Hardinge 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	2-May-14
Document and Entity Information	'	'
Entity Registrant Name	'HARDINGE INC	'
Entity Central Index Key	'0000313716	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	12,825,468
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$32,498	$34,722
Restricted cash	3,939	4,124
Accounts receivable, net	51,480	57,137
Inventories, net	112,089	114,064
Other current assets	12,947	11,486
Total current assets	212,953	221,533
Property, plant and equipment, net	72,965	74,656
Goodwill	9,888	9,864
Other intangible assets, net	31,442	32,063
Other non-current assets	6,306	5,852
Total non-current assets	120,601	122,435
Total assets	333,554	343,968
Liabilities and shareholders' equity	'	'
Accounts payable	22,605	24,418
Accrued expenses	21,511	26,325
Customer deposits	13,381	15,166
Accrued income taxes	597	830
Deferred income taxes	2,556	2,569
Contingent consideration	7,500	7,500
Current portion of long-term debt	4,199	7,850
Total current liabilities	72,349	84,658
Long-term debt	16,710	18,785
Pension and postretirement liabilities	27,941	28,188
Deferred income taxes	5,047	4,968
Other liabilities	3,825	3,775
Total non-current liabilities	53,523	55,716
Common stock ($0.01 par value, 20,000,000 authorized; 12,790,476 issued and outstanding as of March 31, 2014, and 12,472,992 issued and outstanding as of December 31, 2013)	128	125
Additional paid-in capital	119,778	114,951
Retained earnings	90,234	90,937
Treasury shares (at cost, none as of March 31, 2014, and 75,125 as of December 31, 2013)	'	-806
Accumulated other comprehensive loss	-2,458	-1,613
Total shareholders' equity	207,682	203,594
Total liabilities and shareholders' equity	$333,554	$343,968

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized	20,000,000	20,000,000
Common stock, issued	12,790,476	12,472,992
Common stock, outstanding	12,790,476	12,472,992
Treasury shares	0	75,125

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements of Operations	'	'
Sales	$70,850	$67,219
Cost of sales	51,630	48,246
Gross profit	19,220	18,973
Selling, general and administrative expenses	19,120	18,245
Other expense, net	391	276
(Loss) income from operations	-291	452
Interest expense	243	205
Interest income	-20	-15
(Loss) income from continuing operations before income taxes	-514	262
Income taxes	157	222
Net (loss) income from continuing operations	-671	40
Gain from disposal of discontinued operations, net of tax	218	'
Net (loss) income	($453)	$40
Basic (loss) earnings per share:	'	'
Continuing operations (in dollars per share)	($0.05)	'
Disposal of discontinued operations (in dollars per share)	$0.01	'
Basic (loss) earnings per share (in dollars per share)	($0.04)	'
Diluted (loss) earnings per share:	'	'
Continuing operations (in dollars per share)	($0.05)	'
Disposal of discontinued operations (in dollars per share)	$0.01	'
Diluted (loss) earnings per share (in dollars per share)	($0.04)	'
Cash dividends declared per share: (in dollars per share)	$0.02	$0.02

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements of Comprehensive Loss	'	'
Net (loss) income	($453)	$40
Other comprehensive (loss) income:	'	'
Foreign currency translation adjustment	-859	-5,059
Retirement plans related adjustment	118	1,444
Unrealized loss on cash flow hedges	-297	-156
Other comprehensive loss before tax	-1,038	-3,771
Income tax (benefit) expense	-193	578
Other comprehensive loss, net of tax	-845	-4,349
Total comprehensive loss	($1,298)	($4,309)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net (loss) income	($453)	$40
Adjustments to reconcile net (loss) income to net cash used in operating activities:	'	'
Depreciation and amortization	2,531	1,981
Debt issuance amortization	14	22
Provision for deferred income taxes	205	143
Gain on sale of assets	-42	-42
Gain on sale of Forkardt Switzerland	-218	'
Unrealized intercompany foreign currency transaction gain	-121	-595
Changes in operating assets and liabilities:	'	'
Accounts receivable	5,468	3,231
Inventories	1,705	-211
Other assets	-1,389	-1,467
Accounts payable	-1,540	-4,061
Customer deposits	-1,683	3,477
Accrued expenses	-5,453	-9,109
Accrued postretirement benefits	-22	-100
Net cash used in operating activities	-998	-6,691
Investing activities	'	'
Capital expenditures	-325	-851
Proceeds on sale of assets	48	69
Net cash used in investing activities	-277	-782
Financing activities	'	'
Proceeds from short-term notes payable to bank	4,455	15,449
Repayments of short-term notes payable to bank	-4,455	-13,687
Repayments of long-term debt	-5,792	-1,117
Dividends paid	-249	-233
Net proceeds from sale of common stock	5,202	'
Net cash (used in) provided by financing activities	-839	412
Effect of exchange rate changes on cash	-110	-387
Net decrease in cash	-2,224	-7,448
Cash and cash equivalents at beginning of period	34,722	26,855
Cash and cash equivalents at end of period	$32,498	$19,407

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2014
BASIS OF PRESENTATION	'
BASIS OF PRESENTATION	'
	NOTE 1.  BASIS OF PRESENTATION
	In these notes, the terms “Hardinge,” “Company,” “we,” “us,” or “our” 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 machines not limited to Hardinge brand 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, 2013. 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, 2014 are not necessarily indicative of the results that may be expected in subsequent quarters or for the full year ended December 31, 2014.
	Certain amounts in the 2013 consolidated financial statements have been reclassified to conform to the current presentation.

ACQUISITION

ACQUISITION	3 Months Ended
	Mar. 31, 2014
ACQUISITION	'
ACQUISITION	'
	NOTE 2.  ACQUISITION
	Acquisition of Forkardt
	On May 9, 2013, Forkardt, Inc. (“Forkardt”, formerly Cherry Acquisition Corporation) and Hardinge Holdings GmbH, direct wholly owned subsidiaries of the Company, and Hardinge GmbH, an indirect wholly owned subsidiary of the Company, acquired the Forkardt operations from Illinois Tool Works for $34.3 million, net of cash acquired. The acquisition of Forkardt strengthens and expands the Company’s leadership position in specialty workholding solutions around the world.  The acquisition, which was funded through $24.3 million in bank debt and $10.0 million in cash, has been included in the ATA business segment.  Forkardt is a leading global provider of high-precision, specialty workholding devices with headquarters in Traverse City, Michigan. Forkardt has operations in the U.S., France and Germany. The results of operations of Forkardt have been included in the consolidated financial statements from the date of acquisition.
	At March 31, 2014, the purchase price allocation is preliminary, pending the finalization of the working capital adjustments.
	Disposal of Forkardt, Switzerland operations
	On December 31, 2013, the Company divested its Forkardt operations in Switzerland for CHF 5.6 million, net of cash sold ($6.3 million equivalent).  The sale was subject to working capital adjustments.  The Forkardt Swiss business had net assets of $1.2 million as of the sale date.  In March 2014, the Company recognized $0.2 million of additional consideration as a result of final working capital adjustments, which is included in gain from disposal of discontinued operation, net of tax line in the Statement of Operations for the three months ended March 31, 2014.
	Supplemental Pro Forma Information
	The following table illustrates the unaudited pro forma effect on the Company’s consolidated operating results for the three months ended March 31, 2014 and 2013, as if the Forkardt acquisition and related financing occurred on January 1, 2012:
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Sales	$	70,850		$	77,478
	Net (loss) income from continuing operations	(592		)	1,069
	Diluted (loss) earnings per share from continuing operations	$	(0.05	)	$	0.09
	The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what the results of operations would have been had the acquisition been completed on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2014
INVENTORIES	'
INVENTORIES	'
	NOTE 3.  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:
		March 31,		December 31,
		2014		2013
		(in thousands)
	Finished products	$	52,180	$	53,427
	Work-in-process	28,209		28,591
	Raw materials and purchased components	31,700		32,046
	Inventories, net	$	112,089	$	114,064

FAIR_VALUE_AND_DERIVATIVE_INST

FAIR VALUE AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
FAIR VALUE AND DERIVATIVE INSTRUMENTS	'
FAIR VALUE AND DERIVATIVE INSTRUMENTS	'
	NOTE 4.  FAIR VALUE AND DERIVATIVE INSTRUMENTS
	Fair Value
	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 of financial instruments measured or disclosed at fair value on a recurring basis:
		March 31, 2014
		Total			Level 1			Level 2			Level 3
		(in thousands)
	Cash and cash equivalents	$	32,498		$	32,498		$	—		$	—
	Restricted cash	3,939			3,939			—			—
	Variable interest rate debt	(20,909		)	—			(20,909		)	—
	Contingent consideration	(7,500		)	—			—			(7,500		)
	Foreign currency forward contracts, net	(524		)	—			(524		)	—
		December 31, 2013
		Total			Level 1			Level 2			Level 3
		(in thousands)
	Cash and cash equivalents	$	34,722		$	34,722		$	—		$	—
	Restricted cash	4,124			4,124			—			—
	Variable interest rate debt	(26,635		)	—			(26,635		)	—
	Contingent consideration	(7,500		)	—			—			(7,500		)
	Foreign currency forward contracts, net	(587		)	—			(587		)	—
	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 contingent consideration represents the contingent liabilities associated with the earn-out provisions from the 2012 acquisition of Usach.  The fair value of the contingent purchase price payment is based on the present value of the estimated aggregated payment amount. 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, 2014 and December 31, 2013, there were no significant transfers in and out of Level 1 and Level 2.
	Derivative 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 expense, net” when the hedging relationship is deemed to be no longer effective. As of March 31, 2014 and December 31, 2013, the notional amounts of the derivative financial instruments designated to qualify for cash flow hedges were $28.7 million and $37.0 million, respectively.  The Company expects $0.2 million of net losses, net of income tax effect, to be reclassified from AOCI to earnings within the next 12 months.  For contracts that are not designated as hedges, the gain and loss on the contract is recognized in current earnings in the “Other expense, net” line item on the Consolidated Statements of Operations.
	As of March 31, 2014 and December 31, 2013, the notional amounts of the derivative financial instruments not qualifying or otherwise designated as hedges were $40.1 million and $45.5 million, respectively.  For the three months ended March 31, 2014 and 2013, losses of $0.8 million and $0.7 million, respectively, were recorded related to this type of derivative financial instruments.  For contracts that are not designated as hedges, the gain or loss on the contract is recognized in current earnings in the “Other 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:
		March 31,			December 31,
		2014			2013
		(in thousands)
	Foreign currency forwards designated as hedges:
	Other current assets	$	70		$	144
	Accrued expenses	(324		)	(249		)
	Foreign currency forwards not designated as hedges:
	Other current assets	150			141
	Accrued expenses	(420		)	(623		)
	Foreign currency forwards, net	$	(524	)	$	(587	)

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2014
PROPERTY, PLANT AND EQUIPMENT	'
PROPERTY, PLANT AND EQUIPMENT	'
	NOTE 5.  PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment consist of the following(1):
		March 31,			December 31,
		2014			2013
		(in thousands)
	Land, buildings and improvements	$	88,434		$	88,295
	Machinery, equipment and fixtures	80,272			80,584
	Office furniture, equipment and vehicles	23,788			23,421
	Construction in progress	149			217
		192,643			192,517
	Accumulated depreciation	(119,678		)	(117,861		)
	Property, plant and equipment, net	$	72,965		$	74,656
	(1) During the quarter ended March 31, 2014, the Company reclassified balances related to cost and accumulated depreciation.  The net property, plant and equipment balance was not impacted by this adjustment.  The December 31, 2013 balances have been reclassified to reflect the proper presentation.

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2014
GOODWILL AND INTANGIBLE ASSETS	'
GOODWILL AND INTANGIBLE ASSETS	'
	NOTE 6.  GOODWILL AND INTANGIBLE ASSETS
	Detail and activity of goodwill by segment is presented below:
		MMS			ATA			Total
					(in thousands)
	Balance at December 31, 2013	$	4,848		$	5,016		$	9,864
	Currency Translation Adjustments	—			24			24
	Balance at March 31, 2014	$	4,848		$	5,040		$	9,888
	The gross carrying value of goodwill at both March 31, 2014 and December 31, 2013 was $37.5 million.  Accumulated impairment losses at both March 31, 2014 and December 31, 2013 were $27.6 million.
	The major components of intangible assets other than goodwill are as follows:
		March 31,			December 31,
		2014			2013
		(in thousands)
	Gross amortizable intangible assets:
	Land rights	$	2,790		$	2,865
	Patents	3,045			3,030
	Technical know-how, customer lists, and other	21,392			21,375
	Total gross amortizable intangible assets	27,227			27,270
	Accumulated amortization:
	Land rights	(186		)	(177		)
	Patents	(2,901		)	(2,884		)
	Technical know-how, customer lists, and other	(5,623		)	(5,220		)
	Total accumulated amortization	(8,710		)	(8,281		)
	Amortizable intangible assets, net	18,517			18,989
	Indefinite lived intangible assets:
	Assets associated with Bridgeport acquisition(1)	7,205			7,354
	Usach trade name(2)	1,550			1,550
	Forkardt trade name(3)	4,170			4,170
		12,925			13,074
	Intangible assets other than goodwill, net	$	31,442		$	32,063
	(1) Represents the aggregate value of the trade name, trademarks and copyrights associated with the former worldwide operations of Bridgeport. The Bridgeport brand name is used on all of the machining center lines. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.
	(2) Represents the value of the trade name associated with Usach, which the Company acquired in 2012. The Usach trade name is used on all of the grinding machines and grinding systems manufactured by Usach. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.
	(3) Represents the value of the trade name associated with Forkardt, which the Company acquired in 2013. The Forkardt trade name is used on all of the products manufactured by Forkardt. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.
	Amortization expense related to these amortizable intangible assets was $0.4 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively.

WARRANTIES

WARRANTIES	3 Months Ended
	Mar. 31, 2014
WARRANTIES	'
WARRANTIES	'
	NOTE 7.  WARRANTIES
	A reconciliation of the changes in the product warranty accrual, which is included in accrued expenses, is as follows:
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Balance at the beginning of period	$	3,476		$	3,432
	Warranties issued	599			688
	Warranty settlement costs	(620		)	(622		)
	Changes in accruals for pre-existing warranties	(179		)	(287		)
	Currency translation adjustments	2			(117		)
	Balance at the end of period	$	3,278		$	3,094

FINANCING_ARRANGEMENTS

FINANCING ARRANGEMENTS	3 Months Ended
	Mar. 31, 2014
FINANCING ARRANGEMENTS	'
FINANCING ARRANGEMENTS	'
	NOTE 8.  FINANCING ARRANGEMENTS
	See Note 6. “Financing Arrangements” of the 2013 Annual Report on Form 10-K for a description of the financing arrangements in place as of December 31, 2013.
	On January 7, 2014, Hardinge Jiaxing amended its secured credit facility with a local bank.  The amendment increased the total availability under the facility from CNY 34.2 million (approximately $5.6 million) to CNY 59.0 million (approximately $9.7 million) or its equivalent in other currencies.  The facility, which expires on December 20, 2014, is available for working capital and letter of credit purposes.  Borrowings for working capital purposes are limited to CNY 39.0 million (approximately $6.4 million).  The facility is secured by real property owned by the subsidiary.  The interest rate on the credit facility, currently at 6.60%, is based on the basic interest rate as published by the People’s Bank of China, plus a 10% mark-up.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
INCOME TAXES	'
INCOME TAXES	'
	NOTE 9.  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 rates were (52.8)% and 84.7% for the three months ended March 31, 2014 and 2013, respectively.
	The tax years 2011, 2012 and 2013 remain open to examination by the U.S. federal taxing authorities.  The tax years 2009 through 2013 remain open to examination by various U.S. state taxing authorities.  For other major jurisdictions in which the Company operates (Switzerland, U.K., Taiwan, France, Germany, Netherlands and China); the tax years between 2007 and 2013 generally remain open to routine examination by foreign taxing authorities, depending on the jurisdiction.
	At March 31, 2014, a liability of $2.7 million is recorded with respect to uncertain income tax positions, which included related interest and penalties of $1.0 million.  If recognized, essentially all of the uncertain tax positions and related interest at March 31, 2014 would be recorded as a benefit to income tax expense on the Consolidated Statement of Operations.  It is reasonably possible that certain 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 between $0.3 million and $1.1 million.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 10.  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 liabilities 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 now be estimated with any degree of certainty.
	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., the PRPs, have agreed to voluntarily participate in the Remedial Investigation and Feasibility Study (“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 cost of the RI/FS study on a per capita basis.
	The EPA approved the RI/FS Work Plan in May of 2008. On September 7, 2011, the PRPs submitted the draft Remedial Investigation Report to the EPA and on January 10, 2013, the draft Feasibility Study was submitted to the EPA.
	The draft Feasibility Study identified alternative remedial actions with estimated life-cycle costs ranging from $0.7 million to $3.4 million. The Company’s portion of the potential costs are estimated to range from $0.1 million to $0.5 million.  Based on the current estimated costs of the various remedial alternatives now under consideration by the EPA, a reserve of $0.2 million has been recorded for the Company’s share of remediation expenses at the Pond as of March 31, 2014.  This reserve is reported as an accrued expense 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.

STOCK_BASED_COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2014
STOCK BASED COMPENSATION	'
STOCK BASED COMPENSATION	'
	NOTE 11.  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 were included in the depreciation and amortization amounts in the Consolidated Statements of Cash Flows.
	A summary of stock based compensation expense is as follows:
		Three Months Ended
		March 31,
		2014		2013
		(in thousands)
	Restricted stock/unit awards (“RSA”)	$	109	$	99
	Performance share incentives (“PSI”)	—		18
		$	109	$	117
	There were no RSAs granted during the three months ended March 31, 2014, and 2013, respectively.  The deferred compensation is being amortized on a straight-line basis over the specified service period. There were no PSIs granted during the three months ended March 31, 2014 and 2013, 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 as of March 31, 2014 and December 31, 2013, are as follows:
		March 31,		December 31,
		2014		2013
	Unrecognized compensation cost, in thousands	$	1,070	$	1,179
	Expected weighted-average recognition period for unrecognized compensation cost, in years	2.4		2.6

STOCK_OFFERING

STOCK OFFERING	3 Months Ended
	Mar. 31, 2014
STOCK OFFERING	'
STOCK OFFERING	'
	NOTE 12.  STOCK OFFERING
	On August 9, 2013, the Company entered into a sales agreement (the “Agreement”) with an independent sales agent (“Agent”), under which the Company may, from time to time, sell shares of its common stock, par value $0.01 per share (the “Shares”), having an aggregate offering price of up to $25.0 million through the Agent. Under the Agreement, the Agent may sell the Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Select Market, on any other existing trading market for the common stock or to or through a market maker. In addition, with the prior consent of the Company, the Agent may sell the common stock by any other method permitted by law, including in privately negotiated transactions.
	The Agreement will terminate upon the earlier of (i) sale of the Shares under the Agreement having an aggregate offering price of $25.0 million and (ii) the termination of the Agreement as permitted therein. The Agreement may be terminated by the Agent or the Company at any time upon 10 days notice to the other party, or by the Agent at any time in certain circumstances, including the occurrence of a material adverse change in the Company.  The Board has authorized this program for a period of one year ending August 8, 2014.
	As of March 31, 2014, 980,760 Shares have been sold for aggregated net proceeds of $14.2 million of which 663,276 of the shares sold were issued from treasury.  During the three months ended March 31, 2014, 370,371 shares of common stock have been sold under the “at-the-market” stock offering program for aggregate net proceeds of $5.2 million, of which 75,125 of the shares sold were issued from treasury.

CHANGES_IN_ACCUMULATED_OTHER_C

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2014
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	'
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	'
	NOTE 13.  CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
	Changes in accumulated other comprehensive income (loss) (“AOCI”) by component for the periods ended March 31, 2014 and 2013 are as follows:
		Three Months Ended March 31, 2014
		Foreign			Retirement			Unrealized			Accumulated
		currency			plan related			gain (loss) on			other
		translation			adjustment			cash flow			comprehensive
		adjustment						hedges			loss
		(in thousands)
	Beginning balance, net of tax	$	38,469		$	(40,213	)	$	131		$	(1,613	)
	Other comprehensive (loss) income before reclassifications	(859		)	366			(374		)	(867		)
	Less income (loss) reclassified from AOCI	—			248			(77		)	171
	Net other comprehensive (loss) income	(859		)	118			(297		)	(1,038		)
	Income taxes	(153		)	(21		)	(19		)	(193		)
	Ending balance, net of tax	$	37,763		$	(40,074	)	$	(147	)	$	(2,458	)
		Three Months Ended March 31, 2013
		Foreign			Retirement			Unrealized			Accumulated
		currency			plan related			gain (loss) on			other
		translation			adjustment			cash flow			comprehensive
		adjustment						hedges			loss
		(in thousands)
	Beginning balance, net of tax	$	36,830		$	(62,375	)	$	36		$	(25,509	)
	Other comprehensive (loss) income before reclassifications	(5,059		)	2,012			(246		)	(3,293		)
	Less income (loss) reclassified from AOCI	—			568			(90		)	478
	Net other comprehensive (loss) income	(5,059		)	1,444			(156		)	(3,771		)
	Income taxes	462			184			(68		)	578
	Ending balance, net of tax	$	31,309		$	(61,115	)	$	(52	)	$	(29,858	)
	Details about reclassification out of AOCI for the three months ended March 31,2014 and 2013 are as follows:
		Three Months Ended
		March 31,
		2014			2013
	Details of AOCI components	Amount			Amount			Affected line item on the
		reclassified			reclassified			Consolidated Statements
		from AOCI			from AOCI			of Operations
		(in thousands)
	Unrealized gain (loss) on cash flow hedges:
		$	29		$	(99	)	Sales
		(106		)	9			Other expense, net
		(77		)	(90		)	Total before tax
		(2		)	18			Tax (expense) benefit
		$	(79	)	$	(72	)	Net of tax
	Retirement plan related adjustments:
	Amortization of prior service credit	$	(102	)	$	(167	)	(a)
	Amortization of transition asset	(71		)	(68		)	(a)
	Amortization of actuarial loss	421			803			(a)
		248			568			Total before tax
		2			(42		)	Tax benefit (expense)
		$	250		$	526		Net of tax
	(a)  These AOCI components are included in the computation of net period pension and post retirement costs. See Note 14. “Pension and Postretirement Plans” for details.

PENSION_AND_POSTRETIREMENT_PLA

PENSION AND POSTRETIREMENT PLANS	3 Months Ended
	Mar. 31, 2014
PENSION AND POSTRETIREMENT PLANS	'
PENSION AND POSTRETIREMENT PLANS	'
	NOTE 14.  PENSION AND POSTRETIREMENT PLANS
	A summary of the components of net periodic pension benefit costs for the three months ended March 31, 2014 and 2013 is presented below.
		Pension Benefits						Postretirement Benefits
		Three Months Ended						Three Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Service cost	$	364		$	348		$	3		$	4
	Interest cost	2,120			1,843			22			23
	Expected return on plan assets	(2,495		)	(2,365		)	—			—
	Amortization of prior service credit	(102		)	(103		)	—			(64		)
	Amortization of transition asset	(71		)	(68		)	—			—
	Amortization of loss (gain)	435			804			(14		)	(1		)
	Net periodic cost (benefit)	$	251		$	459		$	11		$	(38	)

LOSS_EARNINGS_PER_SHARE

(LOSS) EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2014
(LOSS) EARNINGS PER SHARE	'
(LOSS) EARNINGS PER SHARE	'
	NOTE 15.  (LOSS) EARNINGS PER SHARE
	Basic (loss) earnings per share is computed using the weighted average number of shares of common stock outstanding during the period. For diluted (loss) earnings per share, the weighted average number of shares includes common stock equivalents related to stock options and restricted stock.  The following table presents the basis of the (loss) earnings per share computation:
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Numerator for basic and diluted (loss) earnings per share:
	(Loss) earnings from continuing operations	$	(671	)	$	40
	Gain from disposal of discontinued operations, net of tax	218			—
	Net (loss) earnings applicable to common shareholders	$	(453	)	$	40
	Denominator :
	Denominator for basic (loss) earnings per share — weighted average shares	12,499			11,660
	Assumed exercise of stock options	—			27
	Assumed satisfaction of restricted stock conditions	—			56
	Denominator for diluted (loss) earnings per share — adjusted weighted average shares	12,499			11,743
	There is no dilutive effect of the restricted stock and stock options for the three months ended March 31, 2014 due to the current year net loss.  There would have been 99,127 shares included in the diluted earnings per share calculation at March 31, 2014 had the impact of including these securities not been anti-dilutive.  Shares of certain stock-based awards totaling 51,073 and 63,613 were excluded from the calculation of diluted (loss) earnings per share for three months ended March 31, 2014 and 2013, respectively, as they were anti-dilutive.

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2014
SEGMENT INFORMATION	'
SEGMENT INFORMATION	'
	NOTE 16. SEGMENT INFORMATION
	Segment income is measured for internal reporting purposes by excluding corporate expenses, 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:
		Three Months Ended March 31, 2014
		MMS			ATA			Inter-Segment			Total
								Eliminations
		(in thousands)
	Sales	$	54,189		$	16,733		$	(72	)	$	70,850
	Depreciation & amortization	1,777			639						2,416
	Segment (loss) income	(977		)	1,808						831
	Capital expenditures	258			67						325
	Segment assets (1)	242,213			52,692						294,905
		Three Months Ended March 31, 2013
		MMS			ATA			Inter-Segment			Total
								Eliminations
		(in thousands)
	Sales	$	60,072		$	7,321		$	(174	)	$	67,219
	Depreciation & amortization	1,674			183						1,857
	Segment income	863			1,117						1,980
	Capital expenditures	508			343						851
	Segment assets (1)	267,564			17,730						285,294
	(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) income from operations before income taxes, for the three months ended March 31, 2014 and 2013 are as follows:
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Segment income	$	831		$	1,980
	Unallocated corporate expense	(1,122		)	(1,024		)
	Interest expense, net	(223		)	(190		)
	Other unallocated expense	—			(504		)
	(Loss) income from continuing operations before income taxes	$	(514	)	$	262
	A reconciliation of segment assets to consolidated total assets follows:
		March 31,			December 31,
		2014			2013
		(in thousands)
	Total segment assets	$	294,905		$	303,208
	Unallocated assets	38,649			40,760
	Total assets	$	333,554		$	343,968
	Unallocated assets include cash of $32.5 million and $34.7 million at March 31, 2014 and December 31, 2013, respectively.

NEW_ACCOUNTING_STANDARDS

NEW ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2014
NEW ACCOUNTING STANDARDS	'
NEW ACCOUNTING STANDARDS	'
	NOTE 17.  NEW ACCOUNTING STANDARDS
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance on the presentation and disclosure of discontinued operations.  This guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014.  Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in financial statements.  Management does not believe that the adoption of this accounting guidance will have a material impact on the financial statements.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 18.  SUBSEQUENT EVENTS
	Subsequent to March 31, 2014, 33,492 shares of the Company’s common stock were sold under the “at-the-market” stock offering program as described in Note 12. “Stock Offering” for aggregate net proceeds of $0.5 million.  As of May 2, 2014, 1,014,252 shares have been sold under this program for aggregate net proceeds of $14.6 million, of which 663,276 of the shares sold were issued from treasury.
	Under the terms of our $23.0 million term loan, we are required to make mandatory principal payments associated with the sale of our common stock under our stock offering program equal to 25% of the net proceeds.  Subsequent to March 31, 2014, as a result of sales of our common stock, we made additional principal payments of $0.8 million.

ACQUISITION_Tables

ACQUISITION (Tables)	3 Months Ended
	Mar. 31, 2014
ACQUISITION	'
Schedule of unaudited pro forma effect on consolidated operating results	'
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Sales	$	70,850		$	77,478
	Net (loss) income from continuing operations	(592		)	1,069
	Diluted (loss) earnings per share from continuing operations	$	(0.05	)	$	0.09

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2014
INVENTORIES	'
Schedule of net inventories	'
		March 31,		December 31,
		2014		2013
		(in thousands)
	Finished products	$	52,180	$	53,427
	Work-in-process	28,209		28,591
	Raw materials and purchased components	31,700		32,046
	Inventories, net	$	112,089	$	114,064

FAIR_VALUE_AND_DERIVATIVE_INST1

FAIR VALUE AND DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
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	'
		March 31, 2014
		Total			Level 1			Level 2			Level 3
		(in thousands)
	Cash and cash equivalents	$	32,498		$	32,498		$	—		$	—
	Restricted cash	3,939			3,939			—			—
	Variable interest rate debt	(20,909		)	—			(20,909		)	—
	Contingent consideration	(7,500		)	—			—			(7,500		)
	Foreign currency forward contracts, net	(524		)	—			(524		)	—
		December 31, 2013
		Total			Level 1			Level 2			Level 3
		(in thousands)
	Cash and cash equivalents	$	34,722		$	34,722		$	—		$	—
	Restricted cash	4,124			4,124			—			—
	Variable interest rate debt	(26,635		)	—			(26,635		)	—
	Contingent consideration	(7,500		)	—			—			(7,500		)
	Foreign currency forward contracts, net	(587		)	—			(587		)	—
Schedule of fair value on the Consolidated Balance Sheets of the foreign currency forward contracts	'
		March 31,			December 31,
		2014			2013
		(in thousands)
	Foreign currency forwards designated as hedges:
	Other current assets	$	70		$	144
	Accrued expenses	(324		)	(249		)
	Foreign currency forwards not designated as hedges:
	Other current assets	150			141
	Accrued expenses	(420		)	(623		)
	Foreign currency forwards, net	$	(524	)	$	(587	)

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2014
PROPERTY, PLANT AND EQUIPMENT	'
Schedule of components of property, plant and equipment, net	'
		March 31,			December 31,
		2014			2013
		(in thousands)
	Land, buildings and improvements	$	88,434		$	88,295
	Machinery, equipment and fixtures	80,272			80,584
	Office furniture, equipment and vehicles	23,788			23,421
	Construction in progress	149			217
		192,643			192,517
	Accumulated depreciation	(119,678		)	(117,861		)
	Property, plant and equipment, net	$	72,965		$	74,656
	(1) During the quarter ended March 31, 2014, the Company reclassified balances related to cost and accumulated depreciation.  The net property, plant and equipment balance was not impacted by this adjustment.  The December 31, 2013 balances have been reclassified to reflect the proper presentation.

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
GOODWILL AND INTANGIBLE ASSETS	'
Summary of detail and activity of goodwill by segment	'
		MMS			ATA			Total
					(in thousands)
	Balance at December 31, 2013	$	4,848		$	5,016		$	9,864
	Currency Translation Adjustments	—			24			24
	Balance at March 31, 2014	$	4,848		$	5,040		$	9,888
Summary of the major components of intangible assets other than goodwill	'
		March 31,			December 31,
		2014			2013
		(in thousands)
	Gross amortizable intangible assets:
	Land rights	$	2,790		$	2,865
	Patents	3,045			3,030
	Technical know-how, customer lists, and other	21,392			21,375
	Total gross amortizable intangible assets	27,227			27,270
	Accumulated amortization:
	Land rights	(186		)	(177		)
	Patents	(2,901		)	(2,884		)
	Technical know-how, customer lists, and other	(5,623		)	(5,220		)
	Total accumulated amortization	(8,710		)	(8,281		)
	Amortizable intangible assets, net	18,517			18,989
	Indefinite lived intangible assets:
	Assets associated with Bridgeport acquisition(1)	7,205			7,354
	Usach trade name(2)	1,550			1,550
	Forkardt trade name(3)	4,170			4,170
		12,925			13,074
	Intangible assets other than goodwill, net	$	31,442		$	32,063
	(1) Represents the aggregate value of the trade name, trademarks and copyrights associated with the former worldwide operations of Bridgeport. The Bridgeport brand name is used on all of the machining center lines. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.
	(2) Represents the value of the trade name associated with Usach, which the Company acquired in 2012. The Usach trade name is used on all of the grinding machines and grinding systems manufactured by Usach. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.
	(3) Represents the value of the trade name associated with Forkardt, which the Company acquired in 2013. The Forkardt trade name is used on all of the products manufactured by Forkardt. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.

WARRANTIES_Tables

WARRANTIES (Tables)	3 Months Ended
	Mar. 31, 2014
WARRANTIES	'
Schedule of reconciliation of changes in product warranty accrual included in accrued expenses	'
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Balance at the beginning of period	$	3,476		$	3,432
	Warranties issued	599			688
	Warranty settlement costs	(620		)	(622		)
	Changes in accruals for pre-existing warranties	(179		)	(287		)
	Currency translation adjustments	2			(117		)
	Balance at the end of period	$	3,278		$	3,094

STOCK_BASED_COMPENSATION_Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2014
STOCK BASED COMPENSATION	'
Summary of stock based compensation expense	'
		Three Months Ended
		March 31,
		2014		2013
		(in thousands)
	Restricted stock/unit awards (“RSA”)	$	109	$	99
	Performance share incentives (“PSI”)	—		18
		$	109	$	117
Schedule of unrecognized compensation and the expected weighted-average recognition periods with respect to the outstanding RSAs	'
		March 31,		December 31,
		2014		2013
	Unrecognized compensation cost, in thousands	$	1,070	$	1,179
	Expected weighted-average recognition period for unrecognized compensation cost, in years	2.4		2.6

CHANGES_IN_ACCUMULATED_OTHER_C1

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2014
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	'
Schedule of changes in accumulated other comprehensive income (loss) (AOCI) by component	'
		Three Months Ended March 31, 2014
		Foreign			Retirement			Unrealized			Accumulated
		currency			plan related			gain (loss) on			other
		translation			adjustment			cash flow			comprehensive
		adjustment						hedges			loss
		(in thousands)
	Beginning balance, net of tax	$	38,469		$	(40,213	)	$	131		$	(1,613	)
	Other comprehensive (loss) income before reclassifications	(859		)	366			(374		)	(867		)
	Less income (loss) reclassified from AOCI	—			248			(77		)	171
	Net other comprehensive (loss) income	(859		)	118			(297		)	(1,038		)
	Income taxes	(153		)	(21		)	(19		)	(193		)
	Ending balance, net of tax	$	37,763		$	(40,074	)	$	(147	)	$	(2,458	)
		Three Months Ended March 31, 2013
		Foreign			Retirement			Unrealized			Accumulated
		currency			plan related			gain (loss) on			other
		translation			adjustment			cash flow			comprehensive
		adjustment						hedges			loss
		(in thousands)
	Beginning balance, net of tax	$	36,830		$	(62,375	)	$	36		$	(25,509	)
	Other comprehensive (loss) income before reclassifications	(5,059		)	2,012			(246		)	(3,293		)
	Less income (loss) reclassified from AOCI	—			568			(90		)	478
	Net other comprehensive (loss) income	(5,059		)	1,444			(156		)	(3,771		)
	Income taxes	462			184			(68		)	578
	Ending balance, net of tax	$	31,309		$	(61,115	)	$	(52	)	$	(29,858	)
Schedule of reclassification out of AOCI	'
		Three Months Ended
		March 31,
		2014			2013
	Details of AOCI components	Amount			Amount			Affected line item on the
		reclassified			reclassified			Consolidated Statements
		from AOCI			from AOCI			of Operations
		(in thousands)
	Unrealized gain (loss) on cash flow hedges:
		$	29		$	(99	)	Sales
		(106		)	9			Other expense, net
		(77		)	(90		)	Total before tax
		(2		)	18			Tax (expense) benefit
		$	(79	)	$	(72	)	Net of tax
	Retirement plan related adjustments:
	Amortization of prior service credit	$	(102	)	$	(167	)	(a)
	Amortization of transition asset	(71		)	(68		)	(a)
	Amortization of actuarial loss	421			803			(a)
		248			568			Total before tax
		2			(42		)	Tax benefit (expense)
		$	250		$	526		Net of tax
	(a)  These AOCI components are included in the computation of net period pension and post retirement costs. See Note 14. “Pension and Postretirement Plans” for details.

PENSION_AND_POSTRETIREMENT_PLA1

PENSION AND POSTRETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2014
PENSION AND POSTRETIREMENT PLANS	'
Summary of the components of net periodic pension benefit costs	'
		Pension Benefits						Postretirement Benefits
		Three Months Ended						Three Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Service cost	$	364		$	348		$	3		$	4
	Interest cost	2,120			1,843			22			23
	Expected return on plan assets	(2,495		)	(2,365		)	—			—
	Amortization of prior service credit	(102		)	(103		)	—			(64		)
	Amortization of transition asset	(71		)	(68		)	—			—
	Amortization of loss (gain)	435			804			(14		)	(1		)
	Net periodic cost (benefit)	$	251		$	459		$	11		$	(38	)

LOSS_EARNINGS_PER_SHARE_Tables

(LOSS) EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2014
(LOSS) EARNINGS PER SHARE	'
Schedule of the basis of the (loss) earnings per share computation	'
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Numerator for basic and diluted (loss) earnings per share:
	(Loss) earnings from continuing operations	$	(671	)	$	40
	Gain from disposal of discontinued operations, net of tax	218			—
	Net (loss) earnings applicable to common shareholders	$	(453	)	$	40
	Denominator :
	Denominator for basic (loss) earnings per share — weighted average shares	12,499			11,660
	Assumed exercise of stock options	—			27
	Assumed satisfaction of restricted stock conditions	—			56
	Denominator for diluted (loss) earnings per share — adjusted weighted average shares	12,499			11,743

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
SEGMENT INFORMATION	'
Schedule of financial results of reportable segments	'
		Three Months Ended March 31, 2014
		MMS			ATA			Inter-Segment			Total
								Eliminations
		(in thousands)
	Sales	$	54,189		$	16,733		$	(72	)	$	70,850
	Depreciation & amortization	1,777			639						2,416
	Segment (loss) income	(977		)	1,808						831
	Capital expenditures	258			67						325
	Segment assets (1)	242,213			52,692						294,905
		Three Months Ended March 31, 2013
		MMS			ATA			Inter-Segment			Total
								Eliminations
		(in thousands)
	Sales	$	60,072		$	7,321		$	(174	)	$	67,219
	Depreciation & amortization	1,674			183						1,857
	Segment income	863			1,117						1,980
	Capital expenditures	508			343						851
	Segment assets (1)	267,564			17,730						285,294
	(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 (loss) income from operations before income taxes	'
		Three Months Ended
		March 31,
		2014			2013
		(in thousands)
	Segment income	$	831		$	1,980
	Unallocated corporate expense	(1,122		)	(1,024		)
	Interest expense, net	(223		)	(190		)
	Other unallocated expense	—			(504		)
	(Loss) income from continuing operations before income taxes	$	(514	)	$	262
Schedule of reconciliation of segment assets to consolidated total assets	'
		March 31,			December 31,
		2014			2013
		(in thousands)
	Total segment assets	$	294,905		$	303,208
	Unallocated assets	38,649			40,760
	Total assets	$	333,554		$	343,968

BASIS_OF_PRESENTATION_Details

BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2014
	item
BASIS OF PRESENTATION	'
Number of reportable business segments	2

ACQUISITION_Details

ACQUISITION (Details)	0 Months Ended	3 Months Ended			12 Months Ended
	9-May-13	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
	Forkardt	Forkardt	Forkardt	Forkardt Swiss business	Forkardt Swiss business	Forkardt Swiss business
	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	CHF
ACQUISITION	'	'	'	'	'	'
Purchase price less cash acquired	$34,300,000	'	'	'	'	'
Bank debt used in funding of acquisition	24,300,000	'	'	'	'	'
Cash used in funding of acquisition	10,000,000	'	'	'	6,300,000	5,600,000
Net assets	'	'	'	'	1,200,000	'
Additional contingent consideration received	'	'	'	200,000	'	'
Supplemental Pro Forma Information	'	'	'	'	'	'
Sales	'	70,850,000	77,478,000	'	'	'
Net (loss) income from continuing operations	'	($592,000)	$1,069,000	'	'	'
Diluted (loss) earnings per share from continuing operations	'	($0.05)	$0.09	'	'	'

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
INVENTORIES	'	'
Finished products	$52,180	$53,427
Work-in-process	28,209	28,591
Raw materials and purchased components	31,700	32,046
Inventories, net	$112,089	$114,064

FAIR_VALUE_AND_DERIVATIVE_INST2

FAIR VALUE AND DERIVATIVE INSTRUMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial instruments	'	'
Restricted cash	$3,939	$4,124
Contingent consideration	-7,500	-7,500
Foreign currency forward contracts, net	-524	-587
Transfer of asset from level 1 to level 2	0	0
Transfer of asset from level 2 to level 1	0	0
Transfer of liabilities from level 1 to level 2	0	0
Transfer of liabilities from level 2 to level 1	0	0
Recurring | Total	'	'
Financial instruments	'	'
Cash and cash equivalents	32,498	34,722
Restricted cash	3,939	4,124
Variable interest rate debt	-20,909	-26,635
Contingent consideration	-7,500	-7,500
Foreign currency forward contracts, net	-524	-587
Recurring | Level 1	'	'
Financial instruments	'	'
Cash and cash equivalents	32,498	34,722
Restricted cash	3,939	4,124
Recurring | Level 2	'	'
Financial instruments	'	'
Variable interest rate debt	-20,909	-26,635
Foreign currency forward contracts, net	-524	-587
Recurring | Level 3	'	'
Financial instruments	'	'
Contingent consideration	($7,500)	($7,500)

FAIR_VALUE_AND_DERIVATIVE_INST3

FAIR VALUE AND DERIVATIVE INSTRUMENTS (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
FAIR VALUE AND DERIVATIVE INSTRUMENTS	'	'	'
Losses related to derivatives	$800,000	$700,000	'
Fair value of the foreign currency forward contracts	'	'	'
Foreign currency forwards designated as hedges - Other current assets	70,000	'	144,000
Foreign currency forwards designated as hedges - Accrued expenses	-324,000	'	-249,000
Foreign currency forwards not designated as hedges - Other current assets	150,000	'	141,000
Foreign currency forwards not designated as hedges - Accrued expenses	-420,000	'	-623,000
Foreign currency forwards, net	-524,000	'	-587,000
Foreign currency forwards | Not designated as hedges	'	'	'
Derivative financial instruments qualifying and designated as hedges	'	'	'
Notional Amount	40,100,000	'	45,500,000
Foreign currency forwards | Cash flow hedges	'	'	'
Derivative financial instruments qualifying and designated as hedges	'	'	'
Notional Amount	28,700,000	'	37,000,000
Foreign currency derivative financial instruments qualifying and designated as hedges	'	'	'
Expected losses, net of income tax effect, expected to be reclassified from AOCI within the next 12 months	$200,000	'	'

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property, plant and equipment	'	'
Property, plant and equipment, gross	$192,643	$192,517
Accumulated depreciation	-119,678	-117,861
Property, plant and equipment, net	72,965	74,656
Land, buildings and improvements	'	'
Property, plant and equipment	'	'
Property, plant and equipment, gross	88,434	88,295
Machinery, equipment and fixtures	'	'
Property, plant and equipment	'	'
Property, plant and equipment, gross	80,272	80,584
Office furniture, equipment and vehicles	'	'
Property, plant and equipment	'	'
Property, plant and equipment, gross	23,788	23,421
Construction in progress	'	'
Property, plant and equipment	'	'
Property, plant and equipment, gross	$149	$217

GOODWILL_AND_INTANGIBLE_ASSETS2

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Summary of goodwill amount	'	'
Balance at the beginning of the period	$9,864,000	'
Currency Translation Adjustments	24,000	'
Balance at the end of the period	9,888,000	'
Gross carrying value of goodwill	37,500,000	37,500,000
Accumulated impairment losses	-27,600,000	-27,600,000
MMS	'	'
Summary of goodwill amount	'	'
Balance at the beginning of the period	'	4,848,000
Balance at the end of the period	4,848,000	4,848,000
ATA	'	'
Summary of goodwill amount	'	'
Balance at the beginning of the period	5,016,000	'
Currency Translation Adjustments	24,000	'
Balance at the end of the period	$5,040,000	'

GOODWILL_AND_INTANGIBLE_ASSETS3

GOODWILL AND INTANGIBLE ASSETS (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Amortizable intangible assets	'	'	'
Gross amortizable intangible assets	$27,227,000	'	$27,270,000
Accumulated amortization	-8,710,000	'	-8,281,000
Amortizable intangible assets, net	18,517,000	'	18,989,000
Indefinite lived intangible assets	12,925,000	'	13,074,000
Intangible assets other than goodwill, net	31,442,000	'	32,063,000
Amortization expense related to amortizable intangible assets	400,000	300,000	'
Assets associated with Bridgeport acquisition | Assets	'	'	'
Amortizable intangible assets	'	'	'
Indefinite lived intangible assets	7,205,000	'	7,354,000
Usach | Trade names	'	'	'
Amortizable intangible assets	'	'	'
Indefinite lived intangible assets	1,550,000	'	1,550,000
Forkardt | Trade names	'	'	'
Amortizable intangible assets	'	'	'
Indefinite lived intangible assets	4,170,000	'	4,170,000
Land rights	'	'	'
Amortizable intangible assets	'	'	'
Gross amortizable intangible assets	2,790,000	'	2,865,000
Accumulated amortization	-186,000	'	-177,000
Patents	'	'	'
Amortizable intangible assets	'	'	'
Gross amortizable intangible assets	3,045,000	'	3,030,000
Accumulated amortization	-2,901,000	'	-2,884,000
Technical know-how, customer list, and other	'	'	'
Amortizable intangible assets	'	'	'
Gross amortizable intangible assets	21,392,000	'	21,375,000
Accumulated amortization	($5,623,000)	'	($5,220,000)

WARRANTIES_Details

WARRANTIES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Changes in product warranty accrual	'	'
Balance at the beginning of period	$3,476	$3,432
Warranties issued	599	688
Warranty settlement costs	-620	-622
Changes in accruals for pre-existing warranties	-179	-287
Currency translation adjustments	2	-117
Balance at the end of period	$3,278	$3,094

FINANCING_ARRANGEMENTS_Details

FINANCING ARRANGEMENTS (Details) (Jiaxing line of credit facility)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Jan. 07, 2014	Jan. 07, 2014	Jan. 06, 2014	Jan. 06, 2014
	USD ($)	CNY	USD ($)	CNY	USD ($)	CNY
Financing arrangements	'	'	'	'	'	'
Borrowing capacity available for working capital and letter of credit purposes	'	'	$9.70	59	$5.60	34.2
Borrowing capacity available for working capital need	$6.40	39	'	'	'	'
Interest rate (as a percent)	6.60%	6.60%	'	'	'	'
Reference rate	'Basic interest rate	'Basic interest rate	'	'	'	'
Basis spread added to base rate (as a percent)	10.00%	10.00%	'	'	'	'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
INCOME TAXES	'	'
Effective tax rate (as a percent)	-52.80%	84.70%
Uncertain income tax position	$2.70	'
Interest and penalties included in uncertain income tax position	1	'
Minimum estimated change in uncertain tax positions	0.3	'
Maximum estimated change in uncertain tax positions	$1.10	'

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Mar. 31, 2014	Jan. 10, 2013
In Millions, unless otherwise specified
COMMITMENTS AND CONTINGENCIES	'	'
Estimated life-cycle costs, minimum	'	$0.70
Estimated life-cycle costs, maximum	'	3.4
Commitments and Contingencies	'	'
Reserve for estimated life-cycle costs	0.2	'
Minimum	'	'
Commitments and Contingencies	'	'
Loss contingency, entity portion of potential cost	0.1	'
Maximum	'	'
Commitments and Contingencies	'	'
Loss contingency, entity portion of potential cost	$0.50	'

STOCK_BASED_COMPENSATION_Detai

STOCK BASED COMPENSATION (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Stock-based compensation	'	'	'
Stock based compensation expenses	$109	$117	'
Restricted stock/units awards	'	'	'
Stock-based compensation	'	'	'
Stock based compensation expenses	109	99	'
Number of awards granted (in shares)	0	0	'
Unrecognized compensation and expected weighted-average recognition period	'	'	'
Unrecognized compensation cost	1,070	'	1,179
Expected weighted-average recognition period for unrecognized compensation cost	'2 years 4 months 24 days	'	'2 years 7 months 6 days
Performance share incentives	'	'	'
Stock-based compensation	'	'	'
Stock based compensation expenses	'	$18	'
Number of awards granted (in shares)	0	0	'

STOCK_OFFERING_Details

STOCK OFFERING (Details) (USD $)	0 Months Ended	3 Months Ended	8 Months Ended
In Millions, except Share data, unless otherwise specified	Aug. 09, 2013	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
STOCK OFFERING	'	'	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01	$0.01	$0.01
Aggregate offering price authorized Under the agreement	$25	'	'	'
Threshold aggregate offering price for termination of agreement	25	'	'	'
Period of notice to be served for termination of the agreement	'10 days	'	'	'
Term of program	'	'1 year	'	'
Common stock sold	'	370,371	980,760	'
Proceeds from sale of common stock	'	$5.20	$14.20	'
Treasury Stock Shares Issued Under Stock Offering Program (in shares)	'	75,125	663,276	'

CHANGES_IN_ACCUMULATED_OTHER_C2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Changes in AOCI by component	'	'
Beginning balance, net of tax	($1,613)	($25,509)
Other comprehensive (loss) income before reclassifications	-867	-3,293
Less income (loss) reclassified from AOCI	171	478
Net other comprehensive (loss) income	-1,038	-3,771
Income taxes	-193	578
Ending balance, net of tax	-2,458	-29,858
Foreign currency translation adjustment	'	'
Changes in AOCI by component	'	'
Beginning balance, net of tax	38,469	36,830
Other comprehensive (loss) income before reclassifications	-859	-5,059
Net other comprehensive (loss) income	-859	-5,059
Income taxes	-153	462
Ending balance, net of tax	37,763	31,309
Retirement plan related adjustment	'	'
Changes in AOCI by component	'	'
Beginning balance, net of tax	-40,213	-62,375
Other comprehensive (loss) income before reclassifications	366	2,012
Less income (loss) reclassified from AOCI	248	568
Net other comprehensive (loss) income	118	1,444
Income taxes	-21	184
Ending balance, net of tax	-40,074	-61,115
Unrealized gain (loss) on cash flow hedges	'	'
Changes in AOCI by component	'	'
Beginning balance, net of tax	131	36
Other comprehensive (loss) income before reclassifications	-374	-246
Less income (loss) reclassified from AOCI	-77	-90
Net other comprehensive (loss) income	-297	-156
Income taxes	-19	-68
Ending balance, net of tax	($147)	($52)

CHANGES_IN_ACCUMULATED_OTHER_C3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Reclassification out of AOCI	'	'
Sales	$70,850	$67,219
Other expense, net	-391	-276
(Loss) income from continuing operations before income taxes	-514	262
Tax (expense) benefit	-157	-222
Net (loss) income	-453	40
Unrealized gain (loss) on cash flow hedges | Amount reclassified from AOCI	'	'
Reclassification out of AOCI	'	'
Sales	29	-99
Other expense, net	-106	9
(Loss) income from continuing operations before income taxes	-77	-90
Tax (expense) benefit	-2	18
Net (loss) income	-79	-72
Retirement plan related adjustment | Amount reclassified from AOCI	'	'
Reclassification out of AOCI	'	'
Amortization of prior service credit	-102	-167
Amortization of transition asset	-71	-68
Amortization of actuarial loss	421	803
(Loss) income from continuing operations before income taxes	248	568
Tax (expense) benefit	2	-42
Net (loss) income	$250	$526

PENSION_AND_POSTRETIREMENT_PLA2

PENSION AND POSTRETIREMENT PLANS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Pension Benefits	'	'
Components of net periodic benefit cost (credit)	'	'
Service cost	$364	$348
Interest cost	2,120	1,843
Expected return on plan assets	-2,495	-2,365
Amortization of prior service cost	-102	-103
Amortization of transition asset	-71	-68
Amortization of loss (gain)	435	804
Net periodic cost (benefit)	251	459
Postretirement Benefits	'	'
Components of net periodic benefit cost (credit)	'	'
Service cost	3	4
Interest cost	22	23
Amortization of prior service cost	'	-64
Amortization of loss (gain)	-14	-1
Net periodic cost (benefit)	$11	($38)

LOSS_EARNINGS_PER_SHARE_Detail

(LOSS) EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator for basic and diluted (loss) earnings per share:	'	'
(Loss) earnings from continuing operations	($671)	$40
Gain from disposal of discontinued operations, net of tax	218	'
Net (loss) earnings applicable to common shareholders	($453)	$40
Denominator:	'	'
Denominator for basic (loss) earnings per share - weighted average shares	12,499,000	11,660,000
Denominator for diluted (loss) earnings per share - adjusted weighted average shares	12,499,000	11,743,000
Anti-dilutive stock-based awards excluded from calculation of diluted (loss) earnings per share (in shares)	51,073	63,613
Shares excluded from earnings per share calculation (in shares)	99,127	'
Stock options	'	'
Denominator:	'	'
Incremental shares attributable to assumed conversion of share based payment awards	'	27,000
Restricted stock	'	'
Denominator:	'	'
Incremental shares attributable to assumed conversion of share based payment awards	'	56,000

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Financial results of reportable segments	'	'	'
Sales	$70,850,000	$67,219,000	'
Depreciation and amortization	2,531,000	1,981,000	'
Segment (loss) income	-291,000	452,000	'
Capital expenditures	325,000	851,000	'
Segment assets	333,554,000	'	343,968,000
Reconciliation of segment income to consolidated (loss) income before income taxes	'	'	'
Unallocated corporate expense	-1,122,000	-1,024,000	'
Interest expense, net	-223,000	-190,000	'
Other unallocated expense	'	-504,000	'
(Loss) income from continuing operations before income taxes	-514,000	262,000	'
Reconciliation of segment assets to consolidated total assets	'	'	'
Total assets	333,554,000	'	343,968,000
Operating segment	'	'	'
Financial results of reportable segments	'	'	'
Sales	70,850,000	67,219,000	'
Depreciation and amortization	2,416,000	1,857,000	'
Segment (loss) income	831,000	1,980,000	'
Capital expenditures	325,000	851,000	'
Segment assets	294,905,000	285,294,000	303,208,000
Reconciliation of segment assets to consolidated total assets	'	'	'
Total assets	294,905,000	285,294,000	303,208,000
Operating segment | MMS	'	'	'
Financial results of reportable segments	'	'	'
Sales	54,189,000	60,072,000	'
Depreciation and amortization	1,777,000	1,674,000	'
Segment (loss) income	-977,000	863,000	'
Capital expenditures	258,000	508,000	'
Segment assets	242,213,000	267,564,000	'
Reconciliation of segment assets to consolidated total assets	'	'	'
Total assets	242,213,000	267,564,000	'
Operating segment | ATA	'	'	'
Financial results of reportable segments	'	'	'
Sales	16,733,000	7,321,000	'
Depreciation and amortization	639,000	183,000	'
Segment (loss) income	1,808,000	1,117,000	'
Capital expenditures	67,000	343,000	'
Segment assets	52,692,000	17,730,000	'
Reconciliation of segment assets to consolidated total assets	'	'	'
Total assets	52,692,000	17,730,000	'
Inter-Segment Eliminations	'	'	'
Financial results of reportable segments	'	'	'
Sales	-72,000	-174,000	'
Unallocated assets	'	'	'
Financial results of reportable segments	'	'	'
Segment assets	38,649,000	'	40,760,000
Reconciliation of segment assets to consolidated total assets	'	'	'
Total assets	38,649,000	'	40,760,000
Cash	$32,500,000	'	$34,700,000

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended	8 Months Ended	0 Months Ended	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Apr. 02, 2014	2-May-14
			Subsequent event	Subsequent event
Subsequent events	'	'	'	'
Number of shares of common stock sold under the at-the-market stock offering program	'	'	33,492	1,014,252
Proceeds from sale of common stock	$5,202,000	'	$500,000	$14,600,000
Number of shares of common stock sold that were issued from treasury	370,371	980,760	'	663,276
Amount of term loan	23,000,000	23,000,000	'	'
Mandatory principal payments as a percentage of net proceeds from sale of common stock	25.00%	'	'	'
Additional principal payments associated with the sale of common stock	'	'	$800,000	'