Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | DYNAMIC MATERIALS CORP | ||
Entity Central Index Key | 34067 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 14,146,109 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $292,888,226 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $9,400 | $14,932 | $8,643 | $9,131 | $10,598 | $9,333 | $2,368 | $8,246 | $8,218 | $5,318 |
Accounts receivable, net of allowance for doubtful accounts of $542 and $419, respectively | 35,501 | 30,923 | 38,409 | 35,973 | 37,785 | 30,394 | 39,959 | 31,948 | ||
Inventory, net | 40,101 | 42,126 | 45,887 | 43,052 | 41,191 | 41,384 | 45,190 | 46,491 | ||
Prepaid expenses and other | 6,123 | 6,783 | 7,120 | 6,044 | 4,277 | 3,888 | 5,415 | 5,867 | ||
Current deferred tax assets | 3,971 | 5,599 | 2,548 | 2,440 | 3,456 | 2,515 | 1,946 | 1,589 | ||
Assets held for sale | 0 | 6,011 | 6,155 | 6,276 | 6,299 | 6,610 | 6,206 | 5,402 | ||
Total current assets | 95,096 | 106,374 | 108,762 | 102,916 | 103,606 | 94,124 | 101,084 | 99,543 | ||
PROPERTY, PLANT AND EQUIPMENT | 109,733 | 100,305 | 102,564 | 100,208 | 98,573 | 95,717 | 90,651 | 85,896 | ||
Less - accumulated depreciation | -45,898 | -42,423 | -42,018 | -40,732 | -38,358 | -36,469 | -35,010 | -33,661 | ||
Property, plant and equipment, net | 63,835 | 57,882 | 60,546 | 59,476 | 60,215 | 59,248 | 55,641 | 52,235 | ||
GOODWILL, net | 32,762 | 34,382 | 37,161 | 37,689 | 37,970 | 37,553 | 36,447 | 36,125 | 37,431 | |
PURCHASED INTANGIBLE ASSETS, net | 26,734 | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 | ||
DEFERRED TAX ASSETS | 587 | 430 | 516 | 596 | 403 | 158 | 319 | 922 | ||
OTHER ASSETS, net | 315 | 1,236 | 1,868 | 1,711 | 1,893 | 499 | 505 | 529 | ||
TOTAL ASSETS | 219,329 | 229,707 | 241,792 | 236,985 | 240,545 | 229,228 | 232,117 | 228,782 | ||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 14,076 | 9,104 | 9,689 | 13,438 | 14,567 | 9,020 | 14,111 | 10,362 | ||
Accrued expenses | 5,638 | 3,245 | 3,671 | 4,315 | 3,927 | 4,222 | 4,657 | 4,453 | ||
Dividend payable | 559 | 559 | 559 | 557 | 550 | 550 | 549 | 547 | ||
Accrued income taxes | 3,770 | 2,972 | 2,317 | 1,932 | 2,657 | 1,237 | 911 | 300 | ||
Accrued employee compensation and benefits | 4,582 | 4,667 | 4,119 | 3,140 | 4,552 | 5,346 | 4,338 | 3,778 | ||
Customer advances | 3,510 | 2,364 | 2,617 | 2,996 | 1,019 | 1,387 | 4,758 | 1,378 | ||
Current debt obligations | 0 | 4 | 20 | 516 | 2,907 | 65 | 63 | 64 | ||
Current deferred tax liabilities | 373 | 435 | 417 | 404 | 435 | 274 | 155 | 155 | ||
Liabilities related to assets held for sale | 0 | 721 | 742 | 758 | 826 | 765 | 820 | 543 | ||
Total current liabilities | 32,508 | 24,076 | 24,156 | 28,066 | 31,440 | 22,899 | 30,407 | 21,630 | ||
LINES OF CREDIT | 22,782 | 26,000 | 31,800 | 26,900 | 26,400 | 25,550 | 28,843 | 38,256 | ||
DEFERRED TAX LIABILITIES | 7,003 | 9,507 | 7,740 | 7,724 | 7,795 | 7,842 | 7,404 | 7,323 | ||
OTHER LONG-TERM LIABILITIES | 2,121 | 1,988 | 2,058 | 2,018 | 1,881 | 1,755 | 1,668 | 1,582 | ||
Total liabilities | 64,414 | 61,575 | 65,760 | 64,715 | 67,516 | 58,051 | 68,342 | 68,834 | ||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,997,076 and 13,772,324 shares issued and outstanding, respectively | 700 | 699 | 699 | 698 | 689 | 688 | 688 | 684 | ||
Additional paid-in capital | 67,088 | 65,914 | 64,950 | 63,690 | 62,934 | 62,099 | 61,530 | 60,682 | ||
Retained earnings | 113,723 | 117,857 | 116,077 | 114,320 | 113,390 | 113,837 | 111,204 | 108,688 | ||
Other cumulative comprehensive loss | -26,596 | -16,338 | -5,694 | -6,438 | -3,984 | -5,627 | -9,772 | -10,215 | ||
Total stockholders’ equity | 154,915 | 168,132 | 176,032 | 172,270 | 173,029 | 170,997 | 163,650 | 159,839 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $219,329 | $229,707 | $241,792 | $236,985 | $240,545 | $229,228 | $232,117 | $228,782 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Statement of Financial Position [Abstract] | ||||||||
Accounts receivable, allowance for doubtful accounts | $542 | $599 | $504 | $459 | $419 | $340 | $471 | $440 |
Preferred stock, par value (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Common stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, shares issued | 13,997,076 | 13,979,119 | 13,979,119 | 13,994,094 | 13,772,324 | 13,759,007 | 13,750,163 | 13,683,307 |
Common stock, shares outstanding | 13,997,076 | 13,979,119 | 13,979,119 | 13,994,094 | 13,772,324 | 13,759,007 | 13,750,163 | 13,683,307 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | |||||||||||||||||
NET SALES | $51,886 | $51,911 | $46,769 | $49,339 | $52,331 | $55,554 | $44,836 | $98,680 | $100,390 | $150,566 | $152,720 | $202,561 | $202,060 | $192,737 | |||
COST OF PRODUCTS SOLD | 36,803 | 36,013 | 32,055 | 36,495 | 36,229 | 39,155 | 32,047 | 68,067 | 71,203 | 104,871 | 107,431 | 141,142 | 143,926 | 135,085 | |||
Gross profit | 15,083 | 15,898 | 14,714 | 12,844 | 16,102 | 16,399 | 12,789 | 30,613 | 29,187 | 45,695 | 45,289 | 61,419 | 58,134 | 57,652 | |||
COSTS AND EXPENSES: | |||||||||||||||||
General and administrative expenses | 5,463 | 5,771 | 5,792 | 5,980 | 5,672 | 5,006 | 8,014 | 11,564 | 13,019 | 17,027 | 18,694 | 23,766 | 24,672 | 18,489 | |||
Selling and distribution expenses | 4,639 | 4,733 | 4,223 | 4,138 | 3,658 | 4,310 | 4,030 | 8,956 | 8,340 | 13,596 | 11,997 | 18,104 | 16,136 | 16,954 | |||
Amortization of purchased intangible assets | 1,575 | 1,617 | 1,616 | 1,614 | 1,581 | 1,568 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,103 | 6,348 | 6,210 | |||
Restructuring and impairment charges | 0 | 6,781 | 0 | 0 | |||||||||||||
Total costs and expenses | 11,677 | 12,121 | 11,631 | 11,732 | 10,911 | 10,884 | 13,629 | 23,752 | 24,512 | 35,431 | 35,425 | 54,754 | 47,156 | 41,653 | |||
INCOME FROM OPERATIONS | 3,406 | 3,777 | 3,083 | 1,112 | 5,191 | 5,515 | -840 | 6,861 | 4,675 | 10,264 | 9,864 | 6,665 | 10,978 | 15,999 | |||
OTHER INCOME (EXPENSE): | |||||||||||||||||
Other income (expense), net | 472 | 332 | -435 | -157 | -247 | -420 | 296 | -103 | -124 | 369 | -371 | -313 | -528 | -32 | |||
Interest expense | -137 | -174 | -109 | -164 | -129 | -183 | -172 | -283 | -355 | -420 | -484 | -551 | -648 | -832 | |||
Interest income | 1 | 1 | 5 | 2 | 1 | 1 | 3 | 5 | 4 | 6 | 5 | 38 | 7 | 13 | |||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,742 | 3,936 | 2,544 | 793 | 4,816 | 4,913 | -713 | 6,480 | 4,200 | 10,219 | 9,014 | 5,839 | 9,809 | 15,148 | |||
INCOME TAX PROVISION | 1,420 | 1,839 | 741 | 698 | 1,838 | 2,141 | -941 | 2,580 | 1,201 | 4,000 | 3,039 | 3,913 | 3,736 | 5,316 | |||
INCOME FROM CONTINUING OPERATIONS | 2,322 | 2,097 | 1,803 | 95 | 2,978 | 2,772 | 228 | 3,900 | 2,999 | 6,219 | 5,975 | 1,926 | 6,073 | 9,832 | |||
DISCONTINUED OPERATIONS: | |||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 20 | 219 | -316 | 6 | 255 | 310 | -93 | -97 | 217 | -77 | 473 | -77 | 478 | 943 | |||
Gain on sale of discontinued operations, net of tax | 0 | 718 | 0 | 0 | |||||||||||||
Income from discontinued operations | 6 | 641 | 478 | 943 | |||||||||||||
NET INCOME | 2,342 | 2,316 | 1,487 | 101 | 3,233 | 3,082 | 135 | 3,803 | 3,216 | 6,142 | 6,448 | 2,567 | [1] | 6,551 | [1] | 10,775 | [1] |
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 49 | 15 | 28 | 0 | 43 | 0 | 92 | 0 | 92 | -2 | ||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $2,342 | $2,316 | $1,487 | $3,184 | $3,067 | $107 | $3,803 | $3,173 | $6,142 | $6,356 | $2,567 | $6,459 | $10,777 | ||||
INCOME PER SHARE - BASIC: | |||||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 | |||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 | |||
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 | |||
INCOME PER SHARE - DILUTED: | |||||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 | |||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 | |||
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 | |||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | |||||||||||||||||
Basic (in shares) | 13,688,649 | 13,672,457 | 13,644,239 | 13,543,007 | 13,540,394 | 13,526,623 | 13,509,792 | 13,668,223 | 13,523,028 | 13,676,730 | 13,528,880 | 13,687,485 | 13,533,566 | 13,264,636 | |||
Diluted (in shares) | 13,690,174 | 13,677,911 | 13,649,953 | 13,549,288 | 13,544,665 | 13,530,588 | 13,513,797 | 13,673,807 | 13,527,011 | 13,681,790 | 13,532,973 | 13,689,707 | 13,537,525 | 13,268,713 | |||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.08 | $0.12 | $0.12 | $0.16 | $0.16 | $0.16 | |||
[1] | Restated |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | |||||||||||||||||
Net income including non-controlling interest | $2,342 | $2,316 | $1,487 | $101 | $3,233 | $3,082 | $135 | $3,803 | $3,216 | $6,142 | $6,448 | $2,567 | [1] | $6,551 | [1] | $10,775 | [1] |
Change in cumulative foreign currency translation adjustment | -10,647 | 744 | -2,454 | 4,150 | 443 | -3,619 | -1,710 | -3,175 | -12,354 | 976 | -22,612 | [1] | 2,619 | [1] | 2,606 | [1] | |
Total comprehensive income (loss) | -8,305 | 3,060 | -967 | 7,383 | 3,525 | -3,484 | 2,093 | 41 | -6,212 | 7,424 | -20,045 | 9,170 | 13,381 | ||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 55 | 16 | 25 | 0 | 41 | 0 | 96 | 0 | 96 | 1 | ||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | ($8,305) | $3,060 | ($967) | $7,328 | $3,509 | ($3,509) | $2,093 | $0 | ($6,212) | $7,328 | ($20,045) | $9,074 | $13,380 | ||||
[1] | Restated |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Other Cumulative Comprehensive Loss [Member] | Non-Controlling Interest [Member] | ||||
In Thousands, except Share data, unless otherwise specified | ||||||||||
Balances at Dec. 31, 2011 | $148,043 | $668 | $55,983 | $100,511 | ($9,202) | $83 | ||||
Balances (in shares) at Dec. 31, 2011 | 13,367,169 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income (loss) | [1] | 10,775 | 10,777 | -2 | ||||||
Change in cumulative foreign currency translation adjustment | [1] | 2,606 | 2,603 | 3 | ||||||
Shares issued in connection with stock compensation plans | 193 | 8 | 185 | |||||||
Shares issued in connection with stock compensation plans (in shares) | 152,386 | |||||||||
Tax impact of stock-based compensation | -453 | -453 | ||||||||
Stock-based compensation | 4,443 | 4,443 | ||||||||
Dividends declared | -2,160 | -2,160 | ||||||||
Balances at Dec. 31, 2012 | 163,447 | 676 | 60,158 | 109,128 | -6,599 | 84 | ||||
Balances (in shares) at Dec. 31, 2012 | 13,519,555 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income (loss) | [1] | 6,551 | 6,459 | 92 | ||||||
Change in cumulative foreign currency translation adjustment | [1] | 2,619 | 2,615 | 4 | ||||||
Shares issued in connection with stock compensation plans | 295 | 13 | 282 | |||||||
Shares issued in connection with stock compensation plans (in shares) | 252,769 | |||||||||
Tax impact of stock-based compensation | -907 | -907 | ||||||||
Stock-based compensation | 3,401 | 3,401 | ||||||||
Dividends declared | -2,197 | -2,197 | ||||||||
Acquisition of minority interest | -180 | -180 | ||||||||
Balances at Dec. 31, 2013 | 173,029 | 689 | 62,934 | 113,390 | -3,984 | 0 | ||||
Balances (in shares) at Dec. 31, 2013 | 13,772,324 | 13,772,324 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income (loss) | 2,567 | [1] | 2,567 | [1] | 0 | |||||
Change in cumulative foreign currency translation adjustment | -22,612 | [1] | -22,612 | [1] | 0 | |||||
Shares issued in connection with stock compensation plans | 359 | 11 | 348 | |||||||
Shares issued in connection with stock compensation plans (in shares) | 224,752 | |||||||||
Tax impact of stock-based compensation | 106 | 106 | ||||||||
Stock-based compensation | 3,700 | 3,700 | ||||||||
Dividends declared | -2,234 | -2,234 | ||||||||
Balances at Dec. 31, 2014 | $154,915 | $700 | $67,088 | $113,723 | ($26,596) | $0 | ||||
Balances (in shares) at Dec. 31, 2014 | 13,997,076 | 13,997,076 | ||||||||
[1] | Restated |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income (loss) | $2,567 | [1] | $6,551 | [1] | $10,775 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Loss (income) from discontinued operations, net of tax | 77 | -478 | -943 | |||
Gain on sale of discontinued operations, net of tax | -718 | 0 | 0 | |||
Depreciation (including capital lease amortization) | 7,051 | 5,920 | 5,018 | |||
Amortization of purchased intangible assets | 6,103 | 6,348 | 6,210 | |||
Amortization of deferred debt issuance costs | 102 | 102 | 124 | |||
Stock-based compensation | 3,588 | 3,401 | 4,443 | |||
Excess tax benefit from stock-based compensation | -156 | 0 | 0 | |||
Deferred income tax benefit | -255 | -521 | -470 | |||
Loss on disposal of property, plant and equipment | 12 | 50 | 0 | |||
Restructuring and impairment charges | 6,781 | 756 | 0 | |||
Cash payments for restructuring charges | -305 | 0 | 0 | |||
Change in: | ||||||
Accounts receivable, net | -427 | -2,185 | 717 | |||
Inventory, net | -3,459 | 6,750 | -2,380 | |||
Prepaid expenses and other | -3,004 | 89 | 551 | |||
Accounts payable | -932 | 2,228 | -3,616 | |||
Customer advances | 2,782 | -360 | -556 | |||
Accrued expenses and other liabilities | 3,267 | 1,588 | -409 | |||
Net cash flows provided by continuing operations | 23,074 | 30,239 | 19,464 | |||
Net cash flows provided by discontinued operations | 239 | 1,777 | 1,092 | |||
Net cash provided by operating activities | 23,313 | 32,016 | 20,556 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Acquisition of property, plant and equipment | -21,403 | -16,223 | -15,133 | |||
Net proceeds on sale of AMK Technical Services | 6,830 | 0 | 0 | |||
Acquisition of TRX Industries | 0 | 0 | -10,294 | |||
Acquisition of minority interest | 0 | -180 | 0 | |||
Change in other non-current assets | 1,310 | -489 | -224 | |||
Net cash flows used in continuing operations | -13,263 | -16,892 | -25,651 | |||
Net cash flows used in discontinued operations | -120 | -1,348 | -514 | |||
Net cash used in investing activities | -13,383 | -18,240 | -26,165 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Borrowings (repayments) on bank lines of credit, net | -6,069 | -9,592 | 12,174 | |||
Payment on loans with former owners of LRI | -50 | -63 | -1,176 | |||
Payment on capital lease obligations | -24 | -40 | -66 | |||
Payment of dividends | -2,226 | -2,187 | -2,155 | |||
Excess tax benefit from stock-based compensation | 156 | 0 | 0 | |||
Other | 359 | 295 | -260 | |||
Net cash provided by (used in) financing activities | -7,854 | -11,587 | 8,517 | |||
EFFECTS OF EXCHANGE RATES ON CASH | -3,274 | 191 | -8 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,198 | 2,380 | 2,900 | |||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | 8,218 | 5,318 | |||
CASH AND CASH EQUIVALENTS, end of the period | 9,400 | 10,598 | 8,218 | |||
Cash paid during the period for - | ||||||
Interest | 514 | 631 | 746 | |||
Income taxes, net | $3,586 | $1,938 | $7,395 | |||
[1] | Restated |
ORGANIZATION_AND_BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS |
Dynamic Materials Corporation (“DMC”) was incorporated in the state of Colorado in 1971 and reincorporated in the state of Delaware in 1997. DMC is headquartered in Boulder, Colorado and has manufacturing facilities in the United States, Germany, France, Canada and Russia. Customers are located throughout the world. DMC currently operates under two business segments. In 2013 we branded our explosive metalworking operations under the single name NobelClad. Our NobelClad segment is comprised of our U.S. Clad operations as well as the assets and operations purchased in the Nobelclad Europe S.A. (“Nobelclad France”) and Dynaplat GmbH and Co. KG (“Dynaplat”) acquisitions. The NobelClad segment metallurgically joins or alters metals by using explosives. Our DynaEnergetics segment, which previously was included in the Oilfield Products segment with AMK Technical Services, is comprised entirely of DYNAenergetics GmbH and Co. KG (“DYNAenergetics”), its subsidiaries and sister companies. DynaEnergetics manufactures, markets, and sells oilfield perforating equipment and explosives. | |
2012 Acquisition | |
On January 3, 2012, we acquired the assets and operating business of Texas-based TRX Industries, Inc. (“TRX”), a manufacturer of perforating guns for our DynaEnergetics segment. Our statements of operations include the results of the TRX acquisition from the January 3, 2012 closing date. See Note 4 "Acquisitions" for additional disclosures regarding this acquisition. | |
2014 sale of AMK Technical Services | |
On October 1, 2014, DMC completed the sale of its AMK Technical Services ("AMK") business. The operating results of AMK have been classified as discontinued operations in all periods presented. See Note 11 "Discontinued Operations" for additional disclosures regarding this sale. | |
NobelClad Restructuring | |
On October 27, 2014, management announced a plan to restructure its NobelClad European operations. Clad metal plate production will be shifted from facilities in both Rivesaltes, France and Wurgendorf, Germany to the new manufacturing facility in Liebenscheid, Germany. See Note 12 "Restructuring" for additional disclosures regarding these restructuring plans. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of DMC and its controlled subsidiaries. Only subsidiaries in which controlling interests are maintained are consolidated. All significant intercompany accounts, profits, and transactions have been eliminated in consolidation. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 these estimates. | ||||||||||||
Foreign Operations and Foreign Exchange Rate Risk | ||||||||||||
The functional currency for our foreign operations is the applicable local currency for each affiliate company. Assets and liabilities of foreign subsidiaries for which the functional currency is the local currency are translated at exchange rates in effect at period-end, and the statements of operations are translated at the average exchange rates during the period. Exchange rate fluctuations on translating foreign currency financial statements into U.S. dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are recorded as a separate component of stockholders’ equity and are included in other cumulative comprehensive income (loss). Transactions denominated in currencies other than the local currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses, which are reflected in income as unrealized (based on period-end translations) or realized upon settlement of the transactions. Cash flows from our operations in foreign countries are translated at actual exchange rates when known, or at the average rate for the period. As a result, amounts related to assets and liabilities reported in the consolidated statements of cash flows will not agree to changes in the corresponding balances in the consolidated balance sheets. The effects of exchange rate changes on cash balances held in foreign currencies are reported as a separate line item below cash flows from financing activities. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
For purposes of the consolidated financial statements, we consider highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||||
Accounts Receivable | ||||||||||||
We review our accounts receivable balance routinely to identify any specific customers with collectability issues. In circumstances where we are aware of a specific customer’s inability to meets its financial obligation to us, we record a specific allowance for doubtful accounts (with the offsetting expense charged to our statement of operations) against the amounts due reducing the net recognized receivable to the amount we estimate will be collected. | ||||||||||||
Inventories | ||||||||||||
Inventories are stated at the lower-of-cost (first-in, first-out) or market value. Cost elements included in inventory are material, labor, subcontract costs, and manufacturing overhead. As necessary, we record provisions and maintain reserves for excess, slow moving and obsolete inventory. To determine reserve amounts, we regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments. | ||||||||||||
Comprehensive reviews of DynaEnergetics' inventories were performed throughout 2013 to identify potentially excess, slow moving and obsolete inventory items. These reviews reflected management's efforts to reduce overall inventory levels and rationalize product line offerings. Additionally, our estimate for reserving, or writing-off, inventory changed from a combination of qualitative and quantitative considerations to a more specific quantitative analysis whereby inventory items which have not had movement for a certain duration are reserved against after a prescribed period. | ||||||||||||
In 2013 we changed our inventory management philosophy and intend to aggressively reduce our investment in inventory. In connection with this philosophy, we identified certain slow-moving and obsolete inventories and therefore revised our assumptions for calculating estimated inventory reserves, resulting in a change in estimate. We determined that our December 31, 2013 inventory reserves for our DynaEnergetics business segment should be increased by $1,800 to adequately provide for estimated requirements and recorded corresponding expense of $1,800 ($1,218, net of tax) in cost of products sold in our 2013 consolidated statement of operations. The impact of this change in estimate reduced earnings per share by $0.09 per share (basic and diluted) for the year ended December 31, 2013. Inventory reserves in 2014 increased by $1,146 and resulted in expense recognized of $1,287. | ||||||||||||
Inventories, net of reserves of $3,117 and $1,729 and most of which related to finished goods, consist of the following at December 31, 2014 and 2013 respectively: | ||||||||||||
2014 | 2013 | |||||||||||
Raw materials | $ | 15,208 | $ | 13,119 | ||||||||
Work-in-process | 11,528 | 9,985 | ||||||||||
Finished goods | 12,782 | 17,273 | ||||||||||
Supplies | 583 | 814 | ||||||||||
$ | 40,101 | $ | 41,191 | |||||||||
Shipping and handling costs incurred by us upon shipment to customers are included in cost of products sold in the accompanying consolidated statements of operations. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are recorded at cost, except for assets acquired in acquisitions which are recorded at fair value. Additions, improvements, and betterments are capitalized. Maintenance and repairs are charged to operations as the costs are incurred. Depreciation is computed using the straight-line method over the estimated useful life of the related asset (except leasehold improvements which are depreciated over the shorter of their estimated useful life or the lease term) as follows: | ||||||||||||
Buildings and improvements | 15-30 years | |||||||||||
Manufacturing equipment and tooling | 3-15 years | |||||||||||
Furniture, fixtures, and computer equipment | 3-10 years | |||||||||||
Other | 3-10 years | |||||||||||
Gross property, plant and equipment consist of the following at December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
Land | $ | 3,344 | $ | 2,693 | ||||||||
Buildings and improvements | 39,489 | 31,774 | ||||||||||
Manufacturing equipment and tooling | 40,433 | 37,844 | ||||||||||
Furniture, fixtures and computer equipment | 14,813 | 14,079 | ||||||||||
Other | 3,425 | 4,909 | ||||||||||
Construction in process | $ | 8,229 | $ | 7,274 | ||||||||
$ | 109,733 | $ | 98,573 | |||||||||
Asset Impairments | ||||||||||||
Finite-lived assets are tested for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. We compare the expected undiscounted future operating cash flows associated with these finite-lived assets to their respective carrying values to determine if they are fully recoverable when indicators of impairment are present. If the expected future operating cash flows of an asset are not sufficient to recover the carrying value, we estimate the fair value of the asset. Impairment is recognized when the carrying amount of the asset is not recoverable and when carrying value exceeds fair value. Long-lived assets to be disposed of, if any, are reported at the lower of carrying amount or fair value less cost to sell. | ||||||||||||
For the year ended December 31, 2014, we recognized an impairment charge of approximately $3,946 (recorded in Restructuring expenses) associated with the restructuring of our NobelClad Europe operations. The impairment charges are primarily associated with the Wurgendorf, Germany facility and leasehold improvements at a leased facility in France, both of which are being closed under the restructuring program (See Note 12 "Restructuring"). The impairment of the facility in Germany was determined by a third-party appraiser using a combination of the cost and sales comparison approach, which are fair value techniques in accordance with Financial Accounting Standards Board ("FASB") ASC Section 820 Fair Value Measurements and Disclosures. For the year ended December 31, 2013 we recognized an impairment loss of approximately $756 (recorded in G&A expenses) associated with implementation costs for a systems implementation project at our Russian and Kazakhstan locations within our DynaEnergetics segment. We had subsequently made the strategic decision to abandon this system implementation project and, therefore, the impairment loss recognized represents writing down the carrying amount of this asset to zero. There were no asset impairments for the year ending December 31, 2012. | ||||||||||||
Goodwill | ||||||||||||
Goodwill represents the excess of the purchase price in a business combination over the fair value of the net tangible and intangible assets acquired. The carrying value of goodwill is periodically reviewed for impairment (at a minimum annually) and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Examples of such events or changes in circumstances, many of which are subjective in nature, include significant negative industry or economic trends, significant changes in the manner of our use of the acquired assets or our strategy, a significant decrease in the market value of the asset, and a significant change in legal factors or in the business climate that could affect the value of the asset. | ||||||||||||
Our reporting units for goodwill impairment testing are currently the same as our reportable business segments: NobelClad and DynaEnergetics. Each business segment represents separately managed strategic business units and our chief operating decision maker reviews financial results and evaluates operating performance at this level. | ||||||||||||
Goodwill impairment testing is performed annually as of December 31 for our NobelClad and DynaEnergetics reporting units. We utilize an income approach (discounted cash flow analysis) to determine the fair value of each reporting unit. We believe the discounted cash flow approach is the most reliable indicator of fair value for our reporting units. The key assumptions used in the discounted cash flows for both reporting units include, among other measures, expected future sales, operating income, working capital and capital expenditures. Discount rates are determined using a peer-based, risk-adjusted weighted average cost of capital. Our approach also includes reviewing for reasonableness the total market capitalization of the Company as of December 31 to the sum of the discounted cash flows for the combined reporting units. No impairment of goodwill was identified in connection with our 2014 annual goodwill impairment tests as our estimated fair values substantially exceeded the carrying values for both reporting units. In 2013, we performed our goodwill impairment testing using a qualitative assessment for NobelClad and a quantitative assessment for DynaEnergetics. There was no impairment identified as part of our 2013 annual goodwill impairment tests. A future impairment is possible and could occur if (i) operating results underperform what we have estimated or (ii) additional volatility of the capital markets or other factors negatively impact our expectations of future results and or cause us to raise the discount rate percentage utilized in our discounted cash flow analysis. While we believe our most recent estimates were appropriate based on our view of then current business trends, no assurance can be provided that impairment charges will not be required in the future. | ||||||||||||
The changes to the carrying amount of goodwill during the period are summarized below: | ||||||||||||
NobelClad | DynaEnergetics | Total | ||||||||||
Goodwill balance at December 31, 2012 | $ | 21,734 | $ | 15,697 | $ | 37,431 | ||||||
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | $ | (353 | ) | $ | (598 | ) | $ | (951 | ) | |||
Adjustment due to exchange rate differences | $ | 857 | $ | 633 | $ | 1,490 | ||||||
Goodwill balance at December 31, 2013 | $ | 22,238 | $ | 15,732 | $ | 37,970 | ||||||
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | (318 | ) | (547 | ) | (865 | ) | ||||||
Adjustment due to exchange rate differences | (2,502 | ) | (1,841 | ) | (4,343 | ) | ||||||
Goodwill balance at December 31, 2014 | $ | 19,418 | $ | 13,344 | $ | 32,762 | ||||||
All of the goodwill shown above, which is primarily in Germany, is amortizable goodwill for tax purposes. | ||||||||||||
Purchased Intangible Assets | ||||||||||||
Our purchased intangible assets include core technology, customer relationships and trademarks/trade names. Impairment, if any, is calculated based upon our evaluation whereby, estimated undiscounted future cash flows associated with these assets or operations are compared with their carrying value to determine if a write-down to fair value is required if impairment indicators are present. Finite lived intangible assets are amortized over the estimated useful life of the related assets which have a weighted average amortization period of 12 years in total. | ||||||||||||
The weighted average amortization periods of the intangible assets by asset category are as follows: | ||||||||||||
Core technology | 20 years | |||||||||||
Customer relationships | 9 years | |||||||||||
Trademarks / Trade names | 9 years | |||||||||||
The following table presents details of our purchased intangible assets, other than goodwill, as of December 31, 2014: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Core technology | $ | 20,667 | $ | (7,360 | ) | $ | 13,307 | |||||
Customer relationships | 40,195 | (27,270 | ) | 12,925 | ||||||||
Trademarks / Trade names | 2,216 | (1,714 | ) | 502 | ||||||||
Total intangible assets | $ | 63,078 | $ | (36,344 | ) | $ | 26,734 | |||||
The following table presents details of our purchased intangible assets, other than goodwill, as of December 31, 2013: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Core technology | $ | 23,391 | $ | (7,155 | ) | $ | 16,236 | |||||
Customer relationships | 45,269 | (25,813 | ) | 19,456 | ||||||||
Trademarks / Trade names | 2,510 | (1,744 | ) | 766 | ||||||||
Total intangible assets | $ | 71,170 | $ | (34,712 | ) | $ | 36,458 | |||||
The change in the gross value of our purchased intangible assets from December 31, 2013 to December 31, 2014 is due solely to the impact of foreign currency translation adjustments. | ||||||||||||
Expected future amortization of intangible assets is as follows: | ||||||||||||
For the years ended December 31 - | ||||||||||||
2015 | $ | 4,285 | ||||||||||
2016 | 4,285 | |||||||||||
2017 | 4,263 | |||||||||||
2018 | 3,026 | |||||||||||
2019 | 1,692 | |||||||||||
Thereafter | 9,183 | |||||||||||
$ | 26,734 | |||||||||||
Other Assets | ||||||||||||
Included in other assets are net deferred debt issuance costs of $203 and $305 as of December 31, 2014 and 2013, respectively. On December 21, 2011, we entered into a five-year syndicated credit agreement, which amended and restated in its entirety the prior syndicated agreement entered into on November 16, 2007. The outstanding balance of deferred debt issuance as of December 31, 2011 included additional costs of $435 that were incurred in connection with our amended and restated credit agreement and $95 of deferred debt issuance costs that were carried over from the prior agreement. These deferred debt issuance are being amortized over the five-year term of the amended and restated credit agreement which expires on December 21, 2016. | ||||||||||||
Customer Advances | ||||||||||||
On occasion, we require customers to make advance payments prior to the shipment of their orders in order to help finance our inventory investment on large orders or to keep customers’ credit limits at acceptable levels. As of December 31, 2014 and 2013 customer advances totaled $3,510 and $1,019, respectively, and originated from several customers. | ||||||||||||
Revenue Recognition | ||||||||||||
Sales of clad metal products are generally based upon customer specifications set forth in customer purchase orders and require us to provide certifications relative to metals used, services performed, and the results of any non-destructive testing that the customer has requested be performed. All issues of conformity of the product to specifications are resolved before the product is shipped and billed. Products related to the DynaEnergetics segment, which include detonating cords, detonators, bi-directional boosters, and shaped charges, as well as, seismic related explosives and accessories, are standard in nature. In all cases, revenue is recognized only when all four of the following criteria have been satisfied: persuasive evidence of an arrangement exists; the price is fixed or determinable; delivery has occurred; and collection is reasonably assured. Revenue from sales of consigned inventory is recognized upon the use of the product by the consignee or according to the terms of the contract. | ||||||||||||
Research and Development | ||||||||||||
Research and development costs, which are expensed as incurred, were $3,099, $2,199 and $2,075, for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in our cost of products sold. Research and development costs include expenses associated with developing new products and processes, as well as, improvements to current manufacturing processes. | ||||||||||||
Earnings Per Share | ||||||||||||
Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock awards (“RSAs”), are considered participating securities for purposes of calculating earnings per share (“EPS”) and require the use of the two class method for calculating EPS. Under this method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of EPS allocated to common stock, as shown in the table below. | ||||||||||||
Computation and reconciliation of earnings per common share for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income from continuing operations, net of non-controlling interest | $ | 1,926 | $ | 5,981 | $ | 9,834 | ||||||
Less income allocated to RSAs | (52 | ) | (102 | ) | (193 | ) | ||||||
Income from continuing operations allocated to common stock for EPS calculation | 1,874 | 5,879 | 9,641 | |||||||||
Income from discontinued operations | 641 | 478 | 943 | |||||||||
Net income allocated to common stock for EPS calculation | $ | 2,515 | $ | 6,357 | $ | 10,584 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding - basic | 13,687,485 | 13,533,566 | 13,264,636 | |||||||||
Dilutive stock-based compensation plans | 2,222 | 3,959 | 4,077 | |||||||||
Weighted average common shares outstanding - diluted | 13,689,707 | 13,537,525 | 13,268,713 | |||||||||
Income per share - Basic: | ||||||||||||
Continuing operations | $ | 0.13 | $ | 0.44 | $ | 0.73 | ||||||
Discontinued operations | 0.05 | 0.03 | 0.07 | |||||||||
Net income allocated to common stock for EPS calculation | $ | 0.18 | $ | 0.47 | $ | 0.8 | ||||||
Income per share - Diluted: | ||||||||||||
Continuing operations | $ | 0.13 | $ | 0.44 | $ | 0.73 | ||||||
Discontinued operations | 0.05 | 0.03 | 0.07 | |||||||||
Net income allocated to common stock for EPS calculation | $ | 0.18 | $ | 0.47 | $ | 0.8 | ||||||
Fair Value of Financial Instruments | ||||||||||||
The carrying values of cash and cash equivalents, trade accounts receivable and payable, accrued expenses and lines of credit approximate their fair value and are included in Level 1. | ||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are required to use an established hierarchy for fair value measurements based upon the inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows: | ||||||||||||
· Level 1 — Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date. | ||||||||||||
· Level 2 — Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data. | ||||||||||||
· Level 3 — Inputs to the valuation that are unobservable inputs for the asset or liability. | ||||||||||||
The highest priority is assigned to Level 1 inputs and the lowest priority to Level 3 inputs. | ||||||||||||
Income Taxes | ||||||||||||
See Note 3 “Restatement of Previously-Issued Financial Statements” to the Consolidated Financial Statements for information on the adjustments made related to the restatement of previously-issued financial statements. | ||||||||||||
We recognize deferred tax assets and liabilities for the expected future income tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. The deferred income tax impact of tax credits are recognized as an immediate adjustment to income tax expense. We recognize deferred tax assets for the expected future effects of all deductible temporary differences to the extent we believe these assets will more likely than not be realized. We record a valuation allowance when, based on current circumstances, it is more likely than not that all or a portion of the deferred tax assets will not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, recent financial operations and their associated valuation allowances, if any. | ||||||||||||
We recognize the tax benefits from uncertain tax positions only when it is more likely than not, based on the technical merits of the position; the tax position will be sustained upon examination, including the resolution of any related appeals or litigation. The tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that is more likely than not of being realized upon ultimate resolution. We recognize interest and penalties related to uncertain tax positions in operating expense. | ||||||||||||
Concentration of Credit Risk and Off Balance Sheet Arrangements | ||||||||||||
Financial instruments, which potentially subject us to a concentration of credit risk, consist primarily of cash, cash equivalents, and accounts receivable. Generally, we do not require collateral to secure receivables. At December 31, 2014, we had no financial instruments with off-balance sheet risk of accounting losses. | ||||||||||||
Other Cumulative Comprehensive Loss | ||||||||||||
Other cumulative comprehensive loss as of December 31, 2014, 2013, and 2012 consisted entirely of currency translation adjustments including those in intra-entity foreign currency transactions that are long-term investments. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In June 2014, the FASB issued an accounting standards update to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effect for reporting periods beginning after December 15, 2015. The adoption of this update is not expected to have a significant impact on our financial statements. | ||||||||||||
In May 2014, the FASB issued an accounting standards update to clarify the principles of recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and IFRS. The pronouncement is effective for reporting periods beginning after December 15, 2016. We are still evaluating the impact on our financial statements for the expected adoption of this pronouncement. | ||||||||||||
In April 2014, the FASB issued an accounting standards update which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The pronouncement is effective for reporting periods beginning after December 15, 2014, however, early adoption is permitted. DMC has not elected to early adopt this pronouncement. |
RESTATEMENT_OF_PREVIOUSLYISSUE
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS | |||||||||||||||||||||||
On March 5, 2015, we concluded to restate our financial statements and related disclosures to correct non-cash errors reported in our historical consolidated financial statements related to income tax expense and related deferred tax assets and liabilities at our business entities in Germany as well as other adjustments, which were immaterial. | ||||||||||||||||||||||||
The errors arose from incorrect income tax accounting at our operations in Germany. In November 15, 2007, we acquired DynaEnergetics under a newly created German subsidiary DynaEnergetics Holding GmbH (“Holding Co”). Subsequent to the acquisition we recognized income tax expense or benefits for German federal and local income tax purposes and paid cash taxes accordingly for Holding Co. However, we incorrectly had been deferring the recognition of the income tax expense or benefit in our calculation of net income for purposes of U.S. GAAP reporting. | ||||||||||||||||||||||||
The non-cash impact of the restatement and other adjustments, which were immaterial, decreased income from continuing operations by $1,036 in 2013 and $919 in 2012. The cumulative effect of the errors increased shareholders’ equity by $2,000 as of December 31, 2011. The restatement only impacted the income tax provision (benefit) line item in our consolidated statements of operations for the years ended December 31, 2013 and 2012, respectively. The restatement had no impact on the Company’s revenues, did not affect the Company’s cash balances and has no effect on the Company’s future operations. | ||||||||||||||||||||||||
The following table summarizes the impact of the restatement on our previously reported consolidated balance sheet for the year ending December 31, 2013 (in thousands, except share and per share data): | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $419 | 37,785 | — | 37,785 | |||||||||||||||||||||
Inventory, net | 41,191 | — | 41,191 | |||||||||||||||||||||
Prepaid expenses and other | 4,375 | (98 | ) | 4,277 | ||||||||||||||||||||
Current deferred tax assets | 3,440 | 16 | 3,456 | |||||||||||||||||||||
Assets held for sale | 6,299 | — | 6,299 | |||||||||||||||||||||
Total current assets | 103,688 | (82 | ) | 103,606 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 98,573 | — | 98,573 | |||||||||||||||||||||
Less - accumulated depreciation | (38,358 | ) | — | (38,358 | ) | |||||||||||||||||||
Property, plant and equipment, net | 60,215 | — | 60,215 | |||||||||||||||||||||
GOODWILL, net | 37,970 | — | 37,970 | |||||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 36,458 | — | 36,458 | |||||||||||||||||||||
DEFERRED TAX ASSETS | 388 | 15 | 403 | |||||||||||||||||||||
OTHER ASSETS, net | 1,893 | — | 1,893 | |||||||||||||||||||||
TOTAL ASSETS | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 14,567 | $ | — | $ | 14,567 | ||||||||||||||||||
Accrued expenses | 3,927 | — | 3,927 | |||||||||||||||||||||
Dividend payable | 550 | — | 550 | |||||||||||||||||||||
Accrued income taxes | 2,811 | (154 | ) | 2,657 | ||||||||||||||||||||
Accrued employee compensation and benefits | 4,552 | — | 4,552 | |||||||||||||||||||||
Customer advances | 1,019 | — | 1,019 | |||||||||||||||||||||
Current debt obligations | 2,907 | — | 2,907 | |||||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | |||||||||||||||||||||
Liabilities related to assets held for sale | 826 | — | 826 | |||||||||||||||||||||
Total current liabilities | 31,594 | (154 | ) | 31,440 | ||||||||||||||||||||
LINES OF CREDIT | 26,400 | — | 26,400 | |||||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,945 | (150 | ) | 7,795 | ||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,881 | — | 1,881 | |||||||||||||||||||||
Total liabilities | 67,820 | (304 | ) | 67,516 | ||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | |||||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 689 | — | 689 | |||||||||||||||||||||
Additional paid-in capital | 62,934 | — | 62,934 | |||||||||||||||||||||
Retained earnings | 113,399 | (9 | ) | 113,390 | ||||||||||||||||||||
Other cumulative comprehensive loss | (4,230 | ) | 246 | (3,984 | ) | |||||||||||||||||||
Total stockholders’ equity | 172,792 | 237 | 173,029 | |||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported statements of consolidated operations for fiscal years 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 202,060 | $ | — | $ | 202,060 | $ | 192,737 | $ | — | $ | 192,737 | ||||||||||||
COST OF PRODUCTS SOLD | 143,926 | — | 143,926 | 135,085 | — | 135,085 | ||||||||||||||||||
Gross profit | 58,134 | — | 58,134 | 57,652 | — | 57,652 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 24,672 | — | 24,672 | 18,489 | — | 18,489 | ||||||||||||||||||
Selling and distribution expenses | 16,136 | — | 16,136 | 16,954 | — | 16,954 | ||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | 6,210 | — | 6,210 | ||||||||||||||||||
Total costs and expenses | 47,156 | — | 47,156 | 41,653 | — | 41,653 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,978 | — | 10,978 | 15,999 | — | 15,999 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (528 | ) | — | (528 | ) | (32 | ) | — | (32 | ) | ||||||||||||||
Interest expense | (648 | ) | — | (648 | ) | (832 | ) | — | (832 | ) | ||||||||||||||
Interest income | 7 | — | 7 | 13 | — | 13 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 9,809 | — | 9,809 | 15,148 | — | 15,148 | ||||||||||||||||||
INCOME TAX PROVISION | 2,700 | 1,036 | 3,736 | 4,397 | 919 | 5,316 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,109 | (1,036 | ) | 6,073 | 10,751 | (919 | ) | 9,832 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 478 | — | 478 | 943 | — | 943 | ||||||||||||||||||
NET INCOME | 7,587 | (1,036 | ) | 6,551 | 11,694 | (919 | ) | 10,775 | ||||||||||||||||
Less: Net income (loss) attributable to non-controlling interest | 92 | — | 92 | (2 | ) | — | (2 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,495 | $ | (1,036 | ) | $ | 6,459 | $ | 11,696 | $ | (919 | ) | $ | 10,777 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.52 | $ | (0.08 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.55 | $ | (0.08 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.07 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.54 | $ | (0.07 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,533,566 | — | 13,533,566 | 13,264,636 | — | 13,264,636 | ||||||||||||||||||
Diluted | 13,537,525 | — | 13,537,525 | 13,268,713 | — | 13,268,713 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.16 | $ | — | $ | 0.16 | $ | 0.16 | $ | — | $ | 0.16 | ||||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of comprehensive income for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | $ | 11,694 | $ | (919 | ) | $ | 10,775 | ||||||||||
Change in cumulative foreign currency translation adjustment | 2,237 | 382 | 2,619 | 2,796 | (190 | ) | 2,606 | |||||||||||||||||
Total comprehensive income | 9,824 | (654 | ) | 9,170 | 14,490 | (1,109 | ) | 13,381 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | 96 | — | 96 | 1 | — | 1 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 9,728 | $ | (654 | ) | $ | 9,074 | $ | 14,489 | $ | (1,109 | ) | $ | 13,380 | ||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of cash flows for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (478 | ) | — | (478 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,920 | — | 5,920 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 102 | — | 102 | |||||||||||||||||||||
Stock-based compensation | 3,401 | — | 3,401 | |||||||||||||||||||||
Deferred income tax benefit | (1,666 | ) | 1,145 | (521 | ) | |||||||||||||||||||
Loss on disposal of property, plant and equipment | 50 | — | 50 | |||||||||||||||||||||
Restructuring and impairment charges | 756 | — | 756 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (2,185 | ) | — | (2,185 | ) | |||||||||||||||||||
Inventory, net | 6,750 | — | 6,750 | |||||||||||||||||||||
Prepaid expenses and other | 79 | 10 | 89 | |||||||||||||||||||||
Accounts payable | 2,228 | — | 2,228 | |||||||||||||||||||||
Customer advances | (360 | ) | — | (360 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | 1,707 | (119 | ) | 1,588 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 30,239 | — | 30,239 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,777 | — | 1,777 | |||||||||||||||||||||
Net cash provided by operating activities | 32,016 | — | 32,016 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (16,223 | ) | — | (16,223 | ) | |||||||||||||||||||
Acquisition of minority interest | (180 | ) | — | (180 | ) | |||||||||||||||||||
Change in other non-current assets | (489 | ) | — | (489 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (16,892 | ) | — | (16,892 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (1,348 | ) | — | (1,348 | ) | |||||||||||||||||||
Net cash used in investing activities | (18,240 | ) | — | (18,240 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,592 | ) | — | (9,592 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (63 | ) | — | (63 | ) | |||||||||||||||||||
Payment on capital lease obligations | (40 | ) | — | (40 | ) | |||||||||||||||||||
Payment of dividends | (2,187 | ) | — | (2,187 | ) | |||||||||||||||||||
Other | 295 | — | 295 | |||||||||||||||||||||
Net cash used in financing activities | (11,587 | ) | — | (11,587 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 191 | — | 191 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,380 | — | 2,380 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 11,694 | $ | (919 | ) | $ | 10,775 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (943 | ) | — | (943 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,018 | — | 5,018 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,210 | — | 6,210 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 124 | — | 124 | |||||||||||||||||||||
Stock-based compensation | 4,443 | — | 4,443 | |||||||||||||||||||||
Deferred income tax benefit | (1,159 | ) | 689 | (470 | ) | |||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 717 | — | 717 | |||||||||||||||||||||
Inventory, net | (2,380 | ) | — | (2,380 | ) | |||||||||||||||||||
Prepaid expenses and other | 463 | 88 | 551 | |||||||||||||||||||||
Accounts payable | (3,616 | ) | — | (3,616 | ) | |||||||||||||||||||
Customer advances | (556 | ) | — | (556 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | (551 | ) | 142 | (409 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 19,464 | — | 19,464 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,092 | — | 1,092 | |||||||||||||||||||||
Net cash provided by operating activities | 20,556 | — | 20,556 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (15,133 | ) | — | (15,133 | ) | |||||||||||||||||||
Acquisition of TRX Industries | (10,294 | ) | — | (10,294 | ) | |||||||||||||||||||
Change in other non-current assets | (224 | ) | — | (224 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (25,651 | ) | — | (25,651 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (514 | ) | — | (514 | ) | |||||||||||||||||||
Net cash used in investing activities | (26,165 | ) | — | (26,165 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 12,174 | — | 12,174 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (1,176 | ) | — | (1,176 | ) | |||||||||||||||||||
Payment on capital lease obligations | (66 | ) | — | (66 | ) | |||||||||||||||||||
Payment of dividends | (2,155 | ) | — | (2,155 | ) | |||||||||||||||||||
Other | (260 | ) | — | (260 | ) | |||||||||||||||||||
Net cash provided by financing activities | 8,517 | — | 8,517 | |||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (8 | ) | — | (8 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,900 | — | 2,900 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 5,318 | — | 5,318 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,218 | $ | — | $ | 8,218 | ||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||||||
As more fully discussed in Note 3 “Restatement of Previously-Issued Financial Statements,” the following operating results for each of the eight fiscal quarters in the two year period ended December 31, 2014 (except for the current quarter ending December 31, 2014) have been restated to reflect adjustments to our previously-issued consolidated financial statements. | ||||||||||||||||||||||||
The "As Reported" financial statements reflect the financial results of AMK as discontinued operations due to the completed sale of AMK on October 1, 2014. See Note 11 "Discontinued Operations" for further details. For the years ended December 31, 2014 and 2013, AMK represented less than 5% of consolidated assets, consolidated sales and consolidated operating income. | ||||||||||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated balance sheet for fiscal years 2014 and 2013 (in thousands, except share and per share data): | ||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,131 | $ | — | $ | 9,131 | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $459 and $440, respectively | 35,973 | — | 35,973 | 31,948 | — | 31,948 | ||||||||||||||||||
Inventory, net | 43,106 | (54 | ) | 43,052 | 46,491 | — | 46,491 | |||||||||||||||||
Prepaid expenses and other | 6,142 | (98 | ) | 6,044 | 5,956 | (89 | ) | 5,867 | ||||||||||||||||
Current deferred tax assets | 2,424 | 16 | 2,440 | 1,587 | 2 | 1,589 | ||||||||||||||||||
Assets held for sale | 6,276 | — | 6,276 | 5,402 | — | 5,402 | ||||||||||||||||||
Total current assets | 103,052 | (136 | ) | 102,916 | 99,630 | (87 | ) | 99,543 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,208 | — | 100,208 | 85,896 | — | 85,896 | ||||||||||||||||||
Less - accumulated depreciation | (40,934 | ) | 202 | (40,732 | ) | (33,661 | ) | — | (33,661 | ) | ||||||||||||||
Property, plant and equipment, net | 59,274 | 202 | 59,476 | 52,235 | — | 52,235 | ||||||||||||||||||
GOODWILL, net | 37,689 | — | 37,689 | 36,125 | — | 36,125 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 34,597 | — | 34,597 | 39,428 | — | 39,428 | ||||||||||||||||||
DEFERRED TAX ASSETS | 552 | 44 | 596 | 1,060 | (138 | ) | 922 | |||||||||||||||||
OTHER ASSETS, net | 1,711 | — | 1,711 | 529 | — | 529 | ||||||||||||||||||
TOTAL ASSETS | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 13,438 | $ | — | $ | 13,438 | $ | 10,362 | $ | — | $ | 10,362 | ||||||||||||
Accrued expenses | 4,315 | — | 4,315 | 4,453 | — | 4,453 | ||||||||||||||||||
Dividend payable | 557 | — | 557 | 547 | — | 547 | ||||||||||||||||||
Accrued income taxes | 2,034 | (102 | ) | 1,932 | 295 | 5 | 300 | |||||||||||||||||
Accrued employee compensation and benefits | 3,140 | — | 3,140 | 3,778 | — | 3,778 | ||||||||||||||||||
Customer advances | 2,996 | — | 2,996 | 1,378 | — | 1,378 | ||||||||||||||||||
Current debt obligations | 516 | — | 516 | 64 | — | 64 | ||||||||||||||||||
Current portion of capital lease obligations | 10 | — | 10 | 50 | — | 50 | ||||||||||||||||||
Current deferred tax liabilities | 404 | — | 404 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 758 | — | 758 | 543 | — | 543 | ||||||||||||||||||
Total current liabilities | 28,168 | (102 | ) | 28,066 | 21,625 | 5 | 21,630 | |||||||||||||||||
LINES OF CREDIT | 26,900 | — | 26,900 | 38,256 | — | 38,256 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 37 | — | 37 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 7 | — | 7 | 6 | — | 6 | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,566 | 158 | 7,724 | 8,344 | (1,021 | ) | 7,323 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,930 | 88 | 2,018 | 1,582 | — | 1,582 | ||||||||||||||||||
Total liabilities | 64,571 | 144 | 64,715 | 69,850 | (1,016 | ) | 68,834 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,944,094 and 13,683,307 shares issued and outstanding, respectively | 698 | — | 698 | 684 | — | 684 | ||||||||||||||||||
Additional paid-in capital | 63,589 | 101 | 63,690 | 60,682 | — | 60,682 | ||||||||||||||||||
Retained earnings | 114,480 | (160 | ) | 114,320 | 107,769 | 919 | 108,688 | |||||||||||||||||
Other cumulative comprehensive loss | (6,463 | ) | 25 | (6,438 | ) | (10,087 | ) | (128 | ) | (10,215 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,048 | 791 | 159,839 | |||||||||||||||||
Non-controlling interest | — | — | — | 109 | — | 109 | ||||||||||||||||||
Total stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,157 | 791 | 159,948 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,643 | $ | — | $ | 8,643 | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $504 and $471, respectively | 38,409 | — | 38,409 | 39,959 | — | 39,959 | ||||||||||||||||||
Inventory, net | 45,887 | — | 45,887 | 45,190 | — | 45,190 | ||||||||||||||||||
Prepaid expenses and other | 7,218 | (98 | ) | 7,120 | 5,504 | (89 | ) | 5,415 | ||||||||||||||||
Current deferred tax assets | 2,532 | 16 | 2,548 | 1,944 | 2 | 1,946 | ||||||||||||||||||
Assets held for sale | 6,155 | — | 6,155 | 6,206 | — | 6,206 | ||||||||||||||||||
Total current assets | 108,844 | (82 | ) | 108,762 | 101,171 | (87 | ) | 101,084 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 102,564 | — | 102,564 | 90,651 | — | 90,651 | ||||||||||||||||||
Less - accumulated depreciation | (42,220 | ) | 202 | (42,018 | ) | (35,010 | ) | — | (35,010 | ) | ||||||||||||||
Property, plant and equipment, net | 60,344 | 202 | 60,546 | 55,641 | — | 55,641 | ||||||||||||||||||
GOODWILL, net | 37,161 | — | 37,161 | 36,447 | — | 36,447 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 32,939 | — | 32,939 | 38,121 | — | 38,121 | ||||||||||||||||||
DEFERRED TAX ASSETS | 792 | (276 | ) | 516 | 458 | (139 | ) | 319 | ||||||||||||||||
OTHER ASSETS, net | 1,868 | — | 1,868 | 505 | — | 505 | ||||||||||||||||||
TOTAL ASSETS | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,689 | $ | — | $ | 9,689 | $ | 14,111 | $ | — | $ | 14,111 | ||||||||||||
Accrued expenses | 3,671 | — | 3,671 | 4,657 | — | 4,657 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 549 | — | 549 | ||||||||||||||||||
Accrued income taxes | 2,471 | (154 | ) | 2,317 | 906 | 5 | 911 | |||||||||||||||||
Accrued employee compensation and benefits | 4,119 | — | 4,119 | 4,338 | — | 4,338 | ||||||||||||||||||
Customer advances | 2,617 | — | 2,617 | 4,758 | — | 4,758 | ||||||||||||||||||
Current debt obligations | 20 | — | 20 | 63 | — | 63 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 45 | — | 45 | ||||||||||||||||||
Current deferred tax liabilities | 417 | — | 417 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 742 | — | 742 | 820 | — | 820 | ||||||||||||||||||
Total current liabilities | 24,310 | (154 | ) | 24,156 | 30,402 | 5 | 30,407 | |||||||||||||||||
LINES OF CREDIT | 31,800 | — | 31,800 | 28,843 | — | 28,843 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 20 | — | 20 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 6 | — | 6 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,186 | 554 | 7,740 | 8,050 | (646 | ) | 7,404 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 2,000 | 58 | 2,058 | 1,668 | — | 1,668 | ||||||||||||||||||
Total liabilities | 65,302 | 458 | 65,760 | 68,983 | (641 | ) | 68,342 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,750,163 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 64,861 | 89 | 64,950 | 61,530 | — | 61,530 | ||||||||||||||||||
Retained earnings | 116,808 | (731 | ) | 116,077 | 110,659 | 545 | 111,204 | |||||||||||||||||
Other cumulative comprehensive loss | (5,722 | ) | 28 | (5,694 | ) | (9,642 | ) | (130 | ) | (9,772 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,235 | 415 | 163,650 | |||||||||||||||||
Non-controlling interest | — | — | — | 125 | — | 125 | ||||||||||||||||||
Total stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,360 | 415 | 163,775 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,932 | $ | — | $ | 14,932 | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $599 and $340, respectively | 30,923 | — | 30,923 | 30,394 | — | 30,394 | ||||||||||||||||||
Inventory, net | 41,846 | 280 | 42,126 | 41,384 | — | 41,384 | ||||||||||||||||||
Prepaid expenses and other | 7,161 | (378 | ) | 6,783 | 3,977 | (89 | ) | 3,888 | ||||||||||||||||
Current deferred tax assets | 5,583 | 16 | 5,599 | 2,513 | 2 | 2,515 | ||||||||||||||||||
Assets held for sale | 6,011 | — | 6,011 | 6,610 | — | 6,610 | ||||||||||||||||||
Total current assets | 106,456 | (82 | ) | 106,374 | 94,211 | (87 | ) | 94,124 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,305 | — | 100,305 | 95,717 | — | 95,717 | ||||||||||||||||||
Less - accumulated depreciation | (42,625 | ) | 202 | (42,423 | ) | (36,469 | ) | — | (36,469 | ) | ||||||||||||||
Property, plant and equipment, net | 57,680 | 202 | 57,882 | 59,248 | — | 59,248 | ||||||||||||||||||
GOODWILL, net | 34,382 | — | 34,382 | 37,553 | — | 37,553 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 29,403 | — | 29,403 | 37,646 | — | 37,646 | ||||||||||||||||||
DEFERRED TAX ASSETS | 439 | (9 | ) | 430 | 397 | (239 | ) | 158 | ||||||||||||||||
OTHER ASSETS, net | 1,236 | — | 1,236 | 499 | — | 499 | ||||||||||||||||||
TOTAL ASSETS | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,104 | $ | — | $ | 9,104 | $ | 9,020 | $ | — | $ | 9,020 | ||||||||||||
Accrued expenses | 3,245 | — | 3,245 | 4,222 | — | 4,222 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 550 | — | 550 | ||||||||||||||||||
Accrued income taxes | 3,030 | (58 | ) | 2,972 | 1,325 | (88 | ) | 1,237 | ||||||||||||||||
Accrued employee compensation and benefits | 4,667 | — | 4,667 | 5,346 | — | 5,346 | ||||||||||||||||||
Customer advances | 2,364 | — | 2,364 | 1,387 | — | 1,387 | ||||||||||||||||||
Current debt obligations | 4 | — | 4 | 65 | — | 65 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 33 | — | 33 | ||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | 274 | — | 274 | ||||||||||||||||||
Liabilities related to assets held for sale | 721 | — | 721 | 765 | — | 765 | ||||||||||||||||||
Total current liabilities | 24,134 | (58 | ) | 24,076 | 22,987 | (88 | ) | 22,899 | ||||||||||||||||
LINES OF CREDIT | 26,000 | — | 26,000 | 25,550 | — | 25,550 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 5 | — | 5 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 4 | — | 4 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 8,641 | 866 | 9,507 | 8,084 | (242 | ) | 7,842 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,958 | 30 | 1,988 | 1,755 | — | 1,755 | ||||||||||||||||||
Total liabilities | 60,737 | 838 | 61,575 | 58,381 | (330 | ) | 58,051 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,759,007 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 65,836 | 78 | 65,914 | 62,099 | — | 62,099 | ||||||||||||||||||
Retained earnings | 118,745 | (888 | ) | 117,857 | 113,670 | 167 | 113,837 | |||||||||||||||||
Other cumulative comprehensive loss | (16,421 | ) | 83 | (16,338 | ) | (5,464 | ) | (163 | ) | (5,627 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 168,859 | (727 | ) | 168,132 | 170,993 | 4 | 170,997 | |||||||||||||||||
Non-controlling interest | — | — | — | 180 | — | 180 | ||||||||||||||||||
Total stockholders’ equity | 168,859 | (727 | ) | 168,132 | 171,173 | 4 | 171,177 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of operations (in thousands, except per share data): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 46,769 | $ | — | $ | 46,769 | $ | 44,836 | $ | — | $ | 44,836 | ||||||||||||
COST OF PRODUCTS SOLD | 32,203 | (148 | ) | 32,055 | 32,047 | — | 32,047 | |||||||||||||||||
Gross profit | 14,566 | 148 | 14,714 | 12,789 | — | 12,789 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,542 | 250 | 5,792 | 8,014 | — | 8,014 | ||||||||||||||||||
Selling and distribution expenses | 4,223 | — | 4,223 | 4,030 | — | 4,030 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | 1,585 | — | 1,585 | ||||||||||||||||||
Total costs and expenses | 11,381 | 250 | 11,631 | 13,629 | — | 13,629 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 3,185 | (102 | ) | 3,083 | (840 | ) | — | (840 | ) | |||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (435 | ) | — | (435 | ) | 296 | — | 296 | ||||||||||||||||
Interest expense | (109 | ) | — | (109 | ) | (172 | ) | — | (172 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 3 | — | 3 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 2,646 | (102 | ) | 2,544 | (713 | ) | — | (713 | ) | |||||||||||||||
INCOME TAX PROVISION (BENEFIT) | 692 | 49 | 741 | (1,049 | ) | 108 | (941 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 1,954 | (151 | ) | 1,803 | 336 | (108 | ) | 228 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Loss from operations of discontinued operations, net of tax | (316 | ) | — | (316 | ) | (93 | ) | — | (93 | ) | ||||||||||||||
NET INCOME | 1,638 | (151 | ) | 1,487 | 243 | (108 | ) | 135 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 28 | — | 28 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 215 | $ | (108 | ) | $ | 107 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,644,239 | — | 13,644,239 | 13,509,792 | — | 13,509,792 | ||||||||||||||||||
Diluted | 13,649,953 | — | 13,649,953 | 13,513,797 | — | 13,513,797 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,911 | $ | — | $ | 51,911 | $ | 55,554 | $ | — | $ | 55,554 | ||||||||||||
COST OF PRODUCTS SOLD | 36,067 | (54 | ) | 36,013 | 39,155 | — | 39,155 | |||||||||||||||||
Gross profit | 15,844 | 54 | 15,898 | 16,399 | — | 16,399 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,813 | (42 | ) | 5,771 | 5,006 | — | 5,006 | |||||||||||||||||
Selling and distribution expenses | 4,733 | — | 4,733 | 4,310 | — | 4,310 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,617 | — | 1,617 | 1,568 | — | 1,568 | ||||||||||||||||||
Total costs and expenses | 12,163 | (42 | ) | 12,121 | 10,884 | — | 10,884 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,681 | 96 | 3,777 | 5,515 | — | 5,515 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 332 | — | 332 | (420 | ) | — | (420 | ) | ||||||||||||||||
Interest expense | (174 | ) | — | (174 | ) | (183 | ) | — | (183 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,840 | 96 | 3,936 | 4,913 | — | 4,913 | ||||||||||||||||||
INCOME TAX PROVISION | 1,172 | 667 | 1,839 | 1,768 | 373 | 2,141 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,668 | (571 | ) | 2,097 | 3,145 | (373 | ) | 2,772 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 219 | — | 219 | 310 | — | 310 | ||||||||||||||||||
NET INCOME | 2,887 | (571 | ) | 2,316 | 3,455 | (373 | ) | 3,082 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 15 | — | 15 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,440 | $ | (373 | ) | $ | 3,067 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,672,457 | — | 13,672,457 | 13,526,623 | — | 13,526,623 | ||||||||||||||||||
Diluted | 13,677,911 | — | 13,677,911 | 13,530,588 | — | 13,530,588 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 98,680 | $ | — | $ | 98,680 | $ | 100,390 | $ | — | $ | 100,390 | ||||||||||||
COST OF PRODUCTS SOLD | 68,269 | (202 | ) | 68,067 | 71,203 | — | 71,203 | |||||||||||||||||
Gross profit | 30,411 | 202 | 30,613 | 29,187 | — | 29,187 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 11,356 | 208 | 11,564 | 13,019 | — | 13,019 | ||||||||||||||||||
Selling and distribution expenses | 8,956 | — | 8,956 | 8,340 | — | 8,340 | ||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | 3,153 | — | 3,153 | ||||||||||||||||||
Total costs and expenses | 23,544 | 208 | 23,752 | 24,512 | — | 24,512 | ||||||||||||||||||
INCOME FROM OPERATIONS | 6,867 | (6 | ) | 6,861 | 4,675 | — | 4,675 | |||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (103 | ) | — | (103 | ) | (124 | ) | — | (124 | ) | ||||||||||||||
Interest expense | (283 | ) | — | (283 | ) | (355 | ) | — | (355 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 4 | — | 4 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 6,486 | (6 | ) | 6,480 | 4,200 | — | 4,200 | |||||||||||||||||
INCOME TAX PROVISION | 1,864 | 716 | 2,580 | 719 | 482 | 1,201 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 4,622 | (722 | ) | 3,900 | 3,481 | (482 | ) | 2,999 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (97 | ) | — | (97 | ) | 217 | — | 217 | ||||||||||||||||
NET INCOME | 4,525 | (722 | ) | 3,803 | 3,698 | (482 | ) | 3,216 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 43 | — | 43 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,655 | $ | (482 | ) | $ | 3,173 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,668,223 | — | 13,668,223 | 13,523,028 | — | 13,523,028 | ||||||||||||||||||
Diluted | 13,673,807 | — | 13,673,807 | 13,527,011 | — | 13,527,011 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,886 | $ | — | $ | 51,886 | $ | 52,331 | $ | — | $ | 52,331 | ||||||||||||
COST OF PRODUCTS SOLD | 36,803 | — | 36,803 | 36,229 | — | 36,229 | ||||||||||||||||||
Gross profit | 15,083 | — | 15,083 | 16,102 | — | 16,102 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,503 | (40 | ) | 5,463 | 5,672 | — | 5,672 | |||||||||||||||||
Selling and distribution expenses | 4,639 | — | 4,639 | 3,658 | — | 3,658 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,575 | — | 1,575 | 1,581 | — | 1,581 | ||||||||||||||||||
Total costs and expenses | 11,717 | (40 | ) | 11,677 | 10,911 | — | 10,911 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,366 | 40 | 3,406 | 5,191 | — | 5,191 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 472 | — | 472 | (247 | ) | — | (247 | ) | ||||||||||||||||
Interest expense | (137 | ) | — | (137 | ) | (129 | ) | — | (129 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,702 | 40 | 3,742 | 4,816 | — | 4,816 | ||||||||||||||||||
INCOME TAX PROVISION | 1,224 | 196 | 1,420 | 1,460 | 378 | 1,838 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,478 | (156 | ) | 2,322 | 3,356 | (378 | ) | 2,978 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 20 | — | 20 | 255 | — | 255 | ||||||||||||||||||
NET INCOME | 2,498 | (156 | ) | 2,342 | 3,611 | (378 | ) | 3,233 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 49 | — | 49 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,562 | $ | (378 | ) | $ | 3,184 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,688,649 | — | 13,688,649 | 13,540,394 | — | 13,540,394 | ||||||||||||||||||
Diluted | 13,690,174 | — | 13,690,174 | 13,544,665 | — | 13,544,665 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 150,566 | $ | — | $ | 150,566 | $ | 152,720 | $ | — | $ | 152,720 | ||||||||||||
COST OF PRODUCTS SOLD | 105,073 | (202 | ) | 104,871 | 107,431 | — | 107,431 | |||||||||||||||||
Gross profit | 45,493 | 202 | 45,695 | 45,289 | — | 45,289 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 16,858 | 169 | 17,027 | 18,694 | — | 18,694 | ||||||||||||||||||
Selling and distribution expenses | 13,596 | — | 13,596 | 11,997 | — | 11,997 | ||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | 4,734 | — | 4,734 | ||||||||||||||||||
Total costs and expenses | 35,262 | 169 | 35,431 | 35,425 | — | 35,425 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,231 | 33 | 10,264 | 9,864 | — | 9,864 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 369 | — | 369 | (371 | ) | — | (371 | ) | ||||||||||||||||
Interest expense | (420 | ) | — | (420 | ) | (484 | ) | — | (484 | ) | ||||||||||||||
Interest income | 6 | — | 6 | 5 | — | 5 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 10,186 | 33 | 10,219 | 9,014 | — | 9,014 | ||||||||||||||||||
INCOME TAX PROVISION | 3,088 | 912 | 4,000 | 2,179 | 860 | 3,039 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,098 | (879 | ) | 6,219 | 6,835 | (860 | ) | 5,975 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (77 | ) | — | (77 | ) | 473 | — | 473 | ||||||||||||||||
NET INCOME | 7,021 | (879 | ) | 6,142 | 7,308 | (860 | ) | 6,448 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 92 | — | 92 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,216 | $ | (860 | ) | $ | 6,356 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,676,730 | — | 13,676,730 | 13,528,880 | — | 13,528,880 | ||||||||||||||||||
Diluted | 13,681,790 | — | 13,681,790 | 13,532,973 | — | 13,532,973 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.12 | $ | — | $ | 0.12 | ||||||||||||
Three months ended December 31, 2014 | Three months ended December, 2013 | |||||||||||||||||||||||
As Reported | As Reported | Adjustments | Restated | |||||||||||||||||||||
NET SALES | $ | 51,995 | $ | 49,339 | $ | — | $ | 49,339 | ||||||||||||||||
COST OF PRODUCTS SOLD | 36,271 | 36,495 | — | 36,495 | ||||||||||||||||||||
Gross profit | 15,724 | 12,844 | — | 12,844 | ||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 6,740 | 5,980 | — | 5,980 | ||||||||||||||||||||
Selling and distribution expenses | 4,509 | 4,138 | — | 4,138 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,295 | 1,614 | — | 1,614 | ||||||||||||||||||||
Restructuring expenses | 6,781 | — | — | — | ||||||||||||||||||||
Total costs and expenses | 19,325 | 11,732 | — | 11,732 | ||||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (3,601 | ) | 1,112 | — | 1,112 | |||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (682 | ) | (157 | ) | — | (157 | ) | |||||||||||||||||
Interest expense | (132 | ) | (164 | ) | — | (164 | ) | |||||||||||||||||
Interest income | 32 | 2 | — | 2 | ||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | (4,383 | ) | 793 | — | 793 | |||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | (87 | ) | 522 | 176 | 698 | |||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (4,296 | ) | 271 | (176 | ) | 95 | ||||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | — | 6 | — | 6 | ||||||||||||||||||||
Gain on sale of discontinued operations, net of tax | 718 | — | — | — | ||||||||||||||||||||
Income from discontinued operations | 718 | 6 | — | 6 | ||||||||||||||||||||
NET INCOME (LOSS) | (3,578 | ) | 277 | (176 | ) | 101 | ||||||||||||||||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,696,399 | 13,543,007 | — | 13,543,007 | ||||||||||||||||||||
Diluted | 13,697,821 | 13,549,288 | — | 13,549,288 | ||||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statements of comprehensive income (loss) for the fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 243 | $ | (108 | ) | $ | 135 | ||||||||||
Change in cumulative foreign currency translation adjustment | (2,233 | ) | (221 | ) | (2,454 | ) | (3,627 | ) | 8 | (3,619 | ) | |||||||||||||
Total comprehensive loss | (595 | ) | (372 | ) | (967 | ) | (3,384 | ) | (100 | ) | (3,484 | ) | ||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 25 | — | 25 | ||||||||||||||||||
Comprehensive loss attributable to Dynamic Materials Corporation | $ | (595 | ) | $ | (372 | ) | $ | (967 | ) | $ | (3,409 | ) | $ | (100 | ) | $ | (3,509 | ) | ||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,455 | $ | (373 | ) | $ | 3,082 | ||||||||||
Change in cumulative foreign currency translation adjustment | 741 | 3 | 744 | 446 | (3 | ) | 443 | |||||||||||||||||
Total comprehensive income | 3,628 | (568 | ) | 3,060 | 3,901 | (376 | ) | 3,525 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 16 | — | 16 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,628 | $ | (568 | ) | $ | 3,060 | $ | 3,885 | $ | (376 | ) | $ | 3,509 | ||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,698 | $ | (482 | ) | $ | 3,216 | ||||||||||
Change in cumulative foreign currency translation adjustment | (1,492 | ) | (218 | ) | (1,710 | ) | (3,181 | ) | 6 | (3,175 | ) | |||||||||||||
Total comprehensive income | 3,033 | (940 | ) | 2,093 | 517 | (476 | ) | 41 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 41 | — | 41 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,033 | $ | (940 | ) | $ | 2,093 | $ | 476 | $ | (476 | ) | $ | — | ||||||||||
Three months ended September, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,611 | $ | (378 | ) | $ | 3,233 | ||||||||||
Change in cumulative foreign currency translation adjustment | (10,701 | ) | 54 | (10,647 | ) | 4,183 | (33 | ) | 4,150 | |||||||||||||||
Total comprehensive income (loss) | (8,203 | ) | (102 | ) | (8,305 | ) | 7,794 | (411 | ) | 7,383 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 55 | — | 55 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (8,203 | ) | $ | (102 | ) | $ | (8,305 | ) | $ | 7,739 | $ | (411 | ) | $ | 7,328 | ||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,308 | $ | (860 | ) | $ | 6,448 | ||||||||||
Change in cumulative foreign currency translation adjustment | (12,191 | ) | (163 | ) | (12,354 | ) | 1,003 | (27 | ) | 976 | ||||||||||||||
Total comprehensive income (loss) | (5,170 | ) | (1,042 | ) | (6,212 | ) | 8,311 | (887 | ) | 7,424 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 96 | — | 96 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (5,170 | ) | $ | (1,042 | ) | $ | (6,212 | ) | $ | 8,215 | $ | (887 | ) | $ | 7,328 | ||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of cash flows for fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 1,638 | $ | (151 | ) | $ | 1,487 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 316 | — | 316 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,826 | (202 | ) | 1,624 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 555 | 162 | 717 | |||||||||||||||||||||
Deferred income tax benefit | 612 | 58 | 670 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 1,570 | — | 1,570 | |||||||||||||||||||||
Inventory, net | (2,513 | ) | 54 | (2,459 | ) | |||||||||||||||||||
Prepaid expenses and other | (1,867 | ) | — | (1,867 | ) | |||||||||||||||||||
Accounts payable | (1,051 | ) | — | (1,051 | ) | |||||||||||||||||||
Customer advances | 1,980 | — | 1,980 | |||||||||||||||||||||
Accrued expenses and other liabilities | (1,291 | ) | 140 | (1,151 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 3,416 | 61 | 3,477 | |||||||||||||||||||||
Net cash flows used in discontinued operations | (298 | ) | — | (298 | ) | |||||||||||||||||||
Net cash provided by operating activities | 3,118 | 61 | 3,179 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (1,994 | ) | — | (1,994 | ) | |||||||||||||||||||
Change in other non-current assets | 32 | — | 32 | |||||||||||||||||||||
Net cash flows used in continuing operations | (1,962 | ) | — | (1,962 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (63 | ) | — | (63 | ) | |||||||||||||||||||
Net cash used in investing activities | (2,025 | ) | — | (2,025 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (1,863 | ) | — | (1,863 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment on capital lease obligations | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment of dividends | (550 | ) | — | (550 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 22 | — | 22 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 87 | (61 | ) | 26 | ||||||||||||||||||||
Net cash used in financing activities | (2,334 | ) | (61 | ) | (2,395 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (226 | ) | — | (226 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,467 | ) | — | (1,467 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,131 | $ | — | $ | 9,131 | ||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 4,525 | $ | (722 | ) | $ | 3,803 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 97 | — | 97 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 3,581 | (202 | ) | 3,379 | ||||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 1,591 | 150 | 1,741 | |||||||||||||||||||||
Deferred income tax benefit | 72 | 776 | 848 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (858 | ) | — | (858 | ) | |||||||||||||||||||
Inventory, net | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||
Prepaid expenses and other | (2,873 | ) | — | (2,873 | ) | |||||||||||||||||||
Accounts payable | (4,778 | ) | — | (4,778 | ) | |||||||||||||||||||
Customer advances | 1,613 | — | 1,613 | |||||||||||||||||||||
Accrued expenses and other liabilities | (645 | ) | 59 | (586 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 613 | 61 | 674 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 48 | — | 48 | |||||||||||||||||||||
Net cash provided by operating activities | 661 | 61 | 722 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,123 | ) | — | (4,123 | ) | |||||||||||||||||||
Change in other non-current assets | (59 | ) | — | (59 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (4,182 | ) | — | (4,182 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (85 | ) | — | (85 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,267 | ) | — | (4,267 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 2,555 | — | 2,555 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (31 | ) | — | (31 | ) | |||||||||||||||||||
Payment on capital lease obligations | (22 | ) | — | (22 | ) | |||||||||||||||||||
Payment of dividends | (1,108 | ) | — | (1,108 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 112 | (61 | ) | 51 | ||||||||||||||||||||
Net cash provided by financing activities | 1,740 | (61 | ) | 1,679 | ||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (89 | ) | — | (89 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,955 | ) | — | (1,955 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,643 | $ | — | $ | 8,643 | ||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,021 | $ | (879 | ) | $ | 6,142 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 77 | — | 77 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 5,406 | (202 | ) | 5,204 | ||||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,565 | 139 | 2,704 | |||||||||||||||||||||
Deferred income tax benefit | (608 | ) | 863 | 255 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 6 | — | 6 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 5,342 | — | 5,342 | |||||||||||||||||||||
Inventory, net | (3,012 | ) | 280 | (2,732 | ) | |||||||||||||||||||
Prepaid expenses and other | (3,146 | ) | (267 | ) | (3,413 | ) | ||||||||||||||||||
Accounts payable | (5,084 | ) | — | (5,084 | ) | |||||||||||||||||||
Customer advances | 1,445 | — | 1,445 | |||||||||||||||||||||
Accrued expenses and other liabilities | 683 | 127 | 810 | |||||||||||||||||||||
Net cash flows provided by continuing operations | 15,579 | 61 | 15,640 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 239 | — | 239 | |||||||||||||||||||||
Net cash provided by operating activities | 15,818 | 61 | 15,879 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (6,472 | ) | — | (6,472 | ) | |||||||||||||||||||
Change in other non-current assets | 373 | — | 373 | |||||||||||||||||||||
Net cash flows used in continuing operations | (6,099 | ) | — | (6,099 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (120 | ) | — | (120 | ) | |||||||||||||||||||
Net cash used in investing activities | (6,219 | ) | — | (6,219 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (3,213 | ) | — | (3,213 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (23 | ) | — | (23 | ) | |||||||||||||||||||
Payment of dividends | (1,667 | ) | — | (1,667 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 113 | (61 | ) | 52 | ||||||||||||||||||||
Net cash used in financing activities | (4,603 | ) | (61 | ) | (4,664 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (662 | ) | — | (662 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,334 | — | 4,334 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 14,932 | $ | — | $ | 14,932 | ||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 243 | $ | (108 | ) | $ | 135 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 93 | — | 93 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,272 | — | 1,272 | |||||||||||||||||||||
Amortization of purchased intangible assets | 1,585 | — | 1,585 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 1,422 | — | 1,422 | |||||||||||||||||||||
Deferred income tax benefit | 130 | 173 | 303 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 2,784 | — | 2,784 | |||||||||||||||||||||
Inventory, net | 619 | — | 619 | |||||||||||||||||||||
Prepaid expenses and other | (952 | ) | — | (952 | ) | |||||||||||||||||||
Accounts payable | (596 | ) | — | (596 | ) | |||||||||||||||||||
Customer advances | 55 | — | 55 | |||||||||||||||||||||
Accrued expenses and other liabilities | (916 | ) | (65 | ) | (981 | ) | ||||||||||||||||||
Net cash flows provided by continuing operations | 5,785 | — | 5,785 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 559 | — | 559 | |||||||||||||||||||||
Net cash provided by operating activities | 6,344 | — | 6,344 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,366 | ) | — | (4,366 | ) | |||||||||||||||||||
Change in other non-current assets | 45 | — | 45 | |||||||||||||||||||||
Net cash flows used in continuing operations | (4,321 | ) | — | (4,321 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (87 | ) | — | (87 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,408 | ) | — | (4,408 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (202 | ) | — | (202 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (16 | ) | — | (16 | ) | |||||||||||||||||||
Payment on capital lease obligations | (13 | ) | — | (13 | ) | |||||||||||||||||||
Payment of dividends | (540 | ) | — | (540 | ) | |||||||||||||||||||
Excess tax benefit from stock-based compensation | (890 | ) | — | (890 | ) | |||||||||||||||||||
Net cash used in financing activities | (1,661 | ) | — | (1,661 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (247 | ) | — | (247 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 28 | — | 28 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 3,698 | $ | (482 | ) | $ | 3,216 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (217 | ) | — | (217 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 2,583 | — | 2,583 | |||||||||||||||||||||
Amortization of purchased intangible assets | 3,153 | — | 3,153 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 2,057 | — | 2,057 | |||||||||||||||||||||
Deferred income tax benefit | 229 | 547 | 776 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (5,193 | ) | — | (5,193 | ) | |||||||||||||||||||
Inventory, net | 1,960 | — | 1,960 | |||||||||||||||||||||
Prepaid expenses and other | (545 | ) | — | (545 | ) | |||||||||||||||||||
Accounts payable | 3,105 | — | 3,105 | |||||||||||||||||||||
Customer advances | 3,434 | — | 3,434 | |||||||||||||||||||||
Accrued expenses and other liabilities | 409 | (65 | ) | 344 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 14,745 | — | 14,745 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 680 | — | 680 | |||||||||||||||||||||
Net cash provided by operating activities | 15,425 | — | 15,425 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (9,301 | ) | — | (9,301 | ) | |||||||||||||||||||
Change in other non-current assets | 192 | — | 192 | |||||||||||||||||||||
Net cash flows used in continuing operations | (9,109 | ) | — | (9,109 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (425 | ) | — | (425 | ) | |||||||||||||||||||
Net cash used in investing activities | (9,534 | ) | — | (9,534 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,811 | ) | — | (9,811 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (32 | ) | — | (32 | ) | |||||||||||||||||||
Payment on capital lease obligations | (25 | ) | — | (25 | ) | |||||||||||||||||||
Payment of dividends | (1,088 | ) | — | (1,088 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (836 | ) | — | (836 | ) | |||||||||||||||||||
Net cash used in financing activities | (11,629 | ) | — | (11,629 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (112 | ) | — | (112 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,850 | ) | — | (5,850 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,308 | $ | (860 | ) | $ | 6,448 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss (income) from discontinued operations, net of tax | (473 | ) | — | (473 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 4,004 | — | 4,004 | |||||||||||||||||||||
Amortization of purchased intangible assets | 4,734 | — | 4,734 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,685 | — | 2,685 | |||||||||||||||||||||
Deferred income tax benefit | (126 | ) | 1,018 | 892 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 4,868 | — | 4,868 | |||||||||||||||||||||
Inventory, net | 6,588 | — | 6,588 | |||||||||||||||||||||
Prepaid expenses and other | 1,031 | — | 1,031 | |||||||||||||||||||||
Accounts payable | (2,208 | ) | — | (2,208 | ) | |||||||||||||||||||
Customer advances | 21 | — | 21 | |||||||||||||||||||||
Accrued expenses and other liabilities | 1,303 | (158 | ) | 1,145 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 29,816 | — | 29,816 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 655 | — | 655 | |||||||||||||||||||||
Net cash provided by operating activities | 30,471 | — | 30,471 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (13,426 | ) | — | (13,426 | ) | |||||||||||||||||||
Change in other non-current assets | 209 | — | 209 | |||||||||||||||||||||
Net cash flows used in continuing operations | (13,217 | ) | — | (13,217 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (604 | ) | — | (604 | ) | |||||||||||||||||||
Net cash used in investing activities | (13,821 | ) | — | (13,821 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (13,252 | ) | — | (13,252 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (39 | ) | — | (39 | ) | |||||||||||||||||||
Payment of dividends | (1,637 | ) | — | (1,637 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (895 | ) | — | (895 | ) | |||||||||||||||||||
Net cash used in financing activities | (15,707 | ) | — | (15,707 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 172 | — | 172 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,115 | — | 1,115 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||||||||
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
ACQUISITIONS | ACQUISITIONS | |||
TRX Industries | ||||
On January 3, 2012, we acquired the assets and operating business of Texas-based TRX Industries, Inc., a manufacturer of perforating guns, for a purchase price of $10,294. TRX, which has now been integrated into our subsidiary DYNAenergetics US, had been a long-term supplier to DYNAenergetics US and, in recent years, accounted for a rapidly growing percentage of its perforating gun purchases. | ||||
The acquisition of TRX was structured as an asset purchase in an all-cash transaction. The purchase price was allocated to tangible and identifiable intangible assets based on their fair values as determined by appraisals performed as of the acquisition date on property, plant and equipment and discounted cash flow analysis on the identifiable intangible assets. The allocation of the purchase price to the assets of TRX was as follows: | ||||
Current assets | $ | 2,702 | ||
Property, plant and equipment | 2,227 | |||
Intangible assets | 5,365 | |||
Deferred tax assets | 40 | |||
Total assets acquired | 10,334 | |||
Current liabilities | 40 | |||
Total liabilities assumed | 40 | |||
Net assets acquired | $ | 10,294 | ||
We acquired identifiable finite-lived intangible assets as a result of the acquisition of TRX. The finite-lived intangible assets acquired were classified as customer relationships, totaling $5,365, and are being amortized over 6 years. These amounts are included in Purchased Intangible Assets and are further discussed in Note 2 "Significant Accounting Policies." |
DEBT
DEBT | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
DEBT | DEBT | |||||||
Lines of credit consisted of the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
Syndicated credit agreement: | ||||||||
U.S. Dollar revolving loan | $ | 19,500 | $ | 26,400 | ||||
Euro revolving loan | 3,282 | — | ||||||
Canadian Dollar revolving loan | — | — | ||||||
Commerzbank line of credit | — | 2,856 | ||||||
22,782 | 29,256 | |||||||
Less current portion | — | (2,856 | ) | |||||
Long-term lines of credit | $ | 22,782 | $ | 26,400 | ||||
Other debt consisted of the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
Loans with former owners of LRI | $ | — | $ | 51 | ||||
Less current maturities | — | (51 | ) | |||||
Other long-term debt | $ | — | $ | — | ||||
Syndicated Credit Agreement | ||||||||
On December 21, 2011, we entered into a five-year syndicated credit agreement (“credit facility”) which amended and restated in its entirety our prior syndicated credit facility entered into on November 16, 2007. The credit facility due to mature on December 21, 2016, which provided revolving loan availability of $36,000, 16,000 Euros and 1,500 Canadian dollars, was entered into with a syndicate of four banks, with JP Morgan Chase Bank, N.A. acting as administrative agent for the U.S. and Canadian dollar loans and JP Morgan Europe Ltd. acting as administrative agent for the Euro loans. Based upon our expected 2015 operating results, planned 2015 capital expenditures and expected changes in working capital levels during 2015, we expect our average 2015 borrowings to be equal to or exceed the amount of outstanding borrowings at December 31, 2014. Thus, we have classified all borrowings outstanding as of December 31, 2014 under our syndicated credit agreement as long-term lines of credit. | ||||||||
U.S. Dollar Revolving Loans: At our option, borrowings under the $36,000 revolving loan can be in the form of Alternate Base Rate loans (“ABR” borrowings are based on the greater of adjusted Prime rates, adjusted CD rates, or adjusted Federal Funds rates) or one, two, three, or six month London Interbank Offered Rate (“LIBOR”) loans. ABR loans bear interest at the defined ABR rate plus 0.00% (at our current leverage ratio) and LIBOR loans bear interest at the applicable LIBOR rate plus 1.25% (at our current leverage ratio). As of December 31, 2014, outstanding revolving loans totaled $19,500 and had an all-in interest rate of 1.42% based on the LIBOR rate. Our rates are subject to change based upon changes in our current leverage ratio. | ||||||||
Euro Revolving Loans: At our option, borrowings under the 16,000 Euro revolving loan can be based on one, two, three, or six month Euro Interbank Offered Rate (“EURIBOR”) rates and bear interest at the applicable EURIBOR rate plus 1.25% (at our current leverage ratio). As of December 31, 2014, we had outstanding borrowings of 2,700 Euros ($3,282 based on the December 31, 2014 exchange rate) and had an all-in interest rate of 1.27% based on the EURIBOR rate. | ||||||||
Canadian Dollar Revolving Loans: At our option, borrowings under the 1,500 Canadian dollar revolving loan can be based on one, two, three or six month Canadian Dealer Offered Rate (“CDOR”) rates and bear interest at the applicable CDOR rate plus 1.50% (at our current leverage ratio). As of December 31, 2014, there were no borrowings outstanding under our 1,500 Canadian dollar revolving loan. | ||||||||
The syndicated credit facility was secured by the assets of DMC including accounts receivable, inventory, and fixed assets, as well as guarantees and share pledges by DMC. | ||||||||
On February 23, 2015, we entered into a five-year $150,000 syndicated credit agreement which amended and replaced in its entirety our syndicated credit facility entered into on December 11, 2011. See "Subsequent Events" (footnote 12) for further information. | ||||||||
Line of Credit with German Bank | ||||||||
We maintain a line of credit with a German bank for certain DYNAenergetics operations. This line of credit provides a borrowing capacity of 4,000 Euros and is also used by DYNAenergetics to issue bank guarantees to its customers to secure advance payments made by them. As of December 31, 2014, we had no outstanding borrowings under this line of credit. As of December 31, 2014, we had bank guarantees secured by the line of credit of $1,220. The line of credit bears interest at a EURIBOR-based variable rate which at December 31, 2014 was 3.85%. The line of credit has open-ended terms and can be canceled by the bank at any time. | ||||||||
Loan Covenants and Restrictions | ||||||||
Our existing loan agreements include various covenants and restrictions, certain of which relate to the payment of dividends or other distributions to stockholders; redemption of capital stock; incurrence of additional indebtedness; mortgaging, pledging or disposition of major assets; and maintenance of specified financial ratios. As of December 31, 2014, we were in compliance with all financial covenants and other provisions of our debt agreements. | ||||||||
Scheduled Debt Maturity | ||||||||
We do not have any debt as of December 31, 2014 with scheduled maturity. |
STOCK_OWNERSHIP_AND_BENEFIT_PL
STOCK OWNERSHIP AND BENEFIT PLANS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
STOCK OWNERSHIP AND BENEFIT PLANS | STOCK OWNERSHIP AND BENEFIT PLANS | ||||||||||||
On September 21, 2006, our stockholders approved, and we adopted, the 2006 Stock Incentive Plan (“2006 Plan”). On May 23, 2013, our stockholders approved an amendment to the 2006 Plan to increase the number of shares of common stock that may be issued under the 2006 Plan. The 2006 Plan provides for the grant of various types of equity-based incentives, including stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares, performance units and other stock-based awards. There are a total of 1,617,500 shares available for grant under the 2006 Plan. As of December 31, 2014, we have granted an aggregate of 1,217,221 shares of restricted stock and restricted stock units under the 2006 Plan, leaving 400,279 shares available for future grant. | |||||||||||||
The following table sets forth the total stock-based compensation expense included in the Consolidated Statements of Operations: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of products sold | $ | 309 | $ | 304 | $ | 324 | |||||||
General and administrative expenses | 2,995 | 2,913 | 3,018 | ||||||||||
Selling and distribution expenses | 284 | 184 | 1,101 | ||||||||||
Stock-based compensation expense before income taxes and discontinued operations | 3,588 | 3,401 | 4,443 | ||||||||||
Income tax benefit | (970 | ) | (990 | ) | (864 | ) | |||||||
Stock-based compensation expense before discontinued operations, net of income taxes | 2,618 | 2,411 | 3,579 | ||||||||||
Discontinued operations | 112 | — | — | ||||||||||
Income tax benefit | (38 | ) | — | — | |||||||||
Stock-based compensation expense in discontinued operations, net of income taxes | 74 | — | — | ||||||||||
Stock-based compensation expense, net of income taxes | 2,692 | 2,411 | 3,579 | ||||||||||
Earnings per share impact - Basic: | |||||||||||||
Continuing operations | $ | 0.19 | $ | 0.18 | $ | 0.27 | |||||||
Discontinued operations | $ | 0.01 | $ | — | $ | — | |||||||
Net income | $ | 0.2 | $ | 0.18 | $ | 0.27 | |||||||
Earnings per share impact - Diluted: | |||||||||||||
Continuing operations | $ | 0.19 | $ | 0.18 | $ | 0.27 | |||||||
Discontinued operations | $ | 0.01 | $ | — | $ | — | |||||||
Net income | $ | 0.2 | $ | 0.18 | $ | 0.27 | |||||||
Our stock-based compensation expense results from restricted stock awards, restricted stock units and stock issued under the Employee Stock Purchase Plan. Our 2012 stock-based compensation expense includes $672 relating to the accelerated recognition of stock-based compensation expense resulting from accelerated vesting of restricted stock awards associated with the retirement of our former President and Chief Executive Officer on March 1, 2013 and the December 31, 2012 retirement of another senior executive. During the first quarter of 2013 and, as a result of board actions taken in January 2013, we recorded a one-time expense of $2,965 associated with these management retirements. This expense included $894 of stock-based compensation, with the remainder representing cash payments. | |||||||||||||
Restricted Stock Awards and Units: Restricted stock awards and restricted stock units are granted to employees and non-employee directors based on time-vesting and/or performance conditions. Stock awards with time-vesting only generally vest in one-third increments on the first, second, and third anniversary of the grant date. For stock awards with performance conditions, one-quarter of the shares vest on each of the first and second anniversaries of the grant date. On the third anniversary, all or a portion of the remaining one-half of the shares will vest based on a formula that takes into account the Company’s achievement of Adjusted EBITDA compared to a target amount and the relative total return to the Company’s stockholders in comparison to the total stockholder return of the Company’s peer group of public companies. The fair value of restricted stock and restricted stock unit awards granted to employees and non-employee directors is based on the fair value of DMC’s stock on the grant date. Stock awards granted to employees are amortized to compensation expense over the vesting period on a straight-line basis. Stock awards granted to non-employee directors are amortized to compensation expense over one year, which represents the term of their appointment. | |||||||||||||
A summary of the activity of our nonvested shares of restricted stock issued under the 2006 Plan for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Balance at December 31, 2011 | 261,829 | $ | 30.59 | ||||||||||
Granted | 116,900 | 20.74 | |||||||||||
Vested | (136,344 | ) | 27.2 | ||||||||||
Balance at December 31, 2012 | 242,385 | $ | 27.75 | ||||||||||
Granted | 163,579 | 16.37 | |||||||||||
Vested | (216,851 | ) | 27.95 | ||||||||||
Forfeited | (2,000 | ) | 22.05 | ||||||||||
Balance at December 31, 2013 | 187,113 | $ | 17.63 | ||||||||||
Granted | 157,680 | 21.31 | |||||||||||
Vested | (81,823 | ) | 18.55 | ||||||||||
Forfeited | (250 | ) | 22.05 | ||||||||||
Balance at December 31, 2014 | 262,720 | $ | 19.55 | ||||||||||
On March 1, 2013 Kevin Longe, our President and Chief Executive Officer, was granted 30,000 shares of restricted stock outside of our 2006 Plan per specific exemptions in the Nasdaq regulations. The exemption relates to equity compensation agreed upon at an arms length basis to hire a new executive or director if the terms of the grant are promptly disclosed after the award. These shares vest in one-third increments on the first, second, and third anniversary of the date of grant. | |||||||||||||
A summary of the activity of our nonvested restricted stock units for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||
Share | Weighted Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Balance at December 31, 2011 | 53,998 | $ | 20.43 | ||||||||||
Granted | 50,200 | 20.44 | |||||||||||
Vested | (20,769 | ) | 20.43 | ||||||||||
Forfeited | (3,000 | ) | 21.15 | ||||||||||
Balance at December 31, 2012 | 80,429 | $ | 20.41 | ||||||||||
Granted | 56,217 | 15.67 | |||||||||||
Vested | (35,001 | ) | 20.88 | ||||||||||
Forfeited | (2,300 | ) | 19.01 | ||||||||||
Balance at December 31, 2013 | 99,345 | $ | 17.59 | ||||||||||
Granted | 33,895 | 21.25 | |||||||||||
Vested | (48,674 | ) | 18.87 | ||||||||||
Balance at December 31, 2014 | 84,566 | $ | 18.33 | ||||||||||
As of December 31, 2014, there was $2,548 and $738 of total unrecognized stock-based compensation related to unvested restricted stock awards and restricted stock units, respectively. The cost is expected to be recognized over a weighted average period of 1.63 years and 1.61 years for the restricted stock awards and restricted stock units, respectively. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
We have an Employee Stock Purchase Plan (“ESPP”) which is authorized to issue up to 600,000 shares of which 115,218 shares remain available for future purchases. The offerings begin on the first day following each previous offering (“Offering Date”) and end six months from the offering date (“Purchase Date”). The ESPP provides that full time employees may authorize DMC to withhold up to 15% of their earnings, subject to certain limitations, to be used to purchase common stock of DMC at the lesser of 85% of the fair market value of DMC’s common stock on the Offering Date or the Purchase Date. In connection with the ESPP, 20,148; 22,689; and 14,717 shares of our stock were purchased during the years ended December 31, 2014, 2013, and 2012, respectively. Our total stock-based compensation expense for 2014, 2013, and 2012 includes $92, $76, and $58 respectively, in compensation expense associated with the ESPP. | |||||||||||||
401(k) Plan | |||||||||||||
We offer a contributory 401(k) plan to our employees. We make matching contributions equal to 100% of each employee’s contribution up to 3% of qualified compensation and 50% of the next 2% of qualified compensation contributed by each employee. Total DMC contributions were $523, $485, and $431 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Defined Benefit Plans | |||||||||||||
We have defined benefit pension plans at certain foreign subsidiaries for which we have recorded an unfunded pension obligation of $1,143 and $910 as of December 31, 2014 and 2013, respectively, which is included in other long-term liabilities in the Consolidated Balance Sheets. All necessary adjustments to the obligation are based upon actuarial calculations are recorded directly to the statement of operations. We recognized net adjustments of $349, $67 and $235, respectively, for the years ended December 31, 2014, 2013 and 2012. |
INCOME_TAXES_RESTATED
INCOME TAXES (RESTATED) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES (RESTATED) | INCOME TAXES (RESTATED) | ||||||||||||
See Note 3 “Restatement of Previously-Issued Financial Statements” to the Consolidated Financial Statements for information on the adjustments made related to the restatement of previously-issued financial statements. | |||||||||||||
The domestic and foreign components of income before tax for our operations for the years ended December 31 are summarized below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restated | Restated | ||||||||||||
Domestic | $ | (706 | ) | $ | 6,339 | $ | 6,312 | ||||||
Foreign | 6,545 | 3,470 | 8,836 | ||||||||||
$ | 5,839 | $ | 9,809 | $ | 15,148 | ||||||||
The components of the provision for income taxes for the years ended December 31 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restated | Restated | ||||||||||||
Current - Federal | $ | 378 | $ | 1,144 | $ | 3,396 | |||||||
Current - State | 16 | 93 | 136 | ||||||||||
Current - Foreign | 3,774 | 3,020 | 2,254 | ||||||||||
Current income tax expense | 4,168 | 4,257 | 5,786 | ||||||||||
Deferred - Federal | (236 | ) | 658 | (140 | ) | ||||||||
Deferred - State | (82 | ) | (64 | ) | (27 | ) | |||||||
Deferred - Foreign | 63 | (1,115 | ) | (303 | ) | ||||||||
Deferred income tax benefit | (255 | ) | (521 | ) | (470 | ) | |||||||
Income tax provision | $ | 3,913 | $ | 3,736 | $ | 5,316 | |||||||
A reconciliation of our income tax provision computed by applying the Federal statutory income tax rate of 35% in December 31, 2014, 2013, and 2012 to income before taxes is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restated | Restated | ||||||||||||
Statutory U.S. federal income tax | $ | 2,042 | $ | 3,401 | $ | 5,302 | |||||||
U.S. state income tax, net of federal benefit | (15 | ) | 85 | 45 | |||||||||
Foreign rate differential | (1,558 | ) | (1,259 | ) | (2,271 | ) | |||||||
Domestic production activities deduction | (21 | ) | (211 | ) | (316 | ) | |||||||
Tax audit adjustments | (338 | ) | 812 | — | |||||||||
Intercompany distributions | 16 | 2,239 | — | ||||||||||
Foreign equity compensation | 338 | 234 | 254 | ||||||||||
Deemed repatriation of foreign earnings | — | (908 | ) | 908 | |||||||||
Current year tax credits | (156 | ) | (628 | ) | (29 | ) | |||||||
Change in valuation allowances | 3,737 | 73 | — | ||||||||||
Other | (132 | ) | (102 | ) | 1,423 | ||||||||
Provision for income taxes | $ | 3,913 | $ | 3,736 | $ | 5,316 | |||||||
We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. A significant piece of objective negative evidence to be evaluated in this assessment is whether there is a three-year cumulative loss incurred in jurisdictions where there are deferred tax assets. In jurisdictions where we have incurred a three-year cumulative loss, we recorded a valuation allowance against the corresponding net deferred tax assets in the third and fourth quarters in the amount of $3,737 in 2014. The amount of the deferred tax assets considered realizable, however, could be adjusted during the carryforward period if positive evidence such as current and expected future taxable income outweighs negative evidence. | |||||||||||||
In January 2013, the United States Congress authorized, and the President signed into law, legislation which retroactively changed federal tax laws for 2012. Since this legislation was enacted in 2013, the financial statement benefit from these changes, totaling $908, was reflected in the provision for income taxes in the consolidated statement of operations during the twelve months ended December 31, 2013. | |||||||||||||
Our deferred tax assets and liabilities at December 31, 2014 and 2013 consist of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Restated | |||||||||||||
Deferred tax assets: | |||||||||||||
Net foreign operating loss carryforward | $ | 6,932 | $ | 5,396 | |||||||||
Inventory differences | 2,337 | 2,373 | |||||||||||
Equity compensation | 836 | 556 | |||||||||||
Investment in subsidiaries | 935 | 1,147 | |||||||||||
Restructuring | 1,265 | — | |||||||||||
Other, net | 418 | 591 | |||||||||||
Gross deferred tax assets | 12,723 | 10,063 | |||||||||||
Less valuation allowances | (3,032 | ) | (75 | ) | |||||||||
Total deferred tax assets | 9,691 | 9,988 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Purchased intangible assets | (9,813 | ) | (12,445 | ) | |||||||||
Depreciation and amortization | (2,476 | ) | (1,676 | ) | |||||||||
Other, net | (220 | ) | (238 | ) | |||||||||
Total deferred tax liabilities | (12,509 | ) | (14,359 | ) | |||||||||
Net deferred tax liabilities | $ | (2,818 | ) | $ | (4,371 | ) | |||||||
As of December 31, 2014, we had loss carryforwards for tax purposes totaling approximately $41,390, comprised solely of foreign loss carryforwards which will be available to offset future taxable income due to laws in certain foreign jurisdictions. If not used, the foreign tax loss carryforwards generally may be carried forward indefinitely or have at least a ten-year carryforward period. We have analyzed the foreign net operating losses and placed valuation allowance on those where we have determined the realization is not more likely than not to occur. | |||||||||||||
As a result of stock-based compensation in December 31, 2014 we increased additional paid-in-capital by $106 for the tax impact and in December 31, 2013, and 2012, we decreased additional paid-in-capital by $907, and $453, respectively, for the tax impact. To the extent these adjustments reduced taxes currently payable, they are not reflected in the current income tax provision for those years. | |||||||||||||
As of December 31, 2014, 2013 and 2012, income considered to be permanently reinvested in non-U.S. subsidiaries totaled approximately $37,772, $37,795 and $42,543, respectively. Deferred income taxes have not been provided on this undistributed income, as we do not plan to initiate any action that would require the payment of U.S. income taxes on these earnings. It is not practical to estimate the amount of additional taxes that might be payable on these amounts of undistributed foreign income. | |||||||||||||
At December 31, 2014 and 2013, the balance of unrecognized tax benefits was $0. We recognize interest and penalties related to uncertain tax positions in operating expense. As of December 31, 2014 and 2013, our accrual for interest and penalties related to uncertain tax positions was $0. | |||||||||||||
DMC files income tax returns in the U.S. federal jurisdiction, as well as various U.S. state and foreign jurisdictions. No income tax examinations are currently in progress. Tax returns of our German subsidiaries were under routine examination by the German tax authorities for most of 2013. During 2013, German tax authorities proposed and we agreed to a settlement. The key provisions of the settlement resulted in a net reduction of the subsidiaries' loss carryforwards, which reduced the non-current deferred tax assets associated with these carryforwards that were recorded on our books. Thus, we recorded an additional $812 in income tax expense to reflect these reductions. DMC’s U.S. Federal tax returns for the tax years 2011-2014 remain open to examination while most of DMC’s state tax returns remain open to examination for the tax years 2010-2014. DMC’s foreign tax returns remain open to examination for the tax years 2009-2014. |
BUSINESS_SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS | ||||||||||||
Our business is organized in the following two segments: NobelClad and DynaEnergetics. The NobelClad segment uses explosives to perform metal cladding and shock synthesis of industrial diamonds. The most significant product of this group is clad metal which is used in the fabrication of pressure vessels, heat exchangers, and transition joints for various industries, including upstream oil and gas, oil refinery, petrochemicals, hydrometallurgy, aluminum production, shipbuilding, power generation, industrial refrigeration, and similar industries. The DynaEnergetics segment manufactures, markets and sells oilfield perforating equipment and explosives, including detonating cords, detonators, bi-directional boosters and shaped charges, and seismic related explosives and accessories. | |||||||||||||
Prior to 2014, we were organized into three segments. At the beginning of 2014 management approved a change in operating structure whereby AMK will operate within and be managed as part of the Oilfield Products business segment. Consequently, we combined AMK and DynaEnergetics into one reportable business segment, Oilfield Products. AMK represented 3% of segment assets, 4% of consolidated sales and 2% of segment operating income as of and for the year then ended December 31, 2013. All prior periods segment disclosures have been restated to conform to the 2014 presentation. | |||||||||||||
Due to the completed sale of AMK, as of December 31, 2014 the operating results of AMK have been classified as discontinued operations in all periods presented. All prior periods segment disclosures have been restated to conform to the 2014 presentation. Refer to Note 11 "Discontinued Operations" for further details. | |||||||||||||
The accounting policies of all the segments are the same as those described in the summary of significant accounting policies. Our reportable segments are separately managed strategic business units that offer different products and services. Each segment’s products are marketed to different customer types and require different manufacturing processes and technologies. | |||||||||||||
Beginning in 2011, we changed our methodology of allocating corporate overhead to our business segments. In connection with this change, we no longer allocate certain corporate expenses that do not directly benefit our business segments. DMC corporate and our U.S. NobelClad business fall under the same legal entity and historically their general ledgers have been combined. Beginning January 1, 2013, and in connection with implementing a new ERP system, we have separated DMC corporate and NobelClad U.S. into two general ledgers. Therefore we now have specifically identified corporate property, plant and equipment that are not allocated to our business segments. These assets consist of computer hardware, computer software, leasehold improvements and furniture related to our corporate offices. | |||||||||||||
Segment information is presented for the years ended December 31, 2014, 2013, and 2012 as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
NobelClad | $ | 97,108 | $ | 118,409 | $ | 115,333 | |||||||
DynaEnergetics | 105,453 | 83,651 | 77,404 | ||||||||||
Consolidated net sales | $ | 202,561 | $ | 202,060 | $ | 192,737 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income before income taxes: | |||||||||||||
NobelClad | $ | 2,155 | $ | 17,090 | $ | 17,439 | |||||||
DynaEnergetics | 14,479 | 4,506 | 6,568 | ||||||||||
Segment operating income | 16,634 | 21,596 | 24,007 | ||||||||||
Unallocated corporate expenses | (6,381 | ) | (7,217 | ) | (3,565 | ) | |||||||
Stock-based compensation | (3,588 | ) | (3,401 | ) | (4,443 | ) | |||||||
Other income (expense) | (313 | ) | (528 | ) | (32 | ) | |||||||
Interest expense | (551 | ) | (648 | ) | (832 | ) | |||||||
Interest income | 38 | 7 | 13 | ||||||||||
Consolidated income before income taxes | $ | 5,839 | $ | 9,809 | $ | 15,148 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and Amortization: | |||||||||||||
NobelClad | $ | 6,482 | $ | 6,118 | $ | 5,580 | |||||||
DynaEnergetics | 6,672 | 6,150 | 5,648 | ||||||||||
Segment depreciation and amortization | $ | 13,154 | $ | 12,268 | $ | 11,228 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Capital Expenditures: | |||||||||||||
NobelClad | $ | 13,696 | $ | 2,425 | $ | 4,747 | |||||||
DynaEnergetics | 7,366 | 13,022 | 10,386 | ||||||||||
Segment capital expenditures | 21,062 | 15,447 | 15,133 | ||||||||||
Corporate and other | 341 | 776 | — | ||||||||||
Consolidated capital expenditures | $ | 21,403 | $ | 16,223 | $ | 15,133 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
NobelClad | $ | 93,383 | $ | 99,115 | |||||||||
DynaEnergetics | 103,914 | 112,919 | |||||||||||
Segment assets | 197,297 | 212,034 | |||||||||||
Cash and cash equivalents | 9,400 | 10,598 | |||||||||||
Prepaid expenses and other assets | 6,438 | 6,170 | |||||||||||
Deferred tax assets | 4,558 | 3,859 | |||||||||||
Corporate property, plant and equipment | 1,636 | 1,585 | |||||||||||
Assets held for sale | — | 6,299 | |||||||||||
Consolidated assets | $ | 219,329 | $ | 240,545 | |||||||||
The geographic location of our property, plant and equipment, net of accumulated depreciation, is as follows: | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
United States | $ | 26,291 | $ | 28,501 | |||||||||
Germany | 21,210 | 12,703 | |||||||||||
Russia | 9,556 | 10,152 | |||||||||||
France | 4,440 | 5,801 | |||||||||||
Canada | 1,655 | 2,230 | |||||||||||
Kazakhstan | 461 | 438 | |||||||||||
Rest of the world | 222 | 390 | |||||||||||
Total | $ | 63,835 | $ | 60,215 | |||||||||
All of our sales are from products shipped from our manufacturing facilities and distribution centers located in the United States, Germany, France, Canada, Russia and Kazakhstan. The following represents our net sales based on the geographic location of the customer: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 91,009 | $ | 88,532 | $ | 71,155 | |||||||
Canada | 23,532 | 18,142 | 21,083 | ||||||||||
Iraq | 11,348 | 4,243 | 1,756 | ||||||||||
Russia | 7,992 | 5,992 | 6,472 | ||||||||||
Germany | 7,721 | 9,208 | 13,992 | ||||||||||
India | 7,617 | 8,888 | 3,874 | ||||||||||
South Korea | 7,362 | 11,642 | 9,469 | ||||||||||
France | 5,478 | 3,756 | 6,249 | ||||||||||
China | 1,800 | 606 | 7,986 | ||||||||||
Kazakhstan | 1,551 | 2,513 | 2,359 | ||||||||||
Rest of the world | 37,151 | 48,538 | 48,342 | ||||||||||
Total | $ | 202,561 | $ | 202,060 | $ | 192,737 | |||||||
During the years ended December 31, 2014, 2013 and 2012, no one customer accounted for more than 10% of total net sales. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | ||||
We lease certain office space, equipment, storage space, vehicles and other equipment under various non-cancelable lease agreements. Future minimum rental commitments under non-cancelable leases are as follows: | |||||
Operating Leases | |||||
Year ended December 31 - | |||||
2015 | $ | 1,880 | |||
2016 | 1,349 | ||||
2017 | 985 | ||||
2018 | 852 | ||||
2019 | 508 | ||||
Thereafter | 940 | ||||
Total minimum payments | $ | 6,514 | |||
Total rental expense included in continuing operations was $4,103, $3,838, and $3,146 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||
During 2008, we entered into a license agreement and a risk allocation agreement related to our U.S. NobelClad business. These agreements, which were amended in 2012, provide us with the ability to perform our explosive shooting process at a second shooting site in Pennsylvania. Future minimum payments required to be made by us under these agreements are as follows: | |||||
Year ended December 31 - | |||||
2015 | $ | 398 | |||
2016 | 398 | ||||
2017 | 398 | ||||
2018 | 398 | ||||
2019 | — | ||||
Thereafter | — | ||||
Total minimum payments | $ | 1,592 | |||
In the normal course of business, we are party to various contractual disputes and claims. After considering our evaluations by legal counsel regarding pending actions, we are of the opinion that the outcome of such actions will not have a material adverse effect on the financial position or results of operations. |
RETIREMENT_EXPENSES
RETIREMENT EXPENSES | 12 Months Ended |
Dec. 31, 2014 | |
Compensation Related Costs [Abstract] | |
RETIREMENT EXPENSES | RETIREMENT EXPENSES |
During the first quarter of 2013 and, as a result of board actions taken in January 2013, we recorded a one-time expense of $2,965 associated with management retirements, the majority of which relates to the March 1, 2013 retirement of Yvon Cariou, our former President and Chief Executive Officer. This expense includes $894 of stock-based compensation, with the remainder representing cash payments. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||||||||||
On October 1, 2014 DMC completed the sale of its AMK business. The net proceeds were $6,830, after final purchase price adjustments, and the purchase was financed through $4,330 in cash consideration and the issuance of a $2,500 90-day secured promissory note to the Company which was paid in full by December 31, 2014. The excess of the selling price over the carrying value of $1,476 was recorded in our Statement of Operations in the fourth quarter 2014. The operating results of AMK have been classified as discontinued operations in all periods presented. | ||||||||||||
Operating results of the discontinued operations (formerly included in the Oilfield Products segment) for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 4,540 | $ | 7,513 | $ | 8,830 | ||||||
Income (loss) from operations | $ | (76 | ) | $ | 719 | $ | 1,404 | |||||
Tax provision | 1 | 241 | 461 | |||||||||
Income (loss) from operations, net of tax | $ | (77 | ) | $ | 478 | $ | 943 | |||||
Gain on sale of discontinued operations | $ | 1,476 | $ | — | $ | — | ||||||
Tax provision | 758 | — | — | |||||||||
Gain on sale of discontinued operations, net of tax | $ | 718 | $ | — | $ | — | ||||||
The assets and liabilities of AMK have been reflected in assets and liabilities held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2013 and are comprised of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | ||||||||||||
Cash | $ | 19 | ||||||||||
Accounts receivable | 930 | |||||||||||
Inventory | 359 | |||||||||||
Prepaid expenses and other | 6 | |||||||||||
Current deferred tax assets | 67 | |||||||||||
Property, plant and equipment, net | 4,801 | |||||||||||
Noncurrent deferred tax assets | 117 | |||||||||||
Total assets | $ | 6,299 | ||||||||||
Accounts payable | $ | 101 | ||||||||||
Accrued expenses | 63 | |||||||||||
Accrued employee compensation | 254 | |||||||||||
Customer advances | 6 | |||||||||||
Noncurrent deferred tax liabilities | 402 | |||||||||||
Total liabilities | $ | 826 | ||||||||||
RESTRUCTURING
RESTRUCTURING | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING |
On October 23, 2014 we signed an agreement to purchase a manufacturing facility in the Siegerland region of Germany for $13,140. The facility will significantly enhance NobelClad segment’s manufacturing capabilities and its ability to serve customers throughout Europe, the Middle East and Africa. On October 27, 2014, management announced the plan to restructure its NobelClad European operations. Clad metal plate production will be shifted from facilities in both Rivesaltes, France and Wurgendorf, Germany to the new manufacturing facility in Germany. NobelClad's Rivesaltes plant will continue to produce transition joints with a reduced workforce while the Wurgendorf site will be closed and its workers will be transferred to the new facility. We expect to incur total pretax restructuring and impairment charges of approximately $7,250 associated with this plan of which $6,781 ($5,135 after-tax) was incurred in the fourth quarter of 2014. The pretax restructuring charges recorded in the fourth quarter of 2014 included severance of $2,466, non-cash impairment charges of $3,946 primarily associated with the Wurgendorf facility and leasehold improvements at a leased facility in France, both of which are being closed under the consolidation program, and other exit costs of $369. The restructuring and impairment charges are reported in the “restructuring expenses” line item in our consolidated statement of operations for the the year ended December 31, 2014. We expect to incur additional restructuring charges of approximately $500 primarily related to equipment relocation in the first and second quarters of 2015. As of December 31, 2014 we recorded a liability for restructuring charges of $2,486 primarily related to accrued severance, which we will be paid out in 2015. |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA | RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS | |||||||||||||||||||||||
On March 5, 2015, we concluded to restate our financial statements and related disclosures to correct non-cash errors reported in our historical consolidated financial statements related to income tax expense and related deferred tax assets and liabilities at our business entities in Germany as well as other adjustments, which were immaterial. | ||||||||||||||||||||||||
The errors arose from incorrect income tax accounting at our operations in Germany. In November 15, 2007, we acquired DynaEnergetics under a newly created German subsidiary DynaEnergetics Holding GmbH (“Holding Co”). Subsequent to the acquisition we recognized income tax expense or benefits for German federal and local income tax purposes and paid cash taxes accordingly for Holding Co. However, we incorrectly had been deferring the recognition of the income tax expense or benefit in our calculation of net income for purposes of U.S. GAAP reporting. | ||||||||||||||||||||||||
The non-cash impact of the restatement and other adjustments, which were immaterial, decreased income from continuing operations by $1,036 in 2013 and $919 in 2012. The cumulative effect of the errors increased shareholders’ equity by $2,000 as of December 31, 2011. The restatement only impacted the income tax provision (benefit) line item in our consolidated statements of operations for the years ended December 31, 2013 and 2012, respectively. The restatement had no impact on the Company’s revenues, did not affect the Company’s cash balances and has no effect on the Company’s future operations. | ||||||||||||||||||||||||
The following table summarizes the impact of the restatement on our previously reported consolidated balance sheet for the year ending December 31, 2013 (in thousands, except share and per share data): | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $419 | 37,785 | — | 37,785 | |||||||||||||||||||||
Inventory, net | 41,191 | — | 41,191 | |||||||||||||||||||||
Prepaid expenses and other | 4,375 | (98 | ) | 4,277 | ||||||||||||||||||||
Current deferred tax assets | 3,440 | 16 | 3,456 | |||||||||||||||||||||
Assets held for sale | 6,299 | — | 6,299 | |||||||||||||||||||||
Total current assets | 103,688 | (82 | ) | 103,606 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 98,573 | — | 98,573 | |||||||||||||||||||||
Less - accumulated depreciation | (38,358 | ) | — | (38,358 | ) | |||||||||||||||||||
Property, plant and equipment, net | 60,215 | — | 60,215 | |||||||||||||||||||||
GOODWILL, net | 37,970 | — | 37,970 | |||||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 36,458 | — | 36,458 | |||||||||||||||||||||
DEFERRED TAX ASSETS | 388 | 15 | 403 | |||||||||||||||||||||
OTHER ASSETS, net | 1,893 | — | 1,893 | |||||||||||||||||||||
TOTAL ASSETS | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 14,567 | $ | — | $ | 14,567 | ||||||||||||||||||
Accrued expenses | 3,927 | — | 3,927 | |||||||||||||||||||||
Dividend payable | 550 | — | 550 | |||||||||||||||||||||
Accrued income taxes | 2,811 | (154 | ) | 2,657 | ||||||||||||||||||||
Accrued employee compensation and benefits | 4,552 | — | 4,552 | |||||||||||||||||||||
Customer advances | 1,019 | — | 1,019 | |||||||||||||||||||||
Current debt obligations | 2,907 | — | 2,907 | |||||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | |||||||||||||||||||||
Liabilities related to assets held for sale | 826 | — | 826 | |||||||||||||||||||||
Total current liabilities | 31,594 | (154 | ) | 31,440 | ||||||||||||||||||||
LINES OF CREDIT | 26,400 | — | 26,400 | |||||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,945 | (150 | ) | 7,795 | ||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,881 | — | 1,881 | |||||||||||||||||||||
Total liabilities | 67,820 | (304 | ) | 67,516 | ||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | |||||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 689 | — | 689 | |||||||||||||||||||||
Additional paid-in capital | 62,934 | — | 62,934 | |||||||||||||||||||||
Retained earnings | 113,399 | (9 | ) | 113,390 | ||||||||||||||||||||
Other cumulative comprehensive loss | (4,230 | ) | 246 | (3,984 | ) | |||||||||||||||||||
Total stockholders’ equity | 172,792 | 237 | 173,029 | |||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported statements of consolidated operations for fiscal years 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 202,060 | $ | — | $ | 202,060 | $ | 192,737 | $ | — | $ | 192,737 | ||||||||||||
COST OF PRODUCTS SOLD | 143,926 | — | 143,926 | 135,085 | — | 135,085 | ||||||||||||||||||
Gross profit | 58,134 | — | 58,134 | 57,652 | — | 57,652 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 24,672 | — | 24,672 | 18,489 | — | 18,489 | ||||||||||||||||||
Selling and distribution expenses | 16,136 | — | 16,136 | 16,954 | — | 16,954 | ||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | 6,210 | — | 6,210 | ||||||||||||||||||
Total costs and expenses | 47,156 | — | 47,156 | 41,653 | — | 41,653 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,978 | — | 10,978 | 15,999 | — | 15,999 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (528 | ) | — | (528 | ) | (32 | ) | — | (32 | ) | ||||||||||||||
Interest expense | (648 | ) | — | (648 | ) | (832 | ) | — | (832 | ) | ||||||||||||||
Interest income | 7 | — | 7 | 13 | — | 13 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 9,809 | — | 9,809 | 15,148 | — | 15,148 | ||||||||||||||||||
INCOME TAX PROVISION | 2,700 | 1,036 | 3,736 | 4,397 | 919 | 5,316 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,109 | (1,036 | ) | 6,073 | 10,751 | (919 | ) | 9,832 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 478 | — | 478 | 943 | — | 943 | ||||||||||||||||||
NET INCOME | 7,587 | (1,036 | ) | 6,551 | 11,694 | (919 | ) | 10,775 | ||||||||||||||||
Less: Net income (loss) attributable to non-controlling interest | 92 | — | 92 | (2 | ) | — | (2 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,495 | $ | (1,036 | ) | $ | 6,459 | $ | 11,696 | $ | (919 | ) | $ | 10,777 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.52 | $ | (0.08 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.55 | $ | (0.08 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.07 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.54 | $ | (0.07 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,533,566 | — | 13,533,566 | 13,264,636 | — | 13,264,636 | ||||||||||||||||||
Diluted | 13,537,525 | — | 13,537,525 | 13,268,713 | — | 13,268,713 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.16 | $ | — | $ | 0.16 | $ | 0.16 | $ | — | $ | 0.16 | ||||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of comprehensive income for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | $ | 11,694 | $ | (919 | ) | $ | 10,775 | ||||||||||
Change in cumulative foreign currency translation adjustment | 2,237 | 382 | 2,619 | 2,796 | (190 | ) | 2,606 | |||||||||||||||||
Total comprehensive income | 9,824 | (654 | ) | 9,170 | 14,490 | (1,109 | ) | 13,381 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | 96 | — | 96 | 1 | — | 1 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 9,728 | $ | (654 | ) | $ | 9,074 | $ | 14,489 | $ | (1,109 | ) | $ | 13,380 | ||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of cash flows for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (478 | ) | — | (478 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,920 | — | 5,920 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 102 | — | 102 | |||||||||||||||||||||
Stock-based compensation | 3,401 | — | 3,401 | |||||||||||||||||||||
Deferred income tax benefit | (1,666 | ) | 1,145 | (521 | ) | |||||||||||||||||||
Loss on disposal of property, plant and equipment | 50 | — | 50 | |||||||||||||||||||||
Restructuring and impairment charges | 756 | — | 756 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (2,185 | ) | — | (2,185 | ) | |||||||||||||||||||
Inventory, net | 6,750 | — | 6,750 | |||||||||||||||||||||
Prepaid expenses and other | 79 | 10 | 89 | |||||||||||||||||||||
Accounts payable | 2,228 | — | 2,228 | |||||||||||||||||||||
Customer advances | (360 | ) | — | (360 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | 1,707 | (119 | ) | 1,588 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 30,239 | — | 30,239 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,777 | — | 1,777 | |||||||||||||||||||||
Net cash provided by operating activities | 32,016 | — | 32,016 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (16,223 | ) | — | (16,223 | ) | |||||||||||||||||||
Acquisition of minority interest | (180 | ) | — | (180 | ) | |||||||||||||||||||
Change in other non-current assets | (489 | ) | — | (489 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (16,892 | ) | — | (16,892 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (1,348 | ) | — | (1,348 | ) | |||||||||||||||||||
Net cash used in investing activities | (18,240 | ) | — | (18,240 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,592 | ) | — | (9,592 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (63 | ) | — | (63 | ) | |||||||||||||||||||
Payment on capital lease obligations | (40 | ) | — | (40 | ) | |||||||||||||||||||
Payment of dividends | (2,187 | ) | — | (2,187 | ) | |||||||||||||||||||
Other | 295 | — | 295 | |||||||||||||||||||||
Net cash used in financing activities | (11,587 | ) | — | (11,587 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 191 | — | 191 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,380 | — | 2,380 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 11,694 | $ | (919 | ) | $ | 10,775 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (943 | ) | — | (943 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,018 | — | 5,018 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,210 | — | 6,210 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 124 | — | 124 | |||||||||||||||||||||
Stock-based compensation | 4,443 | — | 4,443 | |||||||||||||||||||||
Deferred income tax benefit | (1,159 | ) | 689 | (470 | ) | |||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 717 | — | 717 | |||||||||||||||||||||
Inventory, net | (2,380 | ) | — | (2,380 | ) | |||||||||||||||||||
Prepaid expenses and other | 463 | 88 | 551 | |||||||||||||||||||||
Accounts payable | (3,616 | ) | — | (3,616 | ) | |||||||||||||||||||
Customer advances | (556 | ) | — | (556 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | (551 | ) | 142 | (409 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 19,464 | — | 19,464 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,092 | — | 1,092 | |||||||||||||||||||||
Net cash provided by operating activities | 20,556 | — | 20,556 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (15,133 | ) | — | (15,133 | ) | |||||||||||||||||||
Acquisition of TRX Industries | (10,294 | ) | — | (10,294 | ) | |||||||||||||||||||
Change in other non-current assets | (224 | ) | — | (224 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (25,651 | ) | — | (25,651 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (514 | ) | — | (514 | ) | |||||||||||||||||||
Net cash used in investing activities | (26,165 | ) | — | (26,165 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 12,174 | — | 12,174 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (1,176 | ) | — | (1,176 | ) | |||||||||||||||||||
Payment on capital lease obligations | (66 | ) | — | (66 | ) | |||||||||||||||||||
Payment of dividends | (2,155 | ) | — | (2,155 | ) | |||||||||||||||||||
Other | (260 | ) | — | (260 | ) | |||||||||||||||||||
Net cash provided by financing activities | 8,517 | — | 8,517 | |||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (8 | ) | — | (8 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,900 | — | 2,900 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 5,318 | — | 5,318 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,218 | $ | — | $ | 8,218 | ||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||||||
As more fully discussed in Note 3 “Restatement of Previously-Issued Financial Statements,” the following operating results for each of the eight fiscal quarters in the two year period ended December 31, 2014 (except for the current quarter ending December 31, 2014) have been restated to reflect adjustments to our previously-issued consolidated financial statements. | ||||||||||||||||||||||||
The "As Reported" financial statements reflect the financial results of AMK as discontinued operations due to the completed sale of AMK on October 1, 2014. See Note 11 "Discontinued Operations" for further details. For the years ended December 31, 2014 and 2013, AMK represented less than 5% of consolidated assets, consolidated sales and consolidated operating income. | ||||||||||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated balance sheet for fiscal years 2014 and 2013 (in thousands, except share and per share data): | ||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,131 | $ | — | $ | 9,131 | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $459 and $440, respectively | 35,973 | — | 35,973 | 31,948 | — | 31,948 | ||||||||||||||||||
Inventory, net | 43,106 | (54 | ) | 43,052 | 46,491 | — | 46,491 | |||||||||||||||||
Prepaid expenses and other | 6,142 | (98 | ) | 6,044 | 5,956 | (89 | ) | 5,867 | ||||||||||||||||
Current deferred tax assets | 2,424 | 16 | 2,440 | 1,587 | 2 | 1,589 | ||||||||||||||||||
Assets held for sale | 6,276 | — | 6,276 | 5,402 | — | 5,402 | ||||||||||||||||||
Total current assets | 103,052 | (136 | ) | 102,916 | 99,630 | (87 | ) | 99,543 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,208 | — | 100,208 | 85,896 | — | 85,896 | ||||||||||||||||||
Less - accumulated depreciation | (40,934 | ) | 202 | (40,732 | ) | (33,661 | ) | — | (33,661 | ) | ||||||||||||||
Property, plant and equipment, net | 59,274 | 202 | 59,476 | 52,235 | — | 52,235 | ||||||||||||||||||
GOODWILL, net | 37,689 | — | 37,689 | 36,125 | — | 36,125 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 34,597 | — | 34,597 | 39,428 | — | 39,428 | ||||||||||||||||||
DEFERRED TAX ASSETS | 552 | 44 | 596 | 1,060 | (138 | ) | 922 | |||||||||||||||||
OTHER ASSETS, net | 1,711 | — | 1,711 | 529 | — | 529 | ||||||||||||||||||
TOTAL ASSETS | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 13,438 | $ | — | $ | 13,438 | $ | 10,362 | $ | — | $ | 10,362 | ||||||||||||
Accrued expenses | 4,315 | — | 4,315 | 4,453 | — | 4,453 | ||||||||||||||||||
Dividend payable | 557 | — | 557 | 547 | — | 547 | ||||||||||||||||||
Accrued income taxes | 2,034 | (102 | ) | 1,932 | 295 | 5 | 300 | |||||||||||||||||
Accrued employee compensation and benefits | 3,140 | — | 3,140 | 3,778 | — | 3,778 | ||||||||||||||||||
Customer advances | 2,996 | — | 2,996 | 1,378 | — | 1,378 | ||||||||||||||||||
Current debt obligations | 516 | — | 516 | 64 | — | 64 | ||||||||||||||||||
Current portion of capital lease obligations | 10 | — | 10 | 50 | — | 50 | ||||||||||||||||||
Current deferred tax liabilities | 404 | — | 404 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 758 | — | 758 | 543 | — | 543 | ||||||||||||||||||
Total current liabilities | 28,168 | (102 | ) | 28,066 | 21,625 | 5 | 21,630 | |||||||||||||||||
LINES OF CREDIT | 26,900 | — | 26,900 | 38,256 | — | 38,256 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 37 | — | 37 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 7 | — | 7 | 6 | — | 6 | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,566 | 158 | 7,724 | 8,344 | (1,021 | ) | 7,323 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,930 | 88 | 2,018 | 1,582 | — | 1,582 | ||||||||||||||||||
Total liabilities | 64,571 | 144 | 64,715 | 69,850 | (1,016 | ) | 68,834 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,944,094 and 13,683,307 shares issued and outstanding, respectively | 698 | — | 698 | 684 | — | 684 | ||||||||||||||||||
Additional paid-in capital | 63,589 | 101 | 63,690 | 60,682 | — | 60,682 | ||||||||||||||||||
Retained earnings | 114,480 | (160 | ) | 114,320 | 107,769 | 919 | 108,688 | |||||||||||||||||
Other cumulative comprehensive loss | (6,463 | ) | 25 | (6,438 | ) | (10,087 | ) | (128 | ) | (10,215 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,048 | 791 | 159,839 | |||||||||||||||||
Non-controlling interest | — | — | — | 109 | — | 109 | ||||||||||||||||||
Total stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,157 | 791 | 159,948 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,643 | $ | — | $ | 8,643 | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $504 and $471, respectively | 38,409 | — | 38,409 | 39,959 | — | 39,959 | ||||||||||||||||||
Inventory, net | 45,887 | — | 45,887 | 45,190 | — | 45,190 | ||||||||||||||||||
Prepaid expenses and other | 7,218 | (98 | ) | 7,120 | 5,504 | (89 | ) | 5,415 | ||||||||||||||||
Current deferred tax assets | 2,532 | 16 | 2,548 | 1,944 | 2 | 1,946 | ||||||||||||||||||
Assets held for sale | 6,155 | — | 6,155 | 6,206 | — | 6,206 | ||||||||||||||||||
Total current assets | 108,844 | (82 | ) | 108,762 | 101,171 | (87 | ) | 101,084 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 102,564 | — | 102,564 | 90,651 | — | 90,651 | ||||||||||||||||||
Less - accumulated depreciation | (42,220 | ) | 202 | (42,018 | ) | (35,010 | ) | — | (35,010 | ) | ||||||||||||||
Property, plant and equipment, net | 60,344 | 202 | 60,546 | 55,641 | — | 55,641 | ||||||||||||||||||
GOODWILL, net | 37,161 | — | 37,161 | 36,447 | — | 36,447 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 32,939 | — | 32,939 | 38,121 | — | 38,121 | ||||||||||||||||||
DEFERRED TAX ASSETS | 792 | (276 | ) | 516 | 458 | (139 | ) | 319 | ||||||||||||||||
OTHER ASSETS, net | 1,868 | — | 1,868 | 505 | — | 505 | ||||||||||||||||||
TOTAL ASSETS | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,689 | $ | — | $ | 9,689 | $ | 14,111 | $ | — | $ | 14,111 | ||||||||||||
Accrued expenses | 3,671 | — | 3,671 | 4,657 | — | 4,657 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 549 | — | 549 | ||||||||||||||||||
Accrued income taxes | 2,471 | (154 | ) | 2,317 | 906 | 5 | 911 | |||||||||||||||||
Accrued employee compensation and benefits | 4,119 | — | 4,119 | 4,338 | — | 4,338 | ||||||||||||||||||
Customer advances | 2,617 | — | 2,617 | 4,758 | — | 4,758 | ||||||||||||||||||
Current debt obligations | 20 | — | 20 | 63 | — | 63 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 45 | — | 45 | ||||||||||||||||||
Current deferred tax liabilities | 417 | — | 417 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 742 | — | 742 | 820 | — | 820 | ||||||||||||||||||
Total current liabilities | 24,310 | (154 | ) | 24,156 | 30,402 | 5 | 30,407 | |||||||||||||||||
LINES OF CREDIT | 31,800 | — | 31,800 | 28,843 | — | 28,843 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 20 | — | 20 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 6 | — | 6 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,186 | 554 | 7,740 | 8,050 | (646 | ) | 7,404 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 2,000 | 58 | 2,058 | 1,668 | — | 1,668 | ||||||||||||||||||
Total liabilities | 65,302 | 458 | 65,760 | 68,983 | (641 | ) | 68,342 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,750,163 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 64,861 | 89 | 64,950 | 61,530 | — | 61,530 | ||||||||||||||||||
Retained earnings | 116,808 | (731 | ) | 116,077 | 110,659 | 545 | 111,204 | |||||||||||||||||
Other cumulative comprehensive loss | (5,722 | ) | 28 | (5,694 | ) | (9,642 | ) | (130 | ) | (9,772 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,235 | 415 | 163,650 | |||||||||||||||||
Non-controlling interest | — | — | — | 125 | — | 125 | ||||||||||||||||||
Total stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,360 | 415 | 163,775 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,932 | $ | — | $ | 14,932 | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $599 and $340, respectively | 30,923 | — | 30,923 | 30,394 | — | 30,394 | ||||||||||||||||||
Inventory, net | 41,846 | 280 | 42,126 | 41,384 | — | 41,384 | ||||||||||||||||||
Prepaid expenses and other | 7,161 | (378 | ) | 6,783 | 3,977 | (89 | ) | 3,888 | ||||||||||||||||
Current deferred tax assets | 5,583 | 16 | 5,599 | 2,513 | 2 | 2,515 | ||||||||||||||||||
Assets held for sale | 6,011 | — | 6,011 | 6,610 | — | 6,610 | ||||||||||||||||||
Total current assets | 106,456 | (82 | ) | 106,374 | 94,211 | (87 | ) | 94,124 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,305 | — | 100,305 | 95,717 | — | 95,717 | ||||||||||||||||||
Less - accumulated depreciation | (42,625 | ) | 202 | (42,423 | ) | (36,469 | ) | — | (36,469 | ) | ||||||||||||||
Property, plant and equipment, net | 57,680 | 202 | 57,882 | 59,248 | — | 59,248 | ||||||||||||||||||
GOODWILL, net | 34,382 | — | 34,382 | 37,553 | — | 37,553 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 29,403 | — | 29,403 | 37,646 | — | 37,646 | ||||||||||||||||||
DEFERRED TAX ASSETS | 439 | (9 | ) | 430 | 397 | (239 | ) | 158 | ||||||||||||||||
OTHER ASSETS, net | 1,236 | — | 1,236 | 499 | — | 499 | ||||||||||||||||||
TOTAL ASSETS | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,104 | $ | — | $ | 9,104 | $ | 9,020 | $ | — | $ | 9,020 | ||||||||||||
Accrued expenses | 3,245 | — | 3,245 | 4,222 | — | 4,222 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 550 | — | 550 | ||||||||||||||||||
Accrued income taxes | 3,030 | (58 | ) | 2,972 | 1,325 | (88 | ) | 1,237 | ||||||||||||||||
Accrued employee compensation and benefits | 4,667 | — | 4,667 | 5,346 | — | 5,346 | ||||||||||||||||||
Customer advances | 2,364 | — | 2,364 | 1,387 | — | 1,387 | ||||||||||||||||||
Current debt obligations | 4 | — | 4 | 65 | — | 65 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 33 | — | 33 | ||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | 274 | — | 274 | ||||||||||||||||||
Liabilities related to assets held for sale | 721 | — | 721 | 765 | — | 765 | ||||||||||||||||||
Total current liabilities | 24,134 | (58 | ) | 24,076 | 22,987 | (88 | ) | 22,899 | ||||||||||||||||
LINES OF CREDIT | 26,000 | — | 26,000 | 25,550 | — | 25,550 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 5 | — | 5 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 4 | — | 4 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 8,641 | 866 | 9,507 | 8,084 | (242 | ) | 7,842 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,958 | 30 | 1,988 | 1,755 | — | 1,755 | ||||||||||||||||||
Total liabilities | 60,737 | 838 | 61,575 | 58,381 | (330 | ) | 58,051 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,759,007 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 65,836 | 78 | 65,914 | 62,099 | — | 62,099 | ||||||||||||||||||
Retained earnings | 118,745 | (888 | ) | 117,857 | 113,670 | 167 | 113,837 | |||||||||||||||||
Other cumulative comprehensive loss | (16,421 | ) | 83 | (16,338 | ) | (5,464 | ) | (163 | ) | (5,627 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 168,859 | (727 | ) | 168,132 | 170,993 | 4 | 170,997 | |||||||||||||||||
Non-controlling interest | — | — | — | 180 | — | 180 | ||||||||||||||||||
Total stockholders’ equity | 168,859 | (727 | ) | 168,132 | 171,173 | 4 | 171,177 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of operations (in thousands, except per share data): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 46,769 | $ | — | $ | 46,769 | $ | 44,836 | $ | — | $ | 44,836 | ||||||||||||
COST OF PRODUCTS SOLD | 32,203 | (148 | ) | 32,055 | 32,047 | — | 32,047 | |||||||||||||||||
Gross profit | 14,566 | 148 | 14,714 | 12,789 | — | 12,789 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,542 | 250 | 5,792 | 8,014 | — | 8,014 | ||||||||||||||||||
Selling and distribution expenses | 4,223 | — | 4,223 | 4,030 | — | 4,030 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | 1,585 | — | 1,585 | ||||||||||||||||||
Total costs and expenses | 11,381 | 250 | 11,631 | 13,629 | — | 13,629 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 3,185 | (102 | ) | 3,083 | (840 | ) | — | (840 | ) | |||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (435 | ) | — | (435 | ) | 296 | — | 296 | ||||||||||||||||
Interest expense | (109 | ) | — | (109 | ) | (172 | ) | — | (172 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 3 | — | 3 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 2,646 | (102 | ) | 2,544 | (713 | ) | — | (713 | ) | |||||||||||||||
INCOME TAX PROVISION (BENEFIT) | 692 | 49 | 741 | (1,049 | ) | 108 | (941 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 1,954 | (151 | ) | 1,803 | 336 | (108 | ) | 228 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Loss from operations of discontinued operations, net of tax | (316 | ) | — | (316 | ) | (93 | ) | — | (93 | ) | ||||||||||||||
NET INCOME | 1,638 | (151 | ) | 1,487 | 243 | (108 | ) | 135 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 28 | — | 28 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 215 | $ | (108 | ) | $ | 107 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,644,239 | — | 13,644,239 | 13,509,792 | — | 13,509,792 | ||||||||||||||||||
Diluted | 13,649,953 | — | 13,649,953 | 13,513,797 | — | 13,513,797 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,911 | $ | — | $ | 51,911 | $ | 55,554 | $ | — | $ | 55,554 | ||||||||||||
COST OF PRODUCTS SOLD | 36,067 | (54 | ) | 36,013 | 39,155 | — | 39,155 | |||||||||||||||||
Gross profit | 15,844 | 54 | 15,898 | 16,399 | — | 16,399 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,813 | (42 | ) | 5,771 | 5,006 | — | 5,006 | |||||||||||||||||
Selling and distribution expenses | 4,733 | — | 4,733 | 4,310 | — | 4,310 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,617 | — | 1,617 | 1,568 | — | 1,568 | ||||||||||||||||||
Total costs and expenses | 12,163 | (42 | ) | 12,121 | 10,884 | — | 10,884 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,681 | 96 | 3,777 | 5,515 | — | 5,515 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 332 | — | 332 | (420 | ) | — | (420 | ) | ||||||||||||||||
Interest expense | (174 | ) | — | (174 | ) | (183 | ) | — | (183 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,840 | 96 | 3,936 | 4,913 | — | 4,913 | ||||||||||||||||||
INCOME TAX PROVISION | 1,172 | 667 | 1,839 | 1,768 | 373 | 2,141 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,668 | (571 | ) | 2,097 | 3,145 | (373 | ) | 2,772 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 219 | — | 219 | 310 | — | 310 | ||||||||||||||||||
NET INCOME | 2,887 | (571 | ) | 2,316 | 3,455 | (373 | ) | 3,082 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 15 | — | 15 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,440 | $ | (373 | ) | $ | 3,067 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,672,457 | — | 13,672,457 | 13,526,623 | — | 13,526,623 | ||||||||||||||||||
Diluted | 13,677,911 | — | 13,677,911 | 13,530,588 | — | 13,530,588 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 98,680 | $ | — | $ | 98,680 | $ | 100,390 | $ | — | $ | 100,390 | ||||||||||||
COST OF PRODUCTS SOLD | 68,269 | (202 | ) | 68,067 | 71,203 | — | 71,203 | |||||||||||||||||
Gross profit | 30,411 | 202 | 30,613 | 29,187 | — | 29,187 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 11,356 | 208 | 11,564 | 13,019 | — | 13,019 | ||||||||||||||||||
Selling and distribution expenses | 8,956 | — | 8,956 | 8,340 | — | 8,340 | ||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | 3,153 | — | 3,153 | ||||||||||||||||||
Total costs and expenses | 23,544 | 208 | 23,752 | 24,512 | — | 24,512 | ||||||||||||||||||
INCOME FROM OPERATIONS | 6,867 | (6 | ) | 6,861 | 4,675 | — | 4,675 | |||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (103 | ) | — | (103 | ) | (124 | ) | — | (124 | ) | ||||||||||||||
Interest expense | (283 | ) | — | (283 | ) | (355 | ) | — | (355 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 4 | — | 4 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 6,486 | (6 | ) | 6,480 | 4,200 | — | 4,200 | |||||||||||||||||
INCOME TAX PROVISION | 1,864 | 716 | 2,580 | 719 | 482 | 1,201 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 4,622 | (722 | ) | 3,900 | 3,481 | (482 | ) | 2,999 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (97 | ) | — | (97 | ) | 217 | — | 217 | ||||||||||||||||
NET INCOME | 4,525 | (722 | ) | 3,803 | 3,698 | (482 | ) | 3,216 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 43 | — | 43 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,655 | $ | (482 | ) | $ | 3,173 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,668,223 | — | 13,668,223 | 13,523,028 | — | 13,523,028 | ||||||||||||||||||
Diluted | 13,673,807 | — | 13,673,807 | 13,527,011 | — | 13,527,011 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,886 | $ | — | $ | 51,886 | $ | 52,331 | $ | — | $ | 52,331 | ||||||||||||
COST OF PRODUCTS SOLD | 36,803 | — | 36,803 | 36,229 | — | 36,229 | ||||||||||||||||||
Gross profit | 15,083 | — | 15,083 | 16,102 | — | 16,102 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,503 | (40 | ) | 5,463 | 5,672 | — | 5,672 | |||||||||||||||||
Selling and distribution expenses | 4,639 | — | 4,639 | 3,658 | — | 3,658 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,575 | — | 1,575 | 1,581 | — | 1,581 | ||||||||||||||||||
Total costs and expenses | 11,717 | (40 | ) | 11,677 | 10,911 | — | 10,911 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,366 | 40 | 3,406 | 5,191 | — | 5,191 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 472 | — | 472 | (247 | ) | — | (247 | ) | ||||||||||||||||
Interest expense | (137 | ) | — | (137 | ) | (129 | ) | — | (129 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,702 | 40 | 3,742 | 4,816 | — | 4,816 | ||||||||||||||||||
INCOME TAX PROVISION | 1,224 | 196 | 1,420 | 1,460 | 378 | 1,838 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,478 | (156 | ) | 2,322 | 3,356 | (378 | ) | 2,978 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 20 | — | 20 | 255 | — | 255 | ||||||||||||||||||
NET INCOME | 2,498 | (156 | ) | 2,342 | 3,611 | (378 | ) | 3,233 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 49 | — | 49 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,562 | $ | (378 | ) | $ | 3,184 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,688,649 | — | 13,688,649 | 13,540,394 | — | 13,540,394 | ||||||||||||||||||
Diluted | 13,690,174 | — | 13,690,174 | 13,544,665 | — | 13,544,665 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 150,566 | $ | — | $ | 150,566 | $ | 152,720 | $ | — | $ | 152,720 | ||||||||||||
COST OF PRODUCTS SOLD | 105,073 | (202 | ) | 104,871 | 107,431 | — | 107,431 | |||||||||||||||||
Gross profit | 45,493 | 202 | 45,695 | 45,289 | — | 45,289 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 16,858 | 169 | 17,027 | 18,694 | — | 18,694 | ||||||||||||||||||
Selling and distribution expenses | 13,596 | — | 13,596 | 11,997 | — | 11,997 | ||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | 4,734 | — | 4,734 | ||||||||||||||||||
Total costs and expenses | 35,262 | 169 | 35,431 | 35,425 | — | 35,425 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,231 | 33 | 10,264 | 9,864 | — | 9,864 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 369 | — | 369 | (371 | ) | — | (371 | ) | ||||||||||||||||
Interest expense | (420 | ) | — | (420 | ) | (484 | ) | — | (484 | ) | ||||||||||||||
Interest income | 6 | — | 6 | 5 | — | 5 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 10,186 | 33 | 10,219 | 9,014 | — | 9,014 | ||||||||||||||||||
INCOME TAX PROVISION | 3,088 | 912 | 4,000 | 2,179 | 860 | 3,039 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,098 | (879 | ) | 6,219 | 6,835 | (860 | ) | 5,975 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (77 | ) | — | (77 | ) | 473 | — | 473 | ||||||||||||||||
NET INCOME | 7,021 | (879 | ) | 6,142 | 7,308 | (860 | ) | 6,448 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 92 | — | 92 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,216 | $ | (860 | ) | $ | 6,356 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,676,730 | — | 13,676,730 | 13,528,880 | — | 13,528,880 | ||||||||||||||||||
Diluted | 13,681,790 | — | 13,681,790 | 13,532,973 | — | 13,532,973 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.12 | $ | — | $ | 0.12 | ||||||||||||
Three months ended December 31, 2014 | Three months ended December, 2013 | |||||||||||||||||||||||
As Reported | As Reported | Adjustments | Restated | |||||||||||||||||||||
NET SALES | $ | 51,995 | $ | 49,339 | $ | — | $ | 49,339 | ||||||||||||||||
COST OF PRODUCTS SOLD | 36,271 | 36,495 | — | 36,495 | ||||||||||||||||||||
Gross profit | 15,724 | 12,844 | — | 12,844 | ||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 6,740 | 5,980 | — | 5,980 | ||||||||||||||||||||
Selling and distribution expenses | 4,509 | 4,138 | — | 4,138 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,295 | 1,614 | — | 1,614 | ||||||||||||||||||||
Restructuring expenses | 6,781 | — | — | — | ||||||||||||||||||||
Total costs and expenses | 19,325 | 11,732 | — | 11,732 | ||||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (3,601 | ) | 1,112 | — | 1,112 | |||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (682 | ) | (157 | ) | — | (157 | ) | |||||||||||||||||
Interest expense | (132 | ) | (164 | ) | — | (164 | ) | |||||||||||||||||
Interest income | 32 | 2 | — | 2 | ||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | (4,383 | ) | 793 | — | 793 | |||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | (87 | ) | 522 | 176 | 698 | |||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (4,296 | ) | 271 | (176 | ) | 95 | ||||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | — | 6 | — | 6 | ||||||||||||||||||||
Gain on sale of discontinued operations, net of tax | 718 | — | — | — | ||||||||||||||||||||
Income from discontinued operations | 718 | 6 | — | 6 | ||||||||||||||||||||
NET INCOME (LOSS) | (3,578 | ) | 277 | (176 | ) | 101 | ||||||||||||||||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,696,399 | 13,543,007 | — | 13,543,007 | ||||||||||||||||||||
Diluted | 13,697,821 | 13,549,288 | — | 13,549,288 | ||||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statements of comprehensive income (loss) for the fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 243 | $ | (108 | ) | $ | 135 | ||||||||||
Change in cumulative foreign currency translation adjustment | (2,233 | ) | (221 | ) | (2,454 | ) | (3,627 | ) | 8 | (3,619 | ) | |||||||||||||
Total comprehensive loss | (595 | ) | (372 | ) | (967 | ) | (3,384 | ) | (100 | ) | (3,484 | ) | ||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 25 | — | 25 | ||||||||||||||||||
Comprehensive loss attributable to Dynamic Materials Corporation | $ | (595 | ) | $ | (372 | ) | $ | (967 | ) | $ | (3,409 | ) | $ | (100 | ) | $ | (3,509 | ) | ||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,455 | $ | (373 | ) | $ | 3,082 | ||||||||||
Change in cumulative foreign currency translation adjustment | 741 | 3 | 744 | 446 | (3 | ) | 443 | |||||||||||||||||
Total comprehensive income | 3,628 | (568 | ) | 3,060 | 3,901 | (376 | ) | 3,525 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 16 | — | 16 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,628 | $ | (568 | ) | $ | 3,060 | $ | 3,885 | $ | (376 | ) | $ | 3,509 | ||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,698 | $ | (482 | ) | $ | 3,216 | ||||||||||
Change in cumulative foreign currency translation adjustment | (1,492 | ) | (218 | ) | (1,710 | ) | (3,181 | ) | 6 | (3,175 | ) | |||||||||||||
Total comprehensive income | 3,033 | (940 | ) | 2,093 | 517 | (476 | ) | 41 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 41 | — | 41 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,033 | $ | (940 | ) | $ | 2,093 | $ | 476 | $ | (476 | ) | $ | — | ||||||||||
Three months ended September, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,611 | $ | (378 | ) | $ | 3,233 | ||||||||||
Change in cumulative foreign currency translation adjustment | (10,701 | ) | 54 | (10,647 | ) | 4,183 | (33 | ) | 4,150 | |||||||||||||||
Total comprehensive income (loss) | (8,203 | ) | (102 | ) | (8,305 | ) | 7,794 | (411 | ) | 7,383 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 55 | — | 55 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (8,203 | ) | $ | (102 | ) | $ | (8,305 | ) | $ | 7,739 | $ | (411 | ) | $ | 7,328 | ||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,308 | $ | (860 | ) | $ | 6,448 | ||||||||||
Change in cumulative foreign currency translation adjustment | (12,191 | ) | (163 | ) | (12,354 | ) | 1,003 | (27 | ) | 976 | ||||||||||||||
Total comprehensive income (loss) | (5,170 | ) | (1,042 | ) | (6,212 | ) | 8,311 | (887 | ) | 7,424 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 96 | — | 96 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (5,170 | ) | $ | (1,042 | ) | $ | (6,212 | ) | $ | 8,215 | $ | (887 | ) | $ | 7,328 | ||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of cash flows for fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 1,638 | $ | (151 | ) | $ | 1,487 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 316 | — | 316 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,826 | (202 | ) | 1,624 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 555 | 162 | 717 | |||||||||||||||||||||
Deferred income tax benefit | 612 | 58 | 670 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 1,570 | — | 1,570 | |||||||||||||||||||||
Inventory, net | (2,513 | ) | 54 | (2,459 | ) | |||||||||||||||||||
Prepaid expenses and other | (1,867 | ) | — | (1,867 | ) | |||||||||||||||||||
Accounts payable | (1,051 | ) | — | (1,051 | ) | |||||||||||||||||||
Customer advances | 1,980 | — | 1,980 | |||||||||||||||||||||
Accrued expenses and other liabilities | (1,291 | ) | 140 | (1,151 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 3,416 | 61 | 3,477 | |||||||||||||||||||||
Net cash flows used in discontinued operations | (298 | ) | — | (298 | ) | |||||||||||||||||||
Net cash provided by operating activities | 3,118 | 61 | 3,179 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (1,994 | ) | — | (1,994 | ) | |||||||||||||||||||
Change in other non-current assets | 32 | — | 32 | |||||||||||||||||||||
Net cash flows used in continuing operations | (1,962 | ) | — | (1,962 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (63 | ) | — | (63 | ) | |||||||||||||||||||
Net cash used in investing activities | (2,025 | ) | — | (2,025 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (1,863 | ) | — | (1,863 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment on capital lease obligations | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment of dividends | (550 | ) | — | (550 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 22 | — | 22 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 87 | (61 | ) | 26 | ||||||||||||||||||||
Net cash used in financing activities | (2,334 | ) | (61 | ) | (2,395 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (226 | ) | — | (226 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,467 | ) | — | (1,467 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,131 | $ | — | $ | 9,131 | ||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 4,525 | $ | (722 | ) | $ | 3,803 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 97 | — | 97 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 3,581 | (202 | ) | 3,379 | ||||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 1,591 | 150 | 1,741 | |||||||||||||||||||||
Deferred income tax benefit | 72 | 776 | 848 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (858 | ) | — | (858 | ) | |||||||||||||||||||
Inventory, net | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||
Prepaid expenses and other | (2,873 | ) | — | (2,873 | ) | |||||||||||||||||||
Accounts payable | (4,778 | ) | — | (4,778 | ) | |||||||||||||||||||
Customer advances | 1,613 | — | 1,613 | |||||||||||||||||||||
Accrued expenses and other liabilities | (645 | ) | 59 | (586 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 613 | 61 | 674 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 48 | — | 48 | |||||||||||||||||||||
Net cash provided by operating activities | 661 | 61 | 722 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,123 | ) | — | (4,123 | ) | |||||||||||||||||||
Change in other non-current assets | (59 | ) | — | (59 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (4,182 | ) | — | (4,182 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (85 | ) | — | (85 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,267 | ) | — | (4,267 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 2,555 | — | 2,555 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (31 | ) | — | (31 | ) | |||||||||||||||||||
Payment on capital lease obligations | (22 | ) | — | (22 | ) | |||||||||||||||||||
Payment of dividends | (1,108 | ) | — | (1,108 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 112 | (61 | ) | 51 | ||||||||||||||||||||
Net cash provided by financing activities | 1,740 | (61 | ) | 1,679 | ||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (89 | ) | — | (89 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,955 | ) | — | (1,955 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,643 | $ | — | $ | 8,643 | ||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,021 | $ | (879 | ) | $ | 6,142 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 77 | — | 77 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 5,406 | (202 | ) | 5,204 | ||||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,565 | 139 | 2,704 | |||||||||||||||||||||
Deferred income tax benefit | (608 | ) | 863 | 255 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 6 | — | 6 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 5,342 | — | 5,342 | |||||||||||||||||||||
Inventory, net | (3,012 | ) | 280 | (2,732 | ) | |||||||||||||||||||
Prepaid expenses and other | (3,146 | ) | (267 | ) | (3,413 | ) | ||||||||||||||||||
Accounts payable | (5,084 | ) | — | (5,084 | ) | |||||||||||||||||||
Customer advances | 1,445 | — | 1,445 | |||||||||||||||||||||
Accrued expenses and other liabilities | 683 | 127 | 810 | |||||||||||||||||||||
Net cash flows provided by continuing operations | 15,579 | 61 | 15,640 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 239 | — | 239 | |||||||||||||||||||||
Net cash provided by operating activities | 15,818 | 61 | 15,879 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (6,472 | ) | — | (6,472 | ) | |||||||||||||||||||
Change in other non-current assets | 373 | — | 373 | |||||||||||||||||||||
Net cash flows used in continuing operations | (6,099 | ) | — | (6,099 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (120 | ) | — | (120 | ) | |||||||||||||||||||
Net cash used in investing activities | (6,219 | ) | — | (6,219 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (3,213 | ) | — | (3,213 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (23 | ) | — | (23 | ) | |||||||||||||||||||
Payment of dividends | (1,667 | ) | — | (1,667 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 113 | (61 | ) | 52 | ||||||||||||||||||||
Net cash used in financing activities | (4,603 | ) | (61 | ) | (4,664 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (662 | ) | — | (662 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,334 | — | 4,334 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 14,932 | $ | — | $ | 14,932 | ||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 243 | $ | (108 | ) | $ | 135 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 93 | — | 93 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,272 | — | 1,272 | |||||||||||||||||||||
Amortization of purchased intangible assets | 1,585 | — | 1,585 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 1,422 | — | 1,422 | |||||||||||||||||||||
Deferred income tax benefit | 130 | 173 | 303 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 2,784 | — | 2,784 | |||||||||||||||||||||
Inventory, net | 619 | — | 619 | |||||||||||||||||||||
Prepaid expenses and other | (952 | ) | — | (952 | ) | |||||||||||||||||||
Accounts payable | (596 | ) | — | (596 | ) | |||||||||||||||||||
Customer advances | 55 | — | 55 | |||||||||||||||||||||
Accrued expenses and other liabilities | (916 | ) | (65 | ) | (981 | ) | ||||||||||||||||||
Net cash flows provided by continuing operations | 5,785 | — | 5,785 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 559 | — | 559 | |||||||||||||||||||||
Net cash provided by operating activities | 6,344 | — | 6,344 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,366 | ) | — | (4,366 | ) | |||||||||||||||||||
Change in other non-current assets | 45 | — | 45 | |||||||||||||||||||||
Net cash flows used in continuing operations | (4,321 | ) | — | (4,321 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (87 | ) | — | (87 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,408 | ) | — | (4,408 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (202 | ) | — | (202 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (16 | ) | — | (16 | ) | |||||||||||||||||||
Payment on capital lease obligations | (13 | ) | — | (13 | ) | |||||||||||||||||||
Payment of dividends | (540 | ) | — | (540 | ) | |||||||||||||||||||
Excess tax benefit from stock-based compensation | (890 | ) | — | (890 | ) | |||||||||||||||||||
Net cash used in financing activities | (1,661 | ) | — | (1,661 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (247 | ) | — | (247 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 28 | — | 28 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 3,698 | $ | (482 | ) | $ | 3,216 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (217 | ) | — | (217 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 2,583 | — | 2,583 | |||||||||||||||||||||
Amortization of purchased intangible assets | 3,153 | — | 3,153 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 2,057 | — | 2,057 | |||||||||||||||||||||
Deferred income tax benefit | 229 | 547 | 776 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (5,193 | ) | — | (5,193 | ) | |||||||||||||||||||
Inventory, net | 1,960 | — | 1,960 | |||||||||||||||||||||
Prepaid expenses and other | (545 | ) | — | (545 | ) | |||||||||||||||||||
Accounts payable | 3,105 | — | 3,105 | |||||||||||||||||||||
Customer advances | 3,434 | — | 3,434 | |||||||||||||||||||||
Accrued expenses and other liabilities | 409 | (65 | ) | 344 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 14,745 | — | 14,745 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 680 | — | 680 | |||||||||||||||||||||
Net cash provided by operating activities | 15,425 | — | 15,425 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (9,301 | ) | — | (9,301 | ) | |||||||||||||||||||
Change in other non-current assets | 192 | — | 192 | |||||||||||||||||||||
Net cash flows used in continuing operations | (9,109 | ) | — | (9,109 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (425 | ) | — | (425 | ) | |||||||||||||||||||
Net cash used in investing activities | (9,534 | ) | — | (9,534 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,811 | ) | — | (9,811 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (32 | ) | — | (32 | ) | |||||||||||||||||||
Payment on capital lease obligations | (25 | ) | — | (25 | ) | |||||||||||||||||||
Payment of dividends | (1,088 | ) | — | (1,088 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (836 | ) | — | (836 | ) | |||||||||||||||||||
Net cash used in financing activities | (11,629 | ) | — | (11,629 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (112 | ) | — | (112 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,850 | ) | — | (5,850 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,308 | $ | (860 | ) | $ | 6,448 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss (income) from discontinued operations, net of tax | (473 | ) | — | (473 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 4,004 | — | 4,004 | |||||||||||||||||||||
Amortization of purchased intangible assets | 4,734 | — | 4,734 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,685 | — | 2,685 | |||||||||||||||||||||
Deferred income tax benefit | (126 | ) | 1,018 | 892 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 4,868 | — | 4,868 | |||||||||||||||||||||
Inventory, net | 6,588 | — | 6,588 | |||||||||||||||||||||
Prepaid expenses and other | 1,031 | — | 1,031 | |||||||||||||||||||||
Accounts payable | (2,208 | ) | — | (2,208 | ) | |||||||||||||||||||
Customer advances | 21 | — | 21 | |||||||||||||||||||||
Accrued expenses and other liabilities | 1,303 | (158 | ) | 1,145 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 29,816 | — | 29,816 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 655 | — | 655 | |||||||||||||||||||||
Net cash provided by operating activities | 30,471 | — | 30,471 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (13,426 | ) | — | (13,426 | ) | |||||||||||||||||||
Change in other non-current assets | 209 | — | 209 | |||||||||||||||||||||
Net cash flows used in continuing operations | (13,217 | ) | — | (13,217 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (604 | ) | — | (604 | ) | |||||||||||||||||||
Net cash used in investing activities | (13,821 | ) | — | (13,821 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (13,252 | ) | — | (13,252 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (39 | ) | — | (39 | ) | |||||||||||||||||||
Payment of dividends | (1,637 | ) | — | (1,637 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (895 | ) | — | (895 | ) | |||||||||||||||||||
Net cash used in financing activities | (15,707 | ) | — | (15,707 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 172 | — | 172 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,115 | — | 1,115 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
Amended Credit Facility | |
On February 23, 2015, we entered into a five-year $150,000 syndicated credit agreement (“credit facility”) which amended and replaced in its entirety our prior syndicated credit facility entered into on December 11, 2011. The new credit facility allows for revolving loans of $90,000 in US dollars, $10,000 in alternate currencies and a $50,000 US dollar term loan facility. The term loan facility is available in a single advance and expires 364 days after the February 23, 2015 closing date. If drawn, the term loan is amortizable in quarterly installments as follows: 10% of principal is due in each of years one and two, 20% of principal is due in each of years three and four and 30% of principal is due in year five with the remaining balance due at maturity. The new facility has a $100,000 accordion feature to increase the commitments in any of the three previous loan classes subject to approval by applicable lenders. We entered into the credit facility with a syndicate of four banks, with JP Morgan Chase Bank, N.A. acting as administrative agent for the U.S. and Canadian dollar loans and JP Morgan Europe Ltd. acting as administrative agent for the Euro and other alternate currency loans. The syndicated credit facility is secured by the assets of DMC including accounts receivable, inventory, and fixed assets, as well as guarantees and share pledges by DMC and its subsidiaries. | |
Borrowings under the $90,000 revolving loan and $50,000 term loan can be in the form of Alternate Base Rate loans (“ABR” borrowings are based on the greater of adjusted Prime rates, adjusted CD rates, or adjusted Federal Funds rates) or one, two, three, or six month London Interbank Offered Rate (“LIBOR”) loans. ABR loans bear interest at the defined ABR rate plus an applicable margin (varying from 0.25% to 1.25%) and LIBOR loans bear interest at the applicable LIBOR rate plus an applicable margin (varying from 1.25% to 2.25%). | |
Borrowings under the $10,000 Alternate Currency revolving loans can be in Canadian Dollars, Euros, Pounds Sterling and any other currency that is freely transferable and convertible to U.S. Dollars. Alternative currency borrowings denominated in Canadian Dollars shall be comprised of Canadian Dealer Offered Rate (“CDOR”) Loans or Canadian Prime Loans, at our option, and bear interest at the CDOR rate plus applicable margin (varying from 1.25% to 2.25%) or the applicable Canadian Prime Rate plus an applicable margin (varying from 0.25% to 1.25%), respectively. Alternative currency borrowings denominated in Euros shall be comprised of Euro Interbank Offered Rate (“EURIBOR”) loans and bear interest at the EURIBOR rate plus an applicable margin (varying from 1.25% to 2.25%). Alternative currency borrowings denominated in any other alternate currency shall be comprised of Eurocurrency loans and bear interest at the LIBOR rate plus an applicable margin (varying from 1.25% to 2.25%). | |
The credit facility includes various covenants and restrictions, certain of which relate to the payment of dividends or other distributions to stockholders; redemption of capital stock; incurrence of additional indebtedness; mortgaging, pledging or disposition of major assets; and maintenance of specified ratios. | |
DynaEnergetics Restructuring | |
In the first quarter of 2015, we launched several initiatives to enhance DynaEnergetics’ operational efficiencies and align its production and distribution resources with the anticipated demands of the market. In January 2015, we closed two North American distribution centers. On February 24, 2014, we announced the closure of a perforating gun manufacturing facility and distribution center in Edmonton, Alberta. North America perforating gun manufacturing will be consolidated at DynaEnergetics existing gun facility in Whitney, Texas. We also are exiting several other distribution centers in Texas and Colombia. The Colombia market will continue to be served but from our existing facilities in Texas. Two new centralized distribution centers will replace the smaller and less efficient distribution centers being closed. In the first half of 2015, we expect to incur restructuring and impairment charges of approximately $1,500 to $2,500 related to these actions. | |
Corporate Restructuring | |
In the first quarter of 2015, we restructured our corporate office by eliminating several positions and two non-employee director positions. We expect to incur restructuring charges of approximately $1,500 to $2,000 in the first quarter of 2015 associated with severance and acceleration of unvested stock awards. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II(a) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||||||||||||||||||||
Balance at | Additions | Accounts | Other | Balance at | |||||||||||||||||
beginning | charged to | receivable | Adjustments | end of | |||||||||||||||||
of period | income | written off | period | ||||||||||||||||||
Year ended - | |||||||||||||||||||||
December 31, 2012 | $ | 424 | $ | 63 | $ | (10 | ) | $ | (71 | ) | $ | 406 | |||||||||
December 31, 2013 | $ | 406 | $ | 221 | $ | (13 | ) | $ | (195 | ) | $ | 419 | |||||||||
December 31, 2014 | $ | 419 | $ | 140 | $ | — | $ | (17 | ) | $ | 542 | ||||||||||
SCHEDULE II(b) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||
WARRANTY RESERVE | |||||||||||||||||||||
Balance at | Additions | Repairs | Other | Balance at | |||||||||||||||||
beginning | charged to | allowed | Adjustments | end of | |||||||||||||||||
of period | income | period | |||||||||||||||||||
Year ended - | |||||||||||||||||||||
December 31, 2012 | $ | 540 | $ | 172 | $ | (101 | ) | $ | (190 | ) | $ | 421 | |||||||||
December 31, 2013 | $ | 421 | $ | — | $ | (117 | ) | $ | (116 | ) | $ | 188 | |||||||||
December 31, 2014 | $ | 188 | $ | 162 | $ | (216 | ) | $ | (4 | ) | $ | 130 | |||||||||
SCHEDULE II(c) - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||
INVENTORY RESERVE | |||||||||||||||||||||
Balance at | Additions | Inventory | Other Adjustments | Balance at | |||||||||||||||||
beginning | charged to | write-offs | end of | ||||||||||||||||||
of period | income | period | |||||||||||||||||||
Year ended - | |||||||||||||||||||||
December 31, 2012 | $ | 157 | $ | 856 | $ | (676 | ) | — | $ | 337 | |||||||||||
December 31, 2013 | $ | 337 | $ | 2,714 | $ | (1,322 | ) | — | $ | 1,729 | |||||||||||
December 31, 2014 | $ | 1,729 | $ | 1,606 | $ | (77 | ) | (141 | ) | $ | 3,117 | ||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation | |
The consolidated financial statements include the accounts of DMC and its controlled subsidiaries. Only subsidiaries in which controlling interests are maintained are consolidated. All significant intercompany accounts, profits, and transactions have been eliminated in consolidation. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 these estimates. | ||
Foreign Operations and Foreign Exchange Rate Risk | Foreign Operations and Foreign Exchange Rate Risk | |
The functional currency for our foreign operations is the applicable local currency for each affiliate company. Assets and liabilities of foreign subsidiaries for which the functional currency is the local currency are translated at exchange rates in effect at period-end, and the statements of operations are translated at the average exchange rates during the period. Exchange rate fluctuations on translating foreign currency financial statements into U.S. dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are recorded as a separate component of stockholders’ equity and are included in other cumulative comprehensive income (loss). Transactions denominated in currencies other than the local currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses, which are reflected in income as unrealized (based on period-end translations) or realized upon settlement of the transactions. Cash flows from our operations in foreign countries are translated at actual exchange rates when known, or at the average rate for the period. As a result, amounts related to assets and liabilities reported in the consolidated statements of cash flows will not agree to changes in the corresponding balances in the consolidated balance sheets. The effects of exchange rate changes on cash balances held in foreign currencies are reported as a separate line item below cash flows from financing activities. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
For purposes of the consolidated financial statements, we consider highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||
Accounts Receivable | Accounts Receivable | |
We review our accounts receivable balance routinely to identify any specific customers with collectability issues. In circumstances where we are aware of a specific customer’s inability to meets its financial obligation to us, we record a specific allowance for doubtful accounts (with the offsetting expense charged to our statement of operations) against the amounts due reducing the net recognized receivable to the amount we estimate will be collected. | ||
Inventories | Inventories | |
Inventories are stated at the lower-of-cost (first-in, first-out) or market value. Cost elements included in inventory are material, labor, subcontract costs, and manufacturing overhead. As necessary, we record provisions and maintain reserves for excess, slow moving and obsolete inventory. To determine reserve amounts, we regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments. | ||
Comprehensive reviews of DynaEnergetics' inventories were performed throughout 2013 to identify potentially excess, slow moving and obsolete inventory items. These reviews reflected management's efforts to reduce overall inventory levels and rationalize product line offerings. Additionally, our estimate for reserving, or writing-off, inventory changed from a combination of qualitative and quantitative considerations to a more specific quantitative analysis whereby inventory items which have not had movement for a certain duration are reserved against after a prescribed period. | ||
Shipping and Handling Costs | Shipping and handling costs incurred by us upon shipment to customers are included in cost of products sold in the accompanying consolidated statements of operations. | |
Property, Plant and Equipment | Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost, except for assets acquired in acquisitions which are recorded at fair value. Additions, improvements, and betterments are capitalized. Maintenance and repairs are charged to operations as the costs are incurred. Depreciation is computed using the straight-line method over the estimated useful life of the related asset (except leasehold improvements which are depreciated over the shorter of their estimated useful life or the lease term) as follows: | ||
Buildings and improvements | 15-30 years | |
Manufacturing equipment and tooling | 3-15 years | |
Furniture, fixtures, and computer equipment | 3-10 years | |
Other | 3-10 years | |
Asset Impairments | Asset Impairments | |
Finite-lived assets are tested for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. We compare the expected undiscounted future operating cash flows associated with these finite-lived assets to their respective carrying values to determine if they are fully recoverable when indicators of impairment are present. If the expected future operating cash flows of an asset are not sufficient to recover the carrying value, we estimate the fair value of the asset. Impairment is recognized when the carrying amount of the asset is not recoverable and when carrying value exceeds fair value. Long-lived assets to be disposed of, if any, are reported at the lower of carrying amount or fair value less cost to sell. | ||
Goodwill | Goodwill | |
Goodwill represents the excess of the purchase price in a business combination over the fair value of the net tangible and intangible assets acquired. The carrying value of goodwill is periodically reviewed for impairment (at a minimum annually) and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Examples of such events or changes in circumstances, many of which are subjective in nature, include significant negative industry or economic trends, significant changes in the manner of our use of the acquired assets or our strategy, a significant decrease in the market value of the asset, and a significant change in legal factors or in the business climate that could affect the value of the asset. | ||
Our reporting units for goodwill impairment testing are currently the same as our reportable business segments: NobelClad and DynaEnergetics. Each business segment represents separately managed strategic business units and our chief operating decision maker reviews financial results and evaluates operating performance at this level. | ||
Goodwill impairment testing is performed annually as of December 31 for our NobelClad and DynaEnergetics reporting units. We utilize an income approach (discounted cash flow analysis) to determine the fair value of each reporting unit. We believe the discounted cash flow approach is the most reliable indicator of fair value for our reporting units. The key assumptions used in the discounted cash flows for both reporting units include, among other measures, expected future sales, operating income, working capital and capital expenditures. Discount rates are determined using a peer-based, risk-adjusted weighted average cost of capital. Our approach also includes reviewing for reasonableness the total market capitalization of the Company as of December 31 to the sum of the discounted cash flows for the combined reporting units. No impairment of goodwill was identified in connection with our 2014 annual goodwill impairment tests as our estimated fair values substantially exceeded the carrying values for both reporting units. In 2013, we performed our goodwill impairment testing using a qualitative assessment for NobelClad and a quantitative assessment for DynaEnergetics. There was no impairment identified as part of our 2013 annual goodwill impairment tests. A future impairment is possible and could occur if (i) operating results underperform what we have estimated or (ii) additional volatility of the capital markets or other factors negatively impact our expectations of future results and or cause us to raise the discount rate percentage utilized in our discounted cash flow analysis. While we believe our most recent estimates were appropriate based on our view of then current business trends, no assurance can be provided that impairment charges will not be required in the future. | ||
Purchased Intangible Assets | Purchased Intangible Assets | |
Our purchased intangible assets include core technology, customer relationships and trademarks/trade names. Impairment, if any, is calculated based upon our evaluation whereby, estimated undiscounted future cash flows associated with these assets or operations are compared with their carrying value to determine if a write-down to fair value is required if impairment indicators are present. Finite lived intangible assets are amortized over the estimated useful life of the related assets which have a weighted average amortization period of 12 years in total. | ||
The weighted average amortization periods of the intangible assets by asset category are as follows: | ||
Core technology | 20 years | |
Customer relationships | 9 years | |
Trademarks / Trade names | 9 years | |
Other Assets | Other Assets | |
Included in other assets are net deferred debt issuance costs of $203 and $305 as of December 31, 2014 and 2013, respectively. On December 21, 2011, we entered into a five-year syndicated credit agreement, which amended and restated in its entirety the prior syndicated agreement entered into on November 16, 2007. The outstanding balance of deferred debt issuance as of December 31, 2011 included additional costs of $435 that were incurred in connection with our amended and restated credit agreement and $95 of deferred debt issuance costs that were carried over from the prior agreement. These deferred debt issuance are being amortized over the five-year term of the amended and restated credit agreement which expires on December 21, 2016. | ||
Customer Advances | Customer Advances | |
On occasion, we require customers to make advance payments prior to the shipment of their orders in order to help finance our inventory investment on large orders or to keep customers’ credit limits at acceptable levels. | ||
Revenue Recognition | Revenue Recognition | |
Sales of clad metal products are generally based upon customer specifications set forth in customer purchase orders and require us to provide certifications relative to metals used, services performed, and the results of any non-destructive testing that the customer has requested be performed. All issues of conformity of the product to specifications are resolved before the product is shipped and billed. Products related to the DynaEnergetics segment, which include detonating cords, detonators, bi-directional boosters, and shaped charges, as well as, seismic related explosives and accessories, are standard in nature. In all cases, revenue is recognized only when all four of the following criteria have been satisfied: persuasive evidence of an arrangement exists; the price is fixed or determinable; delivery has occurred; and collection is reasonably assured. Revenue from sales of consigned inventory is recognized upon the use of the product by the consignee or according to the terms of the contract. | ||
Research and Development | Research and Development | |
Research and development costs, which are expensed as incurred, were $3,099, $2,199 and $2,075, for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in our cost of products sold. Research and development costs include expenses associated with developing new products and processes, as well as, improvements to current manufacturing processes. | ||
Earnings Per Share | Earnings Per Share | |
Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock awards (“RSAs”), are considered participating securities for purposes of calculating earnings per share (“EPS”) and require the use of the two class method for calculating EPS. Under this method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of EPS allocated to common stock, as shown in the table below. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
The carrying values of cash and cash equivalents, trade accounts receivable and payable, accrued expenses and lines of credit approximate their fair value and are included in Level 1. | ||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are required to use an established hierarchy for fair value measurements based upon the inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows: | ||
· Level 1 — Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date. | ||
· Level 2 — Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data. | ||
· Level 3 — Inputs to the valuation that are unobservable inputs for the asset or liability. | ||
The highest priority is assigned to Level 1 inputs and the lowest priority to Level 3 inputs. | ||
Income Taxes | Income Taxes | |
See Note 3 “Restatement of Previously-Issued Financial Statements” to the Consolidated Financial Statements for information on the adjustments made related to the restatement of previously-issued financial statements. | ||
We recognize deferred tax assets and liabilities for the expected future income tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. The deferred income tax impact of tax credits are recognized as an immediate adjustment to income tax expense. We recognize deferred tax assets for the expected future effects of all deductible temporary differences to the extent we believe these assets will more likely than not be realized. We record a valuation allowance when, based on current circumstances, it is more likely than not that all or a portion of the deferred tax assets will not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, recent financial operations and their associated valuation allowances, if any. | ||
We recognize the tax benefits from uncertain tax positions only when it is more likely than not, based on the technical merits of the position; the tax position will be sustained upon examination, including the resolution of any related appeals or litigation. The tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that is more likely than not of being realized upon ultimate resolution. We recognize interest and penalties related to uncertain tax positions in operating expense. | ||
Concentration of Credit Risk and Off Balance Sheet Arrangements | Concentration of Credit Risk and Off Balance Sheet Arrangements | |
Financial instruments, which potentially subject us to a concentration of credit risk, consist primarily of cash, cash equivalents, and accounts receivable. Generally, we do not require collateral to secure receivables. | ||
Other Cumulative Comprehensive Loss | Other Cumulative Comprehensive Loss | |
Other cumulative comprehensive loss as of December 31, 2014, 2013, and 2012 consisted entirely of currency translation adjustments including those in intra-entity foreign currency transactions that are long-term investments. | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |
In June 2014, the FASB issued an accounting standards update to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effect for reporting periods beginning after December 15, 2015. The adoption of this update is not expected to have a significant impact on our financial statements. | ||
In May 2014, the FASB issued an accounting standards update to clarify the principles of recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and IFRS. The pronouncement is effective for reporting periods beginning after December 15, 2016. We are still evaluating the impact on our financial statements for the expected adoption of this pronouncement. | ||
In April 2014, the FASB issued an accounting standards update which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The pronouncement is effective for reporting periods beginning after December 15, 2014, however, early adoption is permitted. DMC has not elected to early adopt this pronouncement. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Schedule of inventories, net of reserves | Inventories, net of reserves of $3,117 and $1,729 and most of which related to finished goods, consist of the following at December 31, 2014 and 2013 respectively: | |||||||||||
2014 | 2013 | |||||||||||
Raw materials | $ | 15,208 | $ | 13,119 | ||||||||
Work-in-process | 11,528 | 9,985 | ||||||||||
Finished goods | 12,782 | 17,273 | ||||||||||
Supplies | 583 | 814 | ||||||||||
$ | 40,101 | $ | 41,191 | |||||||||
Schedule of property, plant and equipment | Depreciation is computed using the straight-line method over the estimated useful life of the related asset (except leasehold improvements which are depreciated over the shorter of their estimated useful life or the lease term) as follows: | |||||||||||
Buildings and improvements | 15-30 years | |||||||||||
Manufacturing equipment and tooling | 3-15 years | |||||||||||
Furniture, fixtures, and computer equipment | 3-10 years | |||||||||||
Other | 3-10 years | |||||||||||
Gross property, plant and equipment consist of the following at December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
Land | $ | 3,344 | $ | 2,693 | ||||||||
Buildings and improvements | 39,489 | 31,774 | ||||||||||
Manufacturing equipment and tooling | 40,433 | 37,844 | ||||||||||
Furniture, fixtures and computer equipment | 14,813 | 14,079 | ||||||||||
Other | 3,425 | 4,909 | ||||||||||
Construction in process | $ | 8,229 | $ | 7,274 | ||||||||
$ | 109,733 | $ | 98,573 | |||||||||
Schedule of goodwill | The changes to the carrying amount of goodwill during the period are summarized below: | |||||||||||
NobelClad | DynaEnergetics | Total | ||||||||||
Goodwill balance at December 31, 2012 | $ | 21,734 | $ | 15,697 | $ | 37,431 | ||||||
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | $ | (353 | ) | $ | (598 | ) | $ | (951 | ) | |||
Adjustment due to exchange rate differences | $ | 857 | $ | 633 | $ | 1,490 | ||||||
Goodwill balance at December 31, 2013 | $ | 22,238 | $ | 15,732 | $ | 37,970 | ||||||
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | (318 | ) | (547 | ) | (865 | ) | ||||||
Adjustment due to exchange rate differences | (2,502 | ) | (1,841 | ) | (4,343 | ) | ||||||
Goodwill balance at December 31, 2014 | $ | 19,418 | $ | 13,344 | $ | 32,762 | ||||||
Schedule of purchased intangible assets, other than goodwill | The weighted average amortization periods of the intangible assets by asset category are as follows: | |||||||||||
Core technology | 20 years | |||||||||||
Customer relationships | 9 years | |||||||||||
Trademarks / Trade names | 9 years | |||||||||||
The following table presents details of our purchased intangible assets, other than goodwill, as of December 31, 2014: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Core technology | $ | 20,667 | $ | (7,360 | ) | $ | 13,307 | |||||
Customer relationships | 40,195 | (27,270 | ) | 12,925 | ||||||||
Trademarks / Trade names | 2,216 | (1,714 | ) | 502 | ||||||||
Total intangible assets | $ | 63,078 | $ | (36,344 | ) | $ | 26,734 | |||||
The following table presents details of our purchased intangible assets, other than goodwill, as of December 31, 2013: | ||||||||||||
Gross | Accumulated | Net | ||||||||||
Amortization | ||||||||||||
Core technology | $ | 23,391 | $ | (7,155 | ) | $ | 16,236 | |||||
Customer relationships | 45,269 | (25,813 | ) | 19,456 | ||||||||
Trademarks / Trade names | 2,510 | (1,744 | ) | 766 | ||||||||
Total intangible assets | $ | 71,170 | $ | (34,712 | ) | $ | 36,458 | |||||
Schedule of expected future amortization of intangible assets | Expected future amortization of intangible assets is as follows: | |||||||||||
For the years ended December 31 - | ||||||||||||
2015 | $ | 4,285 | ||||||||||
2016 | 4,285 | |||||||||||
2017 | 4,263 | |||||||||||
2018 | 3,026 | |||||||||||
2019 | 1,692 | |||||||||||
Thereafter | 9,183 | |||||||||||
$ | 26,734 | |||||||||||
Schedule of computation and reconciliation of earnings per common share | Computation and reconciliation of earnings per common share for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income from continuing operations, net of non-controlling interest | $ | 1,926 | $ | 5,981 | $ | 9,834 | ||||||
Less income allocated to RSAs | (52 | ) | (102 | ) | (193 | ) | ||||||
Income from continuing operations allocated to common stock for EPS calculation | 1,874 | 5,879 | 9,641 | |||||||||
Income from discontinued operations | 641 | 478 | 943 | |||||||||
Net income allocated to common stock for EPS calculation | $ | 2,515 | $ | 6,357 | $ | 10,584 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding - basic | 13,687,485 | 13,533,566 | 13,264,636 | |||||||||
Dilutive stock-based compensation plans | 2,222 | 3,959 | 4,077 | |||||||||
Weighted average common shares outstanding - diluted | 13,689,707 | 13,537,525 | 13,268,713 | |||||||||
Income per share - Basic: | ||||||||||||
Continuing operations | $ | 0.13 | $ | 0.44 | $ | 0.73 | ||||||
Discontinued operations | 0.05 | 0.03 | 0.07 | |||||||||
Net income allocated to common stock for EPS calculation | $ | 0.18 | $ | 0.47 | $ | 0.8 | ||||||
Income per share - Diluted: | ||||||||||||
Continuing operations | $ | 0.13 | $ | 0.44 | $ | 0.73 | ||||||
Discontinued operations | 0.05 | 0.03 | 0.07 | |||||||||
Net income allocated to common stock for EPS calculation | $ | 0.18 | $ | 0.47 | $ | 0.8 | ||||||
RESTATEMENT_OF_PREVIOUSLYISSUE1
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Impact of the restatement on previously reported consolidated balance sheet, statements of operations, statements of comprehensive income (loss) and statements of cash flows | The following table summarizes the impact of the restatement on our previously reported consolidated balance sheet for the year ending December 31, 2013 (in thousands, except share and per share data): | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $419 | 37,785 | — | 37,785 | |||||||||||||||||||||
Inventory, net | 41,191 | — | 41,191 | |||||||||||||||||||||
Prepaid expenses and other | 4,375 | (98 | ) | 4,277 | ||||||||||||||||||||
Current deferred tax assets | 3,440 | 16 | 3,456 | |||||||||||||||||||||
Assets held for sale | 6,299 | — | 6,299 | |||||||||||||||||||||
Total current assets | 103,688 | (82 | ) | 103,606 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 98,573 | — | 98,573 | |||||||||||||||||||||
Less - accumulated depreciation | (38,358 | ) | — | (38,358 | ) | |||||||||||||||||||
Property, plant and equipment, net | 60,215 | — | 60,215 | |||||||||||||||||||||
GOODWILL, net | 37,970 | — | 37,970 | |||||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 36,458 | — | 36,458 | |||||||||||||||||||||
DEFERRED TAX ASSETS | 388 | 15 | 403 | |||||||||||||||||||||
OTHER ASSETS, net | 1,893 | — | 1,893 | |||||||||||||||||||||
TOTAL ASSETS | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 14,567 | $ | — | $ | 14,567 | ||||||||||||||||||
Accrued expenses | 3,927 | — | 3,927 | |||||||||||||||||||||
Dividend payable | 550 | — | 550 | |||||||||||||||||||||
Accrued income taxes | 2,811 | (154 | ) | 2,657 | ||||||||||||||||||||
Accrued employee compensation and benefits | 4,552 | — | 4,552 | |||||||||||||||||||||
Customer advances | 1,019 | — | 1,019 | |||||||||||||||||||||
Current debt obligations | 2,907 | — | 2,907 | |||||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | |||||||||||||||||||||
Liabilities related to assets held for sale | 826 | — | 826 | |||||||||||||||||||||
Total current liabilities | 31,594 | (154 | ) | 31,440 | ||||||||||||||||||||
LINES OF CREDIT | 26,400 | — | 26,400 | |||||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,945 | (150 | ) | 7,795 | ||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,881 | — | 1,881 | |||||||||||||||||||||
Total liabilities | 67,820 | (304 | ) | 67,516 | ||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | |||||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 689 | — | 689 | |||||||||||||||||||||
Additional paid-in capital | 62,934 | — | 62,934 | |||||||||||||||||||||
Retained earnings | 113,399 | (9 | ) | 113,390 | ||||||||||||||||||||
Other cumulative comprehensive loss | (4,230 | ) | 246 | (3,984 | ) | |||||||||||||||||||
Total stockholders’ equity | 172,792 | 237 | 173,029 | |||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported statements of consolidated operations for fiscal years 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 202,060 | $ | — | $ | 202,060 | $ | 192,737 | $ | — | $ | 192,737 | ||||||||||||
COST OF PRODUCTS SOLD | 143,926 | — | 143,926 | 135,085 | — | 135,085 | ||||||||||||||||||
Gross profit | 58,134 | — | 58,134 | 57,652 | — | 57,652 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 24,672 | — | 24,672 | 18,489 | — | 18,489 | ||||||||||||||||||
Selling and distribution expenses | 16,136 | — | 16,136 | 16,954 | — | 16,954 | ||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | 6,210 | — | 6,210 | ||||||||||||||||||
Total costs and expenses | 47,156 | — | 47,156 | 41,653 | — | 41,653 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,978 | — | 10,978 | 15,999 | — | 15,999 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (528 | ) | — | (528 | ) | (32 | ) | — | (32 | ) | ||||||||||||||
Interest expense | (648 | ) | — | (648 | ) | (832 | ) | — | (832 | ) | ||||||||||||||
Interest income | 7 | — | 7 | 13 | — | 13 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 9,809 | — | 9,809 | 15,148 | — | 15,148 | ||||||||||||||||||
INCOME TAX PROVISION | 2,700 | 1,036 | 3,736 | 4,397 | 919 | 5,316 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,109 | (1,036 | ) | 6,073 | 10,751 | (919 | ) | 9,832 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 478 | — | 478 | 943 | — | 943 | ||||||||||||||||||
NET INCOME | 7,587 | (1,036 | ) | 6,551 | 11,694 | (919 | ) | 10,775 | ||||||||||||||||
Less: Net income (loss) attributable to non-controlling interest | 92 | — | 92 | (2 | ) | — | (2 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,495 | $ | (1,036 | ) | $ | 6,459 | $ | 11,696 | $ | (919 | ) | $ | 10,777 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.52 | $ | (0.08 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.55 | $ | (0.08 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.07 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.54 | $ | (0.07 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,533,566 | — | 13,533,566 | 13,264,636 | — | 13,264,636 | ||||||||||||||||||
Diluted | 13,537,525 | — | 13,537,525 | 13,268,713 | — | 13,268,713 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.16 | $ | — | $ | 0.16 | $ | 0.16 | $ | — | $ | 0.16 | ||||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of comprehensive income for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | $ | 11,694 | $ | (919 | ) | $ | 10,775 | ||||||||||
Change in cumulative foreign currency translation adjustment | 2,237 | 382 | 2,619 | 2,796 | (190 | ) | 2,606 | |||||||||||||||||
Total comprehensive income | 9,824 | (654 | ) | 9,170 | 14,490 | (1,109 | ) | 13,381 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | 96 | — | 96 | 1 | — | 1 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 9,728 | $ | (654 | ) | $ | 9,074 | $ | 14,489 | $ | (1,109 | ) | $ | 13,380 | ||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of cash flows for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (478 | ) | — | (478 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,920 | — | 5,920 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 102 | — | 102 | |||||||||||||||||||||
Stock-based compensation | 3,401 | — | 3,401 | |||||||||||||||||||||
Deferred income tax benefit | (1,666 | ) | 1,145 | (521 | ) | |||||||||||||||||||
Loss on disposal of property, plant and equipment | 50 | — | 50 | |||||||||||||||||||||
Restructuring and impairment charges | 756 | — | 756 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (2,185 | ) | — | (2,185 | ) | |||||||||||||||||||
Inventory, net | 6,750 | — | 6,750 | |||||||||||||||||||||
Prepaid expenses and other | 79 | 10 | 89 | |||||||||||||||||||||
Accounts payable | 2,228 | — | 2,228 | |||||||||||||||||||||
Customer advances | (360 | ) | — | (360 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | 1,707 | (119 | ) | 1,588 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 30,239 | — | 30,239 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,777 | — | 1,777 | |||||||||||||||||||||
Net cash provided by operating activities | 32,016 | — | 32,016 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (16,223 | ) | — | (16,223 | ) | |||||||||||||||||||
Acquisition of minority interest | (180 | ) | — | (180 | ) | |||||||||||||||||||
Change in other non-current assets | (489 | ) | — | (489 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (16,892 | ) | — | (16,892 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (1,348 | ) | — | (1,348 | ) | |||||||||||||||||||
Net cash used in investing activities | (18,240 | ) | — | (18,240 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,592 | ) | — | (9,592 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (63 | ) | — | (63 | ) | |||||||||||||||||||
Payment on capital lease obligations | (40 | ) | — | (40 | ) | |||||||||||||||||||
Payment of dividends | (2,187 | ) | — | (2,187 | ) | |||||||||||||||||||
Other | 295 | — | 295 | |||||||||||||||||||||
Net cash used in financing activities | (11,587 | ) | — | (11,587 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 191 | — | 191 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,380 | — | 2,380 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 11,694 | $ | (919 | ) | $ | 10,775 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (943 | ) | — | (943 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,018 | — | 5,018 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,210 | — | 6,210 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 124 | — | 124 | |||||||||||||||||||||
Stock-based compensation | 4,443 | — | 4,443 | |||||||||||||||||||||
Deferred income tax benefit | (1,159 | ) | 689 | (470 | ) | |||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 717 | — | 717 | |||||||||||||||||||||
Inventory, net | (2,380 | ) | — | (2,380 | ) | |||||||||||||||||||
Prepaid expenses and other | 463 | 88 | 551 | |||||||||||||||||||||
Accounts payable | (3,616 | ) | — | (3,616 | ) | |||||||||||||||||||
Customer advances | (556 | ) | — | (556 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | (551 | ) | 142 | (409 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 19,464 | — | 19,464 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,092 | — | 1,092 | |||||||||||||||||||||
Net cash provided by operating activities | 20,556 | — | 20,556 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (15,133 | ) | — | (15,133 | ) | |||||||||||||||||||
Acquisition of TRX Industries | (10,294 | ) | — | (10,294 | ) | |||||||||||||||||||
Change in other non-current assets | (224 | ) | — | (224 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (25,651 | ) | — | (25,651 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (514 | ) | — | (514 | ) | |||||||||||||||||||
Net cash used in investing activities | (26,165 | ) | — | (26,165 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 12,174 | — | 12,174 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (1,176 | ) | — | (1,176 | ) | |||||||||||||||||||
Payment on capital lease obligations | (66 | ) | — | (66 | ) | |||||||||||||||||||
Payment of dividends | (2,155 | ) | — | (2,155 | ) | |||||||||||||||||||
Other | (260 | ) | — | (260 | ) | |||||||||||||||||||
Net cash provided by financing activities | 8,517 | — | 8,517 | |||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (8 | ) | — | (8 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,900 | — | 2,900 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 5,318 | — | 5,318 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,218 | $ | — | $ | 8,218 | ||||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated balance sheet for fiscal years 2014 and 2013 (in thousands, except share and per share data): | ||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,131 | $ | — | $ | 9,131 | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $459 and $440, respectively | 35,973 | — | 35,973 | 31,948 | — | 31,948 | ||||||||||||||||||
Inventory, net | 43,106 | (54 | ) | 43,052 | 46,491 | — | 46,491 | |||||||||||||||||
Prepaid expenses and other | 6,142 | (98 | ) | 6,044 | 5,956 | (89 | ) | 5,867 | ||||||||||||||||
Current deferred tax assets | 2,424 | 16 | 2,440 | 1,587 | 2 | 1,589 | ||||||||||||||||||
Assets held for sale | 6,276 | — | 6,276 | 5,402 | — | 5,402 | ||||||||||||||||||
Total current assets | 103,052 | (136 | ) | 102,916 | 99,630 | (87 | ) | 99,543 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,208 | — | 100,208 | 85,896 | — | 85,896 | ||||||||||||||||||
Less - accumulated depreciation | (40,934 | ) | 202 | (40,732 | ) | (33,661 | ) | — | (33,661 | ) | ||||||||||||||
Property, plant and equipment, net | 59,274 | 202 | 59,476 | 52,235 | — | 52,235 | ||||||||||||||||||
GOODWILL, net | 37,689 | — | 37,689 | 36,125 | — | 36,125 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 34,597 | — | 34,597 | 39,428 | — | 39,428 | ||||||||||||||||||
DEFERRED TAX ASSETS | 552 | 44 | 596 | 1,060 | (138 | ) | 922 | |||||||||||||||||
OTHER ASSETS, net | 1,711 | — | 1,711 | 529 | — | 529 | ||||||||||||||||||
TOTAL ASSETS | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 13,438 | $ | — | $ | 13,438 | $ | 10,362 | $ | — | $ | 10,362 | ||||||||||||
Accrued expenses | 4,315 | — | 4,315 | 4,453 | — | 4,453 | ||||||||||||||||||
Dividend payable | 557 | — | 557 | 547 | — | 547 | ||||||||||||||||||
Accrued income taxes | 2,034 | (102 | ) | 1,932 | 295 | 5 | 300 | |||||||||||||||||
Accrued employee compensation and benefits | 3,140 | — | 3,140 | 3,778 | — | 3,778 | ||||||||||||||||||
Customer advances | 2,996 | — | 2,996 | 1,378 | — | 1,378 | ||||||||||||||||||
Current debt obligations | 516 | — | 516 | 64 | — | 64 | ||||||||||||||||||
Current portion of capital lease obligations | 10 | — | 10 | 50 | — | 50 | ||||||||||||||||||
Current deferred tax liabilities | 404 | — | 404 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 758 | — | 758 | 543 | — | 543 | ||||||||||||||||||
Total current liabilities | 28,168 | (102 | ) | 28,066 | 21,625 | 5 | 21,630 | |||||||||||||||||
LINES OF CREDIT | 26,900 | — | 26,900 | 38,256 | — | 38,256 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 37 | — | 37 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 7 | — | 7 | 6 | — | 6 | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,566 | 158 | 7,724 | 8,344 | (1,021 | ) | 7,323 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,930 | 88 | 2,018 | 1,582 | — | 1,582 | ||||||||||||||||||
Total liabilities | 64,571 | 144 | 64,715 | 69,850 | (1,016 | ) | 68,834 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,944,094 and 13,683,307 shares issued and outstanding, respectively | 698 | — | 698 | 684 | — | 684 | ||||||||||||||||||
Additional paid-in capital | 63,589 | 101 | 63,690 | 60,682 | — | 60,682 | ||||||||||||||||||
Retained earnings | 114,480 | (160 | ) | 114,320 | 107,769 | 919 | 108,688 | |||||||||||||||||
Other cumulative comprehensive loss | (6,463 | ) | 25 | (6,438 | ) | (10,087 | ) | (128 | ) | (10,215 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,048 | 791 | 159,839 | |||||||||||||||||
Non-controlling interest | — | — | — | 109 | — | 109 | ||||||||||||||||||
Total stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,157 | 791 | 159,948 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,643 | $ | — | $ | 8,643 | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $504 and $471, respectively | 38,409 | — | 38,409 | 39,959 | — | 39,959 | ||||||||||||||||||
Inventory, net | 45,887 | — | 45,887 | 45,190 | — | 45,190 | ||||||||||||||||||
Prepaid expenses and other | 7,218 | (98 | ) | 7,120 | 5,504 | (89 | ) | 5,415 | ||||||||||||||||
Current deferred tax assets | 2,532 | 16 | 2,548 | 1,944 | 2 | 1,946 | ||||||||||||||||||
Assets held for sale | 6,155 | — | 6,155 | 6,206 | — | 6,206 | ||||||||||||||||||
Total current assets | 108,844 | (82 | ) | 108,762 | 101,171 | (87 | ) | 101,084 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 102,564 | — | 102,564 | 90,651 | — | 90,651 | ||||||||||||||||||
Less - accumulated depreciation | (42,220 | ) | 202 | (42,018 | ) | (35,010 | ) | — | (35,010 | ) | ||||||||||||||
Property, plant and equipment, net | 60,344 | 202 | 60,546 | 55,641 | — | 55,641 | ||||||||||||||||||
GOODWILL, net | 37,161 | — | 37,161 | 36,447 | — | 36,447 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 32,939 | — | 32,939 | 38,121 | — | 38,121 | ||||||||||||||||||
DEFERRED TAX ASSETS | 792 | (276 | ) | 516 | 458 | (139 | ) | 319 | ||||||||||||||||
OTHER ASSETS, net | 1,868 | — | 1,868 | 505 | — | 505 | ||||||||||||||||||
TOTAL ASSETS | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,689 | $ | — | $ | 9,689 | $ | 14,111 | $ | — | $ | 14,111 | ||||||||||||
Accrued expenses | 3,671 | — | 3,671 | 4,657 | — | 4,657 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 549 | — | 549 | ||||||||||||||||||
Accrued income taxes | 2,471 | (154 | ) | 2,317 | 906 | 5 | 911 | |||||||||||||||||
Accrued employee compensation and benefits | 4,119 | — | 4,119 | 4,338 | — | 4,338 | ||||||||||||||||||
Customer advances | 2,617 | — | 2,617 | 4,758 | — | 4,758 | ||||||||||||||||||
Current debt obligations | 20 | — | 20 | 63 | — | 63 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 45 | — | 45 | ||||||||||||||||||
Current deferred tax liabilities | 417 | — | 417 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 742 | — | 742 | 820 | — | 820 | ||||||||||||||||||
Total current liabilities | 24,310 | (154 | ) | 24,156 | 30,402 | 5 | 30,407 | |||||||||||||||||
LINES OF CREDIT | 31,800 | — | 31,800 | 28,843 | — | 28,843 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 20 | — | 20 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 6 | — | 6 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,186 | 554 | 7,740 | 8,050 | (646 | ) | 7,404 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 2,000 | 58 | 2,058 | 1,668 | — | 1,668 | ||||||||||||||||||
Total liabilities | 65,302 | 458 | 65,760 | 68,983 | (641 | ) | 68,342 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,750,163 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 64,861 | 89 | 64,950 | 61,530 | — | 61,530 | ||||||||||||||||||
Retained earnings | 116,808 | (731 | ) | 116,077 | 110,659 | 545 | 111,204 | |||||||||||||||||
Other cumulative comprehensive loss | (5,722 | ) | 28 | (5,694 | ) | (9,642 | ) | (130 | ) | (9,772 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,235 | 415 | 163,650 | |||||||||||||||||
Non-controlling interest | — | — | — | 125 | — | 125 | ||||||||||||||||||
Total stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,360 | 415 | 163,775 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,932 | $ | — | $ | 14,932 | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $599 and $340, respectively | 30,923 | — | 30,923 | 30,394 | — | 30,394 | ||||||||||||||||||
Inventory, net | 41,846 | 280 | 42,126 | 41,384 | — | 41,384 | ||||||||||||||||||
Prepaid expenses and other | 7,161 | (378 | ) | 6,783 | 3,977 | (89 | ) | 3,888 | ||||||||||||||||
Current deferred tax assets | 5,583 | 16 | 5,599 | 2,513 | 2 | 2,515 | ||||||||||||||||||
Assets held for sale | 6,011 | — | 6,011 | 6,610 | — | 6,610 | ||||||||||||||||||
Total current assets | 106,456 | (82 | ) | 106,374 | 94,211 | (87 | ) | 94,124 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,305 | — | 100,305 | 95,717 | — | 95,717 | ||||||||||||||||||
Less - accumulated depreciation | (42,625 | ) | 202 | (42,423 | ) | (36,469 | ) | — | (36,469 | ) | ||||||||||||||
Property, plant and equipment, net | 57,680 | 202 | 57,882 | 59,248 | — | 59,248 | ||||||||||||||||||
GOODWILL, net | 34,382 | — | 34,382 | 37,553 | — | 37,553 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 29,403 | — | 29,403 | 37,646 | — | 37,646 | ||||||||||||||||||
DEFERRED TAX ASSETS | 439 | (9 | ) | 430 | 397 | (239 | ) | 158 | ||||||||||||||||
OTHER ASSETS, net | 1,236 | — | 1,236 | 499 | — | 499 | ||||||||||||||||||
TOTAL ASSETS | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,104 | $ | — | $ | 9,104 | $ | 9,020 | $ | — | $ | 9,020 | ||||||||||||
Accrued expenses | 3,245 | — | 3,245 | 4,222 | — | 4,222 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 550 | — | 550 | ||||||||||||||||||
Accrued income taxes | 3,030 | (58 | ) | 2,972 | 1,325 | (88 | ) | 1,237 | ||||||||||||||||
Accrued employee compensation and benefits | 4,667 | — | 4,667 | 5,346 | — | 5,346 | ||||||||||||||||||
Customer advances | 2,364 | — | 2,364 | 1,387 | — | 1,387 | ||||||||||||||||||
Current debt obligations | 4 | — | 4 | 65 | — | 65 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 33 | — | 33 | ||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | 274 | — | 274 | ||||||||||||||||||
Liabilities related to assets held for sale | 721 | — | 721 | 765 | — | 765 | ||||||||||||||||||
Total current liabilities | 24,134 | (58 | ) | 24,076 | 22,987 | (88 | ) | 22,899 | ||||||||||||||||
LINES OF CREDIT | 26,000 | — | 26,000 | 25,550 | — | 25,550 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 5 | — | 5 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 4 | — | 4 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 8,641 | 866 | 9,507 | 8,084 | (242 | ) | 7,842 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,958 | 30 | 1,988 | 1,755 | — | 1,755 | ||||||||||||||||||
Total liabilities | 60,737 | 838 | 61,575 | 58,381 | (330 | ) | 58,051 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,759,007 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 65,836 | 78 | 65,914 | 62,099 | — | 62,099 | ||||||||||||||||||
Retained earnings | 118,745 | (888 | ) | 117,857 | 113,670 | 167 | 113,837 | |||||||||||||||||
Other cumulative comprehensive loss | (16,421 | ) | 83 | (16,338 | ) | (5,464 | ) | (163 | ) | (5,627 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 168,859 | (727 | ) | 168,132 | 170,993 | 4 | 170,997 | |||||||||||||||||
Non-controlling interest | — | — | — | 180 | — | 180 | ||||||||||||||||||
Total stockholders’ equity | 168,859 | (727 | ) | 168,132 | 171,173 | 4 | 171,177 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of operations (in thousands, except per share data): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 46,769 | $ | — | $ | 46,769 | $ | 44,836 | $ | — | $ | 44,836 | ||||||||||||
COST OF PRODUCTS SOLD | 32,203 | (148 | ) | 32,055 | 32,047 | — | 32,047 | |||||||||||||||||
Gross profit | 14,566 | 148 | 14,714 | 12,789 | — | 12,789 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,542 | 250 | 5,792 | 8,014 | — | 8,014 | ||||||||||||||||||
Selling and distribution expenses | 4,223 | — | 4,223 | 4,030 | — | 4,030 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | 1,585 | — | 1,585 | ||||||||||||||||||
Total costs and expenses | 11,381 | 250 | 11,631 | 13,629 | — | 13,629 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 3,185 | (102 | ) | 3,083 | (840 | ) | — | (840 | ) | |||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (435 | ) | — | (435 | ) | 296 | — | 296 | ||||||||||||||||
Interest expense | (109 | ) | — | (109 | ) | (172 | ) | — | (172 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 3 | — | 3 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 2,646 | (102 | ) | 2,544 | (713 | ) | — | (713 | ) | |||||||||||||||
INCOME TAX PROVISION (BENEFIT) | 692 | 49 | 741 | (1,049 | ) | 108 | (941 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 1,954 | (151 | ) | 1,803 | 336 | (108 | ) | 228 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Loss from operations of discontinued operations, net of tax | (316 | ) | — | (316 | ) | (93 | ) | — | (93 | ) | ||||||||||||||
NET INCOME | 1,638 | (151 | ) | 1,487 | 243 | (108 | ) | 135 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 28 | — | 28 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 215 | $ | (108 | ) | $ | 107 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,644,239 | — | 13,644,239 | 13,509,792 | — | 13,509,792 | ||||||||||||||||||
Diluted | 13,649,953 | — | 13,649,953 | 13,513,797 | — | 13,513,797 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,911 | $ | — | $ | 51,911 | $ | 55,554 | $ | — | $ | 55,554 | ||||||||||||
COST OF PRODUCTS SOLD | 36,067 | (54 | ) | 36,013 | 39,155 | — | 39,155 | |||||||||||||||||
Gross profit | 15,844 | 54 | 15,898 | 16,399 | — | 16,399 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,813 | (42 | ) | 5,771 | 5,006 | — | 5,006 | |||||||||||||||||
Selling and distribution expenses | 4,733 | — | 4,733 | 4,310 | — | 4,310 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,617 | — | 1,617 | 1,568 | — | 1,568 | ||||||||||||||||||
Total costs and expenses | 12,163 | (42 | ) | 12,121 | 10,884 | — | 10,884 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,681 | 96 | 3,777 | 5,515 | — | 5,515 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 332 | — | 332 | (420 | ) | — | (420 | ) | ||||||||||||||||
Interest expense | (174 | ) | — | (174 | ) | (183 | ) | — | (183 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,840 | 96 | 3,936 | 4,913 | — | 4,913 | ||||||||||||||||||
INCOME TAX PROVISION | 1,172 | 667 | 1,839 | 1,768 | 373 | 2,141 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,668 | (571 | ) | 2,097 | 3,145 | (373 | ) | 2,772 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 219 | — | 219 | 310 | — | 310 | ||||||||||||||||||
NET INCOME | 2,887 | (571 | ) | 2,316 | 3,455 | (373 | ) | 3,082 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 15 | — | 15 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,440 | $ | (373 | ) | $ | 3,067 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,672,457 | — | 13,672,457 | 13,526,623 | — | 13,526,623 | ||||||||||||||||||
Diluted | 13,677,911 | — | 13,677,911 | 13,530,588 | — | 13,530,588 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 98,680 | $ | — | $ | 98,680 | $ | 100,390 | $ | — | $ | 100,390 | ||||||||||||
COST OF PRODUCTS SOLD | 68,269 | (202 | ) | 68,067 | 71,203 | — | 71,203 | |||||||||||||||||
Gross profit | 30,411 | 202 | 30,613 | 29,187 | — | 29,187 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 11,356 | 208 | 11,564 | 13,019 | — | 13,019 | ||||||||||||||||||
Selling and distribution expenses | 8,956 | — | 8,956 | 8,340 | — | 8,340 | ||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | 3,153 | — | 3,153 | ||||||||||||||||||
Total costs and expenses | 23,544 | 208 | 23,752 | 24,512 | — | 24,512 | ||||||||||||||||||
INCOME FROM OPERATIONS | 6,867 | (6 | ) | 6,861 | 4,675 | — | 4,675 | |||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (103 | ) | — | (103 | ) | (124 | ) | — | (124 | ) | ||||||||||||||
Interest expense | (283 | ) | — | (283 | ) | (355 | ) | — | (355 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 4 | — | 4 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 6,486 | (6 | ) | 6,480 | 4,200 | — | 4,200 | |||||||||||||||||
INCOME TAX PROVISION | 1,864 | 716 | 2,580 | 719 | 482 | 1,201 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 4,622 | (722 | ) | 3,900 | 3,481 | (482 | ) | 2,999 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (97 | ) | — | (97 | ) | 217 | — | 217 | ||||||||||||||||
NET INCOME | 4,525 | (722 | ) | 3,803 | 3,698 | (482 | ) | 3,216 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 43 | — | 43 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,655 | $ | (482 | ) | $ | 3,173 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,668,223 | — | 13,668,223 | 13,523,028 | — | 13,523,028 | ||||||||||||||||||
Diluted | 13,673,807 | — | 13,673,807 | 13,527,011 | — | 13,527,011 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,886 | $ | — | $ | 51,886 | $ | 52,331 | $ | — | $ | 52,331 | ||||||||||||
COST OF PRODUCTS SOLD | 36,803 | — | 36,803 | 36,229 | — | 36,229 | ||||||||||||||||||
Gross profit | 15,083 | — | 15,083 | 16,102 | — | 16,102 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,503 | (40 | ) | 5,463 | 5,672 | — | 5,672 | |||||||||||||||||
Selling and distribution expenses | 4,639 | — | 4,639 | 3,658 | — | 3,658 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,575 | — | 1,575 | 1,581 | — | 1,581 | ||||||||||||||||||
Total costs and expenses | 11,717 | (40 | ) | 11,677 | 10,911 | — | 10,911 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,366 | 40 | 3,406 | 5,191 | — | 5,191 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 472 | — | 472 | (247 | ) | — | (247 | ) | ||||||||||||||||
Interest expense | (137 | ) | — | (137 | ) | (129 | ) | — | (129 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,702 | 40 | 3,742 | 4,816 | — | 4,816 | ||||||||||||||||||
INCOME TAX PROVISION | 1,224 | 196 | 1,420 | 1,460 | 378 | 1,838 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,478 | (156 | ) | 2,322 | 3,356 | (378 | ) | 2,978 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 20 | — | 20 | 255 | — | 255 | ||||||||||||||||||
NET INCOME | 2,498 | (156 | ) | 2,342 | 3,611 | (378 | ) | 3,233 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 49 | — | 49 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,562 | $ | (378 | ) | $ | 3,184 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,688,649 | — | 13,688,649 | 13,540,394 | — | 13,540,394 | ||||||||||||||||||
Diluted | 13,690,174 | — | 13,690,174 | 13,544,665 | — | 13,544,665 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 150,566 | $ | — | $ | 150,566 | $ | 152,720 | $ | — | $ | 152,720 | ||||||||||||
COST OF PRODUCTS SOLD | 105,073 | (202 | ) | 104,871 | 107,431 | — | 107,431 | |||||||||||||||||
Gross profit | 45,493 | 202 | 45,695 | 45,289 | — | 45,289 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 16,858 | 169 | 17,027 | 18,694 | — | 18,694 | ||||||||||||||||||
Selling and distribution expenses | 13,596 | — | 13,596 | 11,997 | — | 11,997 | ||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | 4,734 | — | 4,734 | ||||||||||||||||||
Total costs and expenses | 35,262 | 169 | 35,431 | 35,425 | — | 35,425 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,231 | 33 | 10,264 | 9,864 | — | 9,864 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 369 | — | 369 | (371 | ) | — | (371 | ) | ||||||||||||||||
Interest expense | (420 | ) | — | (420 | ) | (484 | ) | — | (484 | ) | ||||||||||||||
Interest income | 6 | — | 6 | 5 | — | 5 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 10,186 | 33 | 10,219 | 9,014 | — | 9,014 | ||||||||||||||||||
INCOME TAX PROVISION | 3,088 | 912 | 4,000 | 2,179 | 860 | 3,039 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,098 | (879 | ) | 6,219 | 6,835 | (860 | ) | 5,975 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (77 | ) | — | (77 | ) | 473 | — | 473 | ||||||||||||||||
NET INCOME | 7,021 | (879 | ) | 6,142 | 7,308 | (860 | ) | 6,448 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 92 | — | 92 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,216 | $ | (860 | ) | $ | 6,356 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,676,730 | — | 13,676,730 | 13,528,880 | — | 13,528,880 | ||||||||||||||||||
Diluted | 13,681,790 | — | 13,681,790 | 13,532,973 | — | 13,532,973 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.12 | $ | — | $ | 0.12 | ||||||||||||
Three months ended December 31, 2014 | Three months ended December, 2013 | |||||||||||||||||||||||
As Reported | As Reported | Adjustments | Restated | |||||||||||||||||||||
NET SALES | $ | 51,995 | $ | 49,339 | $ | — | $ | 49,339 | ||||||||||||||||
COST OF PRODUCTS SOLD | 36,271 | 36,495 | — | 36,495 | ||||||||||||||||||||
Gross profit | 15,724 | 12,844 | — | 12,844 | ||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 6,740 | 5,980 | — | 5,980 | ||||||||||||||||||||
Selling and distribution expenses | 4,509 | 4,138 | — | 4,138 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,295 | 1,614 | — | 1,614 | ||||||||||||||||||||
Restructuring expenses | 6,781 | — | — | — | ||||||||||||||||||||
Total costs and expenses | 19,325 | 11,732 | — | 11,732 | ||||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (3,601 | ) | 1,112 | — | 1,112 | |||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (682 | ) | (157 | ) | — | (157 | ) | |||||||||||||||||
Interest expense | (132 | ) | (164 | ) | — | (164 | ) | |||||||||||||||||
Interest income | 32 | 2 | — | 2 | ||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | (4,383 | ) | 793 | — | 793 | |||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | (87 | ) | 522 | 176 | 698 | |||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (4,296 | ) | 271 | (176 | ) | 95 | ||||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | — | 6 | — | 6 | ||||||||||||||||||||
Gain on sale of discontinued operations, net of tax | 718 | — | — | — | ||||||||||||||||||||
Income from discontinued operations | 718 | 6 | — | 6 | ||||||||||||||||||||
NET INCOME (LOSS) | (3,578 | ) | 277 | (176 | ) | 101 | ||||||||||||||||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,696,399 | 13,543,007 | — | 13,543,007 | ||||||||||||||||||||
Diluted | 13,697,821 | 13,549,288 | — | 13,549,288 | ||||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statements of comprehensive income (loss) for the fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 243 | $ | (108 | ) | $ | 135 | ||||||||||
Change in cumulative foreign currency translation adjustment | (2,233 | ) | (221 | ) | (2,454 | ) | (3,627 | ) | 8 | (3,619 | ) | |||||||||||||
Total comprehensive loss | (595 | ) | (372 | ) | (967 | ) | (3,384 | ) | (100 | ) | (3,484 | ) | ||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 25 | — | 25 | ||||||||||||||||||
Comprehensive loss attributable to Dynamic Materials Corporation | $ | (595 | ) | $ | (372 | ) | $ | (967 | ) | $ | (3,409 | ) | $ | (100 | ) | $ | (3,509 | ) | ||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,455 | $ | (373 | ) | $ | 3,082 | ||||||||||
Change in cumulative foreign currency translation adjustment | 741 | 3 | 744 | 446 | (3 | ) | 443 | |||||||||||||||||
Total comprehensive income | 3,628 | (568 | ) | 3,060 | 3,901 | (376 | ) | 3,525 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 16 | — | 16 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,628 | $ | (568 | ) | $ | 3,060 | $ | 3,885 | $ | (376 | ) | $ | 3,509 | ||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,698 | $ | (482 | ) | $ | 3,216 | ||||||||||
Change in cumulative foreign currency translation adjustment | (1,492 | ) | (218 | ) | (1,710 | ) | (3,181 | ) | 6 | (3,175 | ) | |||||||||||||
Total comprehensive income | 3,033 | (940 | ) | 2,093 | 517 | (476 | ) | 41 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 41 | — | 41 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,033 | $ | (940 | ) | $ | 2,093 | $ | 476 | $ | (476 | ) | $ | — | ||||||||||
Three months ended September, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,611 | $ | (378 | ) | $ | 3,233 | ||||||||||
Change in cumulative foreign currency translation adjustment | (10,701 | ) | 54 | (10,647 | ) | 4,183 | (33 | ) | 4,150 | |||||||||||||||
Total comprehensive income (loss) | (8,203 | ) | (102 | ) | (8,305 | ) | 7,794 | (411 | ) | 7,383 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 55 | — | 55 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (8,203 | ) | $ | (102 | ) | $ | (8,305 | ) | $ | 7,739 | $ | (411 | ) | $ | 7,328 | ||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,308 | $ | (860 | ) | $ | 6,448 | ||||||||||
Change in cumulative foreign currency translation adjustment | (12,191 | ) | (163 | ) | (12,354 | ) | 1,003 | (27 | ) | 976 | ||||||||||||||
Total comprehensive income (loss) | (5,170 | ) | (1,042 | ) | (6,212 | ) | 8,311 | (887 | ) | 7,424 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 96 | — | 96 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (5,170 | ) | $ | (1,042 | ) | $ | (6,212 | ) | $ | 8,215 | $ | (887 | ) | $ | 7,328 | ||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of cash flows for fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 1,638 | $ | (151 | ) | $ | 1,487 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 316 | — | 316 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,826 | (202 | ) | 1,624 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 555 | 162 | 717 | |||||||||||||||||||||
Deferred income tax benefit | 612 | 58 | 670 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 1,570 | — | 1,570 | |||||||||||||||||||||
Inventory, net | (2,513 | ) | 54 | (2,459 | ) | |||||||||||||||||||
Prepaid expenses and other | (1,867 | ) | — | (1,867 | ) | |||||||||||||||||||
Accounts payable | (1,051 | ) | — | (1,051 | ) | |||||||||||||||||||
Customer advances | 1,980 | — | 1,980 | |||||||||||||||||||||
Accrued expenses and other liabilities | (1,291 | ) | 140 | (1,151 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 3,416 | 61 | 3,477 | |||||||||||||||||||||
Net cash flows used in discontinued operations | (298 | ) | — | (298 | ) | |||||||||||||||||||
Net cash provided by operating activities | 3,118 | 61 | 3,179 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (1,994 | ) | — | (1,994 | ) | |||||||||||||||||||
Change in other non-current assets | 32 | — | 32 | |||||||||||||||||||||
Net cash flows used in continuing operations | (1,962 | ) | — | (1,962 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (63 | ) | — | (63 | ) | |||||||||||||||||||
Net cash used in investing activities | (2,025 | ) | — | (2,025 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (1,863 | ) | — | (1,863 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment on capital lease obligations | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment of dividends | (550 | ) | — | (550 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 22 | — | 22 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 87 | (61 | ) | 26 | ||||||||||||||||||||
Net cash used in financing activities | (2,334 | ) | (61 | ) | (2,395 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (226 | ) | — | (226 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,467 | ) | — | (1,467 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,131 | $ | — | $ | 9,131 | ||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 4,525 | $ | (722 | ) | $ | 3,803 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 97 | — | 97 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 3,581 | (202 | ) | 3,379 | ||||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 1,591 | 150 | 1,741 | |||||||||||||||||||||
Deferred income tax benefit | 72 | 776 | 848 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (858 | ) | — | (858 | ) | |||||||||||||||||||
Inventory, net | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||
Prepaid expenses and other | (2,873 | ) | — | (2,873 | ) | |||||||||||||||||||
Accounts payable | (4,778 | ) | — | (4,778 | ) | |||||||||||||||||||
Customer advances | 1,613 | — | 1,613 | |||||||||||||||||||||
Accrued expenses and other liabilities | (645 | ) | 59 | (586 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 613 | 61 | 674 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 48 | — | 48 | |||||||||||||||||||||
Net cash provided by operating activities | 661 | 61 | 722 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,123 | ) | — | (4,123 | ) | |||||||||||||||||||
Change in other non-current assets | (59 | ) | — | (59 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (4,182 | ) | — | (4,182 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (85 | ) | — | (85 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,267 | ) | — | (4,267 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 2,555 | — | 2,555 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (31 | ) | — | (31 | ) | |||||||||||||||||||
Payment on capital lease obligations | (22 | ) | — | (22 | ) | |||||||||||||||||||
Payment of dividends | (1,108 | ) | — | (1,108 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 112 | (61 | ) | 51 | ||||||||||||||||||||
Net cash provided by financing activities | 1,740 | (61 | ) | 1,679 | ||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (89 | ) | — | (89 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,955 | ) | — | (1,955 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,643 | $ | — | $ | 8,643 | ||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,021 | $ | (879 | ) | $ | 6,142 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 77 | — | 77 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 5,406 | (202 | ) | 5,204 | ||||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,565 | 139 | 2,704 | |||||||||||||||||||||
Deferred income tax benefit | (608 | ) | 863 | 255 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 6 | — | 6 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 5,342 | — | 5,342 | |||||||||||||||||||||
Inventory, net | (3,012 | ) | 280 | (2,732 | ) | |||||||||||||||||||
Prepaid expenses and other | (3,146 | ) | (267 | ) | (3,413 | ) | ||||||||||||||||||
Accounts payable | (5,084 | ) | — | (5,084 | ) | |||||||||||||||||||
Customer advances | 1,445 | — | 1,445 | |||||||||||||||||||||
Accrued expenses and other liabilities | 683 | 127 | 810 | |||||||||||||||||||||
Net cash flows provided by continuing operations | 15,579 | 61 | 15,640 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 239 | — | 239 | |||||||||||||||||||||
Net cash provided by operating activities | 15,818 | 61 | 15,879 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (6,472 | ) | — | (6,472 | ) | |||||||||||||||||||
Change in other non-current assets | 373 | — | 373 | |||||||||||||||||||||
Net cash flows used in continuing operations | (6,099 | ) | — | (6,099 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (120 | ) | — | (120 | ) | |||||||||||||||||||
Net cash used in investing activities | (6,219 | ) | — | (6,219 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (3,213 | ) | — | (3,213 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (23 | ) | — | (23 | ) | |||||||||||||||||||
Payment of dividends | (1,667 | ) | — | (1,667 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 113 | (61 | ) | 52 | ||||||||||||||||||||
Net cash used in financing activities | (4,603 | ) | (61 | ) | (4,664 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (662 | ) | — | (662 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,334 | — | 4,334 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 14,932 | $ | — | $ | 14,932 | ||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 243 | $ | (108 | ) | $ | 135 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 93 | — | 93 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,272 | — | 1,272 | |||||||||||||||||||||
Amortization of purchased intangible assets | 1,585 | — | 1,585 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 1,422 | — | 1,422 | |||||||||||||||||||||
Deferred income tax benefit | 130 | 173 | 303 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 2,784 | — | 2,784 | |||||||||||||||||||||
Inventory, net | 619 | — | 619 | |||||||||||||||||||||
Prepaid expenses and other | (952 | ) | — | (952 | ) | |||||||||||||||||||
Accounts payable | (596 | ) | — | (596 | ) | |||||||||||||||||||
Customer advances | 55 | — | 55 | |||||||||||||||||||||
Accrued expenses and other liabilities | (916 | ) | (65 | ) | (981 | ) | ||||||||||||||||||
Net cash flows provided by continuing operations | 5,785 | — | 5,785 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 559 | — | 559 | |||||||||||||||||||||
Net cash provided by operating activities | 6,344 | — | 6,344 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,366 | ) | — | (4,366 | ) | |||||||||||||||||||
Change in other non-current assets | 45 | — | 45 | |||||||||||||||||||||
Net cash flows used in continuing operations | (4,321 | ) | — | (4,321 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (87 | ) | — | (87 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,408 | ) | — | (4,408 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (202 | ) | — | (202 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (16 | ) | — | (16 | ) | |||||||||||||||||||
Payment on capital lease obligations | (13 | ) | — | (13 | ) | |||||||||||||||||||
Payment of dividends | (540 | ) | — | (540 | ) | |||||||||||||||||||
Excess tax benefit from stock-based compensation | (890 | ) | — | (890 | ) | |||||||||||||||||||
Net cash used in financing activities | (1,661 | ) | — | (1,661 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (247 | ) | — | (247 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 28 | — | 28 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 3,698 | $ | (482 | ) | $ | 3,216 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (217 | ) | — | (217 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 2,583 | — | 2,583 | |||||||||||||||||||||
Amortization of purchased intangible assets | 3,153 | — | 3,153 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 2,057 | — | 2,057 | |||||||||||||||||||||
Deferred income tax benefit | 229 | 547 | 776 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (5,193 | ) | — | (5,193 | ) | |||||||||||||||||||
Inventory, net | 1,960 | — | 1,960 | |||||||||||||||||||||
Prepaid expenses and other | (545 | ) | — | (545 | ) | |||||||||||||||||||
Accounts payable | 3,105 | — | 3,105 | |||||||||||||||||||||
Customer advances | 3,434 | — | 3,434 | |||||||||||||||||||||
Accrued expenses and other liabilities | 409 | (65 | ) | 344 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 14,745 | — | 14,745 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 680 | — | 680 | |||||||||||||||||||||
Net cash provided by operating activities | 15,425 | — | 15,425 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (9,301 | ) | — | (9,301 | ) | |||||||||||||||||||
Change in other non-current assets | 192 | — | 192 | |||||||||||||||||||||
Net cash flows used in continuing operations | (9,109 | ) | — | (9,109 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (425 | ) | — | (425 | ) | |||||||||||||||||||
Net cash used in investing activities | (9,534 | ) | — | (9,534 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,811 | ) | — | (9,811 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (32 | ) | — | (32 | ) | |||||||||||||||||||
Payment on capital lease obligations | (25 | ) | — | (25 | ) | |||||||||||||||||||
Payment of dividends | (1,088 | ) | — | (1,088 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (836 | ) | — | (836 | ) | |||||||||||||||||||
Net cash used in financing activities | (11,629 | ) | — | (11,629 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (112 | ) | — | (112 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,850 | ) | — | (5,850 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,308 | $ | (860 | ) | $ | 6,448 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss (income) from discontinued operations, net of tax | (473 | ) | — | (473 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 4,004 | — | 4,004 | |||||||||||||||||||||
Amortization of purchased intangible assets | 4,734 | — | 4,734 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,685 | — | 2,685 | |||||||||||||||||||||
Deferred income tax benefit | (126 | ) | 1,018 | 892 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 4,868 | — | 4,868 | |||||||||||||||||||||
Inventory, net | 6,588 | — | 6,588 | |||||||||||||||||||||
Prepaid expenses and other | 1,031 | — | 1,031 | |||||||||||||||||||||
Accounts payable | (2,208 | ) | — | (2,208 | ) | |||||||||||||||||||
Customer advances | 21 | — | 21 | |||||||||||||||||||||
Accrued expenses and other liabilities | 1,303 | (158 | ) | 1,145 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 29,816 | — | 29,816 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 655 | — | 655 | |||||||||||||||||||||
Net cash provided by operating activities | 30,471 | — | 30,471 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (13,426 | ) | — | (13,426 | ) | |||||||||||||||||||
Change in other non-current assets | 209 | — | 209 | |||||||||||||||||||||
Net cash flows used in continuing operations | (13,217 | ) | — | (13,217 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (604 | ) | — | (604 | ) | |||||||||||||||||||
Net cash used in investing activities | (13,821 | ) | — | (13,821 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (13,252 | ) | — | (13,252 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (39 | ) | — | (39 | ) | |||||||||||||||||||
Payment of dividends | (1,637 | ) | — | (1,637 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (895 | ) | — | (895 | ) | |||||||||||||||||||
Net cash used in financing activities | (15,707 | ) | — | (15,707 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 172 | — | 172 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,115 | — | 1,115 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Schedule of allocation of the purchase price | The allocation of the purchase price to the assets of TRX was as follows: | |||
Current assets | $ | 2,702 | ||
Property, plant and equipment | 2,227 | |||
Intangible assets | 5,365 | |||
Deferred tax assets | 40 | |||
Total assets acquired | 10,334 | |||
Current liabilities | 40 | |||
Total liabilities assumed | 40 | |||
Net assets acquired | $ | 10,294 | ||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of lines of credit | Lines of credit consisted of the following at December 31, 2014 and 2013: | |||||||
2014 | 2013 | |||||||
Syndicated credit agreement: | ||||||||
U.S. Dollar revolving loan | $ | 19,500 | $ | 26,400 | ||||
Euro revolving loan | 3,282 | — | ||||||
Canadian Dollar revolving loan | — | — | ||||||
Commerzbank line of credit | — | 2,856 | ||||||
22,782 | 29,256 | |||||||
Less current portion | — | (2,856 | ) | |||||
Long-term lines of credit | $ | 22,782 | $ | 26,400 | ||||
Schedule of long-term debt | Other debt consisted of the following at December 31, 2014 and 2013: | |||||||
2014 | 2013 | |||||||
Loans with former owners of LRI | $ | — | $ | 51 | ||||
Less current maturities | — | (51 | ) | |||||
Other long-term debt | $ | — | $ | — | ||||
STOCK_OWNERSHIP_AND_BENEFIT_PL1
STOCK OWNERSHIP AND BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of total stock-based compensation expense | The following table sets forth the total stock-based compensation expense included in the Consolidated Statements of Operations: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of products sold | $ | 309 | $ | 304 | $ | 324 | |||||||
General and administrative expenses | 2,995 | 2,913 | 3,018 | ||||||||||
Selling and distribution expenses | 284 | 184 | 1,101 | ||||||||||
Stock-based compensation expense before income taxes and discontinued operations | 3,588 | 3,401 | 4,443 | ||||||||||
Income tax benefit | (970 | ) | (990 | ) | (864 | ) | |||||||
Stock-based compensation expense before discontinued operations, net of income taxes | 2,618 | 2,411 | 3,579 | ||||||||||
Discontinued operations | 112 | — | — | ||||||||||
Income tax benefit | (38 | ) | — | — | |||||||||
Stock-based compensation expense in discontinued operations, net of income taxes | 74 | — | — | ||||||||||
Stock-based compensation expense, net of income taxes | 2,692 | 2,411 | 3,579 | ||||||||||
Earnings per share impact - Basic: | |||||||||||||
Continuing operations | $ | 0.19 | $ | 0.18 | $ | 0.27 | |||||||
Discontinued operations | $ | 0.01 | $ | — | $ | — | |||||||
Net income | $ | 0.2 | $ | 0.18 | $ | 0.27 | |||||||
Earnings per share impact - Diluted: | |||||||||||||
Continuing operations | $ | 0.19 | $ | 0.18 | $ | 0.27 | |||||||
Discontinued operations | $ | 0.01 | $ | — | $ | — | |||||||
Net income | $ | 0.2 | $ | 0.18 | $ | 0.27 | |||||||
Summary of the activity of nonvested shares of restricted stock | A summary of the activity of our nonvested shares of restricted stock issued under the 2006 Plan for the years ended December 31, 2014, 2013, and 2012 is as follows: | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Balance at December 31, 2011 | 261,829 | $ | 30.59 | ||||||||||
Granted | 116,900 | 20.74 | |||||||||||
Vested | (136,344 | ) | 27.2 | ||||||||||
Balance at December 31, 2012 | 242,385 | $ | 27.75 | ||||||||||
Granted | 163,579 | 16.37 | |||||||||||
Vested | (216,851 | ) | 27.95 | ||||||||||
Forfeited | (2,000 | ) | 22.05 | ||||||||||
Balance at December 31, 2013 | 187,113 | $ | 17.63 | ||||||||||
Granted | 157,680 | 21.31 | |||||||||||
Vested | (81,823 | ) | 18.55 | ||||||||||
Forfeited | (250 | ) | 22.05 | ||||||||||
Balance at December 31, 2014 | 262,720 | $ | 19.55 | ||||||||||
Summary of the activity of nonvested restricted stock units | A summary of the activity of our nonvested restricted stock units for the years ended December 31, 2014, 2013, and 2012 is as follows: | ||||||||||||
Share | Weighted Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Balance at December 31, 2011 | 53,998 | $ | 20.43 | ||||||||||
Granted | 50,200 | 20.44 | |||||||||||
Vested | (20,769 | ) | 20.43 | ||||||||||
Forfeited | (3,000 | ) | 21.15 | ||||||||||
Balance at December 31, 2012 | 80,429 | $ | 20.41 | ||||||||||
Granted | 56,217 | 15.67 | |||||||||||
Vested | (35,001 | ) | 20.88 | ||||||||||
Forfeited | (2,300 | ) | 19.01 | ||||||||||
Balance at December 31, 2013 | 99,345 | $ | 17.59 | ||||||||||
Granted | 33,895 | 21.25 | |||||||||||
Vested | (48,674 | ) | 18.87 | ||||||||||
Balance at December 31, 2014 | 84,566 | $ | 18.33 | ||||||||||
INCOME_TAXES_RESTATED_Tables
INCOME TAXES (RESTATED) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of domestic and foreign components of income before tax for operations | The domestic and foreign components of income before tax for our operations for the years ended December 31 are summarized below: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restated | Restated | ||||||||||||
Domestic | $ | (706 | ) | $ | 6,339 | $ | 6,312 | ||||||
Foreign | 6,545 | 3,470 | 8,836 | ||||||||||
$ | 5,839 | $ | 9,809 | $ | 15,148 | ||||||||
Schedule of components of the provision for income taxes | The components of the provision for income taxes for the years ended December 31 are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restated | Restated | ||||||||||||
Current - Federal | $ | 378 | $ | 1,144 | $ | 3,396 | |||||||
Current - State | 16 | 93 | 136 | ||||||||||
Current - Foreign | 3,774 | 3,020 | 2,254 | ||||||||||
Current income tax expense | 4,168 | 4,257 | 5,786 | ||||||||||
Deferred - Federal | (236 | ) | 658 | (140 | ) | ||||||||
Deferred - State | (82 | ) | (64 | ) | (27 | ) | |||||||
Deferred - Foreign | 63 | (1,115 | ) | (303 | ) | ||||||||
Deferred income tax benefit | (255 | ) | (521 | ) | (470 | ) | |||||||
Income tax provision | $ | 3,913 | $ | 3,736 | $ | 5,316 | |||||||
Schedule of reconciliation of income tax provision | A reconciliation of our income tax provision computed by applying the Federal statutory income tax rate of 35% in December 31, 2014, 2013, and 2012 to income before taxes is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Restated | Restated | ||||||||||||
Statutory U.S. federal income tax | $ | 2,042 | $ | 3,401 | $ | 5,302 | |||||||
U.S. state income tax, net of federal benefit | (15 | ) | 85 | 45 | |||||||||
Foreign rate differential | (1,558 | ) | (1,259 | ) | (2,271 | ) | |||||||
Domestic production activities deduction | (21 | ) | (211 | ) | (316 | ) | |||||||
Tax audit adjustments | (338 | ) | 812 | — | |||||||||
Intercompany distributions | 16 | 2,239 | — | ||||||||||
Foreign equity compensation | 338 | 234 | 254 | ||||||||||
Deemed repatriation of foreign earnings | — | (908 | ) | 908 | |||||||||
Current year tax credits | (156 | ) | (628 | ) | (29 | ) | |||||||
Change in valuation allowances | 3,737 | 73 | — | ||||||||||
Other | (132 | ) | (102 | ) | 1,423 | ||||||||
Provision for income taxes | $ | 3,913 | $ | 3,736 | $ | 5,316 | |||||||
Schedule of deferred tax assets and liabilities | Our deferred tax assets and liabilities at December 31, 2014 and 2013 consist of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
Restated | |||||||||||||
Deferred tax assets: | |||||||||||||
Net foreign operating loss carryforward | $ | 6,932 | $ | 5,396 | |||||||||
Inventory differences | 2,337 | 2,373 | |||||||||||
Equity compensation | 836 | 556 | |||||||||||
Investment in subsidiaries | 935 | 1,147 | |||||||||||
Restructuring | 1,265 | — | |||||||||||
Other, net | 418 | 591 | |||||||||||
Gross deferred tax assets | 12,723 | 10,063 | |||||||||||
Less valuation allowances | (3,032 | ) | (75 | ) | |||||||||
Total deferred tax assets | 9,691 | 9,988 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Purchased intangible assets | (9,813 | ) | (12,445 | ) | |||||||||
Depreciation and amortization | (2,476 | ) | (1,676 | ) | |||||||||
Other, net | (220 | ) | (238 | ) | |||||||||
Total deferred tax liabilities | (12,509 | ) | (14,359 | ) | |||||||||
Net deferred tax liabilities | $ | (2,818 | ) | $ | (4,371 | ) |
BUSINESS_SEGMENTS_Tables
BUSINESS SEGMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of segment information | Segment information is presented for the years ended December 31, 2014, 2013, and 2012 as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
NobelClad | $ | 97,108 | $ | 118,409 | $ | 115,333 | |||||||
DynaEnergetics | 105,453 | 83,651 | 77,404 | ||||||||||
Consolidated net sales | $ | 202,561 | $ | 202,060 | $ | 192,737 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income before income taxes: | |||||||||||||
NobelClad | $ | 2,155 | $ | 17,090 | $ | 17,439 | |||||||
DynaEnergetics | 14,479 | 4,506 | 6,568 | ||||||||||
Segment operating income | 16,634 | 21,596 | 24,007 | ||||||||||
Unallocated corporate expenses | (6,381 | ) | (7,217 | ) | (3,565 | ) | |||||||
Stock-based compensation | (3,588 | ) | (3,401 | ) | (4,443 | ) | |||||||
Other income (expense) | (313 | ) | (528 | ) | (32 | ) | |||||||
Interest expense | (551 | ) | (648 | ) | (832 | ) | |||||||
Interest income | 38 | 7 | 13 | ||||||||||
Consolidated income before income taxes | $ | 5,839 | $ | 9,809 | $ | 15,148 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and Amortization: | |||||||||||||
NobelClad | $ | 6,482 | $ | 6,118 | $ | 5,580 | |||||||
DynaEnergetics | 6,672 | 6,150 | 5,648 | ||||||||||
Segment depreciation and amortization | $ | 13,154 | $ | 12,268 | $ | 11,228 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Capital Expenditures: | |||||||||||||
NobelClad | $ | 13,696 | $ | 2,425 | $ | 4,747 | |||||||
DynaEnergetics | 7,366 | 13,022 | 10,386 | ||||||||||
Segment capital expenditures | 21,062 | 15,447 | 15,133 | ||||||||||
Corporate and other | 341 | 776 | — | ||||||||||
Consolidated capital expenditures | $ | 21,403 | $ | 16,223 | $ | 15,133 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
NobelClad | $ | 93,383 | $ | 99,115 | |||||||||
DynaEnergetics | 103,914 | 112,919 | |||||||||||
Segment assets | 197,297 | 212,034 | |||||||||||
Cash and cash equivalents | 9,400 | 10,598 | |||||||||||
Prepaid expenses and other assets | 6,438 | 6,170 | |||||||||||
Deferred tax assets | 4,558 | 3,859 | |||||||||||
Corporate property, plant and equipment | 1,636 | 1,585 | |||||||||||
Assets held for sale | — | 6,299 | |||||||||||
Consolidated assets | $ | 219,329 | $ | 240,545 | |||||||||
Schedule of geographic location of property, plant and equipment, net of accumulated depreciation | The geographic location of our property, plant and equipment, net of accumulated depreciation, is as follows: | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
United States | $ | 26,291 | $ | 28,501 | |||||||||
Germany | 21,210 | 12,703 | |||||||||||
Russia | 9,556 | 10,152 | |||||||||||
France | 4,440 | 5,801 | |||||||||||
Canada | 1,655 | 2,230 | |||||||||||
Kazakhstan | 461 | 438 | |||||||||||
Rest of the world | 222 | 390 | |||||||||||
Total | $ | 63,835 | $ | 60,215 | |||||||||
Schedule of net sales based on the geographic location of the customer | The following represents our net sales based on the geographic location of the customer: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 91,009 | $ | 88,532 | $ | 71,155 | |||||||
Canada | 23,532 | 18,142 | 21,083 | ||||||||||
Iraq | 11,348 | 4,243 | 1,756 | ||||||||||
Russia | 7,992 | 5,992 | 6,472 | ||||||||||
Germany | 7,721 | 9,208 | 13,992 | ||||||||||
India | 7,617 | 8,888 | 3,874 | ||||||||||
South Korea | 7,362 | 11,642 | 9,469 | ||||||||||
France | 5,478 | 3,756 | 6,249 | ||||||||||
China | 1,800 | 606 | 7,986 | ||||||||||
Kazakhstan | 1,551 | 2,513 | 2,359 | ||||||||||
Rest of the world | 37,151 | 48,538 | 48,342 | ||||||||||
Total | $ | 202,561 | $ | 202,060 | $ | 192,737 | |||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of future minimum rental commitments under non-cancelable leases | Future minimum rental commitments under non-cancelable leases are as follows: | ||||
Operating Leases | |||||
Year ended December 31 - | |||||
2015 | $ | 1,880 | |||
2016 | 1,349 | ||||
2017 | 985 | ||||
2018 | 852 | ||||
2019 | 508 | ||||
Thereafter | 940 | ||||
Total minimum payments | $ | 6,514 | |||
Schedule of future minimum payments required to be made under license agreement and risk allocation agreement | Future minimum payments required to be made by us under these agreements are as follows: | ||||
Year ended December 31 - | |||||
2015 | $ | 398 | |||
2016 | 398 | ||||
2017 | 398 | ||||
2018 | 398 | ||||
2019 | — | ||||
Thereafter | — | ||||
Total minimum payments | $ | 1,592 | |||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of operating results of discontinued operations and assets and liabilities held for sale | Operating results of the discontinued operations (formerly included in the Oilfield Products segment) for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 4,540 | $ | 7,513 | $ | 8,830 | ||||||
Income (loss) from operations | $ | (76 | ) | $ | 719 | $ | 1,404 | |||||
Tax provision | 1 | 241 | 461 | |||||||||
Income (loss) from operations, net of tax | $ | (77 | ) | $ | 478 | $ | 943 | |||||
Gain on sale of discontinued operations | $ | 1,476 | $ | — | $ | — | ||||||
Tax provision | 758 | — | — | |||||||||
Gain on sale of discontinued operations, net of tax | $ | 718 | $ | — | $ | — | ||||||
The assets and liabilities of AMK have been reflected in assets and liabilities held for sale in the Condensed Consolidated Balance Sheet as of December 31, 2013 and are comprised of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | ||||||||||||
Cash | $ | 19 | ||||||||||
Accounts receivable | 930 | |||||||||||
Inventory | 359 | |||||||||||
Prepaid expenses and other | 6 | |||||||||||
Current deferred tax assets | 67 | |||||||||||
Property, plant and equipment, net | 4,801 | |||||||||||
Noncurrent deferred tax assets | 117 | |||||||||||
Total assets | $ | 6,299 | ||||||||||
Accounts payable | $ | 101 | ||||||||||
Accrued expenses | 63 | |||||||||||
Accrued employee compensation | 254 | |||||||||||
Customer advances | 6 | |||||||||||
Noncurrent deferred tax liabilities | 402 | |||||||||||
Total liabilities | $ | 826 | ||||||||||
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Impact of the restatement on previously reported quarterly consolidated balance sheet, statements of operations, statements of comprehensive income (loss) and statements of cash flows | The following table summarizes the impact of the restatement on our previously reported consolidated balance sheet for the year ending December 31, 2013 (in thousands, except share and per share data): | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $419 | 37,785 | — | 37,785 | |||||||||||||||||||||
Inventory, net | 41,191 | — | 41,191 | |||||||||||||||||||||
Prepaid expenses and other | 4,375 | (98 | ) | 4,277 | ||||||||||||||||||||
Current deferred tax assets | 3,440 | 16 | 3,456 | |||||||||||||||||||||
Assets held for sale | 6,299 | — | 6,299 | |||||||||||||||||||||
Total current assets | 103,688 | (82 | ) | 103,606 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 98,573 | — | 98,573 | |||||||||||||||||||||
Less - accumulated depreciation | (38,358 | ) | — | (38,358 | ) | |||||||||||||||||||
Property, plant and equipment, net | 60,215 | — | 60,215 | |||||||||||||||||||||
GOODWILL, net | 37,970 | — | 37,970 | |||||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 36,458 | — | 36,458 | |||||||||||||||||||||
DEFERRED TAX ASSETS | 388 | 15 | 403 | |||||||||||||||||||||
OTHER ASSETS, net | 1,893 | — | 1,893 | |||||||||||||||||||||
TOTAL ASSETS | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 14,567 | $ | — | $ | 14,567 | ||||||||||||||||||
Accrued expenses | 3,927 | — | 3,927 | |||||||||||||||||||||
Dividend payable | 550 | — | 550 | |||||||||||||||||||||
Accrued income taxes | 2,811 | (154 | ) | 2,657 | ||||||||||||||||||||
Accrued employee compensation and benefits | 4,552 | — | 4,552 | |||||||||||||||||||||
Customer advances | 1,019 | — | 1,019 | |||||||||||||||||||||
Current debt obligations | 2,907 | — | 2,907 | |||||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | |||||||||||||||||||||
Liabilities related to assets held for sale | 826 | — | 826 | |||||||||||||||||||||
Total current liabilities | 31,594 | (154 | ) | 31,440 | ||||||||||||||||||||
LINES OF CREDIT | 26,400 | — | 26,400 | |||||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,945 | (150 | ) | 7,795 | ||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,881 | — | 1,881 | |||||||||||||||||||||
Total liabilities | 67,820 | (304 | ) | 67,516 | ||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | |||||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 689 | — | 689 | |||||||||||||||||||||
Additional paid-in capital | 62,934 | — | 62,934 | |||||||||||||||||||||
Retained earnings | 113,399 | (9 | ) | 113,390 | ||||||||||||||||||||
Other cumulative comprehensive loss | (4,230 | ) | 246 | (3,984 | ) | |||||||||||||||||||
Total stockholders’ equity | 172,792 | 237 | 173,029 | |||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 240,612 | $ | (67 | ) | $ | 240,545 | |||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported statements of consolidated operations for fiscal years 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 202,060 | $ | — | $ | 202,060 | $ | 192,737 | $ | — | $ | 192,737 | ||||||||||||
COST OF PRODUCTS SOLD | 143,926 | — | 143,926 | 135,085 | — | 135,085 | ||||||||||||||||||
Gross profit | 58,134 | — | 58,134 | 57,652 | — | 57,652 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 24,672 | — | 24,672 | 18,489 | — | 18,489 | ||||||||||||||||||
Selling and distribution expenses | 16,136 | — | 16,136 | 16,954 | — | 16,954 | ||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | 6,210 | — | 6,210 | ||||||||||||||||||
Total costs and expenses | 47,156 | — | 47,156 | 41,653 | — | 41,653 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,978 | — | 10,978 | 15,999 | — | 15,999 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (528 | ) | — | (528 | ) | (32 | ) | — | (32 | ) | ||||||||||||||
Interest expense | (648 | ) | — | (648 | ) | (832 | ) | — | (832 | ) | ||||||||||||||
Interest income | 7 | — | 7 | 13 | — | 13 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 9,809 | — | 9,809 | 15,148 | — | 15,148 | ||||||||||||||||||
INCOME TAX PROVISION | 2,700 | 1,036 | 3,736 | 4,397 | 919 | 5,316 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,109 | (1,036 | ) | 6,073 | 10,751 | (919 | ) | 9,832 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 478 | — | 478 | 943 | — | 943 | ||||||||||||||||||
NET INCOME | 7,587 | (1,036 | ) | 6,551 | 11,694 | (919 | ) | 10,775 | ||||||||||||||||
Less: Net income (loss) attributable to non-controlling interest | 92 | — | 92 | (2 | ) | — | (2 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,495 | $ | (1,036 | ) | $ | 6,459 | $ | 11,696 | $ | (919 | ) | $ | 10,777 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.52 | $ | (0.08 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.55 | $ | (0.08 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.07 | ) | $ | 0.44 | $ | 0.8 | $ | (0.07 | ) | $ | 0.73 | ||||||||||
Discontinued operations | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | ||||||||||||
Net income | $ | 0.54 | $ | (0.07 | ) | $ | 0.47 | $ | 0.87 | $ | (0.07 | ) | $ | 0.8 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,533,566 | — | 13,533,566 | 13,264,636 | — | 13,264,636 | ||||||||||||||||||
Diluted | 13,537,525 | — | 13,537,525 | 13,268,713 | — | 13,268,713 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.16 | $ | — | $ | 0.16 | $ | 0.16 | $ | — | $ | 0.16 | ||||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of comprehensive income for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | $ | 11,694 | $ | (919 | ) | $ | 10,775 | ||||||||||
Change in cumulative foreign currency translation adjustment | 2,237 | 382 | 2,619 | 2,796 | (190 | ) | 2,606 | |||||||||||||||||
Total comprehensive income | 9,824 | (654 | ) | 9,170 | 14,490 | (1,109 | ) | 13,381 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | 96 | — | 96 | 1 | — | 1 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 9,728 | $ | (654 | ) | $ | 9,074 | $ | 14,489 | $ | (1,109 | ) | $ | 13,380 | ||||||||||
The following tables summarize the impact of the restatement on our previously reported consolidated statements of cash flows for fiscal years 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,587 | $ | (1,036 | ) | $ | 6,551 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (478 | ) | — | (478 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,920 | — | 5,920 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,348 | — | 6,348 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 102 | — | 102 | |||||||||||||||||||||
Stock-based compensation | 3,401 | — | 3,401 | |||||||||||||||||||||
Deferred income tax benefit | (1,666 | ) | 1,145 | (521 | ) | |||||||||||||||||||
Loss on disposal of property, plant and equipment | 50 | — | 50 | |||||||||||||||||||||
Restructuring and impairment charges | 756 | — | 756 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (2,185 | ) | — | (2,185 | ) | |||||||||||||||||||
Inventory, net | 6,750 | — | 6,750 | |||||||||||||||||||||
Prepaid expenses and other | 79 | 10 | 89 | |||||||||||||||||||||
Accounts payable | 2,228 | — | 2,228 | |||||||||||||||||||||
Customer advances | (360 | ) | — | (360 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | 1,707 | (119 | ) | 1,588 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 30,239 | — | 30,239 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,777 | — | 1,777 | |||||||||||||||||||||
Net cash provided by operating activities | 32,016 | — | 32,016 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (16,223 | ) | — | (16,223 | ) | |||||||||||||||||||
Acquisition of minority interest | (180 | ) | — | (180 | ) | |||||||||||||||||||
Change in other non-current assets | (489 | ) | — | (489 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (16,892 | ) | — | (16,892 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (1,348 | ) | — | (1,348 | ) | |||||||||||||||||||
Net cash used in investing activities | (18,240 | ) | — | (18,240 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,592 | ) | — | (9,592 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (63 | ) | — | (63 | ) | |||||||||||||||||||
Payment on capital lease obligations | (40 | ) | — | (40 | ) | |||||||||||||||||||
Payment of dividends | (2,187 | ) | — | (2,187 | ) | |||||||||||||||||||
Other | 295 | — | 295 | |||||||||||||||||||||
Net cash used in financing activities | (11,587 | ) | — | (11,587 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 191 | — | 191 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,380 | — | 2,380 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 10,598 | $ | — | $ | 10,598 | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 11,694 | $ | (919 | ) | $ | 10,775 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (943 | ) | — | (943 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 5,018 | — | 5,018 | |||||||||||||||||||||
Amortization of purchased intangible assets | 6,210 | — | 6,210 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 124 | — | 124 | |||||||||||||||||||||
Stock-based compensation | 4,443 | — | 4,443 | |||||||||||||||||||||
Deferred income tax benefit | (1,159 | ) | 689 | (470 | ) | |||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 717 | — | 717 | |||||||||||||||||||||
Inventory, net | (2,380 | ) | — | (2,380 | ) | |||||||||||||||||||
Prepaid expenses and other | 463 | 88 | 551 | |||||||||||||||||||||
Accounts payable | (3,616 | ) | — | (3,616 | ) | |||||||||||||||||||
Customer advances | (556 | ) | — | (556 | ) | |||||||||||||||||||
Accrued expenses and other liabilities | (551 | ) | 142 | (409 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 19,464 | — | 19,464 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 1,092 | — | 1,092 | |||||||||||||||||||||
Net cash provided by operating activities | 20,556 | — | 20,556 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (15,133 | ) | — | (15,133 | ) | |||||||||||||||||||
Acquisition of TRX Industries | (10,294 | ) | — | (10,294 | ) | |||||||||||||||||||
Change in other non-current assets | (224 | ) | — | (224 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (25,651 | ) | — | (25,651 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (514 | ) | — | (514 | ) | |||||||||||||||||||
Net cash used in investing activities | (26,165 | ) | — | (26,165 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 12,174 | — | 12,174 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (1,176 | ) | — | (1,176 | ) | |||||||||||||||||||
Payment on capital lease obligations | (66 | ) | — | (66 | ) | |||||||||||||||||||
Payment of dividends | (2,155 | ) | — | (2,155 | ) | |||||||||||||||||||
Other | (260 | ) | — | (260 | ) | |||||||||||||||||||
Net cash provided by financing activities | 8,517 | — | 8,517 | |||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (8 | ) | — | (8 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,900 | — | 2,900 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 5,318 | — | 5,318 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,218 | $ | — | $ | 8,218 | ||||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated balance sheet for fiscal years 2014 and 2013 (in thousands, except share and per share data): | ||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,131 | $ | — | $ | 9,131 | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $459 and $440, respectively | 35,973 | — | 35,973 | 31,948 | — | 31,948 | ||||||||||||||||||
Inventory, net | 43,106 | (54 | ) | 43,052 | 46,491 | — | 46,491 | |||||||||||||||||
Prepaid expenses and other | 6,142 | (98 | ) | 6,044 | 5,956 | (89 | ) | 5,867 | ||||||||||||||||
Current deferred tax assets | 2,424 | 16 | 2,440 | 1,587 | 2 | 1,589 | ||||||||||||||||||
Assets held for sale | 6,276 | — | 6,276 | 5,402 | — | 5,402 | ||||||||||||||||||
Total current assets | 103,052 | (136 | ) | 102,916 | 99,630 | (87 | ) | 99,543 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,208 | — | 100,208 | 85,896 | — | 85,896 | ||||||||||||||||||
Less - accumulated depreciation | (40,934 | ) | 202 | (40,732 | ) | (33,661 | ) | — | (33,661 | ) | ||||||||||||||
Property, plant and equipment, net | 59,274 | 202 | 59,476 | 52,235 | — | 52,235 | ||||||||||||||||||
GOODWILL, net | 37,689 | — | 37,689 | 36,125 | — | 36,125 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 34,597 | — | 34,597 | 39,428 | — | 39,428 | ||||||||||||||||||
DEFERRED TAX ASSETS | 552 | 44 | 596 | 1,060 | (138 | ) | 922 | |||||||||||||||||
OTHER ASSETS, net | 1,711 | — | 1,711 | 529 | — | 529 | ||||||||||||||||||
TOTAL ASSETS | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 13,438 | $ | — | $ | 13,438 | $ | 10,362 | $ | — | $ | 10,362 | ||||||||||||
Accrued expenses | 4,315 | — | 4,315 | 4,453 | — | 4,453 | ||||||||||||||||||
Dividend payable | 557 | — | 557 | 547 | — | 547 | ||||||||||||||||||
Accrued income taxes | 2,034 | (102 | ) | 1,932 | 295 | 5 | 300 | |||||||||||||||||
Accrued employee compensation and benefits | 3,140 | — | 3,140 | 3,778 | — | 3,778 | ||||||||||||||||||
Customer advances | 2,996 | — | 2,996 | 1,378 | — | 1,378 | ||||||||||||||||||
Current debt obligations | 516 | — | 516 | 64 | — | 64 | ||||||||||||||||||
Current portion of capital lease obligations | 10 | — | 10 | 50 | — | 50 | ||||||||||||||||||
Current deferred tax liabilities | 404 | — | 404 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 758 | — | 758 | 543 | — | 543 | ||||||||||||||||||
Total current liabilities | 28,168 | (102 | ) | 28,066 | 21,625 | 5 | 21,630 | |||||||||||||||||
LINES OF CREDIT | 26,900 | — | 26,900 | 38,256 | — | 38,256 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 37 | — | 37 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 7 | — | 7 | 6 | — | 6 | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,566 | 158 | 7,724 | 8,344 | (1,021 | ) | 7,323 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,930 | 88 | 2,018 | 1,582 | — | 1,582 | ||||||||||||||||||
Total liabilities | 64,571 | 144 | 64,715 | 69,850 | (1,016 | ) | 68,834 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,944,094 and 13,683,307 shares issued and outstanding, respectively | 698 | — | 698 | 684 | — | 684 | ||||||||||||||||||
Additional paid-in capital | 63,589 | 101 | 63,690 | 60,682 | — | 60,682 | ||||||||||||||||||
Retained earnings | 114,480 | (160 | ) | 114,320 | 107,769 | 919 | 108,688 | |||||||||||||||||
Other cumulative comprehensive loss | (6,463 | ) | 25 | (6,438 | ) | (10,087 | ) | (128 | ) | (10,215 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,048 | 791 | 159,839 | |||||||||||||||||
Non-controlling interest | — | — | — | 109 | — | 109 | ||||||||||||||||||
Total stockholders’ equity | 172,304 | (34 | ) | 172,270 | 159,157 | 791 | 159,948 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 236,875 | $ | 110 | $ | 236,985 | $ | 229,007 | $ | (225 | ) | $ | 228,782 | |||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,643 | $ | — | $ | 8,643 | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $504 and $471, respectively | 38,409 | — | 38,409 | 39,959 | — | 39,959 | ||||||||||||||||||
Inventory, net | 45,887 | — | 45,887 | 45,190 | — | 45,190 | ||||||||||||||||||
Prepaid expenses and other | 7,218 | (98 | ) | 7,120 | 5,504 | (89 | ) | 5,415 | ||||||||||||||||
Current deferred tax assets | 2,532 | 16 | 2,548 | 1,944 | 2 | 1,946 | ||||||||||||||||||
Assets held for sale | 6,155 | — | 6,155 | 6,206 | — | 6,206 | ||||||||||||||||||
Total current assets | 108,844 | (82 | ) | 108,762 | 101,171 | (87 | ) | 101,084 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 102,564 | — | 102,564 | 90,651 | — | 90,651 | ||||||||||||||||||
Less - accumulated depreciation | (42,220 | ) | 202 | (42,018 | ) | (35,010 | ) | — | (35,010 | ) | ||||||||||||||
Property, plant and equipment, net | 60,344 | 202 | 60,546 | 55,641 | — | 55,641 | ||||||||||||||||||
GOODWILL, net | 37,161 | — | 37,161 | 36,447 | — | 36,447 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 32,939 | — | 32,939 | 38,121 | — | 38,121 | ||||||||||||||||||
DEFERRED TAX ASSETS | 792 | (276 | ) | 516 | 458 | (139 | ) | 319 | ||||||||||||||||
OTHER ASSETS, net | 1,868 | — | 1,868 | 505 | — | 505 | ||||||||||||||||||
TOTAL ASSETS | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,689 | $ | — | $ | 9,689 | $ | 14,111 | $ | — | $ | 14,111 | ||||||||||||
Accrued expenses | 3,671 | — | 3,671 | 4,657 | — | 4,657 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 549 | — | 549 | ||||||||||||||||||
Accrued income taxes | 2,471 | (154 | ) | 2,317 | 906 | 5 | 911 | |||||||||||||||||
Accrued employee compensation and benefits | 4,119 | — | 4,119 | 4,338 | — | 4,338 | ||||||||||||||||||
Customer advances | 2,617 | — | 2,617 | 4,758 | — | 4,758 | ||||||||||||||||||
Current debt obligations | 20 | — | 20 | 63 | — | 63 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 45 | — | 45 | ||||||||||||||||||
Current deferred tax liabilities | 417 | — | 417 | 155 | — | 155 | ||||||||||||||||||
Liabilities related to assets held for sale | 742 | — | 742 | 820 | — | 820 | ||||||||||||||||||
Total current liabilities | 24,310 | (154 | ) | 24,156 | 30,402 | 5 | 30,407 | |||||||||||||||||
LINES OF CREDIT | 31,800 | — | 31,800 | 28,843 | — | 28,843 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 20 | — | 20 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 6 | — | 6 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 7,186 | 554 | 7,740 | 8,050 | (646 | ) | 7,404 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 2,000 | 58 | 2,058 | 1,668 | — | 1,668 | ||||||||||||||||||
Total liabilities | 65,302 | 458 | 65,760 | 68,983 | (641 | ) | 68,342 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,750,163 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 64,861 | 89 | 64,950 | 61,530 | — | 61,530 | ||||||||||||||||||
Retained earnings | 116,808 | (731 | ) | 116,077 | 110,659 | 545 | 111,204 | |||||||||||||||||
Other cumulative comprehensive loss | (5,722 | ) | 28 | (5,694 | ) | (9,642 | ) | (130 | ) | (9,772 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,235 | 415 | 163,650 | |||||||||||||||||
Non-controlling interest | — | — | — | 125 | — | 125 | ||||||||||||||||||
Total stockholders’ equity | 176,646 | (614 | ) | 176,032 | 163,360 | 415 | 163,775 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 241,948 | $ | (156 | ) | $ | 241,792 | $ | 232,343 | $ | (226 | ) | $ | 232,117 | ||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,932 | $ | — | $ | 14,932 | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $599 and $340, respectively | 30,923 | — | 30,923 | 30,394 | — | 30,394 | ||||||||||||||||||
Inventory, net | 41,846 | 280 | 42,126 | 41,384 | — | 41,384 | ||||||||||||||||||
Prepaid expenses and other | 7,161 | (378 | ) | 6,783 | 3,977 | (89 | ) | 3,888 | ||||||||||||||||
Current deferred tax assets | 5,583 | 16 | 5,599 | 2,513 | 2 | 2,515 | ||||||||||||||||||
Assets held for sale | 6,011 | — | 6,011 | 6,610 | — | 6,610 | ||||||||||||||||||
Total current assets | 106,456 | (82 | ) | 106,374 | 94,211 | (87 | ) | 94,124 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | 100,305 | — | 100,305 | 95,717 | — | 95,717 | ||||||||||||||||||
Less - accumulated depreciation | (42,625 | ) | 202 | (42,423 | ) | (36,469 | ) | — | (36,469 | ) | ||||||||||||||
Property, plant and equipment, net | 57,680 | 202 | 57,882 | 59,248 | — | 59,248 | ||||||||||||||||||
GOODWILL, net | 34,382 | — | 34,382 | 37,553 | — | 37,553 | ||||||||||||||||||
PURCHASED INTANGIBLE ASSETS, net | 29,403 | — | 29,403 | 37,646 | — | 37,646 | ||||||||||||||||||
DEFERRED TAX ASSETS | 439 | (9 | ) | 430 | 397 | (239 | ) | 158 | ||||||||||||||||
OTHER ASSETS, net | 1,236 | — | 1,236 | 499 | — | 499 | ||||||||||||||||||
TOTAL ASSETS | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 9,104 | $ | — | $ | 9,104 | $ | 9,020 | $ | — | $ | 9,020 | ||||||||||||
Accrued expenses | 3,245 | — | 3,245 | 4,222 | — | 4,222 | ||||||||||||||||||
Dividend payable | 559 | — | 559 | 550 | — | 550 | ||||||||||||||||||
Accrued income taxes | 3,030 | (58 | ) | 2,972 | 1,325 | (88 | ) | 1,237 | ||||||||||||||||
Accrued employee compensation and benefits | 4,667 | — | 4,667 | 5,346 | — | 5,346 | ||||||||||||||||||
Customer advances | 2,364 | — | 2,364 | 1,387 | — | 1,387 | ||||||||||||||||||
Current debt obligations | 4 | — | 4 | 65 | — | 65 | ||||||||||||||||||
Current portion of capital lease obligations | 5 | — | 5 | 33 | — | 33 | ||||||||||||||||||
Current deferred tax liabilities | 435 | — | 435 | 274 | — | 274 | ||||||||||||||||||
Liabilities related to assets held for sale | 721 | — | 721 | 765 | — | 765 | ||||||||||||||||||
Total current liabilities | 24,134 | (58 | ) | 24,076 | 22,987 | (88 | ) | 22,899 | ||||||||||||||||
LINES OF CREDIT | 26,000 | — | 26,000 | 25,550 | — | 25,550 | ||||||||||||||||||
LONG-TERM DEBT | — | — | — | 5 | — | 5 | ||||||||||||||||||
CAPITAL LEASE OBLIGATIONS | 4 | — | 4 | — | — | — | ||||||||||||||||||
DEFERRED TAX LIABILITIES | 8,641 | 866 | 9,507 | 8,084 | (242 | ) | 7,842 | |||||||||||||||||
OTHER LONG-TERM LIABILITIES | 1,958 | 30 | 1,988 | 1,755 | — | 1,755 | ||||||||||||||||||
Total liabilities | 60,737 | 838 | 61,575 | 58,381 | (330 | ) | 58,051 | |||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | — | — | — | — | — | — | ||||||||||||||||||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,979,119 and 13,759,007 shares issued and outstanding, respectively | 699 | — | 699 | 688 | — | 688 | ||||||||||||||||||
Additional paid-in capital | 65,836 | 78 | 65,914 | 62,099 | — | 62,099 | ||||||||||||||||||
Retained earnings | 118,745 | (888 | ) | 117,857 | 113,670 | 167 | 113,837 | |||||||||||||||||
Other cumulative comprehensive loss | (16,421 | ) | 83 | (16,338 | ) | (5,464 | ) | (163 | ) | (5,627 | ) | |||||||||||||
Total DMC’s stockholders’ equity | 168,859 | (727 | ) | 168,132 | 170,993 | 4 | 170,997 | |||||||||||||||||
Non-controlling interest | — | — | — | 180 | — | 180 | ||||||||||||||||||
Total stockholders’ equity | 168,859 | (727 | ) | 168,132 | 171,173 | 4 | 171,177 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 229,596 | $ | 111 | $ | 229,707 | $ | 229,554 | $ | (326 | ) | $ | 229,228 | |||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of operations (in thousands, except per share data): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 46,769 | $ | — | $ | 46,769 | $ | 44,836 | $ | — | $ | 44,836 | ||||||||||||
COST OF PRODUCTS SOLD | 32,203 | (148 | ) | 32,055 | 32,047 | — | 32,047 | |||||||||||||||||
Gross profit | 14,566 | 148 | 14,714 | 12,789 | — | 12,789 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,542 | 250 | 5,792 | 8,014 | — | 8,014 | ||||||||||||||||||
Selling and distribution expenses | 4,223 | — | 4,223 | 4,030 | — | 4,030 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | 1,585 | — | 1,585 | ||||||||||||||||||
Total costs and expenses | 11,381 | 250 | 11,631 | 13,629 | — | 13,629 | ||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 3,185 | (102 | ) | 3,083 | (840 | ) | — | (840 | ) | |||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (435 | ) | — | (435 | ) | 296 | — | 296 | ||||||||||||||||
Interest expense | (109 | ) | — | (109 | ) | (172 | ) | — | (172 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 3 | — | 3 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 2,646 | (102 | ) | 2,544 | (713 | ) | — | (713 | ) | |||||||||||||||
INCOME TAX PROVISION (BENEFIT) | 692 | 49 | 741 | (1,049 | ) | 108 | (941 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 1,954 | (151 | ) | 1,803 | 336 | (108 | ) | 228 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Loss from operations of discontinued operations, net of tax | (316 | ) | — | (316 | ) | (93 | ) | — | (93 | ) | ||||||||||||||
NET INCOME | 1,638 | (151 | ) | 1,487 | 243 | (108 | ) | 135 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 28 | — | 28 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 215 | $ | (108 | ) | $ | 107 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | ||||||||||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | ||||||||
Net income | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,644,239 | — | 13,644,239 | 13,509,792 | — | 13,509,792 | ||||||||||||||||||
Diluted | 13,649,953 | — | 13,649,953 | 13,513,797 | — | 13,513,797 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,911 | $ | — | $ | 51,911 | $ | 55,554 | $ | — | $ | 55,554 | ||||||||||||
COST OF PRODUCTS SOLD | 36,067 | (54 | ) | 36,013 | 39,155 | — | 39,155 | |||||||||||||||||
Gross profit | 15,844 | 54 | 15,898 | 16,399 | — | 16,399 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,813 | (42 | ) | 5,771 | 5,006 | — | 5,006 | |||||||||||||||||
Selling and distribution expenses | 4,733 | — | 4,733 | 4,310 | — | 4,310 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,617 | — | 1,617 | 1,568 | — | 1,568 | ||||||||||||||||||
Total costs and expenses | 12,163 | (42 | ) | 12,121 | 10,884 | — | 10,884 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,681 | 96 | 3,777 | 5,515 | — | 5,515 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 332 | — | 332 | (420 | ) | — | (420 | ) | ||||||||||||||||
Interest expense | (174 | ) | — | (174 | ) | (183 | ) | — | (183 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,840 | 96 | 3,936 | 4,913 | — | 4,913 | ||||||||||||||||||
INCOME TAX PROVISION | 1,172 | 667 | 1,839 | 1,768 | 373 | 2,141 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,668 | (571 | ) | 2,097 | 3,145 | (373 | ) | 2,772 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 219 | — | 219 | 310 | — | 310 | ||||||||||||||||||
NET INCOME | 2,887 | (571 | ) | 2,316 | 3,455 | (373 | ) | 3,082 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 15 | — | 15 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,440 | $ | (373 | ) | $ | 3,067 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | 0.23 | $ | (0.03 | ) | $ | 0.2 | ||||||||||
Discontinued operations | $ | 0.02 | $ | — | $ | 0.02 | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | 0.25 | $ | (0.03 | ) | $ | 0.22 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,672,457 | — | 13,672,457 | 13,526,623 | — | 13,526,623 | ||||||||||||||||||
Diluted | 13,677,911 | — | 13,677,911 | 13,530,588 | — | 13,530,588 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 98,680 | $ | — | $ | 98,680 | $ | 100,390 | $ | — | $ | 100,390 | ||||||||||||
COST OF PRODUCTS SOLD | 68,269 | (202 | ) | 68,067 | 71,203 | — | 71,203 | |||||||||||||||||
Gross profit | 30,411 | 202 | 30,613 | 29,187 | — | 29,187 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 11,356 | 208 | 11,564 | 13,019 | — | 13,019 | ||||||||||||||||||
Selling and distribution expenses | 8,956 | — | 8,956 | 8,340 | — | 8,340 | ||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | 3,153 | — | 3,153 | ||||||||||||||||||
Total costs and expenses | 23,544 | 208 | 23,752 | 24,512 | — | 24,512 | ||||||||||||||||||
INCOME FROM OPERATIONS | 6,867 | (6 | ) | 6,861 | 4,675 | — | 4,675 | |||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (103 | ) | — | (103 | ) | (124 | ) | — | (124 | ) | ||||||||||||||
Interest expense | (283 | ) | — | (283 | ) | (355 | ) | — | (355 | ) | ||||||||||||||
Interest income | 5 | — | 5 | 4 | — | 4 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 6,486 | (6 | ) | 6,480 | 4,200 | — | 4,200 | |||||||||||||||||
INCOME TAX PROVISION | 1,864 | 716 | 2,580 | 719 | 482 | 1,201 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 4,622 | (722 | ) | 3,900 | 3,481 | (482 | ) | 2,999 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (97 | ) | — | (97 | ) | 217 | — | 217 | ||||||||||||||||
NET INCOME | 4,525 | (722 | ) | 3,803 | 3,698 | (482 | ) | 3,216 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 43 | — | 43 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,655 | $ | (482 | ) | $ | 3,173 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.33 | $ | (0.05 | ) | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||
Net income | $ | 0.32 | $ | (0.05 | ) | $ | 0.27 | $ | 0.27 | $ | (0.04 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,668,223 | — | 13,668,223 | 13,523,028 | — | 13,523,028 | ||||||||||||||||||
Diluted | 13,673,807 | — | 13,673,807 | 13,527,011 | — | 13,527,011 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 51,886 | $ | — | $ | 51,886 | $ | 52,331 | $ | — | $ | 52,331 | ||||||||||||
COST OF PRODUCTS SOLD | 36,803 | — | 36,803 | 36,229 | — | 36,229 | ||||||||||||||||||
Gross profit | 15,083 | — | 15,083 | 16,102 | — | 16,102 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 5,503 | (40 | ) | 5,463 | 5,672 | — | 5,672 | |||||||||||||||||
Selling and distribution expenses | 4,639 | — | 4,639 | 3,658 | — | 3,658 | ||||||||||||||||||
Amortization of purchased intangible assets | 1,575 | — | 1,575 | 1,581 | — | 1,581 | ||||||||||||||||||
Total costs and expenses | 11,717 | (40 | ) | 11,677 | 10,911 | — | 10,911 | |||||||||||||||||
INCOME FROM OPERATIONS | 3,366 | 40 | 3,406 | 5,191 | — | 5,191 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 472 | — | 472 | (247 | ) | — | (247 | ) | ||||||||||||||||
Interest expense | (137 | ) | — | (137 | ) | (129 | ) | — | (129 | ) | ||||||||||||||
Interest income | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,702 | 40 | 3,742 | 4,816 | — | 4,816 | ||||||||||||||||||
INCOME TAX PROVISION | 1,224 | 196 | 1,420 | 1,460 | 378 | 1,838 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 2,478 | (156 | ) | 2,322 | 3,356 | (378 | ) | 2,978 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | 20 | — | 20 | 255 | — | 255 | ||||||||||||||||||
NET INCOME | 2,498 | (156 | ) | 2,342 | 3,611 | (378 | ) | 3,233 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 49 | — | 49 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,562 | $ | (378 | ) | $ | 3,184 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | $ | 0.02 | ||||||||||||
Net income | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.26 | $ | (0.03 | ) | $ | 0.23 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,688,649 | — | 13,688,649 | 13,540,394 | — | 13,540,394 | ||||||||||||||||||
Diluted | 13,690,174 | — | 13,690,174 | 13,544,665 | — | 13,544,665 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | — | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
NET SALES | $ | 150,566 | $ | — | $ | 150,566 | $ | 152,720 | $ | — | $ | 152,720 | ||||||||||||
COST OF PRODUCTS SOLD | 105,073 | (202 | ) | 104,871 | 107,431 | — | 107,431 | |||||||||||||||||
Gross profit | 45,493 | 202 | 45,695 | 45,289 | — | 45,289 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 16,858 | 169 | 17,027 | 18,694 | — | 18,694 | ||||||||||||||||||
Selling and distribution expenses | 13,596 | — | 13,596 | 11,997 | — | 11,997 | ||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | 4,734 | — | 4,734 | ||||||||||||||||||
Total costs and expenses | 35,262 | 169 | 35,431 | 35,425 | — | 35,425 | ||||||||||||||||||
INCOME FROM OPERATIONS | 10,231 | 33 | 10,264 | 9,864 | — | 9,864 | ||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | 369 | — | 369 | (371 | ) | — | (371 | ) | ||||||||||||||||
Interest expense | (420 | ) | — | (420 | ) | (484 | ) | — | (484 | ) | ||||||||||||||
Interest income | 6 | — | 6 | 5 | — | 5 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 10,186 | 33 | 10,219 | 9,014 | — | 9,014 | ||||||||||||||||||
INCOME TAX PROVISION | 3,088 | 912 | 4,000 | 2,179 | 860 | 3,039 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,098 | (879 | ) | 6,219 | 6,835 | (860 | ) | 5,975 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | (77 | ) | — | (77 | ) | 473 | — | 473 | ||||||||||||||||
NET INCOME | 7,021 | (879 | ) | 6,142 | 7,308 | (860 | ) | 6,448 | ||||||||||||||||
Less: Net income attributable to non-controlling interest | — | — | — | 92 | — | 92 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,216 | $ | (860 | ) | $ | 6,356 | ||||||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.06 | ) | $ | 0.45 | $ | 0.49 | $ | (0.06 | ) | $ | 0.43 | ||||||||||
Discontinued operations | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||
Net income | $ | 0.5 | $ | (0.06 | ) | $ | 0.44 | $ | 0.52 | $ | (0.06 | ) | $ | 0.46 | ||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,676,730 | — | 13,676,730 | 13,528,880 | — | 13,528,880 | ||||||||||||||||||
Diluted | 13,681,790 | — | 13,681,790 | 13,532,973 | — | 13,532,973 | ||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.12 | $ | — | $ | 0.12 | ||||||||||||
Three months ended December 31, 2014 | Three months ended December, 2013 | |||||||||||||||||||||||
As Reported | As Reported | Adjustments | Restated | |||||||||||||||||||||
NET SALES | $ | 51,995 | $ | 49,339 | $ | — | $ | 49,339 | ||||||||||||||||
COST OF PRODUCTS SOLD | 36,271 | 36,495 | — | 36,495 | ||||||||||||||||||||
Gross profit | 15,724 | 12,844 | — | 12,844 | ||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
General and administrative expenses | 6,740 | 5,980 | — | 5,980 | ||||||||||||||||||||
Selling and distribution expenses | 4,509 | 4,138 | — | 4,138 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,295 | 1,614 | — | 1,614 | ||||||||||||||||||||
Restructuring expenses | 6,781 | — | — | — | ||||||||||||||||||||
Total costs and expenses | 19,325 | 11,732 | — | 11,732 | ||||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (3,601 | ) | 1,112 | — | 1,112 | |||||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||
Other income (expense), net | (682 | ) | (157 | ) | — | (157 | ) | |||||||||||||||||
Interest expense | (132 | ) | (164 | ) | — | (164 | ) | |||||||||||||||||
Interest income | 32 | 2 | — | 2 | ||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | (4,383 | ) | 793 | — | 793 | |||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | (87 | ) | 522 | 176 | 698 | |||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (4,296 | ) | 271 | (176 | ) | 95 | ||||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | — | 6 | — | 6 | ||||||||||||||||||||
Gain on sale of discontinued operations, net of tax | 718 | — | — | — | ||||||||||||||||||||
Income from discontinued operations | 718 | 6 | — | 6 | ||||||||||||||||||||
NET INCOME (LOSS) | (3,578 | ) | 277 | (176 | ) | 101 | ||||||||||||||||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | (0.32 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
Discontinued operations | $ | 0.05 | $ | — | $ | — | $ | — | ||||||||||||||||
Net income | $ | (0.27 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 13,696,399 | 13,543,007 | — | 13,543,007 | ||||||||||||||||||||
Diluted | 13,697,821 | 13,549,288 | — | 13,549,288 | ||||||||||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.04 | $ | 0.04 | $ | — | $ | 0.04 | ||||||||||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statements of comprehensive income (loss) for the fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 1,638 | $ | (151 | ) | $ | 1,487 | $ | 243 | $ | (108 | ) | $ | 135 | ||||||||||
Change in cumulative foreign currency translation adjustment | (2,233 | ) | (221 | ) | (2,454 | ) | (3,627 | ) | 8 | (3,619 | ) | |||||||||||||
Total comprehensive loss | (595 | ) | (372 | ) | (967 | ) | (3,384 | ) | (100 | ) | (3,484 | ) | ||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 25 | — | 25 | ||||||||||||||||||
Comprehensive loss attributable to Dynamic Materials Corporation | $ | (595 | ) | $ | (372 | ) | $ | (967 | ) | $ | (3,409 | ) | $ | (100 | ) | $ | (3,509 | ) | ||||||
Three months ended June 30, 2014 | Three months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,887 | $ | (571 | ) | $ | 2,316 | $ | 3,455 | $ | (373 | ) | $ | 3,082 | ||||||||||
Change in cumulative foreign currency translation adjustment | 741 | 3 | 744 | 446 | (3 | ) | 443 | |||||||||||||||||
Total comprehensive income | 3,628 | (568 | ) | 3,060 | 3,901 | (376 | ) | 3,525 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 16 | — | 16 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,628 | $ | (568 | ) | $ | 3,060 | $ | 3,885 | $ | (376 | ) | $ | 3,509 | ||||||||||
Six months ended June 30, 2014 | Six months ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 4,525 | $ | (722 | ) | $ | 3,803 | $ | 3,698 | $ | (482 | ) | $ | 3,216 | ||||||||||
Change in cumulative foreign currency translation adjustment | (1,492 | ) | (218 | ) | (1,710 | ) | (3,181 | ) | 6 | (3,175 | ) | |||||||||||||
Total comprehensive income | 3,033 | (940 | ) | 2,093 | 517 | (476 | ) | 41 | ||||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 41 | — | 41 | ||||||||||||||||||
Comprehensive income attributable to Dynamic Materials Corporation | $ | 3,033 | $ | (940 | ) | $ | 2,093 | $ | 476 | $ | (476 | ) | $ | — | ||||||||||
Three months ended September, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 2,498 | $ | (156 | ) | $ | 2,342 | $ | 3,611 | $ | (378 | ) | $ | 3,233 | ||||||||||
Change in cumulative foreign currency translation adjustment | (10,701 | ) | 54 | (10,647 | ) | 4,183 | (33 | ) | 4,150 | |||||||||||||||
Total comprehensive income (loss) | (8,203 | ) | (102 | ) | (8,305 | ) | 7,794 | (411 | ) | 7,383 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 55 | — | 55 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (8,203 | ) | $ | (102 | ) | $ | (8,305 | ) | $ | 7,739 | $ | (411 | ) | $ | 7,328 | ||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
As Reported | Adjustments | Restated | As Reported | Adjustments | Restated | |||||||||||||||||||
Net income including non-controlling interest | $ | 7,021 | $ | (879 | ) | $ | 6,142 | $ | 7,308 | $ | (860 | ) | $ | 6,448 | ||||||||||
Change in cumulative foreign currency translation adjustment | (12,191 | ) | (163 | ) | (12,354 | ) | 1,003 | (27 | ) | 976 | ||||||||||||||
Total comprehensive income (loss) | (5,170 | ) | (1,042 | ) | (6,212 | ) | 8,311 | (887 | ) | 7,424 | ||||||||||||||
Comprehensive income attributable to non-controlling interest | — | — | — | 96 | — | 96 | ||||||||||||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | $ | (5,170 | ) | $ | (1,042 | ) | $ | (6,212 | ) | $ | 8,215 | $ | (887 | ) | $ | 7,328 | ||||||||
The following tables summarize the impact of the restatement on our previously reported interim consolidated statement of cash flows for fiscal years 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 1,638 | $ | (151 | ) | $ | 1,487 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 316 | — | 316 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,826 | (202 | ) | 1,624 | ||||||||||||||||||||
Amortization of purchased intangible assets | 1,616 | — | 1,616 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 555 | 162 | 717 | |||||||||||||||||||||
Deferred income tax benefit | 612 | 58 | 670 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 1,570 | — | 1,570 | |||||||||||||||||||||
Inventory, net | (2,513 | ) | 54 | (2,459 | ) | |||||||||||||||||||
Prepaid expenses and other | (1,867 | ) | — | (1,867 | ) | |||||||||||||||||||
Accounts payable | (1,051 | ) | — | (1,051 | ) | |||||||||||||||||||
Customer advances | 1,980 | — | 1,980 | |||||||||||||||||||||
Accrued expenses and other liabilities | (1,291 | ) | 140 | (1,151 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 3,416 | 61 | 3,477 | |||||||||||||||||||||
Net cash flows used in discontinued operations | (298 | ) | — | (298 | ) | |||||||||||||||||||
Net cash provided by operating activities | 3,118 | 61 | 3,179 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (1,994 | ) | — | (1,994 | ) | |||||||||||||||||||
Change in other non-current assets | 32 | — | 32 | |||||||||||||||||||||
Net cash flows used in continuing operations | (1,962 | ) | — | (1,962 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (63 | ) | — | (63 | ) | |||||||||||||||||||
Net cash used in investing activities | (2,025 | ) | — | (2,025 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (1,863 | ) | — | (1,863 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment on capital lease obligations | (15 | ) | — | (15 | ) | |||||||||||||||||||
Payment of dividends | (550 | ) | — | (550 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 22 | — | 22 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 87 | (61 | ) | 26 | ||||||||||||||||||||
Net cash used in financing activities | (2,334 | ) | (61 | ) | (2,395 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (226 | ) | — | (226 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,467 | ) | — | (1,467 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,131 | $ | — | $ | 9,131 | ||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 4,525 | $ | (722 | ) | $ | 3,803 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 97 | — | 97 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 3,581 | (202 | ) | 3,379 | ||||||||||||||||||||
Amortization of purchased intangible assets | 3,232 | — | 3,232 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 1,591 | 150 | 1,741 | |||||||||||||||||||||
Deferred income tax benefit | 72 | 776 | 848 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (858 | ) | — | (858 | ) | |||||||||||||||||||
Inventory, net | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||
Prepaid expenses and other | (2,873 | ) | — | (2,873 | ) | |||||||||||||||||||
Accounts payable | (4,778 | ) | — | (4,778 | ) | |||||||||||||||||||
Customer advances | 1,613 | — | 1,613 | |||||||||||||||||||||
Accrued expenses and other liabilities | (645 | ) | 59 | (586 | ) | |||||||||||||||||||
Net cash flows provided by continuing operations | 613 | 61 | 674 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 48 | — | 48 | |||||||||||||||||||||
Net cash provided by operating activities | 661 | 61 | 722 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,123 | ) | — | (4,123 | ) | |||||||||||||||||||
Change in other non-current assets | (59 | ) | — | (59 | ) | |||||||||||||||||||
Net cash flows used in continuing operations | (4,182 | ) | — | (4,182 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (85 | ) | — | (85 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,267 | ) | — | (4,267 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | 2,555 | — | 2,555 | |||||||||||||||||||||
Payment on loans with former owners of LRI | (31 | ) | — | (31 | ) | |||||||||||||||||||
Payment on capital lease obligations | (22 | ) | — | (22 | ) | |||||||||||||||||||
Payment of dividends | (1,108 | ) | — | (1,108 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 112 | (61 | ) | 51 | ||||||||||||||||||||
Net cash provided by financing activities | 1,740 | (61 | ) | 1,679 | ||||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (89 | ) | — | (89 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,955 | ) | — | (1,955 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,643 | $ | — | $ | 8,643 | ||||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,021 | $ | (879 | ) | $ | 6,142 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 77 | — | 77 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 5,406 | (202 | ) | 5,204 | ||||||||||||||||||||
Amortization of purchased intangible assets | 4,808 | — | 4,808 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,565 | 139 | 2,704 | |||||||||||||||||||||
Deferred income tax benefit | (608 | ) | 863 | 255 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 6 | — | 6 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 5,342 | — | 5,342 | |||||||||||||||||||||
Inventory, net | (3,012 | ) | 280 | (2,732 | ) | |||||||||||||||||||
Prepaid expenses and other | (3,146 | ) | (267 | ) | (3,413 | ) | ||||||||||||||||||
Accounts payable | (5,084 | ) | — | (5,084 | ) | |||||||||||||||||||
Customer advances | 1,445 | — | 1,445 | |||||||||||||||||||||
Accrued expenses and other liabilities | 683 | 127 | 810 | |||||||||||||||||||||
Net cash flows provided by continuing operations | 15,579 | 61 | 15,640 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 239 | — | 239 | |||||||||||||||||||||
Net cash provided by operating activities | 15,818 | 61 | 15,879 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (6,472 | ) | — | (6,472 | ) | |||||||||||||||||||
Change in other non-current assets | 373 | — | 373 | |||||||||||||||||||||
Net cash flows used in continuing operations | (6,099 | ) | — | (6,099 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (120 | ) | — | (120 | ) | |||||||||||||||||||
Net cash used in investing activities | (6,219 | ) | — | (6,219 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (3,213 | ) | — | (3,213 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (23 | ) | — | (23 | ) | |||||||||||||||||||
Payment of dividends | (1,667 | ) | — | (1,667 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 234 | — | 234 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | 113 | (61 | ) | 52 | ||||||||||||||||||||
Net cash used in financing activities | (4,603 | ) | (61 | ) | (4,664 | ) | ||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (662 | ) | — | (662 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 4,334 | — | 4,334 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | — | 10,598 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 14,932 | $ | — | $ | 14,932 | ||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 243 | $ | (108 | ) | $ | 135 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss from discontinued operations, net of tax | 93 | — | 93 | |||||||||||||||||||||
Depreciation (including capital lease amortization) | 1,272 | — | 1,272 | |||||||||||||||||||||
Amortization of purchased intangible assets | 1,585 | — | 1,585 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 25 | — | 25 | |||||||||||||||||||||
Stock-based compensation | 1,422 | — | 1,422 | |||||||||||||||||||||
Deferred income tax benefit | 130 | 173 | 303 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 2,784 | — | 2,784 | |||||||||||||||||||||
Inventory, net | 619 | — | 619 | |||||||||||||||||||||
Prepaid expenses and other | (952 | ) | — | (952 | ) | |||||||||||||||||||
Accounts payable | (596 | ) | — | (596 | ) | |||||||||||||||||||
Customer advances | 55 | — | 55 | |||||||||||||||||||||
Accrued expenses and other liabilities | (916 | ) | (65 | ) | (981 | ) | ||||||||||||||||||
Net cash flows provided by continuing operations | 5,785 | — | 5,785 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 559 | — | 559 | |||||||||||||||||||||
Net cash provided by operating activities | 6,344 | — | 6,344 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (4,366 | ) | — | (4,366 | ) | |||||||||||||||||||
Change in other non-current assets | 45 | — | 45 | |||||||||||||||||||||
Net cash flows used in continuing operations | (4,321 | ) | — | (4,321 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (87 | ) | — | (87 | ) | |||||||||||||||||||
Net cash used in investing activities | (4,408 | ) | — | (4,408 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (202 | ) | — | (202 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (16 | ) | — | (16 | ) | |||||||||||||||||||
Payment on capital lease obligations | (13 | ) | — | (13 | ) | |||||||||||||||||||
Payment of dividends | (540 | ) | — | (540 | ) | |||||||||||||||||||
Excess tax benefit from stock-based compensation | (890 | ) | — | (890 | ) | |||||||||||||||||||
Net cash used in financing activities | (1,661 | ) | — | (1,661 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (247 | ) | — | (247 | ) | |||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 28 | — | 28 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 8,246 | $ | — | $ | 8,246 | ||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 3,698 | $ | (482 | ) | $ | 3,216 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | (217 | ) | — | (217 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 2,583 | — | 2,583 | |||||||||||||||||||||
Amortization of purchased intangible assets | 3,153 | — | 3,153 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 51 | — | 51 | |||||||||||||||||||||
Stock-based compensation | 2,057 | — | 2,057 | |||||||||||||||||||||
Deferred income tax benefit | 229 | 547 | 776 | |||||||||||||||||||||
Loss on disposal of property, plant and equipment | 21 | — | 21 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | (5,193 | ) | — | (5,193 | ) | |||||||||||||||||||
Inventory, net | 1,960 | — | 1,960 | |||||||||||||||||||||
Prepaid expenses and other | (545 | ) | — | (545 | ) | |||||||||||||||||||
Accounts payable | 3,105 | — | 3,105 | |||||||||||||||||||||
Customer advances | 3,434 | — | 3,434 | |||||||||||||||||||||
Accrued expenses and other liabilities | 409 | (65 | ) | 344 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 14,745 | — | 14,745 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 680 | — | 680 | |||||||||||||||||||||
Net cash provided by operating activities | 15,425 | — | 15,425 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (9,301 | ) | — | (9,301 | ) | |||||||||||||||||||
Change in other non-current assets | 192 | — | 192 | |||||||||||||||||||||
Net cash flows used in continuing operations | (9,109 | ) | — | (9,109 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (425 | ) | — | (425 | ) | |||||||||||||||||||
Net cash used in investing activities | (9,534 | ) | — | (9,534 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (9,811 | ) | — | (9,811 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (32 | ) | — | (32 | ) | |||||||||||||||||||
Payment on capital lease obligations | (25 | ) | — | (25 | ) | |||||||||||||||||||
Payment of dividends | (1,088 | ) | — | (1,088 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (836 | ) | — | (836 | ) | |||||||||||||||||||
Net cash used in financing activities | (11,629 | ) | — | (11,629 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | (112 | ) | — | (112 | ) | |||||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,850 | ) | — | (5,850 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 2,368 | $ | — | $ | 2,368 | ||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||
As Reported | Adjustments | Restated | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net income | $ | 7,308 | $ | (860 | ) | $ | 6,448 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Loss (income) from discontinued operations, net of tax | (473 | ) | — | (473 | ) | |||||||||||||||||||
Depreciation (including capital lease amortization) | 4,004 | — | 4,004 | |||||||||||||||||||||
Amortization of purchased intangible assets | 4,734 | — | 4,734 | |||||||||||||||||||||
Amortization of deferred debt issuance costs | 76 | — | 76 | |||||||||||||||||||||
Stock-based compensation | 2,685 | — | 2,685 | |||||||||||||||||||||
Deferred income tax benefit | (126 | ) | 1,018 | 892 | ||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5 | — | 5 | |||||||||||||||||||||
Change in: | ||||||||||||||||||||||||
Accounts receivable, net | 4,868 | — | 4,868 | |||||||||||||||||||||
Inventory, net | 6,588 | — | 6,588 | |||||||||||||||||||||
Prepaid expenses and other | 1,031 | — | 1,031 | |||||||||||||||||||||
Accounts payable | (2,208 | ) | — | (2,208 | ) | |||||||||||||||||||
Customer advances | 21 | — | 21 | |||||||||||||||||||||
Accrued expenses and other liabilities | 1,303 | (158 | ) | 1,145 | ||||||||||||||||||||
Net cash flows provided by continuing operations | 29,816 | — | 29,816 | |||||||||||||||||||||
Net cash flows provided by discontinued operations | 655 | — | 655 | |||||||||||||||||||||
Net cash provided by operating activities | 30,471 | — | 30,471 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisition of property, plant and equipment | (13,426 | ) | — | (13,426 | ) | |||||||||||||||||||
Change in other non-current assets | 209 | — | 209 | |||||||||||||||||||||
Net cash flows used in continuing operations | (13,217 | ) | — | (13,217 | ) | |||||||||||||||||||
Net cash flows used in discontinued operations | (604 | ) | — | (604 | ) | |||||||||||||||||||
Net cash used in investing activities | (13,821 | ) | — | (13,821 | ) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Borrowings (repayments) on bank lines of credit, net | (13,252 | ) | — | (13,252 | ) | |||||||||||||||||||
Payment on loans with former owners of LRI | (47 | ) | — | (47 | ) | |||||||||||||||||||
Payment on capital lease obligations | (39 | ) | — | (39 | ) | |||||||||||||||||||
Payment of dividends | (1,637 | ) | — | (1,637 | ) | |||||||||||||||||||
Net proceeds from issuance of common stock to employees and directors | 163 | — | 163 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (895 | ) | — | (895 | ) | |||||||||||||||||||
Net cash used in financing activities | (15,707 | ) | — | (15,707 | ) | |||||||||||||||||||
EFFECTS OF EXCHANGE RATES ON CASH | 172 | — | 172 | |||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,115 | — | 1,115 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of the period | 8,218 | — | 8,218 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of the period | $ | 9,333 | $ | — | $ | 9,333 | ||||||||||||||||||
ORGANIZATION_AND_BUSINESS_Deta
ORGANIZATION AND BUSINESS (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments in which the entity currently operates | 2 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||||||
Accounting Policies [Abstract] | ||||||||
Raw materials | $15,208 | $13,119 | ||||||
Work-in-process | 11,528 | 9,985 | ||||||
Finished goods | 12,782 | 17,273 | ||||||
Supplies | 583 | 814 | ||||||
Inventory, net | $40,101 | $42,126 | $45,887 | $43,052 | $41,191 | $41,384 | $45,190 | $46,491 |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 109,733 | $100,305 | $102,564 | $100,208 | $98,573 | $95,717 | $90,651 | $85,896 |
Land [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 3,344 | 2,693 | ||||||
Buildings and improvements [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 39,489 | 31,774 | ||||||
Buildings and improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 15 years | |||||||
Buildings and improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 30 years | |||||||
Manufacturing equipment and tooling [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 40,433 | 37,844 | ||||||
Manufacturing equipment and tooling [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 3 years | |||||||
Manufacturing equipment and tooling [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 15 years | |||||||
Furniture, fixtures and computer equipment [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 14,813 | 14,079 | ||||||
Furniture, fixtures and computer equipment [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 3 years | |||||||
Furniture, fixtures and computer equipment [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 10 years | |||||||
Other [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 3,425 | 4,909 | ||||||
Other [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 3 years | |||||||
Other [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Estimated useful life | 10 years | |||||||
Construction in process [Member] | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment | 8,229 | $7,274 |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Changes to the carrying amount of goodwill | ||||||||
Goodwill balance | $37,970 | $37,431 | $34,382 | $37,161 | $37,689 | $37,553 | $36,447 | $36,125 |
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | -865 | -951 | ||||||
Adjustment due to exchange rate differences | -4,343 | 1,490 | ||||||
Goodwill balance | 32,762 | 37,970 | 34,382 | 37,161 | 37,689 | 37,553 | 36,447 | 36,125 |
NobelClad [Member] | ||||||||
Changes to the carrying amount of goodwill | ||||||||
Goodwill balance | 22,238 | 21,734 | ||||||
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | -318 | -353 | ||||||
Adjustment due to exchange rate differences | -2,502 | 857 | ||||||
Goodwill balance | 19,418 | 22,238 | ||||||
DynaEnergetics [Member] | ||||||||
Changes to the carrying amount of goodwill | ||||||||
Goodwill balance | 15,732 | 15,697 | ||||||
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill | -547 | -598 | ||||||
Adjustment due to exchange rate differences | -1,841 | 633 | ||||||
Goodwill balance | $13,344 | $15,732 |
SIGNIFICANT_ACCOUNTING_POLICIE6
SIGNIFICANT ACCOUNTING POLICIES - Purchased Intangible Assets (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Purchased intangible assets | ||||||||
Weighted average amortization period | 12 years | |||||||
Gross | $63,078 | $71,170 | ||||||
Accumulated Amortization | -36,344 | -34,712 | ||||||
Net | 26,734 | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 |
Expected future amortization of intangible assets | ||||||||
2015 | 4,285 | |||||||
2016 | 4,285 | |||||||
2017 | 4,263 | |||||||
2018 | 3,026 | |||||||
2019 | 1,692 | |||||||
Thereafter | 9,183 | |||||||
Net | 26,734 | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 |
Core technology [Member] | ||||||||
Purchased intangible assets | ||||||||
Weighted average amortization period | 20 years | |||||||
Gross | 20,667 | 23,391 | ||||||
Accumulated Amortization | -7,360 | -7,155 | ||||||
Net | 13,307 | 16,236 | ||||||
Expected future amortization of intangible assets | ||||||||
Net | 13,307 | 16,236 | ||||||
Customer relationships [Member] | ||||||||
Purchased intangible assets | ||||||||
Weighted average amortization period | 9 years | |||||||
Gross | 40,195 | 45,269 | ||||||
Accumulated Amortization | -27,270 | -25,813 | ||||||
Net | 12,925 | 19,456 | ||||||
Expected future amortization of intangible assets | ||||||||
Net | 12,925 | 19,456 | ||||||
Trademarks / Trade names [Member] | ||||||||
Purchased intangible assets | ||||||||
Weighted average amortization period | 9 years | |||||||
Gross | 2,216 | 2,510 | ||||||
Accumulated Amortization | -1,714 | -1,744 | ||||||
Net | 502 | 766 | ||||||
Expected future amortization of intangible assets | ||||||||
Net | $502 | $766 |
SIGNIFICANT_ACCOUNTING_POLICIE7
SIGNIFICANT ACCOUNTING POLICIES - Computation and Reconciliation of Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | ||||||||||||||
Income from continuing operations, net of non-controlling interest | $1,926 | $5,981 | $9,834 | |||||||||||
Less income allocated to RSAs | -52 | -102 | -193 | |||||||||||
Income from continuing operations allocated to common stock for EPS calculation | 1,874 | 5,879 | 9,641 | |||||||||||
Income from discontinued operations | 6 | 641 | 478 | 943 | ||||||||||
Net income allocated to common stock for EPS calculation | $2,515 | $6,357 | $10,584 | |||||||||||
Denominator: | ||||||||||||||
Weighted average common shares outstanding - basic (in shares) | 13,688,649 | 13,672,457 | 13,644,239 | 13,543,007 | 13,540,394 | 13,526,623 | 13,509,792 | 13,668,223 | 13,523,028 | 13,676,730 | 13,528,880 | 13,687,485 | 13,533,566 | 13,264,636 |
Dilutive stock-based compensation plans (in shares) | 2,222 | 3,959 | 4,077 | |||||||||||
Weighted average common shares outstanding - diluted (in shares) | 13,690,174 | 13,677,911 | 13,649,953 | 13,549,288 | 13,544,665 | 13,530,588 | 13,513,797 | 13,673,807 | 13,527,011 | 13,681,790 | 13,532,973 | 13,689,707 | 13,537,525 | 13,268,713 |
Income per share - Basic: | ||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 |
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 |
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 |
Income per share - Diluted: | ||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 |
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 |
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 |
SIGNIFICANT_ACCOUNTING_POLICIE8
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 21, 2011 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2011 |
Inventories [Abstract] | |||||||||||
Increase in inventory reserves | $1,146 | ||||||||||
Increase in inventory reserves, expense recognized | 1,287 | ||||||||||
Inventory valuation reserves | 3,117 | 1,729 | |||||||||
Asset Impairments [Abstract] | |||||||||||
Impairment loss | 0 | ||||||||||
Purchased Intangible Assets [Abstract] | |||||||||||
Weighted average amortization period | 12 years | ||||||||||
Other Assets [Abstract] | |||||||||||
Net deferred debt issuance costs | 203 | 305 | |||||||||
Customer Advances [Abstract] | |||||||||||
Customer advances | 3,510 | 1,019 | 2,364 | 2,617 | 2,996 | 1,387 | 4,758 | 1,378 | |||
Research and Development [Abstract] | |||||||||||
Research and development costs | 3,099 | 2,199 | 2,075 | ||||||||
Syndicated credit agreement [Member] | |||||||||||
Other Assets [Abstract] | |||||||||||
Net deferred debt issuance costs | 435 | ||||||||||
Term | 5 years | ||||||||||
Prior syndicated credit agreement [Member] | |||||||||||
Other Assets [Abstract] | |||||||||||
Net deferred debt issuance costs | 95 | ||||||||||
DynaEnergetics [Member] | |||||||||||
Inventories [Abstract] | |||||||||||
Increase in inventory reserves | 1,800 | ||||||||||
Increase in inventory reserves, net of tax | 1,218 | ||||||||||
Increase in inventory reserves, increase (decrease) on basic earnings per share | ($0.09) | ||||||||||
Increase in inventory reserves, increase (decrease) on diluted earnings per share | ($0.09) | ||||||||||
Restructuring expenses [Member] | NobelClad [Member] | |||||||||||
Asset Impairments [Abstract] | |||||||||||
Impairment loss | 3,946 | ||||||||||
General and administrative expenses [Member] | DynaEnergetics [Member] | |||||||||||
Asset Impairments [Abstract] | |||||||||||
Impairment loss | $756 |
RESTATEMENT_OF_PREVIOUSLYISSUE2
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Restatement, increase (decrease) in income from continuing operations | ($1,036) | ($919) | |
Restatement, cumulative increase (decrease) in shareholders' equity | $2,000 |
RESTATEMENT_OF_PREVIOUSLYISSUE3
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $9,400 | $14,932 | $8,643 | $9,131 | $10,598 | $9,333 | $2,368 | $8,246 | $8,218 | $5,318 |
Accounts receivable, net of allowance for doubtful accounts of $419 | 35,501 | 30,923 | 38,409 | 35,973 | 37,785 | 30,394 | 39,959 | 31,948 | ||
Inventory, net | 40,101 | 42,126 | 45,887 | 43,052 | 41,191 | 41,384 | 45,190 | 46,491 | ||
Prepaid expenses and other | 6,123 | 6,783 | 7,120 | 6,044 | 4,277 | 3,888 | 5,415 | 5,867 | ||
Current deferred tax assets | 3,971 | 5,599 | 2,548 | 2,440 | 3,456 | 2,515 | 1,946 | 1,589 | ||
Assets held for sale | 0 | 6,011 | 6,155 | 6,276 | 6,299 | 6,610 | 6,206 | 5,402 | ||
Total current assets | 95,096 | 106,374 | 108,762 | 102,916 | 103,606 | 94,124 | 101,084 | 99,543 | ||
PROPERTY, PLANT AND EQUIPMENT | 109,733 | 100,305 | 102,564 | 100,208 | 98,573 | 95,717 | 90,651 | 85,896 | ||
Less - accumulated depreciation | -45,898 | -42,423 | -42,018 | -40,732 | -38,358 | -36,469 | -35,010 | -33,661 | ||
Property, plant and equipment, net | 63,835 | 57,882 | 60,546 | 59,476 | 60,215 | 59,248 | 55,641 | 52,235 | ||
GOODWILL, net | 32,762 | 34,382 | 37,161 | 37,689 | 37,970 | 37,553 | 36,447 | 36,125 | 37,431 | |
PURCHASED INTANGIBLE ASSETS, net | 26,734 | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 | ||
DEFERRED TAX ASSETS | 587 | 430 | 516 | 596 | 403 | 158 | 319 | 922 | ||
OTHER ASSETS, net | 315 | 1,236 | 1,868 | 1,711 | 1,893 | 499 | 505 | 529 | ||
TOTAL ASSETS | 219,329 | 229,707 | 241,792 | 236,985 | 240,545 | 229,228 | 232,117 | 228,782 | ||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 14,076 | 9,104 | 9,689 | 13,438 | 14,567 | 9,020 | 14,111 | 10,362 | ||
Accrued expenses | 5,638 | 3,245 | 3,671 | 4,315 | 3,927 | 4,222 | 4,657 | 4,453 | ||
Dividend payable | 559 | 559 | 559 | 557 | 550 | 550 | 549 | 547 | ||
Accrued income taxes | 3,770 | 2,972 | 2,317 | 1,932 | 2,657 | 1,237 | 911 | 300 | ||
Accrued employee compensation and benefits | 4,582 | 4,667 | 4,119 | 3,140 | 4,552 | 5,346 | 4,338 | 3,778 | ||
Customer advances | 3,510 | 2,364 | 2,617 | 2,996 | 1,019 | 1,387 | 4,758 | 1,378 | ||
Current debt obligations | 0 | 4 | 20 | 516 | 2,907 | 65 | 63 | 64 | ||
Current portion of capital lease obligations | 5 | 5 | 10 | 33 | 45 | 50 | ||||
Current deferred tax liabilities | 373 | 435 | 417 | 404 | 435 | 274 | 155 | 155 | ||
Liabilities related to assets held for sale | 0 | 721 | 742 | 758 | 826 | 765 | 820 | 543 | ||
Total current liabilities | 32,508 | 24,076 | 24,156 | 28,066 | 31,440 | 22,899 | 30,407 | 21,630 | ||
LINES OF CREDIT | 22,782 | 26,000 | 31,800 | 26,900 | 26,400 | 25,550 | 28,843 | 38,256 | ||
DEFERRED TAX LIABILITIES | 7,003 | 9,507 | 7,740 | 7,724 | 7,795 | 7,842 | 7,404 | 7,323 | ||
OTHER LONG-TERM LIABILITIES | 2,121 | 1,988 | 2,058 | 2,018 | 1,881 | 1,755 | 1,668 | 1,582 | ||
Total liabilities | 64,414 | 61,575 | 65,760 | 64,715 | 67,516 | 58,051 | 68,342 | 68,834 | ||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 700 | 699 | 699 | 698 | 689 | 688 | 688 | 684 | ||
Additional paid-in capital | 67,088 | 65,914 | 64,950 | 63,690 | 62,934 | 62,099 | 61,530 | 60,682 | ||
Retained earnings | 113,723 | 117,857 | 116,077 | 114,320 | 113,390 | 113,837 | 111,204 | 108,688 | ||
Other cumulative comprehensive loss | -26,596 | -16,338 | -5,694 | -6,438 | -3,984 | -5,627 | -9,772 | -10,215 | ||
Total stockholders’ equity | 154,915 | 168,132 | 176,032 | 172,270 | 173,029 | 170,997 | 163,650 | 159,839 | ||
Non-controlling interest | 0 | 0 | 0 | 180 | 125 | 109 | ||||
Total stockholders’ equity | 154,915 | 168,132 | 176,032 | 172,270 | 173,029 | 171,177 | 163,775 | 159,948 | 163,447 | 148,043 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 219,329 | 229,707 | 241,792 | 236,985 | 240,545 | 229,228 | 232,117 | 228,782 | ||
As Reported | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 14,932 | 8,643 | 9,131 | 10,598 | 9,333 | 2,368 | 8,246 | 8,218 | 5,318 | |
Accounts receivable, net of allowance for doubtful accounts of $419 | 30,923 | 38,409 | 35,973 | 37,785 | 30,394 | 39,959 | 31,948 | |||
Inventory, net | 41,846 | 45,887 | 43,106 | 41,191 | 41,384 | 45,190 | 46,491 | |||
Prepaid expenses and other | 7,161 | 7,218 | 6,142 | 4,375 | 3,977 | 5,504 | 5,956 | |||
Current deferred tax assets | 5,583 | 2,532 | 2,424 | 3,440 | 2,513 | 1,944 | 1,587 | |||
Assets held for sale | 6,011 | 6,155 | 6,276 | 6,299 | 6,610 | 6,206 | 5,402 | |||
Total current assets | 106,456 | 108,844 | 103,052 | 103,688 | 94,211 | 101,171 | 99,630 | |||
PROPERTY, PLANT AND EQUIPMENT | 100,305 | 102,564 | 100,208 | 98,573 | 95,717 | 90,651 | 85,896 | |||
Less - accumulated depreciation | -42,625 | -42,220 | -40,934 | -38,358 | -36,469 | -35,010 | -33,661 | |||
Property, plant and equipment, net | 57,680 | 60,344 | 59,274 | 60,215 | 59,248 | 55,641 | 52,235 | |||
GOODWILL, net | 34,382 | 37,161 | 37,689 | 37,970 | 37,553 | 36,447 | 36,125 | |||
PURCHASED INTANGIBLE ASSETS, net | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 | |||
DEFERRED TAX ASSETS | 439 | 792 | 552 | 388 | 397 | 458 | 1,060 | |||
OTHER ASSETS, net | 1,236 | 1,868 | 1,711 | 1,893 | 499 | 505 | 529 | |||
TOTAL ASSETS | 229,596 | 241,948 | 236,875 | 240,612 | 229,554 | 232,343 | 229,007 | |||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 9,104 | 9,689 | 13,438 | 14,567 | 9,020 | 14,111 | 10,362 | |||
Accrued expenses | 3,245 | 3,671 | 4,315 | 3,927 | 4,222 | 4,657 | 4,453 | |||
Dividend payable | 559 | 559 | 557 | 550 | 550 | 549 | 547 | |||
Accrued income taxes | 3,030 | 2,471 | 2,034 | 2,811 | 1,325 | 906 | 295 | |||
Accrued employee compensation and benefits | 4,667 | 4,119 | 3,140 | 4,552 | 5,346 | 4,338 | 3,778 | |||
Customer advances | 2,364 | 2,617 | 2,996 | 1,019 | 1,387 | 4,758 | 1,378 | |||
Current debt obligations | 4 | 20 | 516 | 2,907 | 65 | 63 | 64 | |||
Current portion of capital lease obligations | 5 | 5 | 10 | 33 | 45 | 50 | ||||
Current deferred tax liabilities | 435 | 417 | 404 | 435 | 274 | 155 | 155 | |||
Liabilities related to assets held for sale | 721 | 742 | 758 | 826 | 765 | 820 | 543 | |||
Total current liabilities | 24,134 | 24,310 | 28,168 | 31,594 | 22,987 | 30,402 | 21,625 | |||
LINES OF CREDIT | 26,000 | 31,800 | 26,900 | 26,400 | 25,550 | 28,843 | 38,256 | |||
DEFERRED TAX LIABILITIES | 8,641 | 7,186 | 7,566 | 7,945 | 8,084 | 8,050 | 8,344 | |||
OTHER LONG-TERM LIABILITIES | 1,958 | 2,000 | 1,930 | 1,881 | 1,755 | 1,668 | 1,582 | |||
Total liabilities | 60,737 | 65,302 | 64,571 | 67,820 | 58,381 | 68,983 | 69,850 | |||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 699 | 699 | 698 | 689 | 688 | 688 | 684 | |||
Additional paid-in capital | 65,836 | 64,861 | 63,589 | 62,934 | 62,099 | 61,530 | 60,682 | |||
Retained earnings | 118,745 | 116,808 | 114,480 | 113,399 | 113,670 | 110,659 | 107,769 | |||
Other cumulative comprehensive loss | -16,421 | -5,722 | -6,463 | -4,230 | -5,464 | -9,642 | -10,087 | |||
Total stockholders’ equity | 168,859 | 176,646 | 172,304 | 170,993 | 163,235 | 159,048 | ||||
Non-controlling interest | 0 | 0 | 0 | 180 | 125 | 109 | ||||
Total stockholders’ equity | 168,859 | 176,646 | 172,304 | 172,792 | 171,173 | 163,360 | 159,157 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 229,596 | 241,948 | 236,875 | 240,612 | 229,554 | 232,343 | 229,007 | |||
Adjustments | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Accounts receivable, net of allowance for doubtful accounts of $419 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Inventory, net | 280 | 0 | -54 | 0 | 0 | 0 | 0 | |||
Prepaid expenses and other | -378 | -98 | -98 | -98 | -89 | -89 | -89 | |||
Current deferred tax assets | 16 | 16 | 16 | 16 | 2 | 2 | 2 | |||
Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current assets | -82 | -82 | -136 | -82 | -87 | -87 | -87 | |||
PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Less - accumulated depreciation | 202 | 202 | 202 | 0 | 0 | 0 | 0 | |||
Property, plant and equipment, net | 202 | 202 | 202 | 0 | 0 | 0 | 0 | |||
GOODWILL, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
PURCHASED INTANGIBLE ASSETS, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
DEFERRED TAX ASSETS | -9 | -276 | 44 | 15 | -239 | -139 | -138 | |||
OTHER ASSETS, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL ASSETS | 111 | -156 | 110 | -67 | -326 | -226 | -225 | |||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accrued expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividend payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accrued income taxes | -58 | -154 | -102 | -154 | -88 | 5 | 5 | |||
Accrued employee compensation and benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Customer advances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current debt obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current portion of capital lease obligations | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Current deferred tax liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Liabilities related to assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current liabilities | -58 | -154 | -102 | -154 | -88 | 5 | 5 | |||
LINES OF CREDIT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
DEFERRED TAX LIABILITIES | 866 | 554 | 158 | -150 | -242 | -646 | -1,021 | |||
OTHER LONG-TERM LIABILITIES | 30 | 58 | 88 | 0 | 0 | 0 | 0 | |||
Total liabilities | 838 | 458 | 144 | -304 | -330 | -641 | -1,016 | |||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $0.05 par value; 25,000,000 shares authorized; 13,772,324 shares issued and outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 78 | 89 | 101 | 0 | 0 | 0 | 0 | |||
Retained earnings | -888 | -731 | -160 | -9 | 167 | 545 | 919 | |||
Other cumulative comprehensive loss | 83 | 28 | 25 | 246 | -163 | -130 | -128 | |||
Total stockholders’ equity | -727 | -614 | -34 | 4 | 415 | 791 | ||||
Non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total stockholders’ equity | -727 | -614 | -34 | 237 | 4 | 415 | 791 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $111 | ($156) | $110 | ($67) | ($326) | ($226) | ($225) |
RESTATEMENT_OF_PREVIOUSLYISSUE4
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Consolidated Balance Sheets (Parenthetical) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Accounts receivable, allowance for doubtful accounts | $542 | $599 | $504 | $459 | $419 | $340 | $471 | $440 |
Preferred stock, par value (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Common stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, shares issued | 13,997,076 | 13,979,119 | 13,979,119 | 13,994,094 | 13,772,324 | 13,759,007 | 13,750,163 | 13,683,307 |
Common stock, shares outstanding | 13,997,076 | 13,979,119 | 13,979,119 | 13,994,094 | 13,772,324 | 13,759,007 | 13,750,163 | 13,683,307 |
RESTATEMENT_OF_PREVIOUSLYISSUE5
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
NET SALES | $51,886 | $51,911 | $46,769 | $49,339 | $52,331 | $55,554 | $44,836 | $98,680 | $100,390 | $150,566 | $152,720 | $202,561 | $202,060 | $192,737 | ||||
COST OF PRODUCTS SOLD | 36,803 | 36,013 | 32,055 | 36,495 | 36,229 | 39,155 | 32,047 | 68,067 | 71,203 | 104,871 | 107,431 | 141,142 | 143,926 | 135,085 | ||||
Gross profit | 15,083 | 15,898 | 14,714 | 12,844 | 16,102 | 16,399 | 12,789 | 30,613 | 29,187 | 45,695 | 45,289 | 61,419 | 58,134 | 57,652 | ||||
COSTS AND EXPENSES: | ||||||||||||||||||
General and administrative expenses | 5,463 | 5,771 | 5,792 | 5,980 | 5,672 | 5,006 | 8,014 | 11,564 | 13,019 | 17,027 | 18,694 | 23,766 | 24,672 | 18,489 | ||||
Selling and distribution expenses | 4,639 | 4,733 | 4,223 | 4,138 | 3,658 | 4,310 | 4,030 | 8,956 | 8,340 | 13,596 | 11,997 | 18,104 | 16,136 | 16,954 | ||||
Amortization of purchased intangible assets | 1,575 | 1,617 | 1,616 | 1,614 | 1,581 | 1,568 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,103 | 6,348 | 6,210 | ||||
Total costs and expenses | 11,677 | 12,121 | 11,631 | 11,732 | 10,911 | 10,884 | 13,629 | 23,752 | 24,512 | 35,431 | 35,425 | 54,754 | 47,156 | 41,653 | ||||
INCOME FROM OPERATIONS | 3,406 | 3,777 | 3,083 | 1,112 | 5,191 | 5,515 | -840 | 6,861 | 4,675 | 10,264 | 9,864 | 6,665 | 10,978 | 15,999 | ||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Other income (expense), net | 472 | 332 | -435 | -157 | -247 | -420 | 296 | -103 | -124 | 369 | -371 | -313 | -528 | -32 | ||||
Interest expense | -137 | -174 | -109 | -164 | -129 | -183 | -172 | -283 | -355 | -420 | -484 | -551 | -648 | -832 | ||||
Interest income | 1 | 1 | 5 | 2 | 1 | 1 | 3 | 5 | 4 | 6 | 5 | 38 | 7 | 13 | ||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,742 | 3,936 | 2,544 | 793 | 4,816 | 4,913 | -713 | 6,480 | 4,200 | 10,219 | 9,014 | 5,839 | 9,809 | 15,148 | ||||
INCOME TAX PROVISION | 1,420 | 1,839 | 741 | 698 | 1,838 | 2,141 | -941 | 2,580 | 1,201 | 4,000 | 3,039 | 3,913 | 3,736 | 5,316 | ||||
INCOME FROM CONTINUING OPERATIONS | 2,322 | 2,097 | 1,803 | 95 | 2,978 | 2,772 | 228 | 3,900 | 2,999 | 6,219 | 5,975 | 1,926 | 6,073 | 9,832 | ||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 20 | 219 | -316 | 6 | 255 | 310 | -93 | -97 | 217 | -77 | 473 | -77 | 478 | 943 | ||||
NET INCOME | 2,342 | 2,316 | 1,487 | 101 | 3,233 | 3,082 | 135 | 3,803 | 3,216 | 6,142 | 6,448 | 2,567 | [1] | 6,551 | [1] | 10,775 | [1] | |
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 49 | 15 | 28 | 0 | 43 | 0 | 92 | 0 | 92 | -2 | |||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | 2,342 | 2,316 | 1,487 | 3,184 | 3,067 | 107 | 3,803 | 3,173 | 6,142 | 6,356 | 2,567 | 6,459 | 10,777 | |||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 | ||||
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 | ||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 | ||||
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||
Basic (in shares) | 13,688,649 | 13,672,457 | 13,644,239 | 13,543,007 | 13,540,394 | 13,526,623 | 13,509,792 | 13,668,223 | 13,523,028 | 13,676,730 | 13,528,880 | 13,687,485 | 13,533,566 | 13,264,636 | ||||
Diluted (in shares) | 13,690,174 | 13,677,911 | 13,649,953 | 13,549,288 | 13,544,665 | 13,530,588 | 13,513,797 | 13,673,807 | 13,527,011 | 13,681,790 | 13,532,973 | 13,689,707 | 13,537,525 | 13,268,713 | ||||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.08 | $0.12 | $0.12 | $0.16 | $0.16 | $0.16 | ||||
As Reported | ||||||||||||||||||
NET SALES | 51,886 | 51,911 | 46,769 | 49,339 | 52,331 | 55,554 | 44,836 | 98,680 | 100,390 | 150,566 | 152,720 | 202,060 | 192,737 | 51,995 | ||||
COST OF PRODUCTS SOLD | 36,803 | 36,067 | 32,203 | 36,495 | 36,229 | 39,155 | 32,047 | 68,269 | 71,203 | 105,073 | 107,431 | 143,926 | 135,085 | 36,271 | ||||
Gross profit | 15,083 | 15,844 | 14,566 | 12,844 | 16,102 | 16,399 | 12,789 | 30,411 | 29,187 | 45,493 | 45,289 | 58,134 | 57,652 | 15,724 | ||||
COSTS AND EXPENSES: | ||||||||||||||||||
General and administrative expenses | 5,503 | 5,813 | 5,542 | 5,980 | 5,672 | 5,006 | 8,014 | 11,356 | 13,019 | 16,858 | 18,694 | 24,672 | 18,489 | 6,740 | ||||
Selling and distribution expenses | 4,639 | 4,733 | 4,223 | 4,138 | 3,658 | 4,310 | 4,030 | 8,956 | 8,340 | 13,596 | 11,997 | 16,136 | 16,954 | 4,509 | ||||
Amortization of purchased intangible assets | 1,575 | 1,617 | 1,616 | 1,614 | 1,581 | 1,568 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,348 | 6,210 | 1,295 | ||||
Total costs and expenses | 11,717 | 12,163 | 11,381 | 11,732 | 10,911 | 10,884 | 13,629 | 23,544 | 24,512 | 35,262 | 35,425 | 47,156 | 41,653 | 19,325 | ||||
INCOME FROM OPERATIONS | 3,366 | 3,681 | 3,185 | 1,112 | 5,191 | 5,515 | -840 | 6,867 | 4,675 | 10,231 | 9,864 | 10,978 | 15,999 | -3,601 | ||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Other income (expense), net | 472 | 332 | -435 | -157 | -247 | -420 | 296 | -103 | -124 | 369 | -371 | -528 | -32 | -682 | ||||
Interest expense | -137 | -174 | -109 | -164 | -129 | -183 | -172 | -283 | -355 | -420 | -484 | -648 | -832 | -132 | ||||
Interest income | 1 | 1 | 5 | 2 | 1 | 1 | 3 | 5 | 4 | 6 | 5 | 7 | 13 | 32 | ||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,702 | 3,840 | 2,646 | 793 | 4,816 | 4,913 | -713 | 6,486 | 4,200 | 10,186 | 9,014 | 9,809 | 15,148 | -4,383 | ||||
INCOME TAX PROVISION | 1,224 | 1,172 | 692 | 522 | 1,460 | 1,768 | -1,049 | 1,864 | 719 | 3,088 | 2,179 | 2,700 | 4,397 | -87 | ||||
INCOME FROM CONTINUING OPERATIONS | 2,478 | 2,668 | 1,954 | 271 | 3,356 | 3,145 | 336 | 4,622 | 3,481 | 7,098 | 6,835 | 7,109 | 10,751 | -4,296 | ||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 20 | 219 | -316 | 6 | 255 | 310 | -93 | -97 | 217 | -77 | 473 | 478 | 943 | 0 | ||||
NET INCOME | 2,498 | 2,887 | 1,638 | 277 | 3,611 | 3,455 | 243 | 4,525 | 3,698 | 7,021 | 7,308 | 7,587 | 11,694 | -3,578 | ||||
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 49 | 15 | 28 | 0 | 43 | 0 | 92 | 92 | -2 | ||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | 2,498 | 2,887 | 1,638 | 3,562 | 3,440 | 215 | 4,525 | 3,655 | 7,021 | 7,216 | 7,495 | 11,696 | ||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.18 | $0.19 | $0.14 | $0.02 | $0.24 | $0.23 | $0.03 | $0.33 | $0.25 | $0.51 | $0.49 | $0.52 | $0.80 | ($0.32) | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.03 | $0.07 | $0.05 | ||||
Net income (in dollars per share) | $0.18 | $0.21 | $0.12 | $0.02 | $0.26 | $0.25 | $0.02 | $0.32 | $0.27 | $0.50 | $0.52 | $0.55 | $0.87 | ($0.27) | ||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.18 | $0.19 | $0.14 | $0.02 | $0.24 | $0.23 | $0.03 | $0.33 | $0.25 | $0.51 | $0.49 | $0.51 | $0.80 | ($0.32) | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.03 | $0.07 | $0.05 | ||||
Net income (in dollars per share) | $0.18 | $0.21 | $0.12 | $0.02 | $0.26 | $0.25 | $0.02 | $0.32 | $0.27 | $0.50 | $0.52 | $0.54 | $0.87 | ($0.27) | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||
Basic (in shares) | 13,688,649 | 13,672,457 | 13,644,239 | 13,543,007 | 13,540,394 | 13,526,623 | 13,509,792 | 13,668,223 | 13,523,028 | 13,676,730 | 13,528,880 | 13,533,566 | 13,264,636 | 13,696,399 | ||||
Diluted (in shares) | 13,690,174 | 13,677,911 | 13,649,953 | 13,549,288 | 13,544,665 | 13,530,588 | 13,513,797 | 13,673,807 | 13,527,011 | 13,681,790 | 13,532,973 | 13,537,525 | 13,268,713 | 13,697,821 | ||||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.08 | $0.12 | $0.12 | $0.16 | $0.16 | $0.04 | ||||
Adjustments | ||||||||||||||||||
NET SALES | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
COST OF PRODUCTS SOLD | 0 | -54 | -148 | 0 | 0 | 0 | 0 | -202 | 0 | -202 | 0 | 0 | 0 | |||||
Gross profit | 0 | 54 | 148 | 0 | 0 | 0 | 0 | 202 | 0 | 202 | 0 | 0 | 0 | |||||
COSTS AND EXPENSES: | ||||||||||||||||||
General and administrative expenses | -40 | -42 | 250 | 0 | 0 | 0 | 0 | 208 | 0 | 169 | 0 | 0 | 0 | |||||
Selling and distribution expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Amortization of purchased intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total costs and expenses | -40 | -42 | 250 | 0 | 0 | 0 | 0 | 208 | 0 | 169 | 0 | 0 | 0 | |||||
INCOME FROM OPERATIONS | 40 | 96 | -102 | 0 | 0 | 0 | 0 | -6 | 0 | 33 | 0 | 0 | 0 | |||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 40 | 96 | -102 | 0 | 0 | 0 | 0 | -6 | 0 | 33 | 0 | 0 | 0 | |||||
INCOME TAX PROVISION | 196 | 667 | 49 | 176 | 378 | 373 | 108 | 716 | 482 | 912 | 860 | 1,036 | 919 | |||||
INCOME FROM CONTINUING OPERATIONS | -156 | -571 | -151 | -176 | -378 | -373 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | |||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
NET INCOME | -156 | -571 | -151 | -176 | -378 | -373 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | |||||
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | ($156) | ($571) | ($151) | ($378) | ($373) | ($108) | ($722) | ($482) | ($879) | ($860) | ($1,036) | ($919) | ||||||
INCOME PER SHARE - BASIC: | ||||||||||||||||||
Continuing operations (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.08) | ($0.07) | |||||
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||
Net income (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.08) | ($0.07) | |||||
INCOME PER SHARE - DILUTED: | ||||||||||||||||||
Continuing operations (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.07) | ($0.07) | |||||
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||
Net income (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.07) | ($0.07) | |||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||
Basic (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||
[1] | Restated |
RESTATEMENT_OF_PREVIOUSLYISSUE6
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
Net income including non-controlling interest | $2,342 | $2,316 | $1,487 | $101 | $3,233 | $3,082 | $135 | $3,803 | $3,216 | $6,142 | $6,448 | $2,567 | [1] | $6,551 | [1] | $10,775 | [1] | |
Change in cumulative foreign currency translation adjustment | -10,647 | 744 | -2,454 | 4,150 | 443 | -3,619 | -1,710 | -3,175 | -12,354 | 976 | -22,612 | [1] | 2,619 | [1] | 2,606 | [1] | ||
Total comprehensive income (loss) | -8,305 | 3,060 | -967 | 7,383 | 3,525 | -3,484 | 2,093 | 41 | -6,212 | 7,424 | -20,045 | 9,170 | 13,381 | |||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 55 | 16 | 25 | 0 | 41 | 0 | 96 | 0 | 96 | 1 | |||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | -8,305 | 3,060 | -967 | 7,328 | 3,509 | -3,509 | 2,093 | 0 | -6,212 | 7,328 | -20,045 | 9,074 | 13,380 | |||||
As Reported | ||||||||||||||||||
Net income including non-controlling interest | 2,498 | 2,887 | 1,638 | 277 | 3,611 | 3,455 | 243 | 4,525 | 3,698 | 7,021 | 7,308 | 7,587 | 11,694 | -3,578 | ||||
Change in cumulative foreign currency translation adjustment | -10,701 | 741 | -2,233 | 4,183 | 446 | -3,627 | -1,492 | -3,181 | -12,191 | 1,003 | 2,237 | 2,796 | ||||||
Total comprehensive income (loss) | -8,203 | 3,628 | -595 | 7,794 | 3,901 | -3,384 | 3,033 | 517 | -5,170 | 8,311 | 9,824 | 14,490 | ||||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 55 | 16 | 25 | 0 | 41 | 0 | 96 | 96 | 1 | ||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | -8,203 | 3,628 | -595 | 7,739 | 3,885 | -3,409 | 3,033 | 476 | -5,170 | 8,215 | 9,728 | 14,489 | ||||||
Adjustments | ||||||||||||||||||
Net income including non-controlling interest | -156 | -571 | -151 | -176 | -378 | -373 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | |||||
Change in cumulative foreign currency translation adjustment | 54 | 3 | -221 | -33 | -3 | 8 | -218 | 6 | -163 | -27 | 382 | -190 | ||||||
Total comprehensive income (loss) | -102 | -568 | -372 | -411 | -376 | -100 | -940 | -476 | -1,042 | -887 | -654 | -1,109 | ||||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | ($102) | ($568) | ($372) | ($411) | ($376) | ($100) | ($940) | ($476) | ($1,042) | ($887) | ($654) | ($1,109) | ||||||
[1] | Restated |
RESTATEMENT_OF_PREVIOUSLYISSUE7
RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income including non-controlling interest | $1,487 | $135 | $3,803 | $3,216 | $6,142 | $6,448 | $2,567 | [1] | $6,551 | [1] | $10,775 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Loss (income) from discontinued operations, net of tax | 316 | 93 | 97 | -217 | 77 | -473 | 77 | -478 | -943 | |||
Depreciation (including capital lease amortization) | 1,624 | 1,272 | 3,379 | 2,583 | 5,204 | 4,004 | 7,051 | 5,920 | 5,018 | |||
Amortization of purchased intangible assets | 1,616 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,103 | 6,348 | 6,210 | |||
Amortization of deferred debt issuance costs | 25 | 25 | 51 | 51 | 76 | 76 | 102 | 102 | 124 | |||
Stock-based compensation | 717 | 1,422 | 1,741 | 2,057 | 2,704 | 2,685 | 3,588 | 3,401 | 4,443 | |||
Deferred income tax benefit | 670 | 303 | 848 | 776 | 255 | 892 | -255 | -521 | -470 | |||
Loss on disposal of property, plant and equipment | 21 | 5 | 21 | 6 | 5 | 12 | 50 | 0 | ||||
Restructuring and impairment charges | 6,781 | 756 | 0 | |||||||||
Change in: | ||||||||||||
Accounts receivable, net | 1,570 | 2,784 | -858 | -5,193 | 5,342 | 4,868 | -427 | -2,185 | 717 | |||
Inventory, net | -2,459 | 619 | -5,000 | 1,960 | -2,732 | 6,588 | -3,459 | 6,750 | -2,380 | |||
Prepaid expenses and other | -1,867 | -952 | -2,873 | -545 | -3,413 | 1,031 | -3,004 | 89 | 551 | |||
Accounts payable | -1,051 | -596 | -4,778 | 3,105 | -5,084 | -2,208 | -932 | 2,228 | -3,616 | |||
Customer advances | 1,980 | 55 | 1,613 | 3,434 | 1,445 | 21 | 2,782 | -360 | -556 | |||
Accrued expenses and other liabilities | -1,151 | -981 | -586 | 344 | 810 | 1,145 | 3,267 | 1,588 | -409 | |||
Net cash flows provided by continuing operations | 3,477 | 5,785 | 674 | 14,745 | 15,640 | 29,816 | 23,074 | 30,239 | 19,464 | |||
Net cash flows provided by discontinued operations | -298 | 559 | 48 | 680 | 239 | 655 | 239 | 1,777 | 1,092 | |||
Net cash provided by operating activities | 3,179 | 6,344 | 722 | 15,425 | 15,879 | 30,471 | 23,313 | 32,016 | 20,556 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of property, plant and equipment | -1,994 | -4,366 | -4,123 | -9,301 | -6,472 | -13,426 | -21,403 | -16,223 | -15,133 | |||
Acquisition of TRX Industries | 0 | 0 | -10,294 | |||||||||
Acquisition of minority interest | 0 | -180 | 0 | |||||||||
Change in other non-current assets | 32 | 45 | -59 | 192 | 373 | 209 | 1,310 | -489 | -224 | |||
Net cash flows used in continuing operations | -1,962 | -4,321 | -4,182 | -9,109 | -6,099 | -13,217 | -13,263 | -16,892 | -25,651 | |||
Net cash flows used in discontinued operations | -63 | -87 | -85 | -425 | -120 | -604 | -120 | -1,348 | -514 | |||
Net cash used in investing activities | -2,025 | -4,408 | -4,267 | -9,534 | -6,219 | -13,821 | -13,383 | -18,240 | -26,165 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Borrowings (repayments) on bank lines of credit, net | -1,863 | -202 | 2,555 | -9,811 | -3,213 | -13,252 | -6,069 | -9,592 | 12,174 | |||
Payment on loans with former owners of LRI | -15 | -16 | -31 | -32 | -47 | -47 | -50 | -63 | -1,176 | |||
Payment on capital lease obligations | -15 | -13 | -22 | -25 | -23 | -39 | -24 | -40 | -66 | |||
Payment of dividends | -550 | -540 | -1,108 | -1,088 | -1,667 | -1,637 | -2,226 | -2,187 | -2,155 | |||
Other | 359 | 295 | -260 | |||||||||
Net cash provided by (used in) financing activities | -2,395 | -1,661 | 1,679 | -11,629 | -4,664 | -15,707 | -7,854 | -11,587 | 8,517 | |||
EFFECTS OF EXCHANGE RATES ON CASH | -226 | -247 | -89 | -112 | -662 | 172 | -3,274 | 191 | -8 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,467 | 28 | -1,955 | -5,850 | 4,334 | 1,115 | -1,198 | 2,380 | 2,900 | |||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 5,318 | |||
CASH AND CASH EQUIVALENTS, end of the period | 9,131 | 8,246 | 8,643 | 2,368 | 14,932 | 9,333 | 9,400 | 10,598 | 8,218 | |||
As Reported | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income including non-controlling interest | 1,638 | 243 | 4,525 | 3,698 | 7,021 | 7,308 | 7,587 | 11,694 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Loss (income) from discontinued operations, net of tax | 316 | 93 | 97 | -217 | 77 | -473 | -478 | -943 | ||||
Depreciation (including capital lease amortization) | 1,826 | 1,272 | 3,581 | 2,583 | 5,406 | 4,004 | 5,920 | 5,018 | ||||
Amortization of purchased intangible assets | 1,616 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,348 | 6,210 | ||||
Amortization of deferred debt issuance costs | 25 | 25 | 51 | 51 | 76 | 76 | 102 | 124 | ||||
Stock-based compensation | 555 | 1,422 | 1,591 | 2,057 | 2,565 | 2,685 | 3,401 | 4,443 | ||||
Deferred income tax benefit | 612 | 130 | 72 | 229 | -608 | -126 | -1,666 | -1,159 | ||||
Loss on disposal of property, plant and equipment | 21 | 5 | 21 | 6 | 5 | 50 | ||||||
Restructuring and impairment charges | 756 | |||||||||||
Change in: | ||||||||||||
Accounts receivable, net | 1,570 | 2,784 | -858 | -5,193 | 5,342 | 4,868 | -2,185 | 717 | ||||
Inventory, net | -2,513 | 619 | -5,000 | 1,960 | -3,012 | 6,588 | 6,750 | -2,380 | ||||
Prepaid expenses and other | -1,867 | -952 | -2,873 | -545 | -3,146 | 1,031 | 79 | 463 | ||||
Accounts payable | -1,051 | -596 | -4,778 | 3,105 | -5,084 | -2,208 | 2,228 | -3,616 | ||||
Customer advances | 1,980 | 55 | 1,613 | 3,434 | 1,445 | 21 | -360 | -556 | ||||
Accrued expenses and other liabilities | -1,291 | -916 | -645 | 409 | 683 | 1,303 | 1,707 | -551 | ||||
Net cash flows provided by continuing operations | 3,416 | 5,785 | 613 | 14,745 | 15,579 | 29,816 | 30,239 | 19,464 | ||||
Net cash flows provided by discontinued operations | -298 | 559 | 48 | 680 | 239 | 655 | 1,777 | 1,092 | ||||
Net cash provided by operating activities | 3,118 | 6,344 | 661 | 15,425 | 15,818 | 30,471 | 32,016 | 20,556 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of property, plant and equipment | -1,994 | -4,366 | -4,123 | -9,301 | -6,472 | -13,426 | -16,223 | -15,133 | ||||
Acquisition of TRX Industries | -10,294 | |||||||||||
Acquisition of minority interest | -180 | |||||||||||
Change in other non-current assets | 32 | 45 | -59 | 192 | 373 | 209 | -489 | -224 | ||||
Net cash flows used in continuing operations | -1,962 | -4,321 | -4,182 | -9,109 | -6,099 | -13,217 | -16,892 | -25,651 | ||||
Net cash flows used in discontinued operations | -63 | -87 | -85 | -425 | -120 | -604 | -1,348 | -514 | ||||
Net cash used in investing activities | -2,025 | -4,408 | -4,267 | -9,534 | -6,219 | -13,821 | -18,240 | -26,165 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Borrowings (repayments) on bank lines of credit, net | -1,863 | -202 | 2,555 | -9,811 | -3,213 | -13,252 | -9,592 | 12,174 | ||||
Payment on loans with former owners of LRI | -15 | -16 | -31 | -32 | -47 | -47 | -63 | -1,176 | ||||
Payment on capital lease obligations | -15 | -13 | -22 | -25 | -23 | -39 | -40 | -66 | ||||
Payment of dividends | -550 | -540 | -1,108 | -1,088 | -1,667 | -1,637 | -2,187 | -2,155 | ||||
Other | 295 | -260 | ||||||||||
Net cash provided by (used in) financing activities | -2,334 | -1,661 | 1,740 | -11,629 | -4,603 | -15,707 | -11,587 | 8,517 | ||||
EFFECTS OF EXCHANGE RATES ON CASH | -226 | -247 | -89 | -112 | -662 | 172 | 191 | -8 | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,467 | 28 | -1,955 | -5,850 | 4,334 | 1,115 | 2,380 | 2,900 | ||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 5,318 | |||
CASH AND CASH EQUIVALENTS, end of the period | 9,131 | 8,246 | 8,643 | 2,368 | 14,932 | 9,333 | 10,598 | 8,218 | ||||
Adjustments | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income including non-controlling interest | -151 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Loss (income) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Depreciation (including capital lease amortization) | -202 | 0 | -202 | 0 | -202 | 0 | 0 | 0 | ||||
Amortization of purchased intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Amortization of deferred debt issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Stock-based compensation | 162 | 0 | 150 | 0 | 139 | 0 | 0 | 0 | ||||
Deferred income tax benefit | 58 | 173 | 776 | 547 | 863 | 1,018 | 1,145 | 689 | ||||
Loss on disposal of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restructuring and impairment charges | 0 | |||||||||||
Change in: | ||||||||||||
Accounts receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Inventory, net | 54 | 0 | 0 | 0 | 280 | 0 | 0 | 0 | ||||
Prepaid expenses and other | 0 | 0 | 0 | 0 | -267 | 0 | 10 | 88 | ||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Customer advances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Accrued expenses and other liabilities | 140 | -65 | 59 | -65 | 127 | -158 | -119 | 142 | ||||
Net cash flows provided by continuing operations | 61 | 0 | 61 | 0 | 61 | 0 | 0 | 0 | ||||
Net cash flows provided by discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash provided by operating activities | 61 | 0 | 61 | 0 | 61 | 0 | 0 | 0 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Acquisition of TRX Industries | 0 | |||||||||||
Acquisition of minority interest | 0 | |||||||||||
Change in other non-current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash flows used in continuing operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash flows used in discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Borrowings (repayments) on bank lines of credit, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Payment on loans with former owners of LRI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Payment on capital lease obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Payment of dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | ||||||||||
Net cash provided by (used in) financing activities | -61 | 0 | -61 | 0 | -61 | 0 | 0 | 0 | ||||
EFFECTS OF EXCHANGE RATES ON CASH | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
CASH AND CASH EQUIVALENTS, beginning of the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
CASH AND CASH EQUIVALENTS, end of the period | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||
[1] | Restated |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2012 |
Acquisitions [Line Items] | ||||
Cash paid for acquisition | $0 | $0 | $10,294 | |
TRX Industries, Inc. [Member] | ||||
Acquisitions [Line Items] | ||||
Cash paid for acquisition | 10,294 | |||
Allocation of the purchase price [Abstract] | ||||
Current assets | 2,702 | |||
Property, plant and equipment | 2,227 | |||
Intangible assets | 5,365 | |||
Deferred tax assets | 40 | |||
Total assets acquired | 10,334 | |||
Current liabilities | 40 | |||
Total liabilities assumed | 40 | |||
Net assets acquired | 10,294 | |||
TRX Industries, Inc. [Member] | Customer relationships [Member] | ||||
Allocation of the purchase price [Abstract] | ||||
Intangible assets | $5,365 | |||
Amortization period | 6 years |
DEBT_Schedule_of_Debt_Details
DEBT - Schedule of Debt (Details) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Commerzbank line of credit [Member] | Commerzbank line of credit [Member] | Commerzbank line of credit [Member] | Loans with former owners of LRI [Member] | Loans with former owners of LRI [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |||||||||
Lines of credit [Abstract] | ||||||||||||||||||||
Total lines of credit | $22,782,000 | $29,256,000 | $19,500,000 | $26,400,000 | $3,282,000 | € 2,700,000 | $0 | $0 | $0 | $0 | € 0 | $2,856,000 | ||||||||
Less current portion | 0 | -2,856,000 | ||||||||||||||||||
Long-term lines of credit | 22,782,000 | 26,000,000 | 31,800,000 | 26,900,000 | 26,400,000 | 25,550,000 | 28,843,000 | 38,256,000 | ||||||||||||
Long-term debt [Abstract] | ||||||||||||||||||||
Total long-term debt | 0 | 51,000 | ||||||||||||||||||
Less current maturities | 0 | -51,000 | ||||||||||||||||||
Other long-term debt | $0 | $0 | $0 | $5,000 | $20,000 | $37,000 | $0 | $0 |
DEBT_Narrative_Details
DEBT - Narrative (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 21, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 21, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 21, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 21, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 23, 2015 | Feb. 23, 2015 |
USD ($) | USD ($) | Syndicated credit agreement [Member] | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, U.S. Dollar revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Euro revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Syndicated credit agreement, Canadian Dollar revolving loan [Member] | Commerzbank line of credit [Member] | Commerzbank line of credit [Member] | Commerzbank line of credit [Member] | Commerzbank line of credit [Member] | Loans with former owners of LRI [Member] | Loans with former owners of LRI [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | USD ($) | USD ($) | ABR [Member] | LIBOR [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | EURIBOR [Member] | USD ($) | CAD | USD ($) | CAD | CDOR [Member] | USD ($) | EUR (€) | USD ($) | EURIBOR [Member] | USD ($) | USD ($) | Line of Credit [Member] | Line of Credit [Member] | ||||
Syndicated Credit Facility [Member] | Syndicated Credit Facility [Member] | |||||||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Term | 5 years | 5 years | ||||||||||||||||||||||||
Maximum borrowing capacity | $36,000,000 | $36,000,000 | € 16,000,000 | € 16,000,000 | 1,500,000 | 1,500,000 | € 4,000,000 | $150,000,000 | ||||||||||||||||||
Basis spread on variable interest rate | 0.00% | 1.25% | 1.25% | 1.50% | ||||||||||||||||||||||
Amount outstanding | 22,782,000 | 29,256,000 | 19,500,000 | 26,400,000 | 3,282,000 | 2,700,000 | 0 | 0 | 0 | 0 | 0 | 2,856,000 | ||||||||||||||
Interest rate at end of period | 1.42% | 1.27% | 3.85% | |||||||||||||||||||||||
Amount of bank guarantees secured by line of credit | 1,220,000 | |||||||||||||||||||||||||
Principal balance | $0 | $51,000 |
STOCK_OWNERSHIP_AND_BENEFIT_PL2
STOCK OWNERSHIP AND BENEFIT PLANS - Schedule of Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based compensation expense [Line Items] | ||||
Stock-based compensation expense before income taxes | $894 | |||
Stock-based compensation expense, net of income taxes | 2,692 | 2,411 | 3,579 | |
Earnings per share impact - Basic: | ||||
Continuing operations (in dollars per share) | $0.19 | $0.18 | $0.27 | |
Discontinued operations (in dollars per share) | $0.01 | $0 | $0 | |
Net income (in dollars per share) | $0.20 | $0.18 | $0.27 | |
Earnings per share impact - Diluted: | ||||
Continuing operations (in dollars per share) | $0.19 | $0.18 | $0.27 | |
Discontinued operations (in dollars per share) | $0.01 | $0 | $0 | |
Net income (in dollars per share) | $0.20 | $0.18 | $0.27 | |
Continuing Operations [Member] | ||||
Stock-based compensation expense [Line Items] | ||||
Stock-based compensation expense before income taxes | 3,588 | 3,401 | 4,443 | |
Income tax benefit | -970 | -990 | -864 | |
Stock-based compensation expense, net of income taxes | 2,618 | 2,411 | 3,579 | |
Continuing Operations [Member] | Cost of products sold [Member] | ||||
Stock-based compensation expense [Line Items] | ||||
Stock-based compensation expense before income taxes | 309 | 304 | 324 | |
Continuing Operations [Member] | General and administrative expenses [Member] | ||||
Stock-based compensation expense [Line Items] | ||||
Stock-based compensation expense before income taxes | 2,995 | 2,913 | 3,018 | |
Continuing Operations [Member] | Selling and distribution expenses [Member] | ||||
Stock-based compensation expense [Line Items] | ||||
Stock-based compensation expense before income taxes | 284 | 184 | 1,101 | |
Discontinued Operations [Member] | ||||
Stock-based compensation expense [Line Items] | ||||
Stock-based compensation expense before income taxes | 112 | 0 | 0 | |
Income tax benefit | -38 | 0 | 0 | |
Stock-based compensation expense, net of income taxes | $74 | $0 | $0 |
STOCK_OWNERSHIP_AND_BENEFIT_PL3
STOCK OWNERSHIP AND BENEFIT PLANS - Activity of Nonvested Shares of Restricted Stock and Restricted Stock Units (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted stock [Member] | |||
Shares | |||
Balance at the beginning of the period (in shares) | 187,113 | 242,385 | 261,829 |
Granted (in shares) | 157,680 | 163,579 | 116,900 |
Vested (in shares) | -81,823 | -216,851 | -136,344 |
Forfeited (in shares) | -250 | -2,000 | |
Balance at the end of the period (in shares) | 262,720 | 187,113 | 242,385 |
Weighted Average Grant Date Fair Value | |||
Balance at the beginning of the period (in dollars per share) | $17.63 | $27.75 | $30.59 |
Granted (in dollars per share) | $21.31 | $16.37 | $20.74 |
Vested (in dollars per share) | $18.55 | $27.95 | $27.20 |
Forfeited (in dollars per share) | $22.05 | $22.05 | |
Balance at the end of the period (in dollars per share) | $19.55 | $17.63 | $27.75 |
Restricted stock units [Member] | |||
Shares | |||
Balance at the beginning of the period (in shares) | 99,345 | 80,429 | 53,998 |
Granted (in shares) | 33,895 | 56,217 | 50,200 |
Vested (in shares) | -48,674 | -35,001 | -20,769 |
Forfeited (in shares) | -2,300 | -3,000 | |
Balance at the end of the period (in shares) | 84,566 | 99,345 | 80,429 |
Weighted Average Grant Date Fair Value | |||
Balance at the beginning of the period (in dollars per share) | $17.59 | $20.41 | $20.43 |
Granted (in dollars per share) | $21.25 | $15.67 | $20.44 |
Vested (in dollars per share) | $18.87 | $20.88 | $20.43 |
Forfeited (in dollars per share) | $19.01 | $21.15 | |
Balance at the end of the period (in dollars per share) | $18.33 | $17.59 | $20.41 |
STOCK_OWNERSHIP_AND_BENEFIT_PL4
STOCK OWNERSHIP AND BENEFIT PLANS - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 100 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 01, 2013 |
Stock ownership and benefit plans [Line Items] | ||||||
Number of shares authorized | 1,617,500 | 1,617,500 | ||||
Number of shares available for future grant | 400,279 | 400,279 | ||||
Expenses associated with management retirements | $2,965 | |||||
Stock-based compensation | 894 | |||||
401(k) Plan [Abstract] | ||||||
Matching employer contributions on first level of qualified compensation (as a percent) | 100.00% | |||||
Percentage of qualified compensation, first level, matched by employer | 3.00% | |||||
Matching employer contributions on second level of qualified compensation (as a percent) | 50.00% | |||||
Percentage of qualified compensation, second level, matched by employer | 2.00% | |||||
Total DMC contributions | 523 | 485 | 431 | |||
Defined Benefit Plans [Abstract] | ||||||
Unfunded pension obligation | 1,143 | 910 | 1,143 | |||
Net adjustments recognized | 349 | 67 | 235 | |||
Employee Stock Purchase Plan [Member] | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Number of shares authorized | 600,000 | 600,000 | ||||
Number of shares available for future grant | 115,218 | 115,218 | ||||
Stock-based compensation | 92 | 76 | 58 | |||
Employee Stock Purchase Plan [Abstract] | ||||||
Percentage of earnings that may be authorized by employees to withhold to purchase common stock | 15.00% | 15.00% | ||||
Shares purchased | 20,148 | 22,689 | 14,717 | |||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||||
Employee Stock Purchase Plan [Abstract] | ||||||
Percentage of fair market value of the entity's common stock used to purchase common stock on the Offering Date or Purchase Date | 85.00% | |||||
Restricted stock and restricted stock units | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Aggregate number of shares granted | 1,217,221 | |||||
Restricted stock [Member] | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Aggregate number of shares granted | 157,680 | 163,579 | 116,900 | |||
Accelerated recognition of stock-based compensation expense associated with planned retirement of CEO | 672 | |||||
Unrecognized stock-based compensation [Abstract] | ||||||
Unrecognized stock-based compensation cost related to unvested awards | 2,548 | 2,548 | ||||
Weighted average period over which the cost is expected to be recognized | 1 year 7 months 17 days | |||||
Restricted stock [Member] | President and Chief Executive Officer [Member] | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Aggregate number of shares granted | 30,000 | |||||
Restricted stock units [Member] | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Aggregate number of shares granted | 33,895 | 56,217 | 50,200 | |||
Unrecognized stock-based compensation [Abstract] | ||||||
Unrecognized stock-based compensation cost related to unvested awards | $738 | 738 | ||||
Weighted average period over which the cost is expected to be recognized | 1 year 7 months 10 days | |||||
Restricted stock awards and restricted stock units, time-based | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Vesting percentage | 33.33% | |||||
Restricted stock awards and restricted stock units, performance-based | ||||||
Stock ownership and benefit plans [Line Items] | ||||||
Vesting percentage, first and second anniversary | 25.00% | |||||
Vesting percentage, third anniversary | 50.00% |
INCOME_TAXES_RESTATED_Domestic
INCOME TAXES (RESTATED) - Domestic and Foreign Components of Income Before Tax and Components of Provision for Income Taxes(Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Domestic and foreign components of income before tax for operations [Abstract] | ||||||||||||||
Domestic | ($706) | $6,339 | $6,312 | |||||||||||
Foreign | 6,545 | 3,470 | 8,836 | |||||||||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,742 | 3,936 | 2,544 | 793 | 4,816 | 4,913 | -713 | 6,480 | 4,200 | 10,219 | 9,014 | 5,839 | 9,809 | 15,148 |
Components of the provision for income taxes [Abstract] | ||||||||||||||
Current - Federal | 378 | 1,144 | 3,396 | |||||||||||
Current - State | 16 | 93 | 136 | |||||||||||
Current - Foreign | 3,774 | 3,020 | 2,254 | |||||||||||
Current income tax expense | 4,168 | 4,257 | 5,786 | |||||||||||
Deferred - Federal | -236 | 658 | -140 | |||||||||||
Deferred - State | -82 | -64 | -27 | |||||||||||
Deferred - Foreign | 63 | -1,115 | -303 | |||||||||||
Deferred income tax benefit | 670 | 303 | 848 | 776 | 255 | 892 | -255 | -521 | -470 | |||||
Income tax provision | $1,420 | $1,839 | $741 | $698 | $1,838 | $2,141 | ($941) | $2,580 | $1,201 | $4,000 | $3,039 | $3,913 | $3,736 | $5,316 |
INCOME_TAXES_RESTATED_Reconcil
INCOME TAXES (RESTATED) - Reconciliation of Income Tax Provision (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of income tax provision [Abstract] | ||||||||||||||
Statutory U.S. federal income tax | $2,042 | $3,401 | $5,302 | |||||||||||
U.S. state income tax, net of federal benefit | -15 | 85 | 45 | |||||||||||
Foreign rate differential | -1,558 | -1,259 | -2,271 | |||||||||||
Domestic production activities deduction | -21 | -211 | -316 | |||||||||||
Tax audit adjustments | -338 | 812 | 0 | |||||||||||
Intercompany distributions | 16 | 2,239 | 0 | |||||||||||
Foreign equity compensation | 338 | 234 | 254 | |||||||||||
Deemed repatriation of foreign earnings | 0 | -908 | 908 | |||||||||||
Current year tax credits | -156 | -628 | -29 | |||||||||||
Change in valuation allowances | 3,737 | 73 | 0 | |||||||||||
Other | -132 | -102 | 1,423 | |||||||||||
Income tax provision | $1,420 | $1,839 | $741 | $698 | $1,838 | $2,141 | ($941) | $2,580 | $1,201 | $4,000 | $3,039 | $3,913 | $3,736 | $5,316 |
INCOME_TAXES_RESTATED_Deferred
INCOME TAXES (RESTATED) - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net foreign operating loss carryforward | $6,932 | $5,396 |
Inventory differences | 2,337 | 2,373 |
Equity compensation | 836 | 556 |
Investment in subsidiaries | 935 | 1,147 |
Restructuring | 1,265 | 0 |
Other, net | 418 | 591 |
Gross deferred tax assets | 12,723 | 10,063 |
Less valuation allowances | -3,032 | -75 |
Total deferred tax assets | 9,691 | 9,988 |
Deferred tax liabilities: | ||
Purchased intangible assets | -9,813 | -12,445 |
Depreciation and amortization | -2,476 | -1,676 |
Other, net | -220 | -238 |
Total deferred tax liabilities | -12,509 | -14,359 |
Net deferred tax liabilities | ($2,818) | ($4,371) |
INCOME_TAXES_RESTATED_Narrativ
INCOME TAXES (RESTATED) - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Change in valuation allowances | $3,737 | $73 | $0 |
Change in federal tax laws for 2012, tax benefit | 908 | ||
Loss carryforwards | 41,390 | 41,390 | |
Increase (decrease) in additional paid-in-capital for tax impact of stock-based compensation | 106 | -907 | -453 |
Income considered to be permanently reinvested in non-U.S. subsidiaries | 37,772 | 37,795 | 42,543 |
Unrecognized tax benefits | 0 | 0 | |
Accrual for interest and penalties related to uncertain tax positions | 0 | 0 | |
Additional income tax expense - German tax audit settlement | ($338) | $812 | $0 |
BUSINESS_SEGMENTS_Segment_Oper
BUSINESS SEGMENTS - Segment Operations and Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | ||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Number of segments | 2 | 3 | |||||||||||||
Segment Operations [Abstract] | |||||||||||||||
Consolidated net sales | $51,886 | $51,911 | $46,769 | $49,339 | $52,331 | $55,554 | $44,836 | $98,680 | $100,390 | $150,566 | $152,720 | $202,561 | $202,060 | $192,737 | |
Segment operating income | 3,406 | 3,777 | 3,083 | 1,112 | 5,191 | 5,515 | -840 | 6,861 | 4,675 | 10,264 | 9,864 | 6,665 | 10,978 | 15,999 | |
Stock-based compensation | -894 | ||||||||||||||
Other income (expense) | 472 | 332 | -435 | -157 | -247 | -420 | 296 | -103 | -124 | 369 | -371 | -313 | -528 | -32 | |
Interest expense | -137 | -174 | -109 | -164 | -129 | -183 | -172 | -283 | -355 | -420 | -484 | -551 | -648 | -832 | |
Interest income | 1 | 1 | 5 | 2 | 1 | 1 | 3 | 5 | 4 | 6 | 5 | 38 | 7 | 13 | |
Consolidated income before income taxes | 3,742 | 3,936 | 2,544 | 793 | 4,816 | 4,913 | -713 | 6,480 | 4,200 | 10,219 | 9,014 | 5,839 | 9,809 | 15,148 | |
Segment depreciation and amortization | 13,154 | 12,268 | 11,228 | ||||||||||||
Consolidated capital expenditures | 21,403 | 16,223 | 15,133 | ||||||||||||
Segment Assets [Abstract] | |||||||||||||||
Assets | 229,707 | 241,792 | 236,985 | 240,545 | 229,228 | 232,117 | 228,782 | 241,792 | 232,117 | 229,707 | 229,228 | 219,329 | 240,545 | ||
Cash and cash equivalents | 14,932 | 8,643 | 9,131 | 10,598 | 9,333 | 2,368 | 8,246 | 8,643 | 2,368 | 14,932 | 9,333 | 9,400 | 10,598 | 8,218 | 5,318 |
Prepaid expenses and other assets | 6,783 | 7,120 | 6,044 | 4,277 | 3,888 | 5,415 | 5,867 | 7,120 | 5,415 | 6,783 | 3,888 | 6,123 | 4,277 | ||
Deferred tax assets | 9,988 | 9,691 | 9,988 | ||||||||||||
Corporate property, plant and equipment | 57,882 | 60,546 | 59,476 | 60,215 | 59,248 | 55,641 | 52,235 | 60,546 | 55,641 | 57,882 | 59,248 | 63,835 | 60,215 | ||
Assets held for sale | 6,011 | 6,155 | 6,276 | 6,299 | 6,610 | 6,206 | 5,402 | 6,155 | 6,206 | 6,011 | 6,610 | 0 | 6,299 | ||
Consolidated sales [Member] | Customer Concentration Risk [Member] | |||||||||||||||
Segment Assets [Abstract] | |||||||||||||||
Number of customers accounted for more than 10% of total net sales | 0 | 0 | 0 | ||||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Operations [Abstract] | |||||||||||||||
Segment operating income | 16,634 | 21,596 | 24,007 | ||||||||||||
Consolidated capital expenditures | 21,062 | 15,447 | 15,133 | ||||||||||||
Segment Assets [Abstract] | |||||||||||||||
Assets | 212,034 | 197,297 | 212,034 | ||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||
Segment Operations [Abstract] | |||||||||||||||
Unallocated corporate expenses | -6,381 | -7,217 | -3,565 | ||||||||||||
Stock-based compensation | -3,588 | -3,401 | -4,443 | ||||||||||||
Other income (expense) | -313 | -528 | -32 | ||||||||||||
Interest expense | -551 | -648 | -832 | ||||||||||||
Interest income | 38 | 7 | 13 | ||||||||||||
Consolidated capital expenditures | 341 | 776 | 0 | ||||||||||||
Segment Assets [Abstract] | |||||||||||||||
Cash and cash equivalents | 10,598 | 9,400 | 10,598 | ||||||||||||
Prepaid expenses and other assets | 6,170 | 6,438 | 6,170 | ||||||||||||
Deferred tax assets | 3,859 | 4,558 | 3,859 | ||||||||||||
Corporate property, plant and equipment | 1,585 | 1,636 | 1,585 | ||||||||||||
Assets held for sale | 6,299 | 0 | 6,299 | ||||||||||||
AMK Technical Services [Member] | Segment assets [Member] | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Concentration risk percentage | 3.00% | ||||||||||||||
AMK Technical Services [Member] | Consolidated sales [Member] | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Concentration risk percentage | 4.00% | ||||||||||||||
AMK Technical Services [Member] | Segment operating income [Member] | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Concentration risk percentage | 2.00% | ||||||||||||||
NobelClad [Member] | |||||||||||||||
Segment Operations [Abstract] | |||||||||||||||
Consolidated net sales | 97,108 | 118,409 | 115,333 | ||||||||||||
Segment operating income | 2,155 | 17,090 | 17,439 | ||||||||||||
Segment depreciation and amortization | 6,482 | 6,118 | 5,580 | ||||||||||||
Consolidated capital expenditures | 13,696 | 2,425 | 4,747 | ||||||||||||
Segment Assets [Abstract] | |||||||||||||||
Assets | 99,115 | 93,383 | 99,115 | ||||||||||||
DynaEnergetics [Member] | |||||||||||||||
Segment Operations [Abstract] | |||||||||||||||
Consolidated net sales | 105,453 | 83,651 | 77,404 | ||||||||||||
Segment operating income | 14,479 | 4,506 | 6,568 | ||||||||||||
Segment depreciation and amortization | 6,672 | 6,150 | 5,648 | ||||||||||||
Consolidated capital expenditures | 7,366 | 13,022 | 10,386 | ||||||||||||
Segment Assets [Abstract] | |||||||||||||||
Assets | $112,919 | $103,914 | $112,919 |
BUSINESS_SEGMENTS_Geographic_I
BUSINESS SEGMENTS - Geographic Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | $57,882 | $60,546 | $59,476 | $60,215 | $59,248 | $55,641 | $52,235 | $60,546 | $55,641 | $57,882 | $59,248 | $63,835 | $60,215 | |
Net sales | 51,886 | 51,911 | 46,769 | 49,339 | 52,331 | 55,554 | 44,836 | 98,680 | 100,390 | 150,566 | 152,720 | 202,561 | 202,060 | 192,737 |
United States [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 28,501 | 26,291 | 28,501 | |||||||||||
Net sales | 91,009 | 88,532 | 71,155 | |||||||||||
Iraq [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Net sales | 11,348 | 4,243 | 1,756 | |||||||||||
Russia [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 10,152 | 9,556 | 10,152 | |||||||||||
Net sales | 7,992 | 5,992 | 6,472 | |||||||||||
Germany [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 12,703 | 21,210 | 12,703 | |||||||||||
Net sales | 7,721 | 9,208 | 13,992 | |||||||||||
India [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Net sales | 7,617 | 8,888 | 3,874 | |||||||||||
South Korea [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Net sales | 7,362 | 11,642 | 9,469 | |||||||||||
France [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 5,801 | 4,440 | 5,801 | |||||||||||
Net sales | 5,478 | 3,756 | 6,249 | |||||||||||
China [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Net sales | 1,800 | 606 | 7,986 | |||||||||||
Canada [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 2,230 | 1,655 | 2,230 | |||||||||||
Net sales | 23,532 | 18,142 | 21,083 | |||||||||||
Kazakhstan [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 438 | 461 | 438 | |||||||||||
Net sales | 1,551 | 2,513 | 2,359 | |||||||||||
Rest of the world [Member] | ||||||||||||||
Segment information [Line Items] | ||||||||||||||
Property, plant and equipment, net | 390 | 222 | 390 | |||||||||||
Net sales | $37,151 | $48,538 | $48,342 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Future Minimum Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases [Abstract] | |||
2015 | $1,880 | ||
2016 | 1,349 | ||
2017 | 985 | ||
2018 | 852 | ||
2019 | 508 | ||
Thereafter | 940 | ||
Total minimum payments | 6,514 | ||
Rental expense included in operations | 4,103 | 3,838 | 3,146 |
Future minimum payments required to be made under license agreement and a risk allocation agreement [Abstract] | |||
2015 | 398 | ||
2016 | 398 | ||
2017 | 398 | ||
2018 | 398 | ||
2019 | 0 | ||
Thereafter | 0 | ||
Total minimum payments | $1,592 |
RETIREMENT_EXPENSES_Details
RETIREMENT EXPENSES (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Expenses associated with management retirements | $2,965 |
Stock-based compensation | 894 |
Former President and Chief Executive Officer [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Expenses associated with management retirements | 2,965 |
Stock-based compensation | $894 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | Dec. 31, 2014 |
Discontinued Operations, Disposal [Abstract] | ||||||||||||||||
Cash consideration | $6,830 | $0 | $0 | |||||||||||||
Gain on sale of discontinued operations, net of tax | 0 | 718 | 0 | 0 | ||||||||||||
Discontinued Operations, Income Statement Disclosures [Abstract] | ||||||||||||||||
Income (loss) from operations, net of tax | 20 | 219 | -316 | 6 | 255 | 310 | -93 | -97 | 217 | -77 | 473 | -77 | 478 | 943 | ||
Gain on sale of discontinued operations, net of tax | 0 | 718 | 0 | 0 | ||||||||||||
AMK Technical Services [Member] | ||||||||||||||||
Discontinued Operations, Disposal [Abstract] | ||||||||||||||||
Net proceeds | 6,830 | |||||||||||||||
Cash consideration | 4,330 | |||||||||||||||
Secured promissory note receivable | 2,500 | |||||||||||||||
Secured promissory note receivable, term | 90 days | |||||||||||||||
Gain on sale of discontinued operations, net of tax | 718 | 0 | 0 | 1,476 | ||||||||||||
Discontinued Operations, Income Statement Disclosures [Abstract] | ||||||||||||||||
Net sales | 4,540 | 7,513 | 8,830 | |||||||||||||
Income (loss) from operations | -76 | 719 | 1,404 | |||||||||||||
Tax provision | 1 | 241 | 461 | |||||||||||||
Income (loss) from operations, net of tax | -77 | 478 | 943 | |||||||||||||
Gain on sale of discontinued operations | 1,476 | 0 | 0 | |||||||||||||
Tax provision | 758 | 0 | 0 | |||||||||||||
Gain on sale of discontinued operations, net of tax | 718 | 0 | 0 | 1,476 | ||||||||||||
Discontinued Operations, Balance Sheet Disclosures [Abstract] | ||||||||||||||||
Cash | 19 | 19 | ||||||||||||||
Accounts receivable | 930 | 930 | ||||||||||||||
Inventory | 359 | 359 | ||||||||||||||
Prepaid expenses and other | 6 | 6 | ||||||||||||||
Current deferred tax assets | 67 | 67 | ||||||||||||||
Property, plant and equipment, net | 4,801 | 4,801 | ||||||||||||||
Noncurrent deferred tax assets | 117 | 117 | ||||||||||||||
Total assets | 6,299 | 6,299 | ||||||||||||||
Accounts payable | 101 | 101 | ||||||||||||||
Accrued expenses | 63 | 63 | ||||||||||||||
Accrued employee compensation | 254 | 254 | ||||||||||||||
Customer advances | 6 | 6 | ||||||||||||||
Noncurrent deferred tax liabilities | 402 | 402 | ||||||||||||||
Total liabilities | $826 | $826 |
RESTRUCTURING_Details
RESTRUCTURING (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 23, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Acquisition of property, plant and equipment | $13,140 | $1,994 | $4,366 | $4,123 | $9,301 | $6,472 | $13,426 | $21,403 | $16,223 | $15,133 | |
Facility Closing [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Expected restructuring charges | 7,250 | 7,250 | |||||||||
Expected additional restructuring charges | 500 | 500 | |||||||||
Liability for restructuring and impairment charges | 2,486 | 2,486 | |||||||||
Facility Closing [Member] | Restructuring expenses [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and impairment charges, pretax | 6,781 | ||||||||||
Restructuring and impairment charges, after-tax | 5,135 | ||||||||||
Severance | 2,466 | ||||||||||
Non-cash impairment charges | 3,946 | ||||||||||
Other exit costs | $369 |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA - Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $9,400 | $14,932 | $8,643 | $9,131 | $10,598 | $9,333 | $2,368 | $8,246 | $8,218 | $5,318 |
Accounts receivable, net of allowance for doubtful accounts of $419 | 35,501 | 30,923 | 38,409 | 35,973 | 37,785 | 30,394 | 39,959 | 31,948 | ||
Inventory, net | 40,101 | 42,126 | 45,887 | 43,052 | 41,191 | 41,384 | 45,190 | 46,491 | ||
Prepaid expenses and other | 6,123 | 6,783 | 7,120 | 6,044 | 4,277 | 3,888 | 5,415 | 5,867 | ||
Current deferred tax assets | 3,971 | 5,599 | 2,548 | 2,440 | 3,456 | 2,515 | 1,946 | 1,589 | ||
Assets held for sale | 0 | 6,011 | 6,155 | 6,276 | 6,299 | 6,610 | 6,206 | 5,402 | ||
Total current assets | 95,096 | 106,374 | 108,762 | 102,916 | 103,606 | 94,124 | 101,084 | 99,543 | ||
PROPERTY, PLANT AND EQUIPMENT | 109,733 | 100,305 | 102,564 | 100,208 | 98,573 | 95,717 | 90,651 | 85,896 | ||
Less - accumulated depreciation | -45,898 | -42,423 | -42,018 | -40,732 | -38,358 | -36,469 | -35,010 | -33,661 | ||
Property, plant and equipment, net | 63,835 | 57,882 | 60,546 | 59,476 | 60,215 | 59,248 | 55,641 | 52,235 | ||
GOODWILL, net | 32,762 | 34,382 | 37,161 | 37,689 | 37,970 | 37,553 | 36,447 | 36,125 | 37,431 | |
PURCHASED INTANGIBLE ASSETS, net | 26,734 | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 | ||
DEFERRED TAX ASSETS | 587 | 430 | 516 | 596 | 403 | 158 | 319 | 922 | ||
OTHER ASSETS, net | 315 | 1,236 | 1,868 | 1,711 | 1,893 | 499 | 505 | 529 | ||
TOTAL ASSETS | 219,329 | 229,707 | 241,792 | 236,985 | 240,545 | 229,228 | 232,117 | 228,782 | ||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 14,076 | 9,104 | 9,689 | 13,438 | 14,567 | 9,020 | 14,111 | 10,362 | ||
Accrued expenses | 5,638 | 3,245 | 3,671 | 4,315 | 3,927 | 4,222 | 4,657 | 4,453 | ||
Dividend payable | 559 | 559 | 559 | 557 | 550 | 550 | 549 | 547 | ||
Accrued income taxes | 3,770 | 2,972 | 2,317 | 1,932 | 2,657 | 1,237 | 911 | 300 | ||
Accrued employee compensation and benefits | 4,582 | 4,667 | 4,119 | 3,140 | 4,552 | 5,346 | 4,338 | 3,778 | ||
Customer advances | 3,510 | 2,364 | 2,617 | 2,996 | 1,019 | 1,387 | 4,758 | 1,378 | ||
Current debt obligations | 0 | 4 | 20 | 516 | 2,907 | 65 | 63 | 64 | ||
Current portion of capital lease obligations | 5 | 5 | 10 | 33 | 45 | 50 | ||||
Current deferred tax liabilities | 373 | 435 | 417 | 404 | 435 | 274 | 155 | 155 | ||
Liabilities related to assets held for sale | 0 | 721 | 742 | 758 | 826 | 765 | 820 | 543 | ||
Total current liabilities | 32,508 | 24,076 | 24,156 | 28,066 | 31,440 | 22,899 | 30,407 | 21,630 | ||
LINES OF CREDIT | 22,782 | 26,000 | 31,800 | 26,900 | 26,400 | 25,550 | 28,843 | 38,256 | ||
LONG-TERM DEBT | 0 | 0 | 0 | 5 | 20 | 37 | ||||
CAPITAL LEASE OBLIGATIONS | 4 | 6 | 7 | 0 | 0 | 6 | ||||
DEFERRED TAX LIABILITIES | 7,003 | 9,507 | 7,740 | 7,724 | 7,795 | 7,842 | 7,404 | 7,323 | ||
OTHER LONG-TERM LIABILITIES | 2,121 | 1,988 | 2,058 | 2,018 | 1,881 | 1,755 | 1,668 | 1,582 | ||
Total liabilities | 64,414 | 61,575 | 65,760 | 64,715 | 67,516 | 58,051 | 68,342 | 68,834 | ||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock | 700 | 699 | 699 | 698 | 689 | 688 | 688 | 684 | ||
Additional paid-in capital | 67,088 | 65,914 | 64,950 | 63,690 | 62,934 | 62,099 | 61,530 | 60,682 | ||
Retained earnings | 113,723 | 117,857 | 116,077 | 114,320 | 113,390 | 113,837 | 111,204 | 108,688 | ||
Other cumulative comprehensive loss | -26,596 | -16,338 | -5,694 | -6,438 | -3,984 | -5,627 | -9,772 | -10,215 | ||
Total stockholders’ equity | 154,915 | 168,132 | 176,032 | 172,270 | 173,029 | 170,997 | 163,650 | 159,839 | ||
Non-controlling interest | 0 | 0 | 0 | 180 | 125 | 109 | ||||
Total stockholders’ equity | 154,915 | 168,132 | 176,032 | 172,270 | 173,029 | 171,177 | 163,775 | 159,948 | 163,447 | 148,043 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 219,329 | 229,707 | 241,792 | 236,985 | 240,545 | 229,228 | 232,117 | 228,782 | ||
As Reported | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 14,932 | 8,643 | 9,131 | 10,598 | 9,333 | 2,368 | 8,246 | 8,218 | 5,318 | |
Accounts receivable, net of allowance for doubtful accounts of $419 | 30,923 | 38,409 | 35,973 | 37,785 | 30,394 | 39,959 | 31,948 | |||
Inventory, net | 41,846 | 45,887 | 43,106 | 41,191 | 41,384 | 45,190 | 46,491 | |||
Prepaid expenses and other | 7,161 | 7,218 | 6,142 | 4,375 | 3,977 | 5,504 | 5,956 | |||
Current deferred tax assets | 5,583 | 2,532 | 2,424 | 3,440 | 2,513 | 1,944 | 1,587 | |||
Assets held for sale | 6,011 | 6,155 | 6,276 | 6,299 | 6,610 | 6,206 | 5,402 | |||
Total current assets | 106,456 | 108,844 | 103,052 | 103,688 | 94,211 | 101,171 | 99,630 | |||
PROPERTY, PLANT AND EQUIPMENT | 100,305 | 102,564 | 100,208 | 98,573 | 95,717 | 90,651 | 85,896 | |||
Less - accumulated depreciation | -42,625 | -42,220 | -40,934 | -38,358 | -36,469 | -35,010 | -33,661 | |||
Property, plant and equipment, net | 57,680 | 60,344 | 59,274 | 60,215 | 59,248 | 55,641 | 52,235 | |||
GOODWILL, net | 34,382 | 37,161 | 37,689 | 37,970 | 37,553 | 36,447 | 36,125 | |||
PURCHASED INTANGIBLE ASSETS, net | 29,403 | 32,939 | 34,597 | 36,458 | 37,646 | 38,121 | 39,428 | |||
DEFERRED TAX ASSETS | 439 | 792 | 552 | 388 | 397 | 458 | 1,060 | |||
OTHER ASSETS, net | 1,236 | 1,868 | 1,711 | 1,893 | 499 | 505 | 529 | |||
TOTAL ASSETS | 229,596 | 241,948 | 236,875 | 240,612 | 229,554 | 232,343 | 229,007 | |||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 9,104 | 9,689 | 13,438 | 14,567 | 9,020 | 14,111 | 10,362 | |||
Accrued expenses | 3,245 | 3,671 | 4,315 | 3,927 | 4,222 | 4,657 | 4,453 | |||
Dividend payable | 559 | 559 | 557 | 550 | 550 | 549 | 547 | |||
Accrued income taxes | 3,030 | 2,471 | 2,034 | 2,811 | 1,325 | 906 | 295 | |||
Accrued employee compensation and benefits | 4,667 | 4,119 | 3,140 | 4,552 | 5,346 | 4,338 | 3,778 | |||
Customer advances | 2,364 | 2,617 | 2,996 | 1,019 | 1,387 | 4,758 | 1,378 | |||
Current debt obligations | 4 | 20 | 516 | 2,907 | 65 | 63 | 64 | |||
Current portion of capital lease obligations | 5 | 5 | 10 | 33 | 45 | 50 | ||||
Current deferred tax liabilities | 435 | 417 | 404 | 435 | 274 | 155 | 155 | |||
Liabilities related to assets held for sale | 721 | 742 | 758 | 826 | 765 | 820 | 543 | |||
Total current liabilities | 24,134 | 24,310 | 28,168 | 31,594 | 22,987 | 30,402 | 21,625 | |||
LINES OF CREDIT | 26,000 | 31,800 | 26,900 | 26,400 | 25,550 | 28,843 | 38,256 | |||
LONG-TERM DEBT | 0 | 0 | 0 | 5 | 20 | 37 | ||||
CAPITAL LEASE OBLIGATIONS | 4 | 6 | 7 | 0 | 0 | 6 | ||||
DEFERRED TAX LIABILITIES | 8,641 | 7,186 | 7,566 | 7,945 | 8,084 | 8,050 | 8,344 | |||
OTHER LONG-TERM LIABILITIES | 1,958 | 2,000 | 1,930 | 1,881 | 1,755 | 1,668 | 1,582 | |||
Total liabilities | 60,737 | 65,302 | 64,571 | 67,820 | 58,381 | 68,983 | 69,850 | |||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock | 699 | 699 | 698 | 689 | 688 | 688 | 684 | |||
Additional paid-in capital | 65,836 | 64,861 | 63,589 | 62,934 | 62,099 | 61,530 | 60,682 | |||
Retained earnings | 118,745 | 116,808 | 114,480 | 113,399 | 113,670 | 110,659 | 107,769 | |||
Other cumulative comprehensive loss | -16,421 | -5,722 | -6,463 | -4,230 | -5,464 | -9,642 | -10,087 | |||
Total stockholders’ equity | 168,859 | 176,646 | 172,304 | 170,993 | 163,235 | 159,048 | ||||
Non-controlling interest | 0 | 0 | 0 | 180 | 125 | 109 | ||||
Total stockholders’ equity | 168,859 | 176,646 | 172,304 | 172,792 | 171,173 | 163,360 | 159,157 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 229,596 | 241,948 | 236,875 | 240,612 | 229,554 | 232,343 | 229,007 | |||
Adjustments | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Accounts receivable, net of allowance for doubtful accounts of $419 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Inventory, net | 280 | 0 | -54 | 0 | 0 | 0 | 0 | |||
Prepaid expenses and other | -378 | -98 | -98 | -98 | -89 | -89 | -89 | |||
Current deferred tax assets | 16 | 16 | 16 | 16 | 2 | 2 | 2 | |||
Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current assets | -82 | -82 | -136 | -82 | -87 | -87 | -87 | |||
PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Less - accumulated depreciation | 202 | 202 | 202 | 0 | 0 | 0 | 0 | |||
Property, plant and equipment, net | 202 | 202 | 202 | 0 | 0 | 0 | 0 | |||
GOODWILL, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
PURCHASED INTANGIBLE ASSETS, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
DEFERRED TAX ASSETS | -9 | -276 | 44 | 15 | -239 | -139 | -138 | |||
OTHER ASSETS, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL ASSETS | 111 | -156 | 110 | -67 | -326 | -226 | -225 | |||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accrued expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividend payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accrued income taxes | -58 | -154 | -102 | -154 | -88 | 5 | 5 | |||
Accrued employee compensation and benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Customer advances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current debt obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current portion of capital lease obligations | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Current deferred tax liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Liabilities related to assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current liabilities | -58 | -154 | -102 | -154 | -88 | 5 | 5 | |||
LINES OF CREDIT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
LONG-TERM DEBT | 0 | 0 | 0 | 0 | 0 | 0 | ||||
CAPITAL LEASE OBLIGATIONS | 0 | 0 | 0 | 0 | 0 | 0 | ||||
DEFERRED TAX LIABILITIES | 866 | 554 | 158 | -150 | -242 | -646 | -1,021 | |||
OTHER LONG-TERM LIABILITIES | 30 | 58 | 88 | 0 | 0 | 0 | 0 | |||
Total liabilities | 838 | 458 | 144 | -304 | -330 | -641 | -1,016 | |||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 78 | 89 | 101 | 0 | 0 | 0 | 0 | |||
Retained earnings | -888 | -731 | -160 | -9 | 167 | 545 | 919 | |||
Other cumulative comprehensive loss | 83 | 28 | 25 | 246 | -163 | -130 | -128 | |||
Total stockholders’ equity | -727 | -614 | -34 | 4 | 415 | 791 | ||||
Non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total stockholders’ equity | -727 | -614 | -34 | 237 | 4 | 415 | 791 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $111 | ($156) | $110 | ($67) | ($326) | ($226) | ($225) |
SELECTED_QUARTERLY_FINANCIAL_D3
SELECTED QUARTERLY FINANCIAL DATA - Consolidated Balance Sheets (Parenthetical) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Accounts receivable, allowance for doubtful accounts | $542 | $599 | $504 | $459 | $419 | $340 | $471 | $440 |
Preferred stock, par value (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 |
Common stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, shares issued | 13,997,076 | 13,979,119 | 13,979,119 | 13,994,094 | 13,772,324 | 13,759,007 | 13,750,163 | 13,683,307 |
Common stock, shares outstanding | 13,997,076 | 13,979,119 | 13,979,119 | 13,994,094 | 13,772,324 | 13,759,007 | 13,750,163 | 13,683,307 |
SELECTED_QUARTERLY_FINANCIAL_D4
SELECTED QUARTERLY FINANCIAL DATA - Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
NET SALES | $51,886 | $51,911 | $46,769 | $49,339 | $52,331 | $55,554 | $44,836 | $98,680 | $100,390 | $150,566 | $152,720 | $202,561 | $202,060 | $192,737 | ||||
COST OF PRODUCTS SOLD | 36,803 | 36,013 | 32,055 | 36,495 | 36,229 | 39,155 | 32,047 | 68,067 | 71,203 | 104,871 | 107,431 | 141,142 | 143,926 | 135,085 | ||||
Gross profit | 15,083 | 15,898 | 14,714 | 12,844 | 16,102 | 16,399 | 12,789 | 30,613 | 29,187 | 45,695 | 45,289 | 61,419 | 58,134 | 57,652 | ||||
COSTS AND EXPENSES: | ||||||||||||||||||
General and administrative expenses | 5,463 | 5,771 | 5,792 | 5,980 | 5,672 | 5,006 | 8,014 | 11,564 | 13,019 | 17,027 | 18,694 | 23,766 | 24,672 | 18,489 | ||||
Selling and distribution expenses | 4,639 | 4,733 | 4,223 | 4,138 | 3,658 | 4,310 | 4,030 | 8,956 | 8,340 | 13,596 | 11,997 | 18,104 | 16,136 | 16,954 | ||||
Amortization of purchased intangible assets | 1,575 | 1,617 | 1,616 | 1,614 | 1,581 | 1,568 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,103 | 6,348 | 6,210 | ||||
Restructuring and impairment charges | 0 | 6,781 | 0 | 0 | ||||||||||||||
Total costs and expenses | 11,677 | 12,121 | 11,631 | 11,732 | 10,911 | 10,884 | 13,629 | 23,752 | 24,512 | 35,431 | 35,425 | 54,754 | 47,156 | 41,653 | ||||
Segment operating income | 3,406 | 3,777 | 3,083 | 1,112 | 5,191 | 5,515 | -840 | 6,861 | 4,675 | 10,264 | 9,864 | 6,665 | 10,978 | 15,999 | ||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Other income (expense), net | 472 | 332 | -435 | -157 | -247 | -420 | 296 | -103 | -124 | 369 | -371 | -313 | -528 | -32 | ||||
Interest expense | -137 | -174 | -109 | -164 | -129 | -183 | -172 | -283 | -355 | -420 | -484 | -551 | -648 | -832 | ||||
Interest income | 1 | 1 | 5 | 2 | 1 | 1 | 3 | 5 | 4 | 6 | 5 | 38 | 7 | 13 | ||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,742 | 3,936 | 2,544 | 793 | 4,816 | 4,913 | -713 | 6,480 | 4,200 | 10,219 | 9,014 | 5,839 | 9,809 | 15,148 | ||||
INCOME TAX PROVISION | 1,420 | 1,839 | 741 | 698 | 1,838 | 2,141 | -941 | 2,580 | 1,201 | 4,000 | 3,039 | 3,913 | 3,736 | 5,316 | ||||
INCOME FROM CONTINUING OPERATIONS | 2,322 | 2,097 | 1,803 | 95 | 2,978 | 2,772 | 228 | 3,900 | 2,999 | 6,219 | 5,975 | 1,926 | 6,073 | 9,832 | ||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 20 | 219 | -316 | 6 | 255 | 310 | -93 | -97 | 217 | -77 | 473 | -77 | 478 | 943 | ||||
Gain on sale of discontinued operations, net of tax | 0 | 718 | 0 | 0 | ||||||||||||||
Income from discontinued operations | 6 | 641 | 478 | 943 | ||||||||||||||
Net income including non-controlling interest | 2,342 | 2,316 | 1,487 | 101 | 3,233 | 3,082 | 135 | 3,803 | 3,216 | 6,142 | 6,448 | 2,567 | [1] | 6,551 | [1] | 10,775 | [1] | |
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 49 | 15 | 28 | 0 | 43 | 0 | 92 | 0 | 92 | -2 | |||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | 2,342 | 2,316 | 1,487 | 3,184 | 3,067 | 107 | 3,803 | 3,173 | 6,142 | 6,356 | 2,567 | 6,459 | 10,777 | |||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 | ||||
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 | ||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.17 | $0.15 | $0.13 | $0.01 | $0.21 | $0.20 | $0.02 | $0.28 | $0.21 | $0.45 | $0.43 | $0.13 | $0.44 | $0.73 | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.05 | $0.03 | $0.07 | ||||
Net income (in dollars per share) | $0.17 | $0.17 | $0.11 | $0.01 | $0.23 | $0.22 | $0.01 | $0.27 | $0.23 | $0.44 | $0.46 | $0.18 | $0.47 | $0.80 | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||
Basic (in shares) | 13,688,649 | 13,672,457 | 13,644,239 | 13,543,007 | 13,540,394 | 13,526,623 | 13,509,792 | 13,668,223 | 13,523,028 | 13,676,730 | 13,528,880 | 13,687,485 | 13,533,566 | 13,264,636 | ||||
Diluted (in shares) | 13,690,174 | 13,677,911 | 13,649,953 | 13,549,288 | 13,544,665 | 13,530,588 | 13,513,797 | 13,673,807 | 13,527,011 | 13,681,790 | 13,532,973 | 13,689,707 | 13,537,525 | 13,268,713 | ||||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.08 | $0.12 | $0.12 | $0.16 | $0.16 | $0.16 | ||||
As Reported | ||||||||||||||||||
NET SALES | 51,886 | 51,911 | 46,769 | 49,339 | 52,331 | 55,554 | 44,836 | 98,680 | 100,390 | 150,566 | 152,720 | 202,060 | 192,737 | 51,995 | ||||
COST OF PRODUCTS SOLD | 36,803 | 36,067 | 32,203 | 36,495 | 36,229 | 39,155 | 32,047 | 68,269 | 71,203 | 105,073 | 107,431 | 143,926 | 135,085 | 36,271 | ||||
Gross profit | 15,083 | 15,844 | 14,566 | 12,844 | 16,102 | 16,399 | 12,789 | 30,411 | 29,187 | 45,493 | 45,289 | 58,134 | 57,652 | 15,724 | ||||
COSTS AND EXPENSES: | ||||||||||||||||||
General and administrative expenses | 5,503 | 5,813 | 5,542 | 5,980 | 5,672 | 5,006 | 8,014 | 11,356 | 13,019 | 16,858 | 18,694 | 24,672 | 18,489 | 6,740 | ||||
Selling and distribution expenses | 4,639 | 4,733 | 4,223 | 4,138 | 3,658 | 4,310 | 4,030 | 8,956 | 8,340 | 13,596 | 11,997 | 16,136 | 16,954 | 4,509 | ||||
Amortization of purchased intangible assets | 1,575 | 1,617 | 1,616 | 1,614 | 1,581 | 1,568 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,348 | 6,210 | 1,295 | ||||
Restructuring and impairment charges | 0 | 6,781 | ||||||||||||||||
Total costs and expenses | 11,717 | 12,163 | 11,381 | 11,732 | 10,911 | 10,884 | 13,629 | 23,544 | 24,512 | 35,262 | 35,425 | 47,156 | 41,653 | 19,325 | ||||
Segment operating income | 3,366 | 3,681 | 3,185 | 1,112 | 5,191 | 5,515 | -840 | 6,867 | 4,675 | 10,231 | 9,864 | 10,978 | 15,999 | -3,601 | ||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Other income (expense), net | 472 | 332 | -435 | -157 | -247 | -420 | 296 | -103 | -124 | 369 | -371 | -528 | -32 | -682 | ||||
Interest expense | -137 | -174 | -109 | -164 | -129 | -183 | -172 | -283 | -355 | -420 | -484 | -648 | -832 | -132 | ||||
Interest income | 1 | 1 | 5 | 2 | 1 | 1 | 3 | 5 | 4 | 6 | 5 | 7 | 13 | 32 | ||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 3,702 | 3,840 | 2,646 | 793 | 4,816 | 4,913 | -713 | 6,486 | 4,200 | 10,186 | 9,014 | 9,809 | 15,148 | -4,383 | ||||
INCOME TAX PROVISION | 1,224 | 1,172 | 692 | 522 | 1,460 | 1,768 | -1,049 | 1,864 | 719 | 3,088 | 2,179 | 2,700 | 4,397 | -87 | ||||
INCOME FROM CONTINUING OPERATIONS | 2,478 | 2,668 | 1,954 | 271 | 3,356 | 3,145 | 336 | 4,622 | 3,481 | 7,098 | 6,835 | 7,109 | 10,751 | -4,296 | ||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 20 | 219 | -316 | 6 | 255 | 310 | -93 | -97 | 217 | -77 | 473 | 478 | 943 | 0 | ||||
Gain on sale of discontinued operations, net of tax | 0 | 718 | ||||||||||||||||
Income from discontinued operations | 6 | 718 | ||||||||||||||||
Net income including non-controlling interest | 2,498 | 2,887 | 1,638 | 277 | 3,611 | 3,455 | 243 | 4,525 | 3,698 | 7,021 | 7,308 | 7,587 | 11,694 | -3,578 | ||||
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 49 | 15 | 28 | 0 | 43 | 0 | 92 | 92 | -2 | ||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | 2,498 | 2,887 | 1,638 | 3,562 | 3,440 | 215 | 4,525 | 3,655 | 7,021 | 7,216 | 7,495 | 11,696 | ||||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.18 | $0.19 | $0.14 | $0.02 | $0.24 | $0.23 | $0.03 | $0.33 | $0.25 | $0.51 | $0.49 | $0.52 | $0.80 | ($0.32) | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.03 | $0.07 | $0.05 | ||||
Net income (in dollars per share) | $0.18 | $0.21 | $0.12 | $0.02 | $0.26 | $0.25 | $0.02 | $0.32 | $0.27 | $0.50 | $0.52 | $0.55 | $0.87 | ($0.27) | ||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||
Continuing operations (in dollars per share) | $0.18 | $0.19 | $0.14 | $0.02 | $0.24 | $0.23 | $0.03 | $0.33 | $0.25 | $0.51 | $0.49 | $0.51 | $0.80 | ($0.32) | ||||
Discontinued operations (in dollars per share) | $0 | $0.02 | ($0.02) | $0 | $0.02 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | $0.03 | $0.03 | $0.07 | $0.05 | ||||
Net income (in dollars per share) | $0.18 | $0.21 | $0.12 | $0.02 | $0.26 | $0.25 | $0.02 | $0.32 | $0.27 | $0.50 | $0.52 | $0.54 | $0.87 | ($0.27) | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||
Basic (in shares) | 13,688,649 | 13,672,457 | 13,644,239 | 13,543,007 | 13,540,394 | 13,526,623 | 13,509,792 | 13,668,223 | 13,523,028 | 13,676,730 | 13,528,880 | 13,533,566 | 13,264,636 | 13,696,399 | ||||
Diluted (in shares) | 13,690,174 | 13,677,911 | 13,649,953 | 13,549,288 | 13,544,665 | 13,530,588 | 13,513,797 | 13,673,807 | 13,527,011 | 13,681,790 | 13,532,973 | 13,537,525 | 13,268,713 | 13,697,821 | ||||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.08 | $0.12 | $0.12 | $0.16 | $0.16 | $0.04 | ||||
Adjustments | ||||||||||||||||||
NET SALES | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
COST OF PRODUCTS SOLD | 0 | -54 | -148 | 0 | 0 | 0 | 0 | -202 | 0 | -202 | 0 | 0 | 0 | |||||
Gross profit | 0 | 54 | 148 | 0 | 0 | 0 | 0 | 202 | 0 | 202 | 0 | 0 | 0 | |||||
COSTS AND EXPENSES: | ||||||||||||||||||
General and administrative expenses | -40 | -42 | 250 | 0 | 0 | 0 | 0 | 208 | 0 | 169 | 0 | 0 | 0 | |||||
Selling and distribution expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Amortization of purchased intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Restructuring and impairment charges | 0 | |||||||||||||||||
Total costs and expenses | -40 | -42 | 250 | 0 | 0 | 0 | 0 | 208 | 0 | 169 | 0 | 0 | 0 | |||||
Segment operating income | 40 | 96 | -102 | 0 | 0 | 0 | 0 | -6 | 0 | 33 | 0 | 0 | 0 | |||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
INCOME BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND NON-CONTROLLING INTEREST | 40 | 96 | -102 | 0 | 0 | 0 | 0 | -6 | 0 | 33 | 0 | 0 | 0 | |||||
INCOME TAX PROVISION | 196 | 667 | 49 | 176 | 378 | 373 | 108 | 716 | 482 | 912 | 860 | 1,036 | 919 | |||||
INCOME FROM CONTINUING OPERATIONS | -156 | -571 | -151 | -176 | -378 | -373 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | |||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Gain on sale of discontinued operations, net of tax | 0 | |||||||||||||||||
Income from discontinued operations | 0 | |||||||||||||||||
Net income including non-controlling interest | -156 | -571 | -151 | -176 | -378 | -373 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | |||||
Less: Net income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION | ($156) | ($571) | ($151) | ($378) | ($373) | ($108) | ($722) | ($482) | ($879) | ($860) | ($1,036) | ($919) | ||||||
INCOME (LOSS) PER SHARE - BASIC: | ||||||||||||||||||
Continuing operations (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.08) | ($0.07) | |||||
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||
Net income (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.08) | ($0.07) | |||||
INCOME (LOSS) PER SHARE - DILUTED: | ||||||||||||||||||
Continuing operations (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.07) | ($0.07) | |||||
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||
Net income (in dollars per share) | ($0.01) | ($0.04) | ($0.01) | ($0.01) | ($0.03) | ($0.03) | ($0.01) | ($0.05) | ($0.04) | ($0.06) | ($0.06) | ($0.07) | ($0.07) | |||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ||||||||||||||||||
Basic (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||
[1] | Restated |
SELECTED_QUARTERLY_FINANCIAL_D5
SELECTED QUARTERLY FINANCIAL DATA - Consolidated Statements of Comprehensive Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
Net income including non-controlling interest | $2,342 | $2,316 | $1,487 | $101 | $3,233 | $3,082 | $135 | $3,803 | $3,216 | $6,142 | $6,448 | $2,567 | [1] | $6,551 | [1] | $10,775 | [1] | |
Change in cumulative foreign currency translation adjustment | -10,647 | 744 | -2,454 | 4,150 | 443 | -3,619 | -1,710 | -3,175 | -12,354 | 976 | -22,612 | [1] | 2,619 | [1] | 2,606 | [1] | ||
Total comprehensive income (loss) | -8,305 | 3,060 | -967 | 7,383 | 3,525 | -3,484 | 2,093 | 41 | -6,212 | 7,424 | -20,045 | 9,170 | 13,381 | |||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 55 | 16 | 25 | 0 | 41 | 0 | 96 | 0 | 96 | 1 | |||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | -8,305 | 3,060 | -967 | 7,328 | 3,509 | -3,509 | 2,093 | 0 | -6,212 | 7,328 | -20,045 | 9,074 | 13,380 | |||||
As Reported | ||||||||||||||||||
Net income including non-controlling interest | 2,498 | 2,887 | 1,638 | 277 | 3,611 | 3,455 | 243 | 4,525 | 3,698 | 7,021 | 7,308 | 7,587 | 11,694 | -3,578 | ||||
Change in cumulative foreign currency translation adjustment | -10,701 | 741 | -2,233 | 4,183 | 446 | -3,627 | -1,492 | -3,181 | -12,191 | 1,003 | 2,237 | 2,796 | ||||||
Total comprehensive income (loss) | -8,203 | 3,628 | -595 | 7,794 | 3,901 | -3,384 | 3,033 | 517 | -5,170 | 8,311 | 9,824 | 14,490 | ||||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 55 | 16 | 25 | 0 | 41 | 0 | 96 | 96 | 1 | ||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | -8,203 | 3,628 | -595 | 7,739 | 3,885 | -3,409 | 3,033 | 476 | -5,170 | 8,215 | 9,728 | 14,489 | ||||||
Adjustments | ||||||||||||||||||
Net income including non-controlling interest | -156 | -571 | -151 | -176 | -378 | -373 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | |||||
Change in cumulative foreign currency translation adjustment | 54 | 3 | -221 | -33 | -3 | 8 | -218 | 6 | -163 | -27 | 382 | -190 | ||||||
Total comprehensive income (loss) | -102 | -568 | -372 | -411 | -376 | -100 | -940 | -476 | -1,042 | -887 | -654 | -1,109 | ||||||
Comprehensive income attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation | ($102) | ($568) | ($372) | ($411) | ($376) | ($100) | ($940) | ($476) | ($1,042) | ($887) | ($654) | ($1,109) | ||||||
[1] | Restated |
SELECTED_QUARTERLY_FINANCIAL_D6
SELECTED QUARTERLY FINANCIAL DATA - Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income including non-controlling interest | $1,487 | $135 | $3,803 | $3,216 | $6,142 | $6,448 | $2,567 | [1] | $6,551 | [1] | $10,775 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Loss (income) from discontinued operations, net of tax | 316 | 93 | 97 | -217 | 77 | -473 | 77 | -478 | -943 | |||
Gain on sale of discontinued operations, net of tax | -718 | 0 | 0 | |||||||||
Depreciation (including capital lease amortization) | 1,624 | 1,272 | 3,379 | 2,583 | 5,204 | 4,004 | 7,051 | 5,920 | 5,018 | |||
Amortization of purchased intangible assets | 1,616 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,103 | 6,348 | 6,210 | |||
Amortization of deferred debt issuance costs | 25 | 25 | 51 | 51 | 76 | 76 | 102 | 102 | 124 | |||
Stock-based compensation | 717 | 1,422 | 1,741 | 2,057 | 2,704 | 2,685 | 3,588 | 3,401 | 4,443 | |||
Deferred income tax benefit | 670 | 303 | 848 | 776 | 255 | 892 | -255 | -521 | -470 | |||
Loss on disposal of property, plant and equipment | 21 | 5 | 21 | 6 | 5 | 12 | 50 | 0 | ||||
Change in: | ||||||||||||
Accounts receivable, net | 1,570 | 2,784 | -858 | -5,193 | 5,342 | 4,868 | -427 | -2,185 | 717 | |||
Inventory, net | -2,459 | 619 | -5,000 | 1,960 | -2,732 | 6,588 | -3,459 | 6,750 | -2,380 | |||
Prepaid expenses and other | -1,867 | -952 | -2,873 | -545 | -3,413 | 1,031 | -3,004 | 89 | 551 | |||
Accounts payable | -1,051 | -596 | -4,778 | 3,105 | -5,084 | -2,208 | -932 | 2,228 | -3,616 | |||
Customer advances | 1,980 | 55 | 1,613 | 3,434 | 1,445 | 21 | 2,782 | -360 | -556 | |||
Accrued expenses and other liabilities | -1,151 | -981 | -586 | 344 | 810 | 1,145 | 3,267 | 1,588 | -409 | |||
Net cash flows provided by continuing operations | 3,477 | 5,785 | 674 | 14,745 | 15,640 | 29,816 | 23,074 | 30,239 | 19,464 | |||
Net cash flows provided by discontinued operations | -298 | 559 | 48 | 680 | 239 | 655 | 239 | 1,777 | 1,092 | |||
Net cash provided by operating activities | 3,179 | 6,344 | 722 | 15,425 | 15,879 | 30,471 | 23,313 | 32,016 | 20,556 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of property, plant and equipment | -1,994 | -4,366 | -4,123 | -9,301 | -6,472 | -13,426 | -21,403 | -16,223 | -15,133 | |||
Change in other non-current assets | 32 | 45 | -59 | 192 | 373 | 209 | 1,310 | -489 | -224 | |||
Net cash flows used in continuing operations | -1,962 | -4,321 | -4,182 | -9,109 | -6,099 | -13,217 | -13,263 | -16,892 | -25,651 | |||
Net cash flows used in discontinued operations | -63 | -87 | -85 | -425 | -120 | -604 | -120 | -1,348 | -514 | |||
Net cash used in investing activities | -2,025 | -4,408 | -4,267 | -9,534 | -6,219 | -13,821 | -13,383 | -18,240 | -26,165 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Borrowings (repayments) on bank lines of credit, net | -1,863 | -202 | 2,555 | -9,811 | -3,213 | -13,252 | -6,069 | -9,592 | 12,174 | |||
Payment on loans with former owners of LRI | -15 | -16 | -31 | -32 | -47 | -47 | -50 | -63 | -1,176 | |||
Payment on capital lease obligations | -15 | -13 | -22 | -25 | -23 | -39 | -24 | -40 | -66 | |||
Payment of dividends | -550 | -540 | -1,108 | -1,088 | -1,667 | -1,637 | -2,226 | -2,187 | -2,155 | |||
Net proceeds from issuance of common stock to employees and directors | 22 | 234 | 163 | 234 | 163 | |||||||
Excess tax benefit from stock-based compensation | 26 | -890 | 51 | -836 | 52 | -895 | 156 | 0 | 0 | |||
Net cash provided by (used in) financing activities | -2,395 | -1,661 | 1,679 | -11,629 | -4,664 | -15,707 | -7,854 | -11,587 | 8,517 | |||
EFFECTS OF EXCHANGE RATES ON CASH | -226 | -247 | -89 | -112 | -662 | 172 | -3,274 | 191 | -8 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,467 | 28 | -1,955 | -5,850 | 4,334 | 1,115 | -1,198 | 2,380 | 2,900 | |||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 5,318 | |||
CASH AND CASH EQUIVALENTS, end of the period | 9,131 | 8,246 | 8,643 | 2,368 | 14,932 | 9,333 | 9,400 | 10,598 | 8,218 | |||
As Reported | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income including non-controlling interest | 1,638 | 243 | 4,525 | 3,698 | 7,021 | 7,308 | 7,587 | 11,694 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Loss (income) from discontinued operations, net of tax | 316 | 93 | 97 | -217 | 77 | -473 | -478 | -943 | ||||
Depreciation (including capital lease amortization) | 1,826 | 1,272 | 3,581 | 2,583 | 5,406 | 4,004 | 5,920 | 5,018 | ||||
Amortization of purchased intangible assets | 1,616 | 1,585 | 3,232 | 3,153 | 4,808 | 4,734 | 6,348 | 6,210 | ||||
Amortization of deferred debt issuance costs | 25 | 25 | 51 | 51 | 76 | 76 | 102 | 124 | ||||
Stock-based compensation | 555 | 1,422 | 1,591 | 2,057 | 2,565 | 2,685 | 3,401 | 4,443 | ||||
Deferred income tax benefit | 612 | 130 | 72 | 229 | -608 | -126 | -1,666 | -1,159 | ||||
Loss on disposal of property, plant and equipment | 21 | 5 | 21 | 6 | 5 | 50 | ||||||
Change in: | ||||||||||||
Accounts receivable, net | 1,570 | 2,784 | -858 | -5,193 | 5,342 | 4,868 | -2,185 | 717 | ||||
Inventory, net | -2,513 | 619 | -5,000 | 1,960 | -3,012 | 6,588 | 6,750 | -2,380 | ||||
Prepaid expenses and other | -1,867 | -952 | -2,873 | -545 | -3,146 | 1,031 | 79 | 463 | ||||
Accounts payable | -1,051 | -596 | -4,778 | 3,105 | -5,084 | -2,208 | 2,228 | -3,616 | ||||
Customer advances | 1,980 | 55 | 1,613 | 3,434 | 1,445 | 21 | -360 | -556 | ||||
Accrued expenses and other liabilities | -1,291 | -916 | -645 | 409 | 683 | 1,303 | 1,707 | -551 | ||||
Net cash flows provided by continuing operations | 3,416 | 5,785 | 613 | 14,745 | 15,579 | 29,816 | 30,239 | 19,464 | ||||
Net cash flows provided by discontinued operations | -298 | 559 | 48 | 680 | 239 | 655 | 1,777 | 1,092 | ||||
Net cash provided by operating activities | 3,118 | 6,344 | 661 | 15,425 | 15,818 | 30,471 | 32,016 | 20,556 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of property, plant and equipment | -1,994 | -4,366 | -4,123 | -9,301 | -6,472 | -13,426 | -16,223 | -15,133 | ||||
Change in other non-current assets | 32 | 45 | -59 | 192 | 373 | 209 | -489 | -224 | ||||
Net cash flows used in continuing operations | -1,962 | -4,321 | -4,182 | -9,109 | -6,099 | -13,217 | -16,892 | -25,651 | ||||
Net cash flows used in discontinued operations | -63 | -87 | -85 | -425 | -120 | -604 | -1,348 | -514 | ||||
Net cash used in investing activities | -2,025 | -4,408 | -4,267 | -9,534 | -6,219 | -13,821 | -18,240 | -26,165 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Borrowings (repayments) on bank lines of credit, net | -1,863 | -202 | 2,555 | -9,811 | -3,213 | -13,252 | -9,592 | 12,174 | ||||
Payment on loans with former owners of LRI | -15 | -16 | -31 | -32 | -47 | -47 | -63 | -1,176 | ||||
Payment on capital lease obligations | -15 | -13 | -22 | -25 | -23 | -39 | -40 | -66 | ||||
Payment of dividends | -550 | -540 | -1,108 | -1,088 | -1,667 | -1,637 | -2,187 | -2,155 | ||||
Net proceeds from issuance of common stock to employees and directors | 22 | 234 | 163 | 234 | 163 | |||||||
Excess tax benefit from stock-based compensation | 87 | -890 | 112 | -836 | 113 | -895 | ||||||
Net cash provided by (used in) financing activities | -2,334 | -1,661 | 1,740 | -11,629 | -4,603 | -15,707 | -11,587 | 8,517 | ||||
EFFECTS OF EXCHANGE RATES ON CASH | -226 | -247 | -89 | -112 | -662 | 172 | 191 | -8 | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,467 | 28 | -1,955 | -5,850 | 4,334 | 1,115 | 2,380 | 2,900 | ||||
CASH AND CASH EQUIVALENTS, beginning of the period | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 10,598 | 8,218 | 5,318 | |||
CASH AND CASH EQUIVALENTS, end of the period | 9,131 | 8,246 | 8,643 | 2,368 | 14,932 | 9,333 | 10,598 | 8,218 | ||||
Adjustments | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income including non-controlling interest | -151 | -108 | -722 | -482 | -879 | -860 | -1,036 | -919 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Loss (income) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Depreciation (including capital lease amortization) | -202 | 0 | -202 | 0 | -202 | 0 | 0 | 0 | ||||
Amortization of purchased intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Amortization of deferred debt issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Stock-based compensation | 162 | 0 | 150 | 0 | 139 | 0 | 0 | 0 | ||||
Deferred income tax benefit | 58 | 173 | 776 | 547 | 863 | 1,018 | 1,145 | 689 | ||||
Loss on disposal of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in: | ||||||||||||
Accounts receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Inventory, net | 54 | 0 | 0 | 0 | 280 | 0 | 0 | 0 | ||||
Prepaid expenses and other | 0 | 0 | 0 | 0 | -267 | 0 | 10 | 88 | ||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Customer advances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Accrued expenses and other liabilities | 140 | -65 | 59 | -65 | 127 | -158 | -119 | 142 | ||||
Net cash flows provided by continuing operations | 61 | 0 | 61 | 0 | 61 | 0 | 0 | 0 | ||||
Net cash flows provided by discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash provided by operating activities | 61 | 0 | 61 | 0 | 61 | 0 | 0 | 0 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Change in other non-current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash flows used in continuing operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash flows used in discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Borrowings (repayments) on bank lines of credit, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Payment on loans with former owners of LRI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Payment on capital lease obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Payment of dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Net proceeds from issuance of common stock to employees and directors | 0 | 0 | 0 | 0 | 0 | |||||||
Excess tax benefit from stock-based compensation | -61 | 0 | -61 | 0 | -61 | 0 | ||||||
Net cash provided by (used in) financing activities | -61 | 0 | -61 | 0 | -61 | 0 | 0 | 0 | ||||
EFFECTS OF EXCHANGE RATES ON CASH | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
CASH AND CASH EQUIVALENTS, beginning of the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
CASH AND CASH EQUIVALENTS, end of the period | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||
[1] | Restated |
SELECTED_QUARTERLY_FINANCIAL_D7
SELECTED QUARTERLY FINANCIAL DATA - Narrative (Details) (Segment Sold [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated assets [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage (less than) | 5.00% | 5.00% |
Consolidated sales [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage (less than) | 5.00% | 5.00% |
Consolidated operating income [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage (less than) | 5.00% | 5.00% |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 1 Months Ended | 0 Months Ended | |
Jan. 31, 2015 | Feb. 23, 2015 | Mar. 16, 2015 | |
Facility | |||
DynaEnergetics Restructuring [Member] | |||
DynaEnergetics and Corporate Restructuring [Abstract] | |||
Number of distribution centers closed | 2 | ||
Minimum [Member] | DynaEnergetics Restructuring [Member] | |||
DynaEnergetics and Corporate Restructuring [Abstract] | |||
Expected restructuring charges | $1,500,000 | ||
Minimum [Member] | Corporate Office Restructuring [Member] | |||
DynaEnergetics and Corporate Restructuring [Abstract] | |||
Expected restructuring charges | 1,500,000 | ||
Maximum [Member] | DynaEnergetics Restructuring [Member] | |||
DynaEnergetics and Corporate Restructuring [Abstract] | |||
Expected restructuring charges | 2,500,000 | ||
Maximum [Member] | Corporate Office Restructuring [Member] | |||
DynaEnergetics and Corporate Restructuring [Abstract] | |||
Expected restructuring charges | 2,000,000 | ||
Line of Credit [Member] | Syndicated Credit Facility [Member] | |||
New Credit Facility [Abstract] | |||
Term | 5 years | ||
Maximum borrowing capacity | 150,000,000 | ||
Quarterly installment, percent of principal due in each of years one and two | 10.00% | ||
Quarterly installment, percent of principal due in each of years three and four | 20.00% | ||
Quarterly installment, percent of principal due in each of year five | 30.00% | ||
Accordion feature | 100,000,000 | ||
Line of Credit [Member] | Syndicated Credit Facility [Member] | ABR [Member] | Minimum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 0.25% | ||
Line of Credit [Member] | Syndicated Credit Facility [Member] | ABR [Member] | Maximum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 1.25% | ||
Line of Credit [Member] | Syndicated Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 1.25% | ||
Line of Credit [Member] | Syndicated Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 2.25% | ||
Line of Credit [Member] | Revolving Loans, US Dollars [Member] | |||
New Credit Facility [Abstract] | |||
Maximum borrowing capacity | 90,000,000 | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | |||
New Credit Facility [Abstract] | |||
Maximum borrowing capacity | 10,000,000 | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | LIBOR [Member] | Minimum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 1.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | LIBOR [Member] | Maximum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 2.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | CDOR [Member] | Minimum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 1.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | CDOR [Member] | Maximum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 2.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | Canadian Prime Rate [Member] | Minimum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 0.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | Canadian Prime Rate [Member] | Maximum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 1.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | EURIBOR [Member] | Minimum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 1.25% | ||
Line of Credit [Member] | Revolving Loans, Alternate Currencies [Member] | EURIBOR [Member] | Maximum [Member] | |||
New Credit Facility [Abstract] | |||
Basis spread on variable interest rate | 2.25% | ||
Line of Credit [Member] | US Dollar Term Loan Facility [Member] | |||
New Credit Facility [Abstract] | |||
Term | 364 days | ||
Maximum borrowing capacity | $50,000,000 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||
Balance at beginning of period | $419 | $406 | $424 |
Additions charged to income | 140 | 221 | 63 |
Decreases | 0 | -13 | -10 |
Other Adjustments | -17 | -195 | -71 |
Balance at end of period | 542 | 419 | 406 |
WARRANTY RESERVE | |||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||
Balance at beginning of period | 188 | 421 | 540 |
Additions charged to income | 162 | 0 | 172 |
Decreases | -216 | -117 | -101 |
Other Adjustments | -4 | -116 | -190 |
Balance at end of period | 130 | 188 | 421 |
INVENTORY RESERVE | |||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||
Balance at beginning of period | 1,729 | 337 | 157 |
Additions charged to income | 1,606 | 2,714 | 856 |
Decreases | -77 | -1,322 | -676 |
Other Adjustments | -141 | 0 | 0 |
Balance at end of period | $3,117 | $1,729 | $337 |