Distribution Solutions (DSGR) 10-Q 22 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 15, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LAWSON PRODUCTS INC/NEW/DE/
Entity Central Index Key	703,604
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	8,748,092	8,748,092

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 7,780	$ 4,207
Restricted cash	800	800
Accounts receivable, less allowance for doubtful accounts	31,439	31,546
Inventories	42,691	44,517
Miscellaneous receivables and prepaid expenses	5,013	5,433
Total current assets	87,723	86,503
Property, plant and equipment, net	36,996	41,588
Cash value of life insurance	10,228	9,188
Deferred income taxes	51	51
Other assets	752	510
Total assets	135,750	137,840
Current liabilities:
Accounts payable	9,905	7,867
Accrued expenses and other liabilities	25,059	30,861
Total current liabilities	34,964	38,728
Noncurrent liabilities and deferred credits:
Security bonus plan	15,084	15,857
Financing lease obligation	8,765	9,414
Deferred compensation	4,684	5,102
Deferred rent liability	4,027	4,361
Other liabilities	2,624	2,523
Total liabilities	70,148	75,985
Stockholders' equity:
Authorized - 500,000 shares, Issued and outstanding — None	0	0
Authorized - 35,000,000 shares Issued - 8,763,524 and 8,720,350 shares, respectively Outstanding - 8,748,092 and 8,706,467 shares, respectively	8,764	8,720
Capital in excess of par value	9,586	8,701
Retained earnings	47,260	43,275
Treasury stock – 15,432 and 13,883 shares, respectively	(272)	(267)
Accumulated other comprehensive income	264	1,426
Stockholders’ equity	65,602	61,855
Total liabilities and stockholders’ equity	$ 135,750	$ 137,840

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
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	8,763,524	8,720,350
Common stock, shares outstanding	8,748,092	8,706,467
Treasury Stock, Shares	15,432	13,883

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 70,243	$ 74,128	$ 210,873	$ 215,412
Cost of goods sold	26,901	29,595	80,840	85,798
Gross profit	43,342	44,533	130,033	129,614
Operating expenses:
Selling expenses	22,240	23,577	68,590	67,807
General and administrative expenses	18,292	20,278	56,337	61,555
Total SG&A	40,532	43,855	124,927	129,362
Impairment loss	0	0	0	3,046
Operating expenses	40,532	43,855	124,927	132,408
Operating income (loss)	2,810	678	5,106	(2,794)
Interest expense	(131)	(182)	(409)	(637)
Other income (expenses), net	(1)	138	(210)	71
Income (loss) from continuing operations before income taxes	2,678	634	4,487	(3,360)
Income tax expense (benefit)	248	174	502	(296)
Income (loss) from continuing operations	2,430	460	3,985	(3,064)
Income and gain from discontinued operations, net of income taxes	0	0	0	1,367
Net income (loss)	$ 2,430	$ 460	$ 3,985	$ (1,697)
Basic income (loss) per share of common stock:
Continuing operations	$ 0.28	$ 0.05	$ 0.46	$ (0.35)
Discontinued operations	0	0	0	0.15
Net income (loss) per share	0.28	0.05	0.46	(0.20)
Diluted income (loss) per share of common stock:
Continuing operations	0.27	0.05	0.45	(0.35)
Discontinued operations	0	0	0	0.15
Net income (loss) per share	$ 0.27	$ 0.05	$ 0.45	$ (0.20)
Comprehensive income (loss)
Adjustment for foreign currency translation	$ (740)	$ (492)	$ (1,162)	$ (416)
Net comprehensive income (loss)	$ 1,690	$ (32)	$ 2,823	$ (2,113)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income (loss)	$ 3,985	$ (1,697)
Less income and gain from discontinued operations	0	(1,367)
Income (loss) from continuing operations	3,985	(3,064)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	6,341	6,618
Stock based compensation	400	3,956
Impairment loss	0	3,046
Gain (Loss) on Disposition of Assets	(1)	97
Changes in operating assets and liabilities:
Accounts receivable	(762)	(6,033)
Inventories	1,457	1,124
Prepaid expenses and other assets	(823)	(700)
Accounts payable and other liabilities	(4,698)	(7,668)
Other	337	554
Net cash used in operating activities of continuing operations	6,236	(2,070)
Investing activities:
Additions to property, plant and equipment	(1,900)	(1,297)
Proceeds from sale of property and equipment	3	8,307
Business acquisition	(441)	0
Proceeds related to sale of business, net	0	12,125
Net cash (used in) provided by investing activities	(2,338)	19,135
Financing activities:
Net payments on revolving line of credit	0	(16,078)
Proceeds from stock option exercises	50	53
Net cash provided by (used in) financing activities	50	(16,025)
Discontinued operations:
Operating cash flows	(29)	(652)
Net cash used in discontinued operations	(29)	(652)
Effect of Exchange Rate on Cash and Cash Equivalents	(346)	(8)
Increase in cash and cash equivalents	3,573	380
Cash and cash equivalents at beginning of period	4,207	698
Cash and cash equivalents at end of period	$ 7,780	$ 1,078

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Lawson Products, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not contain all disclosures required by generally accepted accounting principles. Reference should be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of the Company, all normal recurring adjustments have been made that are necessary to present fairly the results of operations for the interim periods. Operating results for the three and nine month periods ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . Certain reclassifications have been made to the Condensed Consolidated Balance Sheet for December 31, 2014 to conform to current period presentation. The Company operates in one reportable segment as Maintenance, Repair and Operations ("MRO") distributors of products and services to the industrial, commercial, institutional, and governmental maintenance, repair and operations marketplace. In the third quarter of 2015, the Company completed an acquisition of a small auto body parts distributor for an immaterial purchase price resulting in $0.3 million of goodwill being recorded in other assets in the accompanying condensed consolidated balance sheet. There have been no material changes in the Company's significant accounting policies during the three and nine months ended September 30, 2015 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2014 .

Restricted Cash Restricted Cash

Restricted Cash Restricted Cash	9 Months Ended
	Sep. 30, 2015
Restricted Cash [Abstract]
Cash and Cash Equivalents 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	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) September 30, 2015 December 31, 2014 Inventories, gross $ 48,428 $ 50,063 Reserve for obsolete and excess inventory (5,737 ) (5,546 ) Inventories, net $ 42,691 $ 44,517

Loan Agreement

Loan Agreement	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Loan Agreement	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, any outstanding borrowings under the revolving line of credit are 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 to amounts not to exceed $7.0 million annually. At September 30, 2015 , the Company had no borrowings under its revolving line of credit facility and borrowing availability of $32.3 million . The Company paid interest of $0.4 million and $0.7 million for the nine months ended September 30, 2015 and 2014 , respectively. The weighted average interest rate was 3.25% for the nine months ended September 30, 2015 . In addition to other customary representations, warranties and covenants, we are required to meet a minimum trailing twelve month EBITDA to fixed charges ratio, as defined in the Loan Agreement, and a minimum quarterly tangible net worth level as defined in the Second Amendment. On September 30, 2015 , 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 2.65 : 1.00 Minimum tangible net worth $45.0 million $57.1 million

Reserve for Severance

Reserve for Severance	9 Months Ended
	Sep. 30, 2015
Severance Reserve [Abstract]
Reserve for Severance	Severance Reserve Changes in the Company’s reserve for severance as of September 30, 2015 and 2014 were as follows: (Dollars in thousands) Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 311 $ 1,769 Charged to earnings 993 690 Payments (583 ) (1,797 ) Balance at end of period $ 721 $ 662

Stock Based Compensation Stock

Stock Based Compensation Stock Based Compensation (Notes)	9 Months Ended
	Sep. 30, 2015
Stock Based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Stock-Based Compensation The Company recorded stock-based compensation expenses of $0.4 million and $4.0 million in the first nine months of 2015 and 2014, respectively. A portion of stock-based compensation expense is related to the market value of the Company's common stock and a portion is attributable to the amortization of the awards over their related vesting periods. A summary of stock-based awards issued during the nine months ended September 30, 2015 follows: Stock Performance Rights ("SPRs") The Company issued 380,000 SPRs to a key employee with an average exercise price of $28.40 per share that vest ratably on January 12, 2016, 2017 and 2018, and have a termination date of January 12, 2022. The Company also issued 29,373 SPRs to key employees with an exercise price of $25.16 per share that cliff vest on December 31, 2017 and have a termination date of December 31, 2022. Restricted Stock Units ("RSUs") The Company issued 22,820 RSUs to the Company's directors with a vesting date of May 11, 2016. Each RSU is exchangeable for one of the Company's common shares at the end of the vesting period. Market Stock Units ("MSUs") The Company issued 30,633 MSUs to key employees with a vesting date of December 31, 2017. MSU's are exchangeable for the Company's common shares at the end of the vesting period. The number of shares of common stock that will be issued upon vesting, ranging from zero to 45,951 , will be determined based upon the trailing thirty-day average closing price of the Company's common stock on December 31, 2017. Stock Options The Company issued 40,000 nonqualified stock options to a key employee with a weighted average exercise price of $28.40 per share. The stock options vest ratably on January 12, 2016, 2017 and 2018, and have a term of 7 years.

Income Tax

Income Tax	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Primarily due to the cumulative losses that the Company has incurred over the past three years, the Company has determined that there is insufficient positive evidence to conclude that it is more likely than not that it will be able to utilize its deferred tax assets to offset future taxable income. Therefore, substantially all deferred tax assets are currently subject to a tax valuation allowance. However, sufficient evidence may become available in future periods regarding the utilization of deferred tax assets that would lead to the reduction of all or a portion of the valuation allowance resulting in a decrease to income tax expense for the period in which the reduction is recorded. Although the Company is in this full tax valuation allowance position, a tax expense of $0.5 million was recorded in continuing operations for the nine months ended September 30, 2015 , primarily due to state taxes and reserves for uncertain tax positions. The tax benefit of $0.3 million for the nine months ended September 30, 2014 was due to the allocation of income taxes between continuing and discontinued operations partly offset by state taxes and reserves for uncertain tax positions. 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 September 30, 2015 , the Company is subject to U.S. Federal income tax examinations for the years 2011 through 2014 and income tax examinations from various other jurisdictions for the years 2006 through 2014. The Company is also 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. 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 foreign tax credits. During the third quarter of 2015, as the result of a small acquisition, the Company recorded $0.3 million of tax deductible goodwill that may result in a tax benefit in future periods.

Impairment Loss Impairment Loss

Impairment Loss Impairment Loss and Property Held for Sale (Notes)	9 Months Ended
	Sep. 30, 2015
Impairment loss and property held for sale [Abstract]
Asset Impairment Charges [Text Block]	Impairment loss In the first nine months of 2014 the Company completed the sale of its Reno, Nevada, distribution center. As part of the review of the potential impact of a sale, the Company determined that the full carrying amount of the asset was not recoverable. Therefore, the Company recorded a $3.0 million non-cash impairment charge. The Company entered into a 10-year agreement to leaseback approximately one-half of the facility that it had previously been utilizing.

EPS Calc (Notes)

EPS Calc (Notes)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings Per Share [Text Block]	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) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted average shares: Basic weighted average shares outstanding 8,746 8,698 8,725 8,678 Effect of dilutive securities outstanding 144 134 149 — Diluted weighted average shares outstanding 8,890 8,832 8,874 8,678 Earnings (loss): Continuing operations $ 2,430 $ 460 $ 3,985 $ (3,064 ) Discontinued operations — — — 1,367 Net income (loss) $ 2,430 $ 460 $ 3,985 $ (1,697 ) Basic earnings (loss) per share of common stock: Continuing operations $ 0.28 $ 0.05 $ 0.46 $ (0.35 ) Discontinued operations — — — 0.15 Net income (loss) per share $ 0.28 $ 0.05 $ 0.46 $ (0.20 ) Diluted earnings (loss) per share of common stock: Continuing operations $ 0.27 $ 0.05 $ 0.45 $ (0.35 ) Discontinued operations — — — 0.15 Net income (loss) per share $ 0.27 $ 0.05 $ 0.45 $ (0.20 ) The effect of restricted stock awards, market stock units and future stock option exercises equivalent to approximately 129,000 shares for the nine months ended September 30, 2014 would have been anti-dilutive because the Company recorded a loss for the period and therefore were excluded from the computation of diluted earnings per share.

Discontunued Operations Discont

Discontunued Operations Discontunued Operations (Notes)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Discontinued Operations On February 14, 2014, the Company completed the sale of substantially all of the assets of Automatic Screw Machine Products Company, Inc. ("ASMP"), a wholly-owned subsidiary, to Nelson Stud Welding, Inc. (“Buyer”), an indirect subsidiary of Doncasters Group Limited, for a purchase price of $12.5 million . In addition, the Buyer agreed to lease the real property located in Decatur, Alabama previously used by ASMP. The Company has classified ASMP's operating results as discontinued operations. The following table details the components of income from discontinued operations: (Dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net sales $ — $ — $ — $ 2,462 Pre-tax income from discontinued operations $ — $ — $ — $ 346 Income tax expense — — — 133 Income from discontinued operations $ — $ — $ — $ 213 Pre-tax gain on sale of ASMP $ — $ — $ — $ 1,877 Income tax expense — — — 723 Net gain on sale of ASMP $ — $ — $ — $ 1,154 Income and gain from discontinued operations, net of taxes $ — $ — $ — $ 1,367 Basic and diluted income per share $ — $ — $ — $ 0.15

Contingent Liability Contingent

Contingent Liability Contingent Liability (Notes)	9 Months Ended
	Sep. 30, 2015
Contingent Liability [Abstract]
Legal Matters and Contingencies [Text Block]	Contingent Liabilities 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. In August 2013, the site was enrolled in the Alabama Department of Environmental Management's ("ADEM") voluntary cleanup program. On October 30, 2014, the Company received estimates from its environmental consulting firm with three potential remediation solutions. The estimates include a range of viable remedial approaches, but agreement with ADEM’s voluntary cleanup program has not yet been reached. The first solution includes limited excavation and removal of the contaminated soil along with monitoring for a period up to 10 years. The second solution includes the first solution plus the installation of a groundwater extraction system. The third scenario includes the first and second solutions plus treatment injections to reduce the degradation time. The estimated expenditures over a 10-year period under the three scenarios range from $0.3 million to $1.4 million , of which up to $0.3 million may be capitalized. As the Company has determined that a loss is probable, however no scenario is more likely than the other at this time, a liability in the amount of $0.3 million was established in 2014. As of September 30, 2015 , approximately $0.2 million remains accrued for remediation in other long-term liabilities on the accompanying consolidated balance sheet.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Components of inventories	Inventories, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) September 30, 2015 December 31, 2014 Inventories, gross $ 48,428 $ 50,063 Reserve for obsolete and excess inventory (5,737 ) (5,546 ) Inventories, net $ 42,691 $ 44,517

Loan Agreement (Tables)

Loan Agreement (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Quarterly Financial Covenants [Table Text Block]	In addition to other customary representations, warranties and covenants, we are required to meet a minimum trailing twelve month EBITDA to fixed charges ratio, as defined in the Loan Agreement, and a minimum quarterly tangible net worth level as defined in the Second Amendment. On September 30, 2015 , 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 2.65 : 1.00 Minimum tangible net worth $45.0 million $57.1 million

Reserve for Severance (Tables)

Reserve for Severance (Tables)	9 Months Ended
	Sep. 30, 2015
Severance Reserve [Abstract]
Changes in the Company's reserve for severance and related payments	Changes in the Company’s reserve for severance as of September 30, 2015 and 2014 were as follows: (Dollars in thousands) Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 311 $ 1,769 Charged to earnings 993 690 Payments (583 ) (1,797 ) Balance at end of period $ 721 $ 662

EPS Calc (Tables)

EPS Calc (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(Dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted average shares: Basic weighted average shares outstanding 8,746 8,698 8,725 8,678 Effect of dilutive securities outstanding 144 134 149 — Diluted weighted average shares outstanding 8,890 8,832 8,874 8,678 Earnings (loss): Continuing operations $ 2,430 $ 460 $ 3,985 $ (3,064 ) Discontinued operations — — — 1,367 Net income (loss) $ 2,430 $ 460 $ 3,985 $ (1,697 ) Basic earnings (loss) per share of common stock: Continuing operations $ 0.28 $ 0.05 $ 0.46 $ (0.35 ) Discontinued operations — — — 0.15 Net income (loss) per share $ 0.28 $ 0.05 $ 0.46 $ (0.20 ) Diluted earnings (loss) per share of common stock: Continuing operations $ 0.27 $ 0.05 $ 0.45 $ (0.35 ) Discontinued operations — — — 0.15 Net income (loss) per share $ 0.27 $ 0.05 $ 0.45 $ (0.20 ) The effect of restricted stock awards, market stock units and future stock option exercises equivalent to approximately 129,000 shares for the nine months ended September 30, 2014 would have been anti-dilutive because the Company recorded a loss for the period and therefore were excluded from the computation of diluted earnings per share.

Discontunued Operations Disco21

Discontunued Operations Discontunued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations [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, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net sales $ — $ — $ — $ 2,462 Pre-tax income from discontinued operations $ — $ — $ — $ 346 Income tax expense — — — 133 Income from discontinued operations $ — $ — $ — $ 213 Pre-tax gain on sale of ASMP $ — $ — $ — $ 1,877 Income tax expense — — — 723 Net gain on sale of ASMP $ — $ — $ — $ 1,154 Income and gain from discontinued operations, net of taxes $ — $ — $ — $ 1,367 Basic and diluted income per share $ — $ — $ — $ 0.15

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	Sep. 30, 2015USD ($)
Goodwill [Abstract]
Goodwill	$ 0.3

Restricted Cash Restricted Ca23

Restricted Cash Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Restricted Cash [Abstract]
Restricted cash	$ 800	$ 800

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Components of inventories
Inventory, Gross	$ 48,428	$ 50,063
Inventory Valuation Reserves	5,737	5,546
Inventories, net	$ 42,691	$ 44,517

Loan Agreement Covenant (Detail

Loan Agreement Covenant (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Actual Value [Member]
Loan Agreement [Line Items]
MinTangibleNetWorth	$ 57,143
Required Minimum Value [Member]
Loan Agreement [Line Items]
MinTangibleNetWorth	$ 45,000
Maximum [Member] | Actual Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	2.65
Maximum [Member] | Required Minimum Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1.10
Minimum [Member] | Actual Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1
Minimum [Member] | Required Minimum Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1

Loan Agreement (Details)

Loan Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
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
Line of Credit, Current	0
Credit Facility, remaining borrowing capacity	32,300
Interest Paid	$ 400	$ 700
Weighted average interest rate	3.25%
Maximum
Credit Facility (Textual) [Abstract]
Spread on LIBOR	1.85%
Restricted Dividends	$ 7,000
Minimum
Credit Facility (Textual) [Abstract]
Spread on LIBOR	1.50%
Revolving Credit Facility [Member]
Credit Facility (Textual) [Abstract]
Credit facility, borrowing capacity	$ 40,000
Letter of Credit [Member]
Credit Facility (Textual) [Abstract]
Credit facility, borrowing capacity	$ 10,000

Reserve for Severance Activity

Reserve for Severance Activity in reserve (Details) - Employee Severance [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Reserve for severance and related payments
Balance at beginning of period	$ 311	$ 1,769
Charged to earnings	993	690
Cash paid	(583)	(1,797)
Balance at end of the period	$ 721	$ 662

Stock Based Compensation Stoc28

Stock Based Compensation Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock Based Compensation
Share-based Compensation	$ 400	$ 3,956
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings	22,820
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	40,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price	$ 28.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	7 years
Minimum [Member]
Stock Based Compensation
Equity Share Payout Range	0
Maximum [Member]
Stock Based Compensation
Equity Share Payout Range	45,951
MSU [Member]
Stock Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	30,633
Share-based Compensation Award, Tranche One [Member]
Stock Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	380,000
Share Based Compensation Non Option Equity Instruments Granted Weighted Average Exercise Price	$ 28.40
Share-based Compensation Award, Tranche Two [Member]
Stock Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	29,373
Share Based Compensation Non Option Equity Instruments Granted Weighted Average Exercise Price	$ 25.16

Income Tax Income Tax (Details)

Income Tax Income Tax (Details) - USD ($) $ in Thousands	May. 02, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax [Abstract]
Income Tax Expense (Benefit)		$ 248	$ 174	$ 502	$ (296)
Proposed Tax Adjustment Including Penalties	$ 1,300
Goodwill		$ 300		$ 300

Impairment Loss Impairment Lo30

Impairment Loss Impairment Loss and Property Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Impairment loss and property held for sale [Abstract]
Impairment loss	$ 0	$ 0	$ 0	$ 3,046

EPS Calc (Details)

EPS Calc (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic weighted average shares outstanding	8,746	8,698	8,725	8,678
Effect of diluted securities outstanding	144	134	149	0
Diluted weighted average shares outstanding	8,890	8,832	8,874	8,678
Earnings (loss) from continuing operations	$ 2,430	$ 460	$ 3,985	$ (3,064)
Income and Gain from Discontinued Operations, Net of Tax	0	0	0	1,367
Net income (loss)	$ 2,430	$ 460	$ 3,985	$ (1,697)
Continuing operations	$ 0.28	$ 0.05	$ 0.46	$ (0.35)
Discontinued operations	0	0	0	0.15
Earnings Per Share, Basic	0.28	0.05	0.46	(0.20)
Income (Loss) from Continuing Operations, Per Diluted Share	0.27	0.05	0.45	(0.35)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	0	0	0.15
Net income (loss) per share	$ 0.27	$ 0.05	$ 0.45	$ (0.20)

Discontunued Operations Disco32

Discontunued Operations Discontunued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income and Gain from Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses				$ 12,500
Income from discontinued operations	$ 0	$ 0	$ 0	213
Net sales	0	0	0	2,462
Pre-tax income from discontinued operations	0	0	0	346
Income tax expense	0	0	0	(133)
Net gain on sale of ASMP	0	0	0	1,154
Pre-tax gain on sale of ASMP	0	0	0	1,877
Income tax expense	0	0	0	(723)
Income and Gain from Discontinued Operations, Net of Tax	$ 0	$ 0	$ 0	$ 1,367
Income and Gain from Discontinued Operations, Net of Tax, Per Diluted Share	$ 0	$ 0	$ 0	$ 0.15

Contingent Liability Continge33

Contingent Liability Contingent Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Environmental Remediation Term	10 years
Environmental Exit Costs, Reasonably Possible Additional Losses, Low Estimate	$ 0.3
Environmental Exit Costs, Reasonably Possible Additional Losses, High Estimate	1.4
Capitalizable Environmental Exit Costs	0.3
Environmental Exit Costs, Liability for Remediation	$ 0.2	$ 0.3