Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 03, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | ACME UNITED CORP | |
Entity Central Index Key | 2,098 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,370,591 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 4,621 | $ 2,286 |
Accounts receivable, less allowance | 23,587 | 19,477 |
Inventories: | ||
Finished goods | 29,418 | 28,713 |
Work in process | 535 | 522 |
Raw materials and supplies | 4,545 | 4,436 |
Total inventory | 34,498 | 33,671 |
Prepaid expenses and other current assets | 2,171 | 2,077 |
Total current assets | 64,877 | 57,511 |
Property, plant and equipment: | ||
Land | 420 | 436 |
Buildings | 5,129 | 5,126 |
Machinery and equipment | 11,226 | 10,067 |
Total property, plant and equipment | 16,775 | 15,629 |
Less accumulated depreciation | 9,432 | 8,698 |
Net property, plant and equipment | 7,343 | 6,931 |
Goodwill | 1,375 | 1,375 |
Intangible assets, less amortization | 12,023 | 12,555 |
Other assets | 967 | 936 |
Total assets | 86,585 | 79,308 |
Current liabilities: | ||
Accounts payable | 7,206 | 7,773 |
Other accrued liabilities | 6,759 | 7,590 |
Total current liabilities | 13,965 | 15,363 |
Long-term debt | 28,551 | 24,147 |
Other | 362 | 370 |
Total liabilities | 42,878 | 39,880 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,740,618 shares in 2015 and 4,653,424 shares in 2014, including treasury stock | 11,851 | 11,633 |
Additional paid-in capital | 9,304 | 7,941 |
Retained earnings | 37,236 | 33,784 |
Treasury stock, at cost - 1,371,754 shares in 2015 and 1,362,072 shares in 2014 | (12,445) | (12,283) |
Accumulated other comprehensive income: | ||
Minimum pension liability | (895) | (895) |
Translation adjustment | (1,343) | (752) |
Total accumulated other comprehensive income | (2,238) | (1,647) |
Total stockholders' equity | 43,707 | 39,428 |
Total liabilities and stockholders' equity | $ 86,585 | $ 79,308 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 4,740,618 | 4,653,424 |
Treasury stock, shares | 1,371,754 | 1,362,072 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements Of Operations | ||||
Net sales | $ 29,903 | $ 30,008 | $ 86,694 | $ 82,555 |
Cost of goods sold | 19,578 | 19,393 | 55,398 | 53,346 |
Gross profit | 10,325 | 10,615 | 31,296 | 29,209 |
Selling, general and administrative expenses | 8,334 | 8,685 | 24,603 | 22,920 |
Operating income | 1,991 | 1,930 | 6,693 | 6,289 |
Interest: | ||||
Interest expense | 150 | 157 | 424 | 355 |
Interest income | (1) | (4) | (4) | (12) |
Interest expense, net | 149 | 153 | 420 | 343 |
Other expense, net | 92 | 67 | 149 | 78 |
Total other expense | 241 | 220 | 568 | 421 |
Income before income taxes | 1,750 | 1,710 | 6,124 | 5,868 |
Income tax expense | 542 | 521 | 1,771 | 1,769 |
Net income | $ 1,208 | $ 1,189 | $ 4,353 | $ 4,099 |
Basic earnings per share | $ .36 | $ .37 | $ 1.31 | $ 1.27 |
Diluted earnings per share | $ .33 | $ .34 | $ 1.18 | $ 1.18 |
Weighted average number of common shares outstanding - denominator used for basic per share computations | 3,354,000 | 3,250,000 | 3,328,000 | 3,224,000 |
Weighted average number of dilutive stock options outstanding | 345,000 | 296,000 | 370,000 | 261,000 |
Denominator used for diluted per share computations | 3,699,000 | 3,546,000 | 3,698,000 | 3,485,000 |
Dividends declared per share | $ .09 | $ .09 | $ .27 | $ .25 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements Of Comprehensive Income Loss | ||||
Net income | $ 1,208 | $ 1,189 | $ 4,353 | $ 4,099 |
Other comprehensive loss - | ||||
Foreign currency translation | (129) | (447) | (591) | (485) |
Comprehensive income | $ 1,079 | $ 742 | $ 3,762 | $ 3,614 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities: | ||
Net income | $ 4,353 | $ 4,099 |
Adjustments to reconcile net income to net cash (used) provided by operating activities: | ||
Depreciation | 970 | 902 |
Amortization | 584 | 345 |
Stock compensation expense | 442 | 451 |
Gain on disposal/sale of assets | (200) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,205) | (6,079) |
Inventories | (1,392) | (1,895) |
Prepaid expenses and other current assets | (226) | (168) |
Accounts payable | (372) | 863 |
Other accrued liabilities | (844) | 3,018 |
Total adjustments | (5,042) | (2,763) |
Net cash (used) provided by operating activities | (689) | 1,336 |
Investing Activities: | ||
Purchase of property, plant, and equipment | (1,352) | (1,419) |
Purchase of patents and trademarks | (52) | (119) |
Acquisition of certain assets of First Aid Only, Inc. | (13,806) | |
Proceeds from the sales of property, plant and equipment | 5 | 773 |
Net cash used by investing activities | (1,399) | (14,571) |
Financing Activities: | ||
Borrowing of long-term debt, net of repayments | 4,404 | 7,433 |
Proceeds from issuance of common stock | 1,139 | 890 |
Distributions to stockholders | (895) | (768) |
Purchase of common stock | (162) | |
Net cash provided by financing activities | 4,486 | 7,555 |
Effect of exchange rate changes on cash | (63) | (150) |
Net change in cash and cash equivalents | 2,335 | (5,830) |
Cash and cash equivalents at beginning of period | 2,286 | 11,644 |
Cash and cash equivalents at end of period | $ 4,621 | $ 5,814 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the Company). These adjustments are of a normal, recurring nature. However, the financial statements do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 for such disclosures. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Managements Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto, included in the Companys 2014 Annual Report on Form 10-K. The Company has evaluated events and transactions subsequent to September 30, 2015 and through the date these condensed consolidated financial statements were included in this Form 10-Q and filed with the SEC. As part of the process of preparing our financial statements on a quarterly basis, the Company estimates its income tax expense. This process involves the estimation of the Companys current tax exposure based on expected annual results of operations. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Contingencies | |
Contingencies | Note 2 Contingencies The Company is involved from time to time in disputes and other litigation in the ordinary course of business and may encounter other contingencies, which may include environmental and other matters. There are no pending material legal proceedings to which the registrant is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority. In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Companys original scissor factory which opened in 1887 and was closed in 1996. Under the terms of the sale agreement, and as required by the Connecticut Transfer Act, the Company was required to remediate any environmental contamination on the property. During 2008, the Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, the Company recorded an undiscounted liability of approximately $1.8 million related to the remediation of the property. This accrual included the costs of required investigation, remedial activities, and post-remediation operating and maintenance. Remediation work on the project began in the third quarter of 2009 and was completed during the third quarter of 2012. In addition to the completed remediation work, the Company, with the assistance of its independent environmental consulting firm, was required to monitor contaminant levels on the property to ensure they comply with applicable governmental standards. During the first quarter of 2015, the Company received notice from the Connecticut Department of Energy & Environmental Protection that it had accepted and approved the Companys filing of its Form III Verification Report. As a result, the Companys remediation obligations have been satisfied. On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Companys scissors and rulers. Under the terms of the sale agreement, the Company is responsible to remediate any environmental contamination on the property. The Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014, related to the remediation of the property. The accrual included the total of then estimated costs of remedial activities and post-remediation monitoring costs. Remediation work on the project began in the third quarter of 2014 and is expected to be completed in 2015. In addition to the remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with applicable North Carolina laws and regulations. The Company expects that the monitoring period will last a period of five years after the completion of the remediation and be completed by the end of 2020. The change in the accrual for environmental remediation, included in other accruaed liabilities and other liabilities on the condensed consolidated balance sheets for the nine months ended September 30, 2015 follows (amounts in thousands): Balance at December 31, 2014 Payments Balance at September 30, 2015 Fremont, NC $ 260 $ (180 ) $ 80 Bridgeport, CT 6 (6 ) Total $ 266 $ (186 ) $ 80 |
Pension
Pension | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension | Note 3 Pension Components of net periodic benefit cost are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Interest cost $ 15 $ 18 $ 44 $ 53 Service cost 6 6 19 19 Expected return on plan assets (24 ) (23 ) (70 ) (70 ) Amortization of prior service costs 2 2 7 7 Amortization of actuarial loss 36 29 92 87 $ 35 $ 32 $ 92 $ 96 The Companys funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. As of September 30, 2015 the Company had contributed approximately $30,000 to the plan. |
Debt and Shareholders' Equity
Debt and Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Debt And Shareholders Equity | |
Debt and Stockholders Equity | Note 4 Debt and Shareholders Equity On April 25, 2013, the Company amended its revolving loan agreement with HSBC Bank N.A. dated April 5, 2012. The amendment increased the borrowing limit to $40 million from $30 million. The interest rate remained the same at LIBOR plus 1.75%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires; interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At September 30, 2015, the Company was in compliance with these covenants. As of September 30, 2015 and December 31, 2014, the Company had outstanding borrowings of approximately $28,551,000 and $24,147,000, respectively, under the Companys revolving loan agreement with HSBC. During the three months ended September 30, 2015, the Company issued a total of 39,599 shares of common stock and received aggregate proceeds of $463,029 upon exercise of employee stock options. During the nine months ended September 30, 2015, the Company issued a total of 87,194 shares of common stock and received aggregate proceeds of $1,137,863 upon the exercise of employee stock options. During the three and nine months ended September 30, 2015, the Company repurchased 9,682 shares of its Common Stock at an average price of $16.69. As of September 30, 2015, there were 133,463 shares that may be purchased under the repurchase program announced in 2010. The Companys purchases in September were effected pursuant to a Rule 10b5-1 plan. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information | |
Segment Information | Note 5 Segment Information The Company reports financial information based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Companys reportable business segments consist of: (1) United States; (2) Canada and (3) Europe. As described below, the activities of the Companys Asian operations are closely linked to those of the U.S. operations; accordingly, management reviews the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the United States segment or U.S. segment. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware and industrial use. Domestic sales orders are filled from the Companys distribution center in North Carolina. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Companys inventory are generally for less than container-sized lots. Direct import sales are products sold by the Companys Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 15% and 18% of the Companys total net sales for the three and nine months ended September 30, 2015 compared to 11% and 16% for the comparable periods in 2014. The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Financial data by segment: (in thousands) Three months ended Nine months ended Sales to external customers: 2015 2014 2015 2014 United States $ 26,160 $ 25,833 $ 75,943 $ 69,946 Canada 1,669 2,190 5,726 7,372 Europe 2,074 1,985 5,025 5,237 Consolidated $ 29,903 $ 30,008 $ 86,694 $ 82,555 Operating income (loss): United States $ 1,849 $ 1,819 $ 6,405 $ 5,752 Canada 30 94 202 652 Europe 112 17 86 (115 ) Consolidated $ 1,991 $ 1,930 $ 6,693 $ 6,289 Interest expense, net 149 153 420 343 Other expense (income), net 92 67 148 78 Consolidated income before income taxes $ 1,750 $ 1,710 $ 6,125 $ 5,868 Assets by segment: ( in thousands ) September 30, December 31, 2015 2014 United States $ 78,458 $ 70,526 Canada 4,102 4,363 Europe 4,025 4,419 Consolidated $ 86,585 $ 79,308 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Note 6 Stock Based Compensation The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period. Share-based compensation expenses were $138,710 and $151,193 for the quarters ended September 30, 2015 and 2014, respectively. Share-based compensation expenses were $442,225 and $451,193 for the nine months ended September 30, 2015 and 2014, respectively. During the three months ended September 30, 2015, the Company issued 10,000 options with a weighted average fair value of $3.24 per share. During the nine months ended September 30, 2015 the Company issued 47,000 options with a weighted average fair value of $3.44. As of September 30, 2015, there was a total of $804,378 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share based payments granted to the Companys employees. The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 3 years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | Note 7 Fair Value Measurements Due to its nature and associated interest rate, the carrying value of the Companys bank debt approximates fair value. Fair value was determined using a discounted cash flow analysis. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination | Note 8 Business Combination On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (First Aid Only), a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC. The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands): Assets: Accounts Receivable $ 2,544 Inventory 1,704 Equipment 463 Prepaid expenses 110 Customer Relationships 5,430 Trade Name 3,410 Covenant Not-to-Compete 70 Goodwill 1,340 Total assets $ 15,071 Liabilities Accounts Payable $ 1,019 Accrued Expense 252 Total liabilities $ 1,271 Assuming First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the nine months ended September 30, 2014 for the Company would have been approximately $89.6 million. Unaudited proforma combined net income for nine months ended September 30, 2014 for the Company would have been approximately $4.3 million. |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Contingencies Tables | |
Accrual for Environmental Remediation Table | Balance at December 31, 2014 Payments Balance at September 30, 2015 Fremont, NC $ 260 $ (180 ) $ 80 Bridgeport, CT 6 (6 ) Total $ 266 $ (186 ) $ 80 |
Pension (Tables)
Pension (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension Tables | |
Components of Net Benefit Cost | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Interest cost $ 15 $ 18 $ 44 $ 53 Service cost 6 6 19 19 Expected return on plan assets (24 ) (23 ) (70 ) (70 ) Amortization of prior service costs 2 2 7 7 Amortization of actuarial loss 36 29 92 87 $ 35 $ 32 $ 92 $ 96 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information Tables | |
Financial Data By Segment Table | Financial data by segment: (in thousands) Three months ended Nine months ended Sales to external customers: 2015 2014 2015 2014 United States $ 26,160 $ 25,833 $ 75,943 $ 69,946 Canada 1,669 2,190 5,726 7,372 Europe 2,074 1,985 5,025 5,237 Consolidated $ 29,903 $ 30,008 $ 86,694 $ 82,555 Operating income (loss): United States $ 1,849 $ 1,819 $ 6,405 $ 5,752 Canada 30 94 202 652 Europe 112 17 86 (115 ) Consolidated $ 1,991 $ 1,930 $ 6,693 $ 6,289 Interest expense, net 149 153 420 343 Other expense (income), net 92 67 148 78 Consolidated income before income taxes $ 1,750 $ 1,710 $ 6,125 $ 5,868 |
Assets By Segment | Assets by segment: ( in thousands ) September 30, December 31, 2015 2014 United States $ 78,458 $ 70,526 Canada 4,102 4,363 Europe 4,025 4,419 Consolidated $ 86,585 $ 79,308 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combination Tables | |
Purchase Price Allocation | Assets: Accounts Receivable $ 2,544 Inventory 1,704 Equipment 463 Prepaid expenses 110 Customer Relationships 5,430 Trade Name 3,410 Covenant Not-to-Compete 70 Goodwill 1,340 Total assets $ 15,071 Liabilities Accounts Payable $ 1,019 Accrued Expense 252 Total liabilities $ 1,271 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) - USD ($) $ in Thousands | Apr. 07, 2014 | Dec. 31, 2008 |
Bridgeport, CT | ||
Description of property sale | In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Companys original scissor factory which opened in 1887 and was closed in 1996. | |
Proceeds from sale of assets | $ 2,500 | |
Mortgage receivable from sale of asset | 2,000 | |
Undiscounted environmental remediation liability | $ 1,800 | |
Fremont, NC | ||
Proceeds from sale of assets | $ 850 | |
Undiscounted environmental remediation liability | $ 300 | |
Minimum environmental remediation monitoring period (in years) | 5 years |
Contingencies - Accrual for Env
Contingencies - Accrual for Environmental Remediation (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Environmental remediation accrual at December 31, 2014 | $ 266 |
Payments | (186) |
Environmental remediation accrual at September 30, 2015 | 80 |
Bridgeport, CT | |
Environmental remediation accrual at December 31, 2014 | 6 |
Payments | (6) |
Environmental remediation accrual at September 30, 2015 | 0 |
Fremont, NC | |
Environmental remediation accrual at December 31, 2014 | 260 |
Payments | (180) |
Environmental remediation accrual at September 30, 2015 | $ 80 |
Pension (Details Narrative)
Pension (Details Narrative) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Plan contributions during period | $ 30 |
Pension - Periodic Benefit Cost
Pension - Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Components of net periodic benefit cost: | ||||
Interest cost | $ 15 | $ 18 | $ 44 | $ 53 |
Service cost | 6 | 6 | 19 | 19 |
Expected return on plan assets | (24) | (23) | (70) | (70) |
Amortization of prior service costs | 2 | 2 | 7 | 7 |
Amortization of actuarial loss | 36 | 29 | 92 | 87 |
Net periodic benefit cost | $ 35 | $ 32 | $ 92 | $ 96 |
Debt and Shareholders' Equity (
Debt and Shareholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2013 | Apr. 30, 2012 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Apr. 25, 2013 | Apr. 05, 2012 | |
Debt And Shareholders Equity Details Narrative | |||||||
Outstanding borrowings under revolving loan agreement | $ 28,551 | $ 28,551 | $ 24,147 | ||||
Credit facility borrowing capacity | $ 40,000 | $ 30,000 | |||||
Interest rate of LIBOR plus percentage | 1.75% | 1.75% | |||||
Credit facility interest rate | Interest rate of LIBOR plus 1.75% | ||||||
Credit facility expiration date | Apr. 5, 2017 | ||||||
Covenant terms and compliance | Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At September 30, 2015, the Company was in compliance with these covenants. | ||||||
Common stock issued upon exercise of employee stock options (in shares) | 39,599 | 87,194 | |||||
Cash received upon exercise of employee stock options | $ 463 | $ 1,138 | |||||
Shares repurchased during period | 9,682 | 9,682 | |||||
Average repurchase price | $ 16.69 | $ 16.69 | |||||
Shares that may be purchased under repurchase program | 133,463 | 133,463 |
Segment Information - Financial
Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Sales to external customers | $ 29,903 | $ 30,008 | $ 86,694 | $ 82,555 | |
Operating income (loss) | 1,991 | 1,930 | 6,693 | 6,289 | |
Interest expense, net | 149 | 153 | 420 | 343 | |
Other expense (income), net | 92 | 67 | 149 | 78 | |
Consolidated income before income taxes | 1,750 | 1,710 | 6,124 | 5,868 | |
Assets | 86,585 | 86,585 | $ 79,308 | ||
United States | |||||
Sales to external customers | 26,160 | 25,833 | 75,943 | 69,946 | |
Operating income (loss) | 1,849 | 1,819 | 6,405 | 5,752 | |
Assets | 78,458 | 78,458 | 70,526 | ||
Canada | |||||
Sales to external customers | 1,669 | 2,190 | 5,726 | 7,372 | |
Operating income (loss) | 30 | 94 | 202 | 652 | |
Assets | 4,102 | 4,102 | 4,363 | ||
Europe | |||||
Sales to external customers | 2,074 | 1,985 | 5,025 | 5,237 | |
Operating income (loss) | 112 | $ 17 | 86 | $ (115) | |
Assets | $ 4,025 | $ 4,025 | $ 4,419 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Information Details Narrative | ||||
Direct import sales to total net sales ratio | 15.00% | 11.00% | 18.00% | 16.00% |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Based Compensation Details Narrative | ||||
Share-based compensation expense | $ 139 | $ 151 | $ 442 | $ 451 |
Stock options granted during period (in shares) | 10,000 | 47,000 | ||
Weighted average fair value of stock options granted during period | $ 3.24 | $ 3.44 | ||
Unrecognized compensation cost | $ 804 | $ 804 | ||
Unrecognized compensation cost recognition period | 3 years |
Business Combination (Details N
Business Combination (Details Narrative) - USD ($) $ in Thousands | Jun. 02, 2014 | Sep. 30, 2014 |
Unaudited proforma net sales during period | $ 89,600 | |
Unaudited proforma net income during period | $ 4,300 | |
First Aid Only, Inc. | ||
Purchase price | $ 13,800 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Jun. 02, 2014 |
Assets: | |||
Goodwill | $ 1,375 | $ 1,375 | |
First Aid Only, Inc. | |||
Assets: | |||
Accounts Receivable | $ 2,544 | ||
Inventory | 1,704 | ||
Equipment | 463 | ||
Prepaid expenses | 110 | ||
Customer Relationships | 5,430 | ||
Trade Name | 3,410 | ||
Covenant Not-to-Compete | 70 | ||
Goodwill | 1,340 | ||
Total assets | 15,071 | ||
Liabilities: | |||
Accounts Payable | 1,019 | ||
Accrued Expense | 252 | ||
Total liabilities | $ 1,271 |