Hardinge 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document and Entity Information
Entity Registrant Name	HARDINGE INC.
Entity Central Index Key	313,716
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,869,771
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 29,285	$ 32,774
Restricted cash	2,163	2,192
Accounts receivable, net	49,940	56,945
Inventories, net	117,131	110,232
Other current assets	10,496	9,314
Total current assets	209,015	211,457
Property, plant and equipment, net	62,312	62,025
Goodwill	6,619	6,620
Other intangible assets, net	27,892	28,018
Other non-current assets	3,672	3,015
Total non-current assets	100,495	99,678
Total assets	309,510	311,135
Liabilities and shareholders’ equity
Notes payable to bank	3,177	0
Accounts payable	24,523	24,696
Accrued expenses	24,032	27,964
Customer deposits	17,932	19,845
Accrued income taxes	1,489	1,919
Deferred income taxes	2,385	2,164
Current portion of long-term debt	5,456	5,621
Total current liabilities	78,994	82,209
Long-term debt	5,376	5,985
Pension and postretirement liabilities	56,811	57,322
Deferred income taxes	1,225	1,121
Other liabilities	3,476	3,393
Total non-current liabilities	$ 66,888	$ 67,821
Commitments and contingencies (see Note 10)
Common stock ($0.01 par value, 20,000,000 authorized; 12,861,674 issued and outstanding as of March 31, 2016, and 12,856,716 issued and 12,838,227 outstanding as of December 31, 2015)	$ 128	$ 128
Additional paid-in capital	120,539	120,524
Retained earnings	87,866	89,368
Treasury shares (at cost, none as of March 31, 2016, and 18,489 as of December 31, 2015)	0	(202)
Accumulated other comprehensive loss	(44,905)	(48,713)
Total shareholders’ equity	163,628	161,105
Total liabilities and shareholders’ equity	$ 309,510	$ 311,135

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	12,861,674	12,856,716
Common stock, outstanding (in shares)	12,861,674	12,838,227
Treasury shares (in shares)	0	18,489

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Sales	$ 67,822	$ 69,128
Cost of sales	45,078	47,273
Gross profit	22,744	21,855
Selling, general and administrative expenses	20,593	19,600
Research & development	3,287	3,607
Restructuring	200	0
Other (income) expense, net	(91)	65
Loss from operations	(1,245)	(1,417)
Interest expense	153	157
Interest income	(67)	(17)
Loss before income taxes	(1,331)	(1,557)
Income taxes	(86)	(149)
Net loss	$ (1,245)	$ (1,408)
Per share data:
Loss per share (in dollars per share)	$ (0.10)	$ (0.11)
Diluted loss per share (in dollars per share)	(0.10)	(0.11)
Cash dividends declared per share: (in dollars per share)	$ 0.02	$ 0.02

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,245)	$ (1,408)
Other comprehensive income:
Foreign currency translation adjustments	3,739	1,332
Retirement plans related adjustments	(273)	511
Unrealized gain on cash flow hedges	165	375
Other comprehensive income before tax	3,631	2,218
Income tax (benefit) expense	(177)	1,164
Other comprehensive income, net of tax	3,808	1,054
Total comprehensive income (loss)	$ 2,563	$ (354)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net loss	$ (1,245)	$ (1,408)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	2,017	2,338
Debt issuance costs amortization	32	34
Deferred income taxes	(255)	(64)
(Gain) loss on sale of assets	(13)	8
Unrealized foreign currency transaction (gain) loss	(225)	1,309
Changes in operating assets and liabilities:
Accounts receivable	7,613	6,640
Inventories	(4,851)	(4,821)
Other assets	(595)	(2,629)
Accounts payable	(514)	2,083
Customer deposits	(2,170)	3,378
Accrued expenses	(5,177)	(3,021)
Accrued pension and postretirement liabilities	(20)	(34)
Net cash (used in) provided by operating activities	(5,403)	3,813
Investing activities
Capital expenditures	(436)	(699)
Proceeds from sales of assets	32	0
Net cash used in investing activities	(404)	(699)
Financing activities
Proceeds from short-term notes payable to bank	18,172	10,212
Repayments of short-term notes payable to bank	(14,995)	(10,088)
Repayments of long-term debt	(1,010)	(1,458)
Dividends paid	(274)	(255)
Net cash provided by (used in) financing activities	1,893	(1,589)
Effect of exchange rate changes on cash	425	482
Net (decrease) increase in cash	(3,489)	2,007
Cash and cash equivalents at beginning of period	32,774	16,293
Cash and cash equivalents at end of period	$ 29,285	$ 18,300

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION In these notes, the terms “Hardinge,” or “the Company,” mean Hardinge Inc. and its predecessors together with its subsidiaries. The Company operates through two reportable segments, Metalcutting Machine Solutions (“MMS”) and Aftermarket Tooling and Accessories (“ATA”). The MMS segment includes high precision computer controlled metalcutting turning machines, vertical machining centers, horizontal machining centers, grinding machines, and repair parts related to those machines. The ATA segment includes products, primarily collets and chucks that are purchased by manufacturers throughout the lives of their Hardinge or other branded machines. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and, therefore, should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , as amended. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the timing and amount of assets, liabilities, equity, revenue, and expenses reported and disclosed. Actual amounts could differ from these estimates. All adjustments, consisting of normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods have been presented and recorded. Due to differing business conditions and some seasonality, operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected in subsequent quarters or for the full year ended December 31, 2016 . In the first quarter of 2015, the Company recorded an out of period adjustment to correct finished goods inventory in the amount of $0.7 million that is related to periods beginning in 2013. This adjustment, which was in the Aftermarket Tooling and Accessories Segment, was to correct for costs that were not properly released from inventory as the product was sold. The Company assessed the impact of this adjustment and concluded that it is not material to previously reported financial statements. The Company also determined that the adjustment was not expected to be material to the full year in 2015, but was material to the first quarter. Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the current presentation. In order to provide greater clarity on investments in research and development, these expenses have been reclassified from Cost of Sales to Operating Expenses where the costs are identified as Research and development, a separate line item.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
FAIR VALUE AND DERIVATIVE INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The inputs to the valuation techniques used to measure fair value are classified into the following categories: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Observable inputs other than quoted prices in active markets for similar assets and liabilities. Level 3 — Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require. The following table presents the carrying amount, fair values, and classification level within the fair value hierarchy of financial instruments measured or disclosed at fair value on a recurring basis (in thousands): March 31, 2016 December 31, 2015 Level of Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 29,285 $ 29,285 $ 32,774 $ 32,774 Level 1 Restricted cash 2,163 2,163 2,192 2,192 Level 1 Foreign currency forward contracts 454 454 163 163 Level 2 Liabilities: Notes payable to bank 3,177 3,177 — — Level 2 Variable interest rate debt 10,832 10,832 11,606 11,606 Level 2 Foreign currency forward contracts 592 592 418 418 Level 2 The fair value of cash and cash equivalents and restricted cash are based on the fair values of identical assets in active markets. Due to the short period to maturity or the nature of the underlying liability, the fair value of notes payable to bank and variable interest rate debt approximates their respective carrying amounts. The fair value of foreign currency forward contracts is measured using internal models based on observable market inputs such as spot and forward rates. Based on the Company’s continued ability to enter into forward contracts, the markets for the fair value instruments are considered to be active. As of March 31, 2016 and December 31, 2015 , there were no significant transfers in and/or out of Level 1 and Level 2.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Net inventories are stated at the lower of cost (computed in accordance with the first-in, first-out method) or market. Elements of the cost include materials, labor and overhead. Net inventories consist of the following (in thousands): March 31, December 31, Raw materials and purchased components $ 35,075 $ 34,438 Work-in-process 35,965 33,682 Finished products 46,091 42,112 Inventories, net $ 117,131 $ 110,232

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS Foreign currency forward contracts are utilized to mitigate the impact of currency fluctuations on assets and liabilities denominated in foreign currencies as well as on forecasted transactions denominated in foreign currencies. These contracts are considered derivative instruments and are recognized as either assets or liabilities and measured at fair value. For contracts that are designated and qualify as cash flow hedges, the gain or loss on the contracts is reported as a component of other comprehensive income (“OCI”) and reclassified from accumulated other comprehensive income (“AOCI”) into the “Sales” or “Cost of sales” line item on the Consolidated Statements of Operations when the underlying hedged transaction affects earnings, or “ Other (income) expense, net ” when the hedging relationship is deemed to be ineffective. As of March 31, 2016 and December 31, 2015 , the notional amounts of the derivative financial instruments designated to qualify for cash flow hedges were $35.2 million and $27.4 million , respectively. The Company expects that approximately $0.05 million of expense, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months. As of March 31, 2016 and December 31, 2015 , the notional amounts of the derivative financial instruments not qualifying or otherwise designated as hedges were $31.8 million and $38.5 million , respectively. For the three months ended March 31, 2016 and 2015 , losses of $0.4 million and gains of $1.4 million , respectively, were recorded related to this type of derivative financial instrument. For contracts that are not designated as hedges, the gain or loss on the contract is recognized in current earnings in the “ Other (income) expense, net ” line item on the Consolidated Statements of Operations . The following table presents the fair value on the Consolidated Balance Sheets of the foreign currency forward contracts (in thousands): March 31, December 31, Foreign currency forwards designated as hedges: Other current assets $ 215 $ 49 Accrued expenses (249 ) (222 ) Foreign currency forwards not designated as hedges: Other current assets 239 114 Accrued expenses (343 ) (196 ) Foreign currency forwards, net $ (138 ) $ (255 )

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following (in thousands): March 31, December 31, Land, buildings and improvements $ 84,159 $ 82,201 Machinery, equipment and fixtures 79,274 79,176 Office furniture, equipment and vehicles 22,787 22,689 Construction in progress 201 238 186,421 184,304 Accumulated depreciation (124,109 ) (122,279 ) Property, plant and equipment, net $ 62,312 $ 62,025

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Detail and activity of goodwill by segment is presented below (in thousands): MMS ATA Total Goodwill $ 32,434 $ 6,620 $ 39,054 Accumulated impairment losses (32,434 ) — (32,434 ) Balance at December 31, 2015 — 6,620 6,620 Goodwill 32,434 6,620 39,054 Currency translation adjustments — (1 ) (1 ) Accumulated impairment losses (32,434 ) — (32,434 ) Balance at March 31, 2016 $ — $ 6,619 $ 6,619 The major components of intangible assets other than goodwill are as follows (in thousands): March 31, December 31, Gross amortizable intangible assets: Technical know-how $ 12,959 $ 12,956 Customer lists 9,009 9,011 Land rights 2,690 2,672 Patents, trade names, drawings, and other 4,353 4,393 Total gross amortizable intangible assets 29,011 29,032 Accumulated amortization: Technical know-how (6,988 ) (6,833 ) Customer lists (1,424 ) (1,315 ) Land rights (287 ) (271 ) Patents, trade names, drawings, and other (3,389 ) (3,406 ) Total accumulated amortization (12,088 ) (11,825 ) Amortizable intangible assets, net 16,923 17,207 Indefinite lived intangible assets: Trade names 10,969 10,811 Intangible assets other than goodwill, net $ 27,892 $ 28,018 Amortization expense related to the definite-lived intangible assets are as follows (in thousands): Three Months Ended 2016 2015 Amortization expense $ 320 $ 451

WARRANTIES

WARRANTIES	3 Months Ended
	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
WARRANTIES	WARRANTIES A reconciliation of the changes in the product warranty accrual, which is included in " Accrued expenses " in the Consolidated Balance Sheets, is as follows (in thousands): Three Months Ended 2016 2015 Balance at the beginning of period $ 3,802 $ 3,891 Warranties issued 373 969 Warranty settlement costs (590 ) (1,002 ) Changes in accruals for pre-existing warranties 2 (13 ) Currency translation adjustments (66 ) 19 Balance at the end of period $ 3,521 $ 3,864

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges	RESTRUCTURING CHARGES On August 4, 2015, the Company's Board of Directors approved a strategic restructuring program (the "Program") with the goals of streamlining the Company's cost structure, increasing operational efficiencies and improving shareholder returns. This Program consists of the consolidation of certain facilities and restructuring of certain business units and is expected to generate annual pre-tax savings in the range of approximately $4.5 million once the Program is fully implemented. Virtually all of the costs are expected to result in cash expenditures. The Program is expected to be substantially completed during the first half of 2016. Restructuring charges are included in the "Restructuring " line item in the Consolidated Statements of Operations. The table below presents the total costs expected to be incurred in connection with the Program, the amount of costs that have been recognized during the three months ended March 31, 2016 and the cumulative costs recognized to date by the Program (in thousands): Total Costs Expected to be Incurred Cost Recognized for Three Months Ended March 31, 2016 Cumulative Costs Recognized to Date MMS Segment: Employee termination costs $ 255 $ — $ 255 Total MMS Segment 255 — 255 ATA Segment: Employee termination costs 3,358 200 3,245 Facility exit costs 605 — — Other related costs 274 — 258 Total ATA Segment 4,237 200 3,503 Total: Employee termination costs 3,613 200 3,500 Facility exit costs 605 — — Other related costs 274 — 258 Total Company $ 4,492 $ 200 $ 3,758 The amounts accrued associated with the Program are included in "Accrued expenses" and "Pension and postretirement liabilities" in the Consolidated Balance Sheets. A rollforward of the accrued restructuring costs is presented below (in thousands): Segment Total MMS ATA Balance at December 31, 2015 $ 167 $ 1,242 $ 1,409 Restructuring charges: Employee termination costs — 200 200 Total restructuring charges — 200 200 Cash expenditures (5 ) (831 ) (836 ) Foreign currency translation adjustment — 43 43 Balance at March 31, 2016 $ 162 $ 654 $ 816

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES A valuation allowance is recorded against all or a portion of the deferred tax assets in the U.S., Canada, U.K., Germany, and the Netherlands. Each quarter, a full year tax rate is estimated for jurisdictions not subject to valuation allowances based upon the most recent forecast of full year anticipated results and the year-to-date tax expense is adjusted to reflect the full year anticipated tax rate. The rate is an estimate based upon projected results for the year, estimated annual permanent differences, the statutory tax rates in the various jurisdictions in which the Company operates, and the non-recognition of tax benefits for entities with full valuation allowances. The overall effective tax rate was 6.5% for the three months ended March 31, 2016 . The tax years 2010 through 2015 remain open to examination by the U.S. state taxing authorities. For other major jurisdictions (Switzerland, U.K., Taiwan, France, Germany, Netherlands, China and India), the tax years between 2008 and 2015 generally remain open to routine examination by foreign taxing authorities, depending on the jurisdiction. At March 31, 2016 , a liability of $2.1 million is recorded with respect to uncertain income tax positions, which includes related interest of $0.1 million . If recognized, essentially all of the uncertain tax positions and related interest at March 31, 2016 would be recorded as a benefit to income tax expense on the Consolidated Statements of Operations . It is reasonably possible that some of the uncertain tax positions pertaining to foreign operations may change within the next 12 months due to audit settlements and statute of limitations expirations. The change in uncertain tax positions for these items is estimated to be up to $1.3 million .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is a defendant in various lawsuits as a result of normal operations and in the ordinary course of business. Management believes the outcome of these lawsuits will not have a material effect on the financial position or results of operations. The Company’s operations are subject to extensive federal, state, local and foreign laws and regulations relating to environmental matters. Certain environmental laws can impose joint and several liability for releases or threatened releases of hazardous substances upon certain statutorily defined parties regardless of fault or the lawfulness of the original activity or disposal. Hazardous substances and adverse environmental effects have been identified with respect to real property owned by the Company, and on adjacent parcels of real property. In particular, the Elmira, NY manufacturing facility is located within the Kentucky Avenue Wellfield on the National Priorities List of hazardous waste sites designated for cleanup by the United States Environmental Protection Agency (“EPA”) because of groundwater contamination. The Kentucky Avenue Wellfield Site (the “Site”) encompasses an area which includes sections of the Town of Horseheads and the Village of Elmira Heights in Chemung County, NY. In February 2006, the Company received a Special Notice Concerning a Remedial Investigation/Feasibility Study (“RI/FS”) for the Koppers Pond (the “Pond”) portion of the Site. The EPA documented the release and threatened release of hazardous substances into the environment at the Site, including releases into and in the vicinity of the Pond. The hazardous substances, including metals and polychlorinated biphenyls, have been detected in sediments in the Pond. Until receipt of this Special Notice in February 2006, the Company had never been named as a potentially responsible party (“PRP”) at the Site nor had the Company received any requests for information from the EPA concerning the Site. Environmental sampling on the Company’s property within this Site under supervision of regulatory authorities had identified off-site sources for such groundwater contamination and sediment contamination in the Pond, and found no evidence that the Company’s operations or property have contributed or are contributing to the contamination. All appropriate insurance carriers have been notified, and the Company is actively cooperating with them, but whether coverage will be available has not yet been determined and possible insurance recovery cannot be estimated with any degree of certainty at this time. A substantial portion of the Pond is located on the Company’s property. The Company, along with Beazer East, Inc., the Village of Horseheads, the Town of Horseheads, the County of Chemung, CBS Corporation and Toshiba America, Inc., (collectively, the "PRPs"), agreed to voluntarily participate in the RI/FS by signing an Administrative Settlement Agreement and Order of Consent on September 29, 2006. On September 29, 2006, the Director of Emergency and Remedial Response Division of the EPA, Region II, approved and executed the Agreement on behalf of the EPA. The PRPs also signed a PRP Member Agreement, agreeing to share the costs associated with the RI/FS study on a per capita basis. The EPA approved the RI/FS Work Plan in May of 2008. In July of 2012 the PRPs submitted a Remedial Investigation (RI) to respond to EPA issues raised in the initial draft RI. In January 2016, the PRPs submitted a draft Feasibility Study (FS), also to respond to issues raised by the EPA about previous drafts of the FS. The recent draft FS identified alternative remedial actions with estimated life-cycle costs ranging from $0.9 million to $5.0 million . The Company’s portion of the potential costs is estimated to range from $0.1 million to $0.7 million . Based on the current estimated costs of the various remedial alternatives now under consideration by the EPA, a reserve of $0.3 million has been recorded for the Company’s share of remediation expenses at the Pond as of March 31, 2016 . This reserve is reported as an Accrued expenses on the Consolidated Balance Sheets . Based upon information currently available, except as described in the preceding paragraphs, the Company does not have material liabilities for environmental remediation. Though the foregoing reflects the Company’s current assessment as it relates to environmental remediation obligations, it is possible that future remedial requirements or changes in the enforcement of existing laws and regulations, which are subject to extensive regulatory discretion, will result in material liabilities to the Company.

PENSION AND POSTRETIREMENT PLAN

PENSION AND POSTRETIREMENT PLANS	3 Months Ended
	Mar. 31, 2016
Pension and Other Postretirement Benefit Expense [Abstract]
PENSION AND POSTRETIREMENT PLANS	PENSION AND POSTRETIREMENT PLANS A summary of the components of net periodic pension and postretirement benefit costs for the three months ended March 31, 2016 and 2015 is presented below (in thousands): Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2016 2015 2016 2015 Service cost $ 559 $ 493 $ 3 $ 3 Interest cost 1,672 1,673 19 19 Expected return on plan assets (2,309 ) (2,400 ) — — Amortization of prior service credit (63 ) (80 ) — — Amortization of transition asset (77 ) (21 ) — — Amortization of actuarial loss (gain) 943 778 (14 ) (13 ) Net periodic cost $ 725 $ 443 $ 8 $ 9

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION All stock based compensation to employees is recorded as " Selling, general and administrative expenses " in the Consolidated Statements of Operations based on the fair value at the grant date of the award. These non-cash compensation costs are included in the depreciation and amortization amounts in the Consolidated Statements of Cash Flows . A summary of stock based compensation expense is as follows (in thousands): Three Months Ended 2016 2015 Restricted stock/unit awards (“RSA”) $ 65 $ 111 There were no RSAs granted during the three months ended March 31, 2016 , and 2015 , respectively. The deferred compensation is being amortized on a straight-line basis over the specified service period. There were no Performance Share Incentives ("PSIs") granted during the three months ended March 31, 2016 and 2015 , respectively. The deferred compensation with respect to the PSIs is being recognized into earnings based on the passage of time and achievement of performance targets. All outstanding RSAs and PSIs are unvested. Unrecognized compensation and the expected weighted-average recognition periods with respect to the outstanding RSAs and PSIs as of March 31, 2016 and December 31, 2015 , are as follows: March 31, December 31, RSAs PSIs RSAs PSIs Unrecognized compensation cost (in thousands) $ 275 $ 563 $ 349 $ 1,192 Expected weighted-average recognition period for unrecognized compensation cost (in years) 1.12 1.84 1.20 1.16

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in AOCI by component for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended March 31, 2016 Foreign Retirement Unrealized gain (loss) on cash flow hedges Accumulated other comprehensive loss Beginning balance, net of tax $ 20,529 $ (69,100 ) $ (142 ) $ (48,713 ) Other comprehensive income before reclassifications 3,739 (1,062 ) 212 2,889 Less (loss) income reclassified from AOCI — (789 ) 47 (742 ) Net other comprehensive income 3,739 (273 ) 165 3,631 Income taxes (44 ) (152 ) 19 (177 ) Ending balance, net of tax $ 24,312 $ (69,221 ) $ 4 $ (44,905 ) Three Months Ended March 31, 2015 Foreign Retirement Unrealized gain (loss) on cash flow hedges Accumulated other comprehensive loss Beginning balance, net of tax $ 25,913 $ (64,570 ) $ (144 ) $ (38,801 ) Other comprehensive (loss) income before 1,332 (153 ) 493 1,672 Less income (loss) reclassified from AOCI — (664 ) 118 (546 ) Net other comprehensive (loss) income 1,332 511 375 2,218 Income taxes 1,155 (45 ) 54 1,164 Ending balance, net of tax $ 26,090 $ (64,014 ) $ 177 $ (37,747 ) Details about reclassification out of AOCI for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended Affected line item on the Consolidated Statements of Operations Details of AOCI components 2016 2015 Unrealized (loss) gain on cash flow hedges: $ 76 $ 129 Sales (29 ) (11 ) Other (income) expense, net 47 118 Total before tax 7 21 Income taxes $ 54 $ 139 Net of tax Retirement plans related adjustments: Amortization of prior service credit $ 63 $ 80 (a) Amortization of transition asset 77 21 (a) Amortization of actuarial loss (929 ) (765 ) (a) (789 ) (664 ) Total before tax 83 48 Income taxes $ (706 ) $ (616 ) Net of tax ____________________ (a) These AOCI components are included in the computation of net periodic pension and post retirement costs. See Note 11. "Pension and Postretirement Plans" for details.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. In periods of earnings, the weighted average number of shares used in the diluted calculation includes common stock equivalents related to stock options and restricted stock. The following table presents the basis of the loss per share computation (in thousands): Three Months Ended 2016 2015 Numerator for basic and diluted loss per share: Net loss applicable to common shareholders $ (1,245 ) $ (1,408 ) Denominator for basic and diluted loss per share: Denominator for basic and diluted loss per share — weighted average shares 12,797 12,742 There is no dilutive effect of the restricted stock and stock options for both the three months ended March 31, 2016 and 2015 due to the net loss in these periods. There would have been 100,365 and 126,004 of these shares included in the diluted calculation for the three months ended March 31, 2016 and 2015 , respectively, had there been earnings in these periods. Common stock equivalents of certain stock-based awards totaling 16,746 were excluded from the calculation of diluted loss per share for the three months ended March 31, 2015 as they were anti-dilutive.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Segment (loss) income is measured for internal reporting purposes by excluding corporate expenses, impairment charges, interest income, interest expense, and income taxes. Corporate expenses consist primarily of executive employment costs, certain professional fees, and costs associated with the Company’s global headquarters. Financial results for each reportable segment are as follows (in thousands): Three Months Ended March 31, 2016 MMS ATA Inter-Segment Eliminations Total Sales $ 52,272 $ 15,620 $ (70 ) $ 67,822 Depreciation and amortization 1,427 538 1,965 Segment (loss) income (1,156 ) 1,854 698 Capital expenditures 291 145 436 Segment assets (1) 225,987 49,732 275,719 Three Months Ended March 31, 2015 MMS ATA Inter-Segment Eliminations Total Sales $ 52,976 $ 16,227 $ (75 ) $ 69,128 Depreciation and amortization 1,624 600 2,224 Segment (loss) income (909 ) 1,197 288 Capital expenditures 306 393 699 Segment assets (1) 236,762 53,612 290,374 ____________________ (1) Segment assets primarily consist of restricted cash, accounts receivable, inventories, prepaid and other assets, property, plant and equipment, and intangible assets. Unallocated assets primarily include, cash and cash equivalents, corporate property, plant and equipment, deferred income taxes, and other non-current assets. A reconciliation of segment income to consolidated loss from operations before income taxes for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended 2016 2015 Segment income $ 698 $ 288 Unallocated corporate expense (1,943 ) (1,704 ) Interest expense, net (86 ) (140 ) Other unallocated expense — (1 ) Loss before income taxes $ (1,331 ) $ (1,557 ) A reconciliation of segment assets to consolidated total assets follows (in thousands): March 31, December 31, Total segment assets $ 275,719 $ 274,334 Unallocated assets 33,791 36,801 Total assets $ 309,510 $ 311,135 Unallocated assets include cash of $29.3 million and $32.8 million at March 31, 2016 and December 31, 2015 , respectively.

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS In April 2015, the Financial Accounting Standards Board (“FASB”) issued an amended guidance on the balance sheet presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts while the recognition and measurement guidance for debt issuance costs is not affected. In August 2015, FASB subsequently issued an amended guidance to clarify debt issuance costs associated with a line-of-credit arrangement, which allow an entity to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments are required to be applied retrospectively to all prior periods. In January 2016, the Company adopted the guidance. As a result, the Company reclassified $0.07 million and $0.09 million debt issuance cost as of December 31, 2015 into Current portion of long-term debt and Long-term debt respectively to reduce the carrying amount of debt liability, from Other current assets and Other non-current assets on the Consolidated Balance Sheets . Debt issuance costs associated with line-of-credit arrangements remained in the Other current assets and Other non-current assets on the Consolidated Balance Sheets. Unamortized debt issuance costs of $0.06 million and $0.08 million are recorded as Other current assets and Other non-current assets respectively, and $0.07 million and $0.08 million were recorded as Current portion of long-term debt and Long-term debt respectively to reduce the carrying amount of debt liability, on the balance sheet at March 31, 2016. The Company's debt issuance cost amortization was not affected by the adoption of the new guidance. In March 2016, the FASB issued an amended guidance on improvements to employee share-based payment accounting. The guidance includes multiple provisions to simplify various aspects of the accounting for share-based payments. These amendments are expected to impact net income, EPS, and the statement of cash flows. In particular, the tax effects of all stock compensation awards will be included in income. The guidance is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted in any interim period, with all adjustments applied as of the beginning of the fiscal year of adoption. The Company is assessing the impact and method of adoption.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	In April 2015, the Financial Accounting Standards Board (“FASB”) issued an amended guidance on the balance sheet presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts while the recognition and measurement guidance for debt issuance costs is not affected. In August 2015, FASB subsequently issued an amended guidance to clarify debt issuance costs associated with a line-of-credit arrangement, which allow an entity to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments are required to be applied retrospectively to all prior periods. In January 2016, the Company adopted the guidance. As a result, the Company reclassified $0.07 million and $0.09 million debt issuance cost as of December 31, 2015 into Current portion of long-term debt and Long-term debt respectively to reduce the carrying amount of debt liability, from Other current assets and Other non-current assets on the Consolidated Balance Sheets . Debt issuance costs associated with line-of-credit arrangements remained in the Other current assets and Other non-current assets on the Consolidated Balance Sheets. Unamortized debt issuance costs of $0.06 million and $0.08 million are recorded as Other current assets and Other non-current assets respectively, and $0.07 million and $0.08 million were recorded as Current portion of long-term debt and Long-term debt respectively to reduce the carrying amount of debt liability, on the balance sheet at March 31, 2016. The Company's debt issuance cost amortization was not affected by the adoption of the new guidance. In March 2016, the FASB issued an amended guidance on improvements to employee share-based payment accounting. The guidance includes multiple provisions to simplify various aspects of the accounting for share-based payments. These amendments are expected to impact net income, EPS, and the statement of cash flows. In particular, the tax effects of all stock compensation awards will be included in income. The guidance is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted in any interim period, with all adjustments applied as of the beginning of the fiscal year of adoption. The Company is assessing the impact and method of adoption.

FAIR VALUE OF FINANCIAL INSTR24

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
FAIR VALUE AND DERIVATIVE INSTRUMENTS
Schedule of carrying amount, fair values and classification of financial instruments measured or disclosed at fair value on a recurring basis	The following table presents the carrying amount, fair values, and classification level within the fair value hierarchy of financial instruments measured or disclosed at fair value on a recurring basis (in thousands): March 31, 2016 December 31, 2015 Level of Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 29,285 $ 29,285 $ 32,774 $ 32,774 Level 1 Restricted cash 2,163 2,163 2,192 2,192 Level 1 Foreign currency forward contracts 454 454 163 163 Level 2 Liabilities: Notes payable to bank 3,177 3,177 — — Level 2 Variable interest rate debt 10,832 10,832 11,606 11,606 Level 2 Foreign currency forward contracts 592 592 418 418 Level 2

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of net inventories	Net inventories consist of the following (in thousands): March 31, December 31, Raw materials and purchased components $ 35,075 $ 34,438 Work-in-process 35,965 33,682 Finished products 46,091 42,112 Inventories, net $ 117,131 $ 110,232

DERIVATIVE FINANCIAL INSTRUME26

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value on the Consolidated Balance Sheets of the foreign currency forward contracts	The following table presents the fair value on the Consolidated Balance Sheets of the foreign currency forward contracts (in thousands): March 31, December 31, Foreign currency forwards designated as hedges: Other current assets $ 215 $ 49 Accrued expenses (249 ) (222 ) Foreign currency forwards not designated as hedges: Other current assets 239 114 Accrued expenses (343 ) (196 ) Foreign currency forwards, net $ (138 ) $ (255 )

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of components of property, plant and equipment, net	Property, plant and equipment consists of the following (in thousands): March 31, December 31, Land, buildings and improvements $ 84,159 $ 82,201 Machinery, equipment and fixtures 79,274 79,176 Office furniture, equipment and vehicles 22,787 22,689 Construction in progress 201 238 186,421 184,304 Accumulated depreciation (124,109 ) (122,279 ) Property, plant and equipment, net $ 62,312 $ 62,025

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of detail and activity of goodwill by segment	Detail and activity of goodwill by segment is presented below (in thousands): MMS ATA Total Goodwill $ 32,434 $ 6,620 $ 39,054 Accumulated impairment losses (32,434 ) — (32,434 ) Balance at December 31, 2015 — 6,620 6,620 Goodwill 32,434 6,620 39,054 Currency translation adjustments — (1 ) (1 ) Accumulated impairment losses (32,434 ) — (32,434 ) Balance at March 31, 2016 $ — $ 6,619 $ 6,619
Summary of the major components of intangible assets other than goodwill	The major components of intangible assets other than goodwill are as follows (in thousands): March 31, December 31, Gross amortizable intangible assets: Technical know-how $ 12,959 $ 12,956 Customer lists 9,009 9,011 Land rights 2,690 2,672 Patents, trade names, drawings, and other 4,353 4,393 Total gross amortizable intangible assets 29,011 29,032 Accumulated amortization: Technical know-how (6,988 ) (6,833 ) Customer lists (1,424 ) (1,315 ) Land rights (287 ) (271 ) Patents, trade names, drawings, and other (3,389 ) (3,406 ) Total accumulated amortization (12,088 ) (11,825 ) Amortizable intangible assets, net 16,923 17,207 Indefinite lived intangible assets: Trade names 10,969 10,811 Intangible assets other than goodwill, net $ 27,892 $ 28,018
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Amortization expense related to the definite-lived intangible assets are as follows (in thousands): Three Months Ended 2016 2015 Amortization expense $ 320 $ 451

WARRANTIES (Tables)

WARRANTIES (Tables)	3 Months Ended
	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
Schedule of reconciliation of changes in product warranty accrual included in accrued expenses	A reconciliation of the changes in the product warranty accrual, which is included in " Accrued expenses " in the Consolidated Balance Sheets, is as follows (in thousands): Three Months Ended 2016 2015 Balance at the beginning of period $ 3,802 $ 3,891 Warranties issued 373 969 Warranty settlement costs (590 ) (1,002 ) Changes in accruals for pre-existing warranties 2 (13 ) Currency translation adjustments (66 ) 19 Balance at the end of period $ 3,521 $ 3,864

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Summary of Cost Incurred and Expected to be Incurred and the Restructuring Reserve	Restructuring charges are included in the "Restructuring " line item in the Consolidated Statements of Operations. The table below presents the total costs expected to be incurred in connection with the Program, the amount of costs that have been recognized during the three months ended March 31, 2016 and the cumulative costs recognized to date by the Program (in thousands): Total Costs Expected to be Incurred Cost Recognized for Three Months Ended March 31, 2016 Cumulative Costs Recognized to Date MMS Segment: Employee termination costs $ 255 $ — $ 255 Total MMS Segment 255 — 255 ATA Segment: Employee termination costs 3,358 200 3,245 Facility exit costs 605 — — Other related costs 274 — 258 Total ATA Segment 4,237 200 3,503 Total: Employee termination costs 3,613 200 3,500 Facility exit costs 605 — — Other related costs 274 — 258 Total Company $ 4,492 $ 200 $ 3,758 The amounts accrued associated with the Program are included in "Accrued expenses" and "Pension and postretirement liabilities" in the Consolidated Balance Sheets. A rollforward of the accrued restructuring costs is presented below (in thousands): Segment Total MMS ATA Balance at December 31, 2015 $ 167 $ 1,242 $ 1,409 Restructuring charges: Employee termination costs — 200 200 Total restructuring charges — 200 200 Cash expenditures (5 ) (831 ) (836 ) Foreign currency translation adjustment — 43 43 Balance at March 31, 2016 $ 162 $ 654 $ 816

PENSION AND POSTRETIREMENT PL31

PENSION AND POSTRETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2016
Pension and Other Postretirement Benefit Expense [Abstract]
Summary of the components of net periodic pension benefit costs	A summary of the components of net periodic pension and postretirement benefit costs for the three months ended March 31, 2016 and 2015 is presented below (in thousands): Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2016 2015 2016 2015 Service cost $ 559 $ 493 $ 3 $ 3 Interest cost 1,672 1,673 19 19 Expected return on plan assets (2,309 ) (2,400 ) — — Amortization of prior service credit (63 ) (80 ) — — Amortization of transition asset (77 ) (21 ) — — Amortization of actuarial loss (gain) 943 778 (14 ) (13 ) Net periodic cost $ 725 $ 443 $ 8 $ 9

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock based compensation expense	A summary of stock based compensation expense is as follows (in thousands): Three Months Ended 2016 2015 Restricted stock/unit awards (“RSA”) $ 65 $ 111
Schedule of unrecognized compensation and the expected weighted-average recognition periods with respect to the outstanding RSAs	Unrecognized compensation and the expected weighted-average recognition periods with respect to the outstanding RSAs and PSIs as of March 31, 2016 and December 31, 2015 , are as follows: March 31, December 31, RSAs PSIs RSAs PSIs Unrecognized compensation cost (in thousands) $ 275 $ 563 $ 349 $ 1,192 Expected weighted-average recognition period for unrecognized compensation cost (in years) 1.12 1.84 1.20 1.16

CHANGES IN ACCUMULATED OTHER 33

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) (AOCI) by component	Changes in AOCI by component for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended March 31, 2016 Foreign Retirement Unrealized gain (loss) on cash flow hedges Accumulated other comprehensive loss Beginning balance, net of tax $ 20,529 $ (69,100 ) $ (142 ) $ (48,713 ) Other comprehensive income before reclassifications 3,739 (1,062 ) 212 2,889 Less (loss) income reclassified from AOCI — (789 ) 47 (742 ) Net other comprehensive income 3,739 (273 ) 165 3,631 Income taxes (44 ) (152 ) 19 (177 ) Ending balance, net of tax $ 24,312 $ (69,221 ) $ 4 $ (44,905 ) Three Months Ended March 31, 2015 Foreign Retirement Unrealized gain (loss) on cash flow hedges Accumulated other comprehensive loss Beginning balance, net of tax $ 25,913 $ (64,570 ) $ (144 ) $ (38,801 ) Other comprehensive (loss) income before 1,332 (153 ) 493 1,672 Less income (loss) reclassified from AOCI — (664 ) 118 (546 ) Net other comprehensive (loss) income 1,332 511 375 2,218 Income taxes 1,155 (45 ) 54 1,164 Ending balance, net of tax $ 26,090 $ (64,014 ) $ 177 $ (37,747 )
Schedule of reclassification out of AOCI	Details about reclassification out of AOCI for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended Affected line item on the Consolidated Statements of Operations Details of AOCI components 2016 2015 Unrealized (loss) gain on cash flow hedges: $ 76 $ 129 Sales (29 ) (11 ) Other (income) expense, net 47 118 Total before tax 7 21 Income taxes $ 54 $ 139 Net of tax Retirement plans related adjustments: Amortization of prior service credit $ 63 $ 80 (a) Amortization of transition asset 77 21 (a) Amortization of actuarial loss (929 ) (765 ) (a) (789 ) (664 ) Total before tax 83 48 Income taxes $ (706 ) $ (616 ) Net of tax ____________________ (a) These AOCI components are included in the computation of net periodic pension and post retirement costs. See Note 11. "Pension and Postretirement Plans" for details.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of the basis of the earnings per share computation	The following table presents the basis of the loss per share computation (in thousands): Three Months Ended 2016 2015 Numerator for basic and diluted loss per share: Net loss applicable to common shareholders $ (1,245 ) $ (1,408 ) Denominator for basic and diluted loss per share: Denominator for basic and diluted loss per share — weighted average shares 12,797 12,742

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of financial results of reportable segments	Financial results for each reportable segment are as follows (in thousands): Three Months Ended March 31, 2016 MMS ATA Inter-Segment Eliminations Total Sales $ 52,272 $ 15,620 $ (70 ) $ 67,822 Depreciation and amortization 1,427 538 1,965 Segment (loss) income (1,156 ) 1,854 698 Capital expenditures 291 145 436 Segment assets (1) 225,987 49,732 275,719 Three Months Ended March 31, 2015 MMS ATA Inter-Segment Eliminations Total Sales $ 52,976 $ 16,227 $ (75 ) $ 69,128 Depreciation and amortization 1,624 600 2,224 Segment (loss) income (909 ) 1,197 288 Capital expenditures 306 393 699 Segment assets (1) 236,762 53,612 290,374 ____________________ (1) Segment assets primarily consist of restricted cash, accounts receivable, inventories, prepaid and other assets, property, plant and equipment, and intangible assets. Unallocated assets primarily include, cash and cash equivalents, corporate property, plant and equipment, deferred income taxes, and other non-current assets.
Schedule of reconciliation of segment income to consolidated income from operations before income taxes	A reconciliation of segment income to consolidated loss from operations before income taxes for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended 2016 2015 Segment income $ 698 $ 288 Unallocated corporate expense (1,943 ) (1,704 ) Interest expense, net (86 ) (140 ) Other unallocated expense — (1 ) Loss before income taxes $ (1,331 ) $ (1,557 )
Schedule of reconciliation of segment assets to consolidated total assets	A reconciliation of segment assets to consolidated total assets follows (in thousands): March 31, December 31, Total segment assets $ 275,719 $ 274,334 Unallocated assets 33,791 36,801 Total assets $ 309,510 $ 311,135

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016reportable_segment	Mar. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable business segments | reportable_segment	2
Inventory valuation adjustment | $		$ 0.7

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Financial instruments
Cash and cash equivalents	$ 29,285	$ 32,774	$ 18,300	$ 16,293
Restricted cash	2,163	2,192
Notes payable	3,177	0
Notes payable, fair value	3,177	0
Foreign currency forward contracts, liabilities	138	255
Recurring | Level 1
Financial instruments
Cash and cash equivalents	29,285	32,774
Cash and cash equivalents, fair value	29,285	32,774
Restricted cash	2,163	2,192
Restricted cash, fair value	2,163	2,192
Recurring | Level 2
Financial instruments
Foreign currency forward contracts, assets	454	163
Variable interest rate debt	10,832	11,606
Variable interest rate debt, fair value	10,832	11,606
Foreign currency forward contracts, liabilities	$ 592	$ 418

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials and purchased components	$ 35,075	$ 34,438
Work-in-process	35,965	33,682
Finished products	46,091	42,112
Inventories, net	$ 117,131	$ 110,232

DERIVATIVE FINANCIAL INSTRUME39

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (400)	$ 1,400
Foreign Exchange Contract [Member] | Cash flow hedges
Derivative [Line Items]
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	(50)
Notional Amount	35,200		$ 27,400
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional Amount	$ 31,800		$ 38,500

DERIVATIVE FINANCIAL INSTRUME40

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency forwards designated as hedges - Other current assets	$ 215	$ 49
Foreign currency forwards designated as hedges - Accrued expenses	(249)	(222)
Foreign currency forwards not designated as hedges - Other current assets	239	114
Foreign currency forwards not designated as hedges - Accrued expenses	(343)	(196)
Foreign currency forward contracts, liabilities	$ (138)	$ (255)

PROPERTY, PLANT AND EQUIPMENT41

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, plant and equipment
Property, plant and equipment, gross	$ 186,421	$ 184,304
Accumulated depreciation	(124,109)	(122,279)
Property, plant and equipment, net	62,312	62,025
Land, buildings and improvements
Property, plant and equipment
Property, plant and equipment, gross	84,159	82,201
Machinery, equipment and fixtures
Property, plant and equipment
Property, plant and equipment, gross	79,274	79,176
Office furniture, equipment and vehicles
Property, plant and equipment
Property, plant and equipment, gross	22,787	22,689
Construction in progress
Property, plant and equipment
Property, plant and equipment, gross	$ 201	$ 238

GOODWILL AND INTANGIBLE ASSET42

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Summary of goodwill amount
Goodwill	$ 39,054	$ 39,054
Accumulated impairment losses	(32,434)	(32,434)
Balance at December 31, 2015	6,620
Accumulated impairment losses	(1)
Balance at March 31, 2016	6,619
MMS
Summary of goodwill amount
Goodwill	32,434	32,434
Accumulated impairment losses	(32,434)	(32,434)
Balance at December 31, 2015	0
Accumulated impairment losses	0
Balance at March 31, 2016	0
ATA
Summary of goodwill amount
Goodwill	6,620	6,620
Accumulated impairment losses	0	$ 0
Balance at December 31, 2015	6,620
Accumulated impairment losses	(1)
Balance at March 31, 2016	$ 6,619

GOODWILL AND INTANGIBLE ASSET43

GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 29,011	$ 29,032
Finite-Lived Intangible Assets, Accumulated Amortization	(12,088)	(11,825)
Finite-Lived Intangible Assets, Net	16,923	17,207
Other intangible assets, net	27,892	28,018
Technical Know How [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	12,959	12,956
Finite-Lived Intangible Assets, Accumulated Amortization	(6,988)	(6,833)
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	9,009	9,011
Finite-Lived Intangible Assets, Accumulated Amortization	(1,424)	(1,315)
Land Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	2,690	2,672
Finite-Lived Intangible Assets, Accumulated Amortization	(287)	(271)
Patents, trade names, drawings, and other [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	4,353	4,393
Finite-Lived Intangible Assets, Accumulated Amortization	(3,389)	(3,406)
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 10,969	$ 10,811

GOODWILL AND INTANGIBLE ASSET44

GOODWILL AND INTANGIBLE ASSETS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 320	$ 451

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in product warranty accrual
Balance at the beginning of period	$ 3,802	$ 3,891
Warranties issued	373	969
Warranty settlement costs	(590)	(1,002)
Changes in accruals for pre-existing warranties	2	(13)
Currency translation adjustments	(66)	19
Balance at the end of period	$ 3,521	$ 3,864

RESTRUCTURING CHARGES (Details)

RESTRUCTURING CHARGES (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Restructuring and Related Activities [Abstract]
Annual pre-tax savings, generated from restructuring	$ 4,500,000

RESTRUCTURING CHARGES (Cost Inc

RESTRUCTURING CHARGES (Cost Incurred and Expected to be Incurred) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	$ 4,492
Restructuring	200	$ 0
Cumulative Costs Incurred to Date	3,758
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	3,613
Restructuring	200
Cumulative Costs Incurred to Date	3,500
Facility exit costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	605
Restructuring	0
Cumulative Costs Incurred to Date	0
Other related costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	274
Restructuring	0
Cumulative Costs Incurred to Date	258
Operating segment | MMS
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	255
Restructuring	0
Cumulative Costs Incurred to Date	255
Operating segment | MMS | Employee termination costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	255
Restructuring	0
Cumulative Costs Incurred to Date	255
Operating segment | ATA
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	4,237
Restructuring	200
Cumulative Costs Incurred to Date	3,503
Operating segment | ATA | Employee termination costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	3,358
Restructuring	200
Cumulative Costs Incurred to Date	3,245
Operating segment | ATA | Facility exit costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	605
Restructuring	0
Cumulative Costs Incurred to Date	0
Operating segment | ATA | Other related costs
Restructuring Cost and Reserve [Line Items]
Total Costs Expected to be Incurred	274
Restructuring	0
Cumulative Costs Incurred to Date	$ 258

RESTRUCTURING CHARGES (Restruct

RESTRUCTURING CHARGES (Restructuring Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Balance at December 31, 2015	$ 1,409
Restructuring	200	$ 0
Cash expenditures	(836)
Foreign currency translation adjustment	43
Balance at March 31, 2016	816
Employee termination costs
Restructuring Reserve [Roll Forward]
Restructuring	200
Other related costs
Restructuring Reserve [Roll Forward]
Restructuring	0
Operating segment | MMS
Restructuring Reserve [Roll Forward]
Balance at December 31, 2015	167
Restructuring	0
Cash expenditures	(5)
Foreign currency translation adjustment	0
Balance at March 31, 2016	162
Operating segment | MMS | Employee termination costs
Restructuring Reserve [Roll Forward]
Restructuring	0
Operating segment | ATA
Restructuring Reserve [Roll Forward]
Balance at December 31, 2015	1,242
Restructuring	200
Cash expenditures	(831)
Foreign currency translation adjustment	43
Balance at March 31, 2016	654
Operating segment | ATA | Employee termination costs
Restructuring Reserve [Roll Forward]
Restructuring	200
Operating segment | ATA | Other related costs
Restructuring Reserve [Roll Forward]
Restructuring	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	6.50%
Uncertain income tax position	$ 2.1
Interest and penalties included in uncertain income tax position	0.1
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound (Deprecated 2015-01-31)	$ 1.3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2016	Jan. 30, 2015
Commitments and Contingencies
Estimated life-cycle costs, minimum		$ 0.9
Estimated life-cycle costs, maximum		$ 5
Reserve for estimated life-cycle costs	$ 0.3
Minimum
Commitments and Contingencies
Loss contingency, entity portion of potential cost	0.1
Maximum
Commitments and Contingencies
Loss contingency, entity portion of potential cost	$ 0.7

PENSION AND POSTRETIREMENT PL51

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits
Components of net periodic benefit cost (credit)
Service cost	$ 559	$ 493
Interest cost	1,672	1,673
Expected return on plan assets	(2,309)	(2,400)
Amortization of prior service credit	(63)	(80)
Amortization of transition asset	(77)	(21)
Amortization of loss (gain)	943	778
Net periodic cost	725	443
Postretirement Benefits
Components of net periodic benefit cost (credit)
Service cost	3	3
Interest cost	19	19
Expected return on plan assets	0	0
Amortization of prior service credit	0	0
Amortization of transition asset	0	0
Amortization of loss (gain)	(14)	(13)
Net periodic cost	$ 8	$ 9

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted stock/units awards
Stock-based compensation
Stock based compensation expenses	$ 65	$ 111
Unrecognized compensation and expected weighted-average recognition period
Unrecognized compensation cost	$ 275	$ 349
Expected weighted-average recognition period for unrecognized compensation cost (in years)	1 year 1 month 14 days	1 year 2 months 13 days
Performance share incentives
Unrecognized compensation and expected weighted-average recognition period
Unrecognized compensation cost	$ 563	$ 1,192
Expected weighted-average recognition period for unrecognized compensation cost (in years)	1 year 10 months 4 days	1 year 1 month 28 days

CHANGES IN ACCUMULATED OTHER 53

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in AOCI by component
Beginning balance, net of tax	$ (48,713)	$ (38,801)
Other comprehensive (loss) income before reclassifications	2,889	1,672
Less income reclassified from AOCI	(742)	(546)
Net other comprehensive (loss) income	3,631	2,218
Income taxes	177	(1,164)
Ending balance, net of tax	(44,905)	(37,747)
Foreign currency translation adjustments
Changes in AOCI by component
Beginning balance, net of tax	20,529	25,913
Other comprehensive (loss) income before reclassifications	3,739	1,332
Less income reclassified from AOCI	0	0
Net other comprehensive (loss) income	3,739	1,332
Income taxes	(44)	1,155
Ending balance, net of tax	24,312	26,090
Retirement plans related adjustments
Changes in AOCI by component
Beginning balance, net of tax	(69,100)	(64,570)
Other comprehensive (loss) income before reclassifications	(1,062)	(153)
Less income reclassified from AOCI	(789)	(664)
Net other comprehensive (loss) income	(273)	511
Income taxes	(152)	(45)
Ending balance, net of tax	(69,221)	(64,014)
Unrealized gain (loss) on cash flow hedges
Changes in AOCI by component
Beginning balance, net of tax	(142)	(144)
Other comprehensive (loss) income before reclassifications	212	493
Less income reclassified from AOCI	47	118
Net other comprehensive (loss) income	165	375
Income taxes	19	54
Ending balance, net of tax	$ 4	$ 177

CHANGES IN ACCUMULATED OTHER 54

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reclassification out of AOCI
Sales		$ 67,822	$ 69,128
Other expense, net		91	(65)
Income from continuing operations before income taxes		(1,331)	(1,557)
Income taxes		86	149
Net loss applicable to common shareholders		(1,245)	(1,408)
Unrealized gain (loss) on cash flow hedges | Amount reclassified from AOCI
Reclassification out of AOCI
Sales		76	129
Other expense, net		(29)	(11)
Income from continuing operations before income taxes		47	118
Income taxes		7	21
Net loss applicable to common shareholders		54	139
Retirement plans related adjustments | Amount reclassified from AOCI
Reclassification out of AOCI
Amortization of prior service credit	[1]	63	80
Amortization of transition asset	[1]	77	21
Amortization of actuarial loss	[1]	(929)	(765)
Income from continuing operations before income taxes		(789)	(664)
Income taxes		83	48
Net loss applicable to common shareholders		$ (706)	$ (616)
[1]	These AOCI components are included in the computation of net periodic pension and post retirement costs. See Note 11. "Pension and Postretirement Plans" for details.

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings per share
Net loss applicable to common shareholders	$ (1,245)	$ (1,408)
Denominator for basic and diluted loss per share:
Denominator for basic (loss) earnings per share - weighted average shares (in shares)	12,797,000	12,742,000
Stock Options and Restricted Stock
Denominator for basic and diluted loss per share:
Anti-dilutive stock-based awards excluded from calculation of diluted earnings per share (in shares)	100,365	126,004
Stock Compensation Plan
Denominator for basic and diluted loss per share:
Anti-dilutive stock-based awards excluded from calculation of diluted earnings per share (in shares)		16,746

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015		Dec. 31, 2015
Financial results of reportable segments
Sales		$ 67,822		$ 69,128
Depreciation and amortization		2,017		2,338
Segment (loss) income		(1,245)		(1,417)
Capital expenditures		436		699
Segment assets		309,510				$ 311,135
Reconciliation of segment income to consolidated income before income taxes
Loss before income taxes		(1,331)		(1,557)
Operating segment
Financial results of reportable segments
Sales		67,822		69,128
Depreciation and amortization		1,965		2,224
Segment (loss) income		698		288
Capital expenditures		436		699
Segment assets		275,719	[1]	290,374	[1]	274,334
Reconciliation of segment income to consolidated income before income taxes
Unallocated corporate expense		(1,943)		(1,704)
Interest expense, net		86		140
Other unallocated income (expense)		0		(1)
Loss before income taxes		(1,331)		(1,557)
Operating segment | MMS
Financial results of reportable segments
Sales		52,272		52,976
Depreciation and amortization		1,427		1,624
Segment (loss) income		(1,156)		(909)
Capital expenditures		291		306
Segment assets	[1]	225,987		236,762
Operating segment | ATA
Financial results of reportable segments
Sales		15,620		16,227
Depreciation and amortization		538		600
Segment (loss) income		1,854		1,197
Capital expenditures		145		393
Segment assets	[1]	49,732		53,612
Inter-Segment Eliminations
Financial results of reportable segments
Sales		(70)		$ (75)
Unallocated assets
Financial results of reportable segments
Segment assets		33,791				36,801
Reconciliation of segment income to consolidated income before income taxes
Cash		$ 29,300				$ 32,800
[1]	Segment assets primarily consist of restricted cash, accounts receivable, inventories, prepaid and other assets, property, plant and equipment, and intangible assets. Unallocated assets primarily include, cash and cash equivalents, corporate property, plant and equipment, deferred income taxes, and other non-current assets.

NEW ACCOUNTING STANDARDS NEW AC

NEW ACCOUNTING STANDARDS NEW ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Long-term Debt, Current Maturities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net	$ 70
Long-term Debt, Excluding Current Maturities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net		$ 80
Other Current Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net	60
Other Noncurrent Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net	$ 80
Accounting Standards Update 2015-03 | Long-term Debt, Current Maturities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net		70
Accounting Standards Update 2015-03 | Long-term Debt, Excluding Current Maturities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net		90
Accounting Standards Update 2015-03 | Other Current Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net		(70)
Accounting Standards Update 2015-03 | Other Noncurrent Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net		$ (90)