Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
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, 2016 | |
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 | 3,324,955 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 6,272 | $ 2,426 |
Accounts receivable, less allowance | 25,909 | 19,565 |
Inventories: | ||
Finished goods | 33,037 | 29,803 |
Work in process | 535 | 170 |
Raw materials and supplies | 4,545 | 5,535 |
Total inventory | 38,117 | 35,508 |
Prepaid expenses and other current assets | 1,995 | 2,135 |
Total current assets | 72,293 | 59,634 |
Property, plant and equipment: | ||
Land | 420 | 417 |
Buildings | 5,691 | 5,418 |
Machinery and equipment | 13,084 | 10,254 |
Total property, plant and equipment | 19,195 | 16,089 |
Less accumulated depreciation | 11,302 | 8,688 |
Net property, plant and equipment | 7,893 | 7,401 |
Goodwill | 1,406 | 1,406 |
Intangible assets, less amortization | 16,768 | 11,951 |
Other assets | 1,012 | 1,029 |
Total assets | 99,372 | 81,421 |
Current liabilities: | ||
Accounts payable | 6,748 | 6,664 |
Other accrued liabilities | 6,597 | 5,273 |
Total current liabilities | 13,345 | 11,937 |
Long-term debt | 39,706 | 25,913 |
Other | 574 | 388 |
Total liabilities | 53,625 | 38,238 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,788,965 shares in 2016 and 4,751,060 shares in 2015, including treasury stock | 11,967 | 11,877 |
Additional paid-in capital | 8,365 | 9,460 |
Retained earnings | 41,648 | 37,340 |
Treasury stock, at cost - 1,464,010 shares in 2016 and 1,402,517 shares in 2015 | (13,870) | (12,963) |
Accumulated other comprehensive loss: | ||
Minimum pension liability | (948) | (948) |
Translation adjustment | (1,415) | (1,583) |
Total accumulated other comprehensive loss | (2,363) | (2,531) |
Total stockholders' equity | 45,747 | 43,183 |
Total liabilities and stockholders' equity | $ 99,372 | $ 81,421 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 4,788,965 | 4,751,060 |
Treasury stock, shares | 1,464,010 | 1,402,517 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Operations | ||||
Net sales | $ 31,913 | $ 29,903 | $ 98,198 | $ 86,694 |
Cost of goods sold | 20,050 | 19,578 | 62,455 | 55,398 |
Gross profit | 11,863 | 10,325 | 35,743 | 31,296 |
Selling, general and administrative expenses | 9,723 | 8,334 | 28,008 | 24,603 |
Operating income | 2,140 | 1,991 | 7,735 | 6,693 |
Non-operating items: | ||||
Interest expense, net | 247 | 149 | 642 | 420 |
Other expense, net | 65 | 92 | 38 | 149 |
Total other expense | 312 | 241 | 680 | 569 |
Income before income taxes | 1,828 | 1,750 | 7,055 | 6,124 |
Income tax expense | 355 | 542 | 1,750 | 1,771 |
Net income | $ 1,473 | $ 1,208 | $ 5,305 | $ 4,353 |
Basic earnings per share | $ .44 | $ .36 | $ 1.59 | $ 1.31 |
Diluted earnings per share | $ .40 | $ .33 | $ 1.49 | $ 1.18 |
Weighted average number of common shares outstanding - denominator used for basic per share computations | 3,324,000 | 3,354,000 | 3,329,000 | 3,328,000 |
Weighted average number of dilutive stock options outstanding | 317,000 | 345,000 | 233,000 | 370,000 |
Denominator used for diluted per share computations | 3,641,000 | 3,699,000 | 3,562,000 | 3,698,000 |
Dividends declared per share | $ .10 | $ .09 | $ .30 | $ .27 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income | ||||
Net income | $ 1,473 | $ 1,208 | $ 5,305 | $ 4,353 |
Other comprehensive (loss) income - | ||||
Foreign currency translation | (26) | (129) | 168 | (591) |
Comprehensive income | $ 1,447 | $ 1,079 | $ 5,473 | $ 3,762 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities: | ||
Net income | $ 5,305 | $ 4,353 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Depreciation | 1,097 | 970 |
Amortization | 693 | 584 |
Stock compensation expense | 306 | 442 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,145) | (4,205) |
Inventories | (2,134) | (1,392) |
Prepaid expenses and other current assets | 219 | (226) |
Accounts payable | 21 | (371) |
Other accrued liabilities | 1,223 | (844) |
Total adjustments | (3,720) | (5,042) |
Net cash provided (used) by operating activities | 1,585 | (689) |
Investing Activities: | ||
Purchase of property, plant, and equipment | (1,320) | (1,352) |
Purchase of patents and trademarks | (29) | (52) |
Acquisition of certain assets of Diamond Machining Technology | (6,971) | |
Proceeds from the sales of property, plant and equipment | 5 | |
Net cash used by investing activities | (8,320) | (1,399) |
Financing Activities: | ||
Borrowing of long-term debt | 13,793 | 4,404 |
Cash settlement of stock options | (1,700) | |
Proceeds from issuance of common stock | 390 | 1,139 |
Distributions to stockholders | (1,000) | (895) |
Purchase of treasury stock | (907) | (162) |
Net cash provided by financing activities | 10,576 | 4,486 |
Effect of exchange rate changes on cash | 5 | (63) |
Net change in cash and cash equivalents | 3,846 | 2,335 |
Cash and cash equivalents at beginning of period | 2,426 | 2,286 |
Cash and cash equivalents at end of period | $ 6,272 | $ 4,621 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015 for such disclosures. The condensed consolidated balance sheet as of December 31, 2015 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 Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto, included in the Company’s 2015 Annual Report on Form 10-K. The Company has evaluated events and transactions subsequent to September 30, 2016 and through the date these condensed consolidated financial statements were included in this Form 10-Q and filed with the SEC. Recently Issued Accounting Guidance In March, 2016 the Financial Accounting Standards Board (FASB) issued accounting standards update (ASU) 2016-09, Compensation – Stock Compensation: Improvements to Employee Share Based Payment Accounting |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
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 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. Under the terms of the sale agreement, the Company is responsible to remediate any environmental contamination on the property. 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 includes the total estimated costs of remedial activities and post-remediation monitoring costs. Remediation work on the project has been completed. The monitoring period is expected to be completed by the end of 2020. The change in the accrual for environmental remediation for the nine months ended September 30, 2016 follows (in thousands): Balance at Payments Balance at Fremont, NC $ 80 $ (13 ) $ 67 Total $ 80 $ (13 ) $ 67 |
Pension
Pension | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension | Note 3 — Pension Components of net periodic benefit cost are as follows (in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Components of net periodic benefit cost: Interest cost $ 15 $ 15 $ 44 $ 44 Service cost 6 6 19 19 Expected return on plan assets (23 ) (24 ) (69 ) (70 ) Amortization of prior service costs 2 2 7 7 Amortization of actuarial loss 28 36 84 92 $ 28 $ 35 $ 85 $ 92 The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. In 2016, the Company is not required to contribute to the plan. As of September 30, 2016, the Company did not make any contributions to the plan in 2016. |
Debt and Shareholders' Equity
Debt and Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Debt And Shareholders Equity | |
Debt and Stockholders Equity | Note 4 —Debt and Shareholders’ Equity On May 6, 2016, the Company amended its revolving credit loan agreement with HSBC Bank, N.A. The amended facility provides for borrowings of up to an aggregate of $50 million at an interest rate of LIBOR plus 2.0%. In addition, the Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. All principal amounts outstanding under the agreement are required to be repaid in a single amount on May 6, 2019, the date the agreement expires; interest is payable monthly. Funds borrowed under the agreement may be used for working capital, acquisitions, general operating expenses, share repurchases and certain other purposes. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. As of September 30, 2016 and December 31, 2015, the Company had outstanding borrowings of $39,706,009 and $25,912,652, respectively, under the Company’s revolving loan agreement with HSBC. During the three months ended September 30, 2016, the Company issued a total of 2,005 shares of common stock and received aggregate proceeds of $30,376 upon exercise of employee stock options. During the nine months ended September 30, 2016, the Company issued a total of 37,905 shares of common stock and received aggregate proceeds of approximately $420,376 upon exercise of employee stock options. During the three and nine months ended September 30, 2016, the Company paid approximately $700,000 and $1,700,000 respectively, to settle employee stock options. During the nine months ended September 30, 2016, the Company repurchased 61,493 shares of its Common Stock at an average price of $14.76. As of September 30, 2016, there were 41,229 shares that may be purchased under the repurchase program announced in 2010. The Company’s purchases during the nine months ended September 30, 2016 were effected pursuant to a Rule 10b5-1 plan. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Information | |
Segment Information | Note 5— Segment Information The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review 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, sporting and industrial use. Domestic sales orders are filled primarily from the Company’s 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 Company’s inventory are generally for less than container-sized lots. Direct import sales are products sold by the Company’s 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 19% of the Company’s total net sales for the three and nine months ended September 30, 2016 compared to 15% and 18% for the comparable periods in 2015. 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: 2016 2015 2016 2015 United States $ 28,489 $ 26,160 $ 87,311 $ 75,943 Canada 1,585 1,669 5,623 5,726 Europe 1,839 2,074 5,264 5,025 Consolidated $ 31,913 $ 29,903 $ 98,198 $ 86,694 Operating income (loss): United States $ 1,974 $ 1,849 $ 7,165 $ 6,405 Canada 148 30 558 202 Europe 18 112 12 86 Consolidated $ 2,140 $ 1,991 $ 7,735 $ 6,693 Interest expense, net 247 149 642 420 Other expense, net 65 92 38 149 Consolidated income before income taxes $ 1,829 $ 1,750 $ 7,055 $ 6,124 Assets by segment: ( in thousands ) September 30, December 31, 2016 2015 United States $ 90,518 $ 73,688 Canada 4,559 3,709 Europe 4,295 4,024 Consolidated $ 99,372 $ 81,421 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
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 $122,001 and $138,710 for the three months ended September 30, 2016 and 2015, respectively. Share-based compensation expenses were $305,536 and $442,225 for the nine months ended September 30, 2016 and 2015, respectively. During the nine months ended September 30, 2016, the Company issued 163,000 options with a weighted average fair value of $4.08 per share. As of September 30, 2016, there was a total of $996,316 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share –based payments granted to the Company’s employees. The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 2 years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements | |
Fair Value Measurements | Note 7 – Fair Value Measurements The carrying value of the Company’s bank debt approximates fair value. Fair value was determined using a discounted cash flow analysis. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination | Note 8 – Business Combination On February 1, 2016, the Company acquired the assets of Vogel Capital, Inc., d/b/a Diamond Machining Technology (DMT) for $6.97 million in cash. DMT products are leaders in sharpening tools for knives, scissors, chisels, and other cutting tools. The DMT products use finely dispersed diamonds on the surfaces of sharpeners. The acquired assets include over 50 patents and trademarks. The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands): Assets: Accounts Receivable $ 1,145 Inventory 280 Equipment 262 Prepaid expenses 176 Intangible Assets 5,481 Total assets $ 7,344 Liabilities Accounts Payable $ 192 Accrued Expense 181 Total liabilities $ 373 Management’s assessment of the valuation of intangible assets is preliminary and finalization of the Company’s purchase price accounting assessment may result in changes to the valuation of the identified intangible assets. The Company will finalize the purchase price allocation as soon as practicable within the measurement period in accordance with Accounting Standards Codification Topic 805 “Business Combinations”. Net sales for the three months ended September 30, 2016 attributable to DMT products were approximately $1.3 million. Net income for the three months ended September 30, 2016 attributable to DMT products was approximately $200,000. Net sales for the nine months ended September 30, 2016 attributable to DMT products were approximately $3.6 million. Net income for the nine months ended September 30, 2016 attributable to DMT products was approximately $500,000. Assuming DMT was acquired on January 1, 2016, unaudited proforma combined net sales for the nine months ended September 30, 2016 for the Company would have been approximately $98.8 million. Unaudited proforma combined net income for the nine months ended September 30, 2016 for the Company would have been approximately $5.4 million. |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Contingencies Tables | |
Accrual for Environmental Remediation Table | Balance at Payments Balance at Fremont, NC $ 80 $ (13 ) $ 67 Total $ 80 $ (13 ) $ 67 |
Pension (Tables)
Pension (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Pension Tables | |
Components of Net Benefit Cost | Three Months Ended Nine Months Ended 2016 2015 2016 2015 Components of net periodic benefit cost: Interest cost $ 15 $ 15 $ 44 $ 44 Service cost 6 6 19 19 Expected return on plan assets (23 ) (24 ) (69 ) (70 ) Amortization of prior service costs 2 2 7 7 Amortization of actuarial loss 28 36 84 92 $ 28 $ 35 $ 85 $ 92 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Information Tables | |
Financial Data By Segment Table | Financial data by segment: (in thousands) Three months ended Nine months ended Sales to external customers: 2016 2015 2016 2015 United States $ 28,489 $ 26,160 $ 87,311 $ 75,943 Canada 1,585 1,669 5,623 5,726 Europe 1,839 2,074 5,264 5,025 Consolidated $ 31,913 $ 29,903 $ 98,198 $ 86,694 Operating income (loss): United States $ 1,974 $ 1,849 $ 7,165 $ 6,405 Canada 148 30 558 202 Europe 18 112 12 86 Consolidated $ 2,140 $ 1,991 $ 7,735 $ 6,693 Interest expense, net 247 149 642 420 Other expense, net 65 92 38 149 Consolidated income before income taxes $ 1,829 $ 1,750 $ 7,055 $ 6,124 |
Assets By Segment | Assets by segment: ( in thousands ) September 30, December 31, 2016 2015 United States $ 90,518 $ 73,688 Canada 4,559 3,709 Europe 4,295 4,024 Consolidated $ 99,372 $ 81,421 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combination Tables | |
Purchase Price Allocation | Assets: Accounts Receivable $ 1,145 Inventory 280 Equipment 262 Prepaid expenses 176 Intangible Assets 5,481 Total assets $ 7,344 Liabilities Accounts Payable $ 192 Accrued Expense 181 Total liabilities $ 373 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) - Fremont, NC $ in Thousands | Apr. 07, 2014USD ($) |
Proceeds from sale of assets | $ 850 |
Environmental remediation liability | $ 300 |
Contingencies - Accrual for Env
Contingencies - Accrual for Environmental Remediation (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Environmental remediation accrual at December 31, 2015 | $ 80 |
Payments | (13) |
Environmental remediation accrual at September 30, 2016 | 67 |
Fremont, NC | |
Environmental remediation accrual at December 31, 2015 | 80 |
Payments | (13) |
Environmental remediation accrual at September 30, 2016 | $ 67 |
Pension - Periodic Benefit Cost
Pension - Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Components of net periodic benefit cost: | ||||
Interest cost | $ 15 | $ 15 | $ 44 | $ 44 |
Service cost | 6 | 6 | 19 | 19 |
Expected return on plan assets | (23) | (24) | (69) | (70) |
Amortization of prior service costs | 2 | 2 | 7 | 7 |
Amortization of actuarial loss | 28 | 36 | 84 | 92 |
Net periodic benefit cost | $ 28 | $ 35 | $ 85 | $ 92 |
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 | |
May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Debt And Shareholders Equity Details Narrative | ||||
Outstanding borrowings under revolving loan agreement | $ 39,706 | $ 39,706 | $ 25,913 | |
Credit facility borrowing capacity | $ 50,000 | |||
Interest rate of LIBOR plus percentage | 2.00% | |||
Credit facility interest rate | Interest rate of LIBOR plus 2.0% | |||
Facility fee per annum | 0.20% | |||
Credit facility expiration date | May 6, 2019 | |||
Common stock issued upon exercise of employee stock options (in shares) | 2,005 | 37,905 | ||
Cash received upon exercise of employee stock options | $ 30 | $ 420 | ||
Shares repurchased during period | 61,493 | |||
Average repurchase price | $ 14.76 | |||
Shares that may be purchased under repurchase program | 41,229 | 41,229 | ||
Cash paid to settle employee stock options | $ 700 | $ 1,700 |
Segment Information - Financial
Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Sales to external customers | $ 31,913 | $ 29,903 | $ 98,198 | $ 86,694 | |
Operating income (loss) | 2,140 | 1,991 | 7,735 | 6,693 | |
Interest expense, net | 247 | 149 | 642 | 420 | |
Other expense, net | 65 | 92 | 38 | 149 | |
Consolidated income before income taxes | 1,828 | 1,750 | 7,055 | 6,124 | |
Assets | 99,372 | 99,372 | $ 81,421 | ||
United States | |||||
Sales to external customers | 28,489 | 26,160 | 87,311 | 75,943 | |
Operating income (loss) | 1,974 | 1,849 | 7,165 | 6,405 | |
Assets | 90,518 | 90,518 | 73,688 | ||
Canada | |||||
Sales to external customers | 1,585 | 1,669 | 5,623 | 5,726 | |
Operating income (loss) | 148 | 30 | 558 | 202 | |
Assets | 4,559 | 4,559 | 3,709 | ||
Europe | |||||
Sales to external customers | 1,839 | 2,074 | 5,264 | 5,025 | |
Operating income (loss) | 18 | $ 112 | 12 | $ 86 | |
Assets | $ 4,295 | $ 4,295 | $ 4,024 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Information Details Narrative | ||||
Direct import sales to total net sales ratio | 15.00% | 15.00% | 19.00% | 18.00% |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Based Compensation Details Narrative | ||||
Share-based compensation expense | $ 122 | $ 139 | $ 306 | $ 442 |
Stock options granted during period (in shares) | 163,000 | |||
Weighted average fair value of stock options granted during period | $ 4.08 | |||
Unrecognized compensation cost | $ 996 | $ 996 | ||
Unrecognized compensation cost recognition period | 2 years |
Business Combination (Details N
Business Combination (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 31,913 | $ 29,903 | $ 98,198 | $ 86,694 | |
Net income | 2,140 | 1,991 | 7,735 | 6,693 | |
Unaudited proforma net sales during period | 31,200 | 98,800 | 90,300 | ||
Unaudited proforma net income during period | $ 1,600 | 5,400 | $ 5,600 | ||
Vogel Capital Inc. d/b/a Diamond Machining Technology | |||||
Purchase price | $ 6,970 | ||||
Net sales | 1,300 | 3,600 | |||
Net income | $ 200 | $ 500 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Details) - Vogel Capital Inc. d/b/a Diamond Machining Technology $ in Thousands | Feb. 29, 2016USD ($) |
Assets: | |
Accounts Receivable | $ 1,145 |
Inventory | 280 |
Equipment | 262 |
Prepaid expenses | 176 |
Intangible Assets | 5,481 |
Total assets | 7,344 |
Liabilities: | |
Accounts Payable | 192 |
Accrued Expense | 181 |
Total liabilities | $ 373 |