis in the Company's Consolidated Statements of Operations. Since the Company primarily acts as an agent for the governmental authorities in these matters, the amount charged to the customer is collected and remitted directly to the appropriate jurisdictional entity. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
Foreign Currencies | |||||||||
Assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars at the period end rate of exchange, while revenues and expenses are translated at the average exchange rate during the period. Adjustments from translating the Company's foreign subsidiaries' financial statements are reported as a component of other comprehensive income or loss. Transaction gains or losses are included in other income and expense, net. The net impact of foreign exchange transactions for the years ended December 31, 2013 and 2012 were a loss of $36 thousand and a gain of $13 thousand, respectively. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Earnings (Loss) Per Share | |||||||||
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of stock options and restricted stock units are reflected in diluted net income (loss) per share by applying the treasury stock method. | |||||||||
The Company recorded net losses for the years ended December 31, 2013 and 2012. Potential common shares are anti-dilutive in periods in which the Company records a net loss because they would reduce the respective period's net loss per share. Anti-dilutive potential common shares are excluded from the calculation of diluted earnings per share. As a result, net diluted loss per share was equal to basic net loss per share in all periods presented. | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Basic weighted average shares outstanding | 25,379 | 16,961 | |||||||
Effect of dilutive stock options | - | - | |||||||
Diluted weighted average shares outstanding | 25,379 | 16,961 | |||||||
Weighted average shares which are not included in the calculation of diluted earnings per share because their impact is antidilutive | |||||||||
Stock options | 2,803 | 3,087 | |||||||
Restricted stock units | 30 | 173 | |||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||
Other Comprehensive Income (Loss) | |||||||||
The Company reports comprehensive income (loss) in accordance with ASC 220-10. ASC 220-10 establishes guidelines for the reporting and display of comprehensive income (loss), net income (loss) and its components in financial statements. Included in other comprehensive income (loss) for the Company are the deferred income (losses) on the Company's pension plan and translation adjustments related to the Company's foreign subsidiaries. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
Share-Based Compensation | |||||||||
The Company's share-based compensation programs consist of grants of share-based awards to employees and non-employee directors, including stock options, restricted stock, restricted stock units and other equity awards. The estimated fair value of these awards, including the effect of forfeitures, is charged to income over the requisite service period, which is generally the vesting period. | |||||||||
The fair value of stock options is estimated at the grant date using the Black-Scholes option valuation model. The fair value of restricted stock units is based on the market value of the Company's common stock on the date of grant. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair Value Measurements | |||||||||
Financial assets and liabilities are classified as Level 1, 2 or 3 within the fair value hierarchy. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. | |||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' | ||||||||
Retirement-Related Benefits | |||||||||
The Company recognizes in its balance sheet as an asset or liability the overfunded or underfunded status of its defined benefit plan. This asset or liability is measured as the difference between the fair value of plan assets and the benefit obligation, which is calculated based on actuarial computations of current and future benefits for employees. Actuarial gains or losses and prior service costs or credits that arise during the period, but are not included as components of net periodic benefit (expense), are recognized as a component of accumulated other comprehensive income (loss). Pension expense is charged to operating expenses. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued amendments to disclosure requirements for presentation of comprehensive income. The standard requires presentation (either in a single note or parenthetically on the face of the financial statements) of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, a cross reference to the related footnote for additional information will be required. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The implementation of the amended accounting guidance has not had a material impact on the Company's consolidated financial position or results of operations. | |||||||||
In February 2013, the FASB issued new accounting guidance clarifying the accounting for obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2013. The implementation of the new accounting guidance is not expected to have a material impact on the Company's consolidated financial position or results of operations. | |||||||||
In March 2013, the FASB issued amendments to address the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013 (early adoption is permitted). The implementation of the amended accounting guidance is not expected to have a material impact on the Company's consolidated financial position or results of operations. | |||||||||
Liquidity Disclosure [Policy Text Block] | ' | ||||||||
Liquidity | |||||||||
Our long-term success will depend on our ability to achieve and sustain profitable operating results and our ability to raise additional capital on acceptable terms should additional capital be required. In the event that we are unable to achieve expected goals of profitability or raise sufficient additional capital, if needed, we may have to scale back or eliminate certain parts of our operations. | |||||||||
Based on our plan for continuing to combine the operating activities of both Chyron and Hego, and provided that we are able to achieve our planned results of operations and retain the availability under our credit facilities, we believe that cash on hand, net cash to be generated in the business, and availability of funding under our credit facilities, will be sufficient to meet our cash requirements for at least the next twelve months. | |||||||||
If these sources of funds are not sufficient, we may need to reduce, delay or terminate our existing or planned products and services. We may also need to raise additional funds through one or more capital financings. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our existing stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring debt, making capital expenditures or declaring dividends. If we raise additional funds through collaborations, strategic alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or products, or grant licenses on terms that are not favorable to us. | |||||||||
There can be no assurance that additional funds will be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available to us on a timely basis, we may be required to delay, limit, reduce or terminate development activities for one or more of our products or services, or delay, limit, reduce or terminate our sales and marketing capabilities or other activities that may be necessary to commercialize one or more of our products or services. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Property, Plant and Equipment, Estimated Useful Lives | ' | ||||||||
Machinery and equipment (years) | 3 | - | 10 | ||||||
Furniture and fixtures (years) | 5 | - | 10 | ||||||
Automobiles (years) | 3 | - | 4 | ||||||
Leasehold improvements | Shorter of the life of improvement or remaining life of the lease | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Basic weighted average shares outstanding | 25,379 | 16,961 | |||||||
Effect of dilutive stock options | - | - | |||||||
Diluted weighted average shares outstanding | 25,379 | 16,961 | |||||||
Weighted average shares which are not included in the calculation of diluted earnings per share because their impact is antidilutive | |||||||||
Stock options | 2,803 | 3,087 | |||||||
Restricted stock units | 30 | 173 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 539 | $ | 465 | |||||
Work-in-progress | 310 | 468 | |||||||
Raw material | 1,967 | 1,352 | |||||||
$ | 2,816 | $ | 2,285 |
Note_4_Goodwill_and_Intangible1
Note 4 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||
2013 | ||||||||||||||||
Gross | Accumulated | Net | Estimated | |||||||||||||
Amount | Amortization | Amount | Useful Life (years) | |||||||||||||
Definite-lived intangibles: | ||||||||||||||||
Customer relationships | $ | 6,570 | $ | 1,512 | $ | 5,058 | 10 | |||||||||
Tradenames | 1,104 | 153 | 951 | 15 | ||||||||||||
Proprietary technology | 1,420 | 403 | 1,017 | 10 | - | 15 | ||||||||||
Non-compete agreement | 25 | 25 | - | 3 | ||||||||||||
Domain name and related website | 53 | 11 | 42 | 10 | - | 15 | ||||||||||
9,172 | 2,104 | 7,068 | ||||||||||||||
Indefinite-lived intangibles: | ||||||||||||||||
Tradename | 1,900 | - | 1,900 | |||||||||||||
$ | 11,072 | $ | 2,104 | $ | 8,968 | |||||||||||
2012 | ||||||||||||||||
Gross | Accumulated | Net | Estimated | |||||||||||||
Amount | Amortization | Amount | Useful Life (years) | |||||||||||||
Tradenames | $ | 304 | $ | 101 | $ | 203 | - | 15 | - | |||||||
Proprietary technology | 620 | 310 | 310 | 10 | ||||||||||||
Non-compete agreement | 25 | 25 | - | 3 | ||||||||||||
Customer relationships | 170 | 138 | 32 | 10 | ||||||||||||
Domain name and related website | 23 | 9 | 14 | 15 | ||||||||||||
$ | 1,142 | $ | 583 | $ | 559 | |||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||
Balance at January 1, 2013 | $ | 2,066 | ||||||||||||||
Acquisitions: | ||||||||||||||||
Hego AB | 16,321 | |||||||||||||||
Granvideo AB | 561 | |||||||||||||||
Balance at December 31, 2013 | $ | 18,948 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||
2014 | $ | 1,325 | ||||||||||||||
2015 | 1,124 | |||||||||||||||
2016 | 959 | |||||||||||||||
2017 | 824 | |||||||||||||||
2018 | 617 | |||||||||||||||
Thereafter | 2,219 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 9,746 | $ | 5,194 | |||||
Furniture and fixtures | 2,230 | 1,129 | |||||||
Automobiles | 550 | - | |||||||
Leasehold improvements | 276 | 167 | |||||||
12,802 | 6,490 | ||||||||
Less: Accumulated depreciation and amortization | 8,657 | 5,143 | |||||||
$ | 4,145 | $ | 1,347 |
Note_6_Accounts_Payable_and_Ac1
Note 6 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 4,498 | $ | 1,924 | |||||
Accrued salaries, and other employee benefits | 1,859 | 529 | |||||||
Accrued severance | 1,502 | 47 | |||||||
Accrued warranty (Note 14) | 118 | 50 | |||||||
Accrued medical costs | 136 | 197 | |||||||
Other | 1,127 | 353 | |||||||
$ | 9,240 | $ | 3,100 |
Note_7_Longterm_Debt_Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving credit facilities - Europe | $ | 933 | $ | - | |||||
Note payable - Europe | 921 | - | |||||||
Term loans - Europe | 355 | - | |||||||
Term loan - US | - | 677 | |||||||
Other | 95 | - | |||||||
2,304 | 677 | ||||||||
Less: portion due within one year | 1,532 | 280 | |||||||
$ | 772 | $ | 397 |
Note_8_Business_Combinations_T
Note 8 - Business Combinations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Revenue Recognition, Milestone Method [Table Text Block] | ' | ||||||||
Revenue milestones | Additional shares | ||||||||
$15.5 million in 2013 | 2,772,598 | ||||||||
$16.0 million in 2014 | 1,584,342 | ||||||||
$16.5 million in 2015 | 1,742,776 | ||||||||
Total | 6,099,716 | ||||||||
Or, alternatively, if $33.0 million for 2013 and 2014 combined | 6,099,716 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
Net fair value of assets acquired | $ | 107 | |||||||
Intangible assets, net of tax | 9,930 | ||||||||
Goodwill | 16,321 | ||||||||
26,358 | |||||||||
Deferred tax liability | (1,766 | ) | |||||||
$ | 24,592 | ||||||||
' | |||||||||
Definite-lived intangibles: | |||||||||
Customer relationships | $ | 6,400 | |||||||
Proprietary technology | 800 | ||||||||
Other intangibles | 830 | ||||||||
Indefinite-lived intangibles: | |||||||||
Tradename | 1,900 | ||||||||
$ | 9,930 | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net sales | $ | 53,281 | $ | 45,024 | |||||
Net loss | (8,282 | ) | (28,010 | ) | |||||
Net loss per share - basic and diluted | $ | (0.28 | ) | $ | (0.96 | ) |
Note_9_Long_Term_Incentive_Pla1
Note 9 - Long Term Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Expected volatility | 76.87 | % | 71.46 | % | |||||||||||||
Risk-free interest rate | 1.78 | % | 0.58 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected life (in years) | 6 | 6 | |||||||||||||||
Estimated fair value per option granted | $ | 1.08 | $ | 0.67 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Weighted | average | ||||||||||||||||
Number | average | remaining | Aggregate | ||||||||||||||
of | exercise | contractual | intrinsic | ||||||||||||||
options | price | life (years) | value | ||||||||||||||
Outstanding at January 1, 2013 | 4,294,273 | $ | 2.08 | ||||||||||||||
Granted | 1,989,000 | 1.61 | |||||||||||||||
Exercised | (73,230 | ) | 0.72 | ||||||||||||||
Forfeited and cancelled | (215,255 | ) | 1.57 | ||||||||||||||
Outstanding at December 31, 2013 | 5,994,788 | 1.96 | 7 | $ | 2,904,515 | ||||||||||||
Exercisable at December 31, 2013 | 4,056,572 | 2.13 | 5.6 | $ | 1,929,051 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Weighted average | |||||||||||||||||
Shares | grant date fair value | ||||||||||||||||
Nonvested at January 1, 2013 | 343,161 | $ | 1.76 | ||||||||||||||
Granted | 329,164 | 0.81 | |||||||||||||||
Vested | (672,325 | ) | 1.3 | ||||||||||||||
Nonvested at December 31, 2013 | - | 0 | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cost of sales | $ | 35 | $ | 75 | |||||||||||||
Research and development | 243 | 323 | |||||||||||||||
Selling, general and administrative | 2,715 | 540 | |||||||||||||||
$ | 2,993 | $ | 938 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss carryforwards | $ | 12,074 | $ | 14,491 | |||||||||||||
Inventory | 1,856 | 1,769 | |||||||||||||||
Other liabilities | 3,051 | 3,055 | |||||||||||||||
Fixed assets | 2,069 | 440 | |||||||||||||||
Other temporary differences | 751 | 589 | |||||||||||||||
19,801 | 20,344 | ||||||||||||||||
Less: valuation allowance | (19,745 | ) | (20,344 | ) | |||||||||||||
Total deferred tax assets | 56 | - | |||||||||||||||
Deferred tax liability: | |||||||||||||||||
Intangibles | (1,453 | ) | - | ||||||||||||||
Other temporary differences | (13 | ) | - | ||||||||||||||
Net deferred tax liability | $ | (1,410 | ) | $ | - | ||||||||||||
As reported: | |||||||||||||||||
Non-current deferred tax assets | $ | 56 | $ | - | |||||||||||||
Current deferred tax liability | $ | (271 | ) | $ | - | ||||||||||||
Non-current deferred tax liabilities | $ | (1,195 | ) | $ | - | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Domestic | $ | (1,162 | ) | $ | (3,762 | ) | |||||||||||
Foreign | (6,772 | ) | - | ||||||||||||||
$ | (7,934 | ) | $ | (3,762 | ) | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current: | |||||||||||||||||
State and foreign | $ | 87 | $ | (38 | ) | ||||||||||||
Deferred: | |||||||||||||||||
State | (21 | ) | 53 | ||||||||||||||
Federal | (2 | ) | 921 | ||||||||||||||
Foreign | 93 | - | |||||||||||||||
70 | 974 | ||||||||||||||||
Valuation allowance | (23 | ) | (19,475 | ) | |||||||||||||
Income tax benefit (expense) | $ | 134 | $ | (18,539 | ) | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
Federal income tax benefit at statutory rate | $ | 2,698 | 34 | $ | 1,279 | 34 | |||||||||||
Permanent items: | |||||||||||||||||
Nondeductible mark-to-market adjustment for contingent liability | (1,047 | ) | (13.2 | ) | - | - | |||||||||||
Nondeductible share based payments | (464 | ) | (5.8 | ) | - | - | |||||||||||
Nondeductible merger transaction costs | (353 | ) | (4.4 | ) | - | - | |||||||||||
Other nondeductible items | (43 | ) | (0.6 | ) | (150 | ) | (4.1 | ) | |||||||||
Research and development credits | (133 | ) | (1.7 | ) | - | - | |||||||||||
International tax rate differentials | (813 | ) | (10.3 | ) | (18 | ) | (0.4 | ) | |||||||||
Other | (310 | ) | (3.7 | ) | (175 | ) | (4.6 | ) | |||||||||
Effect of increase in valuation allowance for deferred tax assets | 599 | 7.4 | (19,475 | ) | (517.7 | ) | |||||||||||
$ | 134 | 1.7 | $ | (18,539 | ) | (492.8 | ) |
Note_11_Other_Comprehensive_In1
Note 11 - Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Foreign | Accumulated | ||||||||||||
Currency | Pension | Other | |||||||||||
Translation | Benefit | Comprehensive | |||||||||||
Adjustment | Costs | Income (Loss) | |||||||||||
1-Jan-12 | $ | (26 | ) | $ | (1,402 | ) | $ | (1,428 | ) | ||||
Change for period | 13 | (1,080 | ) | (1,067 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | 170 | 170 | ||||||||||
31-Dec-12 | (13 | ) | (2,312 | ) | (2,325 | ) | |||||||
Change for period | 144 | 1,507 | 1,651 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | 253 | 253 | ||||||||||
31-Dec-13 | $ | 131 | $ | (552 | ) | $ | (421 | ) |
Note_12_Fair_Value_Measurement1
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||
Balance at January 1, 2013 | $ | - | |||
Additions to level 3 (1) | 7,500 | ||||
Unrealized loss for the year - change in fair value of contingent consideration | 4,760 | ||||
Balance at December 31, 2013 | $ | 12,260 |
Note_13_Benfit_Plans_Tables
Note 13 - Benfit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Reconciliation of projected benefit obligation: | |||||||||||||||||
Obligation at January 1 | $ | 9,479 | $ | 7,535 | |||||||||||||
Service cost | 408 | 482 | |||||||||||||||
Interest cost | 384 | 360 | |||||||||||||||
Actuarial (gain)/ loss | (1,153 | ) | 1,164 | ||||||||||||||
Benefit payments | (679 | ) | (62 | ) | |||||||||||||
Curtailments | (72 | ) | - | ||||||||||||||
Obligation at December 31 | $ | 8,367 | $ | 9,479 | |||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||
Fair value of plan assets at January 1 | $ | 5,328 | $ | 4,088 | |||||||||||||
Actual return on plan assets | 720 | 407 | |||||||||||||||
Employer contributions | 283 | 895 | |||||||||||||||
Benefit payments | (679 | ) | (62 | ) | |||||||||||||
Fair value of plan assets at December 31 | $ | 5,652 | $ | 5,328 | |||||||||||||
Funded Status: | |||||||||||||||||
Unfunded status at December 31 | $ | (2,715 | ) | $ | (4,151 | ) | |||||||||||
Projected benefit obligation | $ | 8,367 | $ | 9,479 | |||||||||||||
Accumulated benefit obligation | 7,894 | 8,701 | |||||||||||||||
Fair value of plan assets | 5,652 | 5,328 | |||||||||||||||
Amounts recognized in consolidated balance sheets: | |||||||||||||||||
Prior service credit | $ | - | $ | 7 | |||||||||||||
Net loss | (1,325 | ) | (3,093 | ) | |||||||||||||
Accumulated other comprehensive loss | (1,325 | ) | (3,086 | ) | |||||||||||||
Net periodic benefit cost in excess of accumulated contributions | (1,390 | ) | (1,065 | ) | |||||||||||||
Net amount recognized in consolidated balance sheet | $ | (2,715 | ) | $ | (4,151 | ) | |||||||||||
2013 | 2012 | ||||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 408 | $ | 482 | |||||||||||||
Interest cost | 384 | 360 | |||||||||||||||
Expected return on plan assets | (410 | ) | (345 | ) | |||||||||||||
Amortization of net loss | 232 | 203 | |||||||||||||||
Amortization of prior service credit | (6 | ) | (11 | ) | |||||||||||||
Net periodic benefit cost | 608 | 689 | |||||||||||||||
Curtailment gain | (1 | ) | - | ||||||||||||||
Net periodic benefit cost after curtailment | 607 | 689 | |||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||
Net loss | (1,463 | ) | 1,102 | ||||||||||||||
Amortization of net loss | (232 | ) | (203 | ) | |||||||||||||
Amortization of prior service cost | 6 | 11 | |||||||||||||||
Curtailment (gain) loss | (72 | ) | - | ||||||||||||||
Prior service credit/(cost) received due to curtailment | 1 | - | |||||||||||||||
Total recognized in other comprehensive (income) loss | (1,760 | ) | 910 | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (1,153 | ) | $ | 1,599 | ||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||
Discount rate | 4.03 | % | 4.61 | % | |||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | |||||||||||||
Rate of compensation increase | (a) | (b) | |||||||||||||||
Weighted-average assumptions used to determine pension benefit obligation as of December 31: | |||||||||||||||||
Discount rate | 4.9 | % | 4.03 | % | |||||||||||||
Rate of compensation increase | (a) | (b) | |||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||
Target | Actual | ||||||||||||||||
Allocation Range | Allocation | ||||||||||||||||
Asset Category | 2013 | 2013 | 2012 | ||||||||||||||
Equity securities | 60 | % | (+/- | 1 | to | 5 | %) | 62 | % | 58 | % | ||||||
Debt securities | 35 | % | (+/- | 1 | to | 5 | %) | 31 | % | 33 | % | ||||||
Cash and cash equivalents | 5 | % | (+/- | 1 | to | 5 | %) | 7 | % | 9 | % | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||
2014 | $ | 204 | |||||||||||||||
2015 | 164 | ||||||||||||||||
2016 | 176 | ||||||||||||||||
2017 | 377 | ||||||||||||||||
2018 | 393 | ||||||||||||||||
2019 | to | 2023 | 2,885 | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Government and other fixed income securities | $ | 591 | $ | 1,181 | $ | - | $ | 1,772 | |||||||||
Equities | 3,499 | - | - | 3,499 | |||||||||||||
$ | 4,090 | $ | 1,181 | $ | - | $ | 5,271 | ||||||||||
2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Government and other fixed income securities | $ | 601 | $ | 1,158 | $ | - | $ | 1,759 | |||||||||
Equities | 3,063 | - | - | 3,063 | |||||||||||||
$ | 3,664 | $ | 1,158 | $ | - | $ | 4,822 |
Note_14_Product_Warranty_Table
Note 14 - Product Warranty (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 50 | $ | 50 | |||||
Provisions | 170 | 49 | |||||||
Warranty services provided | (102 | ) | (49 | ) | |||||
$ | 118 | $ | 50 |
Note_15_Commitments_and_Contin1
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | ||||||||
Operating | Capital | ||||||||
2014 | $ | 1,872 | $ | 215 | |||||
2015 | 1,720 | 159 | |||||||
2016 | 1,560 | 43 | |||||||
2017 | 1,160 | ||||||||
2018 | 1,110 | ||||||||
thereafter | 622 |
Note_17_Segment_and_Geographic1
Note 17 - Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Revenues from external customers(1): | |||||||||||||||||
North America | $ | 26,250 | $ | 21,218 | |||||||||||||
Europe, Middle East and Africa (EMEA) | 16,492 | 4,254 | |||||||||||||||
Latin America | 3,092 | 2,538 | |||||||||||||||
Asia | 1,573 | 2,212 | |||||||||||||||
$ | 47,407 | $ | 30,222 | ||||||||||||||
Long-lived assets: | |||||||||||||||||
United States | $ | 910 | $ | 1,347 | |||||||||||||
Europe(2) | 3,235 | - | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Operating income | |||||||||||||||||
(loss) before | Depreciation | Operating | |||||||||||||||
depreciation and | and | income | |||||||||||||||
amortization | amortization | (loss) | Revenue | ||||||||||||||
Hego | $ | 1,950 | $ | (2,095 | ) | $ | (145 | ) | $ | 12,961 | |||||||
Chyron | 5,781 | (818 | ) | 4,963 | 34,446 | ||||||||||||
Corporate | |||||||||||||||||
(unallocated) | (12,466 | ) | - | (12,466 | ) | - | |||||||||||
$ | (4,735 | ) | $ | (2,913 | ) | $ | (7,648 | ) | $ | 47,407 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Maximum Maturity Term for Short Term Investments Considered as Cash Equivalents | '3 months | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $5,266,000 | $2,483,000 | $4,216,000 |
Fair Value Percentage of Securities Sold | ' | 102.00% | ' |
Percentage of Total Revenue Related to Group of Customers | 21.00% | 35.00% | ' |
Shipping and Handling Revenue | 100,000 | 100,000 | ' |
Advertising Expense | 50,000 | 74,000 | ' |
Foreign Currency Transaction Gain (Loss), before Tax | -36,000 | 13,000 | ' |
Highly Liquid Investments in Overnight Purchase Agreements | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $3,900,000 | $1,700,000 | ' |
Minimum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Deferred Reveune Recognition Period | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Deferred Reveune Recognition Period | '3 years | ' | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives | 12 Months Ended |
Dec. 31, 2013 | |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items] | ' |
Property Plant and Equipment Estimated Useful Life | '3 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items] | ' |
Property Plant and Equipment Estimated Useful Life | '10 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items] | ' |
Property Plant and Equipment Estimated Useful Life | '5 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items] | ' |
Property Plant and Equipment Estimated Useful Life | '10 years |
Automobiles [Member] | Minimum [Member] | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items] | ' |
Property Plant and Equipment Estimated Useful Life | '3 years |
Automobiles [Member] | Maximum [Member] | ' |
Note 1 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items] | ' |
Property Plant and Equipment Estimated Useful Life | '4 years |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Accounting Policies (Details) - Shares Used to Calculate Earnings Per Share | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 1 - Summary of Significant Accounting Policies (Details) - Shares Used to Calculate Earnings Per Share [Line Items] | ' | ' |
Basic weighted average shares outstanding | 25,379 | 16,961 |
Diluted weighted average shares outstanding | 25,379 | 16,961 |
Equity Option [Member] | ' | ' |
Weighted average shares which are not included in the calculation of diluted earnings per share because their impact is antidilutive | ' | ' |
Antidilutive Shares | 2,803 | 3,087 |
Restricted Stock [Member] | ' | ' |
Weighted average shares which are not included in the calculation of diluted earnings per share because their impact is antidilutive | ' | ' |
Antidilutive Shares | 30 | 173 |
Note_2_Accounts_Receivable_Det
Note 2 - Accounts Receivable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Accounts Receivable (Details) [Line Items] | ' | ' |
Allowance for Doubtful Accounts Receivable | $600,000 | $400,000 |
Allowance for Doubtful Accounts Receivable, Write-offs | 200,000 | 0 |
Foreign Receivables | ' | ' |
Note 2 - Accounts Receivable (Details) [Line Items] | ' | ' |
Accounts Receivable, Net | $4,900,000 | $2,200,000 |
Note_3_Inventories_Details
Note 3 - Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory Valuation Reserves | $5.40 | $5.10 |
Note_3_Inventories_Details_Inv
Note 3 - Inventories (Details) - Inventory (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Finished goods | $539 | $465 |
Work-in-progress | 310 | 468 |
Raw material | 1,967 | 1,352 |
$2,816 | $2,285 |
Note_4_Goodwill_and_Intangible2
Note 4 - Goodwill and Intangible Assets (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill, Impairment Loss | $0 | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ' | ' |
Goodwill | 18,948,000 | 18,948,000 | 2,066,000 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,900,000 | 1,900,000 | ' |
Amortization of Intangible Assets | ' | $1,520,000 | $99,000 |
Note_4_Goodwill_and_Intangible3
Note 4 - Goodwill and Intangible Assets (Details) - The Components and Estimated Useful Lives of Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amounts | $9,172 | $1,142 |
Accumulated Amortization | 2,104 | 583 |
Net Amount | 7,068 | 559 |
Tradename | 1,900 | ' |
11,072 | ' | |
2,104 | 583 | |
8,968 | 559 | |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Tradename | 1,900 | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amounts | 6,570 | 170 |
Accumulated Amortization | 1,512 | 138 |
Net Amount | 5,058 | 32 |
Estimated Useful Life | '10 years | '10 years |
1,512 | 138 | |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amounts | 1,104 | 304 |
Accumulated Amortization | 153 | 101 |
Net Amount | 951 | 203 |
Estimated Useful Life | '15 years | '15 years |
153 | 101 | |
Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amounts | 1,420 | 620 |
Accumulated Amortization | 403 | 310 |
Net Amount | 1,017 | 310 |
Estimated Useful Life | ' | '10 years |
403 | 310 | |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amounts | 25 | 25 |
Accumulated Amortization | 25 | 25 |
Estimated Useful Life | '3 years | '3 years |
25 | 25 | |
Internet Domain Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amounts | 53 | 23 |
Accumulated Amortization | 11 | 9 |
Net Amount | 42 | 14 |
Estimated Useful Life | ' | '15 years |
$11 | $9 | |
Minimum [Member] | Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '10 years | ' |
Minimum [Member] | Internet Domain Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '10 years | ' |
Maximum [Member] | Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '15 years | ' |
Maximum [Member] | Internet Domain Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '15 years | ' |
Note_4_Goodwill_and_Intangible4
Note 4 - Goodwill and Intangible Assets (Details) - Goodwill Activity (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Hego AB [Member] | Granvideo AB [Member] | ||
Goodwill [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | $18,948 | $2,066 | ' | ' |
Acquisitions | ' | ' | 16,321 | 561 |
Balance at December 31, 2013 | $18,948 | $2,066 | ' | $500 |
Note_4_Goodwill_and_Intangible5
Note 4 - Goodwill and Intangible Assets (Details) - Annual Amortization Expense for Intangible Assets (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Annual Amortization Expense for Intangible Assets [Abstract] | ' |
2014 | $1,325 |
2015 | 1,124 |
2016 | 959 |
2017 | 824 |
2018 | 617 |
Thereafter | $2,219 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 5 - Property and Equipment (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $2,913,000 | $919,000 |
Capital Leased Assets, Gross | 1,000,000 | 150,000 |
Property, Plant and Equipment [Member] | ' | ' |
Note 5 - Property and Equipment (Details) [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $1,400,000 | $800,000 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment | $12,802 | $6,490 |
Less: Accumulated depreciation and amortization | 8,657 | 5,143 |
4,145 | 1,347 | |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment | 9,746 | 5,194 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment | 2,230 | 1,129 |
Automobiles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment | 550 | ' |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and Equipment | $276 | $167 |
Note_6_Accounts_Payable_and_Ac2
Note 6 - Accounts Payable and Accrued Expenses (Details) - Accounts Payable and Accrued Expenses (Incomplete) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Expenses (Incomplete) [Abstract] | ' | ' |
Accounts payable | $4,498 | $1,924 |
Accrued salaries, and other employee benefits | 1,859 | 529 |
Accrued severance | 1,502 | 47 |
Accrued warranty (Note 14) | 118 | 50 |
Accrued medical costs | 136 | 197 |
Other | 1,127 | 353 |
$9,240 | $3,100 |
Note_7_Longterm_Debt_Details
Note 7 - Long-term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 49 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 49 Months Ended | |||||||||||||
Sep. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 15, 2013 | Sep. 02, 2013 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 15, 2013 | Dec. 30, 2017 | Dec. 31, 2013 | Sep. 02, 2013 | |
Term Loan, Europe, First and Second [Member] | Term Loan, Europe, First, Second and Third [Member] | Term Loan, Europe, First, Second and Third [Member] | Term Loan, Europe, Fourth [Member] | When AQR Falls Below 1.5x [Member] | When AQR Falls Below 1.5x [Member] | Sportsground AB [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | |||
Minimum [Member] | Maximum [Member] | UNITED STATES | UNITED STATES | Europe [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Prime Rate [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | ||||||||||
Prime Rate [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | ||||||||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Note 7 - Long-term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | 933,000 | ' | ' | 0 | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | 921,000 | ' | ' | ' | ' | ' | ' | 900,000 | 1,200,000 |
Debt Instrument, Fair Value Disclosure | ' | 1,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000 |
Debt Instrument, Periodic Payment, Principal | 60,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | 100,000 | 60,000 | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 260,000 | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | 900,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 7.45% | 7.75% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' |
Line of Credit Facility, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Advance Rate Percentage Of Elligible Accounts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' |
Debt Instrument Covenant Terms Adjusted Quick Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' |
Minimum Adjusted Quick Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.75% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' |
Repayments Of Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' |
Term Loan Duration Of Payments Periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | ' | ' | ' | ' |
Note_7_Longterm_Debt_Details_L
Note 7 - Long-term Debt (Details) - Long-Term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Other | $95,000 | ' |
2,304,000 | 677,000 | |
Less: portion due within one year | 1,532,000 | 280,000 |
772,000 | 397,000 | |
Europe [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facilities - Europe | 933,000 | ' |
Note payable - Europe | 921,000 | ' |
Term loan | 355,000 | ' |
UNITED STATES | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term loan | ' | $677,000 |
Note_8_Business_Combinations_D
Note 8 - Business Combinations (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 49 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Sep. 02, 2013 | 22-May-13 | Dec. 31, 2013 | 10-May-13 | Dec. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | 22-May-13 | Dec. 31, 2013 | Sep. 02, 2013 | Nov. 15, 2013 | Sep. 02, 2013 | Dec. 30, 2017 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | 22-May-13 | ||
Common Stock [Member] | Warrant [Member] | Beneficial Owner [Member] | Earn-Out Shares [Member] | Hego [Member] | Sportsground AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Granvideo AB [Member] | Hego Trac AB [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | |||||||
Hego Trac AB [Member] | Hego Trac AB [Member] | Hego Trac AB [Member] | |||||||||||||||||
Note 8 - Business Combinations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | 12,199,431 | ' | ' | ' | 413,324 | 206,661 | ' | 18,299,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination Percentage Of Total Shares Issuable | ' | 40.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination Excercise Price of Outstanding Options and RSAs (in Dollars per share) | ' | ' | ' | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Consideration Transferred | ' | 24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000 | ' | ' | 800,000 | ' | 500,000 | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | 16,600,000 | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | [1] | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ' | ' | 4,760,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,760,000 | ' | |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,260,000 | ' | |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | 100.00% | ' | ' | ' | ' | ' | |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | 900,000 | ' | ' | ' | |
Debt Instrument, Fair Value Disclosure | ' | ' | 1,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000 | ' | ' | ' | ' | ' | |
Debt Instrument, Periodic Payment, Principal | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 260,000 | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | |
Goodwill | ' | ' | 18,948,000 | ' | 2,066,000 | ' | ' | ' | ' | 16,321,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.59 | ' | ' | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | ' | $600,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Represents the initial recording of the contingent consideration from the Business Combination with Hego. |
Note_8_Business_Combinations_D1
Note 8 - Business Combinations (Details) - Additional Shares Issued through Revenue Milestones | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | |
Revenue Recognition, Milestone Method [Line Items] | ' | ' | ' | ' | ' |
Shares Issuable Upon Milestone Completion | 1,742,776 | 1,584,342 | 2,772,598 | 6,099,716 | 6,099,716 |
Note_8_Business_Combinations_D2
Note 8 - Business Combinations (Details) - Additional Shares Issued through Revenue Milestones (Parentheticals) (USD $) | 12 Months Ended | 24 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Revenue Milestone Requirement [Member] | |||||
Revenue Milestone Requirement [Member] | Revenue Milestone Requirement [Member] | Revenue Milestone Requirement [Member] | ||||||
Revenue Recognition, Milestone Method [Line Items] | ' | ' | ' | ' | ' | ' | ||
Revenue Milestone | $47,407 | [1] | $30,222 | [1] | $16,500 | $16,000 | $33,000 | $15,500 |
[1] | Included in North America revenues are $25.1 million of revenues from external customers in the United States and included in EMEA revenues are $7.8 million of revenues from external customers in Sweden. No revenues from any other individual country makes up more than 10% of consolidated revenues. |
Note_8_Business_Combinations_D3
Note 8 - Business Combinations (Details) - Acquisition Purchase Price Allocation (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Hego [Member] | ||
Note 8 - Business Combinations (Details) - Acquisition Purchase Price Allocation [Line Items] | ' | ' | ' |
Net fair value of assets acquired | ' | ' | $107 |
Intangible assets, net of tax | 8,968 | 559 | 9,930 |
Goodwill | 18,948 | 2,066 | 16,321 |
' | ' | 26,358 | |
Deferred tax liability | ' | ' | -1,766 |
' | ' | $24,592 |
Note_8_Business_Combinations_D4
Note 8 - Business Combinations (Details) - Intangible Assets Acquired (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Indefinite-lived intangibles: | ' |
$9,930 | |
Trade Names [Member] | ' |
Indefinite-lived intangibles: | ' |
Tradename | 1,900 |
Customer Relationships [Member] | ' |
Definite-lived intangibles: | ' |
Carrying Value | 6,400 |
Patented Technology [Member] | ' |
Definite-lived intangibles: | ' |
Carrying Value | 800 |
Other Intangible Assets [Member] | ' |
Definite-lived intangibles: | ' |
Carrying Value | $830 |
Note_8_Business_Combinations_D5
Note 8 - Business Combinations (Details) - Proforma Results of Operations (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Proforma Results of Operations [Abstract] | ' | ' |
Net sales | $53,281 | $45,024 |
Net loss | ($8,282) | ($28,010) |
Net loss per share - basic and diluted (in Dollars per share) | ($0.28) | ($0.96) |
Note_9_Long_Term_Incentive_Pla2
Note 9 - Long Term Incentive Plan (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-13 |
Note 9 - Long Term Incentive Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1.4 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years | '6 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $38,000 | $1,000 | ' |
Share-based Compensation | 2,993,000 | 938,000 | ' |
Number Of Positions Reduced | ' | ' | 20 |
Percentage Share Based Compensation Payable With Common Stock | 65.00% | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,700,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Note 9 - Long Term Incentive Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Modifications to the Awards [Member] | ' | ' | ' |
Note 9 - Long Term Incentive Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation | 400,000 | ' | ' |
Management Incentive Compensation Plan | ' | ' | ' |
Note 9 - Long Term Incentive Plan (Details) [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,300,000 | 0 | ' |
Unamortized Expense Related to Vesting of Awards [Member] | ' | ' | ' |
Note 9 - Long Term Incentive Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation | $1,300,000 | ' | ' |
Note_9_Long_Term_Incentive_Pla3
Note 9 - Long Term Incentive Plan (Details) - Weighted Average Assumptions for Options Granted (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Assumptions for Options Granted [Abstract] | ' | ' |
Expected volatility | 76.87% | 71.46% |
Risk-free interest rate | 1.78% | 0.58% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (in years) | '6 years | '6 years |
Estimated fair value per option granted (in Dollars per share) | $1.08 | $0.67 |
Note_9_Long_Term_Incentive_Pla4
Note 9 - Long Term Incentive Plan (Details) - Summary of the Company’s Stock Options (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of the Company’s Stock Options [Abstract] | ' |
Outstanding at January 1, 2013 | 4,294,273 |
Outstanding at January 1, 2013 (in Dollars per share) | $2.08 |
Outstanding at December 31, 2013 | 5,994,788 |
Outstanding at December 31, 2013 (in Dollars per share) | $1.96 |
Outstanding at December 31, 2013 | '7 years |
Outstanding at December 31, 2013 (in Dollars) | $2,904,515 |
Exercisable at December 31, 2013 | 4,056,572 |
Exercisable at December 31, 2013 (in Dollars per share) | $2.13 |
Exercisable at December 31, 2013 | '5 years 219 days |
Exercisable at December 31, 2013 (in Dollars) | $1,929,051 |
Granted | 1,989,000 |
Granted (in Dollars per share) | $1.61 |
Exercised | -73,230 |
Exercised (in Dollars per share) | $0.72 |
Forfeited and cancelled | -215,255 |
Forfeited and cancelled (in Dollars per share) | $1.57 |
Note_9_Long_Term_Incentive_Pla5
Note 9 - Long Term Incentive Plan (Details) - Summary of the Company’s RSUs (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Non-Vested Beginning Period | ' |
Note 9 - Long Term Incentive Plan (Details) - Summary of the Company’s RSUs [Line Items] | ' |
Shares (in Shares) | 343,161 |
Weighted average grant date fair value | $1.76 |
Granted | ' |
Note 9 - Long Term Incentive Plan (Details) - Summary of the Company’s RSUs [Line Items] | ' |
Shares (in Shares) | 329,164 |
Weighted average grant date fair value | $0.81 |
Vested | ' |
Note 9 - Long Term Incentive Plan (Details) - Summary of the Company’s RSUs [Line Items] | ' |
Shares (in Shares) | -672,325 |
Weighted average grant date fair value | $1.30 |
Non-vested Ending Period | ' |
Note 9 - Long Term Incentive Plan (Details) - Summary of the Company’s RSUs [Line Items] | ' |
Weighted average grant date fair value | $0 |
Note_9_Long_Term_Incentive_Pla6
Note 9 - Long Term Incentive Plan (Details) - Impact on our Results of Operations of Recording Share-based Compensation Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based Compensation Expense | $2,993 | $938 |
Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based Compensation Expense | 35 | 75 |
Research and Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based Compensation Expense | 243 | 323 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based Compensation Expense | $2,715 | $540 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Exercise of Disqualifying Stock Options [Member] | |||
Note 10 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Gross | $19,801,000 | $20,344,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 12,074,000 | 14,491,000 | ' |
Operating Loss Carryforwards | 34,000,000 | ' | ' |
Deferred Tax Expense from Stock Options Exercised | ' | ' | 1,300,000 |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | ' | 5,600,000 | ' |
Undistributed Earnings of Foreign Subsidiaries | $900,000 | ' | ' |
Note_10_Income_Taxes_Details_D
Note 10 - Income Taxes (Details) - Deferred Income Taxes (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $12,074 | $14,491 |
Inventory | 1,856 | 1,769 |
Other liabilities | 3,051 | 3,055 |
Fixed assets | 2,069 | 440 |
Other temporary differences | 751 | 589 |
19,801 | 20,344 | |
Less: valuation allowance | -19,745 | -20,344 |
Total deferred tax assets | 56 | ' |
Deferred tax liability: | ' | ' |
Intangibles | -1,453 | ' |
Other temporary differences | -13 | ' |
Net deferred tax liability | -1,410 | ' |
As reported: | ' | ' |
Non-current deferred tax assets | 56 | ' |
Current deferred tax liability | -271 | ' |
Non-current deferred tax liabilities | ($1,195) | ' |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components of Loss Before Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Loss Before Taxes [Abstract] | ' | ' |
Domestic | ($1,162) | ($3,762) |
Foreign | -6,772 | ' |
($7,934) | ($3,762) |
Note_10_Income_Taxes_Details_I
Note 10 - Income Taxes (Details) - Income Tax Benefit (Provision) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | ' | ' |
State and foreign | $87 | ($38) |
Deferred: | ' | ' |
State | -21 | 53 |
Federal | -2 | 921 |
Foreign | 93 | ' |
70 | 974 | |
Valuation allowance | -23 | -19,475 |
Income tax benefit (expense) | $134 | ($18,539) |
Note_10_Income_Taxes_Details_E
Note 10 - Income Taxes (Details) - Effective Income Tax Rate Difference From Federal Statutory Rate (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Difference From Federal Statutory Rate [Abstract] | ' | ' |
Federal income tax benefit at statutory rate (in Dollars) | $2,698 | $1,279 |
Federal income tax benefit at statutory rate | 34.00% | 34.00% |
Permanent items: | ' | ' |
Nondeductible mark-to-market adjustment for contingent liability (in Dollars) | -1,047 | ' |
Nondeductible mark-to-market adjustment for contingent liability | -13.20% | ' |
Nondeductible share based payments (in Dollars) | -464 | ' |
Nondeductible share based payments | -5.80% | ' |
Nondeductible merger transaction costs (in Dollars) | -353 | ' |
Nondeductible merger transaction costs | -4.40% | ' |
Other nondeductible items (in Dollars) | -43 | -150 |
Other nondeductible items | -0.60% | -4.10% |
Research and development credits (in Dollars) | -133 | ' |
Research and development credits | -1.70% | ' |
International tax rate differentials (in Dollars) | -813 | -18 |
International tax rate differentials | -10.30% | -0.40% |
Other (in Dollars) | -310 | -175 |
Other | -3.70% | -4.60% |
Effect of increase in valuation allowance for deferred tax assets (in Dollars) | 599 | -19,475 |
Effect of increase in valuation allowance for deferred tax assets | 7.40% | -517.70% |
(in Dollars) | $134 | ($18,539) |
1.70% | -492.80% |
Note_11_Other_Comprehensive_In2
Note 11 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 11 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | ($2,325) | ($1,428) |
Change for period | 1,651 | -1,067 |
Amounts reclassified from accumulated other comprehensive income (loss) | 253 | 170 |
Balance | -421 | -2,325 |
Accumulated Translation Adjustment [Member] | ' | ' |
Note 11 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -13 | -26 |
Change for period | 144 | 13 |
Balance | 131 | -13 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Note 11 - Other Comprehensive Income (Details) - Components and Activity Related to Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | -2,312 | -1,402 |
Change for period | 1,507 | -1,080 |
Amounts reclassified from accumulated other comprehensive income (loss) | 253 | 170 |
Balance | ($552) | ($2,312) |
Note_12_Fair_Value_Measurement2
Note 12 - Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 |
Note 12 - Fair Value Measurements (Details) [Line Items] | ' |
Probability Level of Current Earn-Out | 100.00% |
Fiscal Year 2014 and 2015 [Member] | ' |
Note 12 - Fair Value Measurements (Details) [Line Items] | ' |
Probability Level of Future Earn-Outs | 90.00% |
Fair Value, Inputs, Level 2 [Member] | Overnight Repurchase Agreements [Member] | ' |
Note 12 - Fair Value Measurements (Details) [Line Items] | ' |
Cash Equivalents, at Carrying Value (in Dollars) | 3,900,000 |
Fair Value, Inputs, Level 3 [Member] | ' |
Note 12 - Fair Value Measurements (Details) [Line Items] | ' |
Business Combination, Contingent Consideration, Liability (in Dollars) | 12,260,000 |
Note_12_Fair_Value_Measurement3
Note 12 - Fair Value Measurements (Details) - Reconciliation of Items Measured at Fair Value on a Recurring Basis (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | 22-May-13 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Additions to level 3 (1) | ' | $16,600 | |
Unrealized loss for the year - change in fair value of contingent consideration | 4,760 | ' | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | |
Additions to level 3 (1) | 7,500 | [1] | ' |
Unrealized loss for the year - change in fair value of contingent consideration | 4,760 | ' | |
Balance | $12,260 | ' | |
[1] | Represents the initial recording of the contingent consideration from the Business Combination with Hego. |
Note_13_Benfit_Plans_Details
Note 13 - Benfit Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Share data in Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | ' | $300,000 | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year (in Dollars) | ' | 500,000 | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | ' | 0.00% | 0.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | 0.00% |
Corridor Percentage | ' | ' | 10.00% |
Net Amount at Risk by Product and Guarantee, Weighted Average Period Remaining | '9 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '3 years | ' |
Stock Issued During Period, Shares, Employee Benefit Plan (in Shares) | ' | 204 | 233 |
Stock Issued During Period, Value, Employee Benefit Plan (in Dollars) | ' | 243,000 | 288,000 |
ThereafterMember | ' | ' | ' |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | ' | 2.00% | 2.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.00% | 2.00% | 2.00% |
Maximum Employee Contribution Percentage | ' | ' | ' |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Maximum Employee Contribution Percent of Compensation | ' | 20.00% | ' |
Percent of Qualifying Compensation | ' | ' | ' |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Percent of Qualifying Compensation | ' | 6.00% | ' |
Net Income (Loss) [Member] | ' | ' | ' |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year (in Dollars) | ' | 55,000 | ' |
Transistion Asset (Obligation) [Member] | ' | ' | ' |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year (in Dollars) | ' | 0 | ' |
Prior Service Cost [Member] | ' | ' | ' |
Note 13 - Benfit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year (in Dollars) | ' | $6,000 | ' |
Note_13_Benfit_Plans_Details_B
Note 13 - Benfit Plans (Details) - Benefit Plan Information for the U.S. Pension Plan (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of projected benefit obligation: | ' | ' |
Obligation at January 1 | $9,479 | $7,535 |
Service Cost | 408 | 482 |
Interest Cost | 384 | 360 |
Expected return on plan assets | -410 | -345 |
Amortization of net loss | 232 | 203 |
Amortization of prior service credit | -6 | -11 |
Net periodic benefit cost | 608 | 689 |
Actuarial (gain)/ loss | -1,153 | 1,164 |
Fair value of plan assets at January 1 | 5,328 | 4,088 |
Actual return on plan assets | 720 | 407 |
Employer contributions | 283 | 895 |
Benefit Payments | -679 | -62 |
Curtailments | -72 | ' |
Curtailment gain | -1 | ' |
Net periodic benefit cost after curtailment | 607 | 689 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | ' | ' |
Net loss | -1,463 | 1,102 |
Amortization of net loss | -232 | -203 |
Amortization of prior service cost | 6 | 11 |
Curtailment (gain) loss | -72 | ' |
Prior service credit/(cost) received due to curtailment | 1 | ' |
Total recognized in other comprehensive (income) loss | -1,760 | 910 |
Fair Value of Plan assets | 5,652 | 5,328 |
Amounts recognized in consolidated balance sheets: | ' | ' |
Prior service credit | ' | 7 |
Net loss | -1,325 | -3,093 |
Accumulated other comprehensive loss | -1,325 | -3,086 |
Periodic benefit cost | -1,390 | -1,065 |
Funded Status: | ' | ' |
Net Amount Recognized in Consolidated Balance Sheet | -2,715 | -4,151 |
Projected Benefit Obligation | 8,367 | 9,479 |
Accumulated benefit obligation | 7,894 | 8,701 |
Net Periodic Benefit Cost and Other Comprehensive (Income) Loss, Total Recognized [Member] | ' | ' |
Amounts recognized in consolidated balance sheets: | ' | ' |
Periodic benefit cost | ($1,153) | $1,599 |
Note_13_Benfit_Plans_Details_W
Note 13 - Benfit Plans (Details) - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 4.03% | 4.61% |
Expected long-term return on plan assets | 7.50% | 7.50% |
Weighted-average assumptions used to determine pension benefit obligation as of December 31: | ' | ' |
Discount rate | 4.90% | 4.03% |
Note_13_Benfit_Plans_Details_A
Note 13 - Benfit Plans (Details) - Actual Pension Plan Asset Allocations | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | |
Plus or Minus 1 to 5 Percent | Plus or Minus 1 to 5 Percent | Plus or Minus 1 to 5 Percent | |||||||
Note 13 - Benfit Plans (Details) - Actual Pension Plan Asset Allocations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Allocation Range | ' | ' | 60.00% | ' | ' | 35.00% | ' | ' | 5.00% |
Actual Allocation | 62.00% | 58.00% | ' | 31.00% | 33.00% | ' | 7.00% | 9.00% | ' |
Note_13_Benfit_Plans_Details_E
Note 13 - Benfit Plans (Details) - Estimated Future Benefit Payments (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Estimated Future Benefit Payments [Abstract] | ' |
$204 | |
164 | |
176 | |
377 | |
393 | |
2019 | $2,885 |
Note_13_Benfit_Plans_Details_P
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities, Total | $5,271 | $4,822 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 591 | 601 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,181 | 1,158 |
Debt Securities [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 1,772 | 1,759 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,499 | 3,063 |
Equity Securities [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 3,499 | 3,063 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities, Total | 4,090 | 3,664 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 13 - Benfit Plans (Details) - Pension Plan’s Assets Measured at Fair Value on Recurring Basis [Line Items] | ' | ' |
Available for sale securities, Total | $1,181 | $1,158 |
Note_14_Product_Warranty_Detai
Note 14 - Product Warranty (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Term | '1 year |
Note_14_Product_Warranty_Detai1
Note 14 - Product Warranty (Details) - Movement in the Warranty Reserve (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in the Warranty Reserve [Abstract] | ' | ' |
Balance | $50 | $50 |
Provisions | 170 | 49 |
Warranty services provided | -102 | -49 |
Balance | $118 | $50 |
Note_15_Commitments_and_Contin2
Note 15 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense, Net | $1.10 | $0.70 |
Long-term Purchase Commitment, Amount | 1.9 | ' |
Severance and Benefits [Member] | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Loss Contingency, Estimate of Possible Loss | $2.20 | ' |
Note_15_Commitments_and_Contin3
Note 15 - Commitments and Contingencies (Details) - Expiration of Obligated Operating and Capital Leases for Space and Equipment (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Expiration of Obligated Operating and Capital Leases for Space and Equipment [Abstract] | ' |
2014 | $1,872 |
2014 | 215 |
2015 | 1,720 |
2015 | 159 |
2016 | 1,560 |
2016 | 43 |
2017 | 1,160 |
2018 | 1,110 |
thereafter | $622 |
Note_16_Due_to_Related_Parties1
Note 16 - Due to Related Parties (Details) (Hego [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Hego [Member] | ' |
Note 16 - Due to Related Parties (Details) [Line Items] | ' |
Related Party Transaction, Rate | 5.95% |
Note_17_Segment_and_Geographic2
Note 17 - Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Note 17 - Segment and Geographic Information (Details) [Line Items] | ' | ' | ' | ' | |||
Revenues | ' | ' | $47,407 | [1] | $30,222 | [1] | |
Number of Reportable Segments | 1 | 2 | ' | ' | |||
UNITED STATES | ' | ' | ' | ' | |||
Note 17 - Segment and Geographic Information (Details) [Line Items] | ' | ' | ' | ' | |||
Revenues | ' | ' | 25,100 | ' | |||
Long-Lived Assets | ' | 910 | [2] | 910 | [2] | 1,347 | [2] |
SWEDEN | ' | ' | ' | ' | |||
Note 17 - Segment and Geographic Information (Details) [Line Items] | ' | ' | ' | ' | |||
Revenues | ' | ' | 7,800 | ' | |||
Long-Lived Assets | ' | 2,100 | 2,100 | ' | |||
FINLAND | ' | ' | ' | ' | |||
Note 17 - Segment and Geographic Information (Details) [Line Items] | ' | ' | ' | ' | |||
Long-Lived Assets | ' | 900 | $900 | ' | |||
[1] | Included in North America revenues are $25.1 million of revenues from external customers in the United States and included in EMEA revenues are $7.8 million of revenues from external customers in Sweden. No revenues from any other individual country makes up more than 10% of consolidated revenues. | ||||||
[2] | Approximately $2.1 million and $0.9 million of long-lived assets are in Sweden and Finland, respectively. No other country holds more than 10% of long-lived assets. |
Note_17_Segment_and_Geographic3
Note 17 - Segment and Geographic Information (Details) - Details of the Company’s Geographic Sales (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues from external customers(1): | ' | ' | ||
Revenue from external customers | $47,407 | [1] | $30,222 | [1] |
North America [Member] | ' | ' | ||
Revenues from external customers(1): | ' | ' | ||
Revenue from external customers | 26,250 | [1] | 21,218 | [1] |
EMEA [Member] | ' | ' | ||
Revenues from external customers(1): | ' | ' | ||
Revenue from external customers | 16,492 | [1] | 4,254 | [1] |
Latin America [Member] | ' | ' | ||
Revenues from external customers(1): | ' | ' | ||
Revenue from external customers | 3,092 | [1] | 2,538 | [1] |
Asia [Member] | ' | ' | ||
Revenues from external customers(1): | ' | ' | ||
Revenue from external customers | 1,573 | [1] | 2,212 | [1] |
UNITED STATES | ' | ' | ||
Revenues from external customers(1): | ' | ' | ||
Revenue from external customers | 25,100 | ' | ||
Long-lived assets: | ' | ' | ||
Long-lived assets | 910 | [2] | 1,347 | [2] |
Europe [Member] | ' | ' | ||
Long-lived assets: | ' | ' | ||
Long-lived assets | $3,235 | [2] | ' | [2] |
[1] | Included in North America revenues are $25.1 million of revenues from external customers in the United States and included in EMEA revenues are $7.8 million of revenues from external customers in Sweden. No revenues from any other individual country makes up more than 10% of consolidated revenues. | |||
[2] | Approximately $2.1 million and $0.9 million of long-lived assets are in Sweden and Finland, respectively. No other country holds more than 10% of long-lived assets. |
Note_17_Segment_and_Geographic4
Note 17 - Segment and Geographic Information (Details) - Operating Segment Data (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating income (loss) before depreciation and amortization | ($4,735) | ' | ||
Depreciation and amortization | -2,913 | -919 | ||
Operating income (loss) | -7,648 | -3,749 | ||
Revenue | 47,407 | [1] | 30,222 | [1] |
Hego [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating income (loss) before depreciation and amortization | 1,950 | ' | ||
Depreciation and amortization | -2,095 | ' | ||
Operating income (loss) | -145 | ' | ||
Revenue | 12,961 | ' | ||
Chyron [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating income (loss) before depreciation and amortization | 5,781 | ' | ||
Depreciation and amortization | -818 | ' | ||
Operating income (loss) | 4,963 | ' | ||
Revenue | 34,446 | ' | ||
Corporate Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating income (loss) before depreciation and amortization | -12,466 | ' | ||
Operating income (loss) | ($12,466) | ' | ||
[1] | Included in North America revenues are $25.1 million of revenues from external customers in the United States and included in EMEA revenues are $7.8 million of revenues from external customers in Sweden. No revenues from any other individual country makes up more than 10% of consolidated revenues. |