Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'LAWSON PRODUCTS INC/NEW/DE/ | ' | ' |
Entity Central Index Key | '0000703604 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $73,389,000 |
Entity Common Stock, Shares Outstanding | ' | 8,658,885 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $698 | $1,640 |
Restricted cash | 800 | 0 |
Accounts receivable, less allowance for doubtful accounts of $828 and $1,637, respectively | 30,221 | 29,451 |
Inventories | 45,774 | 44,681 |
Miscellaneous receivables and prepaid expenses | 4,393 | 5,308 |
Deferred income taxes | 5 | 17 |
Discontinued operations | 8,960 | 9,232 |
Total current assets | 90,851 | 90,329 |
Property, plant and equipment, less accumulated depreciation and amortization | 58,974 | 66,981 |
Cash value of life insurance | 9,179 | 14,943 |
Deferred income taxes | 54 | 55 |
Other assets | 481 | 449 |
Discontinued operations | 406 | 174 |
Total assets | 159,945 | 172,931 |
Current liabilities: | ' | ' |
Revolving line of credit | 16,078 | 16,127 |
Accounts payable | 14,787 | 11,421 |
Accrued expenses and other liabilities | 23,521 | 31,330 |
Discontinued operations | 564 | 950 |
Total current liabilities | 54,950 | 59,828 |
Noncurrent liabilities and deferred credits: | ' | ' |
Security bonus plan | 16,143 | 18,837 |
Financing lease obligation | 10,223 | 10,786 |
Deferred compensation | 5,867 | 5,741 |
Deferred rent liability | 4,961 | 4,621 |
Other liabilities | 1,889 | 2,258 |
Discontinued operations | 0 | 127 |
Total liabilities | 94,033 | 102,198 |
Stockholders' equity: | ' | ' |
Authorized - 500,000 shares, Issued and outstanding - None | 0 | 0 |
Authorized - 35,000,000 shares Issued – 8,670,512 and 8,614,837 shares, respectively Outstanding – 8,658,885 and 8,605,901 shares, respectively | 8,671 | 8,615 |
Capital in excess of par value | 7,799 | 6,951 |
Retained earnings | 47,644 | 52,764 |
Treasury stock – 11,627 and 8,936 shares held, respectively | -187 | -155 |
Accumulated other comprehensive income | 1,985 | 2,558 |
Total stockholders’ equity | 65,912 | 70,733 |
Total liabilities and stockholders’ equity | $159,945 | $172,931 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $828 | $1,637 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 8,670,512 | 8,614,837 |
Common stock, shares outstanding | 8,658,885 | 8,605,901 |
Treasury Stock, Shares | 11,627 | 8,936 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $269,503 | $273,562 | $300,399 |
Cost of goods sold | 108,208 | 116,144 | 123,527 |
Gross profit | 161,295 | 157,418 | 176,872 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative expenses | 163,797 | 170,079 | 179,812 |
Severance expenses | 837 | 8,021 | 1,614 |
Loss (gain) on sale of assets | -4 | -3,721 | 22 |
Goodwill impairment | 0 | 28,306 | 0 |
Other operating expenses, net | 2,528 | 0 | 1,200 |
Operating expenses | 167,158 | 202,685 | 182,648 |
Operating income (loss) | -5,863 | -45,267 | -5,776 |
Interest expense | -1,097 | -775 | -681 |
Other (expenses) income, net | -162 | -56 | 101 |
Loss from continuing operations before income taxes | -7,122 | -46,098 | -6,356 |
Income tax (benefit) expense | -141 | 17,935 | -1,767 |
Loss from continuing operations | -6,981 | -64,033 | -4,589 |
Income (loss) from discontinued operations | 1,861 | 1,483 | -35 |
Net loss | -5,120 | -62,550 | -4,624 |
Loss from Continuing Operations, Per Basic and Diluted Share | ($0.81) | ($7.46) | ($0.54) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0.22 | $0.18 | $0 |
Earnings Per Share, Basic and Diluted | ($0.59) | ($7.28) | ($0.54) |
Comprehensive income (loss) | ' | ' | ' |
Net income (loss) | -5,120 | -62,550 | -4,624 |
Other comprehensive loss, net of tax: | ' | ' | ' |
Adjustment for foreign currency translation | -573 | 418 | -835 |
Comprehensive income (loss) | ($5,693) | ($62,132) | ($5,459) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock, $1 par value | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Balance at beginning of year at Dec. 31, 2010 | $142,865 | $8,534 | $5,328 | $126,098 | ($70) | $2,975 |
Net income (loss) | -4,624 | ' | ' | -4,624 | ' | ' |
Adjustment for foreign currency translation | -835 | ' | ' | ' | ' | -835 |
Stock based compensation | 929 | 0 | 929 | ' | ' | ' |
Shares issued | ' | 47 | -47 | ' | ' | ' |
Share repurchase | -60 | ' | ' | ' | -60 | ' |
Cash dividends declared | -4,103 | ' | ' | -4,103 | ' | ' |
Balance at end of year at Dec. 31, 2011 | 134,172 | 8,581 | 6,210 | 117,371 | -130 | 2,140 |
Net income (loss) | -62,550 | ' | ' | -62,550 | ' | ' |
Adjustment for foreign currency translation | 418 | ' | ' | ' | ' | 418 |
Stock based compensation | 775 | 0 | 775 | ' | ' | ' |
Shares issued | ' | 34 | -34 | ' | ' | ' |
Share repurchase | -25 | ' | ' | ' | -25 | ' |
Cash dividends declared | -2,057 | ' | ' | -2,057 | ' | ' |
Balance at end of year at Dec. 31, 2012 | 70,733 | 8,615 | 6,951 | 52,764 | -155 | 2,558 |
Net income (loss) | -5,120 | ' | ' | -5,120 | ' | ' |
Adjustment for foreign currency translation | -573 | ' | ' | ' | ' | -573 |
Stock based compensation | 904 | 0 | 904 | ' | ' | ' |
Shares issued | ' | 56 | -56 | ' | ' | ' |
Share repurchase | -32 | ' | ' | ' | -32 | ' |
Balance at end of year at Dec. 31, 2013 | $65,912 | $8,671 | $7,799 | $47,644 | ($187) | $1,985 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value | $1 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net loss | ($5,120) | ($62,550) | ($4,624) |
Loss (income) from discontinued operations | -1,861 | -1,483 | 35 |
Loss from continuing operations | 6,981 | 64,033 | 4,589 |
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | -9,030 | -7,119 | -5,410 |
Increase (Decrease) in Deferred Income Taxes | 13 | 17,444 | -1,837 |
Stock based compensation | -2,267 | 306 | -61 |
Loss (gain) on disposal of property and equipment | -4 | -3,721 | 22 |
Increase in restricted cash | -800 | 0 | 0 |
Non Cash loss on sublease | 2,538 | 0 | 0 |
Goodwill impairment | 0 | -28,306 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -941 | 10,024 | -11,109 |
Inventories | -1,404 | 4,764 | -7,510 |
Prepaid expenses and other assets | 6,391 | 2,017 | 2,026 |
Accounts payable and other liabilities | 9,410 | 11,537 | 6,752 |
Other | -131 | 1,581 | 1,163 |
Net cash provided by (used) in operating activities | 568 | -8,342 | -23,115 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -2,908 | -18,320 | -11,066 |
Proceeds from sale of property | 38 | 12,278 | 0 |
Proceeds related to sale of businesses, net | 0 | 909 | 58 |
Net cash used in investing activities | -2,870 | -5,133 | -11,008 |
Financing activities: | ' | ' | ' |
Net borrowings on revolving line of credit | -49 | 16,127 | 0 |
Dividends paid | 0 | -3,084 | -4,098 |
Payment of financing fees | 0 | -631 | 0 |
Net cash (used in) provided by financing activities | -49 | 12,412 | -4,098 |
Discontinued operations: | ' | ' | ' |
Operating cash flows | 1,666 | 768 | -163 |
Investing cash flows | -257 | -181 | -66 |
Net cash (used in) provided by discontinued operations | 1,409 | 587 | -229 |
Increase (decrease) in cash and cash equivalents | -942 | -476 | -38,450 |
Cash and cash equivalents at beginning of year | 1,640 | 2,116 | 40,566 |
Cash and cash equivalents at end of year | $698 | $1,640 | $2,116 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Lawson Products, Inc. (“Lawson” or the “Company”) is a North American distributor of products and services to the industrial, commercial, institutional and government maintenance, repair and operations (“MRO”) marketplace. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Principles of Consolidation — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and include the accounts and transactions of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Prior period amounts reflect the classification of Automatic Screw Machine Products Company, Inc. ("ASMP") as a discontinued operation and conform to the current year presentation. | |
Revenue Recognition — Net sales include product sales and billings for freight and handling charges. Sales and associated cost of goods sold are generally recognized when products are shipped and title passes to customers. We accrue for returns based on historical evidence of return rates. | |
Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |
Allowance for Doubtful Accounts — The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings, substantial down-grading of credit ratings), a specific reserve for bad debts is recorded against amounts due to reduce the receivable to the amount the Company reasonably believes will be collected. For all other customers, the Company recognizes reserves for bad debts based on the Company’s historical experience of bad debt write-offs as a percent of accounts receivable outstanding. If circumstances change (e.g., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations), the estimates of the recoverability of amounts due the Company could be revised by a material amount. | |
Inventories — Inventories principally consist of finished goods stated at the lower of cost or market using the first-in-first-out method. To reduce inventory to a lower of cost or market value, a reserve is recorded for slow-moving and obsolete inventory based on historical experience and monitoring of current inventory activity. Estimates are used to determine the necessity of recording these reserves based on periodic detailed analysis using both qualitative and quantitative factors. As part of this analysis, the Company considers several factors including the inventories length of time on hand, historical sales, product shelf life, product life cycle, product classification and product obsolescence. It is the Company’s policy to not re-value inventory to the original cost basis subsequent to establishing a new cost basis. | |
Property, Plant and Equipment — Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed by the straight-line method generally using useful lives of 20 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment, furniture and fixtures and vehicles. Amortization of financing and capital leases is included in depreciation expense. Depreciation expense was $5.4 million, $4.3 million and $3.7 million for 2013, 2012 and 2011, respectively. Capitalized software is amortized over estimated useful lives of 3 to 5 years using the straight-line method. Amortization expense of capitalized software was $3.5 million, $2.8 million and $1.7 million for 2013, 2012 and 2011, respectively. | |
Cash Value of Life Insurance — The Company has invested funds in life insurance policies on certain current and former executives. The cash surrender value of the policies is invested in various investment instruments and is recorded as an asset on our consolidated financial statements. The Company records these funds at contractual value. The change in the cash surrender value of the life insurance policies, which is recorded as a component of Selling, general and administrative expenses, is the change in the policies' contractual values. | |
Deferred Compensation — The Company’s Executive Deferral Plan (“Deferral Plan”) allows certain executives to defer payment of a portion of their earned compensation. The deferred compensation is recorded in an Account Balance, which is a bookkeeping entry made by the Company to measure the amount due to the participant. The Account Balance is equal to the participant’s deferred compensation, adjusted for increases and/or decreases in the amount that the participant has designated to one or more bookkeeping portfolios that track the performance of certain mutual funds. Lawson adjusts the deferred compensation liability to equal the contractual value of the participants’ Account Balances. These adjustments are the changes in contractual value of the individual plans and are recorded as a component of Selling, general and administrative expenses. | |
Stock-Based Compensation — Compensation based on the share value of the Company’s common stock is valued at its fair value at the grant date and the expense is recognized over the vesting period. Fair value is re-measured each reporting period for liability-classified awards that may be redeemable in cash. | |
Goodwill — Goodwill represents the cost of business acquisitions in excess of the fair value of identifiable net tangible and intangible assets acquired. Goodwill is allocated to the appropriate reporting unit as reviewed by the Company’s chief operating decision maker responsible for reviewing operating performance and allocating resources. Impairment of goodwill is evaluated using a three-step process. First, we look at qualitative factors to determine whether events or circumstances exist that would lead us to a determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If events or circumstances do exist that lead us to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the fair value of the reporting unit is compared with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired, and thus, the third step of the impairment test is unnecessary. If the carrying amount of the reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. | |
In 2012, we identified indicators of impairment related to recurring operating losses and reduced market capitalization and, therefore, performed an interim impairment test of goodwill. We then estimated the fair value of the reporting unit using a discounted cash flow analysis based on our current internal operating forecast to determine the reporting unit’s fair value. After completing the analysis, we concluded that the entire amount of the goodwill was impaired and a non-cash charge of $28.3 million was recorded. | |
Impairment of Long-Lived Assets — The Company reviews its long-lived assets, including property, plant and equipment and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. Recoverability is measured by a comparison of the assets' carrying amount to their expected future undiscounted net cash flows. If such assets are considered to be impaired, the impairment to be recognized is measured based on the amount by which the carrying amount of the asset exceeds its fair value. | |
Income Taxes — Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not (i.e. greater than 50% likely) that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies and (4) the ability to carry back deferred tax assets to offset prior taxable income. In assessing the need for a valuation allowance, we consider all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding our volume, pricing and costs. Additionally, valuation allowances related to deferred tax assets can be impacted by changes to tax laws. Significant judgment is required in determining income tax provisions as well as deferred tax asset and liability balances, including the estimation of valuation allowances and the evaluation of tax positions. | |
Primarily due to the cumulative losses incurred in recent years, management determined that it was more likely than not that it would not be able to utilize deferred tax assets to offset future taxable income and increased the deferred tax valuation allowance to equal substantially all of the Company's net tax assets. A tax valuation allowance will remain until the Company can establish that the recoverability of its deferred tax assets is more certain. | |
Earnings from the Company's foreign subsidiaries are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise would subject the Company to both U.S. Federal and state income taxes, as adjusted for tax credits and foreign withholding taxes. | |
The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | |
Leases — Leases are categorized as either operating or capital leases at inception. Operating lease costs are recognized on a straight-line basis over the term of the lease. An asset and a corresponding liability for the capital lease obligation are established for the cost of capital leases. The capital lease obligation is amortized over the life of the lease. For build-to-suit leases, the Company establishes an asset and liability for the estimated construction costs incurred to the extent that it is involved in the construction of structural improvements or takes construction risk prior to the commencement of the lease. Upon occupancy of facilities under build-to-suit leases, the Company assesses whether these arrangements qualify for sales recognition under the sale-leaseback accounting guidance. If a lease does not meet the criteria to qualify for a sale-leaseback transaction, the established asset and liability remain on the Company's consolidated balance sheet. This asset is depreciated over the life of the lease and the liability is reduced by the non-interest portion of the lease payments for costs allocated to the building and on a straight line basis for costs allocated to land. | |
Sub-leases — If the Company is relieved of its primary obligation under the original lease then the original lease is considered to be terminated, otherwise if the Company retains primary obligation under the original lease then the Company continues to account for the original lease and also accounts for the new sub-lease as lessor. At the time the sub-lease is executed, the Company records a gain or loss equal to the difference between the total cash payments to be made for gross rent under the original lease agreement over the life of the sub-lease plus executory costs and total gross rent proceeds expected to be received over the life of the sub-lease. | |
Earnings per Share — Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution from the exercise or conversion of outstanding stock options and restricted stock awards into common stock. | |
Foreign Currency — The accounts of foreign subsidiaries are measured using the local currency as the functional currency. All balance sheet amounts are translated into U.S. dollars using the exchange rates in effect at the applicable period end. Income statement amounts are translated using the average exchange rate for the applicable period. The gains and losses resulting from the changes in exchange rates from the translation of subsidiary accounts in local currency to U.S. dollars have been reported as a component of Accumulated other comprehensive income in the Consolidated Balance Sheets. Foreign currency transaction gains and losses result from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. These gains and losses are included in the Consolidated Statements of Operations and Comprehensive Loss and were immaterial for all years presented. | |
Treasury Stock —The Company repurchased 2,691, 2,474 and 3,759 shares of its common stock in 2013, 2012 and 2011, respectively, from employees upon the vesting of restricted stock to offset the income taxes owed by those employees. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders’ equity. | |
Use of Estimates — 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 amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
Recent Accounting Pronouncements | |
In May 2013, the Financial Accounting Standards Board (“FASB”) reissued an exposure draft on lease accounting that would require entities to recognize assets and liabilities arising from lease contracts on the balance sheet. The exposure draft states that lessees and lessors should apply a “right-of-use model” in accounting for all leases. Under the proposed model, lessees would recognize an asset for the right to use the leased asset, and a liability for the obligation to make rental payments over the lease term. The lease expense from real estate based leases would continue to be recorded under a straight line approach, but other leases not related to real estate would be expensed using an effective interest method that would accelerate lease expense. A final standard is currently expected to be issued in 2014 and would be effective no earlier than annual reporting periods beginning on January 1, 2017. The Company is currently assessing the impact that the adoption of the guidance would have on its financial position, results of operations and cash flows. | |
Subsequent Events — The Company has evaluated events through the issue date of this Form 10-K and has determined that, except for the completion of the sale of ASMP (see Note 13 - Discontinued Operations), no reportable events have occurred subsequent to the date of these consolidated financial statements. |
Restricted_Cash_Notes
Restricted Cash (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Cash [Abstract] | ' |
Restricted Assets Disclosure [Text Block] | ' |
Restricted Cash | |
The Company has agreed to maintain $0.8 million in a money market account as collateral for an outside party that is providing certain commercial card processing services for the Company. The Company is restricted from withdrawing this balance without the prior consent of the outside party during the term of the agreement. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories, consisting primarily of purchased goods which are offered for resale, were as follows: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Inventories, gross | $ | 51,102 | $ | 52,337 | ||||
Reserve for obsolete and excess inventory | (5,328 | ) | (7,656 | ) | ||||
Inventories, net | $ | 45,774 | $ | 44,681 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Components of property, plant and equipment were as follows: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 5,864 | $ | 5,952 | ||||
Buildings and improvements | 30,885 | 31,087 | ||||||
Machinery and equipment | 22,989 | 25,632 | ||||||
Capitalized software | 18,234 | 16,798 | ||||||
McCook Facility | 12,961 | 12,961 | ||||||
Furniture and fixtures | 4,424 | 6,931 | ||||||
Capital leases | 1,007 | 1,694 | ||||||
Vehicles | 164 | 131 | ||||||
Construction in progress | 1,269 | 7,486 | ||||||
97,797 | 108,672 | |||||||
Accumulated depreciation and amortization | (38,823 | ) | (41,691 | ) | ||||
$ | 58,974 | $ | 66,981 | |||||
Income_Tax
Income Tax | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Loss from continuing operations before income taxes consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | (6,255 | ) | $ | (36,808 | ) | $ | (5,380 | ) | |||
Canada | (867 | ) | (9,290 | ) | (976 | ) | ||||||
$ | (7,122 | ) | $ | (46,098 | ) | $ | (6,356 | ) | ||||
Provision (benefit) for income taxes from continuing operations for the years ended December 31, consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current income tax expense (benefit): | ||||||||||||
U.S. Federal | $ | (864 | ) | $ | (740 | ) | $ | 384 | ||||
U.S. state | 84 | 215 | 295 | |||||||||
Canada | 639 | 1,016 | (190 | ) | ||||||||
Total | $ | (141 | ) | $ | 491 | $ | 489 | |||||
Deferred income tax expense (benefit): | ||||||||||||
U.S. Federal | $ | — | $ | 16,159 | $ | (2,187 | ) | |||||
U.S. state | — | 1,160 | (155 | ) | ||||||||
Canada | — | 125 | 86 | |||||||||
Total | $ | — | $ | 17,444 | $ | (2,256 | ) | |||||
Total income tax expense (benefit): | ||||||||||||
U.S. Federal | $ | (864 | ) | $ | 15,419 | $ | (1,803 | ) | ||||
U.S. state | 84 | 1,375 | 140 | |||||||||
Canada | 639 | 1,141 | (104 | ) | ||||||||
Total | $ | (141 | ) | $ | 17,935 | $ | (1,767 | ) | ||||
The reconciliation between the effective income tax rate and the statutory federal rate for continuing operations was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory Federal rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) resulting from: | ||||||||||||
Change in valuation allowance | (30.3 | ) | (72.4 | ) | (1.5 | ) | ||||||
Change in uncertain tax positions | (9.8 | ) | (4.4 | ) | (1.6 | ) | ||||||
Executive life insurance | 5.1 | 0.8 | (0.9 | ) | ||||||||
State and local taxes, net | 3.2 | 2.6 | (1.3 | ) | ||||||||
Meals & entertainment | (1.9 | ) | (0.3 | ) | (2.8 | ) | ||||||
Provision to return differences | 1.5 | 0.9 | (0.3 | ) | ||||||||
Deferred tax expense | — | — | 1 | |||||||||
Other items, net | (0.8 | ) | (1.1 | ) | 0.2 | |||||||
Provision for income taxes | 2 | % | (38.9 | )% | 27.8 | % | ||||||
Income taxes paid for the years ended December 31, 2013, 2012, and 2011 amounted to $0.2 million, $0.2 million and $2.6 million, respectively. In 2013, 2012 and 2011, the Company received $0.7 million, $3.4 million and $3.3 million, respectively, in income tax refunds primarily related to the carryback of net operating losses and recovery of income tax overpayments in prior years. | ||||||||||||
At December 31, 2013, the Company had $46.5 million of U.S. Federal net operating loss carryforwards which are subject to expiration beginning in 2030 and $0.5 million of foreign tax credit carryforwards which are subject to expiration beginning in 2020. In addition, the Company had $44.9 million of state net operating loss carryforwards which expire at varying dates through 2031. | ||||||||||||
Primarily due to the cumulative losses incurred in recent years, management determined that it was more likely than not that the Company will not be able to utilize its deferred tax assets to offset future taxable income. Therefore, in 2013 and 2012 the Company increased its deferred tax valuation allowance by $1.6 million and $33.3 million, respectively. The tax valuation allowance will remain until the Company can establish that the recoverability of its deferred tax assets is more certain. | ||||||||||||
Deferred income tax assets and liabilities contain the following temporary differences: | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Compensation and benefits | $ | 10,883 | $ | 14,101 | ||||||||
Net operating loss carryforward | 18,453 | 12,710 | ||||||||||
Inventory reserve | 2,734 | 3,654 | ||||||||||
Accounts receivable reserve | 353 | 657 | ||||||||||
Other | 4,113 | 4,694 | ||||||||||
Total deferred tax assets | 36,536 | 35,816 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 53 | 738 | ||||||||||
Other | 590 | 728 | ||||||||||
Total deferred liabilities | 643 | 1,466 | ||||||||||
Net deferred tax assets before valuation allowance | 35,893 | 34,350 | ||||||||||
Valuation allowance | (35,834 | ) | (34,278 | ) | ||||||||
Net deferred tax assets | $ | 59 | $ | 72 | ||||||||
Net deferred tax assets: | ||||||||||||
Net current deferred tax assets | $ | 5 | $ | 17 | ||||||||
Net noncurrent deferred tax assets | 54 | 55 | ||||||||||
Net deferred tax assets | $ | 59 | $ | 72 | ||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 2,096 | $ | 92 | ||||||||
Additions for tax positions of current year | 585 | 1,261 | ||||||||||
Additions for tax positions of prior years | 114 | 835 | ||||||||||
Reductions for tax positions of prior years | — | (92 | ) | |||||||||
Balance at end of year | $ | 2,795 | $ | 2,096 | ||||||||
The recognition of the unrecognized tax benefits would have a favorable effect on the effective tax rate. Due to the uncertainty of both timing and resolution of income tax examinations, the Company is unable to determine whether any amounts included in the December 31, 2013 balance of unrecognized tax benefits represent tax positions that could significantly change during the next twelve months. | ||||||||||||
The Company and its subsidiaries are subject to U.S. Federal income tax as well as income tax of multiple state and foreign jurisdictions. As of December 31, 2013, the Company was subject to income tax examinations in various jurisdictions for the tax years 2006 through 2012. During 2013, the Company completed U.S. Federal income tax examinations through tax year 2009. The Company is currently under examination by the Canada Revenue Authority ("CRA") for the years 2006 through 2010. The CRA examination was completed during May 2013 and resulted in proposed adjustments which amount to $1.3 million of additional tax for the 2008 and 2009 tax years. The Company is not in agreement with these adjustments and filed a request with Competent Authority programs in both the U.S. and Canada in October, 2013. The Competent Authority program assists taxpayers with respect to matters covered in the mutual agreement procedure provisions of tax treaties. Management has not recorded a reserve and is confident that the Company will prevail in this matter. The Company is unable to establish an estimated time frame in which this issue will be resolved through Competent Authority. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses and Other Liabilities | ' | |||||||
Accrued Expenses and Other Liabilities | ||||||||
Accrued expenses and other liabilities consisted of the following: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 8,113 | $ | 11,681 | ||||
Accrued severance | 1,651 | 3,467 | ||||||
Accrued stock-based compensation | 1,642 | 279 | ||||||
Accrued and withheld taxes, other than income taxes | 1,259 | 1,484 | ||||||
Reserve for unrecognized tax benefits | 962 | 916 | ||||||
Accrued health benefits | 933 | 1,235 | ||||||
Financing lease obligation | 745 | 806 | ||||||
Accrued profit sharing | 124 | 539 | ||||||
Employment tax matter | — | 1,200 | ||||||
Other | 8,092 | 9,723 | ||||||
$ | 23,521 | $ | 31,330 | |||||
Loan_Agreement
Loan Agreement | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Revolving Line of Credit | ' | ||||
t | |||||
In 2012, the Company entered into a Loan and Security Agreement (“Loan Agreement”) which expires in August 2017. Due to the lock box arrangement and a subjective acceleration clause contained in the borrowing agreement, the revolving line of credit is classified as a current liability. The Loan Agreement consists of a $40.0 million revolving line of credit facility, which includes a $10.0 million sub-facility for letters of credit. In December 2013, the Company entered into a Second Amendment to Loan and Security Agreement ("Second Amendment") which revised certain terms of the original Loan Agreement. | |||||
Credit available under the Loan Agreement is based upon: | |||||
a) | 80% of the face amount of the Company’s eligible accounts receivable, generally less than 60 days past due, and | ||||
b) | the lesser of 50% of the lower of cost or market value of the Company’s eligible inventory, generally inventory expected to be sold within 18 months, or $20.0 million. | ||||
The applicable interest rates for borrowings are at the Prime rate or, if the Company elects, the LIBOR rate plus 1.50% to 1.85% based on the Company’s debt to EBITDA ratio. The Loan Agreement is secured by a first priority perfected security interest in substantially all existing assets of the Company. Dividends are restricted so as not to exceed $7.0 million annually. | |||||
At December 31, 2013, the Company had an outstanding balance of $16.1 million under its revolving line of credit facility and additional borrowing availability of $17.9 million. The Company paid interest of $1.1 million, $0.7 million and $0.7 million in 2013, 2012 and 2011, respectively. The weighted average interest rate was 2.98% in 2013 and the outstanding balance approximates fair value. | |||||
In addition to other customary representations, warranties and covenants, we are required to meet a minimum trailing twelve month EBITDA, as defined in the Loan Agreement, to fixed charges ratio and a minimum quarterly tangible net worth level as defined in the Second Amendment. On December 31, 2013, we were in compliance with all financial covenants as detailed below: | |||||
Quarterly Financial Covenants | Requirement | Actual | |||
EBITDA to fixed charges ratio | 1.10 : 1.00 | 2.30 : 1.00 | |||
Minimum tangible net worth | $45.0 million | $57.7 million |
Reserve_for_Severance
Reserve for Severance | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Severance Reserve [Abstract] | ' | |||||||||||
Reserve for Severance | ' | |||||||||||
Reserve for Severance | ||||||||||||
Severance costs are primarily related to management realignment and reorganization. The table below reflects the activity in the Company’s reserve for severance and related payments. | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 4,417 | $ | 1,282 | $ | 3,062 | ||||||
Charged to earnings | 837 | 8,021 | 1,614 | |||||||||
Cash paid and exchange rate variance | (3,485 | ) | (4,886 | ) | (3,394 | ) | ||||||
Ending balance | $ | 1,769 | $ | 4,417 | $ | 1,282 | ||||||
Accrued severance charges were included in the following line items of the Consolidated Balance Sheets: | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Accrued severance included in: | ||||||||||||
Accrued expenses and other liabilities | $ | 1,651 | $ | 3,467 | ||||||||
Noncurrent other | 118 | 950 | ||||||||||
Total accrued severance | $ | 1,769 | $ | 4,417 | ||||||||
The remaining severance liabilities outstanding as of December 31, 2013 will be substantially paid by the end of 2014. |
Retirement_and_Security_Bonus_
Retirement and Security Bonus Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement and Security Bonus Plans | ' |
Retirement and Security Bonus Plans | |
The Company provides a 401(k) defined contribution plan to allow employees a pre-tax investment vehicle to save for retirement. Beginning January 1, 2012, the Company began contributing matching funds to the 401(k) plan. In 2013, the amount of contributions increased substantially as the U.S. sales representatives that converted from independent agents to employees on January 1, 2013 became eligible for the plan. The Company made contributions to the 401(k) plan of $2.7 million and $1.7 million for the years ended December 31, 2013 and 2012, respectively. | |
The Company provides a profit sharing plan for certain sales, office and warehouse employees. The amounts of the Company’s annual contributions are determined annually by the Board of Directors. Expenses incurred for the profit sharing plan were $0.1 million, $0.5 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
The Company has a security bonus plan for the benefit of its independent sales representatives, under the terms of which participants are credited with a percentage of their yearly net commissions. The aggregate amounts credited to participants’ accounts vest 25% after five years and an additional 5% vests each year thereafter upon qualification for the plan. On January 1, 2013, the Company converted all of its U.S. independent sales representatives to employees. The security bonus for those converted employees continue to vest, but their accounts are no longer credited with a percentage of net commissions. For financial reporting purposes, amounts are charged to operations over the vesting period. Expenses incurred for the security bonus plan were $0.7 million, $2.1 million and $2.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Commitments and Contingencies | |||||||||||||
Lease Commitments | |||||||||||||
Total rental expense for the years ended December 31, 2013, 2012 and 2011 amounted to $2.2 million, $2.5 million and $0.8 million, respectively. Of the $12.5 million future minimum operating lease commitments outstanding at December 31, 2013, $10.5 million relates to a lease for the Company's headquarters which expires in March 2023. The lease commitment is partially offset by a portion of the headquarters that has been sub-leased through March of 2023 and includes total future minimum lease proceeds of $0.8 million. The Company has a financing lease for the McCook Facility which expires in June 2022 and includes future minimum lease payments, related to the building, of $11.1 million. Non-cash increases in assets and liabilities of $8.0 million and $4.0 million in 2012 and 2011, respectively, related to the construction of the McCook Facility were not reflected in the Consolidated Statements of Cash Flows. | |||||||||||||
The Company’s future minimum lease commitments, principally for facilities and equipment, as of December 31, 2013, were as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Year ended December 31, | Operating Leases | Financing Lease | Capital | ||||||||||
Leases | |||||||||||||
2014 | $ | 1,293 | $ | 1,085 | $ | 96 | |||||||
2015 | 1,229 | 1,124 | 8 | ||||||||||
2016 | 1,261 | 1,165 | 4 | ||||||||||
2017 | 1,305 | 1,255 | — | ||||||||||
2018 | 1,348 | 1,348 | — | ||||||||||
Thereafter | 6,046 | 5,092 | — | ||||||||||
Total | $ | 12,482 | $ | 11,069 | $ | 108 | |||||||
At December 31, 2013, the cost and accumulated depreciation of the asset related to the financing obligation were $13.0 million and $2.0 million, respectively, and the cost and accumulated amortization of the assets related to capital leases were $1.0 million and $0.9 million, respectively. | |||||||||||||
Litigation, regulatory and tax matters | |||||||||||||
The Company is involved in legal actions that arise in the ordinary course of business. It is the opinion of management that the resolution of any currently pending litigation will not have a material adverse effect on the Company’s financial position or results of operations. | |||||||||||||
Employment tax matter | |||||||||||||
One of the Company's subsidiaries, Drummond American LLC (“Drummond”), was under an employment tax examination for the years 2007 and 2008 regarding the long-standing treatment of its sales representatives as independent contractors. In January 2012, the Company received a Notice of Proposed Adjustment in the amount of $9.5 million, including penalties, from the IRS challenging Drummond's position that the sales representatives were independent contractors rather than employees. The Company disagreed with the IRS position and filed an administrative appeal with the IRS Appeals Office and established a liability of $1.2 million during 2011 as its best estimate of the cost to resolve the matter with the IRS. The tax matter was settled with the IRS in December, 2013 for $0.8 million and the Company believes that it has no further liability related to this matter. | |||||||||||||
Environmental matter | |||||||||||||
In 2012, the Company identified that a site it owns in Decatur, Alabama contains hazardous substances in the soil and groundwater as a result of historical operations prior to the Company's ownership. The Company has retained an environmental consulting firm to further investigate the contamination including the measurement and monitoring of the site. On August 13, 2013, the site was enrolled in the state of Alabama's voluntary cleanup program. At this time insufficient data regarding the situation has been collected to reasonably estimate the extent of the contamination or the cost, if any, of remedying this situation. Accordingly, the Company has not established a reserve for any remediation costs. |
Stock_Compensation_Plans
Stock Compensation Plans | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock Compensation Plans | ' | ||||||
Stock-Based Compensation Plans | |||||||
Plan Administration | |||||||
The Company's 2009 Equity Compensation Plan (“Equity Plan”) provides for the grant of nonqualified and incentive stock options, stock awards and stock units to officers and employees of the Company. The Equity Plan also provides for the grant of option rights and restricted stock to non-employee directors. Under the Equity Plan, 500,000 shares of common stock were available to be awarded with no participant being granted more than 40,000 shares of common stock in any calendar year. As of December 31, 2013, the Company had approximately 77,000 shares of common stock still available under the Equity Plan. The Equity Plan is administered by the Compensation Committee of the Board of Directors, or its designee, which as administrator of the plan, has the authority to select plan participants, grant awards, and determine the terms and conditions of the awards. | |||||||
The Company also has a Stock Performance Rights Plan (“SPR Plan”) that provides for the issuance of Stock Performance Rights (“SPRs”) that allow non-employee directors, officers and key employees to receive cash awards, subject to certain restrictions, equal to the appreciation of the Company's common stock. The SPR Plan is administered by the Compensation Committee of the Board of Directors. | |||||||
Stock Performance Rights | |||||||
SPRs entitle the recipient to receive a cash payment equal to the excess of the market value of the Company's common stock over the SPR exercise price when the SPRs are surrendered. Expense, equal to the fair market value of the SPR at the date of grant and remeasured each reporting period, is recorded ratably over the vesting period. Employees and non-employee directors who are retirement eligible, defined as age 65 or older, are permitted to retain their awards after retirement and exercise them during the remaining contractual life. All expense is recognized on the date of grant for SPRs granted to retirement eligible recipients. Compensation expense or benefit is included in Selling, general and administrative expense. A majority of the outstanding SPRs have a seven or ten year life and vest over one to three years beginning on the first anniversary of the date of the grant. | |||||||
On December 31, 2013, the SPRs outstanding were re-measured at fair value using the Black-Scholes valuation model. This model requires the input of subjective assumptions that may have a significant impact on the fair value estimate. The weighted-average estimated value of SPRs outstanding as of December 31, 2013 was $4.76 per SPR using the following assumptions: | |||||||
Expected volatility | 32.2% to 65.3% | ||||||
Risk-free rate of return | 0.1% to 1.9% | ||||||
Expected term (in years) | 0.7 to 5.2 | ||||||
Expected annual dividend | $0 | ||||||
The expected volatility was based on the historic volatility of the Company's stock price commensurate with the expected life of the SPR. The risk-free rate of return reflects the interest rate offered for zero coupon treasury bonds over the expected life of the SPR. The expected life represents the period of time that options granted are expected to be outstanding and was calculated using the simplified method allowed by the SEC due to insufficient historical data. The estimated annual dividend was based on the recent dividend payout trend. | |||||||
Compensation expense of $1.4 million was recorded for the year ended December 31, 2013. A benefit of $0.6 million and $1.1 million was recognized for the years ended December 31, 2012 and 2011, respectively, as the overall decline in the fair value of the SPRs exceeded the amortization expense related to the unvested SPRs. No cash has been paid out for SPR exercises during the three year period ended December 31, 2013. | |||||||
Activity related to the Company’s SPRs during the year ended December 31, 2013 was as follows: | |||||||
Weighted | |||||||
Number | Average | ||||||
of SPRs | Exercise Price | ||||||
Outstanding on December 31, 2012 | 516,700 | $ | 15.28 | ||||
Granted | 148,301 | 12.2 | |||||
Cancelled | (45,732 | ) | 15.58 | ||||
Outstanding on December 31, 2013 | 619,269 | 14.48 | |||||
Exercisable on December 31, 2013 | 258,050 | $ | 21.17 | ||||
The SPRs outstanding had an intrinsic value of $1.5 million as of December 31, 2013. Unrecognized compensation cost related to non-vested SPRs was $1.3 million at December 31, 2013, which will be recognized over a weighted average period of 2.7 years. During the year ended December 31, 2013, 100,867 SPRs with a fair value of $0.8 million vested. At December 31, 2013, the weighted average remaining contractual term was 5.9 years for all outstanding SPRs and 5.4 years for all exercisable SPRs. | |||||||
Restricted Stock Awards | |||||||
Restricted stock awards ("RSAs") generally vest over a one to three year period beginning on the first anniversary of the date of the grant. Upon vesting, the vested restricted stock awards are exchanged for an equal number of the Company’s common stock. The participants have no voting or dividend rights with the restricted stock awards. The restricted stock awards are valued at the closing price of the common stock on the date of grant and the expense is recorded ratably over the vesting period. | |||||||
Compensation expense of $0.6 million, $0.7 million and $0.7 million related to the RSAs was recorded in Selling, general and administrative expenses for 2013, 2012 and 2011, respectively. Activity related to the Company’s RSAs during the year ended December 31, 2013 was as follows: | |||||||
Restricted Stock | |||||||
Awards | |||||||
Outstanding on December 31, 2012 | 73,818 | ||||||
Granted | 34,288 | ||||||
Exchanged for common shares | (56,169 | ) | |||||
Cancelled | (4,036 | ) | |||||
Outstanding on December 31, 2013 | 47,901 | ||||||
As of December 31, 2013, there was $0.2 million of total unrecognized compensation cost related to RSAs that will be recognized over a weighted average period of six months. The awards granted in 2013 had a weighted average grant date fair value of $14.00 per share. | |||||||
Market Stock Units | |||||||
Market Stock Units ("MSUs") are exchangeable for a certain amount of the Company's common shares at the end of the vesting period based on the trailing thirty-day average closing price of the Company's common stock. | |||||||
Market Stock | |||||||
Units | |||||||
Outstanding on December 31, 2012 | — | ||||||
Granted | 64,199 | ||||||
Cancelled | (5,200 | ) | |||||
Outstanding on December 31, 2013 | 58,999 | ||||||
The number of shares of common stock that will be issued upon vesting, range from zero shares, if the average closing price of the Company's common stock is $12.18 or less for the thirty trading day period ending December 31, 2015, to 88,503 shares if the average closing price of the stock is $18.00 or greater over that same time frame. An expense of $0.2 million related to MSUs was recorded in the year ended December 31, 2013. | |||||||
Stock Awards and Stock Options | |||||||
As of December 31, 2013, the Company had 125,000 stock awards outstanding which entitle the holder to receive shares of the Company’s common stock equal in value to the appreciation in the Company’s common stock from the exercise price of $10.00 up to the date the holder exercises the award. The stock awards vest on December 31, 2014 and expire on October 2, 2017. | |||||||
As of December 31, 2013, the Company had 12,198 vested non-qualified stock options outstanding with a weighted average exercise price of $14.05 and an expiration date of December 31, 2019. Each stock option can be exchanged for one share of the Company’s common stock. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued operations | |||||||||||||
In October 2013, the Company entered into an Asset Purchase Agreement to sell substantially all of the assets of ASMP, a wholly owned subsidiary, to Nelson Stud Welding, Inc. (“Buyer”), an indirect subsidiary of Doncasters Group Limited, for a cash purchase price of $12.5 million, subject to adjustments based on the closing date net working capital, plus the assumption of certain liabilities. In addition, the Buyer will lease the real property located in Decatur, Alabama currently used by ASMP. The Company has reclassified ASMP's operating results as discontinued operations for all periods presented. The sale of ASMP was finalized on February 14, 2014. The company anticipates recognizing a pretax gain of approximately $1.6 million, subject to working capital adjustments, in the first quarter of 2014. | |||||||||||||
Other discontinued operations include the 2010 sale of substantially all of the assets of Assembly Component Systems, Inc. and Rutland Tool & Supply Company, Inc. as well as the Company's Mexico operation which was closed in 2007. | |||||||||||||
The following table details the components of income from discontinued operations: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales of ASMP | $ | 18,534 | $ | 16,925 | $ | 14,560 | |||||||
Pre-tax operating income (loss) from discontinued operations | |||||||||||||
ASMP | $ | 2,801 | $ | 2,118 | $ | 280 | |||||||
Other discontinued operations | 40 | 167 | (337 | ) | |||||||||
Total pre-tax income (loss) | 2,841 | 2,285 | (57 | ) | |||||||||
Income tax expense (benefit) | 980 | 802 | (22 | ) | |||||||||
Net income (loss) from discontinued operations | 1,861 | 1,483 | (35 | ) | |||||||||
Basic and diluted income (loss) per share | |||||||||||||
ASMP | $ | 0.21 | $ | 0.15 | $ | — | |||||||
Other discontinued operations | 0.01 | 0.03 | — | ||||||||||
Total | $ | 0.22 | $ | 0.18 | $ | — | |||||||
Sale_of_Properties
Sale of Properties | 12 Months Ended |
Dec. 31, 2013 | |
Sale of Properties [Abstract] | ' |
Sale of Distribution Centers | ' |
Sale of Properties | |
In 2012, in conjunction with the construction of a new distribution center in McCook, Illinois and the relocation of the Company’s headquarters to Chicago, Illinois, the Company sold four properties; its Addison, Illinois distribution center, its Vernon Hills, Illinois distribution center, its former Des Plaines, Illinois headquarters and a Des Plaines, Illinois administrative building. The Company received cash proceeds of $12.3 million for the sale of the four properties, resulting in a gain of $3.7 million. |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill | ' | |||||||
Goodwill | ||||||||
As a result of a 2001 acquisition, on December 31, 2011, the Company had a goodwill balance of $28.1 million. Goodwill impairment is deemed to exist if the carrying amount of a reporting unit exceeds its estimated fair value and the goodwill impairment charge, if any, is measured as the difference between the carrying amount of the goodwill as compared to its estimated fair value. The Company evaluates goodwill for potential impairment by determining if certain qualitative events have occurred or if circumstances have changed that would more likely than not reduce the fair value of the reporting unit below its carrying value. As a result of this evaluation, the Company identified indicators of impairment in 2012 related to recurring operating losses and reduced market capitalization and, therefore, performed an interim impairment test of goodwill. | ||||||||
The Company estimated the fair value of the reporting unit using a discounted cash flow analysis based on its current operating forecast to determine the reporting unit’s fair value. After completing the analysis, the Company concluded that the entire amount of the goodwill, adjusted for the effect of currency translation, was impaired and a non-cash charge of $28.3 million was recorded in 2012. | ||||||||
Goodwill activity in 2013 and 2012 was as follows: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | — | $ | 28,148 | ||||
Impairment loss | — | (28,306 | ) | |||||
Translation adjustment | — | 158 | ||||||
Ending balance | $ | — | $ | — | ||||
Other_Operating_Expenses_Incom
Other Operating Expenses (Income) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other Operating Expenses (Income) | ' | |||||||||||
Other Operating Expenses, Net | ||||||||||||
Other operating expenses, net consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss on sub-lease transaction | $ | 2,928 | $ | — | $ | — | ||||||
Employment tax matter | (400 | ) | — | 1,200 | ||||||||
Total other operating expenses, net | $ | 2,528 | $ | — | $ | 1,200 | ||||||
In 2013, the Company entered into an agreement to sub-lease a portion of its leased headquarters. Under lease accounting rules the Company recorded a $2.9 million charge, primarily representing the net difference between the Company's future scheduled lease payments and the expected proceeds from the sub-lease, as well as related asset write downs. | ||||||||||||
In 2011, the Company recorded a $1.2 million expense as its best estimate of the cost of settling an employment tax matter related to the classification of the sales representatives of one of the Company’s subsidiaries. In 2013, the employment tax matter with the IRS was settled for $0.8 million, resulting in a reduction in other operating expenses of $0.4 million. For further details, refer to Note 11 – Commitments and Contingencies. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings (Loss) Per Share | ' | |||||||||||
Earnings (Loss) Per Share | ||||||||||||
The computation of basic and diluted earnings (loss) per share consisted of the following: | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic and diluted weighted average shares outstanding | 8,634 | 8,589 | 8,553 | |||||||||
Earnings (loss): | ||||||||||||
Continuing operations | $ | (6,981 | ) | $ | (64,033 | ) | $ | (4,589 | ) | |||
Discontinued operations | 1,861 | 1,483 | (35 | ) | ||||||||
Net loss | $ | (5,120 | ) | $ | (62,550 | ) | $ | (4,624 | ) | |||
Basic and diluted earnings (loss) per share of common stock: | ||||||||||||
Continuing operations | $ | (0.81 | ) | $ | (7.46 | ) | $ | (0.54 | ) | |||
Discontinued operations | 0.22 | 0.18 | — | |||||||||
Net loss | $ | (0.59 | ) | $ | (7.28 | ) | $ | (0.54 | ) | |||
The effect of approximately 58,000, 23,000 and 55,000 restricted share awards outstanding and future stock option exercises for the years ended December 31, 2013, 2012 and 2011, respectively, would have been anti-dilutive and therefore, were excluded from the computation of diluted earnings per share. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
Financial information related to the Company’s continuing operations by geographic area consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | ||||||||||||
United States | $ | 241,115 | $ | 245,196 | $ | 270,511 | ||||||
Canada | 28,388 | 28,366 | 29,888 | |||||||||
Consolidated total | $ | 269,503 | $ | 273,562 | $ | 300,399 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 56,162 | $ | 63,730 | $ | 49,323 | ||||||
Canada | 2,812 | 3,251 | 3,349 | |||||||||
Consolidated total | $ | 58,974 | $ | 66,981 | $ | 52,672 | ||||||
Net sales are attributed to countries based on the location of customers. Long-lived assets consist of property, plant and equipment. |
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly Results of Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary of Unaudited Quarterly Results of Operations | ' | |||||||||||||||
Summary of Unaudited Quarterly Results of Operations | ||||||||||||||||
Unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 are summarized below: | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
2013 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
Net sales | $ | 65,738 | $ | 68,235 | $ | 68,317 | $ | 67,213 | ||||||||
Gross profit | 39,627 | 41,220 | 40,634 | 39,814 | ||||||||||||
Income (loss) from continuing operations (1) | $ | (3,569 | ) | $ | 183 | $ | 9 | $ | (3,604 | ) | ||||||
Income from discontinued operations | 674 | 418 | 388 | 381 | ||||||||||||
Net income (loss) | $ | (2,895 | ) | $ | 601 | $ | 397 | $ | (3,223 | ) | ||||||
Basic and diluted income (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | (0.41 | ) | $ | 0.02 | $ | — | $ | (0.42 | ) | ||||||
Discontinued operations (2) | 0.08 | 0.05 | 0.05 | 0.05 | ||||||||||||
Net income (loss) (2) | $ | (0.33 | ) | $ | 0.07 | $ | 0.05 | $ | (0.37 | ) | ||||||
2012 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
Net sales | $ | 64,505 | $ | 67,863 | $ | 69,830 | $ | 71,364 | ||||||||
Gross profit | 38,900 | 42,495 | 35,726 | 40,297 | ||||||||||||
Income (loss) from continuing operations (3) | $ | 1,236 | $ | (1,557 | ) | $ | (61,538 | ) | $ | (2,174 | ) | |||||
Income from discontinued operations | 487 | 239 | 381 | 376 | ||||||||||||
Net income (loss) | $ | 1,723 | $ | (1,318 | ) | $ | (61,157 | ) | $ | (1,798 | ) | |||||
Basic and diluted income (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.18 | ) | $ | (7.17 | ) | $ | (0.25 | ) | |||||
Discontinued operations | 0.06 | 0.03 | 0.05 | 0.04 | ||||||||||||
Net income (loss) | $ | 0.2 | $ | (0.15 | ) | $ | (7.12 | ) | $ | (0.21 | ) | |||||
-1 | Income from operations for the three months ended December 31, 2013 includes a $2.9 million loss related to a sub-lease. | |||||||||||||||
-2 | The sum of the quarterly earnings per share amounts do not equal the total annual earnings per share due to rounding and the uneven timing of earnings throughout the year compared to the weighted average shares outstanding. | |||||||||||||||
-3 | Income from operations for the three months ended December 31, 2012 includes a $1.6 million gain from the sale of assets. Loss from continuing operations for the three months ended June 30, 2012 includes a $28.3 million charge for goodwill impairment, a $2.1 million gain on the sale of assets, $6.8 million of severance expenses and a $33.5 million increase in the deferred tax assets valuation allowance. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts Schedule II Valuation and qualifying accounts (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||
Schedule II -Valuation and Qualifying Accounts | ||||||||||||||||
The roll forward of valuation accounts were as follows: | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Balance at End of Period | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2013 | $ | 1,637 | $ | 126 | $ | (935 | ) | -1 | $ | 828 | ||||||
Year ended December 31, 2012 | 1,865 | 1,582 | (1,810 | ) | -1 | 1,637 | ||||||||||
Year ended December 31, 2011 | 1,034 | 1,500 | (669 | ) | -1 | 1,865 | ||||||||||
Allowance for excess and obsolete inventory: | ||||||||||||||||
Year ended December 31, 2013 | $ | 7,656 | $ | 1,903 | $ | (4,231 | ) | -2 | $ | 5,328 | ||||||
Year ended December 31, 2012 | 4,390 | 3,989 | (723 | ) | -2 | 7,656 | ||||||||||
Year ended December 31, 2011 | 4,084 | 1,046 | (740 | ) | -2 | 4,390 | ||||||||||
Valuation allowance for deferred tax assets: | ||||||||||||||||
Year ended December 31, 2013 | $ | 34,278 | $ | 1,556 | $ | — | $ | 35,834 | ||||||||
Year ended December 31, 2012 | 938 | 33,340 | — | 34,278 | ||||||||||||
Year ended December 31, 2011 | 875 | 63 | — | 938 | ||||||||||||
-1 | Uncollected receivables written off, net of recoveries and translation adjustment. | |||||||||||||||
-2 | Disposal of excess and obsolete inventory and translation adjustment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of consolidation | ' |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and include the accounts and transactions of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Prior period amounts reflect the classification of Automatic Screw Machine Products Company, Inc. ("ASMP") as a discontinued operation and conform to the current year presentation. | |
Revenue recognition | ' |
Net sales include product sales and billings for freight and handling charges. Sales and associated cost of goods sold are generally recognized when products are shipped and title passes to customers. We accrue for returns based on historical evidence of return rates. | |
Cash equivalents | ' |
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |
Allowance for doubtful accounts methodology | ' |
The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings, substantial down-grading of credit ratings), a specific reserve for bad debts is recorded against amounts due to reduce the receivable to the amount the Company reasonably believes will be collected. For all other customers, the Company recognizes reserves for bad debts based on the Company’s historical experience of bad debt write-offs as a percent of accounts receivable outstanding. If circumstances change (e.g., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations), the estimates of the recoverability of amounts due the Company could be revised by a material amount. | |
Inventories | ' |
Inventories principally consist of finished goods stated at the lower of cost or market using the first-in-first-out method. To reduce inventory to a lower of cost or market value, a reserve is recorded for slow-moving and obsolete inventory based on historical experience and monitoring of current inventory activity. Estimates are used to determine the necessity of recording these reserves based on periodic detailed analysis using both qualitative and quantitative factors. As part of this analysis, the Company considers several factors including the inventories length of time on hand, historical sales, product shelf life, product life cycle, product classification and product obsolescence. It is the Company’s policy to not re-value inventory to the original cost basis subsequent to establishing a new cost basis. | |
Property, plant and equipment | ' |
Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed by the straight-line method generally using useful lives of 20 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment, furniture and fixtures and vehicles. Amortization of financing and capital leases is included in depreciation expense. Depreciation expense was $5.4 million, $4.3 million and $3.7 million for 2013, 2012 and 2011, respectively. Capitalized software is amortized over estimated useful lives of 3 to 5 years using the straight-line method. Amortization expense of capitalized software was $3.5 million, $2.8 million and $1.7 million for 2013, 2012 and 2011, respectively. | |
Cash value of life insurance | ' |
The Company has invested funds in life insurance policies on certain current and former executives. The cash surrender value of the policies is invested in various investment instruments and is recorded as an asset on our consolidated financial statements. The Company records these funds at contractual value. The change in the cash surrender value of the life insurance policies, which is recorded as a component of Selling, general and administrative expenses, is the change in the policies' contractual values. | |
Deferred compensation | ' |
The Company’s Executive Deferral Plan (“Deferral Plan”) allows certain executives to defer payment of a portion of their earned compensation. The deferred compensation is recorded in an Account Balance, which is a bookkeeping entry made by the Company to measure the amount due to the participant. The Account Balance is equal to the participant’s deferred compensation, adjusted for increases and/or decreases in the amount that the participant has designated to one or more bookkeeping portfolios that track the performance of certain mutual funds. Lawson adjusts the deferred compensation liability to equal the contractual value of the participants’ Account Balances. These adjustments are the changes in contractual value of the individual plans and are recorded as a component of Selling, general and administrative expenses. | |
Stock-based compensation | ' |
Compensation based on the share value of the Company’s common stock is valued at its fair value at the grant date and the expense is recognized over the vesting period. Fair value is re-measured each reporting period for liability-classified awards that may be redeemable in cash. | |
Goodwill | ' |
Goodwill represents the cost of business acquisitions in excess of the fair value of identifiable net tangible and intangible assets acquired. Goodwill is allocated to the appropriate reporting unit as reviewed by the Company’s chief operating decision maker responsible for reviewing operating performance and allocating resources. Impairment of goodwill is evaluated using a three-step process. First, we look at qualitative factors to determine whether events or circumstances exist that would lead us to a determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If events or circumstances do exist that lead us to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the fair value of the reporting unit is compared with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired, and thus, the third step of the impairment test is unnecessary. If the carrying amount of the reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. | |
In 2012, we identified indicators of impairment related to recurring operating losses and reduced market capitalization and, therefore, performed an interim impairment test of goodwill. We then estimated the fair value of the reporting unit using a discounted cash flow analysis based on our current internal operating forecast to determine the reporting unit’s fair value. After completing the analysis, we concluded that the entire amount of the goodwill was impaired and a non-cash charge of $28.3 million was recorded. | |
Impairment of long-lived assets | ' |
The Company reviews its long-lived assets, including property, plant and equipment and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. Recoverability is measured by a comparison of the assets' carrying amount to their expected future undiscounted net cash flows. If such assets are considered to be impaired, the impairment to be recognized is measured based on the amount by which the carrying amount of the asset exceeds its fair value. | |
Income taxes | ' |
Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not (i.e. greater than 50% likely) that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies and (4) the ability to carry back deferred tax assets to offset prior taxable income. In assessing the need for a valuation allowance, we consider all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding our volume, pricing and costs. Additionally, valuation allowances related to deferred tax assets can be impacted by changes to tax laws. Significant judgment is required in determining income tax provisions as well as deferred tax asset and liability balances, including the estimation of valuation allowances and the evaluation of tax positions. | |
Primarily due to the cumulative losses incurred in recent years, management determined that it was more likely than not that it would not be able to utilize deferred tax assets to offset future taxable income and increased the deferred tax valuation allowance to equal substantially all of the Company's net tax assets. A tax valuation allowance will remain until the Company can establish that the recoverability of its deferred tax assets is more certain. | |
Earnings from the Company's foreign subsidiaries are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise would subject the Company to both U.S. Federal and state income taxes, as adjusted for tax credits and foreign withholding taxes. | |
The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | |
Leases | ' |
Leases are categorized as either operating or capital leases at inception. Operating lease costs are recognized on a straight-line basis over the term of the lease. An asset and a corresponding liability for the capital lease obligation are established for the cost of capital leases. The capital lease obligation is amortized over the life of the lease. For build-to-suit leases, the Company establishes an asset and liability for the estimated construction costs incurred to the extent that it is involved in the construction of structural improvements or takes construction risk prior to the commencement of the lease. Upon occupancy of facilities under build-to-suit leases, the Company assesses whether these arrangements qualify for sales recognition under the sale-leaseback accounting guidance. If a lease does not meet the criteria to qualify for a sale-leaseback transaction, the established asset and liability remain on the Company's consolidated balance sheet. This asset is depreciated over the life of the lease and the liability is reduced by the non-interest portion of the lease payments for costs allocated to the building and on a straight line basis for costs allocated to land. | |
Sub-leases [Policy Text Block] | ' |
Sub-leases — If the Company is relieved of its primary obligation under the original lease then the original lease is considered to be terminated, otherwise if the Company retains primary obligation under the original lease then the Company continues to account for the original lease and also accounts for the new sub-lease as lessor. At the time the sub-lease is executed, the Company records a gain or loss equal to the difference between the total cash payments to be made for gross rent under the original lease agreement over the life of the sub-lease plus executory costs and total gross rent proceeds expected to be received over the life of the sub-lease. | |
Earnings per share | ' |
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution from the exercise or conversion of outstanding stock options and restricted stock awards into common stock. | |
Foreign currency | ' |
The accounts of foreign subsidiaries are measured using the local currency as the functional currency. All balance sheet amounts are translated into U.S. dollars using the exchange rates in effect at the applicable period end. Income statement amounts are translated using the average exchange rate for the applicable period. The gains and losses resulting from the changes in exchange rates from the translation of subsidiary accounts in local currency to U.S. dollars have been reported as a component of Accumulated other comprehensive income in the Consolidated Balance Sheets. Foreign currency transaction gains and losses result from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. These gains and losses are included in the Consolidated Statements of Operations and Comprehensive Loss and were immaterial for all years presented. | |
Treasury stock | ' |
The Company repurchased 2,691, 2,474 and 3,759 shares of its common stock in 2013, 2012 and 2011, respectively, from employees upon the vesting of restricted stock to offset the income taxes owed by those employees. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders’ equity. | |
Use of estimates | ' |
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 amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In May 2013, the Financial Accounting Standards Board (“FASB”) reissued an exposure draft on lease accounting that would require entities to recognize assets and liabilities arising from lease contracts on the balance sheet. The exposure draft states that lessees and lessors should apply a “right-of-use model” in accounting for all leases. Under the proposed model, lessees would recognize an asset for the right to use the leased asset, and a liability for the obligation to make rental payments over the lease term. The lease expense from real estate based leases would continue to be recorded under a straight line approach, but other leases not related to real estate would be expensed using an effective interest method that would accelerate lease expense. A final standard is currently expected to be issued in 2014 and would be effective no earlier than annual reporting periods beginning on January 1, 2017. The Company is currently assessing the impact that the adoption of the guidance would have on its financial position, results of operations and cash flows. | |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events — The Company has evaluated events through the issue date of this Form 10-K and has determined that, except for the completion of the sale of ASMP (see Note 13 - Discontinued Operations), no reportable events have occurred subsequent to the date of these consolidated financial statements. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of inventories | ' | |||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Inventories, gross | $ | 51,102 | $ | 52,337 | ||||
Reserve for obsolete and excess inventory | (5,328 | ) | (7,656 | ) | ||||
Inventories, net | $ | 45,774 | $ | 44,681 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property, plant and equipment | ' | |||||||
Components of property, plant and equipment were as follows: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 5,864 | $ | 5,952 | ||||
Buildings and improvements | 30,885 | 31,087 | ||||||
Machinery and equipment | 22,989 | 25,632 | ||||||
Capitalized software | 18,234 | 16,798 | ||||||
McCook Facility | 12,961 | 12,961 | ||||||
Furniture and fixtures | 4,424 | 6,931 | ||||||
Capital leases | 1,007 | 1,694 | ||||||
Vehicles | 164 | 131 | ||||||
Construction in progress | 1,269 | 7,486 | ||||||
97,797 | 108,672 | |||||||
Accumulated depreciation and amortization | (38,823 | ) | (41,691 | ) | ||||
$ | 58,974 | $ | 66,981 | |||||
Income_Tax_Income_Tax_Tables
Income Tax Income Tax (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income (loss) from continuing operations before income taxes | ' | |||||||||||
oss from continuing operations before income taxes consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | (6,255 | ) | $ | (36,808 | ) | $ | (5,380 | ) | |||
Canada | (867 | ) | (9,290 | ) | (976 | ) | ||||||
$ | (7,122 | ) | $ | (46,098 | ) | $ | (6,356 | ) | ||||
Components of provision (benefit) for income taxes | ' | |||||||||||
Provision (benefit) for income taxes from continuing operations for the years ended December 31, consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current income tax expense (benefit): | ||||||||||||
U.S. Federal | $ | (864 | ) | $ | (740 | ) | $ | 384 | ||||
U.S. state | 84 | 215 | 295 | |||||||||
Canada | 639 | 1,016 | (190 | ) | ||||||||
Total | $ | (141 | ) | $ | 491 | $ | 489 | |||||
Deferred income tax expense (benefit): | ||||||||||||
U.S. Federal | $ | — | $ | 16,159 | $ | (2,187 | ) | |||||
U.S. state | — | 1,160 | (155 | ) | ||||||||
Canada | — | 125 | 86 | |||||||||
Total | $ | — | $ | 17,444 | $ | (2,256 | ) | |||||
Total income tax expense (benefit): | ||||||||||||
U.S. Federal | $ | (864 | ) | $ | 15,419 | $ | (1,803 | ) | ||||
U.S. state | 84 | 1,375 | 140 | |||||||||
Canada | 639 | 1,141 | (104 | ) | ||||||||
Total | $ | (141 | ) | $ | 17,935 | $ | (1,767 | ) | ||||
Reconciliation between effective income tax rate and statutory federal rate | ' | |||||||||||
The reconciliation between the effective income tax rate and the statutory federal rate for continuing operations was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory Federal rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) resulting from: | ||||||||||||
Change in valuation allowance | (30.3 | ) | (72.4 | ) | (1.5 | ) | ||||||
Change in uncertain tax positions | (9.8 | ) | (4.4 | ) | (1.6 | ) | ||||||
Executive life insurance | 5.1 | 0.8 | (0.9 | ) | ||||||||
State and local taxes, net | 3.2 | 2.6 | (1.3 | ) | ||||||||
Meals & entertainment | (1.9 | ) | (0.3 | ) | (2.8 | ) | ||||||
Provision to return differences | 1.5 | 0.9 | (0.3 | ) | ||||||||
Deferred tax expense | — | — | 1 | |||||||||
Other items, net | (0.8 | ) | (1.1 | ) | 0.2 | |||||||
Provision for income taxes | 2 | % | (38.9 | )% | 27.8 | % | ||||||
Deferred tax assets and liabilities | ' | |||||||||||
Deferred income tax assets and liabilities contain the following temporary differences: | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Compensation and benefits | $ | 10,883 | $ | 14,101 | ||||||||
Net operating loss carryforward | 18,453 | 12,710 | ||||||||||
Inventory reserve | 2,734 | 3,654 | ||||||||||
Accounts receivable reserve | 353 | 657 | ||||||||||
Other | 4,113 | 4,694 | ||||||||||
Total deferred tax assets | 36,536 | 35,816 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 53 | 738 | ||||||||||
Other | 590 | 728 | ||||||||||
Total deferred liabilities | 643 | 1,466 | ||||||||||
Net deferred tax assets before valuation allowance | 35,893 | 34,350 | ||||||||||
Valuation allowance | (35,834 | ) | (34,278 | ) | ||||||||
Net deferred tax assets | $ | 59 | $ | 72 | ||||||||
Net deferred tax assets: | ||||||||||||
Net current deferred tax assets | $ | 5 | $ | 17 | ||||||||
Net noncurrent deferred tax assets | 54 | 55 | ||||||||||
Net deferred tax assets | $ | 59 | $ | 72 | ||||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 2,096 | $ | 92 | ||||||||
Additions for tax positions of current year | 585 | 1,261 | ||||||||||
Additions for tax positions of prior years | 114 | 835 | ||||||||||
Reductions for tax positions of prior years | — | (92 | ) | |||||||||
Balance at end of year | $ | 2,795 | $ | 2,096 | ||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued expenses and other liabilities | ' | |||||||
Accrued expenses and other liabilities consisted of the following: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 8,113 | $ | 11,681 | ||||
Accrued severance | 1,651 | 3,467 | ||||||
Accrued stock-based compensation | 1,642 | 279 | ||||||
Accrued and withheld taxes, other than income taxes | 1,259 | 1,484 | ||||||
Reserve for unrecognized tax benefits | 962 | 916 | ||||||
Accrued health benefits | 933 | 1,235 | ||||||
Financing lease obligation | 745 | 806 | ||||||
Accrued profit sharing | 124 | 539 | ||||||
Employment tax matter | — | 1,200 | ||||||
Other | 8,092 | 9,723 | ||||||
$ | 23,521 | $ | 31,330 | |||||
Revolving_Line_of_Credit_Table
Revolving Line of Credit (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt covenants [Table Text Block] | ' | ||||
On December 31, 2013, we were in compliance with all financial covenants as detailed below: | |||||
Quarterly Financial Covenants | Requirement | Actual | |||
EBITDA to fixed charges ratio | 1.10 : 1.00 | 2.30 : 1.00 | |||
Minimum tangible net worth | $45.0 million | $57.7 million |
Reserve_for_Severance_Tables
Reserve for Severance (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Severance Reserve [Abstract] | ' | |||||||||||
Changes in the Company's reserve for severance and related payments | ' | |||||||||||
The table below reflects the activity in the Company’s reserve for severance and related payments. | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 4,417 | $ | 1,282 | $ | 3,062 | ||||||
Charged to earnings | 837 | 8,021 | 1,614 | |||||||||
Cash paid and exchange rate variance | (3,485 | ) | (4,886 | ) | (3,394 | ) | ||||||
Ending balance | $ | 1,769 | $ | 4,417 | $ | 1,282 | ||||||
Accrued severance charges included in the line items of the Condensed Consolidated Balance Sheets | ' | |||||||||||
Accrued severance charges were included in the following line items of the Consolidated Balance Sheets: | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Accrued severance included in: | ||||||||||||
Accrued expenses and other liabilities | $ | 1,651 | $ | 3,467 | ||||||||
Noncurrent other | 118 | 950 | ||||||||||
Total accrued severance | $ | 1,769 | $ | 4,417 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of future minimum lease payments | ' | ||||||||||||
The Company’s future minimum lease commitments, principally for facilities and equipment, as of December 31, 2013, were as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Year ended December 31, | Operating Leases | Financing Lease | Capital | ||||||||||
Leases | |||||||||||||
2014 | $ | 1,293 | $ | 1,085 | $ | 96 | |||||||
2015 | 1,229 | 1,124 | 8 | ||||||||||
2016 | 1,261 | 1,165 | 4 | ||||||||||
2017 | 1,305 | 1,255 | — | ||||||||||
2018 | 1,348 | 1,348 | — | ||||||||||
Thereafter | 6,046 | 5,092 | — | ||||||||||
Total | $ | 12,482 | $ | 11,069 | $ | 108 | |||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Valuation assumptions | ' | ||||||
The weighted-average estimated value of SPRs outstanding as of December 31, 2013 was $4.76 per SPR using the following assumptions: | |||||||
Expected volatility | 32.2% to 65.3% | ||||||
Risk-free rate of return | 0.1% to 1.9% | ||||||
Expected term (in years) | 0.7 to 5.2 | ||||||
Expected annual dividend | $0 | ||||||
Activity related to SPRs | ' | ||||||
Activity related to the Company’s SPRs during the year ended December 31, 2013 was as follows: | |||||||
Weighted | |||||||
Number | Average | ||||||
of SPRs | Exercise Price | ||||||
Outstanding on December 31, 2012 | 516,700 | $ | 15.28 | ||||
Granted | 148,301 | 12.2 | |||||
Cancelled | (45,732 | ) | 15.58 | ||||
Outstanding on December 31, 2013 | 619,269 | 14.48 | |||||
Exercisable on December 31, 2013 | 258,050 | $ | 21.17 | ||||
Activity related to RSAs | ' | ||||||
Activity related to the Company’s RSAs during the year ended December 31, 2013 was as follows: | |||||||
Restricted Stock | |||||||
Awards | |||||||
Outstanding on December 31, 2012 | 73,818 | ||||||
Granted | 34,288 | ||||||
Exchanged for common shares | (56,169 | ) | |||||
Cancelled | (4,036 | ) | |||||
Outstanding on December 31, 2013 | 47,901 | ||||||
MSU Rollforward | ' | ||||||
Market Stock Units ("MSUs") are exchangeable for a certain amount of the Company's common shares at the end of the vesting period based on the trailing thirty-day average closing price of the Company's common stock. | |||||||
Market Stock | |||||||
Units | |||||||
Outstanding on December 31, 2012 | — | ||||||
Granted | 64,199 | ||||||
Cancelled | (5,200 | ) | |||||
Outstanding on December 31, 2013 | 58,999 | ||||||
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
The following table details the components of income from discontinued operations: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales of ASMP | $ | 18,534 | $ | 16,925 | $ | 14,560 | |||||||
Pre-tax operating income (loss) from discontinued operations | |||||||||||||
ASMP | $ | 2,801 | $ | 2,118 | $ | 280 | |||||||
Other discontinued operations | 40 | 167 | (337 | ) | |||||||||
Total pre-tax income (loss) | 2,841 | 2,285 | (57 | ) | |||||||||
Income tax expense (benefit) | 980 | 802 | (22 | ) | |||||||||
Net income (loss) from discontinued operations | 1,861 | 1,483 | (35 | ) | |||||||||
Basic and diluted income (loss) per share | |||||||||||||
ASMP | $ | 0.21 | $ | 0.15 | $ | — | |||||||
Other discontinued operations | 0.01 | 0.03 | — | ||||||||||
Total | $ | 0.22 | $ | 0.18 | $ | — | |||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill activity | ' | |||||||
Goodwill activity in 2013 and 2012 was as follows: | ||||||||
(Dollars in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | — | $ | 28,148 | ||||
Impairment loss | — | (28,306 | ) | |||||
Translation adjustment | — | 158 | ||||||
Ending balance | $ | — | $ | — | ||||
Other_Operating_Expenses_Incom1
Other Operating Expenses (Income) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Components of other operating (income) expenses | ' | |||||||||||
Other operating expenses, net consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss on sub-lease transaction | $ | 2,928 | $ | — | $ | — | ||||||
Employment tax matter | (400 | ) | — | 1,200 | ||||||||
Total other operating expenses, net | $ | 2,528 | $ | — | $ | 1,200 | ||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation of basic and diluted earnings (loss) per share | ' | |||||||||||
The computation of basic and diluted earnings (loss) per share consisted of the following: | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic and diluted weighted average shares outstanding | 8,634 | 8,589 | 8,553 | |||||||||
Earnings (loss): | ||||||||||||
Continuing operations | $ | (6,981 | ) | $ | (64,033 | ) | $ | (4,589 | ) | |||
Discontinued operations | 1,861 | 1,483 | (35 | ) | ||||||||
Net loss | $ | (5,120 | ) | $ | (62,550 | ) | $ | (4,624 | ) | |||
Basic and diluted earnings (loss) per share of common stock: | ||||||||||||
Continuing operations | $ | (0.81 | ) | $ | (7.46 | ) | $ | (0.54 | ) | |||
Discontinued operations | 0.22 | 0.18 | — | |||||||||
Net loss | $ | (0.59 | ) | $ | (7.28 | ) | $ | (0.54 | ) |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Financial information by geographic area, continuing operations | ' | |||||||||||
Financial information related to the Company’s continuing operations by geographic area consisted of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | ||||||||||||
United States | $ | 241,115 | $ | 245,196 | $ | 270,511 | ||||||
Canada | 28,388 | 28,366 | 29,888 | |||||||||
Consolidated total | $ | 269,503 | $ | 273,562 | $ | 300,399 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 56,162 | $ | 63,730 | $ | 49,323 | ||||||
Canada | 2,812 | 3,251 | 3,349 | |||||||||
Consolidated total | $ | 58,974 | $ | 66,981 | $ | 52,672 | ||||||
Summary_of_Unaudited_Quarterly1
Summary of Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary of unaudited quarterly results | ' | |||||||||||||||
Unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 are summarized below: | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
2013 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
Net sales | $ | 65,738 | $ | 68,235 | $ | 68,317 | $ | 67,213 | ||||||||
Gross profit | 39,627 | 41,220 | 40,634 | 39,814 | ||||||||||||
Income (loss) from continuing operations (1) | $ | (3,569 | ) | $ | 183 | $ | 9 | $ | (3,604 | ) | ||||||
Income from discontinued operations | 674 | 418 | 388 | 381 | ||||||||||||
Net income (loss) | $ | (2,895 | ) | $ | 601 | $ | 397 | $ | (3,223 | ) | ||||||
Basic and diluted income (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | (0.41 | ) | $ | 0.02 | $ | — | $ | (0.42 | ) | ||||||
Discontinued operations (2) | 0.08 | 0.05 | 0.05 | 0.05 | ||||||||||||
Net income (loss) (2) | $ | (0.33 | ) | $ | 0.07 | $ | 0.05 | $ | (0.37 | ) | ||||||
2012 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
Net sales | $ | 64,505 | $ | 67,863 | $ | 69,830 | $ | 71,364 | ||||||||
Gross profit | 38,900 | 42,495 | 35,726 | 40,297 | ||||||||||||
Income (loss) from continuing operations (3) | $ | 1,236 | $ | (1,557 | ) | $ | (61,538 | ) | $ | (2,174 | ) | |||||
Income from discontinued operations | 487 | 239 | 381 | 376 | ||||||||||||
Net income (loss) | $ | 1,723 | $ | (1,318 | ) | $ | (61,157 | ) | $ | (1,798 | ) | |||||
Basic and diluted income (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 0.14 | $ | (0.18 | ) | $ | (7.17 | ) | $ | (0.25 | ) | |||||
Discontinued operations | 0.06 | 0.03 | 0.05 | 0.04 | ||||||||||||
Net income (loss) | $ | 0.2 | $ | (0.15 | ) | $ | (7.12 | ) | $ | (0.21 | ) | |||||
-1 | Income from operations for the three months ended December 31, 2013 includes a $2.9 million loss related to a sub-lease. | |||||||||||||||
-2 | The sum of the quarterly earnings per share amounts do not equal the total annual earnings per share due to rounding and the uneven timing of earnings throughout the year compared to the weighted average shares outstanding. | |||||||||||||||
-3 | Income from operations for the three months ended December 31, 2012 includes a $1.6 million gain from the sale of assets. Loss from continuing operations for the three months ended June 30, 2012 includes a $28.3 million charge for goodwill impairment, a $2.1 million gain on the sale of assets, $6.8 million of severance expenses and a $33.5 million increase in the deferred tax assets valuation allowance. | |||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Depreciation | ' | $5,400,000 | $4,300,000 | $3,700,000 |
Amortization expense of capitalized software | ' | 3,500,000 | 2,800,000 | 1,700,000 |
Goodwill impairment | $28,300,000 | $0 | $28,306,000 | $0 |
Treasury stock, shares acquired | ' | 2,691 | 2,474 | 3,759 |
Buildings and improvements | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '20 years | ' | ' |
Buildings and improvements | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '30 years | ' | ' |
Machinery and equipment, furniture and fixtures, and vehicles | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '3 years | ' | ' |
Machinery and equipment, furniture and fixtures, and vehicles | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '10 years | ' | ' |
Capitalized software | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '3 years | ' | ' |
Capitalized software | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '5 years | ' | ' |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restricted Cash [Abstract] | ' | ' |
Restricted Cash and Cash Equivalents, Current | $800 | $0 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of inventories | ' | ' |
Total | $51,102 | $52,337 |
Reserve for obsolete and excess inventory | -5,328 | -7,656 |
Inventories, net | $45,774 | $44,681 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment Schedule of property, plant and equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $97,797 | $108,672 | ' |
Accumulated depreciation and amortization, | -38,823 | -41,691 | ' |
Property, plant and equipment, less accumulated depreciation and amortization | 58,974 | 66,981 | 52,672 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 5,864 | 5,952 | ' |
Buildings and improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 30,885 | 31,087 | ' |
Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 22,989 | 25,632 | ' |
Capitalized software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 18,234 | 16,798 | ' |
McCook facility | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 12,961 | 12,961 | ' |
Accumulated depreciation and amortization, | ' | -2,000 | ' |
Furniture and fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 4,424 | 6,931 | ' |
Capital leases | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 1,007 | 1,694 | ' |
Accumulated depreciation and amortization, | ' | -900 | ' |
Vehicles | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 164 | 131 | ' |
Construction in progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $1,269 | $7,486 | ' |
Property_Plant_and_Equipment_N
Property, Plant and Equipment Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $108,672,000 | ' | $97,797,000 |
McCook facility | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Non Cash Increases in Assets and Liabilities | 8,000,000 | 4,000,000 | ' |
Property, plant and equipment, gross | 12,961,000 | ' | 12,961,000 |
Construction in progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $7,486,000 | ' | $1,269,000 |
Income_Tax_Components_of_incom
Income Tax Components of income tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Income (loss) from continuing operations before income taxes | ' | ' | ' |
United States | ($6,255) | ($36,808) | ($5,380) |
Canada | -867 | -9,290 | -976 |
Income (loss) from continuing operations before income taxes | -7,122 | -46,098 | -6,356 |
Current income tax expense (benefit): | ' | ' | ' |
U.S. Federal | -864 | -740 | 384 |
U.S. state | 84 | 215 | 295 |
Canada | 639 | 1,016 | -190 |
Total | -141 | 491 | 489 |
Deferred income tax expense (benefit): | ' | ' | ' |
U.S. Federal | 0 | 16,159 | -2,187 |
U.S. state | 0 | 1,160 | -155 |
Canada | 0 | 125 | 86 |
Total | 0 | 17,444 | -2,256 |
Total income tax expense (benefit): | ' | ' | ' |
U.S. Federal | -864 | 15,419 | -1,803 |
U.S. state | 84 | 1,375 | 140 |
Canada | 639 | 1,141 | -104 |
Total | ($141) | $17,935 | ($1,767) |
Income_Tax_Reconciliation_of_e
Income Tax Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory Federal rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | ' | ' | ' |
State and local taxes, net | 3.20% | 2.60% | -1.30% |
Executive life insurance | 5.10% | 0.80% | -0.90% |
Meals & entertainment | -1.90% | -0.30% | -2.80% |
Deferred tax expense | 0.00% | 0.00% | 1.00% |
Change in valuation allowance | -30.30% | -72.40% | -1.50% |
Change in uncertain tax positions | -9.80% | -4.40% | -1.60% |
Provision to return differences | 1.50% | 0.90% | -0.30% |
Other items, net | -0.80% | -1.10% | 0.20% |
Provision for income taxes | 2.00% | -38.90% | 27.80% |
Income_Tax_Components_of_defer
Income Tax Components of deferred tax assets and liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Document Fiscal Year Focus | '2013 | ' |
Deferred tax assets: | ' | ' |
Compensation and benefits | $10,883 | $14,101 |
Net operating loss carryforward | 18,453 | 12,710 |
Inventory reserve | 2,734 | 3,654 |
Accounts receivable reserve | 353 | 657 |
Other | 4,113 | 4,694 |
Total deferred tax assets | 36,536 | 35,816 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | 53 | 738 |
Other | 590 | 728 |
Total deferred liabilities | 643 | 1,466 |
Net deferred assets before valuation allowance | 35,893 | 34,350 |
Valuation allowance | -35,834 | -34,278 |
Net deferred assets | 59 | 72 |
Net deferred tax assets: | ' | ' |
Net current deferred tax assets | 5 | 17 |
Net noncurrent deferred tax assets | 54 | 55 |
Net deferred assets | $59 | $72 |
Income_Tax_Other_information_D
Income Tax Other information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax (Textual) [Abstract] | ' | ' | ' | ' | ' |
Income taxes paid | ' | ' | $200,000 | $200,000 | $2,600,000 |
Income tax refunds received | ' | ' | 700,000 | 3,400,000 | 3,300,000 |
Increase in deferred tax asset valuation allowance | 33,500,000 | ' | 1,600,000 | 33,300,000 | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | 1,300,000 | 400,000 | 0 | -1,200,000 |
Document Fiscal Year Focus | ' | ' | '2013 | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | 2,096,000 | 2,096,000 | ' | 92,000 |
Additions for tax positions of current year | ' | ' | 585,000 | 1,261,000 | ' |
Additions for tax positions of prior years | ' | ' | 114,000 | 835,000 | ' |
Reductions for tax positions of prior years | ' | ' | 0 | -92,000 | ' |
Balance at end of year | ' | ' | 2,795,000 | 2,096,000 | ' |
State | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | 44,900,000 | ' |
Foreign | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Tax credit carryforwards | ' | ' | ' | 500,000 | ' |
US Federal | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | $46,500,000 | ' |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued compensation | $8,113 | $11,681 |
Accrued severance | 1,651 | 3,467 |
Accrued and withheld taxes, other than income taxes | 1,259 | 1,484 |
Accrued health benefits | 933 | 1,235 |
Employment tax matter | 0 | 1,200 |
Reserve for unrecognized tax benefits | 962 | 916 |
Financing lease obligation | 745 | 806 |
Accrued profit sharing | 124 | 539 |
Accrued stock based compensation | 1,642 | 279 |
Other | 8,092 | 9,723 |
Accrued Liabilities, Current | $23,521 | $31,330 |
Loan_Agreement_Schedule_of_min
Loan Agreement Schedule of minimum required EBITDA (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Required Minimum Value [Member] | ' |
Line of Credit Facility [Line Items] | ' |
MinTangibleNetWorth | $45,000 |
Actual Value [Member] | ' |
Line of Credit Facility [Line Items] | ' |
MinTangibleNetWorth | $57,726 |
Maximum | Required Minimum Value [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Minimum Debt Service Coverage Ratio | 1.1 |
Maximum | Actual Value [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Minimum Debt Service Coverage Ratio | 2.3 |
Minimum | Required Minimum Value [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Minimum Debt Service Coverage Ratio | 1 |
Minimum | Actual Value [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Minimum Debt Service Coverage Ratio | 1 |
Loan_Agreement_Narrative_Detai
Loan Agreement Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Document Period End Date | ' | 31-Dec-13 | ' | ' |
Secured Debt, Current | $16,078,000 | $16,078,000 | $16,127,000 | ' |
Credit Facility (Textual) [Abstract] | ' | ' | ' | ' |
Eligible accounts receivables percentage | 80.00% | ' | ' | ' |
Eligible accounts receivables past due days | ' | '60 days | ' | ' |
Eligible inventory percentage | ' | 50.00% | ' | ' |
Eligible inventory expected to be sold period | ' | '18 months | ' | ' |
Maximum borrowing amount based on inventory | ' | 20,000,000 | ' | ' |
Number of rolling quarter to be used in calculating Debt Service Coverage Ratio commencing 2014 | ' | 'rolling four quarters | ' | ' |
Credit Facility, remaining borrowing capacity | 17,900,000 | 17,900,000 | ' | ' |
Interest Paid | 1,100,000 | ' | 700,000 | 700,000 |
Weighted average interest rate | ' | ' | 2.98% | ' |
Document Fiscal Year Focus | ' | '2013 | ' | ' |
Maximum | ' | ' | ' | ' |
Credit Facility (Textual) [Abstract] | ' | ' | ' | ' |
Spread on LIBOR | ' | 1.85% | ' | ' |
Dividends restricted amount | ' | 7,000,000 | ' | ' |
Minimum | ' | ' | ' | ' |
Credit Facility (Textual) [Abstract] | ' | ' | ' | ' |
Spread on LIBOR | ' | 1.50% | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Credit Facility (Textual) [Abstract] | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | 40,000,000 | ' |
Letter of Credit [Member] | ' | ' | ' | ' |
Credit Facility (Textual) [Abstract] | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | $10,000,000 | ' |
Reserve_for_Severance_Activity
Reserve for Severance Activity in reserve (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reserve for severance and related payments | ' | ' | ' |
Balance at end of the period | $1,769 | $4,417 | ' |
Employee Severance [Member] | ' | ' | ' |
Reserve for severance and related payments | ' | ' | ' |
Balance at beginning of period | 4,417 | 1,282 | 3,062 |
Charged to earnings current year | 837 | 8,021 | 1,614 |
Cash paid and exchange rate variance | -3,485 | -4,886 | -3,394 |
Balance at end of the period | $1,769 | $4,417 | $1,282 |
Reserve_for_Severance_Reserve_
Reserve for Severance Reserve balance (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued severance included in: | ' | ' |
Accrued expenses and other liabilities | $1,651 | $3,467 |
Noncurrent other | 118 | 950 |
Total accrued severance | $1,769 | $4,417 |
Retirement_and_Security_Bonus_1
Retirement and Security Bonus Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
401k Employer matching contributions | $1.70 | $2.70 | ' | ' |
Document Period End Date | ' | 31-Dec-13 | ' | ' |
Employer contributions, profit sharing retirement plan | ' | 0.1 | 0.5 | 2.5 |
Security bonus plan | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Initial vesting percentage | ' | 25.00% | ' | ' |
Minimum vesting period | ' | '5 years | ' | ' |
Annual vesting percentage after initial period | ' | 5.00% | ' | ' |
Expense recognized | ' | $0.70 | $2.10 | $2.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies Future minimum lease payments (Details) (USD $) | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | ||
Operating leases: | ' | |
2013 | $1,293 | |
2014 | 1,229 | |
2015 | 1,261 | |
2016 | 1,305 | |
2017 | 1,348 | |
Thereafter | 6,046 | |
Liability | 12,482 | |
Financing lease: | ' | |
2013 | 1,085 | [1] |
2014 | 1,124 | [1] |
2015 | 1,165 | [1] |
2016 | 1,255 | [1] |
2017 | 1,348 | [1] |
Thereafter | 5,092 | [1] |
Total | 11,069 | [1] |
Capital leases: | ' | |
2013 | 96 | |
2014 | 8 | |
2015 | 4 | |
2016 | 0 | |
2017 | 0 | |
Thereafter | 0 | |
Total | $108 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFkNGI4OTNkNGVmODRhYTBiNzlmYzA4ZDdiOGRiODZkfFRleHRTZWxlY3Rpb246MDVBNkQyNUUzNDdDNDI2QUY0QkMwRjAzREQ0RDZFN0YM} |
Commitments_and_Contingencies_2
Commitments and Contingencies Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2012 | ||
Headquarters | McCook facility | McCook facility | McCook facility | Capital leases | Capital leases | Employment tax issue | Employment tax issue | |||||
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total rental expense | $2,200,000 | $2,500,000 | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Total future minimum operating lease payments | ' | 12,482,000 | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | |
Operating Leases, Future Minimum Payments Receivable | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total future minimum financing lease payments | ' | 108,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, plant and equipment, gross | 97,797,000 | 108,672,000 | ' | ' | 12,961,000 | ' | 12,961,000 | 1,007,000 | 1,694,000 | ' | ' | |
Accumulated depreciation and amortization | 38,823,000 | 41,691,000 | ' | ' | 2,000,000 | ' | ' | ' | 900,000 | ' | ' | |
Total future minimum lease payments of McCook facility | ' | 11,069,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed adjustment including penalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' | |
Estimate of potential liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | |
Non Cash Increases in Assets and Liabilities | ' | ' | ' | ' | 8,000,000 | 4,000,000 | ' | ' | ' | ' | ' | |
Tax Matter Settlement | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFkNGI4OTNkNGVmODRhYTBiNzlmYzA4ZDdiOGRiODZkfFRleHRTZWxlY3Rpb246MDVBNkQyNUUzNDdDNDI2QUY0QkMwRjAzREQ0RDZFN0YM} |
Stock_Compensation_Plans_Narra
Stock Compensation Plans Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Trading days | '30 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 800,000 | ' |
MSU Expense | 200,000 | ' |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential Shares From MSU Vest | 0 | ' |
MSU Stock Price Target | 12.18 | ' |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential Shares From MSU Vest | 88,503 | ' |
MSU Stock Price Target | 18 | ' |
Stock Performance Rights | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' |
Stock Performance Rights | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
2009 Equity Compensation Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 40,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | 77,000 |
Stock_Compensation_Plans_Restr
Stock Compensation Plans Restricted Stock Awards (Details) (Restricted stock awards, USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Balance at beginning of year, shares | 73,818 | [1] | ' | ' |
Granted, shares | 34,288 | ' | ' | |
Exchanged for common shares, shares | -56,169 | ' | ' | |
Cancelled, shares | -4,036 | ' | ' | |
Balance at end of year, shares | 47,901 | ' | ' | |
Total unrecognized compensation cost | ' | $0.20 | ' | |
Unrecognized cost, period for recognition | '6 months | ' | ' | |
Awards granted, weighted average grant date fair value (per share) | $14 | ' | ' | |
2009 Equity Compensation Plan | Minimum | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Award vesting period | '1 year | ' | ' | |
2009 Equity Compensation Plan | Maximum | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Award vesting period | '3 years | ' | ' | |
Selling, general and administrative expenses | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Allocated Share-based Compensation Expense | $0.60 | $0.70 | $0.70 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFkNGI4OTNkNGVmODRhYTBiNzlmYzA4ZDdiOGRiODZkfFRleHRTZWxlY3Rpb246RjIxQ0I4MzAxMEU5MDkwNkM2MzQwRjAzREQ0RDVFOTYM} |
Stock_Compensation_Plans_Stock
Stock Compensation Plans Stock Performance Rights (Details) (Stock Performance Rights, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Eligibility minimum age requirement | '65 years | ' | ' |
Weighted average estimated value of SPRs outstanding (per share) | ' | $4.76 | ' |
Valuation assumptions: | ' | ' | ' |
Expected volatility, minimum, percent | 32.20% | ' | ' |
Expected volatility, maximum, percent | 65.30% | ' | ' |
Risk-free rate of return, minimum | 0.10% | ' | ' |
Risk-free rate of return, maximum | 1.80% | ' | ' |
Expected annual dividend | $0 | ' | ' |
Allocated Share-based Compensation Expense | -1,400,000 | -600,000 | -1,100,000 |
Activity related to SPRs: | ' | ' | ' |
Outstanding at beginning of period | 516,700 | ' | ' |
Granted | 148,301 | ' | ' |
Cancelled | -45,732 | ' | ' |
Outstanding at end of period | 619,269 | 516,700 | ' |
Exercisable at end of period | 258,050 | ' | ' |
Weighted average exercise price, outstanding, beginning of period | $15.28 | ' | ' |
Weighted average exercise price, granted | $12.20 | ' | ' |
Weighted average exercise price, cancelled | $15.58 | ' | ' |
Weighted average exercise price, outstanding, end of period | $14.48 | $15.28 | ' |
Weighted average exercise price, exercisable | ' | $21.17 | ' |
SPRs outstanding, intrinsic value | ' | 1,500,000 | ' |
Total unrecognized compensation cost | ' | $1,300,000 | ' |
Unrecognized cost, period for recognition | '2 years 8 months 12 days | ' | ' |
SPRs vested in period | 100,867 | ' | ' |
Weighted average remaining contractual term, SPRs outstanding | '5 years 10 months 24 days | ' | ' |
Weighted average remaining contractual term, SPRs exercisable | '5 years 4 months 24 days | ' | ' |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Life of award | '7 years | ' | ' |
Award vesting period | '1 year | ' | ' |
Valuation assumptions: | ' | ' | ' |
Expected term | '8 months 12 days | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Life of award | '10 years | ' | ' |
Award vesting period | '3 years | ' | ' |
Valuation assumptions: | ' | ' | ' |
Expected term | '5 years 2 months 12 days | ' | ' |
Stock_Compensation_Plans_Stock1
Stock Compensation Plans Stock Awards and Stock Options (Details) (USD $) | Dec. 31, 2012 |
Stock award | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at end of period | 125,000 |
Exercise price of award | $10 |
Stock option | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price of award | $14.05 |
Vested awards | 12,198 |
Stock_Compensation_Plans_Marke
Stock Compensation Plans Market Stock Units (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
MSU Rollforward [Abstract] | ' | ' |
MSU Beginning Balance | ' | 0 |
MSU Grants | 64,199 | ' |
MSU Cancellations | -5,200 | ' |
MSU Ending Balance | 58,999 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Document Fiscal Year Focus | ' | ' | ' | ' | ' | '2013 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Revenue | ' | ' | ' | ' | ' | $18,534,000 | $16,925,000 | $14,560,000 | ||||
Discontinued operations, cash received | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | 2,841,000 | 2,285,000 | -57,000 | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | 980,000 | 802,000 | -22,000 | ||||
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operation, Net of Tax | ' | ' | ' | ' | ' | 1,861,000 | 1,483,000 | -35,000 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | ' | ' | ' | ' | ' | $0.22 | $0.18 | $0 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ' | $0.08 | [1] | $0.05 | [1] | $0.05 | [1] | $0.05 | [1] | $0.22 | $0.18 | $0 |
ASMP [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | 2,801,000 | 2,118,000 | 280,000 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ' | ' | ' | ' | ' | $0.21 | $0.15 | $0 | ||||
Other discontinued operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | $40,000 | $167,000 | ($337,000) | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ' | ' | ' | ' | ' | $0.01 | $0.03 | $0 | ||||
[1] | . |
Sale_of_Properties_Details
Sale of Properties (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property | |||||
Sale of Properties [Abstract] | ' | ' | ' | ' | ' |
Properties Sold | ' | ' | 4 | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | $38 | $12,278 | $0 |
Gain (Loss) on Disposition of Property | $1,600 | $2,100 | $4 | $3,721 | ($22) |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill Before Impairment Loss | ' | ' | ' | $28,148 |
Goodwill activity | ' | ' | ' | ' |
Beginning balance | ' | 0 | ' | ' |
Impairment loss | 28,300 | 0 | 28,306 | 0 |
Translation adjustment | ' | 0 | 158 | ' |
Ending balance | ' | $0 | $0 | ' |
Goodwill_Details_Textual
Goodwill (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill Impairment (Textual) [Abstract] | ' | ' | ' | ' |
Goodwill before impairment | ' | ' | ' | $28,148 |
Impairment loss | $28,300 | $0 | $28,306 | $0 |
Other_Operating_Expenses_Incom2
Other Operating Expenses (Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Employment tax matter | ($1,300,000) | ($400,000) | $0 | $1,200,000 |
Tax Matter Settlement | ' | 800,000 | ' | ' |
Legal settlement | ' | 2,928,000 | 0 | 0 |
Ending balance | ' | $2,528,000 | $0 | $1,200,000 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Weighted average shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 8,634,000 | 8,589,000 | 8,553,000 | ||||||||
Earnings (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | ($3,569) | [1] | $183 | [1] | $9 | [1] | ($3,604) | [1] | $1,236 | [2] | ($1,557) | [2] | ($61,538) | [2] | ($2,174) | [2] | ($6,981) | ($64,033) | ($4,589) |
Discontinued operations, net | 674 | 418 | 388 | 381 | 487 | 239 | 381 | 376 | 1,861 | 1,483 | -35 | ||||||||
Net income (loss) | ($2,895) | $601 | $397 | ($3,223) | $1,723 | ($1,318) | ($61,157) | ($1,798) | ($5,120) | ($62,550) | ($4,624) | ||||||||
Loss from Continuing Operations, Per Basic and Diluted Share | ($0.41) | $0.02 | $0 | ($0.42) | ' | ' | ' | ' | ($0.81) | ($7.46) | ($0.54) | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | ' | ' | ' | ' | $0.14 | [3] | ($0.18) | [3] | ($7.17) | [3] | ($0.25) | [3] | ' | ' | ' | ||||
Basic and diluted earnings (loss) per share of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings Per Share, Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ($0.59) | ($7.28) | ($0.54) | ||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.22 | $0.18 | $0 | ||||||||
Net income (loss) | ($0.33) | [3] | $0.07 | [3] | $0.05 | [3] | ($0.37) | [3] | ' | ' | ' | ' | ' | ' | ' | ||||
Restricted share awards outstanding and future stock option exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 58,000 | 23,000 | 55,000 | ||||||||
[1] | Income from operations for the three months ended December 31, 2012 includes a $1.6 million gain from the sale of assets. Loss from continuing operations for the three months ended June 30, 2012 includes a $28.3 million charge for goodwill impairment, a $2.1 million gain on the sale of assets, $6.8 million of severance expenses and a $33.5 million increase in the deferred tax assets valuation allowance. | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFkNGI4OTNkNGVmODRhYTBiNzlmYzA4ZDdiOGRiODZkfFRleHRTZWxlY3Rpb246MjVGNjkzMjkwOEI1OTNDMTc2NDQwRjAzREQ0RDUyODIM} | ||||||||||||||||||
[3] | . |
Geographic_Information_Segment
Geographic Information Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated total | $65,738 | $68,235 | $68,317 | $67,213 | $64,505 | $67,863 | $69,830 | $71,364 | $269,503 | $273,562 | $300,399 |
Operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance expenses | ' | ' | -6,800 | ' | ' | ' | ' | ' | -837 | -8,021 | -1,614 |
Gain (loss) on sale of assets | 1,600 | ' | 2,100 | ' | ' | ' | ' | ' | 4 | 3,721 | -22 |
Goodwill impairment | ' | ' | -28,300 | ' | ' | ' | ' | ' | 0 | -28,306 | 0 |
Other operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -2,528 | 0 | -1,200 |
Operating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5,863 | -45,267 | -5,776 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,097 | -775 | -681 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -162 | -56 | 101 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7,122 | -46,098 | -6,356 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,908 | 18,320 | 11,066 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,030 | 7,119 | 5,410 |
Total assets | $159,945 | ' | ' | ' | $172,931 | ' | ' | ' | $159,945 | $172,931 | ' |
Segment_Reporting_by_Geographi
Segment Reporting by Geographic Area (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $65,738 | $68,235 | $68,317 | $67,213 | $64,505 | $67,863 | $69,830 | $71,364 | $269,503 | $273,562 | $300,399 | ' |
Long-lived assets | 58,974 | ' | ' | ' | 66,981 | ' | ' | ' | 58,974 | 66,981 | ' | 52,672 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 241,115 | 245,196 | 270,511 | ' |
Long-lived assets | 56,162 | ' | ' | ' | 63,730 | ' | ' | ' | 56,162 | 63,730 | ' | 49,323 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 28,388 | 28,366 | 29,888 | ' |
Long-lived assets | $2,812 | ' | ' | ' | $3,251 | ' | ' | ' | $2,812 | $3,251 | ' | $3,349 |
Summary_of_Unaudited_Quarterly2
Summary of Unaudited Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $65,738,000 | $68,235,000 | $68,317,000 | $67,213,000 | $64,505,000 | $67,863,000 | $69,830,000 | $71,364,000 | $269,503,000 | $273,562,000 | $300,399,000 | ||||||||
Gross profit | 39,627,000 | 41,220,000 | 40,634,000 | 39,814,000 | 38,900,000 | 42,495,000 | 35,726,000 | 40,297,000 | 161,295,000 | 157,418,000 | 176,872,000 | ||||||||
Continuing operations | -3,569,000 | [1] | 183,000 | [1] | 9,000 | [1] | -3,604,000 | [1] | 1,236,000 | [2] | -1,557,000 | [2] | -61,538,000 | [2] | -2,174,000 | [2] | -6,981,000 | -64,033,000 | -4,589,000 |
Income (loss) from discontinued operations | 674,000 | 418,000 | 388,000 | 381,000 | 487,000 | 239,000 | 381,000 | 376,000 | 1,861,000 | 1,483,000 | -35,000 | ||||||||
Net income (loss) | -2,895,000 | 601,000 | 397,000 | -3,223,000 | 1,723,000 | -1,318,000 | -61,157,000 | -1,798,000 | -5,120,000 | -62,550,000 | -4,624,000 | ||||||||
Discontinued operations | ' | ' | ' | ' | $0.06 | [3] | $0.03 | [3] | $0.05 | [3] | $0.04 | [3] | ' | ' | ' | ||||
Net income (loss) | ' | ' | ' | ' | $0.20 | [3] | ($0.15) | [3] | ($7.12) | [3] | ($0.21) | [3] | ' | ' | ' | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.41) | $0.02 | $0 | ($0.42) | ' | ' | ' | ' | ($0.81) | ($7.46) | ($0.54) | ||||||||
Discontinued operations | $0.08 | [3] | $0.05 | [3] | $0.05 | [3] | $0.05 | [3] | ' | ' | ' | ' | $0.22 | $0.18 | $0 | ||||
Other Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gain from sale of assets | 1,600,000 | ' | 2,100,000 | ' | ' | ' | ' | ' | 4,000 | 3,721,000 | -22,000 | ||||||||
Goodwill impairment | ' | ' | 28,300,000 | ' | ' | ' | ' | ' | 0 | 28,306,000 | 0 | ||||||||
Severance expenses | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | 837,000 | 8,021,000 | 1,614,000 | ||||||||
Increase in deferred tax asset valuation allowance | ' | ' | 33,500,000 | ' | ' | ' | ' | ' | 1,600,000 | 33,300,000 | ' | ||||||||
Estimated cost of settling an employment tax matter | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | $400,000 | $0 | ($1,200,000) | ||||||||
[1] | Income from operations for the three months ended December 31, 2012 includes a $1.6 million gain from the sale of assets. Loss from continuing operations for the three months ended June 30, 2012 includes a $28.3 million charge for goodwill impairment, a $2.1 million gain on the sale of assets, $6.8 million of severance expenses and a $33.5 million increase in the deferred tax assets valuation allowance. | ||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFkNGI4OTNkNGVmODRhYTBiNzlmYzA4ZDdiOGRiODZkfFRleHRTZWxlY3Rpb246MjVGNjkzMjkwOEI1OTNDMTc2NDQwRjAzREQ0RDUyODIM} | ||||||||||||||||||
[3] | . |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 01, 2011 |
Allowance for doubtful accounts: | ' | ' | ' | ' |
The roll forward of valuation accounts were as follows: | ' | ' | ' | ' |
Balance at beginning of period | $1,637 | $1,865 | $1,034 | ' |
Charged to costs and expenses | 126 | 1,582 | 1,500 | ' |
Deductions | 935 | 1,810 | 669 | ' |
Balance at end of period | 828 | 1,637 | 1,865 | ' |
Allowance for excess and obsolete inventory: | ' | ' | ' | ' |
The roll forward of valuation accounts were as follows: | ' | ' | ' | ' |
Balance at beginning of period | 7,656 | 4,390 | 4,084 | 4,390 |
Charged to costs and expenses | 1,903 | 3,989 | 1,046 | ' |
Deductions | 4,231 | 723 | 740 | ' |
Balance at end of period | 5,328 | 7,656 | 4,390 | 4,390 |
Valuation allowance for deferred tax assets: | ' | ' | ' | ' |
The roll forward of valuation accounts were as follows: | ' | ' | ' | ' |
Balance at beginning of period | 34,278 | 938 | 875 | ' |
Charged to costs and expenses | 1,556 | 33,340 | 63 | ' |
Deductions | 0 | 0 | 0 | ' |
Balance at end of period | $35,834 | $34,278 | $938 | ' |