Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 17, 2015 | Jun. 30, 2014 |
Document And Entity Information | |||
Entity Registrant Name | TOR MINERALS INTERNATIONAL INC | ||
Entity Central Index Key | 842295 | ||
Document Type | 10-K | ||
Trading Symbol | torm | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $12,659 | ||
Entity Common Stock, Shares Outstanding | 3,014,022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||
NET SALES | $46,730 | $46,021 |
Cost of sales | 40,111 | 42,566 |
GROSS MARGIN | 6,619 | 3,455 |
Technical services and research and development | 199 | 652 |
Selling, general and administrative expenses | 4,809 | 4,722 |
Loss on disposal of assets | 2,140 | 10 |
OPERATING LOSS | -529 | -1,929 |
OTHER INCOME (EXPENSE): | ||
Interest expense | -354 | -389 |
Gain (loss) on foreign currency exchange rate | 114 | -140 |
Other, net | 28 | 18 |
Total Other Expense | -212 | -511 |
LOSS BEFORE INCOME TAX | -741 | -2,440 |
Income tax benefit | -187 | -824 |
NET LOSS | ($554) | ($1,616) |
Loss per common share: | ||
Basic (in dollars per share) | ($0.18) | ($0.54) |
Diluted (in dollars per share) | ($0.18) | ($0.54) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 3,014 | 3,002 |
Diluted (in shares) | 3,014 | 3,002 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||
NET LOSS | ($554) | ($1,616) |
Currency translation adjustment, net of tax: | ||
Net foreign currency translation adjustment losses | -2,118 | -948 |
Other comprehensive loss, net of tax | -2,118 | -948 |
COMPREHENSIVE LOSS | ($2,672) | ($2,564) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $2,657 | $2,920 |
Trade accounts receivable, net | 4,915 | 4,526 |
Inventories, net | 20,175 | 20,753 |
Other current assets | 752 | 596 |
Current deferred tax asset, domestic | 37 | 179 |
Current deferred tax asset, foreign | 54 | 59 |
Total current assets | 28,590 | 29,033 |
PROPERTY, PLANT AND EQUIPMENT, net | 18,889 | 23,799 |
DEFERRED TAX ASSET, foreign | 662 | 0 |
OTHER ASSETS | 22 | 23 |
Total Assets | 48,163 | 52,855 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,318 | 3,279 |
Accrued expenses | 1,832 | 1,397 |
Notes payable under lines of credit | 886 | 1,477 |
Export credit refinancing facility | 2,777 | 3,866 |
Current maturities - capital leases | 0 | 12 |
Current maturities of long-term debt - financial institutions | 1,113 | 1,040 |
Total current liabilities | 9,926 | 11,071 |
LONG-TERM DEBT - FINANCIAL INSTITUTIONS | 1,607 | 2,918 |
DEFERRED TAX LIABILITY, domestic | 618 | 236 |
DEFERRED TAX LIABILITY, foreign | 0 | 86 |
Total liabilities | 12,151 | 14,311 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY: | ||
Common stock $1.25 par value: authorized, 6,000 shares; 3,014 shares issued and outstanding at December 31, 2014 and 3,012 shares issued and outstanding at December 31, 2013 | 3,767 | 3,765 |
Additional paid-in capital | 29,503 | 29,365 |
Retained earnings | 1,099 | 1,653 |
Accumulated other comprehensive income: | ||
Cumulative translation adjustment | 1,643 | 3,761 |
Total shareholders' equity | 36,012 | 38,544 |
Total Liabilities and Shareholders' Equity | $48,163 | $52,855 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [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 | 3,014 | 3,012 |
Common stock, shares outstanding | 3,014 | 3,012 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance, beginning at Dec. 31, 2012 | $3,733 | $29,017 | $3,269 | $4,709 | $40,728 |
Balance, beginning, Shares at Dec. 31, 2012 | 2,987 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options | 32 | 239 | 271 | ||
Exercise of stock options, shares | 25 | -25,338 | |||
Share based compensation | 109 | 109 | |||
Net loss | -1,616 | -1,616 | |||
Cumulative Translation Adjustment | -948 | -948 | |||
Balance, ending at Dec. 31, 2013 | 3,765 | 29,365 | 1,653 | 3,761 | 38,544 |
Balance, ending, shares at Dec. 31, 2013 | 3,012 | 3,012 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options | 2 | 10 | 12 | ||
Exercise of stock options, shares | 2 | -1,839 | |||
Share based compensation | 128 | 128 | |||
Net loss | -554 | -554 | |||
Cumulative Translation Adjustment | -2,118 | -2,118 | |||
Balance, ending at Dec. 31, 2014 | $3,767 | $29,503 | $1,099 | $1,643 | $36,012 |
Balance, ending, shares at Dec. 31, 2014 | 3,014 | 3,014 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET LOSS | ($554) | ($1,616) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 3,445 | 3,157 |
Inventory impairment | 0 | 1,329 |
Loss on disposal of assets | 2,140 | 10 |
Share-based compensation | 128 | 109 |
Deferred income tax benefit | -723 | -1,088 |
Provision (benefit) for bad debts | -27 | 7 |
Changes in working capital: | ||
Trade accounts receivables | -556 | -534 |
Inventories | -343 | -5 |
Other current assets | -180 | 1,172 |
Federal Income Tax Refund | 431 | 0 |
Accounts payable and accrued expenses | 794 | -1,681 |
Net cash provided by operating activities | 4,555 | 860 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | -2,064 | -4,230 |
Proceeds from sales of property, plant and equipment | 0 | 3 |
Net cash used in investing activities | -2,064 | -4,227 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from lines of credit | 3,051 | 400 |
Payments on lines of credit | -3,488 | -998 |
Proceeds from export credit refinancing facility | 7,935 | 4,352 |
Payments on export credit refinancing facility | -8,780 | -854 |
Payments on capital lease | -10 | -35 |
Proceeds from long-term bank debt | 0 | 1,283 |
Payments on long-term bank debt | -990 | -840 |
Proceeds from the issuance of common stock, and exercise of common stock options | 12 | 271 |
Net cash (used in) provided by financing activities | -2,270 | 3,579 |
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents | -484 | -91 |
Net (decrease) increase in cash and cash equivalents | -263 | 121 |
Cash and cash equivalents at beginning of year | 2,920 | 2,799 |
Cash and cash equivalents at end of year | 2,657 | 2,920 |
Supplemental cash flow disclosures: | ||
Interest paid | 357 | 396 |
Income taxes paid | $200 | $866 |
Description_of_Business
Description of Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description of Business | 1 | Description of Business |
TOR Minerals International, Inc. and Subsidiaries (the “Company”), a Delaware Corporation, is engaged in a single industry, the manufacture and sale of mineral products for use as pigments and extenders, primarily in the manufacture of paints, industrial coatings plastics, catalysts and solid surface applications. The Company’s global headquarters and U.S. manufacturing plant are located in Corpus Christi, Texas (“TOR U.S.” or “U.S. Operation”). The Asian Operation, TOR Minerals Malaysia, Sdn. Bhd. (“TMM”), is located in Ipoh, Malaysia, and the European Operation, TOR Processing and Trade, BV (“TPT”), is located in Hattem, The Netherlands. | ||
Basis of Presentation and Use of Estimates: The consolidated financial statements include accounts of TOR Minerals International, Inc. and its wholly-owned subsidiaries, TMM and TPT. All significant intercompany transactions and balances are eliminated in the consolidation process. | ||
In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amount of consolidated assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting period. Actual results could differ from these estimates. | ||
Cash and Cash Equivalents: The Company considers all highly liquid investments readily convertible to known cash amounts and with a maturity of twelve months or less at the date of purchase to be cash equivalents. | ||
Allowance for Doubtful Accounts: The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers. The allowance for non-collection of accounts receivable is based upon the expected collectability of all accounts receivable including review of current aging schedules and current economic conditions. Accounts are written off when all reasonable internal and external collection efforts have been performed. At December 31, 2014, we maintained a reserve for doubtful accounts of approximately $83,000. | ||
Foreign Currency: Results of operations for the Company’s foreign operations, TMM and TPT, are translated from the designated functional currency to the U.S. Dollar using average exchange rates during the period, while assets and liabilities are translated at the exchange rate in effect at the reporting date. Resulting gains or losses from translating foreign currency financial statements are reported as other comprehensive income (loss), net of income tax. The effect of changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated are recorded as foreign currency transaction gains (losses) in earnings. | ||
TMM measures and records its transactions in terms of the local Malaysian currency, the Ringgit (“RM”), which is also the functional currency. As a result, gains and losses resulting from translating the balance sheet from RM to U.S. Dollars are recorded as cumulative translation adjustments (which are included in accumulated other comprehensive income, a separate component of shareholders’ equity) on the consolidated balance sheets. As of December 31, 2014, the cumulative translation adjustment included on the consolidated balance sheets totaled $712,000. | ||
TPT’s functional currency is the Euro. As a result, gains and losses resulting from translating the balance sheet from Euros to U.S. Dollars are recorded as cumulative translation adjustments on the consolidated balance sheet. As of December 31, 2014, the cumulative translation adjustment included on the consolidated balance sheets totaled $931,000. | ||
Inventories: Inventories are stated at the lower of cost or market with cost being determined principally by use of the average-cost method. The Company writes down inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Due to the weakness in the titanium dioxide (“TiO2) market, the Company experienced a write down of approximately $1.3 million in inventory, primarily related to HITOX and Synthetic Rutile, from the cost to estimated market value for the year ended December 31, 2013; however, the Company determined that a write down was not required for the year ended December 31, 2014. In addition, we maintained a reserve for obsolescence and unmarketable inventory of approximately $131,000 at December 31, 2014. If actual future demand or market conditions are less favorable than those projected by management, additional inventory write-downs may be required. | ||
Overhead is charged to inventory based on normal capacity and we expense abnormal amounts of idle facility expense, freight and handling costs in the period incurred. For the year ended December 31, 2014 and 2013, the Company recorded approximately $847,000 and $1,000,000, respectively related to idle facility expense primarily at the Malaysian operations. | ||
Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of depreciable assets which range from 3 to 39 years. Maintenance and repair costs are charged to operations as incurred and major improvements extending asset lives are capitalized. | ||
Valuation of Long-Lived Assets: The impairment of tangible and intangible assets is assessed when changes in circumstances (such as, but not limited to, a decrease in market value of an asset, current and historical operating losses or a change in business strategy) indicate that their carrying value may not be recoverable. This assessment is based on management’s estimates of future undiscounted cash flows, salvage values or net sales proceeds. These estimates take into account management’s expectations and judgments regarding future business and economic conditions, future market values and disposal costs. Actual results and events could differ significantly from management’s estimates. Based upon our most recent analysis, management determined that certain assets at TMM were impaired resulting in a write down of approximately $2,140,000 for the year ended December 31, 2014, and based on our 2013 assessment, no impairment existed at December 31, 2013. There can be no assurance that future impairment tests will not result in a charge to net earnings (loss). | ||
Revenue Recognition: The Company recognizes revenue when each of the following four criteria are met: 1) a contract or sales arrangement exists; 2) title and risk of loss transfers to the customer upon shipment for FOB shipping point sales or when the Company receives confirmation of receipt and acceptance by the customer for FOB destination sales; 3) the price of the products is fixed or determinable; and 4) collectability is reasonably assured. The Company does not offer any type of discount or allowance to our customers. | ||
Shipping and Handling: The Company records shipping and handling costs, associated with the outbound freight on products shipped to customers, as a component of cost of goods sold. | ||
Earnings Per Share: Basic earnings per share are based on the weighted average number of shares outstanding and exclude any dilutive effects of options, warrants, debentures and/or convertible preferred stock. Diluted earnings per share reflect the effect of all dilutive items. | ||
Income Taxes: The Company records income taxes using the liability method. Under this method, deferred income 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. | ||
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, 2011 through December 31, 2014. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2010 through December 31, 2014. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2008. | ||
As of January 1, 2014, we did not have any unrecognized tax benefits and there was no change during the year ended December 31, 2014. In addition, we did not recognize any interest and penalties in our consolidated financial statements during the year ended December 31, 2014. 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. | ||
Share Based Compensation: The Company calculates share based compensation using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model, which requires the input of highly subjective assumptions including the expected stock price volatility. For the year ended December 31, 2014, we recorded $128,000 in share-based employee compensation. This compensation cost is included in the general and administrative expenses and cost of sales in the accompanying consolidated statements of operations. | ||
Derivatives: We manage the risk of changes in foreign currency exchange rates, primarily at our Malaysian 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 balance sheets and changes in the fair value are recognized in earnings in the period of the change. (See Note 13, Derivatives and Other Financial Instruments). | ||
Reclassifications: Certain reclassification have been made to the prior year’s consolidated financial statements to conform to the current year presentation. These reclassifications had no effect on the consolidated financial position, results of operations or cash flows of the Company. | ||
New Accounting Standards | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606. This ASU replaces nearly all existing U.S. GAAP guidance on revenue recognition. The standard prescribes a five-step model for recognizing revenue, the application of which will require significant judgment. This standard is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial position, results of operations or cash flows. | ||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires the management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016 (our 2016 fiscal year). While early adoption is permitted, we do not plan to early adopt this guidance. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial position, results of operations or cash flows. |
Debt_and_Notes_Payable
Debt and Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Notes Payable | 2 | Debt and Notes Payable | |||||||
Long-term Debt – Financial Institutions | |||||||||
Following is a summary of our long-term debt to financial institutions as of December 31, 2014 and 2013: | |||||||||
(In thousands) | December 31, | ||||||||
2014 | 2013 | ||||||||
Fixed rate term note payable to a U.S. bank, with an interest rate of 5.5% at December 31, 2014, due January 1, 2016, secured by real estate, leasehold improvements, property, plant and equipment, inventory and accounts receivable of our U.S. operation. | $ | 486 | $ | 911 | |||||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at December 31, 2014, due July 1, 2029, secured by TPT’s land and office building. (€236) | 286 | 351 | |||||||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at December 31, 2014, due January 31, 2030, secured by TPT’s land and building. (€262) | 316 | 386 | |||||||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% at December 31, 2014, due July 31, 2015. Paid in full December 30, 2014. | - | 80 | |||||||
Fixed rate Euro term note payable to a Netherlands bank. Paid in full on June 30, 2014. | - | 139 | |||||||
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, 5.2% at December 31, 2014, due March 1, 2015, secured by TMM’s property, plant and equipment. (RM 1,458) | 417 | 801 | |||||||
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, 5.2% at December 31, 2014, due October 25, 2018, secured by TMM’s property, plant and equipment. (RM 4,250) | 1,215 | 1,290 | |||||||
Total | 2,720 | 3,958 | |||||||
Less current maturities | 1,113 | 1,040 | |||||||
Total long-term debt - financial institutions | $ | 1,607 | $ | 2,918 | |||||
United States Operations | |||||||||
U.S. Credit Agreement and Term Loan | |||||||||
On December 31, 2010, the Company entered into a credit agreement (the “Agreement”) with American Bank, N.A. (the “Lender”). The Agreement consists of a $2 million term loan, which matures January 1, 2016 and a $2 million line of credit. The term loan bears interest at a fixed rate of 5.5% per annum. Monthly principal and interest payments commenced on February 1, 2011. The monthly principal and interest payment is $38,620. At December 31, 2014, the balance on the term loan was $486,000. | |||||||||
The Agreement is secured by certain assets of the Company which are located in the United States or which arise from the Company’s operations in the United States. Collateral under the Agreement does not include the Company’s ownership or other interests in TMM and TPT, any assets or operations of either TMM or TPT or any proceeds thereof. | |||||||||
On January 17, 2014, the Company entered into the third amendment (the “Third Amendment”) to the Agreement, with the Lender. Under the terms of the Third Amendment, the Company is required to maintain a ratio of cash flow to debt service of 1.0 to 1.0 for the four month period ended April 30, 2014, six month period ended June 30, 2014, nine month period ended September 30, 2014, and twelve month period ended 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 Agreement. The Company was in compliance with the ratio of cash flow to debt service for the twelve month period ended December 31, 2014. | |||||||||
The Agreement also includes certain additional affirmative and negative covenants, including limitations on incurring additional indebtedness, becoming a guarantor or surety, making loans or advances to other parties, except trade credit extended in the normal course of business, or changing the President or Board of Directors of the Company without the Lender’s written consent. The Company was in compliance with the affirmative and negative covenants at December 31, 2014. | |||||||||
European Operations | |||||||||
On July 7, 2004, TPT entered into a mortgage loan (the “First Mortgage”) with Rabobank. The First Mortgage, in the amount of €485,000, is to be repaid over 25 years and the interest rate is to be adjusted every five years. Under the terms of the First Mortgage, the interest was adjusted to a fixed rate of 3.85%, effective August 1, 2013, for a period of five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. TPT utilized €325,000 of the loan to finance the July 14, 2004, purchase of land and an office building, as well as to remodel the office building. The balance of the loan proceeds, €160,000, was used for the expansion of TPT’s existing building. Monthly principal and interest payments commenced on September 1, 2004, and will continue through July 1, 2029. The monthly principal payment is €1,616. The loan balance at December 31, 2014 was €236,000 ($286,000). The First Mortgage is secured by the land and office building purchased on July 7, 2004. | |||||||||
On January 3, 2005, TPT entered into a second mortgage loan (the “Second Mortgage”) with Rabobank to fund the acquisition of a 10,000 square foot warehouse with a loading dock that is located adjacent to TPT’s existing production facility. The Second Mortgage, in the amount of €470,000, is to be repaid over 25 years and the interest rate is to be adjusted every five years. Under the terms of the Second Mortgage, the interest was adjusted to a fixed rate of 3.3%, effective January 3, 2013, for a period of five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. Monthly principal and interest payments commenced on February 28, 2005 and will continue through January 31, 2030. The monthly principal payment is €1,566. The Second Mortgage is secured by the land and building purchased by TPT on January 3, 2005. The loan balance at December 31, 2014 was €262,000 ($316,000). | |||||||||
On July 19, 2005, TPT entered into a new term loan (the “Term Loan”) with Rabobank to fund the completion of its building expansion. The Term Loan, in the amount of €500,000, will be repaid over 10 years with interest fixed at 6.1% per year for the first five years. Under the terms of the Term Loan, the interest was adjusted to a fixed rate of 4.05%, effective July 19, 2010, for a period of five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. Monthly principal and interest payments commenced on August 31, 2005. The Term Loan, which was scheduled to mature on July 31, 2015, was paid in full as of December 31, 2014. | |||||||||
On July 5, 2011, TPT entered into a three year term loan (the “Additional Term Loan”) in the amount of €700,000 with a fixed interest rate of 4.25%. The proceeds of the Additional Term Loan were used to fund TPT’s plant expansion and is secured by TPT’s assets. Monthly principal and interest payments began on August 5, 2011. The Additional Term Loan, which matured on July 5, 2014, was paid in full as of December 31, 2014. | |||||||||
Asian Operations | |||||||||
On March 2, 2012, our subsidiary, TMM amended their banking facility (the “HSBC Facility”) with HSBC Bank Malaysia Berhad (“HSBC”), a Malaysian Bank, to include a new term loan, funded in Malaysian Ringgits (“RM”), in the amount of RM 3,500,000 ($1,000,000) for the purpose of upgrading the operation’s SR production process. Under the terms of the HSBC Facility, the loan will be paid in 35 equal monthly installments of RM97,223 (excluding interest) and a final installment of RM97,195 or approximately $27,790 and $27,782, respectively, commencing one month after full drawdown or 18 months after initial drawdown, whichever is earlier. The interest rate is 2.0% per annum above the HSBC’s base lending rate, which is currently 5.2% per annum and is payable monthly. The loan balance at December 31, 2014 was RM 1,458,000 ($417,000). | |||||||||
On October 25, 2013, TMM entered into an agreement (the “HSBC Facility Amendment”) with HSBC to amend the HSBC Facility. Under the terms of the HSBC Facility Amendment, HSBC granted a new term loan to TMM in the amount of RM 5,000,000 ($1,429,000). Under the terms of the HSBC Facility Amendment, the term loan will be amortized over a period of five (5) years, and the interest rate is 2.0% per annum above the HSBC’s base lending rate, which is currently 5.2% per annum. Monthly principal payments, in the amount of RM 83,333 ($23,820), will commence one month after the loan is fully funded or 12 months after the initial drawdown, whichever is earlier. The funds will be used to finance part of the cost of plant improvements to increase efficiency and production capacity. The loan balance at December 31, 2014 was RM 4,250,000 ($1,215,000). | |||||||||
Short-term Debt | |||||||||
U.S. Operations | |||||||||
On December 31, 2010, the Company entered into the Agreement with 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 to the Agreement which reduced the minimum interest rate floor from 5.5% to 4.5%. On August 1, 2014, the Company and the Lender entered into the fourth amendment to the Agreement which extended the Line from October 15, 2014 to October 15, 2015. Under the terms of the Agreement, as amended, 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 4.5%. At December 31, 2014, no funds were outstanding on the Line. | |||||||||
European Operations | |||||||||
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 3.323%), is secured by TPT’s accounts receivable and inventory. At December 31, 2014, TPT had utilized €487,000 ($590,000) of the Credit Facility. | |||||||||
TPT’s loan agreements covering the Credit Facility, the First Mortgage and the Second Mortgage 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 the bank could foreclose on the assets of TPT. | |||||||||
Asian Operations | |||||||||
On August 31, 2014, TMM amended its short term banking facility with HSBC to extend the maturity date from April 30, 2014 to June 30, 2015. The HSBC facility includes the following in RM: (1) overdraft of RM 500,000 ($143,000); (2) an import/export line (“ECR”) of RM 10,460,000 ($2,990,000); and (3) a foreign exchange contract limit of RM 5,000,000 ($1,429,000). | |||||||||
On August 15, 2014, TMM amended its short term banking facility with RHB Bank Berhad (“RHB”) to extend the maturity date from March 24, 2014 to April 1, 2015. The RHB facility includes the following: (1) an overdraft line of credit up to RM 1,000,000 ($286,000); (2) an ECR of RM 7,300,000 ($2,087,000); (3) a bank guarantee of RM 1,200,000 ($343,000); and (4) a foreign exchange contract limit of RM 25,000,000 ($7,146,000). At December 31, 2014, the outstanding balance on the foreign exchange contract was RM 1,037,000 ($296,000) at a current interest rate of 2.15%. | |||||||||
The banking facilities with both HSBC and RHB bear an interest rate on the respective overdraft facilities at 1.25% over bank prime and the respective ECR facilities bear interest at 1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad. The ECR facilities, 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 December 31, 2014, the outstanding balance on the ECR facilities was RM 9,717,000 ($2,777,000) at a current interest rate of 4.62%. | |||||||||
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. While repatriation is allowed in the form of dividends, the credit facilities prohibit TMM from paying dividends, and the HSBC facility further prohibits loans to related parties without the prior consent of HSBC. | |||||||||
Liquidity | |||||||||
Management believes that it has adequate liquidity for fiscal year 2015 and expects to maintain compliance with all financial covenants throughout 2015. | |||||||||
The following is a summary of the future maturities of long-term debt to financial institutions as of December 31, 2014: | |||||||||
Years Ending December 31, | |||||||||
(In thousands) | |||||||||
2015 | $ | 1,113 | |||||||
2016 | 454 | ||||||||
2017 | 332 | ||||||||
2018 | 332 | ||||||||
2019 | 118 | ||||||||
Thereafter | 371 | ||||||||
Total | $ | 2,720 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 3 | Fair Value Measurements | |||||||||||||||
The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2014 and 2013. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at December 31, 2014 or 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-13 | |||||||||||||||||
Currency forward contracts | $ | 14 | $ | - | $ | 14 | $ | - | |||||||||
31-Dec-14 | |||||||||||||||||
Currency forward contracts | $ | 26 | $ | - | $ | 26 | $ | - | |||||||||
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 statement of operations. 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 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: | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
(In thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Long-term debt, including current portion | $ | 2,720 | $ | 2,558 | $ | 3,958 | $ | 3,697 | |||||||||
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, trade receivables, payables and accrued liabilities, accrued income taxes and short-term borrowings approximate fair values due to the short term nature of these instruments, accordingly, these items have been excluded from the above table. |
Capital_Leases
Capital Leases | 12 Months Ended | |
Dec. 31, 2014 | ||
Leases, Capital [Abstract] | ||
Capital Leases | 4 | Capital Leases |
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 ($46,416), is included in the consolidated balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at December 31, 2014 the asset was fully depreciated. The capital lease, in the amount of €41,256 ($49,900) including interest of €2,896 ($3,500) matured on August 4, 2014. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 5 | Inventories | |||||||
A summary of inventories follows: | |||||||||
(In thousands) | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 8,465 | $ | 12,852 | |||||
Work in progress | 6,126 | 1,866 | |||||||
Finished goods | 4,800 | 5,306 | |||||||
Supplies | 915 | 1,034 | |||||||
Total Inventories | 20,306 | 21,058 | |||||||
Inventory reserve | (131 | ) | (305 | ) | |||||
Net Inventories | $ | 20,175 | $ | 20,753 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment | 6 | Property, Plant and Equipment | |||||||||
Major classifications and expected lives of property, plant and equipment are summarized below: | |||||||||||
(In thousands) | December 31, | ||||||||||
Expected Life | 2014 | 2013 | |||||||||
Land | $ | 339 | $ | 372 | |||||||
Office buildings | 39 years | 3,709 | 4,012 | ||||||||
Production facilities | 10 - 20 years | 9,345 | 9,209 | ||||||||
Machinery and equipment | 3 - 15 years | 30,683 | 36,944 | ||||||||
Furniture and fixtures | 3 - 20 years | 1,509 | 1,534 | ||||||||
Total | 45,585 | 52,071 | |||||||||
Less accumulated depreciation | (28,286 | ) | (28,956 | ) | |||||||
Property, plant and equipment, net | 17,299 | 23,115 | |||||||||
Construction in progress | 1,590 | 684 | |||||||||
$ | 18,889 | $ | 23,799 | ||||||||
The amounts of depreciation expense calculated on the Company's property, plant and equipment for the year ended December 31, 2014 and 2013 was $3,445,000 and $3,175,000, respectively. In the fourth quarter of 2014, we wrote off the net book value of approximately $2,140,000 for production equipment that was taken out of service. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | 7 | 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 foreign operations, TMM, located in Malaysia and TPT, located in The Netherlands. | |||||||||||||||||||||
Product sales of inventory between the U.S., Asian and European operations are based on inter-company pricing, which includes an inter-company profit margin. In the geographic information, the location profit (loss) from all locations is reflective of these inter-company prices, as is inventory at the Corpus Christi location 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/declines period over period in Corpus Christi inventories that include an inter-company component, the net effect of these adjustments can decrease/increase location profit. | |||||||||||||||||||||
For the year ended December 31, 2014, the U.S. operations received approximately 34% of its total third party sales revenue from a single customer. The European operations received approximately 33% of its total third party sales revenue from two customers (17% and 16%), and the Asian operations received approximately 25% of its total third party sales revenue from a single customer. | |||||||||||||||||||||
For the year ended December 31, 2013, the U.S. operations received approximately 30% of its total third party sales revenue from a single customer. The European operations received approximately 31% of its total third party sales revenue from two customers (18% and 13%), and the Asian operations received approximately 42% of its total third party sales revenue from a single customer. | |||||||||||||||||||||
Sales from the subsidiary to the parent company are based upon profit margins which represent competitive pricing of similar products. Intercompany sales consisted of ALUPREM, SR, HITOX and TIOPREM. | |||||||||||||||||||||
The Company’s principal products, ALUPREM and HITOX, accounted for approximately 39% and 28%, respectively, of net consolidated sales in 2014 and approximately 32% and 30%, respectively in 2013 | |||||||||||||||||||||
The Company sells its products to customers located in more than 60 countries. Sales to external customers are attributed to geographic area based on country of distribution. Sales to customers located in the U.S. represented approximately 58% and 56% for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
For the year ended December 31, 2014 and 2013, sales to customers in Germany represented approximately 25% and 20%, respectively, of our total foreign sales. | |||||||||||||||||||||
Approximately 20% of the Company’s employees are represented by an in-house collective bargaining agreement during 2014 as compared to approximately 24% in 2013. | |||||||||||||||||||||
TOR Minerals International, Inc. and Subsidiaries | |||||||||||||||||||||
Notes to the Consolidated Financial Statements | |||||||||||||||||||||
December 31, 2014 and 2013 | |||||||||||||||||||||
A summary of the Company’s manufacturing operations by geographic segment is presented below: | |||||||||||||||||||||
(In thousands) | United States | Netherlands | Malaysia | Inter-Company | Consolidated | ||||||||||||||||
(Corpus Christi) | (TPT) | (TMM) | Eliminations | ||||||||||||||||||
As of and for the years ended: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Net Sales: | |||||||||||||||||||||
Customer sales | $ | 31,777 | $ | 10,154 | $ | 4,799 | $ | - | $ | 46,730 | |||||||||||
Intercompany sales | 111 | 7,977 | 7,445 | (15,533 | ) | - | |||||||||||||||
Total Net Sales | $ | 31,888 | $ | 18,131 | $ | 12,244 | $ | (15,533 | ) | $ | 46,730 | ||||||||||
Share based compensation | $ | 128 | $ | - | $ | - | $ | - | $ | 128 | |||||||||||
Depreciation | $ | 980 | $ | 1,310 | $ | 1,155 | $ | - | $ | 3,445 | |||||||||||
Interest expense | $ | 34 | $ | 55 | $ | 265 | $ | - | $ | 354 | |||||||||||
Income tax (benefit) expense | $ | 120 | $ | 468 | $ | (737 | ) | $ | (38 | ) | $ | (187 | ) | ||||||||
Location profit (loss) | $ | (41 | ) | $ | 1,620 | $ | (2,188 | ) | $ | 55 | $ | (554 | ) | ||||||||
Capital expenditures | $ | 804 | $ | 1,199 | $ | 61 | $ | - | $ | 2,064 | |||||||||||
Location long-lived assets | $ | 5,627 | $ | 7,894 | $ | 5,368 | $ | - | $ | 18,889 | |||||||||||
Location assets | $ | 18,983 | $ | 10,393 | $ | 18,169 | $ | - | $ | 47,545 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Net Sales: | |||||||||||||||||||||
Customer sales | $ | 30,019 | $ | 8,255 | $ | 7,747 | $ | - | $ | 46,021 | |||||||||||
Intercompany sales | 110 | 6,627 | 7,638 | (14,375 | ) | - | |||||||||||||||
Total Net Sales | $ | 30,129 | $ | 14,882 | $ | 15,385 | $ | (14,375 | ) | $ | 46,021 | ||||||||||
Share based compensation | $ | 109 | $ | - | $ | - | $ | - | $ | 109 | |||||||||||
Depreciation | $ | 936 | $ | 1,197 | $ | 1,024 | $ | - | $ | 3,157 | |||||||||||
Interest expense | $ | 77 | $ | 97 | $ | 215 | $ | - | $ | 389 | |||||||||||
Income tax (benefit) expense | $ | (511 | ) | $ | 265 | $ | (587 | ) | $ | 9 | $ | (824 | ) | ||||||||
Location profit (loss) | $ | (1,132 | ) | $ | 826 | $ | (1,347 | ) | $ | 37 | $ | (1,616 | ) | ||||||||
Capital expenditures | $ | 703 | $ | 1,192 | $ | 2,335 | $ | - | $ | 4,230 | |||||||||||
Location long-lived assets | $ | 5,805 | $ | 8,965 | $ | 9,029 | $ | - | $ | 23,799 | |||||||||||
Location assets | $ | 17,956 | $ | 10,995 | $ | 23,666 | $ | - | $ | 52,617 |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Data (Unaudited) | 8 | Quarterly Data (Unaudited) | |||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Total | |||||||||||||||||
NET SALES | $ | 13,132 | $ | 12,392 | $ | 11,317 | $ | 9,889 | $ | 46,730 | |||||||||||
Cost of sales | 10,980 | 10,885 | 9,809 | 8,437 | 40,111 | ||||||||||||||||
GROSS MARGIN | 2,152 | 1,507 | 1,508 | 1,452 | 6,619 | ||||||||||||||||
Technical services and research and development | 46 | 54 | 50 | 49 | 199 | ||||||||||||||||
Selling, general and administrative expenses | 1,113 | 1,114 | 1,092 | 1,490 | 4,809 | ||||||||||||||||
Loss on disposal of assets | - | - | - | 2,140 | 2,140 | ||||||||||||||||
OPERATING INCOME (LOSS) | 993 | 339 | 366 | (2,227 | ) | (529 | ) | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (95 | ) | (95 | ) | (85 | ) | (79 | ) | (354 | ) | |||||||||||
Gain (loss) on foreign currency exchange rate | (4 | ) | (57 | ) | 71 | 104 | 114 | ||||||||||||||
Other, net | 5 | - | 5 | 18 | 28 | ||||||||||||||||
Total Other Expense | (94 | ) | (152 | ) | (9 | ) | 43 | (212 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX | 899 | 187 | 357 | (2,184 | ) | (741 | ) | ||||||||||||||
Income tax (benefit) expense | 192 | 34 | 61 | (474 | ) | (187 | ) | ||||||||||||||
NET INCOME (LOSS) | $ | 707 | $ | 153 | $ | 296 | $ | (1,710 | ) | $ | (554 | ) | |||||||||
Income (Loss) per common share: | |||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.05 | $ | 0.1 | $ | (0.57 | ) | $ | (0.18 | ) | |||||||||
Diluted | $ | 0.21 | $ | 0.04 | $ | 0.09 | $ | (0.57 | ) | $ | (0.18 | ) | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | ||||||||||||||||
Diluted | 3,413 | 3,402 | 3,394 | 3,014 | 3,014 | ||||||||||||||||
2013 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Total | |||||||||||||||||
NET SALES | $ | 11,427 | $ | 10,732 | $ | 10,870 | $ | 12,992 | $ | 46,021 | |||||||||||
Cost of sales | 9,933 | 9,020 | 9,289 | 14,324 | 42,566 | ||||||||||||||||
GROSS MARGIN | 1,494 | 1,712 | 1,581 | (1,332 | ) | 3,455 | |||||||||||||||
Technical services and research and development | 153 | 171 | 135 | 193 | 652 | ||||||||||||||||
Selling, general and administrative expenses | 1,278 | 1,247 | 1,119 | 1,078 | 4,722 | ||||||||||||||||
Loss on disposal of assets | 10 | - | - | - | 10 | ||||||||||||||||
OPERATING INCOME (LOSS) | 53 | 294 | 327 | (2,603 | ) | (1,929 | ) | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (84 | ) | (99 | ) | (103 | ) | (103 | ) | (389 | ) | |||||||||||
Gain (loss) on foreign currency exchange rate | (87 | ) | 20 | (84 | ) | 11 | (140 | ) | |||||||||||||
Other, net | 12 | - | 6 | - | 18 | ||||||||||||||||
Total Other Expense | (159 | ) | (79 | ) | (181 | ) | (92 | ) | (511 | ) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX | (106 | ) | 215 | 146 | (2,695 | ) | (2,440 | ) | |||||||||||||
Income tax (benefit) expense | (31 | ) | 65 | 33 | (891 | ) | (824 | ) | |||||||||||||
NET INCOME (LOSS) | $ | (75 | ) | $ | 150 | $ | 113 | $ | (1,804 | ) | $ | (1,616 | ) | ||||||||
Income (Loss) per common share: | |||||||||||||||||||||
Basic | $ | (0.03 | ) | $ | 0.05 | $ | 0.04 | $ | (0.60 | ) | $ | (0.54 | ) | ||||||||
Diluted | $ | (0.03 | ) | $ | 0.04 | $ | 0.03 | $ | (0.60 | ) | $ | (0.54 | ) | ||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 2,987 | 2,998 | 3,012 | 3,012 | 3,002 | ||||||||||||||||
Diluted | 2,987 | 3,404 | 3,422 | 3,012 | 3,002 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Loss per common share: | |||||||||
Calculation of Basic and Diluted Earnings per Share | 9 | Calculation of Basic and Diluted Earnings per Share | |||||||
(in thousands, except per share amounts) | Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net Loss | $ | (554 | ) | $ | (1,616 | ) | |||
Numerator for diluted earnings per share - loss available to common shareholders after assumed conversions | $ | (554 | ) | $ | (1,616 | ) | |||
Denominator: | |||||||||
Denominator for basic earnings per share - weighted-average shares | 3,014 | 3,002 | |||||||
Dilutive potential common shares | - | - | |||||||
Denominator for diluted earnings per share - weighted-average shares and assumed conversions | 3,014 | 3,002 | |||||||
Basic earnings per common share | $ | (0.18 | ) | $ | (0.54 | ) | |||
Diluted earnings per common share | $ | (0.18 | ) | $ | (0.54 | ) | |||
For the years ended December 31, 2014 and 2013, 528,304 detachable warrants were excluded from the calculation of diluted earnings per share as the effect would anti-dilutive. | |||||||||
For the years ended December 31, 2014 and 2013, 147,705 and 131,164, respectively, employee stock options were excluded from calculation of diluted earnings per share as the effect would be anti-dilutive. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Taxes | 10 | Income Taxes | |||||||||||||||||||||||
The Company provides for deferred taxes on temporary differences between the financial statements and tax bases of assets using the enacted tax rates that are expected to apply to taxable income when the temporary differences are expected to reverse. | |||||||||||||||||||||||||
At December 31, 2014, we had federal NOL carry-forwards of approximately $710,000 which resulted in a deferred tax asset (“DTA”) of approximately $241,000 which will begin to expire in 2033. | |||||||||||||||||||||||||
Our Asian operation, TMM, had NOL carry-forwards of approximately $3,297,000 at December 31, 2014, which resulted in a DTA of approximately $824,000. There are no expiration dates for the NOL in Malaysia. | |||||||||||||||||||||||||
We have determined that it is not necessary to provide a valuation allowance as we believe all DTA’s are fully recoverable. | |||||||||||||||||||||||||
The undistributed earnings of the Company’s foreign subsidiaries are considered to be indefinitely reinvested. Accordingly, no provision for U.S. federal and state income taxes or foreign withholding taxes has been provided on approximately $6,000,000 of such cumulative undistributed earnings. Determination of the potential amount of unrecognized deferred U.S. income tax liability and foreign withholding taxes is not practicable because of the complexities associated with its hypothetical calculation. | |||||||||||||||||||||||||
Components of Pretax Income (Loss) | Years Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Domestic | $ | 132 | $ | (1,643 | ) | ||||||||||||||||||||
Foreign | (873 | ) | (797 | ) | |||||||||||||||||||||
Pretax income (loss) | $ | (741 | ) | $ | (2,440 | ) | |||||||||||||||||||
Components of Income Tax Expense (Benefit) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||
Federal | $ | - | $ | 94 | $ | 94 | $ | - | $ | (518 | ) | $ | (518 | ) | |||||||||||
State | 8 | - | 8 | 7 | - | 7 | |||||||||||||||||||
Foreign | 455 | (744 | ) | (289 | ) | 265 | (578 | ) | (313 | ) | |||||||||||||||
Total Income Tax Expense (Benefit) | $ | 463 | $ | (650 | ) | $ | (187 | ) | $ | 272 | $ | (1,096 | ) | $ | (824 | ) | |||||||||
The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate of 34% to income before taxes. | |||||||||||||||||||||||||
Effective Tax Rate Reconciliation | Years Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Expense (benefit) computed at statutory rate | $ | (252 | ) | $ | (829 | ) | |||||||||||||||||||
Effect of items deductible for book not tax, net | |||||||||||||||||||||||||
Share based compensation | 44 | 37 | |||||||||||||||||||||||
Other | (64 | ) | 13 | ||||||||||||||||||||||
Effect of foreign tax credit | - | (60 | ) | ||||||||||||||||||||||
Effect of foreign tax rate differential | 80 | 11 | |||||||||||||||||||||||
State income taxes, net of Federal benefit | 5 | 4 | |||||||||||||||||||||||
$ | (187 | ) | $ | (824 | ) | ||||||||||||||||||||
Significant Components of Deferred Taxes | Year Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred Tax Assets: | |||||||||||||||||||||||||
Net operating loss carry-forwards - Domestic | $ | 241 | $ | 461 | |||||||||||||||||||||
Net operating loss carry-forwards - Foreign | 824 | 932 | |||||||||||||||||||||||
PP&E - Foreign | 10 | 10 | |||||||||||||||||||||||
Intercompany profit | 59 | 74 | |||||||||||||||||||||||
Alternative minimum tax credit carryforwards | 65 | - | |||||||||||||||||||||||
Domestic reserves | 16 | 16 | |||||||||||||||||||||||
Unrealized foreign currency losses - Domestic | - | 50 | |||||||||||||||||||||||
Other deferred assets | 699 | 494 | |||||||||||||||||||||||
Total deferred tax assets | $ | 1,914 | $ | 2,037 | |||||||||||||||||||||
Deferred Tax Liabilities: | |||||||||||||||||||||||||
PP&E - Domestic | 924 | 696 | |||||||||||||||||||||||
PP&E - Foreign | 836 | 1,407 | |||||||||||||||||||||||
Unrealized gain on derivatives | 5 | 15 | |||||||||||||||||||||||
Unrealized foreign currency gains - Domestic | 11 | - | |||||||||||||||||||||||
Other | 3 | 3 | |||||||||||||||||||||||
Total deferred tax liabilities | 1,779 | 2,121 | |||||||||||||||||||||||
Net deferred tax asset (liability) | $ | 135 | $ | (84 | ) |
Stock_Options
Stock Options | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock Options | 11 | Stock Options | ||||||||||||
On February 21, 2000, the Company’s Board of Directors approved the adoption of the 2000 Incentive Stock Option Plan (the “Plan”) for TOR Minerals International, Inc. The Plan provides for the award of a variety of incentive compensation arrangements, including restricted stock awards, performance units or other non-option awards, to such employees and directors as may be determined by a Committee of the Board. At the Annual Shareholders’ meeting on May 11, 2012, the maximum number of shares of the Company’s common stock that may be sold or issued under the Plan was increased to 500,000 shares subject to certain adjustments upon recapitalization, stock splits and combinations, merger, stock dividend and similar events; in addition the Plan was extended to May 23, 2022. At December 31, 2014, there were 147,705 options outstanding, 114,631 exercised and 237,664 available for future issuance under the Plan. | ||||||||||||||
For the years ended December 31, 2014 and 2013, the Company recorded $128,000 and $109,000, respectively, in stock-based employee compensation. This compensation cost is included in the general and administrative expenses and cost of sales in the accompanying consolidated statements of operations. | ||||||||||||||
The Company granted options to purchase 20,500 shares of common stock during the year ended December 31, 2014. The weighted average fair value per option at the date of grant for options granted in the year ended December 31, 2014 was $10.34, as valued using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Risk-free interest rate | 2.18 | % | 1.28 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
Expected volatility | 0.65 | 0.9 | ||||||||||||
Expected term (in years) | 7 | 7 | ||||||||||||
The risk free interest rate is based on the Treasury Constant Maturity Rate as quoted by the Federal Reserve at the time of the grant for a term equivalent to the expected term of the grant. The estimated volatility is based on the historical volatility of our stock and other factors. The expected term of options represents the period of time the options are expected to be outstanding from grant date. | ||||||||||||||
The following table summarizes certain information regarding stock option activity: | ||||||||||||||
Options | ||||||||||||||
Total | Outstanding | Weighted Avg | Range of | |||||||||||
Reserved | Exercise Price | Exercise Prices | ||||||||||||
Balances at December 31, 2012 | 412,546 | 173,888 | $13.39 | $2.70 - $30.55 | ||||||||||
Granted | 20,500 | $8.83 | $11.27 - $11.39 | |||||||||||
Exercised | (25,338 | ) | (25,338 | ) | $10.69 | $2.70 - $11.05 | ||||||||
Forfeited or expired | (37,886 | ) | $14.63 | $11.00 - $29.50 | ||||||||||
Balances at December 31, 2013 | 387,208 | 131,164 | $13.24 | $2.70 - $30.55 | ||||||||||
Granted | 20,500 | $10.34 | $11.27 - $11.39 | |||||||||||
Exercised | (1,839 | ) | (1,839 | ) | $6.25 | $2.70 - $7.50 | ||||||||
Forfeited or expired | (2,120 | ) | $21.22 | $19.95 - $21.30 | ||||||||||
Balances at December 31, 2014 | 385,369 | 147,705 | $13.24 | $2.70 - $30.55 | ||||||||||
The number of shares of common stock underlying options exercisable at December 31, 2014 was 97,705. The weighted-average remaining contractual life of those options is 5.62 years. Exercise prices on options outstanding at December 31, 2014, ranged from $2.70 to $30.55 per share as noted in the following table. | ||||||||||||||
Options Outstanding at December 31, | ||||||||||||||
2014 | 2013 | Range of Exercise Prices | ||||||||||||
13,189 | 15,028 | $ 2.70 - $ 9.99 | ||||||||||||
103,616 | 83,116 | $10.00 - $14.99 | ||||||||||||
23,500 | 23,620 | $15.00 - $19.99 | ||||||||||||
-- | 2,000 | $20.00 - $24.99 | ||||||||||||
2,000 | 2,000 | $25.00 - $29.99 | ||||||||||||
5,400 | 5,400 | $30.00 - $30.55 | ||||||||||||
147,705 | 131,164 | |||||||||||||
As of December 31, 2014, there was approximately $373,000 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 2.67 years. |
Profit_Sharing_Plan
Profit Sharing Plan | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Profit Sharing Plan | 12 | Profit Sharing Plan |
The Company has a profit sharing plan that covers the U.S. employees. Contributions to the plan are at the option of and determined by the Board of Directors and are limited to the maximum amount deductible by the Company for Federal income tax purposes. For the year ended December 31, 2014, there were no contributions to the plan. | ||
The Company also offers U.S. employees a 401(k) savings plan administered by an investment services company. Employees are eligible to participate in the plan after completing six months of service with the Company. The Company matches contributions up to 4% of the employee’s eligible earnings. Total Company contributions to the 401(k) plan for the year ended December 31, 2014 was approximately $63,000. |
Detachable_Warrants
Detachable Warrants | 12 Months Ended | |
Dec. 31, 2014 | ||
Warrants and Rights Note Disclosure [Abstract] | ||
Detachable Warrants | 13 | Detachable Warrants |
The Company had a total of 528,304 detachable warrants (the “Warrants”) outstanding at December 31, 2014. The Warrants, issued in May 2009 with our six percent (6%) convertible subordinated debentures, have an exercise price of $2.65 and a maturity date of May 4, 2016. |
Derivatives_and_Other_Financia
Derivatives and Other Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivatives and Other Financial Instruments | 14 | 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 these 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. The foreign exchange contracts are used to mitigate uncertainty and volatility, and to cover underlying exposures. | |||||||||
Foreign Currency Forward Contracts | |||||||||
We manage the risk of changes in foreign currency exchange rates, primarily at our Malaysian 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 balance sheets and changes in the fair value are recognized in earnings in the period of the change. | |||||||||
At December 31, 2014, we marked these contracts to market, recording $26,000 as a current liability on the consolidated balance sheets. For the years ended December 31, 2014 and 2013, we recorded a net loss on these contracts of $24,000 and $14,000, respectively, as a component of our net loss. | |||||||||
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 consolidated balance sheets: | |||||||||
(In thousands) | |||||||||
Liability Derivatives | |||||||||
Derivative Instrument | Location | 31-Dec-14 | 31-Dec-13 | ||||||
Foreign Currency Exchange Contracts | Accrued Expenses | $ | 26 | $ | 14 | ||||
The following table summarizes the impact of the Company’s derivatives on the consolidated financial statements of operations for the years ended December 31, 2014 and 2013: | |||||||||
(In thousands) | |||||||||
Amount of Loss Recognized in Operations | |||||||||
Derivative | Location of Loss on | Year Ended Decenber 31, | |||||||
Instrument | Derivative Instrument | 2014 | 2013 | ||||||
Foreign Currency Exchange Contracts | Loss on foreign currency exchange rate | $ | 24 | $ | 13 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Commitments and Contingencies | 15 | Commitments and Contingencies | |||||
Land Lease | |||||||
The Company operates a plant in Corpus Christi, Texas. The facility is located in the Rincon Industrial Park on approximately 15 acres of land, with 13 acres leased from the Port of Corpus Christi Authority (the “Port”) and approximately two acres owned by the Company. The lease payment is subject to an adjustment every 5 years for what the Port calls the “equalization valuation”. This is used as a means of equalizing rentals on various Port lands and is determined solely at the discretion of the Port. The Company and the Port executed an amended lease agreement on July 11, 2000, which extended the expiration date of the lease to June 30, 2027. | |||||||
Minimum future rental payments under this and other immaterial leases as of December 31, 2014 for the next five years ending December 31 and in total thereafter are as follows: | |||||||
Years Ending December 31, | |||||||
(In thousands) | |||||||
2015 | $ | 117 | |||||
2016 | 117 | ||||||
2017 | 117 | ||||||
2018 | 95 | ||||||
2019 | 95 | ||||||
Thereafter | 717 | ||||||
Total minimum lease payments | $ | 1,258 | |||||
Rent expense under these leases was approximately $117,000 and $103,000 for the years ended December 31, 2014 and 2013, respectively. | |||||||
Contingencies | |||||||
There are claims arising in the normal course of business that are pending against the Company. While it is not feasible to predict or determine the outcome of any case, it is the opinion of management that the ultimate dispositions will have no material effect on the consolidated financial statements of the Company. | |||||||
The Company believes that it is in compliance with all applicable federal, state and local laws and regulations relating to the discharge of substances into the environment, and it does not expect that any material expenditure for environmental control facilities will be necessary in order to continue such compliance. |
Significant_Customers
Significant Customers | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
Significant Customers | 16 | Significant Customers |
For the years ended December 31, 2014 and 2013, one customer accounted for approximately 23% and 20%, respectively, of our total consolidated sales revenue. |
Foreign_Customer_Sales
Foreign Customer Sales | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Foreign Customer Sales | 17 | Foreign Customer Sales | |||||||
Revenues from sales to customers located outside the U.S. for the years ended December 31, 2014 and 2013 are as follows: | |||||||||
Year Ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Canada, Mexico & South/Central America | $ | 4,627 | $ | 4,500 | |||||
Pacific Rim | 4,630 | 5,813 | |||||||
Europe, Africa & Middle East | 10,323 | 10,191 | |||||||
Total Sales | $ | 19,580 | $ | 20,504 |
Sales_by_Product
Sales by Product | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||||
Sales by Product | 18 | Sales by Product | ||||||||||||||||||||
Revenues from sales by product for the years ended December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||||
Product | 2014 | 2013 | Variance | |||||||||||||||||||
ALUPREM | $ | 18,516 | 39 | % | $ | 14,662 | 32 | % | $ | 3,854 | 26 | % | ||||||||||
HITOX | 13,265 | 28 | % | 14,004 | 30 | % | (739 | ) | -5 | % | ||||||||||||
BARTEX / BARYPREM | 8,848 | 20 | % | 7,882 | 17 | % | 966 | 12 | % | |||||||||||||
HALTEX / OPTILOAD | 3,182 | 7 | % | 3,427 | 8 | % | (245 | ) | -7 | % | ||||||||||||
TIOPREM | 856 | 2 | % | 1,817 | 4 | % | (961 | ) | -53 | % | ||||||||||||
SR | 1,365 | 3 | % | 3,527 | 8 | % | (2,162 | ) | -61 | % | ||||||||||||
OTHER | 698 | 1 | % | 702 | 1 | % | (4 | ) | -1 | % | ||||||||||||
Total | $ | 46,730 | 100 | % | $ | 46,021 | 100 | % | $ | 709 | 2 | % |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 19 | Subsequent Events |
On March 12, 2015, we were served with a citation in which the Plaintiff alleged that while performing work for TOR Minerals International, Inc. on February 27, 2013, he slipped and fell causing bodily injury. We currently believe that the disposition of this claim should not have a material adverse effect on our consolidated financial condition, results of operations or liquidity. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates: The consolidated financial statements include accounts of TOR Minerals International, Inc. and its wholly-owned subsidiaries, TMM and TPT. All significant intercompany transactions and balances are eliminated in the consolidation process. |
In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amount of consolidated assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all highly liquid investments readily convertible to known cash amounts and with a maturity of twelve months or less at the date of purchase to be cash equivalents. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers. The allowance for non-collection of accounts receivable is based upon the expected collectability of all accounts receivable including review of current aging schedules and current economic conditions. Accounts are written off when all reasonable internal and external collection efforts have been performed. At December 31, 2014, we maintained a reserve for doubtful accounts of approximately $83,000. |
Foreign Currency | Foreign Currency: Results of operations for the Company’s foreign operations, TMM and TPT, are translated from the designated functional currency to the U.S. Dollar using average exchange rates during the period, while assets and liabilities are translated at the exchange rate in effect at the reporting date. Resulting gains or losses from translating foreign currency financial statements are reported as other comprehensive income (loss), net of income tax. The effect of changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated are recorded as foreign currency transaction gains (losses) in earnings. |
TMM measures and records its transactions in terms of the local Malaysian currency, the Ringgit (“RM”), which is also the functional currency. As a result, gains and losses resulting from translating the balance sheet from RM to U.S. Dollars are recorded as cumulative translation adjustments (which are included in accumulated other comprehensive income, a separate component of shareholders’ equity) on the consolidated balance sheets. As of December 31, 2014, the cumulative translation adjustment included on the consolidated balance sheets totaled $712,000. | |
TPT’s functional currency is the Euro. As a result, gains and losses resulting from translating the balance sheet from Euros to U.S. Dollars are recorded as cumulative translation adjustments on the consolidated balance sheet. As of December 31, 2014, the cumulative translation adjustment included on the consolidated balance sheets totaled $931,000. | |
Inventories | Inventories: Inventories are stated at the lower of cost or market with cost being determined principally by use of the average-cost method. The Company writes down inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Due to the weakness in the titanium dioxide (“TiO2) market, the Company experienced a write down of approximately $1.3 million in inventory, primarily related to HITOX and Synthetic Rutile, from the cost to estimated market value for the year ended December 31, 2013; however, the Company determined that a write down was not required for the year ended December 31, 2014. In addition, we maintained a reserve for obsolescence and unmarketable inventory of approximately $131,000 at December 31, 2014. If actual future demand or market conditions are less favorable than those projected by management, additional inventory write-downs may be required. |
Overhead is charged to inventory based on normal capacity and we expense abnormal amounts of idle facility expense, freight and handling costs in the period incurred. For the year ended December 31, 2014 and 2013, the Company recorded approximately $847,000 and $1,000,000, respectively related to idle facility expense primarily at the Malaysian operations. | |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of depreciable assets which range from 3 to 39 years. Maintenance and repair costs are charged to operations as incurred and major improvements extending asset lives are capitalized. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets: The impairment of tangible and intangible assets is assessed when changes in circumstances (such as, but not limited to, a decrease in market value of an asset, current and historical operating losses or a change in business strategy) indicate that their carrying value may not be recoverable. This assessment is based on management’s estimates of future undiscounted cash flows, salvage values or net sales proceeds. These estimates take into account management’s expectations and judgments regarding future business and economic conditions, future market values and disposal costs. Actual results and events could differ significantly from management’s estimates. Based upon our most recent analysis, management determined that certain assets at TMM were impaired resulting in a write down of approximately $2,140,000 for the year ended December 31, 2014, and based on our 2013 assessment, no impairment existed at December 31, 2013. There can be no assurance that future impairment tests will not result in a charge to net earnings (loss). |
Revenue Recognition | Revenue Recognition: The Company recognizes revenue when each of the following four criteria are met: 1) a contract or sales arrangement exists; 2) title and risk of loss transfers to the customer upon shipment for FOB shipping point sales or when the Company receives confirmation of receipt and acceptance by the customer for FOB destination sales; 3) the price of the products is fixed or determinable; and 4) collectability is reasonably assured. The Company does not offer any type of discount or allowance to our customers. |
Shipping and Handling | Shipping and Handling: The Company records shipping and handling costs, associated with the outbound freight on products shipped to customers, as a component of cost of goods sold. |
Earnings Per Share | Earnings Per Share: Basic earnings per share are based on the weighted average number of shares outstanding and exclude any dilutive effects of options, warrants, debentures and/or convertible preferred stock. Diluted earnings per share reflect the effect of all dilutive items. |
Income Taxes | Income Taxes: The Company records income taxes using the liability method. Under this method, deferred income 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. |
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, 2011 through December 31, 2014. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2010 through December 31, 2014. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2008. | |
As of January 1, 2014, we did not have any unrecognized tax benefits and there was no change during the year ended December 31, 2014. In addition, we did not recognize any interest and penalties in our consolidated financial statements during the year ended December 31, 2014. 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. | |
Share Based Compensation | Share Based Compensation: The Company calculates share based compensation using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model, which requires the input of highly subjective assumptions including the expected stock price volatility. For the year ended December 31, 2014, we recorded $128,000 in share-based employee compensation. This compensation cost is included in the general and administrative expenses and cost of sales in the accompanying consolidated statements of operations. |
Derivatives | Derivatives: We manage the risk of changes in foreign currency exchange rates, primarily at our Malaysian 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 balance sheets and changes in the fair value are recognized in earnings in the period of the change. (See Note 13, Derivatives and Other Financial Instruments). |
Reclassifications | Reclassifications: Certain reclassification have been made to the prior year’s consolidated financial statements to conform to the current year presentation. These reclassifications had no effect on the consolidated financial position, results of operations or cash flows of the Company. |
New Accounting Standards | New Accounting Standards |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606. This ASU replaces nearly all existing U.S. GAAP guidance on revenue recognition. The standard prescribes a five-step model for recognizing revenue, the application of which will require significant judgment. This standard is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial position, results of operations or cash flows. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires the management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016 (our 2016 fiscal year). While early adoption is permitted, we do not plan to early adopt this guidance. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial position, results of operations or cash flows. |
Debt_and_Notes_Payable_Tables
Debt and Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt to Financial Institutions | Following is a summary of our long-term debt to financial institutions as of December 31, 2014 and 2013: | ||||||||
(In thousands) | December 31, | ||||||||
2014 | 2013 | ||||||||
Fixed rate term note payable to a U.S. bank, with an interest rate of 5.5% at December 31, 2014, due January 1, 2016, secured by real estate, leasehold improvements, property, plant and equipment, inventory and accounts receivable of our U.S. operation. | $ | 486 | $ | 911 | |||||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at December 31, 2014, due July 1, 2029, secured by TPT’s land and office building. (€236) | 286 | 351 | |||||||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at December 31, 2014, due January 31, 2030, secured by TPT’s land and building. (€262) | 316 | 386 | |||||||
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 4.05% at December 31, 2014, due July 31, 2015. Paid in full December 30, 2014. | - | 80 | |||||||
Fixed rate Euro term note payable to a Netherlands bank. Paid in full on June 30, 2014. | - | 139 | |||||||
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, 5.2% at December 31, 2014, due March 1, 2015, secured by TMM’s property, plant and equipment. (RM 1,458) | 417 | 801 | |||||||
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, 5.2% at December 31, 2014, due October 25, 2018, secured by TMM’s property, plant and equipment. (RM 4,250) | 1,215 | 1,290 | |||||||
Total | 2,720 | 3,958 | |||||||
Less current maturities | 1,113 | 1,040 | |||||||
Total long-term debt - financial institutions | $ | 1,607 | $ | 2,918 | |||||
Scedule of the future maturities of long-term debt to financial institutions | The following is a summary of the future maturities of long-term debt to financial institutions as of December 31, 2014: | ||||||||
Years Ending December 31, | |||||||||
(In thousands) | |||||||||
2015 | $ | 1,113 | |||||||
2016 | 454 | ||||||||
2017 | 332 | ||||||||
2018 | 332 | ||||||||
2019 | 118 | ||||||||
Thereafter | 371 | ||||||||
Total | $ | 2,720 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [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, 2014 and 2013. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at December 31, 2014 or 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-13 | |||||||||||||||||
Currency forward contracts | $ | 14 | $ | - | $ | 14 | $ | - | |||||||||
31-Dec-14 | |||||||||||||||||
Currency forward contracts | $ | 26 | $ | - | $ | 26 | $ | - | |||||||||
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: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
(In thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Long-term debt, including current portion | $ | 2,720 | $ | 2,558 | $ | 3,958 | $ | 3,697 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory | A summary of inventories follows: | ||||||||
(In thousands) | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 8,465 | $ | 12,852 | |||||
Work in progress | 6,126 | 1,866 | |||||||
Finished goods | 4,800 | 5,306 | |||||||
Supplies | 915 | 1,034 | |||||||
Total Inventories | 20,306 | 21,058 | |||||||
Inventory reserve | (131 | ) | (305 | ) | |||||
Net Inventories | $ | 20,175 | $ | 20,753 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Schedule of Property Plant and Equipment (Tables) | Major classifications and expected lives of property, plant and equipment are summarized below: | ||||||||||
(In thousands) | December 31, | ||||||||||
Expected Life | 2014 | 2013 | |||||||||
Land | $ | 339 | $ | 372 | |||||||
Office buildings | 39 years | 3,709 | 4,012 | ||||||||
Production facilities | 10 - 20 years | 9,345 | 9,209 | ||||||||
Machinery and equipment | 3 - 15 years | 30,683 | 36,944 | ||||||||
Furniture and fixtures | 3 - 20 years | 1,509 | 1,534 | ||||||||
Total | 45,585 | 52,071 | |||||||||
Less accumulated depreciation | (28,286 | ) | (28,956 | ) | |||||||
Property, plant and equipment, net | 17,299 | 23,115 | |||||||||
Construction in progress | 1,590 | 684 | |||||||||
$ | 18,889 | $ | 23,799 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | A summary of the Company’s manufacturing operations by geographic segment is presented below: | ||||||||||||||||||||
(In thousands) | United States | Netherlands | Malaysia | Inter-Company | Consolidated | ||||||||||||||||
(Corpus Christi) | (TPT) | (TMM) | Eliminations | ||||||||||||||||||
As of and for the years ended: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Net Sales: | |||||||||||||||||||||
Customer sales | $ | 31,777 | $ | 10,154 | $ | 4,799 | $ | - | $ | 46,730 | |||||||||||
Intercompany sales | 111 | 7,977 | 7,445 | (15,533 | ) | - | |||||||||||||||
Total Net Sales | $ | 31,888 | $ | 18,131 | $ | 12,244 | $ | (15,533 | ) | $ | 46,730 | ||||||||||
Share based compensation | $ | 128 | $ | - | $ | - | $ | - | $ | 128 | |||||||||||
Depreciation | $ | 980 | $ | 1,310 | $ | 1,155 | $ | - | $ | 3,445 | |||||||||||
Interest expense | $ | 34 | $ | 55 | $ | 265 | $ | - | $ | 354 | |||||||||||
Income tax (benefit) expense | $ | 120 | $ | 468 | $ | (737 | ) | $ | (38 | ) | $ | (187 | ) | ||||||||
Location profit (loss) | $ | (41 | ) | $ | 1,620 | $ | (2,188 | ) | $ | 55 | $ | (554 | ) | ||||||||
Capital expenditures | $ | 804 | $ | 1,199 | $ | 61 | $ | - | $ | 2,064 | |||||||||||
Location long-lived assets | $ | 5,627 | $ | 7,894 | $ | 5,368 | $ | - | $ | 18,889 | |||||||||||
Location assets | $ | 18,983 | $ | 10,393 | $ | 18,169 | $ | - | $ | 47,545 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Net Sales: | |||||||||||||||||||||
Customer sales | $ | 30,019 | $ | 8,255 | $ | 7,747 | $ | - | $ | 46,021 | |||||||||||
Intercompany sales | 110 | 6,627 | 7,638 | (14,375 | ) | - | |||||||||||||||
Total Net Sales | $ | 30,129 | $ | 14,882 | $ | 15,385 | $ | (14,375 | ) | $ | 46,021 | ||||||||||
Share based compensation | $ | 109 | $ | - | $ | - | $ | - | $ | 109 | |||||||||||
Depreciation | $ | 936 | $ | 1,197 | $ | 1,024 | $ | - | $ | 3,157 | |||||||||||
Interest expense | $ | 77 | $ | 97 | $ | 215 | $ | - | $ | 389 | |||||||||||
Income tax (benefit) expense | $ | (511 | ) | $ | 265 | $ | (587 | ) | $ | 9 | $ | (824 | ) | ||||||||
Location profit (loss) | $ | (1,132 | ) | $ | 826 | $ | (1,347 | ) | $ | 37 | $ | (1,616 | ) | ||||||||
Capital expenditures | $ | 703 | $ | 1,192 | $ | 2,335 | $ | - | $ | 4,230 | |||||||||||
Location long-lived assets | $ | 5,805 | $ | 8,965 | $ | 9,029 | $ | - | $ | 23,799 | |||||||||||
Location assets | $ | 17,956 | $ | 10,995 | $ | 23,666 | $ | - | $ | 52,617 |
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Total | |||||||||||||||||
NET SALES | $ | 13,132 | $ | 12,392 | $ | 11,317 | $ | 9,889 | $ | 46,730 | |||||||||||
Cost of sales | 10,980 | 10,885 | 9,809 | 8,437 | 40,111 | ||||||||||||||||
GROSS MARGIN | 2,152 | 1,507 | 1,508 | 1,452 | 6,619 | ||||||||||||||||
Technical services and research and development | 46 | 54 | 50 | 49 | 199 | ||||||||||||||||
Selling, general and administrative expenses | 1,113 | 1,114 | 1,092 | 1,490 | 4,809 | ||||||||||||||||
Loss on disposal of assets | - | - | - | 2,140 | 2,140 | ||||||||||||||||
OPERATING INCOME (LOSS) | 993 | 339 | 366 | (2,227 | ) | (529 | ) | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (95 | ) | (95 | ) | (85 | ) | (79 | ) | (354 | ) | |||||||||||
Gain (loss) on foreign currency exchange rate | (4 | ) | (57 | ) | 71 | 104 | 114 | ||||||||||||||
Other, net | 5 | - | 5 | 18 | 28 | ||||||||||||||||
Total Other Expense | (94 | ) | (152 | ) | (9 | ) | 43 | (212 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX | 899 | 187 | 357 | (2,184 | ) | (741 | ) | ||||||||||||||
Income tax (benefit) expense | 192 | 34 | 61 | (474 | ) | (187 | ) | ||||||||||||||
NET INCOME (LOSS) | $ | 707 | $ | 153 | $ | 296 | $ | (1,710 | ) | $ | (554 | ) | |||||||||
Income (Loss) per common share: | |||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.05 | $ | 0.1 | $ | (0.57 | ) | $ | (0.18 | ) | |||||||||
Diluted | $ | 0.21 | $ | 0.04 | $ | 0.09 | $ | (0.57 | ) | $ | (0.18 | ) | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | ||||||||||||||||
Diluted | 3,413 | 3,402 | 3,394 | 3,014 | 3,014 | ||||||||||||||||
2013 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Total | |||||||||||||||||
NET SALES | $ | 11,427 | $ | 10,732 | $ | 10,870 | $ | 12,992 | $ | 46,021 | |||||||||||
Cost of sales | 9,933 | 9,020 | 9,289 | 14,324 | 42,566 | ||||||||||||||||
GROSS MARGIN | 1,494 | 1,712 | 1,581 | (1,332 | ) | 3,455 | |||||||||||||||
Technical services and research and development | 153 | 171 | 135 | 193 | 652 | ||||||||||||||||
Selling, general and administrative expenses | 1,278 | 1,247 | 1,119 | 1,078 | 4,722 | ||||||||||||||||
Loss on disposal of assets | 10 | - | - | - | 10 | ||||||||||||||||
OPERATING INCOME (LOSS) | 53 | 294 | 327 | (2,603 | ) | (1,929 | ) | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (84 | ) | (99 | ) | (103 | ) | (103 | ) | (389 | ) | |||||||||||
Gain (loss) on foreign currency exchange rate | (87 | ) | 20 | (84 | ) | 11 | (140 | ) | |||||||||||||
Other, net | 12 | - | 6 | - | 18 | ||||||||||||||||
Total Other Expense | (159 | ) | (79 | ) | (181 | ) | (92 | ) | (511 | ) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAX | (106 | ) | 215 | 146 | (2,695 | ) | (2,440 | ) | |||||||||||||
Income tax (benefit) expense | (31 | ) | 65 | 33 | (891 | ) | (824 | ) | |||||||||||||
NET INCOME (LOSS) | $ | (75 | ) | $ | 150 | $ | 113 | $ | (1,804 | ) | $ | (1,616 | ) | ||||||||
Income (Loss) per common share: | |||||||||||||||||||||
Basic | $ | (0.03 | ) | $ | 0.05 | $ | 0.04 | $ | (0.60 | ) | $ | (0.54 | ) | ||||||||
Diluted | $ | (0.03 | ) | $ | 0.04 | $ | 0.03 | $ | (0.60 | ) | $ | (0.54 | ) | ||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 2,987 | 2,998 | 3,012 | 3,012 | 3,002 | ||||||||||||||||
Diluted | 2,987 | 3,404 | 3,422 | 3,012 | 3,002 | ||||||||||||||||
Calculation_of_Basic_and_Dilut1
Calculation of Basic and Diluted Earnings per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Loss per common share: | |||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | Calculation of Basic and Diluted Earnings per Share | ||||||||
(in thousands, except per share amounts) | Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net Loss | $ | (554 | ) | $ | (1,616 | ) | |||
Numerator for diluted earnings per share - loss available to common shareholders after assumed conversions | $ | (554 | ) | $ | (1,616 | ) | |||
Denominator: | |||||||||
Denominator for basic earnings per share - weighted-average shares | 3,014 | 3,002 | |||||||
Dilutive potential common shares | - | - | |||||||
Denominator for diluted earnings per share - weighted-average shares and assumed conversions | 3,014 | 3,002 | |||||||
Basic earnings per common share | $ | (0.18 | ) | $ | (0.54 | ) | |||
Diluted earnings per common share | $ | (0.18 | ) | $ | (0.54 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | |||||||||||||||||||||||||
Components of Pretax Income (Loss) | Years Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Domestic | $ | 132 | $ | (1,643 | ) | ||||||||||||||||||||
Foreign | (873 | ) | (797 | ) | |||||||||||||||||||||
Pretax income (loss) | $ | (741 | ) | $ | (2,440 | ) | |||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Components of Income Tax Expense (Benefit) | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||
Federal | $ | - | $ | 94 | $ | 94 | $ | - | $ | (518 | ) | $ | (518 | ) | |||||||||||
State | 8 | - | 8 | 7 | - | 7 | |||||||||||||||||||
Foreign | 455 | (744 | ) | (289 | ) | 265 | (578 | ) | (313 | ) | |||||||||||||||
Total Income Tax Expense (Benefit) | $ | 463 | $ | (650 | ) | $ | (187 | ) | $ | 272 | $ | (1,096 | ) | $ | (824 | ) | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate of 34% to income before taxes. | ||||||||||||||||||||||||
Effective Tax Rate Reconciliation | Years Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Expense (benefit) computed at statutory rate | $ | (252 | ) | $ | (829 | ) | |||||||||||||||||||
Effect of items deductible for book not tax, net | |||||||||||||||||||||||||
Share based compensation | 44 | 37 | |||||||||||||||||||||||
Other | (64 | ) | 13 | ||||||||||||||||||||||
Effect of foreign tax credit | - | (60 | ) | ||||||||||||||||||||||
Effect of foreign tax rate differential | 80 | 11 | |||||||||||||||||||||||
State income taxes, net of Federal benefit | 5 | 4 | |||||||||||||||||||||||
$ | (187 | ) | $ | (824 | ) | ||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | Significant Components of Deferred Taxes | Year Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred Tax Assets: | |||||||||||||||||||||||||
Net operating loss carry-forwards - Domestic | $ | 241 | $ | 461 | |||||||||||||||||||||
Net operating loss carry-forwards - Foreign | 824 | 932 | |||||||||||||||||||||||
PP&E - Foreign | 10 | 10 | |||||||||||||||||||||||
Intercompany profit | 59 | 74 | |||||||||||||||||||||||
Alternative minimum tax credit carryforwards | 65 | - | |||||||||||||||||||||||
Domestic reserves | 16 | 16 | |||||||||||||||||||||||
Unrealized foreign currency losses - Domestic | - | 50 | |||||||||||||||||||||||
Other deferred assets | 699 | 494 | |||||||||||||||||||||||
Total deferred tax assets | $ | 1,914 | $ | 2,037 | |||||||||||||||||||||
Deferred Tax Liabilities: | |||||||||||||||||||||||||
PP&E - Domestic | 924 | 696 | |||||||||||||||||||||||
PP&E - Foreign | 836 | 1,407 | |||||||||||||||||||||||
Unrealized gain on derivatives | 5 | 15 | |||||||||||||||||||||||
Unrealized foreign currency gains - Domestic | 11 | - | |||||||||||||||||||||||
Other | 3 | 3 | |||||||||||||||||||||||
Total deferred tax liabilities | 1,779 | 2,121 | |||||||||||||||||||||||
Net deferred tax asset (liability) | $ | 135 | $ | (84 | ) |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company granted options to purchase 20,500 shares of common stock during the year ended December 31, 2014. The weighted average fair value per option at the date of grant for options granted in the year ended December 31, 2014 was $10.34, as valued using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Risk-free interest rate | 2.18 | % | 1.28 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
Expected volatility | 0.65 | 0.9 | ||||||||||||
Expected term (in years) | 7 | 7 | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes certain information regarding stock option activity: | |||||||||||||
Options | ||||||||||||||
Total | Outstanding | Weighted Avg | Range of | |||||||||||
Reserved | Exercise Price | Exercise Prices | ||||||||||||
Balances at December 31, 2012 | 412,546 | 173,888 | $13.39 | $2.70 - $30.55 | ||||||||||
Granted | 20,500 | $8.83 | $11.27 - $11.39 | |||||||||||
Exercised | (25,338 | ) | (25,338 | ) | $10.69 | $2.70 - $11.05 | ||||||||
Forfeited or expired | (37,886 | ) | $14.63 | $11.00 - $29.50 | ||||||||||
Balances at December 31, 2013 | 387,208 | 131,164 | $13.24 | $2.70 - $30.55 | ||||||||||
Granted | 20,500 | $10.34 | $11.27 - $11.39 | |||||||||||
Exercised | (1,839 | ) | (1,839 | ) | $6.25 | $2.70 - $7.50 | ||||||||
Forfeited or expired | (2,120 | ) | $21.22 | $19.95 - $21.30 | ||||||||||
Balances at December 31, 2014 | 385,369 | 147,705 | $13.24 | $2.70 - $30.55 | ||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | The number of shares of common stock underlying options exercisable at December 31, 2014 was 97,705. The weighted-average remaining contractual life of those options is 5.62 years. Exercise prices on options outstanding at December 31, 2014, ranged from $2.70 to $30.55 per share as noted in the following table. | |||||||||||||
Options Outstanding at December 31, | ||||||||||||||
2014 | 2013 | Range of Exercise Prices | ||||||||||||
13,189 | 15,028 | $ 2.70 - $ 9.99 | ||||||||||||
103,616 | 83,116 | $10.00 - $14.99 | ||||||||||||
23,500 | 23,620 | $15.00 - $19.99 | ||||||||||||
-- | 2,000 | $20.00 - $24.99 | ||||||||||||
2,000 | 2,000 | $25.00 - $29.99 | ||||||||||||
5,400 | 5,400 | $30.00 - $30.55 | ||||||||||||
147,705 | 131,164 |
Derivatives_and_Other_Financia1
Derivatives and Other Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [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 consolidated balance sheets: | ||||||||
(In thousands) | |||||||||
Liability Derivatives | |||||||||
Derivative Instrument | Location | 31-Dec-14 | 31-Dec-13 | ||||||
Foreign Currency Exchange Contracts | Accrued Expenses | $ | 26 | $ | 14 | ||||
Schedule of Derivative Instruments | The following table summarizes the impact of the Company’s derivatives on the consolidated financial statements of operations for the years ended December 31, 2014 and 2013: | ||||||||
(In thousands) | |||||||||
Amount of Loss Recognized in Operations | |||||||||
Derivative | Location of Loss on | Year Ended Decenber 31, | |||||||
Instrument | Derivative Instrument | 2014 | 2013 | ||||||
Foreign Currency Exchange Contracts | Loss on foreign currency exchange rate | $ | 24 | $ | 13 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum future rental payments under this and other immaterial leases as of December 31, 2014 for the next five years ending December 31 and in total thereafter are as follows: | ||||||
Years Ending December 31, | |||||||
(In thousands) | |||||||
2015 | $ | 117 | |||||
2016 | 117 | ||||||
2017 | 117 | ||||||
2018 | 95 | ||||||
2019 | 95 | ||||||
Thereafter | 717 | ||||||
Total minimum lease payments | $ | 1,258 |
Foreign_Customer_Sales_Tables
Foreign Customer Sales (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Revenues from sales to customers (Tables) | Revenues from sales to customers located outside the U.S. for the years ended December 31, 2014 and 2013 are as follows: | ||||||||
Year Ended December 31, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Canada, Mexico & South/Central America | $ | 4,627 | $ | 4,500 | |||||
Pacific Rim | 4,630 | 5,813 | |||||||
Europe, Africa & Middle East | 10,323 | 10,191 | |||||||
Total Sales | $ | 19,580 | $ | 20,504 |
Sales_by_Product_Tables
Sales by Product (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||||
Revenue from External Customers by Products and Services | Revenues from sales by product for the years ended December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||
Product | 2014 | 2013 | Variance | |||||||||||||||||||
ALUPREM | $ | 18,516 | 39 | % | $ | 14,662 | 32 | % | $ | 3,854 | 26 | % | ||||||||||
HITOX | 13,265 | 28 | % | 14,004 | 30 | % | (739 | ) | -5 | % | ||||||||||||
BARTEX / BARYPREM | 8,848 | 20 | % | 7,882 | 17 | % | 966 | 12 | % | |||||||||||||
HALTEX / OPTILOAD | 3,182 | 7 | % | 3,427 | 8 | % | (245 | ) | -7 | % | ||||||||||||
TIOPREM | 856 | 2 | % | 1,817 | 4 | % | (961 | ) | -53 | % | ||||||||||||
SR | 1,365 | 3 | % | 3,527 | 8 | % | (2,162 | ) | -61 | % | ||||||||||||
OTHER | 698 | 1 | % | 702 | 1 | % | (4 | ) | -1 | % | ||||||||||||
Total | $ | 46,730 | 100 | % | $ | 46,021 | 100 | % | $ | 709 | 2 | % |
Description_of_Business_Detail
Description of Business (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reserve for doubtful accounts | $83 | |
Cumulative translation adjustment | 1,643 | 3,761 |
Write down inventory | 0 | 1,329 |
Reserve for obsolescence and unmarketable inventory | 131 | 305 |
Idle facility expense, freight and handling costs | 847 | 1,000 |
HITOX [Member] | ||
Write down inventory | 1,329 | |
TOR Minerals Malaysia [Member] | ||
Cumulative translation adjustment | 712 | |
TOR Processing and Trade, BV [Member] | ||
Cumulative translation adjustment | $931 |
Debt_and_Notes_Payable_Details
Debt and Notes Payable (Details Narrative) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Mar. 01, 2012 | Dec. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2010 | Dec. 31, 2010 | Jul. 07, 2004 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 14, 2004 | Jul. 07, 2004 | Jan. 03, 2005 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 03, 2005 | Jul. 19, 2005 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 19, 2005 | Jul. 05, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 05, 2011 | Mar. 02, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 02, 2012 | Oct. 25, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 25, 2013 |
Line Of Credit American Bank, N.A.[Member] | Line Of Credit American Bank, N.A.[Member] | Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | Fixed Rate Notes Payable to Rabobank Due July 31, 2015 [Member] | Fixed Rate Notes Payable to Rabobank Due July 31, 2015 [Member] | Fixed Rate Notes Payable to Rabobank Due July 31, 2015 [Member] | Fixed Rate Notes Payable to Rabobank Due July 31, 2015 [Member] | Fixed rate Notes Payable to Rabobank [Member] | Fixed rate Notes Payable to Rabobank [Member] | Fixed rate Notes Payable to Rabobank [Member] | Fixed rate Notes Payable to Rabobank [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2015 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2015 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2015 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2015 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Line Of Credit American Bank, N.A.[Member] | USD ($) | EURO [Member] | EURO [Member] | EURO [Member] | USD ($) | EURO [Member] | EURO [Member] | EURO [Member] | EURO [Member] | EURO [Member] | EURO [Member] | USD ($) | USD ($) | RM [Member] | RM [Member] | USD ($) | USD ($) | RM [Member] | RM [Member] | |||||||
USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | MYR | MYR | MYR | MYR | |||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Long-term debt - financial institutions | $486 | $2,000 | $286 | € 236 | € 485 | $316 | € 262 | € 470 | € 500 | € 700 | $1,000 | $417 | 1,458 | 3,500 | $1,429 | $1,215 | 4,250 | 5,000 | ||||||||||||
Short term line of credit | 2,000 | 1,000 | 2,000 | |||||||||||||||||||||||||||
Interest rate (in percent) | 5.50% | 5.50% | 4.25% | |||||||||||||||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | Monthly principal and interest payments | Monthly principal and interest payments | Monthly principal and interest payments | Monthly principal and interest payments | The loan will be paid in 35 equal monthly installments. Commencing one month after full drawdown or 18 months after initial drawdown, whichever is earlier. | Monthly principal payments will commence one month after the loan is fully funded or 12 months after the initial drawdown, whichever is earlier. | |||||||||||||||||||||||
Long term debt date of first Required payment | 1-Feb-11 | 1-Sep-04 | 28-Feb-05 | 31-Aug-05 | 5-Aug-11 | |||||||||||||||||||||||||
Long term debt periodic monthly payment | 38,620 | 1,616 | 1,566 | 27,782 | 97,195 | 23,820 | 83,333 | |||||||||||||||||||||||
Description of collateral | Secured by certain assets of the Company which are located in the United States or which arise from the Company’s operations in the United States. Collateral under the Agreement does not include the Company’s ownership or other interests in TMM and TPT, any assets or operations of either TMM or TPT or any proceeds thereof. | Secured by the land and office building purchased on July 7, 2004 | Secured by the land and building purchased by TPT on January 3, 2005 | Secured by TPT’s assets | ||||||||||||||||||||||||||
Description of third amendment covenant | Company entered into the third amendment (the “Third Amendment”) to the Agreement, with the Lender. Under the terms of the Third Amendment, the Company is required to maintain a ratio of cash flow to debt service of 1.0 to 1.0 for the four month period ended April 30, 2014, six month period ended June 30, 2014, nine month period ended September 30, 2014, and twelve month period ended 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 Agreement. The Company was in compliance with the ratio of cash flow to debt service for the twelve month period ended December 31, 2014. | |||||||||||||||||||||||||||||
Description of covenant compliance | The Agreement also includes certain additional affirmative and negative covenants, including limitations on incurring additional indebtedness, becoming a guarantor or surety, making loans or advances to other parties, except trade credit extended in the normal course of business, or changing the President or Board of Directors of the Company without the Lender’s written consent. The Company was in compliance with the affirmative and negative covenants at December 31, 2014. | |||||||||||||||||||||||||||||
Maturity term | 25 years | 25 years | 10 years | 3 years | 5 years | |||||||||||||||||||||||||
Description of interest rate terms | Interest rate is to be adjusted every five years. Under the terms of the First Mortgage, the interest was adjusted to a fixed rate of 3.85%, effective August 1, 2013, for a period of five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. | Interest rate is to be adjusted every five years. Under the terms of the Second Mortgage, the interest was adjusted to a fixed rate of 3.3%, effective January 3, 2013, for a period of five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. | Interest fixed at 6.1% per year for the first five years. Under the terms of the Term Loan, the interest was adjusted to a fixed rate of 4.05%, effective July 19, 2010, for a period of five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. | The interest rate is 2.0% per annum above the HSBC’s base lending rate, which is currently 5.2% per annum and is payable monthly. | The interest rate is 2.0% per annum above the HSBC’s base lending rate, which is currently 5.2% per annum. | |||||||||||||||||||||||||
Long term debt first portion utilize | 325 | |||||||||||||||||||||||||||||
Long term debt second portion utilize | € 160 | |||||||||||||||||||||||||||||
Description of debt instrument purpose | Acquisition of a 10,000 square foot warehouse with a loading dock that is located adjacent to TPT’s existing production facility. | To fund the completion of its building expansion. | To fund TPT’s plant expansion. | The purpose of upgrading the operation’s SR production process. | The funds will be used to finance part of the cost of plant improvements to increase efficiency and production capacity. | |||||||||||||||||||||||||
Maturity date | 31-Jan-30 | 31-Jul-15 | 5-Jul-14 |
Debt_and_Notes_Payable_Details1
Debt and Notes Payable (Details Narrative 1) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 01, 2014 | 15-May-13 | Mar. 01, 2012 | Dec. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 01, 2010 | Jan. 01, 2010 | Mar. 20, 2007 | Dec. 31, 2014 | Aug. 31, 2014 | Sep. 01, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 15, 2014 | Aug. 16, 2014 | Aug. 15, 2014 | Aug. 15, 2014 | Aug. 15, 2014 | Aug. 15, 2014 | Aug. 15, 2014 | Dec. 31, 2014 | Aug. 15, 2014 | Dec. 31, 2014 | Aug. 15, 2014 | Aug. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | Line Of Credit American Bank, N.A.[Member] | Line Of Credit American Bank, N.A.[Member] | Line Of Credit American Bank, N.A.[Member] | Line Of Credit American Bank, N.A.[Member] | Line Of Credit American Bank, N.A.[Member] | Line Of Credit Rabobank [Member] | Line Of Credit Rabobank [Member] | Line Of Credit Rabobank [Member] | Line Of Credit Rabobank [Member] | Line Of Credit Rabobank [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit HSBC Facility [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit RHB Bank Berhad [Member] | Line Of Credit HSBC Facility & RHB Bank Berhad [Member] | Line Of Credit HSBC Facility & RHB Bank Berhad [Member] | Line Of Credit HSBC Facility & RHB Bank Berhad [Member] | |
USD ($) | USD ($) | USD ($) | EURO [Member] | EURO [Member] | EURO [Member] | EURO [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Import & Export Line (ECR facilities) [Member] | Import & Export Line (ECR facilities) [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Bank Overdrafts [Member] | Bank Overdrafts [Member] | Import & Export Line (ECR facilities) [Member] | Import & Export Line (ECR facilities) [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Bank Guarantee [Member] | Bank Guarantee [Member] | Bank Overdrafts [Member] | Import & Export Line (ECR facilities) [Member] | Import & Export Line (ECR facilities) [Member] | ||||||||||
USD ($) | EUR (€) | EUR (€) | EUR (€) | USD ($) | RM [Member] | USD ($) | RM [Member] | USD ($) | RM [Member] | USD ($) | RM [Member] | USD ($) | RM [Member] | USD ($) | USD ($) | RM [Member] | RM [Member] | USD ($) | RM [Member] | USD ($) | RM [Member] | ||||||||||||||
MYR | MYR | MYR | MYR | MYR | MYR | MYR | MYR | MYR | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||
Short term line of credit | $2,000 | $1,000 | $590 | € 1,100 | € 650 | € 487 | $143 | 500 | $2,990 | 10,460 | $1,429 | 5,000 | $286 | 1,000 | $2,087 | 7,300 | $7,146 | $296 | 25,000 | 1,037 | $343 | 1,200 | $2,777 | 9,717 | |||||||||||
Proceeds from lines of credit | $3,051 | $400 | $1,000 | $450 | |||||||||||||||||||||||||||||||
Lines of credit interest rate (in percent) | 5.50% | 4.50% | 2.15% | 4.62% | |||||||||||||||||||||||||||||||
Lines of credit expiration date | 15-Oct-15 | 15-Oct-14 | 30-Apr-14 | 30-Jun-15 | 24-Mar-14 | 1-Apr-15 | |||||||||||||||||||||||||||||
Description of variable rate basis | 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 4.5% | Variable interest rate of bank prime plus 2.8% (currently at 3.323%) | |||||||||||||||||||||||||||||||||
Description of line of credit collateral | Secured by TPT’s accounts receivable and inventory. | ||||||||||||||||||||||||||||||||||
Description of interest rate terms | 1.25% over bank prime | Bear interest at 1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad. |
Debt_and_Notes_Payable_Details2
Debt and Notes Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total | $2,720 | $3,958 |
Less current maturities | 1,113 | 1,040 |
Total long-term debt - financial institutions | 1,607 | 2,918 |
Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 486 | 911 |
Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 286 | 351 |
Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 316 | 386 |
Fixed Rate Notes Payable to Rabobank Due July 31, 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 80 | |
Fixed rate Notes Payable to Rabobank [Member] | ||
Debt Instrument [Line Items] | ||
Total | 139 | |
Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 417 | 801 |
Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total | $1,215 | $1,290 |
Debt_and_Notes_Payable_Details3
Debt and Notes Payable (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $1,113 |
2016 | 454 |
2017 | 332 |
2018 | 332 |
2019 | 118 |
Thereafter | 371 |
Total | $2,720 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liability | ||
Currency forward contracts | $26 | $14 |
Level 1 [Member] | ||
Liability | ||
Currency forward contracts | ||
Level 2 [Member] | ||
Liability | ||
Currency forward contracts | 26 | 14 |
Level 3 [Member] | ||
Liability | ||
Currency forward contracts |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $2,720 | $3,958 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $2,558 | $3,697 |
Capital_Leases_Details_Narrati
Capital Leases (Details Narrative) (Diependael Leasing, BV [Member]) | 0 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 04, 2014 | Sep. 04, 2011 | Aug. 04, 2014 | Sep. 04, 2011 |
USD ($) | USD ($) | EURO [Member] | EURO [Member] | |
EUR (€) | EUR (€) | |||
Capital lease | $49,900 | $46,416 | € 41,256 | € 38,360 |
Capital lease interest expenses | $3,500 | € 2,896 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $8,465 | $12,852 |
Work in progress | 6,126 | 1,866 |
Finished goods | 4,800 | 5,306 |
Supplies | 915 | 1,034 |
Total Inventories | 20,306 | 21,058 |
Inventory reserve | -131 | -305 |
Net Inventories | $20,175 | $20,753 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total | $45,585 | $52,071 |
Less accumulated depreciation | -28,286 | -28,956 |
Property, plant and equipment, net | 17,299 | 23,115 |
Construction in progress | 1,590 | 684 |
Property, plant and equipment, net plus construction in progress | 18,889 | 23,799 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 339 | 372 |
Office buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 39 years | |
Total | 3,709 | 4,012 |
Production facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 9,345 | 9,209 |
Production facilities [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 10 years | |
Production facilities [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 20 years | |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 30,683 | 36,944 |
Machinery and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 3 years | |
Machinery and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 15 years | |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $1,509 | $1,534 |
Furniture and fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 3 years | |
Furniture and fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 20 years |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $3,445 | $3,157 |
Impairment analysis | $2,140 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Sales: | ||||||||||
Customer sales | $46,730 | $46,021 | ||||||||
Intercompany sales | ||||||||||
Total Net Sales | 9,889 | 11,317 | 12,392 | 13,132 | 12,992 | 10,870 | 10,732 | 11,427 | 46,730 | 46,021 |
Share based compensation | 128 | 109 | ||||||||
Depreciation | 3,445 | 3,157 | ||||||||
Interest expense | -79 | -85 | -95 | -95 | -103 | -103 | -99 | -84 | 354 | 389 |
Income tax (benefit) expense | -474 | 61 | 34 | 192 | -891 | 33 | 65 | -31 | -187 | -824 |
Location profit (loss) | -1,710 | 296 | 153 | 707 | -1,804 | 113 | 150 | -75 | -554 | -1,616 |
Capital expenditures | 2,064 | 4,230 | ||||||||
Location long-lived assets | 18,889 | 23,799 | 18,889 | 23,799 | ||||||
Location assets | 48,163 | 52,855 | 48,163 | 52,855 | ||||||
United States (Corpus Christi) [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | 31,777 | 30,019 | ||||||||
Intercompany sales | 111 | 110 | ||||||||
Total Net Sales | 31,888 | 30,129 | ||||||||
Share based compensation | 128 | 109 | ||||||||
Depreciation | 980 | 936 | ||||||||
Interest expense | 34 | 77 | ||||||||
Income tax (benefit) expense | 120 | -511 | ||||||||
Location profit (loss) | -41 | -1,132 | ||||||||
Capital expenditures | 804 | 703 | ||||||||
Location long-lived assets | 5,627 | 5,805 | 5,627 | 5,805 | ||||||
Location assets | 18,983 | 17,956 | 18,983 | 17,956 | ||||||
Netherlands (TPT) [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | 10,154 | 8,255 | ||||||||
Intercompany sales | 7,977 | 6,627 | ||||||||
Total Net Sales | 18,131 | 14,882 | ||||||||
Share based compensation | ||||||||||
Depreciation | 1,310 | 1,197 | ||||||||
Interest expense | 55 | 97 | ||||||||
Income tax (benefit) expense | 468 | 265 | ||||||||
Location profit (loss) | 1,620 | 826 | ||||||||
Capital expenditures | 1,199 | 1,192 | ||||||||
Location long-lived assets | 7,894 | 8,965 | 7,894 | 8,965 | ||||||
Location assets | 10,393 | 10,995 | 10,393 | 10,995 | ||||||
Malaysia (TMM) [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | 4,799 | 7,747 | ||||||||
Intercompany sales | 7,445 | 7,638 | ||||||||
Total Net Sales | 12,244 | 15,385 | ||||||||
Share based compensation | ||||||||||
Depreciation | 1,155 | 1,024 | ||||||||
Interest expense | 265 | 215 | ||||||||
Income tax (benefit) expense | -737 | -587 | ||||||||
Location profit (loss) | -2,188 | -1,347 | ||||||||
Capital expenditures | 61 | 2,335 | ||||||||
Location long-lived assets | 5,368 | 9,029 | 5,368 | 9,029 | ||||||
Location assets | 18,169 | 23,666 | 18,169 | 23,666 | ||||||
Inter-Company Eliminations [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | ||||||||||
Intercompany sales | -15,533 | -14,375 | ||||||||
Total Net Sales | -15,533 | -14,375 | ||||||||
Share based compensation | ||||||||||
Depreciation | ||||||||||
Interest expense | ||||||||||
Income tax (benefit) expense | -38 | 9 | ||||||||
Location profit (loss) | 55 | 37 | ||||||||
Capital expenditures | ||||||||||
Location long-lived assets | ||||||||||
Location assets |
Segment_Information_Details_Na
Segment Information (Details Narrative) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 100.00% | 100.00% |
United States (Corpus Christi) [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 34.00% | 30.00% |
Number of customer | 1 | 1 |
Percentage of sales to external customers | 58.00% | 56.00% |
Percentage of employees in-house collective bargaining agreement | 20.00% | 24.00% |
Netherlands (TPT) [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 33.00% | 31.00% |
Number of customer | 2 | 2 |
Malaysia (TMM) [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 25.00% | 42.00% |
Number of customer | 1 | 1 |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
NET SALES | $9,889 | $11,317 | $12,392 | $13,132 | $12,992 | $10,870 | $10,732 | $11,427 | $46,730 | $46,021 |
Cost of sales | 8,437 | 9,809 | 10,885 | 10,980 | 14,324 | 9,289 | 9,020 | 9,933 | 40,111 | 42,566 |
GROSS MARGIN | 1,452 | 1,508 | 1,507 | 2,152 | -1,332 | 1,581 | 1,712 | 1,494 | 6,619 | 3,455 |
Technical services and research and development | 49 | 50 | 54 | 46 | 193 | 135 | 171 | 153 | 199 | 652 |
Selling, general and administrative expenses | 1,490 | 1,092 | 1,114 | 1,113 | 1,078 | 1,119 | 1,247 | 1,278 | 4,809 | 4,722 |
Loss on disposal of assets | 2,140 | 10 | -2,140 | -10 | ||||||
OPERATING INCOME (LOSS) | -2,227 | 366 | 339 | 993 | -2,603 | 327 | 294 | 53 | -529 | -1,929 |
OTHER INCOME (EXPENSE): | ||||||||||
Interest expense | -79 | -85 | -95 | -95 | -103 | -103 | -99 | -84 | 354 | 389 |
Gain (loss) on foreign currency exchange rate | 104 | 71 | -57 | -4 | 11 | -84 | 20 | -87 | 114 | -140 |
Other, net | 18 | 5 | 5 | 6 | 12 | 28 | 18 | |||
Total Other Expense | 43 | -9 | -152 | -94 | -92 | -181 | -79 | -159 | -212 | -511 |
INCOME (LOSS) BEFORE INCOME TAX | -2,184 | 357 | 187 | 899 | -2,695 | 146 | 215 | -106 | -741 | -2,440 |
Income tax (benefit) expense | -474 | 61 | 34 | 192 | -891 | 33 | 65 | -31 | -187 | -824 |
Net loss | ($1,710) | $296 | $153 | $707 | ($1,804) | $113 | $150 | ($75) | ($554) | ($1,616) |
Income (Loss) per common share: | ||||||||||
Basic (in dollars per share) | ($0.57) | $0.10 | $0.05 | $0.23 | ($0.60) | $0.04 | $0.05 | ($0.03) | ($0.18) | ($0.54) |
Diluted (in dollars per share) | ($0.57) | $0.09 | $0.04 | $0.21 | ($0.60) | $0.03 | $0.04 | ($0.03) | ($0.18) | ($0.54) |
Weighted average common shares outstanding: | ||||||||||
Basic (in dollars per share) | 3,014 | 3,014 | 3,014 | 3,014 | 3,012 | 3,012 | 2,998 | 2,987 | 3,014 | 3,002 |
Diluted (in dollars per share) | 3,014 | 3,394 | 3,402 | 3,413 | 3,012 | 3,422 | 3,404 | 2,987 | 3,014 | 3,002 |
Calculation_of_Basic_and_Dilut2
Calculation of Basic and Diluted Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator: | ||||||||||
Net loss | ($1,710) | $296 | $153 | $707 | ($1,804) | $113 | $150 | ($75) | ($554) | ($1,616) |
Numerator for diluted earnings per share - loss available to common shareholders after assumed conversions | ($554) | ($1,616) | ||||||||
Denominator: | ||||||||||
Denominator for basic earnings per share - weighted-average shares | 3,014 | 3,014 | 3,014 | 3,014 | 3,012 | 3,012 | 2,998 | 2,987 | 3,014 | 3,002 |
Dilutive potential common shares | ||||||||||
Denominator for diluted earnings per share - weighted-average shares and assumed conversions | 3,014 | 3,394 | 3,402 | 3,413 | 3,012 | 3,422 | 3,404 | 2,987 | 3,014 | 3,002 |
Basic earnings per common share (in dollars per share) | ($0.57) | $0.10 | $0.05 | $0.23 | ($0.60) | $0.04 | $0.05 | ($0.03) | ($0.18) | ($0.54) |
Diluted earnings per common share (in dollars per share) | ($0.57) | $0.09 | $0.04 | $0.21 | ($0.60) | $0.03 | $0.04 | ($0.03) | ($0.18) | ($0.54) |
Calculation_of_Basic_and_Dilut3
Calculation of Basic and Diluted Earnings per Share (Details Narrative) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Detachable Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 528,304 | 528,304 |
Employee stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 147,705 | 131,164 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | |
Statutory U.S. federal income tax rate (in percent) | 34.00% |
Federal Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry-forwards | 710,000 |
Deferred tax asset net operating loss carry-forwards | 241,000 |
Expiration year | 2033 |
Malaysia Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry-forwards | 3,297,000 |
Deferred tax asset net operating loss carry-forwards | 824,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||||||||||
Domestic | $132 | ($1,643) | ||||||||
Foreign | -873 | -797 | ||||||||
Pretax income (loss) | ($2,184) | $357 | $187 | $899 | ($2,695) | $146 | $215 | ($106) | ($741) | ($2,440) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Current | ||||||||||
Federal | ||||||||||
State | 8 | 7 | ||||||||
Foreign | 455 | 265 | ||||||||
Total Income Tax Expense (Benefit) | 463 | 272 | ||||||||
Deferred | ||||||||||
Federal | 94 | -518 | ||||||||
State | ||||||||||
Foreign | -744 | -578 | ||||||||
Total Income Tax Expense (Benefit) | -650 | -1,096 | ||||||||
Total | ||||||||||
Federal | 94 | -518 | ||||||||
State | 8 | 7 | ||||||||
Foreign | -289 | -313 | ||||||||
Total Income Tax Expense (Benefit) | ($474) | $61 | $34 | $192 | ($891) | $33 | $65 | ($31) | ($187) | ($824) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||||||||||
Expense (benefit) computed at statutory rate | ($252) | ($829) | ||||||||
Effect of items deductible for book not tax, net | ||||||||||
Share based compensation | 44 | 37 | ||||||||
Other | -64 | 13 | ||||||||
Effect of foreign tax credit | -60 | |||||||||
Effect of foreign tax rate differential | 80 | 11 | ||||||||
State income taxes, net of Federal benefit | 5 | 4 | ||||||||
Income Tax Expense (Benefit) | ($474) | $61 | $34 | $192 | ($891) | $33 | $65 | ($31) | ($187) | ($824) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Net operating loss carry-forwards - Domestic | $241 | $461 |
Net operating loss carry-forwards - Foreign | 824 | 932 |
PP&E - Foreign | 10 | 10 |
Intercompany profit | 59 | 74 |
Alternative minimum tax credit carryforwards | 65 | |
Domestic reserves | 16 | 16 |
Unrealized foreign currency losses - Domestic | 50 | |
Other deferred assets | 699 | 494 |
Total deferred tax assets | 1,914 | 2,037 |
Deferred Tax Liabilities: | ||
PP&E - Domestic | 924 | 696 |
PP&E - Foreign | 836 | 1,407 |
Unrealized gain on derivatives | 5 | 15 |
Unrealized foreign currency gains - Domestic | 11 | |
Other | 3 | 3 |
Total deferred tax liabilities | 1,779 | 2,121 |
Net deferred tax asset (liability) | $135 | ($84) |
Stock_Options_Details_Narrativ
Stock Options (Details Narrative) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 11-May-12 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 147,705 | 131,164 | 173,888 | |
Number of shares execised | -1,839 | -25,338 | ||
Number of shares granted | 20,500 | 20,500 | ||
2000 Incentive Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 500,000 | |||
Expiration date | 23-May-22 | |||
Number of shares outstanding | 147,705 | |||
Number of shares execised | 114,631 | |||
Number of shares available for future issuance | 237,664 | |||
Number of shares granted | 20,500 | |||
Weighted average grant date fair value grant in period | 10.34 | |||
Compensation expense related to non-vested awards | 373 | |||
Compensation expense recognized over a weighted average period | 2 years 8 months 1 day | |||
Number of shares exercisable | 97,705 | |||
Exercisable weighted-average remaining contractual life | 5 years 7 months 13 days | |||
2000 Incentive Stock Option Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable exercise prices | 30.55 | |||
2000 Incentive Stock Option Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable exercise prices | 2.7 | |||
2000 Incentive Stock Option Plan [Member] | General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based employee compensation | 128 | |||
2000 Incentive Stock Option Plan [Member] | Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based employee compensation | 109 |
Stock_Options_Details
Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 2.18% | 1.28% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 0.65% | 0.90% |
Expected term (in years) | 7 years | 7 years |
Stock_Options_Details_1
Stock Options (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock, Capital Shares Reserved for Future Issuance [Roll Forward] | ||
Balances | 387,208 | 412,546 |
Exercised | -1,839 | -25,338 |
Balances | 385,369 | 387,208 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Balances | 131,164 | 173,888 |
Granted | 20,500 | 20,500 |
Exercised | -1,839 | -25,338 |
Forfeited or expired | -2,120 | -37,886 |
Balances | 147,705 | 131,164 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Balances | $13.24 | $13.39 |
Granted | $10.34 | $8.83 |
Exercised | $6.25 | $10.69 |
Forfeited or expired | $21.22 | $14.63 |
Balances | $13.24 | $13.24 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Balances | $2.70 | $2.70 |
Granted | $11.27 | $11.27 |
Exercised | $2.70 | $2.70 |
Forfeited or expired | $19.95 | $11 |
Balances | $2.70 | $2.70 |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Balances | $30.55 | $30.55 |
Granted | $11.39 | $11.39 |
Exercised | $7.50 | $11.05 |
Forfeited or expired | $21.30 | $29.50 |
Balances | $30.55 | $30.55 |
Stock_Options_Details_2
Stock Options (Details 2) | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 147,705 | 131,164 |
$2.70 - $9.99 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 13,189 | 15,028 |
$10.00 - $14.99 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 103,616 | 83,116 |
$15.00 - $19.99 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 23,500 | 23,620 |
$20.00 - $24.99 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 2,000 | |
$25.00 - $29.99 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 2,000 | 2,000 |
$30.00 - $30.55 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 5,400 | 5,400 |
Profit_Sharing_Plan_Details_Na
Profit Sharing Plan (Details Narrative) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Compensation arrangement with employees, requisite service period | 6 months |
Percentage of company matches contributions | 4.00% |
Company contributions | $63,000 |
Detachable_Warrants_Details_Na
Detachable Warrants (Details Narrative) (Detachable Warrants [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 528,304 |
Warrants issued | -4 |
Convertible Subordinated Debtentures [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants converted into debt instruments | 528,304 |
Stated interest rate (in percent) | 6.00% |
Warrants conversion price (in dollars per share) | 2.65 |
Maturity date | 4-May-16 |
Derivatives_and_Other_Financia2
Derivatives and Other Financial Instruments (Details) (Accrued Expenses [Member], Foreign Currency Exchange Contracts [Member], Nondesignated [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Member] | Foreign Currency Exchange Contracts [Member] | Nondesignated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability fair value gross asset | $26 | $14 |
Derivatives_and_Other_Financia3
Derivatives and Other Financial Instruments (Details 1) (Foreign Currency Exchange Contracts [Member], Nondesignated [Member], Foreign Currency Exchange Contracts [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Foreign Currency Exchange Contracts [Member] | Nondesignated [Member] | Foreign Currency Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain (Loss) Recognized in Operations | $24 | $13 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
acre | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Total area of land | 15 | |
Total leased area of land | 13 | |
Area of land owned by company | 2 | |
Term for lease payment adjustment | 5 years | |
Rent expense | $117 | $103 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $117 |
2016 | 117 |
2017 | 117 |
2018 | 95 |
2019 | 95 |
Thereafter | 717 |
Total minimum lease payments | $1,258 |
Significant_Customers_Details_
Significant Customers (Details Narrative) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | ||
Total consolidated sales revenue | 100.00% | 100.00% |
Sales Revenue [Member] | One Customer [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total consolidated sales revenue | 23.00% | 20.00% |
Foreign_Customer_Sales_Details
Foreign Customer Sales (Details Narrative) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | ||
Total consolidated sales revenue | 100.00% | 100.00% |
Sales Revenue [Member] | Germany [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total consolidated sales revenue | 25.00% | 20.00% |
Foreign_Customer_Sales_Details1
Foreign Customer Sales (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue, Major Customer [Line Items] | ||
Total Sales | $19,580 | $20,504 |
Sales Revenue [Member] | Canada, Mexico & South/Central America [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Sales | 4,627 | 4,500 |
Sales Revenue [Member] | Pacific Rim [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Sales | 4,630 | 5,813 |
Sales Revenue [Member] | Europe Africa And Middle East [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Sales | $10,323 | $10,191 |
Sales_by_Product_Details
Sales by Product (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Product Information [Line Items] | ||||||||||
Total Sales | $9,889 | $11,317 | $12,392 | $13,132 | $12,992 | $10,870 | $10,732 | $11,427 | $46,730 | $46,021 |
Revenues from sales by product, percentage | 100.00% | 100.00% | ||||||||
Variance | 709 | |||||||||
Variance percentage | 2.00% | |||||||||
ALUPREM [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 18,516 | 14,662 | ||||||||
Revenues from sales by product, percentage | 39.00% | 32.00% | ||||||||
Variance | 3,854 | |||||||||
Variance percentage | 26.00% | |||||||||
HITOX [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 13,265 | 14,004 | ||||||||
Revenues from sales by product, percentage | 28.00% | 30.00% | ||||||||
Variance | -739 | |||||||||
Variance percentage | -5.00% | |||||||||
BARTEX / BARYPREM [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 8,848 | 7,882 | ||||||||
Revenues from sales by product, percentage | 20.00% | 17.00% | ||||||||
Variance | 966 | |||||||||
Variance percentage | 12.00% | |||||||||
HALTEX / OPTILOAD [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 3,182 | 3,427 | ||||||||
Revenues from sales by product, percentage | 7.00% | 8.00% | ||||||||
Variance | -245 | |||||||||
Variance percentage | -7.00% | |||||||||
TIOPREM [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 856 | 1,817 | ||||||||
Revenues from sales by product, percentage | 2.00% | 4.00% | ||||||||
Variance | -961 | |||||||||
Variance percentage | -53.00% | |||||||||
SR [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 1,365 | 3,527 | ||||||||
Revenues from sales by product, percentage | 3.00% | 8.00% | ||||||||
Variance | -2,162 | |||||||||
Variance percentage | -61.00% | |||||||||
OTHER [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | 698 | 702 | ||||||||
Revenues from sales by product, percentage | 1.00% | 1.00% | ||||||||
Variance | ($4) | |||||||||
Variance percentage | -1.00% |