Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TOR MINERALS INTERNATIONAL INC | ' |
Entity Central Index Key | '0000842295 | ' |
Trading Symbol | 'torm | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,011,686 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Income Statements (Unaudited) [Abstract] | ' | ' | ' | ' |
NET SALES | $10,870 | $19,914 | $33,029 | $46,830 |
Cost of sales | 9,289 | 16,068 | 28,242 | 36,127 |
GROSS MARGIN | 1,581 | 3,846 | 4,787 | 10,703 |
Technical services and research and development | 135 | 90 | 459 | 273 |
Selling, general and administrative expenses | 1,119 | 1,242 | 3,644 | 3,825 |
(Gain) loss on disposal of assets | ' | -6 | 10 | -6 |
OPERATING INCOME | 327 | 2,520 | 674 | 6,611 |
OTHER EXPENSE: | ' | ' | ' | ' |
Interest expense, net | -103 | -143 | -286 | -397 |
Loss on foreign currency exchange rate | -84 | -24 | -151 | -21 |
Other, net | 6 | ' | 18 | 1 |
Total Other Expense | -181 | -167 | -419 | -417 |
INCOME BEFORE INCOME TAX | 146 | 2,353 | 255 | 6,194 |
Income tax expense | 33 | 516 | 67 | 1,402 |
NET INCOME | 113 | 1,837 | 188 | 4,792 |
Plus: 6% Convertible Debenture Interest Expense | ' | ' | ' | 36 |
Income Available to Common Shareholders | $113 | $1,837 | $188 | $4,828 |
Income per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.04 | $0.62 | $0.06 | $1.77 |
Diluted (in dollars per share) | $0.03 | $0.53 | $0.06 | $1.43 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 3,012 | 2,968 | 2,999 | 2,714 |
Diluted (in shares) | 3,422 | 3,441 | 3,271 | 3,383 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME | $113 | $1,837 | $188 | $4,792 |
Currency translation adjustment, net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment gain (loss) | -265 | 758 | -951 | 540 |
Other comprehensive gain (loss), net of tax | -265 | 758 | -951 | 540 |
COMPREHENSIVE INCOME (LOSS) | ($152) | $2,595 | ($763) | $5,332 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $1,799 | $2,799 |
Trade accounts receivable, net | 4,896 | 3,972 |
Inventories, net | 27,141 | 22,895 |
Other current assets | 956 | 1,822 |
Total current assets | 34,792 | 31,488 |
PROPERTY, PLANT AND EQUIPMENT, net | 23,806 | 22,933 |
OTHER ASSETS | 23 | 25 |
Total Assets | 58,621 | 54,446 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 5,998 | 4,608 |
Accrued expenses | 1,479 | 1,864 |
Notes payable under lines of credit | 2,869 | 2,109 |
Export credit refinancing facility | 3,970 | 394 |
Current deferred tax liability | 173 | 173 |
Current maturities - capital leases | 17 | 33 |
Current maturities of long-term debt - financial institutions | 1,111 | 1,202 |
Total current liabilities | 15,617 | 10,383 |
CAPITAL LEASES | ' | 12 |
LONG-TERM DEBT - FINANCIAL INSTITUTIONS | 1,846 | 2,316 |
DEFERRED TAX LIABILITY | 840 | 1,007 |
Total liabilities | 18,303 | 13,718 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock $1.25 par value: authorized, 6,000 shares; 3,012 shares issued and outstanding at September 30, 2013 and 2,987 shares issued and outstanding at December 31, 2012 | 3,765 | 3,733 |
Additional paid-in capital | 29,338 | 29,017 |
Retained earnings | 3,457 | 3,269 |
Accumulated other comprehensive income: | ' | ' |
Cumulative translation adjustment | 3,758 | 4,709 |
Total shareholders' equity | 40,318 | 40,728 |
Total Liabilities and Shareholders' Equity | $58,621 | $54,446 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $1.25 | $1.25 |
Common stock, shares authorized | 6,000 | 6,000 |
Common stock, shares issued | 3,012 | 2,987 |
Common stock, shares outstanding | 3,012 | 2,987 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $188 | $4,792 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation | 2,355 | 1,842 |
(Gain) loss on disposal of assets | 10 | -6 |
Share-based compensation | 85 | 71 |
Convertible debenture interest expense | ' | 22 |
Deferred income taxes | -123 | 572 |
Change in inventory reserve | -15 | -48 |
Provision for bad debts | 3 | 69 |
Changes in working capital: | ' | ' |
Trade accounts receivables | -903 | -9,499 |
Inventories | -4,996 | -1,553 |
Other current assets | 814 | -788 |
Accounts payable and accrued expenses | 1,135 | 2,684 |
Net cash used in operating activities | -1,447 | -1,842 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant and equipment | -3,529 | -3,068 |
Proceeds from sales of property, plant and equipment | 2 | 8 |
Net cash used in investing activities | -3,527 | -3,060 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net proceeds from lines of credit | 804 | 1,656 |
Net proceeds from export credit refinancing facility | 3,600 | 1,032 |
Net (payments on) proceeds from capital leases | -30 | 5 |
Proceeds from long-term bank debt | 276 | 774 |
Payments on long-term bank debt | -815 | -605 |
Proceeds from the issuance of common stock and exercise of common stock options | 267 | 148 |
Net cash provided by financing activities | 4,102 | 3,010 |
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents | -128 | 69 |
Net decrease in cash and cash equivalents | -1,000 | -1,823 |
Cash and cash equivalents at beginning of year | 2,799 | 3,381 |
Cash and cash equivalents at end of period | 1,799 | 1,558 |
Supplemental cash flow disclosures: | ' | ' |
Interest paid | 286 | 397 |
Income taxes paid | $214 | ' |
Accounting_Policies
Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Accounting Policies | ' | |
Note 1. | Accounting Policies | |
Basis of Presentation and Use of Estimates | ||
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The interim condensed consolidated financial statements include the consolidated accounts of TOR Minerals International, Inc. ("TOR", "we", "us", "our" or the "Company") and its wholly-owned subsidiaries, TOR Processing and Trade, B.V. ("TPT") and TOR Minerals Malaysia, Sdn. Bhd. ("TMM"), with all significant intercompany transactions eliminated. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the consolidated financial position, results of operations and cash flows for the interim periods presented have been made. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, in our Annual Report on Form 10-K filed with the SEC on March 7, 2013. Operating results for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for the year ending December 31, 2013. | ||
Income Taxes | ||
The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. | ||
For the three and nine month periods ended September 30, 2013, income tax expense consisted of federal income tax benefit of approximately $103,000 and $88,000, respectively; state income tax expense of approximately $2,000 and $7,000, respectively; and foreign tax expense of approximately $134,000 and $148,000, respectively. For the three and nine month periods ended September 30, 2012, income tax expense consisted of federal income tax expense of approximately $105,000 and $688,000, respectively; state income tax expense of approximately $3,000 and $8,000, respectively; and foreign tax expense of approximately $408,000 and $706,000, respectively. Taxes are based on an estimated annualized consolidated effective tax rate of 26.3% for the year ended December 31, 2013. | ||
When accounting for uncertainties in income taxes, we evaluate all tax years still subject to potential audit under the applicable state, federal and foreign income tax laws. We are subject to taxation in the United States, Malaysia and The Netherlands. Our federal income tax returns in the United States are subject to examination for the tax years ended December 31, 2010 through December 31, 2012. Our state returns, which are filed in Texas and Ohio, are subject to examination for the tax years ended December 31, 2009 through December 31, 2012. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years ended December 31, 2007 through December 31, 2012. | ||
As of January 1, 2012, we did not have any unrecognized tax benefits and there was no change during the nine month period ended September 30, 2013. In addition, we did not recognize any interest and penalties in our consolidated financial statements during the nine month period ended September 30, 2013. If any interest or penalties related to any income tax liabilities are imposed in future reporting periods, we expect to record both of these items as components of income tax expense. | ||
Recently Adopted and Recently Issued Accounting Standards | ||
On February 5, 2013, the Financial Accounting Standards Board issued an amendment to the disclosure requirements for reporting reclassifications out of accumulated other comprehensive income ("AOCI"). The new requirements were effective for the first interim or annual period beginning after December 15, 2012. The amendment requires companies to present information about reclassification adjustments from accumulated other comprehensive income to the income statement, including the income statement line items affected by the reclassification. The information must be presented in the financial statements in a single note or on the face of the financial statements. The new accounting guidance also requires the disclosure to be cross referenced to other financial statement disclosures for reclassification items that are not reclassified directly to net income in their entirety in the same reporting period. TOR adopted the new requirements in the first quarter of 2013; however, the adoption of this guidance did not have an effect on its consolidated financial position, results of operations or cash flows. | ||
Debt
Debt | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt [Abstract] | ' | ||||
Debt | ' | ||||
Note 2. | Debt | ||||
Long-term Debt - Financial Institutions | |||||
Following is a summary of our long-term debt to financial institutions: | |||||
(Unaudited) | |||||
(In thousands) | September 30, | December 31, | |||
2013 | 2012 | ||||
Fixed Rate term note payable to a U.S. bank, with an interest rate of 5.5% at September 30, 2013, due January 1, 2016, secured by real estate, leasehold improvements, property, plant and equipment, inventory and accounts receivable of our U.S. operation. | $ | 1,013 | $ | 1,309 | |
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2013, due July 1, 2029, secured by TPT's land and office building purchased July 2004. (€260) | 352 | 363 | |||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2013, due January 31, 2030, secured by TPT's land and building purchased January 2005. (€285) | 386 | 395 | |||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% at September 30, 2013, due July 31, 2015, secured by TPT's assets. (€71) | 95 | 143 | |||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.25% at September 30, 2013, due July 5, 2014, secured by TPT's assets. (€159) | 216 | 442 | |||
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 5.2% at September 30, 2013, due March 1, 2015, secured by TMM's property, plant and equipment. (RM 2,917) | 895 | 866 | |||
Total | 2,957 | 3,518 | |||
Less current maturities | 1,111 | 1,202 | |||
Total long-term debt - financial institutions | $ | 1,846 | $ | 2,316 | |
U.S. Operation | |||||
On October 24, 2013, the Company agreed to change the loan agreement with American Bank, N.A. (the "Lender"). Under the terms of the change, the Lender lowered the required ratio of cash flow to debt service to 1.0 to 1.0 as measured on a rolling four quarter basis beginning with the four quarter period ending December 31, 2013 and continuing through the four quarter period ending December 31, 2014. Thereafter, the required ratio of cash flow to debt service shall be 1.25 to 1.0 measured on a rolling four quarter basis as originally detailed in the loan agreement. | |||||
Asian Operation | |||||
On October 25, 2013, TMM entered into an agreement with RHB Bank Berhad ("RHB"), a Malaysian Bank, to amend the banking facility currently in place between TMM & RHB. Under the terms of the agreement, RHB granted a new term loan to TMM in the amount of RM 3,200,000 Malaysian Ringgits ($1,018,300). Under the terms of the agreement, the term loan will be amortized over a period of five (5) years, and the interest rate will be 1.25% per annum above the RHB's base lending rate, which is currently 6.6% per annum. The funds will be used to finance part of the cost of plant improvements to increase efficiency and production capacity. | |||||
On October 25, 2013, TMM entered into an agreement with HSBC Bank Malaysia Berhad ("HSBC"), a Malaysian Bank, to amend the banking facility currently in place between TMM & HSBC. Under the terms of the agreement, HSBC granted a new term loan to TMM in the amount of RM 5,000,000 Malaysian Ringgits ($1,591,090). Under the terms of the agreement, the term loan will be amortized over a period of five (5) years, and the interest rate will be 2.0% per annum above the HSBC's base lending rate, which is currently 6.6% per annum. The funds will be used to finance part of the cost of plant improvements to increase efficiency and production capacity. | |||||
Short-term Debt | |||||
U.S. Operation | |||||
On December 31, 2010, the Company entered into a credit agreement (the "Agreement") with American Bank, N.A. (the "Lender") which established a $1,000,000 line of credit (the "Line"), and on March 1, 2012, the Line was increased from $1,000,000 to $2,000,000. On May 15, 2013, the Company and the Lender entered into the second amendment which extended the maturity date from October 15, 2013 to October 15, 2014 and reduced the minimum interest rate floor from 5.5% to 4.5%. Under the terms of the Agreement, the amount the Company is entitled to borrow under the Line is subject to a borrowing base, which is based on the loan value of the collateral pledged to the Lender to secure the indebtedness owing to the Lender by the Company. Amounts advanced under the Line bear interest at a variable rate equal to one percent per annum point above the Wall Street Journal Prime Rate as such prime rate changes from time to time, with a minimum floor rate of 4.50%. At September 30, 2013, the Company had an outstanding balance on the Line of $700,000. | |||||
Under the terms of the Agreement, the Company must maintain a ratio of cash flow to debt service of at least 1.25 to 1.0 measured on a rolling four quarter basis. At September 30, 2013, the ratio of cash flow to debt service was 1.49 to 1.0. | |||||
European Operation | |||||
On March 20, 2007, TPT, entered into a short-term credit facility (the "Credit Facility") with Rabobank which increased TPT's line of credit from €650,000 to €1,100,000. The Credit Facility was renewed on January 1, 2010 and has no stated maturity date. The Credit Facility, which has a variable interest rate of bank prime plus 2.8% (currently at 3.42%), is secured by TPT's accounts receivable and inventory. At September 30, 2013, TPT had utilized €899,000 ($1,216,000) of its short-term credit facility. | |||||
TPT's loan agreements covering both the Credit Facility and the term loans include subjective acceleration clauses that allow Rabobank to accelerate payment if, in the judgment of the bank, there are adverse changes in our business. We believe that such subjective acceleration clauses are customary in The Netherlands for such borrowings. However, if demand is made by Rabobank, we may be unable to refinance the demanded indebtedness, in which case Rabobank could foreclose on the assets of TPT. | |||||
Asian Operation | |||||
On May 21, 2013, TMM, amended its banking facility with HSBC to extend the maturity date from April 30, 2013 to April 30, 2014. The HSBC facility includes the following in Malaysian Ringgits ("RM"): (1) overdraft of RM 500,000; (2) an import/export line ("ECR") of RM 6,460,000; and (3) a foreign exchange contract limit of RM 5,000,000 ($153,000, $1,983,000 and $1,534,000, respectively). | |||||
On April 17, 2013, TMM amended its banking facility with RHB to extend the maturity date from March 5, 2013 to March 24, 2014. The RHB facility includes the following: (1) an overdraft line of credit up to RM 1,000,000; (2) an ECR of RM 9,300,000; (3) a bank guarantee of RM 1,200,000; and (4) a foreign exchange contract limit of RM 25,000,000 ($307,000, $2,854,000, $368,000 and $7,673,000, respectively). At September 30, 2013, the outstanding balance on the line of credit was RM 700,000 ($215,000) at a current interest rate of 4.83% and RM 2,405,000 ($738,000) was outstanding on the foreign exchange contract at a current interest rate of 2.80%. | |||||
The banking facilities with both HSBC and RHB bear an interest rate on the overdraft facilities at 1.25% over bank prime and the ECR facilities bear interest at 1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad. The ECR, a government supported financing arrangement specifically for exporters, is used by TMM for short-term financing of up to 180 days against customers' and inter-company shipments. At September 30, 2013, the outstanding balance on the ECR facilities was RM 12,935,000 ($3,970,000) at a current interest rate of 5.0%. | |||||
The borrowings under both the HSBC and the RHB short term credit facilities are subject to certain subjective acceleration covenants based on the judgment of the banks and a demand provision that provide that the banks may demand repayment at any time. We believe such a demand provision is customary in Malaysia for such facilities. The loan agreements are secured by TMM's property, plant and equipment. However, if demand is made by HSBC or RHB, we may be unable to refinance the demanded indebtedness, in which case, the lenders could foreclose on the assets of TMM. The credit facilities prohibit TMM from paying dividends, and the HSBC facility further prohibits loans to related parties without the prior consent of HSBC. | |||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
Note 3. | Fair Value Measurements | ||||||||
The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2012 and September 30, 2013. | |||||||||
Fair Value Measurements | |||||||||
(In thousands) | Total | Quoted Prices | Significant | Significant | |||||
in Active | Other | Unobservable | |||||||
Markets | Observable | Inputs | |||||||
(Level 1) | Inputs | (Level 3) | |||||||
(Level 2) | |||||||||
Liability | |||||||||
31-Dec-12 | |||||||||
Currency forward contracts | $ | -1 | $ | - | $ | -1 | $ | - | |
30-Sep-13 | |||||||||
Currency forward contracts | $ | -23 | $ | - | $ | -23 | $ | - | |
Our foreign currency derivative financial instruments mitigate foreign currency exchange risks and include forward contracts. The forward contracts are marked-to-market at each balance sheet date with any resulting gain or loss recognized in income as part of the gain or loss on foreign currency exchange rate included under "Other Expense" on the Company's consolidated income statement. The fair value of the currency forward contracts is determined using Level 2 inputs based on the currency rate in effect at the end of the reporting period. | |||||||||
The fair value of the Company's debt is based on estimates using standard pricing models and Level 2 inputs, including the Company's estimated borrowing rate, that take into account the present value of future cash flows as of the consolidated and condensed balance sheet date. The computation of the fair value of these instruments is performed by the Company. The carrying amounts and estimated fair values of the Company's long-term debt, including current maturities, are summarized below: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(In thousands) | Carrying | Fair | Carrying | Fair | |||||
Value | Value | Value | Value | ||||||
Long-term debt, including | $ | 2,957 | $ | 2,883 | $ | 3,518 | $ | 3,455 | |
current portion | |||||||||
The carrying amounts reported in the consolidated and condensed balance sheet for cash and cash equivalents, trade receivables, payables and accrued liabilities and short-term borrowings approximate fair value due to the short term nature of these instruments. Accordingly, these items have been excluded from the above table. | |||||||||
Capital_Leases
Capital Leases | 9 Months Ended | |
Sep. 30, 2013 | ||
Capital Leases [Abstract] | ' | |
Capital Leases | ' | |
Note 4. | Capital Leases | |
On August 1, 2010, the Company entered into a financial lease agreement with Dell Financial Services for new computer servers. The cost of the equipment under the capital lease, in the amount of $22,000, is included in the consolidated balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at September 30, 2013 was approximately $22,000. The capital lease is in the amount of $20,698 including interest of $1,605 (implicit interest rate 5.3%). The 36 month lease was fully amortized on August 1, 2013. | ||
On September 4, 2011, TPT entered into a financial lease agreement with Diependael Leasing, BV for equipment related to the production of ALUPREM. The cost of the equipment under the capital lease, in the amount of €38,360 ($51,882), is included in the consolidated balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at September 30, 2013 was approximately €25,000 ($33,800). The capital lease is in the amount of €41,256 ($55,799) including interest of €2,896 ($3,917) (implicit interest rate 4.786%). The lease term is 36 months with equal monthly installments of €1,146 ($1,550). The net present value of the lease at September 30, 2013 was €12,310 ($17,000). | ||
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings per Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Calculation of Basic and Diluted Earnings per Share[Abstract] | ' | ||||||||
Calculation of Basic and Diluted Earnings per Share | ' | ||||||||
Note 5. | Calculation of Basic and Diluted Earnings per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
(in thousands, except per share amounts) | Three Months | Nine Months | |||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Numerator: | |||||||||
Net Income | $ | 113 | $ | 1,837 | $ | 188 | $ | 4,792 | |
Numerator for basic earnings per share - | 113 | 1,837 | 188 | 4,792 | |||||
income available to common shareholders | |||||||||
Effect of dilutive securities: | |||||||||
6% Convertible Debenture Interest Expense | - | - | - | 36 | |||||
Numerator for diluted income per share - | $ | 113 | $ | 1,837 | $ | 188 | $ | 4,828 | |
income available to common shareholders | |||||||||
after assumed conversions | |||||||||
Denominator: | |||||||||
Denominator for basic income per share - | 3,012 | 2,968 | 2,999 | 2,714 | |||||
weighted-average shares | |||||||||
Effect of dilutive securities: | |||||||||
Employee stock options | 8 | 25 | 2 | 33 | |||||
Detachable warrants | 402 | 448 | 270 | 454 | |||||
6% Convertible Debenture | - | - | - | 182 | |||||
Dilutive potential common shares | 410 | 473 | 272 | 669 | |||||
Denominator for diluted income per share - | 3,422 | 3,441 | 3,271 | 3,383 | |||||
weighted-average shares and assumed conversions | |||||||||
Basic income per common share | $ | 0.04 | $ | 0.62 | $ | 0.06 | $ | 1.77 | |
Diluted income per common share | $ | 0.03 | $ | 0.53 | $ | 0.06 | $ | 1.43 | |
For the three and nine month periods ended September 30, 2013 and 2012, approximately 88,000 and 45,000, respectively, of shares issuable upon exercise of employee stock options were excluded from the calculation of diluted earnings per share as the exercise price was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive. | |||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Information | ' | ||||||||||
Note 6. | Segment Information | ||||||||||
The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments. All United States manufacturing is done at the facility located in Corpus Christi, Texas. Foreign manufacturing is done by the Company's wholly-owned subsidiaries, TMM, located in Malaysia, and TPT, located in The Netherlands. A summary of the Company's manufacturing operations by geographic area is presented below: | |||||||||||
(In thousands) | United States | Europe | Asia | Inter-Company | Consolidated | ||||||
(Corpus Christi) | (TPT) | (TMM) | Eliminations | ||||||||
As of and for the three months ended: | |||||||||||
30-Sep-13 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 7,680 | $ | 2,124 | $ | 1,066 | $ | - | $ | 10,870 | |
Intercompany sales | 53 | 1,674 | 1,703 | -3,430 | - | ||||||
Total Net Sales | $ | 7,733 | $ | 3,798 | $ | 2,769 | $ | -3,430 | $ | 10,870 | |
Location income (loss) | $ | -389 | $ | 353 | $ | 80 | $ | 69 | $ | 113 | |
30-Sep-12 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 8,592 | $ | 1,645 | $ | 9,677 | $ | - | $ | 19,914 | |
Intercompany sales | 11 | 1,910 | 1,379 | -3,300 | - | ||||||
Total Net Sales | $ | 8,603 | $ | 3,555 | $ | 11,056 | $ | -3,300 | $ | 19,914 | |
Location income | $ | 447 | $ | 293 | $ | 1,195 | $ | -98 | $ | 1,837 | |
As of and for the nine months ended: | |||||||||||
30-Sep-13 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 23,264 | $ | 6,300 | $ | 3,465 | $ | - | $ | 33,029 | |
Intercompany sales | 110 | 4,997 | 7,342 | -12,449 | - | ||||||
Total Net Sales | $ | 23,374 | $ | 11,297 | $ | 10,807 | $ | -12,449 | $ | 33,029 | |
Location income (loss) | $ | -361 | $ | 618 | $ | -113 | $ | 44 | $ | 188 | |
Location assets | $ | 21,048 | $ | 11,305 | $ | 26,268 | $ | - | $ | 58,621 | |
30-Sep-12 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 26,030 | $ | 5,818 | $ | 14,982 | $ | - | $ | 46,830 | |
Intercompany sales | 52 | 4,735 | 7,350 | -12,137 | - | ||||||
Total Net Sales | $ | 26,082 | $ | 10,553 | $ | 22,332 | $ | -12,137 | $ | 46,830 | |
Location income | $ | 2,036 | $ | 585 | $ | 2,322 | $ | -151 | $ | 4,792 | |
Location assets | $ | 19,053 | $ | 10,306 | $ | 30,485 | $ | - | $ | 59,844 | |
Product sales of inventory between U.S., European and Asian operations are based on inter-company pricing, which includes an inter-company profit margin. In the geographic information, the location loss from all locations is reflective of these inter-company prices, as is inventory at the U.S. operation prior to elimination adjustments. Such presentation is consistent with the internal reporting reviewed by the Company's chief operating decision maker. The elimination entries include an adjustment to the cost of sales resulting from the adjustment to ending inventory to eliminate inter-company profit, and the reversal of a similar adjustment from a prior period. To the extent there are net increases or declines period over period in U.S. inventories that include an inter-company component, the net effect of these adjustments can decrease or increase location profit. | |||||||||||
Sales from the subsidiary to the Company and between subsidiaries are based upon profit margins which represent competitive pricing of similar products. Inter-company sales consisted of SR, HITOX, ALUPREM and TIOPREM. | |||||||||||
Stock_Options_and_Equity_Compe
Stock Options and Equity Compensation Plan | 9 Months Ended | |
Sep. 30, 2013 | ||
Stock Options and Equity Compensation Plan [Abstract] | ' | |
Stock Options and Equity Compensation Plan | ' | |
Note 7. | Stock Options and Equity Compensation Plan | |
The Company granted 21,000 options during each of the nine month periods ended September 30, 2013 and 2012. | ||
As of September 30, 2013, there was approximately $390,000 of stock-based employee compensation expense related to non-vested awards which is expected to be recognized over a weighted average period of 3.42 years. | ||
As most options issued under the 2000 Incentive Plan are incentive stock options, the Company does not normally receive significant excess tax benefits relating to the compensation expense recognized on vested options | ||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 8. | Inventories | ||||||||
A summary of inventory follows: | |||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Raw materials | $ | 17,652 | $ | 14,002 | |||||
Work in progress | 2,837 | 2,848 | |||||||
Finished goods | 5,698 | 5,238 | |||||||
Supplies | 1,028 | 868 | |||||||
Total Inventories | 27,215 | 22,956 | |||||||
Inventory reserve | -74 | -61 | |||||||
Net Inventories | $ | 27,141 | $ | 22,895 |
Derivatives_and_Other_Financia
Derivatives and Other Financial Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivatives and Other Financial Instruments [Abstract] | ' | ||||||||||
Derivatives and Other Financial Instruments | ' | ||||||||||
Note 9. | Derivatives and Other Financial Instruments | ||||||||||
The Company has exposure to certain risks relating to its ongoing business operations, including financial, market, political and economic risks. The following discussion provides information regarding our exposure to the risks of changing foreign currency exchange rates. The Company has not entered into foreign currency contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future. | |||||||||||
Foreign Currency Forward Contracts | |||||||||||
We manage the risk of changes in foreign currency exchange rates, primarily at our Asian Operation, through the use of foreign currency contracts. Foreign exchange contracts are used to protect the Company from the risk that the eventual cash flows resulting from transactions in foreign currencies, including sales and purchases transacted in a currency other than the functional currency, will be adversely affected by changes in exchange rates. We report the fair value of the derivatives on our consolidated and condensed balance sheets and changes in the fair value are recognized in earnings in the period of the change. | |||||||||||
At September 30, 2013, we marked these contracts to market, recording $23,000 as a current liability on the consolidated and condensed balance sheet. For the three and nine month periods ended September 30, 2013, we recorded a net loss on these contracts of $23,000 and a net gain of $1,000, respectively, as a component of our net income. For the three and nine month periods ended September 30, 2012, we recorded a net gain of $88,000 and $75,000, respectively, as a component of our net income. | |||||||||||
The following table summarizes the gross fair market value of all derivative instruments, which are not designated as hedging instruments and their location in our Condensed Consolidated Balance Sheet: | |||||||||||
(In thousands) | |||||||||||
Liability Derivatives | |||||||||||
September 30, | December 31, | ||||||||||
Derivative Instrument | Location | 2013 | 2012 | ||||||||
Foreign Currency Exchange Contracts | Accrued Expenses | $ | 23 | $ | 1 | ||||||
The following table summarizes the impact of the Company's derivatives on the condensed consolidated financial statements of operations for the three and nine month periods ended September 30, 2013 and 2012: | |||||||||||
Amount of Gain (Loss) Recognized in Income | |||||||||||
(In thousands) | |||||||||||
Location of Gain | Three Months Ended | Nine Months Ended | |||||||||
Derivative | (Loss) on Derivative | September 30, | September 30, | ||||||||
Instrument | Instrument | 2013 | 2012 | 2013 | 2012 | ||||||
Foreign Currency | Loss on foreign currency | $ | -23 | $ | 88 | $ | 1 | $ | 75 | ||
Exchange Contracts | exchange rate | ||||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Use of Estimates | ' |
Basis of Presentation and Use of Estimates | |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The interim condensed consolidated financial statements include the consolidated accounts of TOR Minerals International, Inc. ("TOR", "we", "us", "our" or the "Company") and its wholly-owned subsidiaries, TOR Processing and Trade, B.V. ("TPT") and TOR Minerals Malaysia, Sdn. Bhd. ("TMM"), with all significant intercompany transactions eliminated. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the consolidated financial position, results of operations and cash flows for the interim periods presented have been made. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, in our Annual Report on Form 10-K filed with the SEC on March 7, 2013. Operating results for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results for the year ending December 31, 2013. | |
Income Taxes | ' |
Income Taxes | |
The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. | |
For the three and nine month periods ended September 30, 2013, income tax expense consisted of federal income tax benefit of approximately $103,000 and $88,000, respectively; state income tax expense of approximately $2,000 and $7,000, respectively; and foreign tax expense of approximately $134,000 and $148,000, respectively. For the three and nine month periods ended September 30, 2012, income tax expense consisted of federal income tax expense of approximately $105,000 and $688,000, respectively; state income tax expense of approximately $3,000 and $8,000, respectively; and foreign tax expense of approximately $408,000 and $706,000, respectively. Taxes are based on an estimated annualized consolidated effective tax rate of 26.3% for the year ended December 31, 2013. | |
When accounting for uncertainties in income taxes, we evaluate all tax years still subject to potential audit under the applicable state, federal and foreign income tax laws. We are subject to taxation in the United States, Malaysia and The Netherlands. Our federal income tax returns in the United States are subject to examination for the tax years ended December 31, 2010 through December 31, 2012. Our state returns, which are filed in Texas and Ohio, are subject to examination for the tax years ended December 31, 2009 through December 31, 2012. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years ended December 31, 2007 through December 31, 2012. | |
As of January 1, 2012, we did not have any unrecognized tax benefits and there was no change during the nine month period ended September 30, 2013. In addition, we did not recognize any interest and penalties in our consolidated financial statements during the nine month period ended September 30, 2013. If any interest or penalties related to any income tax liabilities are imposed in future reporting periods, we expect to record both of these items as components of income tax expense. | |
Recently Adopted and Recently Issued Accounting Standards | ' |
Recently Adopted and Recently Issued Accounting Standards | |
On February 5, 2013, the Financial Accounting Standards Board issued an amendment to the disclosure requirements for reporting reclassifications out of accumulated other comprehensive income ("AOCI"). The new requirements were effective for the first interim or annual period beginning after December 15, 2012. The amendment requires companies to present information about reclassification adjustments from accumulated other comprehensive income to the income statement, including the income statement line items affected by the reclassification. The information must be presented in the financial statements in a single note or on the face of the financial statements. The new accounting guidance also requires the disclosure to be cross referenced to other financial statement disclosures for reclassification items that are not reclassified directly to net income in their entirety in the same reporting period. TOR adopted the new requirements in the first quarter of 2013; however, the adoption of this guidance did not have an effect on its consolidated financial position, results of operations or cash flows. | |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt [Abstract] | ' | ||||
Schedule of Long-term Debt to Financial Institutions | ' | ||||
Following is a summary of our long-term debt to financial institutions: | |||||
(Unaudited) | |||||
(In thousands) | September 30, | December 31, | |||
2013 | 2012 | ||||
Fixed Rate term note payable to a U.S. bank, with an interest rate of 5.5% at September 30, 2013, due January 1, 2016, secured by real estate, leasehold improvements, property, plant and equipment, inventory and accounts receivable of our U.S. operation. | $ | 1,013 | $ | 1,309 | |
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2013, due July 1, 2029, secured by TPT's land and office building purchased July 2004. (€260) | 352 | 363 | |||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2013, due January 31, 2030, secured by TPT's land and building purchased January 2005. (€285) | 386 | 395 | |||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% at September 30, 2013, due July 31, 2015, secured by TPT's assets. (€71) | 95 | 143 | |||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.25% at September 30, 2013, due July 5, 2014, secured by TPT's assets. (€159) | 216 | 442 | |||
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 5.2% at September 30, 2013, due March 1, 2015, secured by TMM's property, plant and equipment. (RM 2,917) | 895 | 866 | |||
Total | 2,957 | 3,518 | |||
Less current maturities | 1,111 | 1,202 | |||
Total long-term debt - financial institutions | $ | 1,846 | $ | 2,316 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Schedule of Valuation of Financial Instruments Recorded on a Fair Value Basis | ' | ||||||||
The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2012 and September 30, 2013. | |||||||||
Fair Value Measurements | |||||||||
(In thousands) | Total | Quoted Prices | Significant | Significant | |||||
in Active | Other | Unobservable | |||||||
Markets | Observable | Inputs | |||||||
(Level 1) | Inputs | (Level 3) | |||||||
(Level 2) | |||||||||
Liability | |||||||||
31-Dec-12 | |||||||||
Currency forward contracts | $ | -1 | $ | - | $ | -1 | $ | - | |
30-Sep-13 | |||||||||
Currency forward contracts | $ | -23 | $ | - | $ | -23 | $ | - | |
Schedule of Carrying Amounts and Estimated Fair Values | ' | ||||||||
The carrying amounts and estimated fair values of the Company's long-term debt, including current maturities, are summarized below: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(In thousands) | Carrying | Fair | Carrying | Fair | |||||
Value | Value | Value | Value | ||||||
Long-term debt, including | $ | 2,957 | $ | 2,883 | $ | 3,518 | $ | 3,455 | |
current portion | |||||||||
Calculation_of_Basic_and_Dilut1
Calculation of Basic and Diluted Earnings per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Calculation of Basic and Diluted Earnings per Share[Abstract] | ' | ||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
(in thousands, except per share amounts) | Three Months | Nine Months | |||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Numerator: | |||||||||
Net Income | $ | 113 | $ | 1,837 | $ | 188 | $ | 4,792 | |
Numerator for basic earnings per share - | 113 | 1,837 | 188 | 4,792 | |||||
income available to common shareholders | |||||||||
Effect of dilutive securities: | |||||||||
6% Convertible Debenture Interest Expense | - | - | - | 36 | |||||
Numerator for diluted income per share - | $ | 113 | $ | 1,837 | $ | 188 | $ | 4,828 | |
income available to common shareholders | |||||||||
after assumed conversions | |||||||||
Denominator: | |||||||||
Denominator for basic income per share - | 3,012 | 2,968 | 2,999 | 2,714 | |||||
weighted-average shares | |||||||||
Effect of dilutive securities: | |||||||||
Employee stock options | 8 | 25 | 2 | 33 | |||||
Detachable warrants | 402 | 448 | 270 | 454 | |||||
6% Convertible Debenture | - | - | - | 182 | |||||
Dilutive potential common shares | 410 | 473 | 272 | 669 | |||||
Denominator for diluted income per share - | 3,422 | 3,441 | 3,271 | 3,383 | |||||
weighted-average shares and assumed conversions | |||||||||
Basic income per common share | $ | 0.04 | $ | 0.62 | $ | 0.06 | $ | 1.77 | |
Diluted income per common share | $ | 0.03 | $ | 0.53 | $ | 0.06 | $ | 1.43 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Summary of the Company's Manufacturing Operations by Geographic Area | ' | ||||||||||
A summary of the Company's manufacturing operations by geographic area is presented below: | |||||||||||
(In thousands) | United States | Europe | Asia | Inter-Company | Consolidated | ||||||
(Corpus Christi) | (TPT) | (TMM) | Eliminations | ||||||||
As of and for the three months ended: | |||||||||||
30-Sep-13 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 7,680 | $ | 2,124 | $ | 1,066 | $ | - | $ | 10,870 | |
Intercompany sales | 53 | 1,674 | 1,703 | -3,430 | - | ||||||
Total Net Sales | $ | 7,733 | $ | 3,798 | $ | 2,769 | $ | -3,430 | $ | 10,870 | |
Location income (loss) | $ | -389 | $ | 353 | $ | 80 | $ | 69 | $ | 113 | |
30-Sep-12 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 8,592 | $ | 1,645 | $ | 9,677 | $ | - | $ | 19,914 | |
Intercompany sales | 11 | 1,910 | 1,379 | -3,300 | - | ||||||
Total Net Sales | $ | 8,603 | $ | 3,555 | $ | 11,056 | $ | -3,300 | $ | 19,914 | |
Location income | $ | 447 | $ | 293 | $ | 1,195 | $ | -98 | $ | 1,837 | |
As of and for the nine months ended: | |||||||||||
30-Sep-13 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 23,264 | $ | 6,300 | $ | 3,465 | $ | - | $ | 33,029 | |
Intercompany sales | 110 | 4,997 | 7,342 | -12,449 | - | ||||||
Total Net Sales | $ | 23,374 | $ | 11,297 | $ | 10,807 | $ | -12,449 | $ | 33,029 | |
Location income (loss) | $ | -361 | $ | 618 | $ | -113 | $ | 44 | $ | 188 | |
Location assets | $ | 21,048 | $ | 11,305 | $ | 26,268 | $ | - | $ | 58,621 | |
30-Sep-12 | |||||||||||
Net Sales: | |||||||||||
Customer sales | $ | 26,030 | $ | 5,818 | $ | 14,982 | $ | - | $ | 46,830 | |
Intercompany sales | 52 | 4,735 | 7,350 | -12,137 | - | ||||||
Total Net Sales | $ | 26,082 | $ | 10,553 | $ | 22,332 | $ | -12,137 | $ | 46,830 | |
Location income | $ | 2,036 | $ | 585 | $ | 2,322 | $ | -151 | $ | 4,792 | |
Location assets | $ | 19,053 | $ | 10,306 | $ | 30,485 | $ | - | $ | 59,844 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
A summary of inventory follows: | |||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Raw materials | $ | 17,652 | $ | 14,002 | |||||
Work in progress | 2,837 | 2,848 | |||||||
Finished goods | 5,698 | 5,238 | |||||||
Supplies | 1,028 | 868 | |||||||
Total Inventories | 27,215 | 22,956 | |||||||
Inventory reserve | -74 | -61 | |||||||
Net Inventories | $ | 27,141 | $ | 22,895 |
Derivatives_and_Other_Financia1
Derivatives and Other Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivatives and Other Financial Instruments [Abstract] | ' | ||||||||||
Schedule of Gross Fair Market Value of Derivative Instruments | ' | ||||||||||
The following table summarizes the gross fair market value of all derivative instruments, which are not designated as hedging instruments and their location in our Condensed Consolidated Balance Sheet: | |||||||||||
(In thousands) | |||||||||||
Liability Derivatives | |||||||||||
September 30, | December 31, | ||||||||||
Derivative Instrument | Location | 2013 | 2012 | ||||||||
Foreign Currency Exchange Contracts | Accrued Expenses | $ | 23 | $ | 1 | ||||||
Schedule of Gain (Loss) Recognized in Income | ' | ||||||||||
The following table summarizes the impact of the Company's derivatives on the condensed consolidated financial statements of operations for the three and nine month periods ended September 30, 2013 and 2012: | |||||||||||
Amount of Gain (Loss) Recognized in Income | |||||||||||
(In thousands) | |||||||||||
Location of Gain | Three Months Ended | Nine Months Ended | |||||||||
Derivative | (Loss) on Derivative | September 30, | September 30, | ||||||||
Instrument | Instrument | 2013 | 2012 | 2013 | 2012 | ||||||
Foreign Currency | Loss on foreign currency | $ | -23 | $ | 88 | $ | 1 | $ | 75 | ||
Exchange Contracts | exchange rate | ||||||||||
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Federal income tax benefit (expense) | $103,000 | ($105,000) | $88,000 | ($688,000) |
State income tax expense | -2,000 | -3,000 | -7,000 | -8,000 |
Foreign tax expense | ($134,000) | ($408,000) | ($148,000) | ($706,000) |
Estimated annualized consolidated effective tax rate for year 2013 | ' | ' | 26.30% | ' |
Debt_Summary_of_Longterm_Debt_
Debt (Summary of Long-term Debt to Financial Institutions) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Fixed rate term note payable to a U.S. bank, with an interest rate of 5.5% due January 1, 2016 [Member] | Fixed rate term note payable to a U.S. bank, with an interest rate of 5.5% due January 1, 2016 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% due July 1, 2029 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% due July 1, 2029 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% due July 1, 2029 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% due January 31, 2030 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% due January 31, 2030 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% due January 31, 2030 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% due July 31, 2015 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% due July 31, 2015 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% due July 31, 2015 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.25% due July 5, 2014 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.25% due July 5, 2014 [Member] | Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.25% due July 5, 2014 [Member] | Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 5.2% due March 1, 2015 [Member] | Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 5.2% due March 1, 2015 [Member] | Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 5.2% due March 1, 2015 [Member] |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | MYR | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on note payable | ' | ' | 5.50% | ' | 3.85% | 3.85% | ' | 3.30% | 3.30% | ' | 4.05% | 4.05% | ' | 4.25% | 4.25% | ' | 5.20% | 5.20% | ' |
Maturity date | ' | ' | 1-Jan-16 | ' | 1-Jul-29 | 1-Jul-29 | ' | 31-Jan-30 | 31-Jan-30 | ' | 31-Jul-15 | 31-Jul-15 | ' | 5-Jul-14 | 5-Jul-14 | ' | 1-Mar-15 | 1-Mar-15 | ' |
Total | $2,957 | $3,518 | $1,013 | $1,309 | $352 | € 260 | $363 | $386 | € 285 | $395 | $95 | € 71 | $143 | $216 | € 159 | $442 | $895 | 2,917 | $866 |
Less current maturities | 1,111 | 1,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt - financial institutions | $1,846 | $2,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Longterm_Debt_Narrative_D
Debt (Long-term Debt Narrative) (Details) | 1 Months Ended | 1 Months Ended | |||||
Oct. 31, 2013 | Oct. 31, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 31, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | |
American Bank, N.A. [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | |
USD ($) | MYR | USD ($) | MYR | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt issued | ' | ' | $1,018,300 | 3,200,000 | ' | $1,591,090 | 5,000,000 |
Current ratio of cash flow to debt service maintained by the company | '1.0 to 1.0 | ' | ' | ' | ' | ' | ' |
Standard ratio of cash flow to debt service must be maintained by the company | '1.25 to 1.0 | ' | ' | ' | ' | ' | ' |
Amount of interest per annum above base lending rate | ' | 1.25% | ' | ' | 2.00% | ' | ' |
Base lending rate | ' | ' | 6.60% | 6.60% | ' | 6.60% | 6.60% |
Amortization period | ' | '5 years | ' | ' | '5 years | ' | ' |
Debt_Shortterm_Debt_Narrative_
Debt (Short-term Debt Narrative) (Details) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||
31-May-13 | 31-May-13 | Dec. 31, 2010 | Sep. 30, 2013 | 15-May-13 | Mar. 01, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 20, 2007 | Sep. 30, 2013 | 21-May-13 | 21-May-13 | Sep. 30, 2013 | Apr. 17, 2013 | Apr. 17, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 21-May-13 | 21-May-13 | Sep. 30, 2013 | Apr. 17, 2013 | Apr. 17, 2013 | 21-May-13 | 21-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 17, 2013 | Apr. 17, 2013 | Apr. 17, 2013 | Apr. 17, 2013 | |
Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Overdraft facility [Member] | Overdraft facility [Member] | Overdraft facility [Member] | Overdraft facility [Member] | Overdraft facility [Member] | Overdraft facility [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Import/export line ("ECR") [Member] | Foreign exchange contract limit [Member] | Foreign exchange contract limit [Member] | Foreign exchange contract limit [Member] | Foreign exchange contract limit [Member] | Foreign exchange contract limit [Member] | Foreign exchange contract limit [Member] | Bank guarantee [Member] | Bank guarantee [Member] | |
HSBC Bank Malaysia Berhad [Member] | American Bank [Member] | American Bank [Member] | American Bank [Member] | American Bank [Member] | American Bank [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | Rabobank [Member] | Rabobank [Member] | Rabobank [Member] | Rabobank [Member] | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | USD ($) | MYR | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | HSBC Bank Malaysia Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | RHB Bank Berhad [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | MYR | EUR (€) | USD ($) | MYR | EUR (€) | USD ($) | MYR | USD ($) | MYR | USD ($) | MYR | USD ($) | MYR | USD ($) | MYR | USD ($) | MYR | USD ($) | MYR | USD ($) | MYR | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum credit facility | ' | ' | $1,000,000 | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | € 650,000 | ' | $153,000 | 500,000 | ' | $307,000 | 1,000,000 | ' | ' | ' | $1,983,000 | 6,460,000 | ' | $2,854,000 | 9,300,000 | $1,534,000 | 5,000,000 | ' | ' | $7,673,000 | 25,000,000 | $368,000 | 1,200,000 |
Outstanding balance | ' | ' | ' | 700,000 | ' | ' | 215,000 | 700,000 | ' | 1,216,000 | 899,000 | ' | ' | ' | ' | ' | ' | ' | 3,970,000 | 12,935,000 | ' | ' | ' | ' | ' | ' | ' | ' | 738,000 | 2,405,000 | ' | ' | ' | ' |
Increase in line of credit | ' | ' | ' | ' | ' | ' | ' | ' | € 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | 30-Apr-14 | 15-Oct-14 | 15-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum floor rate for line of credit | ' | ' | 5.50% | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio of cash flow to debt service maintained by the company | ' | ' | ' | '1.49 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standard ratio of cash flow to debt service must be maintained by the company | ' | ' | '1.25 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current interest rate | ' | ' | ' | ' | ' | ' | 4.83% | 4.83% | ' | ' | ' | 3.42% | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | 2.80% | 2.80% | ' | ' | ' | ' |
Variable interest of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 2.80% | ' | ' | ' | 1.25% | ' | ' | 1.25% | ' | ' | ' | ' | 1.00% | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Valuation of Financial Instruments Recorded on a Fair Value Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Liability for foreign currency derivative financial instruments (including forward contracts) | ($23) | ($1) |
Quoted Prices in Active Markets for Identical Items (Level 1) | ' | ' |
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Liability for foreign currency derivative financial instruments (including forward contracts) | ' | ' |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Liability for foreign currency derivative financial instruments (including forward contracts) | -23 | -1 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Liability for foreign currency derivative financial instruments (including forward contracts) | ' | ' |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Carrying Amounts and Estimated Fair Values) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, including current portion | $2,957 | $3,518 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, including current portion | $2,883 | $3,455 |
Capital_Leases_Details
Capital Leases (Details) | 9 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Aug. 01, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 04, 2011 | Sep. 04, 2011 | |
Dell Financial Services | Dell Financial Services | Diependael Leasing | Diependael Leasing | Diependael Leasing | Diependael Leasing | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | |
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Cost of the equipment under the capital lease | ' | $22,000 | ' | ' | $51,882 | € 38,360 |
Accumulated amortization of the leased equipment | 22,000 | ' | 33,800 | 25,000 | ' | ' |
Capital lease amount | 20,698 | ' | 55,799 | 41,256 | ' | ' |
Interest on capital lease | 1,605 | ' | 3,917 | 2,896 | ' | ' |
Implicit interest rate | 5.30% | ' | 4.79% | 4.79% | ' | ' |
Lease term | '36 months | ' | '36 months | '36 months | ' | ' |
Equal monthly installments | ' | ' | 1,550 | 1,146 | ' | ' |
Net present value of the lease | ' | ' | $17,000 | € 12,310 | ' | ' |
Calculation_of_Basic_and_Dilut2
Calculation of Basic and Diluted Earnings per Share (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net Income | $113 | $1,837 | $188 | $4,792 |
Numerator for basic earnings per share - income available to common shareholders | 113 | 1,837 | 188 | 4,792 |
Effect of dilutive securities: | ' | ' | ' | ' |
6% Convertible debenture interest expense | ' | ' | ' | 36 |
Numerator for diluted income per share - income available to common shareholders after assumed conversions | $113 | $1,837 | $188 | $4,828 |
Denominator: | ' | ' | ' | ' |
Denominator for basic income per share - weighted-average shares | 3,012 | 2,968 | 2,999 | 2,714 |
Effect of dilutive securities: | ' | ' | ' | ' |
Employee stock options | 8 | 25 | 2 | 33 |
Detachable warrants | 402 | 448 | 270 | 454 |
6% Convertible debenture | ' | ' | ' | 182 |
Dilutive potential common shares | 410 | 473 | 272 | 669 |
Denominator for diluted income per share - weighted-average shares and assumed conversions | 3,422 | 3,441 | 3,271 | 3,383 |
Basic income per common share (in dollars per share) | $0.04 | $0.62 | $0.06 | $1.77 |
Diluted income per common share (in dollars per share) | $0.03 | $0.53 | $0.06 | $1.43 |
Calculation_of_Basic_and_Dilut3
Calculation of Basic and Diluted Earnings per Share (Narrative) (Details) (Stock options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 88,000 | 88,000 | 45,000 | 45,000 |
Segment_Information_Schedule_o
Segment Information (Schedule of Summary of Manufacturing Operations by Geographic Area) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | $10,870 | $19,914 | $33,029 | $46,830 | ' |
Location income (loss) | 113 | 1,837 | 188 | 4,792 | ' |
Location assets | 58,621 | 59,844 | 58,621 | 59,844 | 54,446 |
Customer sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 10,870 | 19,914 | 33,029 | 46,830 | ' |
Intercompany sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' |
Operating Segments [Member] | United States (Corpus Christi) [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 7,733 | 8,603 | 23,374 | 26,082 | ' |
Location income (loss) | -389 | 447 | -361 | 2,036 | ' |
Location assets | 21,048 | 19,053 | 21,048 | 19,053 | ' |
Operating Segments [Member] | United States (Corpus Christi) [Member] | Customer sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 7,680 | 8,592 | 23,264 | 26,030 | ' |
Operating Segments [Member] | United States (Corpus Christi) [Member] | Intercompany sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 53 | 11 | 110 | 52 | ' |
Operating Segments [Member] | Europe (TPT) [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 3,798 | 3,555 | 11,297 | 10,553 | ' |
Location income (loss) | 353 | 293 | 618 | 585 | ' |
Location assets | 11,305 | 10,306 | 11,305 | 10,306 | ' |
Operating Segments [Member] | Europe (TPT) [Member] | Customer sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 2,124 | 1,645 | 6,300 | 5,818 | ' |
Operating Segments [Member] | Europe (TPT) [Member] | Intercompany sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 1,674 | 1,910 | 4,997 | 4,735 | ' |
Operating Segments [Member] | Asia (TMM) [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 2,769 | 11,056 | 10,807 | 22,332 | ' |
Location income (loss) | 80 | 1,195 | -113 | 2,322 | ' |
Location assets | 26,268 | 30,485 | 26,268 | 30,485 | ' |
Operating Segments [Member] | Asia (TMM) [Member] | Customer sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 1,066 | 9,677 | 3,465 | 14,982 | ' |
Operating Segments [Member] | Asia (TMM) [Member] | Intercompany sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 1,703 | 1,379 | 7,342 | 7,350 | ' |
Inter-Company Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | -3,430 | -3,300 | -12,449 | -12,137 | ' |
Location income (loss) | 69 | -98 | 44 | -151 | ' |
Location assets | ' | ' | ' | ' | ' |
Inter-Company Eliminations [Member] | Customer sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' |
Inter-Company Eliminations [Member] | Intercompany sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | ($3,430) | ($3,300) | ($12,449) | ($12,137) | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of geographic segments | 3 |
Stock_Options_and_Equity_Compe1
Stock Options and Equity Compensation Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based employee compensation expense | $23,000 | $13,000 | $85,000 | $71,000 |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized stock-based employee compensation expense | $390,000 | ' | $390,000 | ' |
Unrecognized compensation cost weighted average recognition period | ' | ' | '3 years 5 months 1 day | ' |
Number of options granted to purchase shares of common stock | ' | ' | 21,000 | 21,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $17,652 | $14,002 |
Work in progress | 2,837 | 2,848 |
Finished goods | 5,698 | 5,238 |
Supplies | 1,028 | 868 |
Total Inventories | 27,215 | 22,956 |
Inventory reserve | -74 | -61 |
Net Inventories | $27,141 | $22,895 |
Derivatives_and_Other_Financia2
Derivatives and Other Financial Instruments (Schedule of Gross fair Market Value of Derivative Instruments) (Details) (Foreign Currency Exchange Contracts [Member], Accrued Expenses [Member], Not designated as hedging instrument [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Foreign Currency Exchange Contracts [Member] | Accrued Expenses [Member] | Not designated as hedging instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability, Fair value gross liability | $23 | $1 |
Derivatives_and_Other_Financia3
Derivatives and Other Financial Instruments (Schedule of Gain (Loss) Recognized in Income) (Details) (Foreign Currency Exchange Contracts [Member], Other Expense: Gain (loss) on foreign currency exchange rate [Member], Not designated as hedging instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Currency Exchange Contracts [Member] | Other Expense: Gain (loss) on foreign currency exchange rate [Member] | Not designated as hedging instrument [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivatives, (Loss) Gain Recognized in Income | ($23) | $88 | $1 | $75 |
Derivatives_and_Other_Financia4
Derivatives and Other Financial Instruments (Narrative) (Details) (Foreign Currency Exchange Contracts [Member], Not designated as hedging instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Other Expense: Gain (loss) on foreign currency exchange rate [Member] | Other Expense: Gain (loss) on foreign currency exchange rate [Member] | Other Expense: Gain (loss) on foreign currency exchange rate [Member] | Other Expense: Gain (loss) on foreign currency exchange rate [Member] | Accrued Expenses [Member] | Accrued Expenses [Member] | |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Derivatives, (Loss) Gain Recognized in Income | ($23) | $88 | $1 | $75 | ' | ' |
Derivative liability, Fair value gross liability | ' | ' | ' | ' | $23 | $1 |