Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | LAWSON PRODUCTS INC/NEW/DE/ | ||
Entity Central Index Key | 703,604 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
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 | $ 139,551,000 | ||
Entity Common Stock, Shares Outstanding | 8,771,120 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 10,765 | $ 4,207 |
Restricted cash | 800 | 800 |
Accounts receivable, less allowance for doubtful accounts of $543 and $733, respectively | 27,231 | 31,546 |
Inventories | 44,095 | 44,517 |
Miscellaneous receivables and prepaid expenses | 3,667 | 5,433 |
Total current assets | 86,558 | 86,503 |
Property, plant and equipment, less accumulated depreciation and amortization | 35,487 | 41,588 |
Cash value of life insurance | 10,245 | 9,188 |
Deferred income taxes | 51 | 51 |
Other assets | 753 | 510 |
Total assets | 133,094 | 137,840 |
Line of Credit, Current | 925 | |
Current liabilities: | ||
Revolving line of credit | 0 | |
Accounts payable | 9,370 | 7,867 |
Accrued expenses and other liabilities | 26,048 | 30,861 |
Total current liabilities | 36,343 | 38,728 |
Security bonus plan | 14,641 | 15,857 |
Financing lease obligation | 8,539 | 9,414 |
Deferred compensation | 4,626 | 5,102 |
Deferred rent liability | 3,912 | 4,361 |
Other liabilities | 3,769 | 2,523 |
Total liabilities | 71,830 | $ 75,985 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Authorized - 500,000 shares, Issued and outstanding - None | 0 | $ 0 |
Authorized - 35,000,000 shares Issued – 8,796,264 and 8,720,350 shares, respectively Outstanding – 8,771,120 and 8,706,467 shares, respectively | 8,796 | 8,720 |
Capital in excess of par value | 9,877 | 8,701 |
Retained earnings | 43,572 | 43,275 |
Treasury stock – 25,144 and 13,883 shares held, respectively | (515) | (267) |
Accumulated other comprehensive income | (466) | 1,426 |
Total stockholders’ equity | 61,264 | 61,855 |
Total liabilities and stockholders’ equity | $ 133,094 | $ 137,840 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 543,000 | $ 733,000 |
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 | 8,796,264 | 8,720,350 |
Common stock, shares outstanding | 8,771,120 | 8,706,467 |
Treasury Stock, Shares | 25,144 | 13,883 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 275,834 | $ 285,693 | $ 269,503 |
Cost of goods sold | 106,710 | 113,144 | 108,208 |
Gross profit | 169,124 | 172,549 | 161,295 |
Operating expenses: | |||
Selling Expense | 90,093 | 90,776 | 84,273 |
General and Administrative Expense | 75,979 | 83,350 | 80,357 |
Selling, general and administrative expenses | 166,072 | 174,126 | 164,630 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (8) | (142) | 4 |
Other operating expenses, net | 931 | 3,386 | 2,528 |
Operating expenses | 167,003 | 177,512 | 167,158 |
Operating income (loss) | 2,121 | (4,963) | (5,863) |
Interest expense | (766) | (772) | (1,097) |
Other expenses, net | (203) | (99) | (162) |
Income (loss) from continuing operations before income taxes | (1,152) | 5,834 | 7,122 |
Income tax expense (benefit) | 855 | 227 | (141) |
Income (loss) from continuing operations | 297 | (6,061) | (6,981) |
Income and gain from discontinued operations, net of tax | 0 | 1,692 | 1,861 |
Net Income (loss) | 297 | (4,369) | (5,120) |
Comprehensive income (loss) | |||
Net income (loss) | 297 | (4,369) | (5,120) |
Other comprehensive loss, net of tax: | |||
Adjustment for foreign currency translation | (1,892) | (559) | (573) |
Comprehensive income (loss) | $ (1,595) | $ (4,928) | $ (5,693) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock, $1 par value | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning 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 |
Net income (loss) | (4,369) | (4,369) | ||||
Adjustment for foreign currency translation | (559) | (559) | ||||
Stock based compensation | 951 | 0 | 951 | |||
Shares issued | 49 | (49) | ||||
Share repurchase | (80) | (80) | ||||
Balance at end of year at Dec. 31, 2014 | 61,855 | 8,720 | 8,701 | 43,275 | (267) | 1,426 |
Net income (loss) | 297 | |||||
Adjustment for foreign currency translation | (1,892) | |||||
Stock based compensation | 1,252 | 0 | 1,252 | |||
Shares issued | 76 | (76) | ||||
Share repurchase | (248) | (248) | ||||
Balance at end of year at Dec. 31, 2015 | $ 61,264 | $ 8,796 | $ 9,877 | $ 43,572 | $ (515) | $ (466) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 1 | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net Income (loss) | $ 297 | $ (4,369) | $ (5,120) |
Income from discontinued operations | 0 | (1,692) | (1,861) |
Income (loss) from continuing operations | 297 | (6,061) | (6,981) |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | (8,543) | (8,751) | (9,030) |
Increase (Decrease) in Deferred Income Taxes | 0 | 8 | 13 |
Stock based compensation | (2,093) | (6,376) | (2,267) |
Loss (gain) on disposal of property and equipment | 8 | 142 | (4) |
Environmental Remediation Expense | 931 | 340 | 0 |
Impairment of long-lived assets | 0 | 3,046 | 0 |
Increase in restricted cash | 0 | 0 | (800) |
Non Cash loss on sublease | 0 | 0 | 2,538 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 3,285 | (2,415) | (941) |
Inventories | (116) | 882 | (1,404) |
Prepaid expenses and other assets | 418 | (2,202) | 6,391 |
Accounts payable and other liabilities | 6,352 | 7,166 | 9,410 |
Other | 207 | 633 | (180) |
Net cash provided by operating activities | 9,314 | 2,334 | 519 |
Investing activities: | |||
Purchases of property, plant and equipment | (2,342) | (2,759) | (2,908) |
Proceeds from sale of property | 3 | 8,307 | 38 |
Payments to Acquire Businesses, Gross | 441 | 0 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 12,125 | 0 |
Net cash (used in) provided by investing activities | (2,780) | 17,673 | (2,870) |
Financing activities: | |||
Net borrowings on revolving line of credit | 925 | (16,078) | (49) |
Proceeds from Stock Options Exercised | 50 | 53 | 0 |
Net cash provided by (used in) financing activities | 975 | (16,025) | (49) |
Discontinued operations: | |||
Operating cash flows | (29) | (530) | 1,666 |
Investing cash flows | 0 | 0 | (257) |
Net cash (used in) provided by discontinued operations | (29) | (530) | 1,409 |
Effect of Exchange Rate on Cash and Cash Equivalents | (922) | 57 | 49 |
Increase (decrease) in cash and cash equivalents | 6,558 | 3,509 | (942) |
Cash and cash equivalents at beginning of year | 4,207 | 698 | 1,640 |
Cash and cash equivalents at end of year | $ 10,765 | $ 4,207 | $ 698 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications have no effect on net income as previously reported. 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 the cost basis of 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 category and product obsolescence. 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 $4.5 million , $4.8 million and $5.4 million for 2015 , 2014 and 2013 , 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 $3.8 million , $3.8 million and $3.5 million for 2015 , 2014 and 2013 , respectively. Cash Value of Life Insurance — The Company has invested funds in life insurance policies on certain current and former employees. 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 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 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 — The Company has $0.3 million of goodwill included in other assets in the 2015 consolidated balance sheet. 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. The Company reviews goodwill for potential impairment annually during the fourth quarter, or when an event or other circumstance changes that would more likely than not reduce the fair value of the asset below its carrying value. 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 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. 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. In 2014, in anticipation of a sale of its Reno , Nevada distribution center, the Company reviewed the future recoverability of the facility and recorded a $3.0 million non-cash impairment charge. 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 shorter of the estimated useful life of the asset or the lease term. 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. Components of income or loss are translated using the average exchange rate for each reporting period. Gains and losses resulting from changes in the exchange rates from translation of the subsidiary accounts in local currency to U.S. dollars are reported as a component of Accumulated other comprehensive income in the consolidated balance sheets. Gains and losses resulting from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency are included as a component of net income or loss upon settlement of the transaction. Gains and losses resulting from intercompany transactions are included as a component of net income or loss each reporting period unless the transactions are of a long-term-investment nature and settlement is not planned or anticipated in the foreseeable future, in which case the gains and losses are recorded as a component of Accumulated other comprehensive income in the consolidated balance sheets. Treasury Stock —The Company repurchased 11,261 , 2,256 and 2,691 shares of its common stock in 2015 , 2014 and 2013 , 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. The value of the treasury stock repurchased of $0.2 million , $0.1 million and an immaterial amount in 2015, 2014 and 2013, respectively, was acquired in a non-cash transaction that is not included in the consolidated statements of cash flows. 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 for allowance for doubtful accounts. inventory reserves and income taxes in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Recent Accounting Pronouncements In November, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Balance Sheet Classification of Deferred Taxes. This update simplifies the presentation of deferred income taxes by requiring all entities that present a classified balance sheet to classify all deferred tax assets and liabilities as a noncurrent amount. The FASB feels that this simplification will reduce the cost and complexity of recording deferred taxes without affecting the usefulness of financial statement information. This pronouncement will be effective for public entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The guidance may be applied on either a prospective or retrospective basis. The Company is currently assessing the impact that the adoption of this guidance would have on its financial position, results of operations and cash flows. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect adoption of ASU 2015-11 to have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This pronouncement is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The Company does not expect adoption of ASU 2015-03 to have a material impact on its financial position, results of operations or cash flows. In June 2014 the FASB issued ASU 2014-12, that clarifies that for share-based compensation instruments that vest based on performance conditions, the performance target should not be reflected in estimating the grant-date fair value of the award. Rather, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. We currently have no instruments within the scope of ASU 2014-12, therefore, adoption of the new standard will have no effect on our financial position, results of operation or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The new standard is effective for the Company interim and annual periods beginning after December 15, 2018. The standard is to be applied using one of two retrospective application methods, with early application not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements and has not yet determined the method by which the standard will be adopted. In May 2013, the 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 expected to be issued in 2016 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 this guidance would have on its financial position, results of operations and cash flows. |
Restricted Cash Restricted Cash
Restricted Cash Restricted Cash | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net Inventories, net, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) December 31, 2015 2014 Inventories, gross $ 49,615 $ 50,063 Reserve for obsolete and excess inventory (5,520 ) (5,546 ) Inventories, net $ 44,095 $ 44,517 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land $ 2,692 $ 2,701 Buildings and improvements 18,343 18,503 Machinery and equipment 22,558 22,418 Capitalized software 19,710 18,758 McCook Facility 12,961 12,961 Furniture and fixtures 5,693 5,703 Capital leases 563 302 Vehicles 163 168 Construction in progress 681 1,018 83,364 82,532 Accumulated depreciation and amortization (47,877 ) (40,944 ) $ 35,487 $ 41,588 As of December 31, 2015, approximately $0.3 million of assets were financed through non-cash transactions, by capital lease or accounts payable, that are not included in the consolidated statement of cash flows. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes consisted of the following: (Dollars in thousands) Year Ended December 31, 2015 2014 2013 United States $ 3,583 $ (4,355 ) $ (6,255 ) Canada (2,431 ) (1,479 ) (867 ) $ 1,152 $ (5,834 ) $ (7,122 ) 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, 2015 2014 2013 Current income tax expense (benefit): U.S. Federal $ (461 ) $ (377 ) $ (864 ) U.S. state 75 79 84 Canada 1,241 525 639 Total $ 855 $ 227 $ (141 ) Since substantially all of our deferred tax assets are subject to a tax valuation allowance, the Company's deferred income tax expense for the each of the three years ended December 31, 2015, 2014 and 2013 was immaterial. The reconciliation between the effective income tax rate and the statutory federal rate for continuing operations was as follows: Year Ended December 31, 2015 2014 2013 Statutory Federal rate 35.0% 35.0 % 35.0% Increase (decrease) resulting from: Change in valuation allowance (86.4 ) (26.9 ) (30.3 ) Change in uncertain tax positions 56.2 (9.0 ) (9.8 ) Provision to return differences 24.4 (3.2 ) 1.5 Foreign tax rate differential 17.9 (2.2 ) (1.1 ) Meals & entertainment 11.6 (2.6 ) (1.9 ) State and local taxes, net 10.4 2.8 3.2 Alternative minimum tax 7.6 — — Executive life insurance 2.4 2.3 5.1 Other items, net (4.9 ) (0.1 ) 0.3 Provision for income taxes 74.2 % (3.9 )% 2.0 % Income taxes paid for the years ended December 31, 2015 , 2014 , and 2013 totaled $0.1 million , $0.2 million and $0.2 million , respectively. In 2014 and 2013 the Company received $0.1 million and $0.7 million , respectively, in income tax refunds primarily related to recovery of income tax overpayments in prior years. At December 31, 2015 , the Company had $49.8 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 $48.5 million of various state net operating loss carryforwards which expire at varying dates through 2033 . 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. In 2015, 2014 and 2013 the Company decreased its deferred tax valuation allowance by $0.2 million , $0.8 million and $1.6 million , respectively. The tax valuation allowance will remain until the Company can establish that the recoverability of its deferred tax assets is more certain. During 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. Deferred income tax assets and liabilities contain the following temporary differences: (Dollars in thousands) December 31, 2015 2014 Deferred tax assets: Net operating loss carryforward $ 19,336 $ 20,652 Compensation and benefits 11,979 11,926 Inventory reserve 2,726 2,723 Capital loss carryforward 2,210 — Accounts receivable reserve 218 287 Other 2,073 3,372 Total deferred tax assets 38,542 38,960 Deferred tax liabilities: Property, plant and equipment 1,100 1,156 Other 875 1,078 Total deferred liabilities 1,975 2,234 Net deferred tax assets before valuation allowance 36,567 36,726 Valuation allowance (36,516 ) (36,675 ) Net deferred tax assets $ 51 $ 51 Net deferred tax assets: Net current deferred tax assets $ — $ — Net noncurrent deferred tax assets 51 51 Net deferred tax assets $ 51 $ 51 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) December 31, 2015 2014 Balance at beginning of year $ 2,964 $ 2,678 Additions for tax positions of current year 146 287 Additions for tax positions of prior years 26 133 Reductions for tax positions of prior year — (134 ) Balance at end of year $ 3,136 $ 2,964 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, 2015 balance of unrecognized tax benefits represent tax positions that could significantly change during the next twelve months. Interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense. 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, 2015 , the Company was subject to U.S Federal income tax examinations for the years 2012 through 2014 and income tax examinations from various other jurisdictions for the years 2006 through 2014. The Company was subject to an 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 did not agree 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. In the fourth quarter of 2015, Competent Authority completed their review and communicated to the Company that they proposed to assess a tax on the 2009 tax year only. A formal Letter of Disposition from Competent Authority is expected to be received in 2016. The Company plans to accept the proposal and has recorded an expense of approximately $0.8 million in Canada and expects to realize a related benefit of $0.5 million in the U.S. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Accrued stock-based compensation $ 6,980 $ 7,121 Accrued compensation 6,289 9,783 Accrued and withheld taxes, other than income taxes 1,199 1,440 Financing lease obligation 876 809 Accrued profit sharing 774 582 Reserve for unrecognized tax benefits 738 879 Accrued health benefits 700 810 Accrued severance 697 311 Other 7,795 9,126 $ 26,048 $ 30,861 |
Loan Agreement
Loan Agreement | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | 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, 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 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, as defined in the Loan Agreement. 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, 2015 , the Company had $0.9 million outstanding balance under its revolving line of credit facility and additional borrowing availability of $30.0 million . The Company paid interest of $0.5 million , $0.8 million and $1.1 million in 2015, 2014 and 2013, respectively. The weighted average interest rate was 3.26% in 2015 . The Company had $1.5 million of outstanding letters of credit as of December 31, 2015 . 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, 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 3.12 : 1.00 Minimum tangible net worth $45.0 million $54.0 million |
Reserve for Severance
Reserve for Severance | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Beginning balance $ 311 $ 1,769 $ 4,417 Charged to earnings 1,273 631 837 Cash paid (887 ) (2,089 ) (3,485 ) Ending balance $ 697 $ 311 $ 1,769 The remaining severance liabilities outstanding as of December 31, 2015 are scheduled to be paid by the end of 2016. |
Retirement and Security Bonus P
Retirement and Security Bonus Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 $2.9 million , $2.9 million and $2.7 million for the years ended December 31, 2015 , 2014 and 2013 , 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 $0.8 million , $0.6 million and $0.1 million for the years ended December 31, 2015 , 2014 and 2013 , 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 annual 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 $0.4 million , $0.6 million and $0.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The security bonus plan is partially funded by a $2.2 million investment in the cash surrender value in life insurance of certain employees. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments Total rental expense for the years ended December 31, 2015 , 2014 and 2013 amounted to $2.0 million , $1.8 million and $2.2 million , respectively. Of the $14.1 million future minimum operating lease commitments outstanding at December 31, 2015 , $8.5 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 2023 and includes total future minimum lease proceeds of $0.7 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 $8.9 million . The Company’s future minimum lease commitments, principally for facilities and equipment, as of December 31, 2015 , were as follows: (Dollars in thousands) Year ended December 31, Operating Leases Financing Lease Capital Leases 2016 $ 1,763 $ 1,165 $ 124 2017 1,766 1,255 123 2018 1,796 1,348 95 2019 1,852 1,395 39 2020 1,909 1,443 — Thereafter 4,998 2,253 — Total $ 14,084 $ 8,859 $ 381 At December 31, 2015 , the cost and accumulated depreciation of the asset related to the financing lease were $13.0 million and $4.6 million , respectively, and the cost and accumulated amortization of the assets related to capital leases were $0.6 million and $0.3 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. 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 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 Alabama's 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. The first solution included limited excavation and removal of the contaminated soil along with monitoring for a period up to 10 years . The second solution included the first solution plus the installation of a groundwater extraction system. The third scenario included 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 ranged from $0.3 million to $1.4 million , of which up to $0.3 million may qualify to be capitalized. As the Company had determined that a loss was probable; however, no scenario was more likely than the other at this time, a liability in the amount of $0.3 million was established in 2014. During 2015, after further evidence had been collected and analyzed, the Company concluded that it was probable that future remediation would be required, and accordingly accrued an additional $0.9 million for the estimated costs. This estimate is based on the information developed to date and as the remediation efforts proceed, additional information may impact the final cost. As of December 31, 2015, agreement with Alabama’s voluntary cleanup program on viable treatment of the property has not yet been reached and the Company continues to evaluate potential remediation alternatives that could impact the ultimate cost of remediation. As of December 31, 2015 , approximately $1.2 million is accrued for remediation in other long-term liabilities on the accompanying consolidated balance sheet. Tax matter The Company was subject to an 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 did not agree 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. In the fourth quarter of 2015, Competent Authority completed their review and communicated to the Company that they proposed to assess a tax on the 2009 tax year only. A formal Letter of Disposition from Competent Authority is expected to be received in 2016. The Company recorded expense in 2015 of approximately $0.8 million . |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans | Stock-Based Compensation Plans Plan Administration The Company's Amended and Restated 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. As of December 31, 2015 , the Company had approximately 579,000 shares of common stock still available under the Equity Plan with no participant allowed a grant of more than 40,000 shares of common stock in any calendar year. 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. Compensation expense or benefit is included in General and administrative expense. A majority of the outstanding SPRs have a seven to ten year life and vest over one to three years beginning on the first anniversary of the date of the grant. On December 31, 2015 , 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, 2015 was $9.82 per SPR using the following assumptions: Expected volatility 33.9% to 57.2% Risk-free rate of return 0.2% to 1.7% Expected term (in years) 0.2 to 4.5 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 $0.9 million , $5.5 million and $1.4 million was recorded for the years ended December 31, 2015, 2014 and 2013, respectively. Cash in the amount of $1.0 million was paid out for SPR exercises in 2015 and an immaterial amount of cash was paid out in 2014 and 2013. Activity related to the Company’s SPRs during the year ended December 31, 2015 was as follows: Number of SPRs Weighted Average Exercise Price Outstanding on December 31, 2014 644,691 $ 14.50 Granted 409,373 28.17 Exercised (64,300 ) 11.88 Cancelled (30,265 ) 33.34 Outstanding on December 31, 2015 959,499 19.91 Exercisable on December 31, 2015 462,725 $ 14.04 The SPRs outstanding had an intrinsic value of $6.3 million as of December 31, 2015. Unrecognized compensation cost related to non-vested SPRs was $2.0 million at December 31, 2015, which will be recognized over a weighted average period of 1.8 years. During the year ended December 31, 2015, 204,325 SPRs with a fair value of $1.9 million vested. At December 31, 2015, the weighted average remaining contractual term was 5.4 years for all outstanding SPRs and 4.6 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 , $0.5 million and $0.6 million related to the RSAs was recorded in General and administrative expenses for 2015, 2014 and 2013, respectively. Activity related to the Company’s RSAs during the year ended December 31, 2015 was as follows: Restricted Stock Awards Outstanding on December 31, 2014 38,123 Granted 22,820 Exchanged for shares (29,958 ) Outstanding on December 31, 2015 30,985 As of December 31, 2015, there was $0.3 million of total unrecognized compensation cost related to RSAs that will be recognized over a weighted average period of seven months . The awards granted in 2015 had a weighted average grant date fair value of $23.01 per share. Market Stock Units Market Stock Units ("MSUs") are exchangeable for between 0% to 150% of the Company's common shares at the end of the vesting period based on the trailing 30 or 60 day average closing price of the Company's common stock. The value of the MSUs was determined using a geometric brownian motion model that, based on certain variables, generates a large number of random trials simulating the price of the common stock over the measurement period. Expense of $0.5 million , $0.3 million and $0.2 million related to MSUs was recorded in the years ended December 31, 2015, 2014 and 2013, respectively. Activity related to the Company’s MSUs during the year ended December 31, 2015 was as follows: Number of Market Stock Units Maximum Shares Potentially Issuable Outstanding on December 31, 2014 88,600 132,900 Granted 30,633 45,949 Exchanged for shares (24,493 ) (36,739 ) Cancelled (6,970 ) (10,455 ) Outstanding on December 31, 2015 87,770 131,655 Stock Options Each stock option can be exchanged for one share of the Company’s common stock. The stock options granted in 2015 vest ratably over thee years, have a seven year term and had a weighted average fair value of $8.57 on December 31, 2015. Expense related to stock options was $0.1 million in 2015 and unrecognized compensation at December 31, 2015 was $0.2 million . Activity related to the Company’s stock options during the year ended December 31, 2015 was as follows: Number of Stock Options Weighted Average Exercise Price Outstanding on December 31, 2014 5,910 $ 14.04 Granted 40,000 28.40 Outstanding on December 31, 2015 45,910 26.55 Stock Awards As of December 31, 2015, the Company had 78,000 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 vested on December 31, 2014 and expire on October 2, 2017. During 2015, 17,000 stock awards were exercised resulting in the issuance of 12,714 common shares. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 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 plus the assumption of certain liabilities. In addition, the Buyer agreed to lease the real property located in Decatur, Alabama, where ASMP was located. The Company has classified ASMP's operating results as discontinued operations for all periods presented. The following table details the components of income from discontinued operations: (Dollars in thousands) Year Ended December 31, 2015 2014 2013 Net sales of ASMP $ — $ 2,462 $ 18,534 Pre-tax operating income from discontinued operations ASMP $ — $ 346 $ 2,801 Other discontinued operations — — 40 Total pre-tax income — 346 2,841 Income tax expense — 133 980 Net income from discontinued operations $ — $ 213 $ 1,861 Sale of discontinued operations Pre-tax gain on sale of ASMP $ — $ 1,877 $ — Income tax expense — 398 — Net gain on sale of ASMP $ — $ 1,479 $ — Income and gain from discontinued operations, net of tax $ — $ 1,692 $ 1,861 Basic and diluted income per share ASMP $ — $ 0.20 $ 0.21 Other discontinued operations — — 0.01 Total $ — $ 0.20 $ 0.22 |
Other Operating Expenses, Net
Other Operating Expenses, Net | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Environmental remediation expense $ 931 $ 340 $ — Impairment loss — 3,046 — Loss on sub-lease transaction — — 2,928 Employment tax matter — — (400 ) Total other operating expenses, net $ 931 $ 3,386 $ 2,528 Environmental remediation matter In 2015 and 2014, the Company accrued $0.9 million and $0.3 million , respectively, related to estimated future remediation of an environmental matter involving land owned in Decatur, Alabama, that was part of a division that was previously sold in 2014. Refer to "Environmental Matter" in Note 11 for further details. Impairment loss In 2014, the Company completed the sale of its Reno, Nevada, distribution center. As part of the review of the 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 prior to the sale. The Company entered into an agreement to leaseback approximately one-half of the building for a 10 -year term. Loss on sub-lease transaction 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. Employment tax matter In 2013, the Company recorded a reduction in other operating expenses of $0.4 million as an employment tax matter with the IRS was settled for $0.8 million . The Company originally established a $1.2 million liability in 2011 as its best estimate of the cost of settling this employment tax matter that related to the classification of the sales representatives of one of the Company’s subsidiaries. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Weighted average shares: Basic weighted average shares outstanding 8,726 8,683 8,634 Effect of dilutive securities outstanding 150 — — Diluted weighted average shares outstanding 8,876 8,683 8,634 Earnings (loss): Continuing operations $ 297 $ (6,061 ) $ (6,981 ) Discontinued operations — 1,692 1,861 Net earnings (loss) $ 297 $ (4,369 ) $ (5,120 ) Basic and diluted earnings (loss) per share of common stock: Continuing operations $ 0.03 $ (0.70 ) $ (0.81 ) Discontinued operations — 0.20 0.22 Net earnings (loss) $ 0.03 $ (0.50 ) $ (0.59 ) For the year ended December 31, 2015, stock options to purchase 40,000 of the Company's common stock were excluded from the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common stock. The dilutive effect of outstanding securities of approximately 146,000 and 58,000 for the years ended December 31, 2014 and 2013, respectively, were excluded from the computation of diluted earnings per share as the Company recorded a loss for those periods and therefore the effect would have been anti-dilutive. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Geographic Information Financial information related to the Company’s continuing operations by geographic area follows: (Dollars in thousands) Year Ended December 31, 2015 2014 2013 Net sales United States $ 251,129 $ 257,428 $ 241,115 Canada 24,705 28,265 28,388 Consolidated total $ 275,834 $ 285,693 $ 269,503 Long-lived assets United States $ 33,379 $ 39,171 $ 56,162 Canada 2,108 2,417 2,812 Consolidated total $ 35,487 $ 41,588 $ 58,974 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, 2015 | |
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, 2015 and 2014 are summarized below: (Dollars in thousands, except per share data) 2015 Quarter Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Net sales $ 64,961 $ 70,243 $ 70,726 $ 69,904 Gross profit 39,091 43,342 43,808 42,883 Income (loss) from continuing operations (1) $ (3,688 ) $ 2,430 $ 2,926 $ (1,371 ) Income from discontinued operations — — — — Net income (loss) $ (3,688 ) $ 2,430 $ 2,926 $ (1,371 ) Basic income (loss) per share of common stock: Continuing operations $ (0.42 ) $ 0.28 $ 0.34 $ (0.16 ) Discontinued operations — — — — Net income (loss) $ (0.42 ) $ 0.28 $ 0.34 $ (0.16 ) Diluted income (loss) per share of common stock: Continuing operations (2) $ (0.42 ) $ 0.27 $ 0.33 $ (0.16 ) Discontinued operations — — — — Net income (loss) (2) $ (0.42 ) $ 0.27 $ 0.33 $ (0.16 ) (Dollars in thousands, except per share data) 2014 Quarter Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Net sales $ 70,281 $ 74,128 $ 72,080 $ 69,204 Gross profit 42,935 44,533 43,803 41,278 Income (loss) from continuing operations (3) $ (2,997 ) $ 460 $ 798 $ (4,322 ) Income and gain from discontinued operations 325 — — 1,367 Net income (loss) $ (2,672 ) $ 460 $ 798 $ (2,955 ) Basic and diluted income (loss) per share of common stock: Continuing operations $ (0.34 ) $ 0.05 $ 0.09 $ (0.50 ) Discontinued operations (2) 0.03 — — 0.16 Net income (loss) (2) $ (0.31 ) $ 0.05 $ 0.09 $ (0.34 ) (1) Loss from continuing operations for the three months ended December 31, 2015 includes an expense of $0.9 million related to an increase in the estimated future remediation cost of an environmental matter involving land owned in Decatur, Alabama, that was part of a division that was previously sold. (2) The sum of the quarterly earnings per share amounts may 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) Loss from continuing operations for the three months ended March 31, 2014 includes a $2.9 million impairment charge related to the Reno, Nevada distribution center. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 $ 733 $ 353 $ (543 ) (1) $ 543 Year ended December 31, 2014 828 715 (810 ) (1) 733 Year ended December 31, 2013 1,637 126 (935 ) (1) 828 Valuation allowance for deferred tax assets: Year ended December 31, 2015 $ 36,675 $ (159 ) $ — $ 36,516 Year ended December 31, 2014 35,834 841 — 36,675 Year ended December 31, 2013 34,278 1,556 — 35,834 (1) Uncollected receivables written off, net of recoveries and translation adjustments. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications have no effect on net income as previously reported. |
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 the cost basis of 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 category and product obsolescence. |
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 $4.5 million , $4.8 million and $5.4 million for 2015 , 2014 and 2013 , 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 $3.8 million , $3.8 million and $3.5 million for 2015 , 2014 and 2013 , respectively. |
Cash value of life insurance | The Company has invested funds in life insurance policies on certain current and former employees. 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 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 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 — The Company has $0.3 million of goodwill included in other assets in the 2015 consolidated balance sheet. 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. The Company reviews goodwill for potential impairment annually during the fourth quarter, or when an event or other circumstance changes that would more likely than not reduce the fair value of the asset below its carrying value. 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 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. |
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. In 2014, in anticipation of a sale of its Reno , Nevada distribution center, the Company reviewed the future recoverability of the facility and recorded a $3.0 million non-cash impairment charge. |
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 shorter of the estimated useful life of the asset or the lease term. 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 | 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. Components of income or loss are translated using the average exchange rate for each reporting period. Gains and losses resulting from changes in the exchange rates from translation of the subsidiary accounts in local currency to U.S. dollars are reported as a component of Accumulated other comprehensive income in the consolidated balance sheets. Gains and losses resulting from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency are included |
Treasury stock | The Company repurchased 11,261 , 2,256 and 2,691 shares of its common stock in 2015 , 2014 and 2013 , 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. The value of the treasury stock repurchased of $0.2 million , $0.1 million and an immaterial amount in 2015, 2014 and 2013, respectively, was acquired in a non-cash transaction that is not included in the consolidated statements of cash flows. |
Use of estimates | 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 for allowance for doubtful accounts. inventory reserves and income taxes 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 November, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Balance Sheet Classification of Deferred Taxes. This update simplifies the presentation of deferred income taxes by requiring all entities that present a classified balance sheet to classify all deferred tax assets and liabilities as a noncurrent amount. The FASB feels that this simplification will reduce the cost and complexity of recording deferred taxes without affecting the usefulness of financial statement information. This pronouncement will be effective for public entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The guidance may be applied on either a prospective or retrospective basis. The Company is currently assessing the impact that the adoption of this guidance would have on its financial position, results of operations and cash flows. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect adoption of ASU 2015-11 to have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This pronouncement is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. The Company does not expect adoption of ASU 2015-03 to have a material impact on its financial position, results of operations or cash flows. In June 2014 the FASB issued ASU 2014-12, that clarifies that for share-based compensation instruments that vest based on performance conditions, the performance target should not be reflected in estimating the grant-date fair value of the award. Rather, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. We currently have no instruments within the scope of ASU 2014-12, therefore, adoption of the new standard will have no effect on our financial position, results of operation or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The new standard is effective for the Company interim and annual periods beginning after December 15, 2018. The standard is to be applied using one of two retrospective application methods, with early application not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements and has not yet determined the method by which the standard will be adopted. In May 2013, the 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 expected to be issued in 2016 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 this guidance would have on its financial position, results of operations and cash flows. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of inventories | (Dollars in thousands) December 31, 2015 2014 Inventories, gross $ 49,615 $ 50,063 Reserve for obsolete and excess inventory (5,520 ) (5,546 ) Inventories, net $ 44,095 $ 44,517 |
Property, Plant and Equipment P
Property, Plant and Equipment Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land $ 2,692 $ 2,701 Buildings and improvements 18,343 18,503 Machinery and equipment 22,558 22,418 Capitalized software 19,710 18,758 McCook Facility 12,961 12,961 Furniture and fixtures 5,693 5,703 Capital leases 563 302 Vehicles 163 168 Construction in progress 681 1,018 83,364 82,532 Accumulated depreciation and amortization (47,877 ) (40,944 ) $ 35,487 $ 41,588 |
Income Taxes Income Tax (Tables
Income Taxes Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes consisted of the following: (Dollars in thousands) Year Ended December 31, 2015 2014 2013 United States $ 3,583 $ (4,355 ) $ (6,255 ) Canada (2,431 ) (1,479 ) (867 ) $ 1,152 $ (5,834 ) $ (7,122 ) |
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, 2015 2014 2013 Current income tax expense (benefit): U.S. Federal $ (461 ) $ (377 ) $ (864 ) U.S. state 75 79 84 Canada 1,241 525 639 Total $ 855 $ 227 $ (141 ) |
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, 2015 2014 2013 Statutory Federal rate 35.0% 35.0 % 35.0% Increase (decrease) resulting from: Change in valuation allowance (86.4 ) (26.9 ) (30.3 ) Change in uncertain tax positions 56.2 (9.0 ) (9.8 ) Provision to return differences 24.4 (3.2 ) 1.5 Foreign tax rate differential 17.9 (2.2 ) (1.1 ) Meals & entertainment 11.6 (2.6 ) (1.9 ) State and local taxes, net 10.4 2.8 3.2 Alternative minimum tax 7.6 — — Executive life insurance 2.4 2.3 5.1 Other items, net (4.9 ) (0.1 ) 0.3 Provision for income taxes 74.2 % (3.9 )% 2.0 % |
Deferred tax assets and liabilities | Deferred income tax assets and liabilities contain the following temporary differences: (Dollars in thousands) December 31, 2015 2014 Deferred tax assets: Net operating loss carryforward $ 19,336 $ 20,652 Compensation and benefits 11,979 11,926 Inventory reserve 2,726 2,723 Capital loss carryforward 2,210 — Accounts receivable reserve 218 287 Other 2,073 3,372 Total deferred tax assets 38,542 38,960 Deferred tax liabilities: Property, plant and equipment 1,100 1,156 Other 875 1,078 Total deferred liabilities 1,975 2,234 Net deferred tax assets before valuation allowance 36,567 36,726 Valuation allowance (36,516 ) (36,675 ) Net deferred tax assets $ 51 $ 51 Net deferred tax assets: Net current deferred tax assets $ — $ — Net noncurrent deferred tax assets 51 51 Net deferred tax assets $ 51 $ 51 |
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, 2015 2014 Balance at beginning of year $ 2,964 $ 2,678 Additions for tax positions of current year 146 287 Additions for tax positions of prior years 26 133 Reductions for tax positions of prior year — (134 ) Balance at end of year $ 3,136 $ 2,964 |
Accrued Expenses and Other Li30
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Accrued stock-based compensation $ 6,980 $ 7,121 Accrued compensation 6,289 9,783 Accrued and withheld taxes, other than income taxes 1,199 1,440 Financing lease obligation 876 809 Accrued profit sharing 774 582 Reserve for unrecognized tax benefits 738 879 Accrued health benefits 700 810 Accrued severance 697 311 Other 7,795 9,126 $ 26,048 $ 30,861 |
Revolving Line of Credit (Table
Revolving Line of Credit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt covenants [Table Text Block] | On December 31, 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 3.12 : 1.00 Minimum tangible net worth $45.0 million $54.0 million |
Reserve for Severance (Tables)
Reserve for Severance (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Beginning balance $ 311 $ 1,769 $ 4,417 Charged to earnings 1,273 631 837 Cash paid (887 ) (2,089 ) (3,485 ) Ending balance $ 697 $ 311 $ 1,769 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , were as follows: (Dollars in thousands) Year ended December 31, Operating Leases Financing Lease Capital Leases 2016 $ 1,763 $ 1,165 $ 124 2017 1,766 1,255 123 2018 1,796 1,348 95 2019 1,852 1,395 39 2020 1,909 1,443 — Thereafter 4,998 2,253 — Total $ 14,084 $ 8,859 $ 381 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Valuation assumptions | The weighted-average estimated value of SPRs outstanding as of December 31, 2015 was $9.82 per SPR using the following assumptions: Expected volatility 33.9% to 57.2% Risk-free rate of return 0.2% to 1.7% Expected term (in years) 0.2 to 4.5 Expected annual dividend $0 |
Activity related to SPRs | Activity related to the Company’s SPRs during the year ended December 31, 2015 was as follows: Number of SPRs Weighted Average Exercise Price Outstanding on December 31, 2014 644,691 $ 14.50 Granted 409,373 28.17 Exercised (64,300 ) 11.88 Cancelled (30,265 ) 33.34 Outstanding on December 31, 2015 959,499 19.91 Exercisable on December 31, 2015 462,725 $ 14.04 |
Activity related to RSAs | Activity related to the Company’s RSAs during the year ended December 31, 2015 was as follows: Restricted Stock Awards Outstanding on December 31, 2014 38,123 Granted 22,820 Exchanged for shares (29,958 ) Outstanding on December 31, 2015 30,985 |
MSU Rollforward | Market Stock Units ("MSUs") are exchangeable for between 0% to 150% of the Company's common shares at the end of the vesting period based on the trailing 30 or 60 day average closing price of the Company's common stock. The value of the MSUs was determined using a geometric brownian motion model that, based on certain variables, generates a large number of random trials simulating the price of the common stock over the measurement period. Expense of $0.5 million , $0.3 million and $0.2 million related to MSUs was recorded in the years ended December 31, 2015, 2014 and 2013, respectively. Activity related to the Company’s MSUs during the year ended December 31, 2015 was as follows: Number of Market Stock Units Maximum Shares Potentially Issuable Outstanding on December 31, 2014 88,600 132,900 Granted 30,633 45,949 Exchanged for shares (24,493 ) (36,739 ) Cancelled (6,970 ) (10,455 ) Outstanding on December 31, 2015 87,770 131,655 |
Stock Option Activity Table | Stock Options Each stock option can be exchanged for one share of the Company’s common stock. The stock options granted in 2015 vest ratably over thee years, have a seven year term and had a weighted average fair value of $8.57 on December 31, 2015. Expense related to stock options was $0.1 million in 2015 and unrecognized compensation at December 31, 2015 was $0.2 million . Activity related to the Company’s stock options during the year ended December 31, 2015 was as follows: Number of Stock Options Weighted Average Exercise Price Outstanding on December 31, 2014 5,910 $ 14.04 Granted 40,000 28.40 Outstanding on December 31, 2015 45,910 26.55 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Net sales of ASMP $ — $ 2,462 $ 18,534 Pre-tax operating income from discontinued operations ASMP $ — $ 346 $ 2,801 Other discontinued operations — — 40 Total pre-tax income — 346 2,841 Income tax expense — 133 980 Net income from discontinued operations $ — $ 213 $ 1,861 Sale of discontinued operations Pre-tax gain on sale of ASMP $ — $ 1,877 $ — Income tax expense — 398 — Net gain on sale of ASMP $ — $ 1,479 $ — Income and gain from discontinued operations, net of tax $ — $ 1,692 $ 1,861 Basic and diluted income per share ASMP $ — $ 0.20 $ 0.21 Other discontinued operations — — 0.01 Total $ — $ 0.20 $ 0.22 |
Other Operating Expenses, Net O
Other Operating Expenses, Net Other Operating Expenses (Income) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Environmental remediation expense $ 931 $ 340 $ — Impairment loss — 3,046 — Loss on sub-lease transaction — — 2,928 Employment tax matter — — (400 ) Total other operating expenses, net $ 931 $ 3,386 $ 2,528 |
Earnings (Loss) Per Share Earni
Earnings (Loss) Per Share Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Weighted average shares: Basic weighted average shares outstanding 8,726 8,683 8,634 Effect of dilutive securities outstanding 150 — — Diluted weighted average shares outstanding 8,876 8,683 8,634 Earnings (loss): Continuing operations $ 297 $ (6,061 ) $ (6,981 ) Discontinued operations — 1,692 1,861 Net earnings (loss) $ 297 $ (4,369 ) $ (5,120 ) Basic and diluted earnings (loss) per share of common stock: Continuing operations $ 0.03 $ (0.70 ) $ (0.81 ) Discontinued operations — 0.20 0.22 Net earnings (loss) $ 0.03 $ (0.50 ) $ (0.59 ) |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial information by geographic area, continuing operations | Financial information related to the Company’s continuing operations by geographic area follows: (Dollars in thousands) Year Ended December 31, 2015 2014 2013 Net sales United States $ 251,129 $ 257,428 $ 241,115 Canada 24,705 28,265 28,388 Consolidated total $ 275,834 $ 285,693 $ 269,503 Long-lived assets United States $ 33,379 $ 39,171 $ 56,162 Canada 2,108 2,417 2,812 Consolidated total $ 35,487 $ 41,588 $ 58,974 |
Summary of Unaudited Quarterl39
Summary of Unaudited Quarterly Results of Operations Summary of Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of unaudited quarterly results | Unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 are summarized below: (Dollars in thousands, except per share data) 2015 Quarter Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Net sales $ 64,961 $ 70,243 $ 70,726 $ 69,904 Gross profit 39,091 43,342 43,808 42,883 Income (loss) from continuing operations (1) $ (3,688 ) $ 2,430 $ 2,926 $ (1,371 ) Income from discontinued operations — — — — Net income (loss) $ (3,688 ) $ 2,430 $ 2,926 $ (1,371 ) Basic income (loss) per share of common stock: Continuing operations $ (0.42 ) $ 0.28 $ 0.34 $ (0.16 ) Discontinued operations — — — — Net income (loss) $ (0.42 ) $ 0.28 $ 0.34 $ (0.16 ) Diluted income (loss) per share of common stock: Continuing operations (2) $ (0.42 ) $ 0.27 $ 0.33 $ (0.16 ) Discontinued operations — — — — Net income (loss) (2) $ (0.42 ) $ 0.27 $ 0.33 $ (0.16 ) (Dollars in thousands, except per share data) 2014 Quarter Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Net sales $ 70,281 $ 74,128 $ 72,080 $ 69,204 Gross profit 42,935 44,533 43,803 41,278 Income (loss) from continuing operations (3) $ (2,997 ) $ 460 $ 798 $ (4,322 ) Income and gain from discontinued operations 325 — — 1,367 Net income (loss) $ (2,672 ) $ 460 $ 798 $ (2,955 ) Basic and diluted income (loss) per share of common stock: Continuing operations $ (0.34 ) $ 0.05 $ 0.09 $ (0.50 ) Discontinued operations (2) 0.03 — — 0.16 Net income (loss) (2) $ (0.31 ) $ 0.05 $ 0.09 $ (0.34 ) (1) Loss from continuing operations for the three months ended December 31, 2015 includes an expense of $0.9 million related to an increase in the estimated future remediation cost of an environmental matter involving land owned in Decatur, Alabama, that was part of a division that was previously sold. (2) The sum of the quarterly earnings per share amounts may 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) Loss from continuing operations for the three months ended March 31, 2014 includes a $2.9 million impairment charge related to the Reno, Nevada distribution center. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||||
Depreciation | $ 4,500 | $ 4,800 | $ 5,400 | |
Amortization expense of capitalized software | $ 3,800 | $ 3,800 | $ 3,500 | |
Treasury stock, shares acquired | 11,261 | 2,256 | 2,691 | |
Property, Plant and Equipment [Line Items] | ||||
Goodwill | $ 300 | |||
Treasury Stock, Value, Acquired, Cost Method | (248) | $ (80) | $ (32) | |
Asset Impairment Charges | $ (2,900) | $ 0 | (3,046) | 0 |
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 | |||
Treasury Stock | ||||
Property, Plant and Equipment [Line Items] | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (248) | $ (80) | $ (32) |
Restricted Cash Restricted Ca41
Restricted Cash Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash [Abstract] | ||
Restricted Cash and Cash Equivalents, Current | $ 800 | $ 800 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of inventories | ||
Total | $ 49,615 | $ 50,063 |
Reserve for obsolete and excess inventory | (5,520) | (5,546) |
Inventories, net | $ 44,095 | $ 44,517 |
Property, Plant and Equipment43
Property, Plant and Equipment Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
non-cash purchase of assets | $ 300 | ||
Property, plant and equipment, gross | 83,364 | $ 82,532 | |
Accumulated depreciation and amortization, | (47,877) | (40,944) | |
Property, plant and equipment, less accumulated depreciation and amortization | 35,487 | 41,588 | $ 58,974 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,692 | 2,701 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,343 | 18,503 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 22,558 | 22,418 | |
Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 19,710 | 18,758 | |
McCook facility | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 12,961 | 12,961 | |
Accumulated depreciation and amortization, | (4,600) | ||
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,693 | 5,703 | |
Capital leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 563 | 302 | |
Accumulated depreciation and amortization, | (300) | ||
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 163 | 168 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 681 | $ 1,018 |
Income Taxes Components of inco
Income Taxes Components of income tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) from continuing operations before income taxes | |||
United States | $ 3,583 | $ (4,355) | $ (6,255) |
Canada | (2,431) | (1,479) | (867) |
Income (loss) from continuing operations before income taxes | 1,152 | (5,834) | (7,122) |
Current income tax expense (benefit): | |||
U.S. Federal | (461) | (377) | (864) |
U.S. state | 75 | 79 | 84 |
Canada | 1,241 | 525 | 639 |
Total | $ 855 | $ 227 | $ (141) |
Income Taxes Reconciliation of
Income Taxes Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory Federal rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | |||
Change in valuation allowance | (86.40%) | (26.90%) | (30.30%) |
Change in uncertain tax positions | 56.20% | (9.00%) | (9.80%) |
Executive life insurance | 2.40% | 2.30% | 5.10% |
State and local taxes, net | 10.40% | 2.80% | 3.20% |
Effective income tax rate reconciliation, alternative minimum tax | 7.60% | 0.00% | 0.00% |
Meals & entertainment | 11.60% | (2.60%) | (1.90%) |
Provision to return differences | 24.40% | (3.20%) | 1.50% |
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Percent | 17.90% | (2.20%) | (1.10%) |
Other items, net | (4.90%) | (0.10%) | 0.30% |
Provision for income taxes | 74.20% | (3.90%) | 2.00% |
Income Taxes Components of defe
Income Taxes Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Compensation and benefits | $ 11,979 | $ 11,926 |
Net operating loss carryforward | 19,336 | 20,652 |
Inventory reserve | 2,726 | 2,723 |
Deferred Tax Assets, Capital Loss Carryforwards | 2,210 | 0 |
Accounts receivable reserve | 218 | 287 |
Other | 2,073 | 3,372 |
Total deferred tax assets | 38,542 | 38,960 |
Deferred tax liabilities: | ||
Property, plant and equipment | 1,100 | 1,156 |
Other | 875 | 1,078 |
Total deferred liabilities | 1,975 | 2,234 |
Net deferred assets before valuation allowance | 36,567 | 36,726 |
Valuation allowance | (36,516) | (36,675) |
Net deferred assets | 51 | 51 |
Net deferred tax assets: | ||
Net current deferred tax assets | 0 | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 51 | 51 |
Net deferred assets | $ 51 | $ 51 |
Income Taxes Other information
Income Taxes Other information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax (Textual) [Abstract] | |||
Income taxes paid | $ 100 | $ 200 | $ 200 |
Income tax refunds received | 100 | 700 | |
Increase in deferred tax asset valuation allowance | 200 | 800 | 1,600 |
Operating Loss Carryforwards [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | 800 | 1,300 | |
Goodwill | 300 | ||
Income Tax Expense (Benefit) | 500 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | 2,964 | 2,678 | |
Additions for tax positions of current year | 146 | 287 | |
Additions for tax positions of prior years | 26 | 133 | |
Reductions for tax positions of prior years | 0 | (134) | |
Balance at end of year | 3,136 | $ 2,964 | $ 2,678 |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 48,500 | ||
Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards | 500 | ||
US Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 49,800 |
Accrued Expenses and Other Li48
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued compensation | $ 6,289 | $ 9,783 |
Accrued stock based compensation | 6,980 | 7,121 |
Accrued and withheld taxes, other than income taxes | 1,199 | 1,440 |
Reserve for unrecognized tax benefits | 738 | 879 |
Accrued health benefits | 700 | 810 |
Financing lease obligation | 876 | 809 |
Accrued profit sharing | 774 | 582 |
Accrued severance | 697 | 311 |
Other | 7,795 | 9,126 |
Accrued Liabilities, Current | $ 26,048 | $ 30,861 |
Loan Agreement Quarterly Financ
Loan Agreement Quarterly Financial Covenants (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Required Minimum Value [Member] | |
Schedule of minimum EBITDA level achievable on quarterly basis | |
MinTangibleNetWorth | $ 45,000 |
Actual Value [Member] | |
Schedule of minimum EBITDA level achievable on quarterly basis | |
MinTangibleNetWorth | $ 54,021 |
Maximum | Required Minimum Value [Member] | |
Line of Credit Facility [Line Items] | |
EBITDA to Fixed Charges | 1.10 |
Maximum | Actual Value [Member] | |
Line of Credit Facility [Line Items] | |
EBITDA to Fixed Charges | 2.62 |
Minimum | Required Minimum Value [Member] | |
Line of Credit Facility [Line Items] | |
EBITDA to Fixed Charges | 1 |
Minimum | Actual Value [Member] | |
Line of Credit Facility [Line Items] | |
EBITDA to Fixed Charges | 1 |
Loan Agreement Narrative (Detai
Loan Agreement Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ||||
Secured Debt, Current | $ 0 | |||
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 | |||
Line of Credit, Current | $ 925,000 | 925,000 | ||
Credit Facility, remaining borrowing capacity | $ 30,000,000 | 30,000,000 | ||
Interest Paid | $ 500,000 | $ 800,000 | $ 1,100,000 | |
Weighted average interest rate | 3.26% | 3.26% | ||
Letters of Credit Outstanding, Amount | $ 1,500,000 | $ 1,500,000 | ||
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 | $ 40,000,000 | ||
Letter of Credit [Member] | ||||
Credit Facility (Textual) [Abstract] | ||||
Credit facility, borrowing capacity | $ 10,000,000 | $ 10,000,000 |
Reserve for Severance Activity
Reserve for Severance Activity in reserve (Details) - Employee Severance [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reserve for severance and related payments | |||
Balance at beginning of period | $ 311 | $ 1,769 | $ 4,417 |
Charged to earnings current year | 1,273 | 631 | 837 |
Cash paid and exchange rate variance | (887) | (2,089) | (3,485) |
Balance at end of the period | $ 697 | $ 311 | $ 1,769 |
Retirement and Security Bonus52
Retirement and Security Bonus Plans Retirement and Security Bonus Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
401k Employer matching contributions | $ 2.9 | $ 2.9 | $ 2.7 |
Employer contributions, profit sharing retirement plan | 0.8 | 0.6 | 0.1 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash Surrender Value, Fair Value Disclosure | $ 2.2 | ||
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 | $ 0.4 | $ 0.6 | $ 0.7 |
Commitments and Contingencies F
Commitments and Contingencies Future minimum lease payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating leases: | |
2,013 | $ 1,763 |
2,014 | 1,766 |
2,015 | 1,796 |
2,016 | 1,852 |
2,017 | 1,909 |
Thereafter | 4,998 |
Liability | 14,084 |
Financing lease: | |
2,013 | 1,165 |
2,014 | 1,255 |
2,015 | 1,348 |
2,016 | 1,395 |
2,017 | 1,443 |
Thereafter | 2,253 |
Total | 8,859 |
Capital leases: | |
2,013 | 124 |
2,014 | 123 |
2,015 | 95 |
2,016 | 39 |
2,017 | 0 |
Thereafter | 0 |
Total | $ 381 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 1,200 | ||
Total rental expense | 2,000 | $ 1,800 | $ 2,200 |
Total future minimum operating lease payments | 14,084 | ||
Operating Leases, Future Minimum Payments Receivable | 700 | ||
Property, plant and equipment, gross | 83,364 | 82,532 | |
Accumulated depreciation and amortization | $ 47,877 | 40,944 | |
EnvironmentalMonitoringPeriod | 10 years | ||
Environmental Remediation Expense | $ 931 | 340 | $ 0 |
Total future minimum lease payments of McCook facility | 8,859 | ||
Proposed income tax adjustment | 800 | 1,300 | |
Headquarters | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Total future minimum operating lease payments | 8,500 | ||
McCook facility | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Property, plant and equipment, gross | 12,961 | 12,961 | |
Accumulated depreciation and amortization | 4,600 | ||
Capital leases | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Property, plant and equipment, gross | 563 | 302 | |
Accumulated depreciation and amortization | $ 300 | ||
Capitalizable [Domain] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Environmental Exit Costs, Anticipated Cost | 300 | ||
Minimum | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Environmental Exit Costs, Anticipated Cost | 300 | ||
Maximum | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Environmental Exit Costs, Anticipated Cost | $ 1,400 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans Plan Administration (Details) - 2009 Equity Compensation Plan | 12 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grant | 579,000 |
Maximum number of shares per employee | 40,000 |
Stock-Based Compensation Plan56
Stock-Based Compensation Plans Stock Performance Rights (Details) - Stock Performance Rights - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average estimated value of SPRs outstanding (per share) | $ 9.82 | ||
Valuation assumptions: | |||
Expected volatility, minimum, percent | 33.90% | ||
Expected volatility, maximum, percent | 57.20% | ||
Risk-free rate of return, minimum | 0.20% | ||
Risk-free rate of return, maximum | 1.70% | ||
Expected annual dividend | $ 0 | ||
Allocated Share-based Compensation Expense | $ 900,000 | $ 5,500,000 | $ 1,400,000 |
Number of SPRs | |||
Outstanding on December 31, 2014 | 644,691 | ||
Granted | 409,373 | ||
Exercised | (64,300) | ||
Cancelled | (30,265) | ||
Outstanding on December 31, 2015 | 959,499 | 644,691 | |
Exercisable on December 31, 2015 | 462,725 | ||
Weighted Average Exercise Price | |||
Outstanding on December 31, 2014 | $ 14.50 | ||
Granted | 28.17 | ||
Exercised | 11.88 | ||
Cancelled | 33.34 | ||
Outstanding on December 31, 2015 | 19.91 | $ 14.50 | |
Exercisable on December 31, 2015 | $ 14.04 | ||
SPRs outstanding, intrinsic value | $ 6,300,000 | ||
Total unrecognized compensation cost | $ 2,000,000 | ||
Exercised | 204,325 | ||
Unrecognized cost, period for recognition | 1 year 9 months 18 days | ||
Vested in period, fair value | $ 1,900,000 | ||
Weighted average remaining contractual term, SPRs outstanding | 5 years 4 months 24 days | ||
Weighted average remaining contractual term, SPRs exercisable | 4 years 7 months 6 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 | 2 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 | 4 years 6 months |
Stock-Based Compensation Plan57
Stock-Based Compensation Plans Restricted Stock Awards (Details) - Restricted stock awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding on December 31, 2014 | 38,123 | ||
Granted | 22,820 | ||
Exchanged for shares | (29,958) | ||
Outstanding on December 31, 2015 | 30,985 | 38,123 | |
Total unrecognized compensation cost | $ 0.3 | ||
Unrecognized cost, period for recognition | 7 months | ||
Granted | $ 23.01 | ||
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 | $ 0.6 | $ 0.5 | $ 0.6 |
Stock-Based Compensation Plan58
Stock-Based Compensation Plans Market Stock Units (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MSU Expense | $ 500,000 | $ 300,000 | $ 200,000 |
Number of Market Stock Units | |||
Outstanding on December 31, 2014 | 88,600 | ||
Granted | 30,633 | ||
Exchanged for shares | (24,493) | ||
Cancelled | (6,970) | ||
Outstanding on December 31, 2015 | 87,770 | 88,600 | |
Maximum Shares Potentially Issuable | |||
Outstanding on December 31, 2014 | 132,900 | ||
Granted | 45,949 | ||
Exchanged for shares | (36,739) | ||
Cancelled | (10,455) | ||
Outstanding on December 31, 2015 | 131,655 | 132,900 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential Shares From MSU Vest | $ 0 | ||
Trading days | 30 days | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential Shares From MSU Vest | $ 1.50 | ||
Trading days | 60 days |
Stock-Based Compensation Plan59
Stock-Based Compensation Plans Stock Options (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Stock Options | |
Outstanding on December 31, 2014 | shares | 5,910 |
Granted | shares | 40,000 |
Outstanding on December 31, 2015 | shares | 45,910 |
Weighted Average Exercise Price | |
Outstanding on December 31, 2014 | $ / shares | $ 14.04 |
Granted | $ / shares | 28.40 |
Outstanding on December 31, 2015 | $ / shares | $ 26.55 |
Stock-Based Compensation Plan60
Stock-Based Compensation Plans Stock Awards - Stock award | Dec. 31, 2015$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at end of period | shares | 78,000 |
Exercise price of award | $ / shares | $ 10 |
Discontinued Operations Disco61
Discontinued Operations Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, cash received | $ 12,500 | ||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | $ 2,462 | $ 18,534 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 346 | 2,841 | ||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 133 | 980 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 213 | 1,861 | ||||||||
Pre-tax gain on sale of ASMP | 0 | (1,877) | 0 | ||||||||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 0 | 398 | 0 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 1,479 | 0 | ||||||||
Income and gain from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 325 | $ 0 | $ 0 | $ 1,367 | $ 0 | $ 1,692 | $ 1,861 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ 0.03 | $ 0 | $ 0 | $ 0.16 | |||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.20 | $ 0.22 | ||||
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 | $ 0 | $ 346 | $ 2,801 | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $ 0 | $ 0.20 | $ 0.21 | ||||||||
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 | $ 0 | $ 0 | $ 40 | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $ 0 | $ 0 | $ 0.01 |
Sale of Properties (Details)
Sale of Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sale of Properties [Abstract] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 3 | $ 8,307 | $ 38 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (8) | $ (142) | $ 4 |
Other Operating Expenses, Net63
Other Operating Expenses, Net Other Operating Expenses (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | ||||
Impairment of long-lived assets | $ 2,900 | $ 0 | $ 3,046 | $ 0 |
Environmental Remediation Expense | 931 | 340 | 0 | |
Loss on sub-lease | 0 | 0 | 2,928 | |
Employment tax matter | $ 0 | 0 | (400) | |
Tax Matter Settlement | 800 | |||
Term of Lease | 10 years | |||
Ending balance | $ 931 | $ 3,386 | $ 2,528 |
Earnings (Loss) Per Share Ear64
Earnings (Loss) Per Share Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Earnings (loss): | ||||||||||||||||||
Continuing operations | $ (3,688) | $ 2,430 | [1] | $ 2,926 | [1] | $ (1,371) | [1] | $ (2,997) | [2] | $ 460 | [2] | $ 798 | [2] | $ (4,322) | [2] | $ 297 | $ (6,061) | $ (6,981) |
Discontinued operations, net | 0 | 0 | 0 | 0 | 325 | 0 | 0 | 1,367 | 0 | 1,692 | 1,861 | |||||||
Net Income (loss) | $ (3,688) | $ 2,430 | $ 2,926 | $ (1,371) | $ (2,672) | $ 460 | $ 798 | $ (2,955) | $ 297 | $ (4,369) | $ (5,120) | |||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.42) | $ 0.28 | $ 0.34 | $ (0.16) | ||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | ||||||||||||||
Earnings Per Share, Basic | (0.42) | 0.28 | 0.34 | (0.16) | ||||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.42) | 0.27 | 0.33 | (0.16) | $ 0.03 | $ (0.70) | $ (0.81) | |||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0.20 | 0.22 | |||||||||||
Earnings Per Share, Diluted | $ (0.42) | $ 0.27 | $ 0.33 | $ (0.16) | $ 0.03 | $ (0.50) | $ (0.59) | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 8,726,000 | 8,683,000 | 8,634,000 | |||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 150,000 | 0 | 0 | |||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 8,876,000 | 8,683,000 | 8,634,000 | |||||||||||||||
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 | 40,000 | 146,000 | 58,000 | |||||||||||||||
[1] | Loss from continuing operations for the three months ended March 31, 2014 includes a $2.9 million impairment charge related to the Reno, Nevada distribution center. | |||||||||||||||||
[2] | )Loss from continuing operations for the three months ended March 31, 2014 includes a $2.9 million impairment charge related to the Reno, Nevada distribution center. |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Impairment of long-lived assets | $ 2,900 | $ 0 | $ 3,046 | $ 0 | |||||||
Net sales | $ 64,961 | $ 70,243 | $ 70,726 | $ 69,904 | $ 70,281 | $ 74,128 | $ 72,080 | $ 69,204 | 275,834 | 285,693 | 269,503 |
Long-lived assets | 35,487 | 41,588 | 35,487 | 41,588 | 58,974 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 251,129 | 257,428 | 241,115 | ||||||||
Long-lived assets | 33,379 | 39,171 | 33,379 | 39,171 | 56,162 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 24,705 | 28,265 | 28,388 | ||||||||
Long-lived assets | $ 2,108 | $ 2,417 | $ 2,108 | $ 2,417 | $ 2,812 |
Summary of Unaudited Quarterl66
Summary of Unaudited Quarterly Results of Operations Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||
Net sales | $ 64,961 | $ 70,243 | $ 70,726 | $ 69,904 | $ 70,281 | $ 74,128 | $ 72,080 | $ 69,204 | $ 275,834 | $ 285,693 | $ 269,503 | |||||||
Gross profit | 39,091 | 43,342 | 43,808 | 42,883 | 42,935 | 44,533 | 43,803 | 41,278 | 169,124 | 172,549 | 161,295 | |||||||
Income (loss) from continuing operations | (3,688) | 2,430 | [1] | 2,926 | [1] | (1,371) | [1] | (2,997) | [2] | 460 | [2] | 798 | [2] | (4,322) | [2] | 297 | (6,061) | (6,981) |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 325 | 0 | 0 | 1,367 | 0 | 1,692 | 1,861 | |||||||
Net income (loss) | $ (3,688) | $ 2,430 | $ 2,926 | $ (1,371) | $ (2,672) | $ 460 | $ 798 | $ (2,955) | $ 297 | $ (4,369) | $ (5,120) | |||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.42) | $ 0.28 | $ 0.34 | $ (0.16) | ||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | ||||||||||||||
Earnings Per Share, Basic | (0.42) | 0.28 | 0.34 | (0.16) | ||||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.42) | 0.27 | 0.33 | $ (0.16) | $ 0.03 | $ (0.70) | $ (0.81) | |||||||||||
Loss from Continuing Operations, Per Basic and Diluted Share | $ (0.34) | $ 0.05 | $ 0.09 | $ (0.50) | ||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | 0.03 | 0 | 0 | 0.16 | ||||||||||||||
Earnings Per Share, Basic and Diluted | $ (0.31) | $ 0.05 | $ 0.09 | $ (0.34) | ||||||||||||||
Other Disclosures [Abstract] | ||||||||||||||||||
Impairment of long-lived assets | $ 2,900 | $ 0 | $ 3,046 | $ 0 | ||||||||||||||
Loss on sub-lease | $ 0 | $ 0 | $ 2,928 | |||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | $ 0 | $ 0 | $ 0.20 | $ 0.22 | |||||||||||
Earnings Per Share, Diluted | $ (0.42) | $ 0.27 | $ 0.33 | $ (0.16) | $ 0.03 | $ (0.50) | $ (0.59) | |||||||||||
[1] | Loss from continuing operations for the three months ended March 31, 2014 includes a $2.9 million impairment charge related to the Reno, Nevada distribution center. | |||||||||||||||||
[2] | )Loss from continuing operations for the three months ended March 31, 2014 includes a $2.9 million impairment charge related to the Reno, Nevada distribution center. |
Schedule II - Valuation and Q67
Schedule II - Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts: | |||
The roll forward of valuation accounts were as follows: | |||
Balance at beginning of period | $ 733 | $ 828 | $ 1,637 |
Charged to costs and expenses | 353 | 715 | 126 |
Deductions | (543) | (810) | (935) |
Balance at end of period | 543 | 733 | 828 |
Valuation allowance for deferred tax assets: | |||
The roll forward of valuation accounts were as follows: | |||
Balance at beginning of period | 36,675 | 35,834 | 34,278 |
Charged to costs and expenses | (159) | 841 | 1,556 |
Deductions | 0 | 0 | 0 |
Balance at end of period | $ 36,516 | $ 36,675 | $ 35,834 |