Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 02, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CECE | ' |
Entity Registrant Name | 'CECO ENVIRONMENTAL CORP | ' |
Entity Central Index Key | '0000003197 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 25,865,569 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $18,039 | $22,661 |
Accounts receivable, net | 47,639 | 44,364 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 13,999 | 11,110 |
Inventories, net | 26,541 | 25,376 |
Prepaid expenses and other current assets | 6,594 | 6,651 |
Prepaid income taxes | 8,471 | 3,527 |
Assets held for sale | 4,210 | 11,083 |
Total current assets | 125,493 | 124,772 |
Property, plant and equipment, net | 18,173 | 21,665 |
Goodwill | 144,267 | 132,220 |
Intangible assets-finite life, net | 40,399 | 46,813 |
Intangible assets-indefinite life | 18,169 | 18,419 |
Deferred charges and other assets | 4,051 | 4,647 |
Total assets | 350,552 | 348,536 |
Current liabilities: | ' | ' |
Current portion of debt | 8,236 | 9,922 |
Accounts payable and accrued expenses | 33,565 | 34,356 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 12,812 | 13,486 |
Income taxes payable | 1,131 | 1,569 |
Total current liabilities | 55,744 | 59,333 |
Other liabilities | 11,180 | 10,302 |
Debt, less current portion | 76,074 | 79,160 |
Deferred income tax liability, net | 29,690 | 29,335 |
Total liabilities | 172,688 | 178,130 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, $.01 par value; 10,000 shares authorized, none issued | 0 | ' |
Common stock, $.01 par value; 100,000,000 shares authorized, 25,865,569 and 25,724,519 shares issued in 2014 and 2013, respectively | 259 | 257 |
Capital in excess of par value | 161,360 | 159,566 |
Accumulated earnings | 18,754 | 11,911 |
Accumulated other comprehensive loss | -2,153 | -972 |
Stockholders' equity before treasury stock | 178,220 | 170,762 |
Less treasury stock, at cost, 137,920 shares in 2014 and 2013 | -356 | -356 |
Total shareholders' equity | 177,864 | 170,406 |
Total liabilities and shareholders' equity | $350,552 | $348,536 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,865,569 | 25,724,519 |
Treasury stock, shares | 137,920 | 137,920 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $63,300 | $49,796 | $187,111 | $128,590 |
Cost of sales | 42,242 | 35,242 | 124,875 | 88,555 |
Gross profit | 21,058 | 14,554 | 62,236 | 40,035 |
Selling and administrative expenses | 13,038 | 9,346 | 36,402 | 24,038 |
Acquisition and integration expenses | 81 | 4,047 | 321 | 6,618 |
Amortization and earn out expenses | 2,394 | 2,017 | 7,288 | 3,590 |
Legal reserves | 300 | 2,500 | 300 | 2,500 |
Income (loss) from operations | 5,245 | -3,356 | 17,925 | 3,289 |
Other (expense) income, net | -1,459 | 92 | -1,686 | 164 |
Interest expense | -767 | -456 | -2,255 | -707 |
Income (loss) before income taxes | 3,019 | -3,720 | 13,984 | 2,746 |
Income tax (benefit) expense | -684 | -2,259 | 2,767 | -1,044 |
Net income (loss) | $3,703 | ($1,461) | $11,217 | $3,790 |
Earnings (loss) per share: | ' | ' | ' | ' |
Basic | $0.14 | ($0.07) | $0.44 | $0.21 |
Diluted | $0.14 | ($0.07) | $0.43 | $0.20 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 25,691,884 | 19,965,010 | 25,647,561 | 18,275,085 |
Diluted | 26,129,427 | 19,965,010 | 26,105,415 | 18,881,927 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $3,703 | ($1,461) | $11,217 | $3,790 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation | -1,069 | 1,262 | -1,181 | 629 |
Other comprehensive income (loss) | -1,069 | 1,262 | -1,181 | 629 |
Comprehensive income (loss) | $2,634 | ($199) | $10,036 | $4,419 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $11,217 | $3,790 |
Adjustment to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 8,103 | 3,201 |
Gain on sale of property and equipment | -13 | ' |
Non-cash interest expense included in net income | 411 | 166 |
Share-based compensation expense | 1,221 | 656 |
Bad debt expense | 111 | 86 |
Inventory reserve expense | 461 | 104 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ' | ' |
Accounts receivable | -2,772 | 6,126 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -2,889 | -6,723 |
Inventories | -253 | 654 |
Prepaid expense and other current assets | -4,164 | -3,493 |
Deferred charges and other assets | 478 | 5,034 |
Accrued litigation settlement | -2,536 | ' |
Accounts payable and accrued expenses | -1,554 | -66 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -674 | 118 |
Income taxes payable | -414 | -1,703 |
Other liabilities | -436 | 2,423 |
Net cash provided by operating activities | 6,297 | 10,373 |
Cash flows from investing activities: | ' | ' |
Acquisitions of property and equipment | -801 | -533 |
Proceeds from sale of property and equipment | 7,475 | ' |
Net cash paid for acquisition | -8,214 | -104,432 |
Net cash used in investing activities | -1,540 | -104,965 |
Cash flows from financing activities: | ' | ' |
Net borrowings on revolving credit lines | 1,557 | 91,961 |
Repayments of debt | -6,637 | ' |
Deferred financing fees paid | ' | -2,730 |
Proceeds from employee stock purchase plan and exercise of stock options | 1,048 | 1,357 |
Repurchases of common stock | -973 | -2,365 |
Dividends paid to common shareholders | -4,374 | -3,039 |
Net cash (used in) provided by financing activities | -9,379 | 85,184 |
Net decrease in cash and cash equivalents | -4,622 | -9,408 |
Cash and cash equivalents at beginning of period | 22,661 | 22,994 |
Cash and cash equivalents at end of period | 18,039 | 13,586 |
Supplemental Schedule of Non-Cash Activities: | ' | ' |
Common stock issued in business acquisition | 500 | 105,397 |
Cash paid during the period for: | ' | ' |
Interest | 2,061 | 492 |
Income taxes | $7,171 | $3,597 |
Basis_of_Reporting_for_Consoli
Basis of Reporting for Consolidated Financial Statements | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Reporting for Consolidated Financial Statements | ' | |
1 | Basis of Reporting for Consolidated Financial Statements | |
The accompanying unaudited condensed consolidated financial statements of CECO Environmental Corp. and its subsidiaries (the “Company”, “we”, “us”, or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the accompanying unaudited, condensed consolidated financial statements of the Company contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2014 and the results of operations and cash flows for the three-month and nine-month periods ended September 30, 2014 and 2013. The results of operations for the three-month and nine-month periods ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
These financial statements and accompanying notes should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. | ||
Unless otherwise indicated, all balances within tables are in thousands, except per share amounts. | ||
During 2013, on February 28, 2013 and August 27, 2013, the Company completed the acquisitions of Aarding Thermal Acoustics B.V. (“Aarding”) and Met-Pro Corporation (“Met-Pro”), respectively. During 2014, on August 13, 2014 and September 26, 2014, the Company completed the acquisitions of HEE Environmental Engineering, LLC (“HEE”) and SAT Technology, Inc. (“SAT”), respectively. The results of their operations have been consolidated with our results following the acquisition dates. For a more complete discussion of the transactions, refer to Note 16. |
New_Financial_Accounting_Prono
New Financial Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
New Financial Accounting Pronouncements | ' | |
2 | New Financial Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers.” ASU 2014-09 supersedes nearly all existing revenue recognition under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration an entity expects to be entitled to for those goods or services using a defined five step process. More judgment and estimates may be required to achieve this principle than under existing U.S. GAAP. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or (ii) a retrospective approach with the cumulative effect upon initial adoption recognized at the date of adoption which includes additional footnote disclosures. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method of adoption. | ||
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued-operations criteria. The FASB issued the ASU to provide more decision-useful information and to elevate the threshold for a disposal transaction to qualify as a discontinued operation. ASU 2014-08 is effective for disposals or classifications as held for sale of components of an entity that occur within annual periods beginning on or after December 15, 2014, including interim periods within those years. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
3 | Accounts Receivable | ||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade receivables | $ | 19,243 | $ | 18,815 | |||||
Contract receivables | 29,178 | 26,249 | |||||||
Allowance for doubtful accounts | (782 | ) | (700 | ) | |||||
$ | 47,639 | $ | 44,364 | ||||||
The provision for doubtful accounts was $29,000 and $0.1 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $0.1 million for each of the nine-month periods ended September 30, 2014 and 2013. |
Costs_and_Estimated_Earnings_o
Costs and Estimated Earnings on Uncompleted Contracts | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Costs and Estimated Earnings on Uncompleted Contracts | ' | ||||||||
4 | Costs and Estimated Earnings on Uncompleted Contracts | ||||||||
Revenues from contracts are recognized on the percentage of completion method, measured by the percentage of contract costs incurred to date compared to estimated total contract costs for each contract. This method is used because management considers contract costs to be the best available measure of progress on these contracts. Revenues are also recognized on a completed contract basis, when risk and title passes to the customer, which is generally upon shipment of product. | |||||||||
Our contracts have various lengths to completion ranging from a few days to several months. We anticipate that a majority of our current contracts will be completed within the next twelve months. | |||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Costs incurred on uncompleted contracts | $ | 74,508 | $ | 61,416 | |||||
Estimated earnings | 25,228 | 21,505 | |||||||
99,736 | 82,921 | ||||||||
Less billings to date | (98,549 | ) | (85,297 | ) | |||||
$ | 1,187 | $ | (2,376 | ) | |||||
Included in the accompanying condensed consolidated balance sheets under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 13,999 | $ | 11,110 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (12,812 | ) | (13,486 | ) | |||||
$ | 1,187 | $ | (2,376 | ) | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
5 | Inventories | ||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 19,992 | $ | 19,753 | |||||
Work in process | 3,501 | 3,172 | |||||||
Finished goods | 3,711 | 2,987 | |||||||
Obsolescence allowance | (663 | ) | (536 | ) | |||||
$ | 26,541 | $ | 25,376 | ||||||
Amounts credited to the allowance for obsolete inventory and charged to cost of sales amounted to $0.2 million and $37,000 for the three-month periods ended September 30, 2014 and 2013, respectively, and $0.5 million and $0.1 million for the nine-month periods ended September 30, 2014 and 2013, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
6 | Goodwill and Intangible Assets | ||||||||||||||||
(Table only in thousands) | Nine months ended | Year ended | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Goodwill / Tradename | Goodwill | Tradename | Goodwill | Tradename | |||||||||||||
Beginning balance | $ | 132,220 | $ | 18,419 | $ | 19,548 | $ | 3,526 | |||||||||
Acquisitions and related adjustments | 12,778 | — | 112,306 | 14,775 | |||||||||||||
Foreign currency adjustments | (731 | ) | (250 | ) | 366 | 118 | |||||||||||
$ | 144,267 | $ | 18,169 | $ | 132,220 | $ | 18,419 | ||||||||||
(Table only in thousands) | As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Intangible assets – finite life | Cost | Accum. | Cost | Accum. | |||||||||||||
Amort. | Amort. | ||||||||||||||||
Patents | $ | 1,429 | $ | 1,420 | $ | 1,423 | $ | 1,383 | |||||||||
Employment agreements | 716 | 387 | 762 | 221 | |||||||||||||
Technology | 8,522 | 2,018 | 8,942 | 789 | |||||||||||||
Customer lists | 40,779 | 7,222 | 41,582 | 3,503 | |||||||||||||
$ | 51,446 | $ | 11,047 | $ | 52,709 | $ | 5,896 | ||||||||||
Activity for the nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
(Table only in thousands) | 2014 | 2013 | |||||||||||||||
Intangible assets – finite life, net at beginning of period | $ | 46,813 | $ | 1,283 | |||||||||||||
Amortization expense | (5,342 | ) | (2,137 | ) | |||||||||||||
Acquisitions/purchase accounting adjustments | (175 | ) | 49,187 | ||||||||||||||
Foreign currency adjustments | (897 | ) | 769 | ||||||||||||||
Intangible assets – finite life, net at end of period | $ | 40,399 | $ | 49,102 | |||||||||||||
Amortization expense of finite life intangible assets was $1.7 million and $1.4 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $5.3 million and $2.1 million for the nine-month periods ended September 30, 2014 and 2013, respectively. Amortization over the next five years for finite life intangibles is expected to be $1.7 million for the remainder of 2014, $7.1 million in 2015, $6.1 million in 2016, $5.2 million in 2017, and $4.0 million in 2018. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
7 | Accounts Payable and Accrued Expenses | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade accounts payable, including due to subcontractors | $ | 21,773 | $ | 23,108 | |||||
Compensation and related benefits | 1,697 | 2,412 | |||||||
Accrued interest | 164 | 399 | |||||||
Current portion of earn-out liability | 2,364 | 1,812 | |||||||
Accrued warranty | 1,162 | 1,107 | |||||||
Other accrued expenses | 6,405 | 5,518 | |||||||
$ | 33,565 | $ | 34,356 | ||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
8 | Debt | ||||||||
Debt consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Outstanding borrowings under Credit Facility (defined below). Term loan payable in quarterly principal installments of $1.2 million through September 2016, $1.5 million through September 2017, and $1.9 million thereafter with balance due upon maturity in August 2018. | |||||||||
- Term loan | $ | 57,263 | $ | 63,781 | |||||
- U.S. Dollar revolving loans | 25,000 | 22,000 | |||||||
- Multi-currency revolving loans | — | — | |||||||
- Unamortized debt discount | (1,610 | ) | (1,918 | ) | |||||
Total outstanding borrowings under Credit Facility | 80,653 | 83,863 | |||||||
Outstanding borrowings under Canadian dollar-denominated Flextor Facility (defined below) | — | — | |||||||
Outstanding borrowings (U.S. dollar equivalent) under Aarding Facility (defined below) | 3,466 | 4,909 | |||||||
Outstanding borrowings (U.S. dollar equivalent) under Euro-denominated note payable to a bank, payable in quarterly installments of €25 ($32 as of September 30, 2014), plus interest, at a fixed rate of 3.82%, maturing January 2016. Collateralized by the Heerenveen, Netherlands building. | 191 | 310 | |||||||
Total outstanding borrowings | $ | 84,310 | $ | 89,082 | |||||
Less: current portion | 8,236 | 9,922 | |||||||
Total debt, less current portion | $ | 76,074 | $ | 79,160 | |||||
U.S. Debt | |||||||||
On August 27, 2013, the Company entered into a credit agreement (the “Credit Agreement”) with various lenders (the “Lenders”) and letter of credit issuers (each, an “L/C Issuer”), and Bank of America, N.A., as Administrative Agent (the “Agent”), swing line lender and an L/C Issuer, providing for various senior secured credit facilities (collectively, the “Credit Facility”) comprised of a $65.0 million senior secured term loan, a $70.5 million senior secured U.S. dollar revolving credit facility for U.S. dollar revolving loans with sub-facilities for letters of credit and swing-line loans, and a $19.5 million senior secured multi-currency revolving credit facility for U.S. dollar and specific foreign currency loans. The Company has the option to obtain additional commitments for either the U.S. dollar revolving credit facility or the term loan facility in an aggregate principal amount not to exceed $30.0 million. As of September 30, 2014 and December 31, 2013, $1.2 million and $1.3 million of letters of credit were outstanding, respectively. Total unused credit availability under the Credit Facility was $63.8 million and $66.7 million at September 30, 2014 and December 31, 2013, respectively. Revolving loans may be borrowed, repaid and reborrowed until August 27, 2018, at which time all amounts borrowed pursuant to the Credit Facility must be repaid. | |||||||||
At the Company’s option, revolving loans and the term loans accrue interest at a per annum rate based on either the highest of (a) the federal funds rate plus 0.5%, (b) the Agent’s prime lending rate, and (c) one-month LIBOR plus 1.00%, plus a margin ranging from 0.5% to 1.5% depending on the Company’s consolidated leverage ratio (“Base Rate”), or a Eurocurrency Rate (as defined in the agreement) plus 1.5% to 2.5% depending on the Company’s consolidated leverage ratio. Interest on swing line loans is the Base Rate. | |||||||||
Accrued interest on Base Rate loans is payable quarterly in arrears on the last day of each calendar quarter and at maturity. Interest on Eurocurrency Rate loans is payable on the last date of each applicable Interest Period (as defined in the agreement), but in no event less than once every three months and at maturity. The weighted average interest rate on outstanding borrowings was 2.23% at September 30, 2014 and December 31, 2013. | |||||||||
The Company has granted a security interest in substantially all of its assets to secure its obligations pursuant to the Credit Agreement. The Credit Agreement is guaranteed by the Company’s U.S. subsidiaries and such guaranty obligations are secured by a security interest on substantially all of the assets of such subsidiaries, including certain real property. The Credit Agreement may also be guaranteed by the Company’s material foreign subsidiaries to the extent no adverse tax consequences would result to the Company. | |||||||||
The Credit Agreement contains customary affirmative and negative covenants, including the requirement to maintain compliance with a consolidated leverage ratio of less than 2.75 and a consolidated fixed charge coverage ratio of more than 1.25. The Credit Agreement also includes customary events of default and the occurrence of an event of default could result in an increased interest rate equal to 2.0% above the applicable interest rate for loans, the acceleration of the Company’s obligations pursuant to the Credit Agreement and an obligation of the subsidiary guarantors to repay the full amount of the Company’s borrowings pursuant to the Credit Agreement. | |||||||||
As of September 30, 2014 and December 31, 2013, the Company was in compliance with all related financial and other restrictive covenants under the Credit Agreement. | |||||||||
The Company paid $2.7 million of other customary closing fees, arrangement fees, administration fees, letter of credit fees and commitment fees for the Credit Agreement. As of both September 30, 2014 and December 31, 2013, capitalized deferred financing costs of $0.5 million and $0.6 million, respectively, are included in deferred charges and other assets and $1.6 million and $1.9 million, respectively, are included as a discount to debt in the accompanying condensed consolidated balance sheets. Amortization expense was $0.1 million and $0.4 million for the respective three-month and nine-month periods ended September 30, 2014 and is classified as interest expense. | |||||||||
Foreign Debt | |||||||||
The Company had a $5.5 million facilities agreement (Canadian dollar denominated), originally dated November 28, 2007 (as amended from time to time), made between our Canadian subsidiary, Flextor, Inc., as borrower and Caisse/branch Caisse Desjardins du Mont-Saint-Bruno as the lender (“Flextor Facility”). The facilities agreement included (in Canadian dollars) a $2.5 million bank guarantee facility (under the PSG Program from Export Development Canada), a $0.5 million line of credit specific to forward exchange contracts, and a $2.5 million variable (subject to asset value limitations) line of credit for operations. The facility interest rate was the Caisse Central Desjardins’ prime rate plus 0.5%. All of the borrower’s assets were pledged for the facility, and the borrower had to have a working capital ratio of at least 1.25:1, working capital of at least $1.0 million, debt to adjusted tangible net worth ratio of less than 2.50:1, and minimum adjusted tangible net worth of $1.3 million. During the three months ended September 30, 2014, the Company cancelled this facilities agreement. There were no penalties for cancelling the agreement. As of December 31, 2013, the borrower was in compliance with all related financial and other restrictive covenants under the facilities agreement. As of December 31, 2013, there were no amounts outstanding under the facilities agreement. | |||||||||
The Company has a €10.5 million facilities agreement, originally dated August 17, 2012 (as amended from time to time), made between our Netherland’s subsidiaries ATA Beheer B.V. and Aarding Thermal Acoustics B.V., as borrowers and ING Bank N.V. as the lender (“Aarding Facility”). During the three months ended September 30, 2014, the Aarding Facility was increased from €7.0 to €10.5, all other terms of the agreement remained the same. The facilities agreement includes a €7.0 million bank guarantee facility and a €3.5 million overdraft facility. The bank guarantee interest rate is the three months Euribor plus 265 basis points (2.82% as of September 30, 2014) and the overdraft interest rate is three months Euribor plus 195 basis points (2.12% as of September 30, 2014). All of the borrowers’ assets are pledged for this facility, and the borrowers’ solvency ratio must be at least 30% and net debt/last twelve months EBITDA less than 3.0. As of September 30, 2014 and December 31, 2013, the borrowers were in compliance with all related financial and other restrictive covenants. As of September 30, 2014, €5.2 million ($6.6 million) of the bank guarantee and €2.7 million ($3.5 million) of the overdraft facility are being used by the borrowers. As of December 31, 2013, €2.5 million ($3.4 million) of the bank guarantee and €3.5 million ($4.9 million) of the overdraft facility were being used by the borrowers. |
Earnings_Loss_and_Dividends_pe
Earnings (Loss) and Dividends per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings (Loss) and Dividends per Share | ' | ||||||||||||
9 | Earnings (Loss) and Dividends per Share | ||||||||||||
The computational components of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2014 and 2013 are below. | |||||||||||||
For the three-month period ended September 30, 2014 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net income and earnings per share | $ | 3,703 | 25,692 | $ | 0.14 | ||||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | 437 | — | ||||||||||
Diluted earnings and earnings per share | $ | 3,703 | 26,129 | $ | 0.14 | ||||||||
For the three-month period ended September 30, 2013 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net loss and loss per share | $ | (1,461 | ) | 19,965 | $ | (0.07 | ) | ||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | — | — | ||||||||||
Diluted loss and loss per share | $ | (1,461 | ) | 19,965 | $ | (0.07 | ) | ||||||
For the nine-month period ended September 30, 2014 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net income and earnings per share | $ | 11,217 | 25,647 | $ | 0.44 | ||||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | 458 | (0.01 | ) | |||||||||
Diluted earnings and earnings per share | $ | 11,217 | 26,105 | $ | 0.43 | ||||||||
For the nine-month period ended September 30, 2013 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net income and earnings per share | $ | 3,790 | 18,275 | $ | 0.21 | ||||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | 607 | (0.01 | ) | |||||||||
Diluted earnings and earnings per share | $ | 3,790 | 18,882 | $ | 0.2 | ||||||||
Options and warrants included in the computation of diluted earnings per share are included using the treasury stock method. For each of the three-month and nine-month periods ended September 30, 2014, 150,000 outstanding options and warrants were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect. For each of the three-month and nine-month periods ended September 30, 2013, 40,000 outstanding options and warrants were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect. | |||||||||||||
Holders of certain restricted stock awards participate in nonforfeitable dividend rights on a one-for-one basis with holders of common stock. Holders of these awards are not obligated to share in losses of the Company. Therefore, these share awards are included in the computation of basic earnings per share during periods of net income using the two-class method, but are excluded from such computation in periods of net loss. Should the Company declare a dividend on its common stock, the related dividend on shares of unvested restricted stock that are not expected to vest would be recorded as additional compensation expense and therefore excluded from the two-class method computations. Undistributed earnings included in the two-class method computations are allocated equally to each share of common stock outstanding, including all shares of unvested restricted common shares. | |||||||||||||
Once a restricted stock award vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share. | |||||||||||||
The Company declared and on March 31, 2014 paid to common stockholders a quarterly dividend of $0.05 per share, declared and on June 27, 2014 paid to common stockholders a quarterly dividend of $0.06 per share, and declared and on September 30, 2014 paid to common stockholders a quarterly dividend of $0.06 per share. The dividend policy and the payment of cash dividends under that policy are subject to the Board of Directors’ continuing determination that the dividend policy and the declaration of dividends are in the best interest of the Company’s stockholders. Future dividends and the dividend policy may be changed or cancelled at the Company’s discretion at any time. Payment of dividends is also subject to the continuing consent of our lender under our Credit Facility. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |
Sep. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Share-Based Compensation | ' | |
10 | Share-Based Compensation | |
The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for stock-based awards, measured at the fair value of the awards at the grant date. The Company recognized expense of $0.5 million and $0.3 million during the three-month periods and $1.2 million and $0.7 million during the nine-month periods ended September 30, 2014 and 2013, respectively. | ||
The weighted-average fair value of stock options granted during the nine months ended September 30, 2014 and 2013 was estimated at $6.92 and $6.17 per option, respectively, using the Black-Scholes option-pricing model based on the following assumptions: | ||
Expected Volatility: The Company utilizes a volatility factor based on the Company’s historical stock prices for a period of time equal to the expected term of the stock option utilizing weekly price observations. For the nine months ended September 30, 2014 and 2013, the Company utilized a weighted-average volatility factor of 56% and 57%, respectively. | ||
Expected Term: For the nine months ended September 30, 2014 and 2013, the Company utilized a weighted-average expected term factor of 6.2 years and 6.5 years, respectively. | ||
Risk-Free Interest Rate: The risk-free interest rate factor utilized is based upon the implied yields currently available on U.S. Treasury zero-coupon issues over the expected term of the stock options. For the nine months ended September 30, 2014 and 2013, the Company utilized a weighted-average risk-free interest rate factor of 2.2%. | ||
Expected Dividends: The Company utilized a weighted average expected dividend rate of 1.6% to value options granted during the nine months ended September 30, 2014 and 2013. | ||
The fair value of the stock options granted is recorded as compensation expense on a straight-line basis over the vesting periods of the options adjusted for the Company’s estimate of pre-vesting forfeitures. The pre-vesting forfeiture estimate is based on historical activity and is reviewed periodically and updated as necessary. | ||
The Company received $0.9 million and $1.4 million in cash from employees and directors exercising options during the nine months ended September 30, 2014 and 2013, respectively. The intrinsic value of options exercised during the nine months ended September 30, 2014 and 2013 was $1.5 million and $2.6 million, respectively. |
Stock_Purchase
Stock Purchase | 9 Months Ended | |
Sep. 30, 2014 | ||
Text Block [Abstract] | ' | |
Stock Purchase | ' | |
11 | Stock Purchase | |
During the three-month period ended March 31, 2014, the Company repurchased 61,500 shares of common stock from a former director for a total cost of $1.0 million. The shares were immediately retired. | ||
During the three-month period ended September 30, 2013, pursuant to the Board of Directors of the Company approval, the Company purchased 180,000 shares of common stock held by our Chief Executive Officer. The shares were purchased at the then market price of $13.19 for a total transaction value of $2.4 million and the shares were immediately retired. |
Pension_and_Employee_Benefit_P
Pension and Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Employee Benefit Plans | ' | ||||||||||||||||
12 | Pension and Employee Benefit Plans | ||||||||||||||||
We sponsor several non-contributory defined benefit pension plans for certain union employees. During 2013, the Company acquired two defined benefit pension plans covering eligible employees in the United States in connection with the acquisition of Met-Pro. All plans are funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. | |||||||||||||||||
We also sponsor a postretirement health care plan for office employees retired before January 1, 1990. The plan allowed retirees who attained the age of 65 to elect the type of coverage desired. | |||||||||||||||||
Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following: | |||||||||||||||||
(Table only in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pension plan: | |||||||||||||||||
Service cost | $ | 50 | $ | 32 | $ | 150 | $ | 66 | |||||||||
Interest cost | 357 | 166 | 1,071 | 322 | |||||||||||||
Expected return on plan assets | (488 | ) | (214 | ) | (1,464 | ) | (418 | ) | |||||||||
Amortization of net actuarial loss | 44 | 130 | 132 | 314 | |||||||||||||
Net periodic benefit cost (gain) | $ | (37 | ) | $ | 114 | $ | (111 | ) | $ | 284 | |||||||
Health care plan: | |||||||||||||||||
Interest cost | $ | 1 | $ | 1 | $ | 3 | $ | 3 | |||||||||
Amortization of gain | (1 | ) | (4 | ) | (3 | ) | (12 | ) | |||||||||
Net periodic benefit gain | $ | — | $ | (3 | ) | $ | — | $ | (9 | ) | |||||||
We made contributions to our defined benefit plans during the nine months ended September 30, 2014 and 2013 totaling $1.4 million and $0.2 million, respectively. We anticipate contributing $0.5 million to fund the pension plan and $21,000 for the retiree health care plan during the remainder of 2014. The unfunded liability of the plans of $5.3 million and $6.6 million as of September 30, 2014 and December 31, 2013, respectively, is included in the Other Liabilities on our condensed consolidated balance sheets. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
13 | Income Taxes | |
The Company files income tax returns in various federal, state and local jurisdictions. The Company is no longer subject to federal, state and local income tax examinations by tax authorities for years before 2008. | ||
The Company accounts for uncertain tax positions pursuant to ASC Topic 740, “Income Taxes.” As of September 30, 2014 and December 31, 2013, the liability for uncertain tax positions totaled approximately $1.0 million and $0.8 million, respectively, which is included in Other Liabilities on our condensed consolidated balance sheets. The Company recognizes interest accrued related to uncertain tax positions in interest expense and penalties in income tax expense. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |
Sep. 30, 2014 | ||
Investments, All Other Investments [Abstract] | ' | |
Financial Instruments | ' | |
14 | Financial Instruments | |
Our financial instruments consist primarily of investments in cash and cash equivalents, receivables and certain other assets, debt and accounts payable, which approximate fair value at September 30, 2014, due to their short term nature or variable, market-driven interest rates. | ||
At September 30, 2014 and December 31, 2013, we had cash and cash equivalents of $18.0 million and $22.7 million, respectively, of which $12.0 million and $17.6 million, respectively, was held outside of the United States, principally in the Netherlands, China and Canada. Substantially all of the amounts held outside of the United States are intended to be indefinitely reinvested in foreign operations. Our current plans do not anticipate that we will need funds generated from foreign operations to fund our domestic operations. In the event funds from foreign operations are needed in the United States, any repatriation could result in the accrual and payment of additional U.S. income tax. | ||
On March 31, 2014, Aarding entered into a one-month foreign exchange forward contract to manage exposure to foreign currency fluctuations on a U.S. dollar-denominated transaction totaling $5.5 million. The contract expired prior to September 30, 2014 and there are no such contracts outstanding as of September 30, 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies - Legal Matters | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies - Legal Matters | ' | |
15 | Commitments and Contingencies – Legal Matters | |
Our subsidiary, Met-Pro, beginning in 2002, began to be named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that Met-Pro, along with the numerous other defendants, sold unidentified asbestos-containing products and engaged in other related actions which caused injuries (including death) and loss to the plaintiffs. Counsel has advised that more recent cases typically allege more serious claims of mesothelioma. The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases. Many cases have been dismissed after the plaintiff fails to produce evidence of exposure to Met-Pro’s products. In those cases where evidence has been produced, the Company’s experience has been that the exposure levels are low and the Company’s position has been that its products were not a cause of death, injury or loss. The Company has been dismissed from or settled a large number of these cases. Cumulative settlement payments from 2002 through September 30, 2014 for cases involving asbestos-related claims were $0.7 million, which, together with all legal fees other than corporate counsel expenses, have been paid by the Company’s insurers. The average cost per settled claim, excluding legal fees, was approximately $25,000. | ||
Based upon the most recent information available to the Company regarding such claims, there were a total of 196 cases pending against the Company as of September 30, 2014 (with Connecticut, New York, Pennsylvania and West Virginia having the largest number of cases), as compared with 173 cases that were pending as of December 31, 2013. During the nine months ended September 30, 2014, 41 new cases were filed against the Company, and the Company was dismissed from 18 cases and settled zero cases. Most of the pending cases have not advanced beyond the early stages of discovery, although a number of cases are on schedules leading to, or are scheduled for trial. The Company believes that its insurance coverage is adequate for the cases currently pending against the Company and for the foreseeable future, assuming a continuation of the current volume, nature of cases and settlement amounts. However, the Company has no control over the number and nature of cases that are filed against it, nor as to the financial health of its insurers or their position as to coverage. The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition. | ||
One of our subsidiaries, Fisher-Klosterman, Inc. (“FKI”), was a defendant party in a products liability lawsuit filed in Harris County, Texas on August 23, 2010 by three Valero refining companies. The plaintiffs claimed that FKI (and its co-Defendants) used an allegedly defective refractory material included in cyclones it supplied to Valero that caused damages to refineries they own and operate. Plaintiffs claimed to have suffered property damages, including catalyst loss, regenerator repair costs, replacement part costs, damage to other property and business interruption loss. During the three months ended September 30, 2014, the Company reached a settlement with the plaintiffs for $0.5 million and, accordingly, recorded a corresponding charge to operations. In addition, the Company reached an agreement with a supplier to recover $0.2 million related to this matter. The recovery was also recorded during the three months ended September 30, 2014. The Company’s insurer, who had paid for the legal defense in this matter, initiated a new case in the Southern District of Ohio against the Company seeking, among other things, recoupment of past legal costs paid. The Company is vigorously disputing this claim and believes the insurer had the duty to defend the Company. | ||
The Company is also a party to routine contract and employment-related litigation matters and routine audits of state and local tax returns arising in the ordinary course of its business. | ||
The final outcome and impact of open matters, and related claims and investigations that may be brought in the future, are subject to many variables, and cannot be predicted. In accordance with ASC 450, “Contingencies,” and related guidance, we record reserves for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. The Company expenses legal costs as they are incurred. | ||
We are not aware of pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
16 | Acquisitions | ||||||||
On August 13, 2014, the Company acquired HEE, pursuant to the terms of an Asset Purchase Agreement, dated August 13, 2014, among the Company, Met-Pro Technologies, LLC, and HEE Environmental Engineering, LLC. HEE is a leading North American designer and manufacturer of scrubbers and fans for the air pollution control market and is now part of our Air Pollution Control Segment. The total purchase price of $9.5 million included cash of $7.0 million, an earnout of $2.0 million and 34,626 shares of our common stock. The fair value of the common stock issued was determined to be $0.5 million, which reflects the closing price of the Company’s common stock on the closing date of the acquisition. | |||||||||
On September 26, 2014, the Company acquired SAT, pursuant to the terms of a Stock Purchase Agreement, dated September 26, 2014, among the Company, CECO Environmental Shanghai Co, Ltd., SAT Technology, Inc. (a Delaware corporation), SAT Technology, Inc. (a British Virgin Islands corporation), Hong-Yeng Tseng, and Superior Air Treatment Technology, Inc. SAT is a leading provider of Volatile Organic Compounds (VOCs) abatement solutions for the Chinese air pollution control market and is now part of our Air Pollution Control Segment. The total purchase price of $2.4 million included cash of $1.4 million and an earnout of $1.0 million. | |||||||||
The approximate fair values of the assets acquired and liabilities assumed related to the above acquisitions are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the purchase price measurement period as we finalize the valuations of the assets acquired and liabilities assumed. Such changes could result in material variances between the Company’s future financial, including variances in the estimated purchase price, fair values recorded and expenses associated with these items. | |||||||||
On February 28, 2013, the Company acquired Aarding, pursuant to the terms of a Share Purchase Agreement, dated February 28, 2013, among the Company, CECO Environmental Netherland B.V., N.F.J.A. Pieterse Beheer B.V., W.M. Pranger Beheer B.V., and ATA Beheer B.V. Aarding is a global provider of natural gas turbine exhaust systems and silencer applications and is now part of our Energy Segment. The purchase price included cash of $24.4 million and 763,673 shares of restricted common stock. The fair value of the common stock issued was determined to be $6.8 million, which reflects the closing price of the Company’s common stock on the closing date of the acquisition and a discount related to the sale and transfer restrictions on the shares. The cash paid was funded by the Company’s cash reserves. Of the total consideration paid, €4.0 million ($5.2 million as of September 30, 2014) is contingent upon the future employment by the sellers and, therefore, has been classified as prepaid compensation by the Company. As of September 30, 2014 and December 31, 2013, the current portion of the prepaid compensation of $1.0 million and $1.1 million, respectively, is in “Prepaid expenses and other current assets,” while the non-current portion of $2.5 million and $3.5 million, respectively, is in “Deferred charges and other assets” on the condensed consolidated balance sheets. For the three months ended September 30, 2014 and 2013, $0.3 million and $0.2 million, respectively, of compensation expense has been recorded in “Amortization and earn out expenses” on the condensed consolidated statements of income (loss). For the nine months ended September 30, 2014 and 2013, $0.8 million and $0.5 million, respectively, of compensation expense has been recorded in “Amortization and earn out expenses” on the condensed consolidated statements of income (loss). Additionally, the former owners of Aarding are entitled to earn-out payments of up to €5.5 million ($7.2 million as of September 30, 2014) upon the attainment of specified financial targets through December 31, 2017. Such earn out payments are contingent upon the continued employment of the sellers. Accordingly, no value for the potential earn out consideration was allocated to the purchase price of Aarding as any such payments will be reported as future compensation expense by the Company. For each of the three months ended September 30, 2014 and 2013, $0.3 million and $0.4 million, respectively, of earn-out expense has been recorded in “Amortization and earn out expenses” on the condensed consolidated statements of income (loss). For the nine months ended September 30, 2014 and 2013, $1.1 million and $0.9 million, respectively, of earn-out expense has been recorded in “Amortization and earn out expenses” on the condensed consolidated statements of income (loss). An accrual of $0.8 million and $1.3 million relating to the earn-out is included within “Accounts payable and accrued expenses” on the condensed consolidated balance sheets at September 30, 2014 and December 31, 2013, respectively. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing of the acquisition. | |||||||||
(Table only in thousands) | |||||||||
Current assets | $ | 15,062 | |||||||
Property and equipment | 959 | ||||||||
Goodwill | 7,595 | ||||||||
Intangible assets – finite life | 13,477 | ||||||||
Intangible assets – indefinite life | 2,865 | ||||||||
Total assets acquired | $ | 39,958 | |||||||
Current liabilities assumed | (8,277 | ) | |||||||
Deferred income tax liability | (4,086 | ) | |||||||
Net assets acquired | $ | 27,595 | |||||||
On August 27, 2013, the Company completed its acquisition of Met-Pro, pursuant to an Agreement and Plan of Merger, dated as of April 21, 2013, and amended as of August 5, 2013 (the “Merger Agreement”). Met-Pro’s shareholders had the option to elect to exchange each share of Met-Pro common stock for either (i) $13.75 in cash, without interest, or (ii) shares of the Company’s common stock valued at $13.75, based on the volume weighted average trading price of the Company’s common stock for the 15-trading day period ending on August 26, 2013, the last trading day before the closing of the merger, subject to a collar so that there was a maximum exchange ratio of 1.3520 shares of the Company’s common stock for each share of Met-Pro common stock and a minimum of 1.0000 share of the Company’s common stock for each share of Met-Pro common stock, subject to certain exceptions and with overall elections subject to proration. | |||||||||
Approximately 51.6% of the shares of Met-Pro common stock converted into the right to receive the $13.75 cash consideration, for an approximate total of $104.4 million The trading price of the Company’s common stock for the 15-day period was $12.6814. As a result, each of the remaining shares of Met-Pro common stock converted into the right to receive 1.0843 shares of Company common stock, or an approximate total of 7,726,235 shares of Company common stock in the aggregate. | |||||||||
In accordance with the proration and reallocation provisions of the Merger Agreement, because the $13.75 per share cash consideration was oversubscribed by Met-Pro shareholders prior to the election deadline, (a) each Met-Pro share for which a valid stock election was made or for which no valid cash or stock election was made was automatically cancelled and converted into the right to receive the stock consideration and (b) each Met-Pro shareholder of record that made a valid cash election received (i) the Cash Consideration for approximately 77.56% of such holder’s Met-Pro shares for which a valid cash election was made and (ii) the stock consideration for approximately 22.44% of such holder’s Met-Pro Shares for which a valid cash election was made. The value of stock recorded was $98.0 million. | |||||||||
In addition, holders of outstanding Met-Pro options and restricted stock units received an aggregate amount of cash equal to approximately $4.9 million as consideration for the cancellation of the options and restricted stock units held by them as of immediately prior to the merger. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing of the acquisition. | |||||||||
(Table only in thousands) | |||||||||
Current assets | $ | 68,766 | |||||||
Property and equipment | 15,773 | ||||||||
Other assets | 1,375 | ||||||||
Assets held for sale (a) | 10,886 | ||||||||
Goodwill | 106,726 | ||||||||
Intangible assets – finite life | 35,810 | ||||||||
Intangible assets – indefinite life | 11,910 | ||||||||
Total assets acquired | 251,246 | ||||||||
Current liabilities assumed | (13,638 | ) | |||||||
Deferred income tax liability | (28,958 | ) | |||||||
Long term liabilities assumed | (6,078 | ) | |||||||
Net assets acquired | $ | 202,572 | |||||||
(a) | The assets held for sale primarily consist of real property and are valued at the estimated proceeds less costs to sell. The Company has not recorded a gain or loss on the classification of the subject assets held for sale. The Company expects to complete the sale of the subject assets within the next twelve months. During the nine months ended September 30, 2014, the Company received proceeds of $6.6 million for the sale of assets held for sale. The balance of assets held for sale is $4.2 million as of September 30, 2014. | ||||||||
The following unaudited pro forma information represents the Company’s results of operations as if the Met-Pro and Aarding acquisitions had occurred as of January 1, 2013: | |||||||||
(Table only in thousands, except per share data) | Three Months | Nine Months | |||||||
Ended | Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Net sales(1) | $ | 65,062 | $ | 195,419 | |||||
Net income | 1,879 | 7,434 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.07 | $ | 0.29 | |||||
Diluted | $ | 0.07 | $ | 0.28 | |||||
-1 | Includes $1.3 million and $3.7 million in net sales from Met-Pro’s subsidiary, Pristine Water Solutions, for the respective three- and nine-month periods ended September 30, 2013. | ||||||||
The pro forma results have been prepared for informational purposes only and include adjustments to amortize acquired intangible assets with finite life, eliminate acquisition related expenses, eliminate intercompany transactions between the Company and Aarding, reflect foregone interest income on cash paid for the acquisitions and to record the income tax consequences of the pro forma adjustments. Shares used to calculate the basic and diluted earnings per share were adjusted to reflect the additional shares of common stock issued to fund a portion of the acquisition price. These pro forma results do not purport to be indicative of the results of operations that would have occurred had the purchases been made as of the beginning of the periods presented or of the results of operations that may occur in the future. | |||||||||
Acquisition and integration expenses on the condensed consolidated statements of income (loss) are related to acquisition activities, which include retention, legal, accounting, banking, and other expenses. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||||||||||
17 | Business Segment Information | ||||||||||||||||||||||||||||
Effective January 1, 2014, the Company implemented an internal reorganization related to the integration of recent acquisitions, which resulted in three reportable segments, defined as follows: | |||||||||||||||||||||||||||||
Air Pollution Control Segment | |||||||||||||||||||||||||||||
Our Air Pollution Control Segment is comprised of Adwest Technologies, Inc., Duall Air and Odor Technologies, Busch International, Buell Energy Cyclones, Flex-Kleen Dust Collection Technologies, Fisher-Klosterman, Inc., Kirk & Blum, KB Duct, SAT Technology, Inc. and HEE Environmental Engineering. This segment provides the design and manufacture of product recovery and air pollution control technologies that enable our customers to meet compliance targets for toxic emissions, fumes, volatile organic compounds, process and industrial odors. These products and solutions include chemical and biological scrubbers, fabric filters and cartridge collectors, thermal and catalytic oxidation systems, cyclones, separators, gas absorbers and industrial ventilation systems. This segment also provides component parts for industrial air systems and provides cost effective alternatives to traditional duct components, as well as custom metal engineered fabrication services. These products and services are applicable to a wide variety of industries. | |||||||||||||||||||||||||||||
Energy Segment | |||||||||||||||||||||||||||||
Our Energy Segment is comprised of Aarding Thermal Acoustics, Effox-Flextor and AVC Specialists, Inc. This segment provides the design and manufacture of technologies for flue gas and diverter dampers, non-metallic expansion joints, natural gas turbine exhaust systems, and silencer and precipitator applications, primarily for coal-fired and natural gas power plants, refining, oil production and petrochemical processing, as well as a variety of other industries. | |||||||||||||||||||||||||||||
Fluid Handling and Filtration Segment | |||||||||||||||||||||||||||||
Our Fluid Handling and Filtration Segment is comprised of Met-Pro Global Pump Solutions, Mefiag Filtration Solutions, Keystone Filtration Solutions, CECO Filters and Strobic Air Corporation. This segment provides the design and manufacture of technologies including high quality centrifugal pumps for corrosive, abrasive and high temperature liquids, filter products for air and liquid filtration, as well as product recovery equipment, and technologically advanced air movement and exhaust systems. These products are applicable to a wide variety of industries, particularly the aquarium/aquaculture, plating and metal finishing, food and beverage, chemical/petrochemical, wastewater treatment, desalination and pharmaceutical markets. | |||||||||||||||||||||||||||||
The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies. Interest income and expense are not included in the measure of segment profit reviewed by management. Income taxes are also not included in the measure of segment operating profit reviewed by management. The operating results of the segments are reviewed through to the “Income (loss) from operations” line on the condensed consolidated statements of income (loss). | |||||||||||||||||||||||||||||
The financial segment information is presented in the following table: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Net Sales (less intra-, inter-segment sales) | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 27,709 | $ | 23,441 | $ | 87,396 | $ | 68,030 | |||||||||||||||||||||
Energy Segment | 17,977 | 19,243 | 50,093 | 50,262 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 17,584 | 6,895 | 49,729 | 9,785 | |||||||||||||||||||||||||
Corporate and Other(1) | 30 | 217 | (107 | ) | 513 | ||||||||||||||||||||||||
Net sales | $ | 63,300 | $ | 49,796 | $ | 187,111 | $ | 128,590 | |||||||||||||||||||||
-1 | Includes adjustment for revenue on intercompany jobs. | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Income (Loss) from Operations | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 3,315 | $ | 2,661 | $ | 12,057 | $ | 9,811 | |||||||||||||||||||||
Energy Segment | 1,850 | 1,885 | 5,833 | 6,855 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 4,347 | 630 | 10,087 | 1,071 | |||||||||||||||||||||||||
Corporate and Other(2) | (3,944 | ) | (7,893 | ) | (8,900 | ) | (13,602 | ) | |||||||||||||||||||||
Eliminations | (323 | ) | (639 | ) | (1,152 | ) | (846 | ) | |||||||||||||||||||||
Net operating income (loss) | $ | 5,245 | $ | (3,356 | ) | $ | 17,925 | $ | 3,289 | ||||||||||||||||||||
-2 | Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses. | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Property and Equipment Additions | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 59 | $ | 66 | $ | 327 | $ | 160 | |||||||||||||||||||||
Energy Segment | 5 | 231 | 72 | 373 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 26 | — | 359 | — | |||||||||||||||||||||||||
Corporate and Other | — | — | 43 | — | |||||||||||||||||||||||||
Property and equipment additions | $ | 90 | $ | 297 | $ | 801 | $ | 533 | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 508 | $ | 295 | $ | 1,286 | $ | 793 | |||||||||||||||||||||
Energy Segment | 561 | 782 | 1,780 | 1,515 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 1,614 | 771 | 4,939 | 787 | |||||||||||||||||||||||||
Corporate and Other | 31 | 40 | 98 | 106 | |||||||||||||||||||||||||
Depreciation and Amortization | $ | 2,714 | $ | 1,888 | $ | 8,103 | $ | 3,201 | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Identifiable Assets | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 86,858 | $ | 74,556 | |||||||||||||||||||||||||
Energy Segment | 67,598 | 76,960 | |||||||||||||||||||||||||||
Fluid Handling Filtration Segment | 177,393 | 185,646 | |||||||||||||||||||||||||||
Corporate and Other(3) | 18,703 | 11,374 | |||||||||||||||||||||||||||
Identifiable Assets | $ | 350,552 | $ | 348,536 | |||||||||||||||||||||||||
-3 | Corporate assets primarily consist of cash and income tax related assets. | ||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 32,890 | $ | 21,690 | |||||||||||||||||||||||||
Energy Segment | 14,230 | 14,962 | |||||||||||||||||||||||||||
Fluid Handling Filtration Segment | 97,147 | 95,568 | |||||||||||||||||||||||||||
Goodwill | $ | 144,267 | $ | 132,220 | |||||||||||||||||||||||||
Intra-segment and Inter-segment Revenues | |||||||||||||||||||||||||||||
The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 29,920 | $ | (1,634 | ) | $ | — | $ | (444 | ) | $ | (133 | ) | $ | — | $ | 27,709 | ||||||||||||
Energy Segment | 19,193 | (1,200 | ) | (16 | ) | — | — | — | 17,977 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 18,176 | (564 | ) | (28 | ) | — | — | — | 17,584 | ||||||||||||||||||||
Corporate and Other(4) | — | — | — | — | — | 30 | 30 | ||||||||||||||||||||||
Net Sales | $ | 67,289 | $ | (3,398 | ) | $ | (44 | ) | $ | (444 | ) | $ | (133 | ) | $ | 30 | $ | 63,300 | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 24,858 | $ | (1,206 | ) | $ | — | $ | (211 | ) | $ | — | $ | — | $ | 23,441 | |||||||||||||
Energy Segment | 20,212 | (839 | ) | (130 | ) | — | — | — | 19,243 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 7,208 | (200 | ) | (113 | ) | — | — | — | 6,895 | ||||||||||||||||||||
Corporate and Other(4) | 416 | — | — | — | — | (199 | ) | 217 | |||||||||||||||||||||
Net Sales | $ | 52,694 | $ | (2,245 | ) | $ | (243 | ) | $ | (211 | ) | $ | — | $ | (199 | ) | $ | 49,796 | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 93,580 | $ | (5,124 | ) | $ | — | $ | (766 | ) | $ | (294 | ) | $ | — | $ | 87,396 | ||||||||||||
Energy Segment | 53,503 | (3,393 | ) | (17 | ) | — | — | — | 50,093 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 51,111 | (1,311 | ) | (71 | ) | — | — | — | 49,729 | ||||||||||||||||||||
Corporate and Other(4) | — | — | — | — | — | (107 | ) | (107 | ) | ||||||||||||||||||||
Net Sales | $ | 198,194 | $ | (9,828 | ) | $ | (88 | ) | $ | (766 | ) | $ | (294 | ) | $ | (107 | ) | $ | 187,111 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 73,579 | $ | (4,911 | ) | $ | — | $ | (239 | ) | $ | (399 | ) | $ | — | $ | 68,030 | ||||||||||||
Energy Segment | 51,933 | (1,539 | ) | (132 | ) | — | — | — | 50,262 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 10,119 | (200 | ) | (134 | ) | — | — | — | 9,785 | ||||||||||||||||||||
Corporate and Other(4) | 416 | — | — | — | — | 97 | 513 | ||||||||||||||||||||||
Net Sales | $ | 136,047 | $ | (6,650 | ) | $ | (266 | ) | $ | (239 | ) | $ | (399 | ) | $ | 97 | $ | 128,590 | |||||||||||
(4) | Includes adjustment for revenue on intercompany jobs. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
18 | Subsequent Events | |
On November 3, 2014, the Company, through its subsidiary Fisher-Klosterman, Inc., acquired 100% of the membership interests of Emtrol LLC (“Emtrol”), a New York limited liability company, pursuant to the terms of a Membership Interest Purchase Agreement (“MIPA”) among the Company and each of the members of Emtrol. Emtrol is engaged in the business of designing and manufacturing of fluid catalytic cracking (“FCC”) and industrial cyclone technology for a variety of industries including the refinery, petrochemical, and chemical sectors. | ||
The consideration paid by the Company to the sellers in the transaction at closing was $32.0 million in cash. Within five business days of closing, the Company will issue approximately 454,000 shares of its common stock with an agreed upon value of $6.0 million (based on the average closing price of the Company’s common stock on the Nasdaq Global Market for the thirty trading days immediately preceding the date of the MIPA). The total consideration paid excludes transaction costs and is subject to certain post-closing adjustments. | ||
On November 4, 2014, the Company signed a definitive purchase agreement to acquire substantially all of the assets of Jiangyin Zhongli Industrial Technology Company Ltd (“Zhongli”), a leader in the design and manufacture of power industry flue gas dampers and ball mill systems in China. Zhongli has annual revenues of approximately $28.0 million. The closing of the acquisition is subject to customary Chinese government approvals, which is expected to be received in December 2014. |
New_Financial_Accounting_Prono1
New Financial Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Financial Accounting Pronouncements Adopted | ' |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued-operations criteria. The FASB issued the ASU to provide more decision-useful information and to elevate the threshold for a disposal transaction to qualify as a discontinued operation. ASU 2014-08 is effective for disposals or classifications as held for sale of components of an entity that occur within annual periods beginning on or after December 15, 2014, including interim periods within those years. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Summary of Accounts Receivable | ' | ||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade receivables | $ | 19,243 | $ | 18,815 | |||||
Contract receivables | 29,178 | 26,249 | |||||||
Allowance for doubtful accounts | (782 | ) | (700 | ) | |||||
$ | 47,639 | $ | 44,364 | ||||||
Costs_and_Estimated_Earnings_o1
Costs and Estimated Earnings on Uncompleted Contracts (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Costs and Estimated Earnings on Uncompleted Contracts | ' | ||||||||
Our contracts have various lengths to completion ranging from a few days to several months. We anticipate that a majority of our current contracts will be completed within the next twelve months. | |||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Costs incurred on uncompleted contracts | $ | 74,508 | $ | 61,416 | |||||
Estimated earnings | 25,228 | 21,505 | |||||||
99,736 | 82,921 | ||||||||
Less billings to date | (98,549 | ) | (85,297 | ) | |||||
$ | 1,187 | $ | (2,376 | ) | |||||
Included in the accompanying condensed consolidated balance sheets under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 13,999 | $ | 11,110 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (12,812 | ) | (13,486 | ) | |||||
$ | 1,187 | $ | (2,376 | ) | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 19,992 | $ | 19,753 | |||||
Work in process | 3,501 | 3,172 | |||||||
Finished goods | 3,711 | 2,987 | |||||||
Obsolescence allowance | (663 | ) | (536 | ) | |||||
$ | 26,541 | $ | 25,376 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill / Tradename | ' | ||||||||||||||||
(Table only in thousands) | Nine months ended | Year ended | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Goodwill / Tradename | Goodwill | Tradename | Goodwill | Tradename | |||||||||||||
Beginning balance | $ | 132,220 | $ | 18,419 | $ | 19,548 | $ | 3,526 | |||||||||
Acquisitions and related adjustments | 12,778 | — | 112,306 | 14,775 | |||||||||||||
Foreign currency adjustments | (731 | ) | (250 | ) | 366 | 118 | |||||||||||
$ | 144,267 | $ | 18,169 | $ | 132,220 | $ | 18,419 | ||||||||||
Intangible Assets - Finite Life | ' | ||||||||||||||||
(Table only in thousands) | As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||
Intangible assets – finite life | Cost | Accum. | Cost | Accum. | |||||||||||||
Amort. | Amort. | ||||||||||||||||
Patents | $ | 1,429 | $ | 1,420 | $ | 1,423 | $ | 1,383 | |||||||||
Employment agreements | 716 | 387 | 762 | 221 | |||||||||||||
Technology | 8,522 | 2,018 | 8,942 | 789 | |||||||||||||
Customer lists | 40,779 | 7,222 | 41,582 | 3,503 | |||||||||||||
$ | 51,446 | $ | 11,047 | $ | 52,709 | $ | 5,896 | ||||||||||
Summary of Finite Lived Intangible Assets Activities | ' | ||||||||||||||||
Activity for the nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
(Table only in thousands) | 2014 | 2013 | |||||||||||||||
Intangible assets – finite life, net at beginning of period | $ | 46,813 | $ | 1,283 | |||||||||||||
Amortization expense | (5,342 | ) | (2,137 | ) | |||||||||||||
Acquisitions/purchase accounting adjustments | (175 | ) | 49,187 | ||||||||||||||
Foreign currency adjustments | (897 | ) | 769 | ||||||||||||||
Intangible assets – finite life, net at end of period | $ | 40,399 | $ | 49,102 | |||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Summary of Accounts Payable and Accrued Expenses | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade accounts payable, including due to subcontractors | $ | 21,773 | $ | 23,108 | |||||
Compensation and related benefits | 1,697 | 2,412 | |||||||
Accrued interest | 164 | 399 | |||||||
Current portion of earn-out liability | 2,364 | 1,812 | |||||||
Accrued warranty | 1,162 | 1,107 | |||||||
Other accrued expenses | 6,405 | 5,518 | |||||||
$ | 33,565 | $ | 34,356 | ||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Debt | ' | ||||||||
Debt consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||
(Table only in thousands) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Outstanding borrowings under Credit Facility (defined below). Term loan payable in quarterly principal installments of $1.2 million through September 2016, $1.5 million through September 2017, and $1.9 million thereafter with balance due upon maturity in August 2018. | |||||||||
- Term loan | $ | 57,263 | $ | 63,781 | |||||
- U.S. Dollar revolving loans | 25,000 | 22,000 | |||||||
- Multi-currency revolving loans | — | — | |||||||
- Unamortized debt discount | (1,610 | ) | (1,918 | ) | |||||
Total outstanding borrowings under Credit Facility | 80,653 | 83,863 | |||||||
Outstanding borrowings under Canadian dollar-denominated Flextor Facility (defined below) | — | — | |||||||
Outstanding borrowings (U.S. dollar equivalent) under Aarding Facility (defined below) | 3,466 | 4,909 | |||||||
Outstanding borrowings (U.S. dollar equivalent) under Euro-denominated note payable to a bank, payable in quarterly installments of €25 ($32 as of September 30, 2014), plus interest, at a fixed rate of 3.82%, maturing January 2016. Collateralized by the Heerenveen, Netherlands building. | 191 | 310 | |||||||
Total outstanding borrowings | $ | 84,310 | $ | 89,082 | |||||
Less: current portion | 8,236 | 9,922 | |||||||
Total debt, less current portion | $ | 76,074 | $ | 79,160 | |||||
Earnings_Loss_and_Dividends_pe1
Earnings (Loss) and Dividends per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Number of Shares Outstanding for Calculation of Earnings (Loss) Per Share | ' | ||||||||||||
The computational components of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2014 and 2013 are below. | |||||||||||||
For the three-month period ended September 30, 2014 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net income and earnings per share | $ | 3,703 | 25,692 | $ | 0.14 | ||||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | 437 | — | ||||||||||
Diluted earnings and earnings per share | $ | 3,703 | 26,129 | $ | 0.14 | ||||||||
For the three-month period ended September 30, 2013 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net loss and loss per share | $ | (1,461 | ) | 19,965 | $ | (0.07 | ) | ||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | — | — | ||||||||||
Diluted loss and loss per share | $ | (1,461 | ) | 19,965 | $ | (0.07 | ) | ||||||
For the nine-month period ended September 30, 2014 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net income and earnings per share | $ | 11,217 | 25,647 | $ | 0.44 | ||||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | 458 | (0.01 | ) | |||||||||
Diluted earnings and earnings per share | $ | 11,217 | 26,105 | $ | 0.43 | ||||||||
For the nine-month period ended September 30, 2013 | |||||||||||||
Numerator | Denominator | Per Share | |||||||||||
(Income) | (Shares) | Amount | |||||||||||
Basic net income and earnings per share | $ | 3,790 | 18,275 | $ | 0.21 | ||||||||
Effect of dilutive securities and notes: | |||||||||||||
Common stock equivalents arising from stock options and employee stock purchase plan | — | 607 | (0.01 | ) | |||||||||
Diluted earnings and earnings per share | $ | 3,790 | 18,882 | $ | 0.2 | ||||||||
Pension_and_Employee_Benefit_P1
Pension and Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Pension and Employee Benefit Expenses | ' | ||||||||||||||||
The components of the expense consisted of the following: | |||||||||||||||||
(Table only in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pension plan: | |||||||||||||||||
Service cost | $ | 50 | $ | 32 | $ | 150 | $ | 66 | |||||||||
Interest cost | 357 | 166 | 1,071 | 322 | |||||||||||||
Expected return on plan assets | (488 | ) | (214 | ) | (1,464 | ) | (418 | ) | |||||||||
Amortization of net actuarial loss | 44 | 130 | 132 | 314 | |||||||||||||
Net periodic benefit cost (gain) | $ | (37 | ) | $ | 114 | $ | (111 | ) | $ | 284 | |||||||
Health care plan: | |||||||||||||||||
Interest cost | $ | 1 | $ | 1 | $ | 3 | $ | 3 | |||||||||
Amortization of gain | (1 | ) | (4 | ) | (3 | ) | (12 | ) | |||||||||
Net periodic benefit gain | $ | — | $ | (3 | ) | $ | — | $ | (9 | ) | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Information of Company's Results of Operations | ' | ||||||||
The following unaudited pro forma information represents the Company’s results of operations as if the Met-Pro and Aarding acquisitions had occurred as of January 1, 2013: | |||||||||
(Table only in thousands, except per share data) | Three Months | Nine Months | |||||||
Ended | Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Net sales(1) | $ | 65,062 | $ | 195,419 | |||||
Net income | 1,879 | 7,434 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.07 | $ | 0.29 | |||||
Diluted | $ | 0.07 | $ | 0.28 | |||||
Aarding Thermal Acoustics B.V. ("Aarding") [Member] | ' | ||||||||
Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing | ' | ||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing of the acquisition. | |||||||||
(Table only in thousands) | |||||||||
Current assets | $ | 15,062 | |||||||
Property and equipment | 959 | ||||||||
Goodwill | 7,595 | ||||||||
Intangible assets – finite life | 13,477 | ||||||||
Intangible assets – indefinite life | 2,865 | ||||||||
Total assets acquired | $ | 39,958 | |||||||
Current liabilities assumed | (8,277 | ) | |||||||
Deferred income tax liability | (4,086 | ) | |||||||
Net assets acquired | $ | 27,595 | |||||||
Met-Pro [Member] | ' | ||||||||
Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing | ' | ||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing of the acquisition. | |||||||||
(Table only in thousands) | |||||||||
Current assets | $ | 68,766 | |||||||
Property and equipment | 15,773 | ||||||||
Other assets | 1,375 | ||||||||
Assets held for sale (a) | 10,886 | ||||||||
Goodwill | 106,726 | ||||||||
Intangible assets – finite life | 35,810 | ||||||||
Intangible assets – indefinite life | 11,910 | ||||||||
Total assets acquired | 251,246 | ||||||||
Current liabilities assumed | (13,638 | ) | |||||||
Deferred income tax liability | (28,958 | ) | |||||||
Long term liabilities assumed | (6,078 | ) | |||||||
Net assets acquired | $ | 202,572 | |||||||
(a) | The assets held for sale primarily consist of real property and are valued at the estimated proceeds less costs to sell. The Company has not recorded a gain or loss on the classification of the subject assets held for sale. The Company expects to complete the sale of the subject assets during 2014. During the nine months ended September 30, 2014, the Company received proceeds of $6.6 million for the sale of assets held for sale. The balance of assets held for sale is $4.2 million as of September 30, 2014. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Net Sales and Operating Income (Loss) by Business Segment | ' | ||||||||||||||||||||||||||||
The financial segment information is presented in the following table: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Net Sales (less intra-, inter-segment sales) | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 27,709 | $ | 23,441 | $ | 87,396 | $ | 68,030 | |||||||||||||||||||||
Energy Segment | 17,977 | 19,243 | 50,093 | 50,262 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 17,584 | 6,895 | 49,729 | 9,785 | |||||||||||||||||||||||||
Corporate and Other(1) | 30 | 217 | (107 | ) | 513 | ||||||||||||||||||||||||
Net sales | $ | 63,300 | $ | 49,796 | $ | 187,111 | $ | 128,590 | |||||||||||||||||||||
-1 | Includes adjustment for revenue on intercompany jobs. | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Income (Loss) from Operations | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 3,315 | $ | 2,661 | $ | 12,057 | $ | 9,811 | |||||||||||||||||||||
Energy Segment | 1,850 | 1,885 | 5,833 | 6,855 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 4,347 | 630 | 10,087 | 1,071 | |||||||||||||||||||||||||
Corporate and Other(2) | (3,944 | ) | (7,893 | ) | (8,900 | ) | (13,602 | ) | |||||||||||||||||||||
Eliminations | (323 | ) | (639 | ) | (1,152 | ) | (846 | ) | |||||||||||||||||||||
Net operating income (loss) | $ | 5,245 | $ | (3,356 | ) | $ | 17,925 | $ | 3,289 | ||||||||||||||||||||
-2 | Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses. | ||||||||||||||||||||||||||||
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets | ' | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Property and Equipment Additions | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 59 | $ | 66 | $ | 327 | $ | 160 | |||||||||||||||||||||
Energy Segment | 5 | 231 | 72 | 373 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 26 | — | 359 | — | |||||||||||||||||||||||||
Corporate and Other | — | — | 43 | — | |||||||||||||||||||||||||
Property and equipment additions | $ | 90 | $ | 297 | $ | 801 | $ | 533 | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 508 | $ | 295 | $ | 1,286 | $ | 793 | |||||||||||||||||||||
Energy Segment | 561 | 782 | 1,780 | 1,515 | |||||||||||||||||||||||||
Fluid Handling Filtration Segment | 1,614 | 771 | 4,939 | 787 | |||||||||||||||||||||||||
Corporate and Other | 31 | 40 | 98 | 106 | |||||||||||||||||||||||||
Depreciation and Amortization | $ | 2,714 | $ | 1,888 | $ | 8,103 | $ | 3,201 | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Identifiable Assets | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 86,858 | $ | 74,556 | |||||||||||||||||||||||||
Energy Segment | 67,598 | 76,960 | |||||||||||||||||||||||||||
Fluid Handling Filtration Segment | 177,393 | 185,646 | |||||||||||||||||||||||||||
Corporate and Other(3) | 18,703 | 11,374 | |||||||||||||||||||||||||||
Identifiable Assets | $ | 350,552 | $ | 348,536 | |||||||||||||||||||||||||
-3 | Corporate assets primarily consist of cash and income tax related assets. | ||||||||||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 32,890 | $ | 21,690 | |||||||||||||||||||||||||
Energy Segment | 14,230 | 14,962 | |||||||||||||||||||||||||||
Fluid Handling Filtration Segment | 97,147 | 95,568 | |||||||||||||||||||||||||||
Goodwill | $ | 144,267 | $ | 132,220 | |||||||||||||||||||||||||
Intra-Segment and Inter-Segment Revenues | ' | ||||||||||||||||||||||||||||
The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 29,920 | $ | (1,634 | ) | $ | — | $ | (444 | ) | $ | (133 | ) | $ | — | $ | 27,709 | ||||||||||||
Energy Segment | 19,193 | (1,200 | ) | (16 | ) | — | — | — | 17,977 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 18,176 | (564 | ) | (28 | ) | — | — | — | 17,584 | ||||||||||||||||||||
Corporate and Other(4) | — | — | — | — | — | 30 | 30 | ||||||||||||||||||||||
Net Sales | $ | 67,289 | $ | (3,398 | ) | $ | (44 | ) | $ | (444 | ) | $ | (133 | ) | $ | 30 | $ | 63,300 | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 24,858 | $ | (1,206 | ) | $ | — | $ | (211 | ) | $ | — | $ | — | $ | 23,441 | |||||||||||||
Energy Segment | 20,212 | (839 | ) | (130 | ) | — | — | — | 19,243 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 7,208 | (200 | ) | (113 | ) | — | — | — | 6,895 | ||||||||||||||||||||
Corporate and Other(4) | 416 | — | — | — | — | (199 | ) | 217 | |||||||||||||||||||||
Net Sales | $ | 52,694 | $ | (2,245 | ) | $ | (243 | ) | $ | (211 | ) | $ | — | $ | (199 | ) | $ | 49,796 | |||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 93,580 | $ | (5,124 | ) | $ | — | $ | (766 | ) | $ | (294 | ) | $ | — | $ | 87,396 | ||||||||||||
Energy Segment | 53,503 | (3,393 | ) | (17 | ) | — | — | — | 50,093 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 51,111 | (1,311 | ) | (71 | ) | — | — | — | 49,729 | ||||||||||||||||||||
Corporate and Other(4) | — | — | — | — | — | (107 | ) | (107 | ) | ||||||||||||||||||||
Net Sales | $ | 198,194 | $ | (9,828 | ) | $ | (88 | ) | $ | (766 | ) | $ | (294 | ) | $ | (107 | ) | $ | 187,111 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Less Inter-Segment Sales | |||||||||||||||||||||||||||||
Total | Intra- | APC | Energy | FHF | Corp | Net Sales to | |||||||||||||||||||||||
Sales | Segment | and | Outside | ||||||||||||||||||||||||||
Sales | Other | Customers | |||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||
Air Pollution Control Segment | $ | 73,579 | $ | (4,911 | ) | $ | — | $ | (239 | ) | $ | (399 | ) | $ | — | $ | 68,030 | ||||||||||||
Energy Segment | 51,933 | (1,539 | ) | (132 | ) | — | — | — | 50,262 | ||||||||||||||||||||
Fluid Handling Filtration Segment | 10,119 | (200 | ) | (134 | ) | — | — | — | 9,785 | ||||||||||||||||||||
Corporate and Other(4) | 416 | — | — | — | — | 97 | 513 | ||||||||||||||||||||||
Net Sales | $ | 136,047 | $ | (6,650 | ) | $ | (266 | ) | $ | (239 | ) | $ | (399 | ) | $ | 97 | $ | 128,590 | |||||||||||
Accounts_Receivable_Summary_of
Accounts Receivable - Summary of Accounts Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Contract receivables | $29,178 | $26,249 |
Allowance for doubtful accounts | -782 | -700 |
Accounts receivable, Total | 47,639 | 44,364 |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade receivables | $19,243 | $18,815 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Receivables [Abstract] | ' | ' | ' | ' |
Provision for doubtful accounts | $29,000 | $100,000 | $100,000 | $100,000 |
Costs_and_Estimated_Earnings_o2
Costs and Estimated Earnings on Uncompleted Contracts - Costs and Estimated Earnings on Uncompleted Contracts (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract] | ' | ' |
Costs incurred on uncompleted contracts | $74,508 | $61,416 |
Estimated earnings | 25,228 | 21,505 |
Contract Revenues | 99,736 | 82,921 |
Less billings to date | -98,549 | -85,297 |
Net bills receivable | 1,187 | -2,376 |
Included in the accompanying condensed consolidated balance sheets under the following captions: | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | 13,999 | 11,110 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -12,812 | -13,486 |
Net bills receivable | $1,187 | ($2,376) |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $19,992 | $19,753 |
Work in process | 3,501 | 3,172 |
Finished goods | 3,711 | 2,987 |
Obsolescence allowance | -663 | -536 |
Inventory, net | $26,541 | $25,376 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Amounts credited to the allowance for obsolete inventory | $200 | $37 | $461 | $104 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Goodwill / Tradename (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Asset Impairment [Abstract] | ' | ' |
Goodwill, beginning balance | $132,220 | $19,548 |
Goodwill, acquisitions and related adjustments | 12,778 | 112,306 |
Goodwill, foreign currency adjustments | -731 | 366 |
Goodwill, ending balance | 144,267 | 132,220 |
Tradename, beginning balance | 18,419 | 3,526 |
Tradename, acquisitions and related adjustments | ' | 14,775 |
Tradename, foreign currency adjustments | -250 | 118 |
Tradename, ending balance | $18,169 | $18,419 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangible Assets - Finite Life (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $51,446 | $52,709 |
Accumulated Amortization | 11,047 | 5,896 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,429 | 1,423 |
Accumulated Amortization | 1,420 | 1,383 |
Employment agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 716 | 762 |
Accumulated Amortization | 387 | 221 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 8,522 | 8,942 |
Accumulated Amortization | 2,018 | 789 |
Customer lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 40,779 | 41,582 |
Accumulated Amortization | $7,222 | $3,503 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Finite Lived Intangible Assets Amortization Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Intangible assets - finite life, Beginning of period | ' | ' | $46,813 | $1,283 |
Amortization expense | -1,700 | -1,400 | -5,342 | -2,137 |
Acquisitions/purchase accounting adjustments | ' | ' | -175 | 49,187 |
Foreign currency adjustments | ' | ' | -897 | 769 |
Intangible assets - finite life, End of period | $40,399 | $49,102 | $40,399 | $49,102 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense of finite life intangible assets | $1,700,000 | $1,400,000 | $5,342,000 | $2,137,000 |
Amortization expense of finite life intangibles for 2014 | 1,700,000 | ' | 1,700,000 | ' |
Amortization expense of finite life intangibles for 2015 | 7,100,000 | ' | 7,100,000 | ' |
Amortization expense of finite life intangibles for 2016 | 6,100,000 | ' | 6,100,000 | ' |
Amortization expense of finite life intangibles for 2017 | 5,200,000 | ' | 5,200,000 | ' |
Amortization expense of finite life intangibles for 2018 | $4,000,000 | ' | $4,000,000 | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Trade accounts payable, including due to subcontractors | $21,773 | $23,108 |
Compensation and related benefits | 1,697 | 2,412 |
Accrued interest | 164 | 399 |
Current portion of earn-out liability | 2,364 | 1,812 |
Accrued warranty | 1,162 | 1,107 |
Other accrued expenses | 6,405 | 5,518 |
Accounts payable and accrued expenses | $33,565 | $34,356 |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings under Credit Facility | ($1,610) | ($1,918) |
Total outstanding borrowings | 84,310 | 89,082 |
Less: current portion | 8,236 | 9,922 |
Total debt, less current portion | 76,074 | 79,160 |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings | 57,263 | 63,781 |
Multi-Currency Revolving Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings under Credit Facility | ' | ' |
US Dollar Borrowings [Member] | U.S. Dollar Revolving Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings under Credit Facility | 25,000 | 22,000 |
US Dollar Borrowings [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings | 80,653 | 83,863 |
U S Dollar Euro [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings | 191 | 310 |
Flextor, Inc. ("Flextor") [Member] | Canadian Dollar [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings | ' | ' |
Aarding Thermal Acoustics B.V. ("Aarding") [Member] | US Dollar Borrowings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings | $3,466 | $4,909 |
Debt_Summary_of_Debt_Parenthet
Debt - Summary of Debt (Parenthetical) (Detail) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | U S Dollar Euro [Member] | Debt Instrument, Redemption, through September 2016 [Member] | Debt Instrument, Redemption, through September 2017 [Member] | Debt Instrument, Redemption, through August 2018 [Member] | |
EUR (€) | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||
USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Outstanding borrowings under Euro denominated note payable to bank | $32 | € 25 | $1,200 | $1,500 | $1,900 |
Interest rate | 3.82% | ' | ' | ' | ' |
Term loans, year of maturity | '2016-01 | ' | '2016-09 | '2017-09 | '2018-08 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 17, 2012 | Sep. 30, 2014 | Aug. 17, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 17, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 17, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 27, 2013 | Aug. 27, 2013 | Aug. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Flextor, Inc. ("Flextor") [Member] | Flextor, Inc. ("Flextor") [Member] | Flextor, Inc. ("Flextor") [Member] | Flextor, Inc. ("Flextor") [Member] | Flextor, Inc. ("Flextor") [Member] | Flextor, Inc. ("Flextor") [Member] | Flextor, Inc. ("Flextor") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Bank Guarantee Facility [Member] | Bank Guarantee Facility [Member] | Bank Guarantee Facility [Member] | Bank Guarantee Facility [Member] | Bank Guarantee Facility [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | U.S. Dollar Revolving Loans [Member] | Multi-currency Revolving Credit Facility [Member] | Base Rate [Member] | Base Rate [Member] | Federal Funds Rate [Member] | One-Month LIBOR [Member] | Prime Rate [Member] | |
Minimum [Member] | Maximum [Member] | USD ($) | CAD | Minimum [Member] | Maximum [Member] | Forward Contracts [Member] | Bank Guarantee Facility [Member] | Variable Line Of Credit [Member] | EUR (€) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Flextor, Inc. ("Flextor") [Member] | |||||||||
USD ($) | CAD | CAD | CAD | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | ||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | $70,500,000 | $19,500,000 | ' | ' | ' | ' | ' |
Increased credit facility commitment for either revolving credit facility or term loan facility | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount outstanding under the credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | 5,200,000 | 3,400,000 | 2,500,000 | ' | 3,500,000 | 2,700,000 | 4,900,000 | 3,500,000 | ' | 1,200,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unused credit availability under credit facility | ' | 63,800,000 | 63,800,000 | 66,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan expiration date | 27-Aug-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Companies consolidated leverage ratio, Base Rate | ' | ' | ' | ' | 0.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' | 0.50% |
Interest rate, basis spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' |
Weighted average interest rate on outstanding borrowings | ' | 2.23% | 2.23% | 2.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.82% | 2.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consolidated leverage ratio | ' | 2.75 | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increased interest rate of loan due to default | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other expenses for credit agreement | ' | 2,700,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized deferred financing costs | ' | 500,000 | 500,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred charges Other asset | ' | -1,610,000 | -1,610,000 | -1,918,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | 100,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facilities agreement, amount | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | 500,000 | 2,500,000 | 2,500,000 | ' | ' | 10,500,000 | 7,000,000 | ' | 10,500,000 | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital ratio, minimum | ' | ' | ' | ' | ' | ' | 125.00% | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital, minimum | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted tangible net worth ratio, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted tangible net worth, minimum | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalties on cancellation of agreement | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowers solvency ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum debt as proportion of EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument variable interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months Euribor plus 265 basis points | '3 months Euribor plus 195 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Loss_and_Dividends_pe2
Earnings (Loss) and Dividends per Share - Computational Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic net income (loss) and earnings (loss) per share, Numerator (Income) | $3,703 | ($1,461) | $11,217 | $3,790 |
Common stock equivalents arising from stock options and employee stock purchase plan, Numerator (Income) | ' | ' | ' | ' |
Diluted earnings (loss) and earnings (loss) per share, Numerator (Income) | $3,703 | ($1,461) | $11,217 | $3,790 |
Basic net income (loss) and earnings (loss) per share, Denominator (Shares) | 25,691,884 | 19,965,010 | 25,647,561 | 18,275,085 |
Common stock equivalents arising from stock options and employee stock purchase plan, Denominator (Shares) | 437,000 | ' | 458,000 | 607,000 |
Diluted earnings (loss) and earnings (loss) per share, Denominator (Shares) | 26,129,427 | 19,965,010 | 26,105,415 | 18,881,927 |
Basic net income (loss) and earnings (loss) per share, Per Share Amount | $0.14 | ($0.07) | $0.44 | $0.21 |
Common stock equivalents arising from stock options and employee stock purchase plan, Per Share Amount | $0 | $0 | ($0.01) | ($0.01) |
Diluted earnings (loss) and earnings (loss) per share, Per Share Amount | $0.14 | ($0.07) | $0.43 | $0.20 |
Earnings_Loss_and_Dividends_pe3
Earnings (Loss) and Dividends per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings And Dividends Per Share [Abstract] | ' | ' | ' | ' | ' | ' |
Shares not included in computation of diluted Earning per share | 150,000 | ' | 40,000 | ' | 150,000 | 40,000 |
Restricted stock awards participate in nonforfeitable dividend rights | ' | ' | ' | ' | 1 | ' |
Common Stock, dividends, per share, declared | ' | $0.05 | ' | $0.06 | $0.06 | ' |
Common Stock, dividends, per share, Paid | ' | $0.05 | ' | $0.06 | $0.06 | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Recognized share-based compensation awards | $500,000 | $300,000 | $1,200,000 | $700,000 |
Weighted-average fair value of stock options granted | ' | ' | $6.92 | $6.17 |
Expected Volatility Rate | ' | ' | 56.00% | 57.00% |
Expected Term Period | ' | ' | '6 years 2 months 12 days | '6 years 6 months |
Risk-Free Interest Rate | ' | ' | 2.20% | 2.20% |
Expected dividend rate | ' | ' | 1.60% | 1.60% |
Cash received from employees and directors stock option exercised | ' | ' | 900,000 | 1,400,000 |
Intrinsic value of option exercised | ' | ' | $1,500,000 | $2,600,000 |
Stock_Purchase_Additional_Info
Stock Purchase - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Equity [Line Items] | ' | ' | ' | ' |
Repurchased shares of common stock | 61,500 | ' | ' | ' |
Repurchased common stock value | ' | $973 | $2,365 | ' |
Purchase price per common stock | ' | $0.01 | ' | $0.01 |
Former Director [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Repurchased common stock value | 1,000 | ' | ' | ' |
Chief Executive Officer [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Repurchased shares of common stock | 180,000 | ' | ' | ' |
Repurchased common stock value | $2,400 | ' | ' | ' |
Purchase price per common stock | $13.19 | ' | ' | ' |
Pension_and_Employee_Benefit_P2
Pension and Employee Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Plans | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number Of Defined Benefit Pension Plans, acquired | ' | ' | 2 |
Defined benefit plan contributions | $1,400,000 | $200,000 | ' |
Unfunded liability plans | 5,300,000 | ' | 6,600,000 |
Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Anticipated contribution to fund the pension plan during the reminder of the fiscal year | 500,000 | ' | ' |
Health Care Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Anticipated contribution to fund the pension plan during the reminder of the fiscal year | $21,000 | ' | ' |
Pension_and_Employee_Benefit_P3
Pension and Employee Benefit Plans - Components of Pension and Employee Benefit Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $50 | $32 | $150 | $66 |
Interest cost | 357 | 166 | 1,071 | 322 |
Expected return on plan assets | -488 | -214 | -1,464 | -418 |
Amortization of net actuarial loss | 44 | 130 | 132 | 314 |
Net periodic benefit cost (gain) | -37 | 114 | -111 | 284 |
Health Care Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 1 | 1 | 3 | 3 |
Amortization of gain | -1 | -4 | -3 | -12 |
Net periodic benefit cost (gain) | ' | ($3) | ' | ($9) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Liability for uncertain tax positions totaled | $1 | $0.80 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Foreign Countries [Member] | Foreign Countries [Member] | Foreign Exchange Contract [Member] | |||||
Fair Value Of Financial Instruments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $18,039,000 | $22,661,000 | $13,586,000 | $22,994,000 | $12,000,000 | $17,600,000 | ' |
U.S. dollar-denominated transaction total | ' | ' | ' | ' | ' | ' | $5,500,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Legal Matters - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cases | Cases | Cases | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Cumulative settlement payments for cases involving asbestos-related claims | $0.50 | $0.70 | ' |
Average cost per settled claim excluding legal fees | 25,000 | 25,000 | ' |
Number of claims pending | 196 | 196 | 173 |
Number of new cases filed | ' | 41 | ' |
Number of cases dismissed | ' | 18 | ' |
Number of cases settled | ' | 0 | ' |
Settlement recovering expense | $0.20 | ' | ' |
Assessment regarding Loss contingency impact Description | ' | 'We are not aware of pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows. | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 13, 2014 | Sep. 26, 2014 | Aug. 27, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Aug. 27, 2013 | Aug. 27, 2013 | Mar. 31, 2013 | |
USD ($) | USD ($) | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | Aarding Thermal Acoustics B.V. ("Aarding") [Member] | HEE Environmental Engineering, LLC ("HEE") [Member] | SAT Technology, Inc. ("SAT") [Member] | Met-Pro [Member] | Met-Pro [Member] | Met-Pro [Member] | Met-Pro [Member] | Met-Pro [Member] | Met-Pro [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination contingent consideration paid | ' | ' | ' | $5,200,000 | € 4,000,000 | ' | $9,500,000 | $2,400,000 | ' | ' | ' | ' | ' | ' |
Cash paid on acquisition | ' | ' | ' | 24,400,000 | ' | ' | 7,000,000 | 1,400,000 | ' | ' | ' | ' | ' | ' |
Earn out expenses | 300,000 | 900,000 | 400,000 | 1,100,000 | ' | ' | 2,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Company's common stock | ' | ' | ' | 763,673 | ' | ' | 34,626 | ' | ' | ' | ' | ' | ' | ' |
Fair value of common stock issued | ' | ' | ' | 6,800,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Prepaid compensation recognized in Prepaid expenses and other current assets | ' | ' | ' | 1,000,000 | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid compensation recognized in Deferred Charges and other assets | ' | ' | ' | 2,500,000 | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination compensation expenses | 300,000 | 500,000 | 200,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn out payment upon attainment of specified financial targets through December 31, 2017 | ' | ' | ' | 7,200,000 | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn out expenses included in accounts payable and accrued expenses | ' | ' | ' | 800,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration per share | ' | ' | ' | ' | ' | ' | ' | ' | $13.75 | ' | ' | ' | ' | ' |
Stock consideration per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.75 | ' | ' | ' | ' |
Exchange ratio | ' | ' | ' | ' | ' | ' | ' | ' | 1.0843 | ' | ' | 1.352 | 1 | 1 |
Percentage of common stock converted into cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.60% | ' | ' | ' |
Value of shares transferred for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,400,000 | ' | ' | ' |
Trading day period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 days | ' | ' | ' |
Trading price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.68 | ' | ' | ' |
Shares of common stock in aggregate stock consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,726,235 | ' | ' | ' |
Percentage of cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77.56% | ' | ' | ' |
Percentage of stock consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.44% | ' | ' | ' |
Value of stock recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,000,000 | ' | ' | ' |
Consideration for cancelling of options and restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,900,000 | ' | ' | ' |
Acquisitions_Fair_Values_of_As
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing of Acquisition (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $144,267 | $132,220 | $19,548 |
Aarding Thermal Acoustics B.V. ("Aarding") [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets | 15,062 | ' | ' |
Property and equipment | 959 | ' | ' |
Goodwill | 7,595 | ' | ' |
Intangible assets - finite life | 13,477 | ' | ' |
Intangible assets - indefinite life | 2,865 | ' | ' |
Total assets acquired | 39,958 | ' | ' |
Current liabilities assumed | -8,277 | ' | ' |
Deferred income tax liability | -4,086 | ' | ' |
Net assets acquired | $27,595 | ' | ' |
Acquisitions_Fair_Values_of_As1
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing - Met- Pro Corporation (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $144,267 | $132,220 | $19,548 |
Met-Pro [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets | 68,766 | ' | ' |
Property and equipment | 15,773 | ' | ' |
Other assets | 1,375 | ' | ' |
Assets held for sale | 10,886 | ' | ' |
Goodwill | 106,726 | ' | ' |
Intangible assets - finite life | 35,810 | ' | ' |
Intangible assets - indefinite life | 11,910 | ' | ' |
Total assets acquired | 251,246 | ' | ' |
Current liabilities assumed | -13,638 | ' | ' |
Deferred income tax liability | -28,958 | ' | ' |
Long term liabilities assumed | -6,078 | ' | ' |
Net assets acquired | $202,572 | ' | ' |
Acquisitions_Fair_Values_of_As2
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing - Met- Pro Corporation (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ' | ' |
Proceeds from sale of assets held for sale | $6,600,000 | ' |
Proceeds from sale of assets held for sale, closing balance | $4,210,000 | $11,083,000 |
Acquisitions_Information_of_Co
Acquisitions - Information of Company's Results of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Net sales | $65,062 | $195,419 |
Net income | $1,879 | $7,434 |
Earnings per share: | ' | ' |
Basic | $0.07 | $0.29 |
Diluted | $0.07 | $0.28 |
Acquisitions_Information_of_Co1
Acquisitions - Information of Company's Results of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Net sales | $65,062 | $195,419 |
Pristine Water Solution [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net sales | $1,300 | $3,700 |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) (CECO Group, Inc. [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
CECO Group, Inc. [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 3 |
Business_Segment_Information_N
Business Segment Information - Net Sales and Operating Income (Loss) by Business Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $63,300 | $49,796 | $187,111 | $128,590 |
Net operating income (loss) | 5,245 | -3,356 | 17,925 | 3,289 |
Air Pollution Control Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 27,709 | 23,441 | 87,396 | 68,030 |
Energy Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 17,977 | 19,243 | 50,093 | 50,262 |
Fluid Handling Filtration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 17,584 | 6,895 | 49,729 | 9,785 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 30 | 217 | -107 | 513 |
Operating Segments [Member] | Air Pollution Control Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net operating income (loss) | 3,315 | 2,661 | 12,057 | 9,811 |
Operating Segments [Member] | Energy Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net operating income (loss) | 1,850 | 1,885 | 5,833 | 6,855 |
Operating Segments [Member] | Fluid Handling Filtration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net operating income (loss) | 4,347 | 630 | 10,087 | 1,071 |
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net operating income (loss) | -3,944 | -7,893 | -8,900 | -13,602 |
Inter-segment Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net operating income (loss) | ($323) | ($639) | ($1,152) | ($846) |
Business_Segment_Information_P
Business Segment Information - Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property and equipment additions | $90 | $297 | $801 | $533 | ' |
Depreciation and amortization | 2,714 | 1,888 | 8,103 | 3,201 | ' |
Identifiable Assets | 350,552 | ' | 350,552 | ' | 348,536 |
Air Pollution Control Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property and equipment additions | 59 | 66 | 327 | 160 | ' |
Depreciation and amortization | 508 | 295 | 1,286 | 793 | ' |
Identifiable Assets | 86,858 | ' | 86,858 | ' | 74,556 |
Energy Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property and equipment additions | 5 | 231 | 72 | 373 | ' |
Depreciation and amortization | 561 | 782 | 1,780 | 1,515 | ' |
Identifiable Assets | 67,598 | ' | 67,598 | ' | 76,960 |
Fluid Handling Filtration Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property and equipment additions | 26 | ' | 359 | ' | ' |
Depreciation and amortization | 1,614 | 771 | 4,939 | 787 | ' |
Identifiable Assets | 177,393 | ' | 177,393 | ' | 185,646 |
Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property and equipment additions | ' | ' | 43 | ' | ' |
Depreciation and amortization | 31 | 40 | 98 | 106 | ' |
Identifiable Assets | $18,703 | ' | $18,703 | ' | $11,374 |
Business_Segment_Information_G
Business Segment Information - Goodwill (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill | ' | ' | ' |
Goodwill | $144,267 | $132,220 | $19,548 |
Air Pollution Control Segment [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 32,890 | 21,690 | ' |
Energy Segment [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 14,230 | 14,962 | ' |
Fluid Handling Filtration Segment [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | $97,147 | $95,568 | ' |
Business_Segment_Information_I
Business Segment Information - Intra-Segment and Inter-Segment Revenues (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intra- Segment Sales | ($3,398) | ($2,245) | ($9,828) | ($6,650) |
Net Sales to Outside Customers | 63,300 | 49,796 | 187,111 | 128,590 |
Air Pollution Control Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intra- Segment Sales | -1,634 | -1,206 | -5,124 | -4,911 |
Net Sales to Outside Customers | 27,709 | 23,441 | 87,396 | 68,030 |
Energy Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intra- Segment Sales | -1,200 | -839 | -3,393 | -1,539 |
Net Sales to Outside Customers | 17,977 | 19,243 | 50,093 | 50,262 |
Fluid Handling Filtration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intra- Segment Sales | -564 | -200 | -1,311 | -200 |
Net Sales to Outside Customers | 17,584 | 6,895 | 49,729 | 9,785 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales to Outside Customers | 30 | 217 | -107 | 513 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Sales | 67,289 | 52,694 | 198,194 | 136,047 |
Operating Segments [Member] | Air Pollution Control Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Sales | 29,920 | 24,858 | 93,580 | 73,579 |
Operating Segments [Member] | Energy Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Sales | 19,193 | 20,212 | 53,503 | 51,933 |
Operating Segments [Member] | Fluid Handling Filtration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Sales | 18,176 | 7,208 | 51,111 | 10,119 |
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Sales | ' | 416 | ' | 416 |
Inter-segment Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Inter-Segment Sales to Air Pollution Control | -44 | -243 | -88 | -266 |
Inter-Segment Sales by APC to Energy Segment | -444 | -211 | -766 | -239 |
Inter-Segment Sales to Fluid Handling Filtration | -133 | ' | -294 | -399 |
Inter-Segment Sales to Corporate and Other | 30 | -199 | -107 | 97 |
Inter-segment Elimination [Member] | Air Pollution Control Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Inter-Segment Sales by APC to Energy Segment | -444 | -211 | -766 | -239 |
Inter-Segment Sales to Fluid Handling Filtration | -133 | ' | -294 | -399 |
Inter-segment Elimination [Member] | Energy Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Inter-Segment Sales to Air Pollution Control | -16 | -130 | -17 | -132 |
Inter-segment Elimination [Member] | Fluid Handling Filtration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Inter-Segment Sales to Air Pollution Control | -28 | -113 | -71 | -134 |
Inter-segment Elimination [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Inter-Segment Sales to Corporate and Other | $30 | ($199) | ($107) | $97 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Nov. 03, 2014 | Nov. 03, 2014 | Nov. 03, 2014 | Nov. 04, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Emtrol LLC [Member] | Zhongli Industrial Technology Company Ltd [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Membership interest acquired | ' | ' | ' | ' | 100.00% | ' |
Consideration paid in cash for acquisition | ' | ' | $32,000,000 | ' | ' | ' |
Shares issued for acquired subsidiary | ' | ' | 454,000 | ' | ' | ' |
Value of shares issued to subsidiary | ' | ' | ' | 6,000,000 | ' | ' |
Annual revenue of subsidiary | $65,062,000 | $195,419,000 | ' | ' | ' | $28,000,000 |