Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | TOR MINERALS INTERNATIONAL INC | ||
Entity Central Index Key | 842,295 | ||
Document Type | 10-K | ||
Trading Symbol | torm | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
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 | $ 8,425 | ||
Entity Common Stock, Shares Outstanding | 3,014,022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
NET SALES | $ 37,059 | $ 46,730 |
Cost of sales | 35,183 | 40,111 |
GROSS MARGIN | 1,876 | 6,619 |
Technical services and research and development | 178 | 199 |
Selling, general and administrative expenses | 4,481 | 4,809 |
Loss on disposal/impairment of assets | 2,950 | 2,140 |
OPERATING LOSS | (5,733) | (529) |
OTHER INCOME (EXPENSE): | ||
Interest expense, net | (208) | (354) |
Gain (loss) on foreign currency exchange rate | (137) | 114 |
Other income (expense), net | 24 | 28 |
Total Other Expense | (321) | (212) |
LOSS BEFORE INCOME TAX | (6,054) | (741) |
Income tax expense (benefit) | 310 | (187) |
NET LOSS | $ (6,364) | $ (554) |
Loss per common share: | ||
Basic and diluted | $ (2.11) | $ (0.18) |
Weighted average common shares outstanding: | ||
Basic and diluted | 3,014 | 3,014 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
NET LOSS | $ (6,364) | $ (554) |
Currency translation adjustment, net of tax: | ||
Net foreign currency translation adjustment loss | (3,025) | (2,118) |
Other comprehensive loss, net of tax | (3,025) | (2,118) |
COMPREHENSIVE LOSS | $ (9,389) | $ (2,672) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 813 | $ 2,657 |
Trade accounts receivable, net | 3,534 | 4,915 |
Inventories, net | 13,988 | 20,175 |
Other current assets | 878 | 752 |
Total current assets | 19,213 | 28,499 |
PROPERTY, PLANT AND EQUIPMENT, net | 17,472 | 18,889 |
DEFERRED TAX ASSET, foreign | 19 | 716 |
OTHER ASSETS | 4 | 22 |
Total Assets | 36,708 | 48,126 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,432 | 3,318 |
Accrued expenses | 1,007 | 1,832 |
Notes payable under lines of credit | 179 | 886 |
Export credit refinancing facility | 1,108 | 2,777 |
Current maturities of long-term debt - financial institutions | 1,485 | 1,113 |
Total current liabilities | 6,211 | 9,926 |
LONG-TERM DEBT - FINANCIAL INSTITUTIONS | 3,479 | 1,607 |
DEFERRED TAX LIABILITY, domestic | 262 | 581 |
Total liabilities | $ 9,952 | $ 12,114 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY: | ||
Common stock $1.25 par value: authorized, 6,000 shares; 3,014 shares issued and outstanding at December 31, 2015 and 2014 | $ 3,767 | $ 3,767 |
Additional paid-in capital | 29,636 | 29,503 |
(Accumulated deficit) Retained earnings | (5,265) | 1,099 |
Accumulated other comprehensive income (loss) | (1,382) | 1,643 |
Total shareholders' equity | 26,756 | 36,012 |
Total Liabilities and Shareholders' Equity | $ 36,708 | $ 48,126 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 3,014 |
Common stock, shares outstanding | 3,014 | 3,014 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income | Total |
Begning balance, amount at Dec. 31, 2013 | $ 3,765 | $ 29,365 | $ 1,653 | $ 3,761 | $ 38,544 |
Begning balance, shares at Dec. 31, 2013 | 3,012 | ||||
Exercise of stock options, amount | $ 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) | |||
Ending balance, amount at Dec. 31, 2014 | $ 3,767 | 29,503 | 1,099 | 1,643 | $ 36,012 |
Ending balance, shares at Dec. 31, 2014 | 3,014 | 3,014 | |||
Share based compensation | 133 | $ 133 | |||
Net loss | (6,364) | (6,364) | |||
Cumulative Translation Adjustment | (3,025) | (3,025) | |||
Ending balance, amount at Dec. 31, 2015 | $ 3,767 | $ 29,636 | $ (5,265) | $ (1,382) | $ 26,756 |
Ending balance, shares at Dec. 31, 2015 | 3,014 | 3,014 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (6,364) | $ (554) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 2,863 | $ 3,445 |
Inventory impairment | 1,749 | |
Loss on disposal/impairment of assets | 2,950 | $ 2,140 |
Share-based compensation | 133 | 128 |
Deferred income tax expense (benefit) | 378 | (723) |
Provision (benefit) for bad debts | 297 | (27) |
Changes in working capital: | ||
Trade accounts receivables | 861 | (556) |
Inventories | 2,246 | (343) |
Other current assets | $ (157) | (180) |
Federal Income Tax Refund | 431 | |
Accounts payable and accrued expenses | $ (1,457) | 794 |
Net cash provided by operating activities | 3,499 | 4,555 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (5,662) | $ (2,064) |
Proceeds from sales of property, plant and equipment | 18 | |
Net cash used in investing activities | (5,644) | $ (2,064) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from lines of credit | 6,578 | 3,051 |
Payments on lines of credit | (7,349) | (3,488) |
Proceeds from export credit refinancing facility | 4,220 | 7,935 |
Payments on export credit refinancing facility | $ (5,194) | (8,780) |
Payments on capital lease | $ (10) | |
Proceeds from long-term bank debt | $ 3,641 | |
Payments on long-term bank debt | $ (1,032) | $ (990) |
Proceeds from the issuance of common stock, and exercise of common stock options | 12 | |
Net cash provided by (used in) financing activities | $ 864 | (2,270) |
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents | (563) | (484) |
Net decrease in cash and cash equivalents | (1,844) | (263) |
Cash and cash equivalents at beginning of year | 2,657 | 2,920 |
Cash and cash equivalents at end of year | 813 | 2,657 |
Supplemental cash flow disclosures: | ||
Interest paid | 134 | 357 |
Income taxes paid | 386 | $ 200 |
Non-cash investing activities: | ||
Capital expenditures financed through accounts payable and accrued expenses | $ 355 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
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, 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: In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, we evaluate our estimates, including those related to bad debt, inventories, investments, intangible assets, income taxes, financing operations, contingencies and litigation. TOR bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Cash and Cash Equivalents: Allowance for Doubtful Accounts: Foreign Currency: 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, 2015, the cumulative translation adjustment included on the consolidated balance sheets totaled negative $1,479,000. TPTs 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 sheets. As of December 31, 2015, the cumulative translation adjustment included on the consolidated balance sheets totaled $97,000. Inventories: 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 years ended December 31, 2015 and 2014, the Company recorded approximately $642,000 and $847,000, respectively, related to idle facility expense primarily at the Malaysian operations and is included in the Consolidated Statement of Operations as a component of Cost of sales. Property, Plant and Equipment: Impairment of Long-Lived Assets: Revenue Recognition: Shipping and Handling: Earnings Per Share: Income Taxes: 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, 2012 through December 31, 2015. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2011 through December 31, 2015. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2009. As of January 1, 2015, we did not have any unrecognized tax benefits and there was no change during the year ended December 31, 2015. In addition, we did not recognize any interest and penalties in our consolidated financial statements during the year ended December 31, 2015. 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: Derivatives: (See Note 14, Derivatives and Other Financial Instruments). Reclassifications: New Accounting Standards In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesnt convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern: Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . Revenue Recognition Revenue from Contracts with Customers Revenue from Contracts with Customers, Deferral of the Effective Date |
Debt and Notes Payable
Debt and Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Notes Payable | 2. Debt and Notes Payable Long-term Debt Financial Institutions Below is a summary of our long-term debt to financial institutions as of December 31, 2015 and 2014: (In thousands) December 31, 2015 2014 Fixed rate term note payable to a U.S. bank, with an interest rate of 5.5%, due January 1, 2016, secured by real estate, leasehold improvements, property, plant and equipment, inventory and accounts receivable of the Company's U.S. Operation. Paid in full November 4, 2015. $ - $ 486 Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at December 31, 2015, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at December 31, 2015, 217) 235 286 Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at December 31, 2015, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at December 31, 2015, 243) 264 316 Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at December 31, 2015, 1,000) 1,087 - Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by TPT's assets. (Balance in Euro at December 31, 2015, 2,350) 2,554 - Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at December 31, 2015, due March 1, 2016, secured by TMM's property, plant and equipment. (Balance in Ringgit ("RM") at December 31, 2015, RM 292) 68 417 Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at December 31, 2015, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at December 31, 2015, RM 3,250) 756 1,215 Total 4,964 2,720 Less current maturities 1,485 1,113 Total long-term debt - financial institutions $ 3,479 $ 1,607 United States Operations U.S. Credit Agreement and Term Loan On December 31, 2010, the Companys U.S. operation entered into a credit agreement (the Agreement) with American Bank, N.A. (the Lender). The Agreement consisted of a $2 million term loan and a $2 million line of credit. The term loan, which was scheduled to mature on January 1, 2016, was paid in full on November 4, 2015. 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. On December 30, 2015, the Company entered into the sixth amendment (the Sixth Amendment) to the Agreement with the Lender. As a result of the Company paying off the term loan owed to the Lender, the Company no longer has regularly-scheduled principal and interest payments owed under its debt service obligations. Therefore, the Lender replaced the cash flow coverage ratio requirement comparing cash flow to debt service obligations with a new financial covenant designed to monitor the Companys cash-flow and net earnings. Under the terms of the Sixth Amendment, the Company is required to maintain positive net earnings before taxes, interest, depreciation, amortization and all other non-cash charges on a rolling four-quarter basis. All other terms of the Agreement remained unchanged. The Company was in compliance with all covenants at December 31, 2015. The Agreement is secured by certain assets of the Company which are located in the United States or which arise from the Companys operations in the United States. Collateral under the Agreement does not include the Companys ownership or other interests in TMM and TPT, any assets or operations of either TMM or TPT or any proceeds thereof. 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 ($527,000 at 12/31/2015), 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 ($353,000 at 12/31/2015) 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 ($174,000 at 12/31/2015), was used for the expansion of TPTs 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 ($1,756 at 12/31/2015). The loan balance at December 31, 2015 was 217,000 ($235,000 at 12/31/2015). 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 TPTs existing production facility. The Second Mortgage, in the amount of 470,000 ($511,000 at 12/31/2015), 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 ($1,702 at 12/31/2015). The Second Mortgage is secured by the land and building purchased by TPT on January 3, 2005. The loan balance at December 31, 2015 was 243,000 ($264,000 at 12/31/2015). On July 13, 2015, TPT entered into a third mortgage loan (the Third Mortgage) with Rabobank to fund the completion of its plant expansion. The Third Mortgage, in the amount of 1,000,000 ($1,087,000 at 12/31/2015), will be repaid over 10 years and the interest rate, currently fixed at 3% is to be adjusted every five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. Monthly principal payments of 8,333 ($9,056 at 12/31/2015) commenced on January 31, 2016 and continue through December 31, 2025. The Third Mortgage is secured by TPTs real estate. The loan balance at December 31, 2015 was 1,000,000 ($1,087,000 at 12/31/2015). On July 13, 2015, TPT entered into a term loan (the Term Loan) with Rabobank to fund equipment purchases designed to improve production efficiencies and increase capacity at TPT. The Term Loan, in the amount of 2,350,000 ($2,554,000 at 12/31/2015), will be amortized over a period of 5 years and is secured by TPTs assets. The interest rate, set for a period of three months, is based on the relevant EURIBOR rate plus the bank margin of 2.3 percentage point per annum, which was 2.184% at December 31, 2015. The monthly principal payment of 39,167 ($42,567 at 12/31/2015) commenced on January 31, 2016 and continues through December 31, 2020. The loan balance at December 31, 2015 was 2,350,000 ($2,554,000 at 12/31/2015). 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 ($814,000 at 12/31/2015) for the purpose of upgrading the operations 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 ($22,623 and $22,617, respectively, at 12/31/2015), which commenced March 1, 2013 and will continue through March 1, 2016. The interest rate is 2.0% per annum above the HSBCs base lending rate, which is currently 5.2% per annum and is payable monthly. The loan balance at December 31, 2015 was RM 292,000 ($68,000 at 12/31/2015). 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 ($1,163,000 at 12/31/2015) which was used to finance a portion of the cost of plant improvements to increase efficiency and production capacity. Under the terms of the HSBC Facility Amendment, the term loan is amortized over a period of five (5) years, and the interest rate is 2.0% per annum above the HSBCs base lending rate, which is currently 5.2% per annum. Monthly principal payments, in the amount of RM 83,333 ($19,391 at 12/31/2015), commenced October 25, 2013 and will continue through October 25, 2018. The loan balance at December 31, 2015 was RM 3,250,000 ($756,000 at 12/31/2015). The Company was in compliance with all covenants at December 31, 2015. 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 May 15, 2015, the Company and the Lender entered into the Fifth Amendment to the Agreement which extended the Line from October 15, 2015 to October 15, 2016. On December 30, 2015, the Company and the Lender entered into the Sixth Amendment to the Agreement. Under the terms of the Sixth Amendment, the Company is required to maintain positive net earnings before taxes, interest, depreciation, amortization and all other non-cash charges on a rolling four-quarter basis. 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, 2015, no funds were outstanding on the Line. European Operations On July 13, 2015, the TPT Agreement reduced the TPT line from 1,100,000 to 500,000 ($1,195,000 to $543,000 at 12/31/2015) and interest was changed from a variable interest rate of bank prime plus 2.8% to the average 1-month EURIBOR plus the bank margin of 3.3%, which was 3.139% at December 31, 2015. No funds were outstanding on the TPT line at December 31, 2015. Asian Operations On August 24, 2015, TMM amended its short-term banking facility with HSBC to extend the maturity date from June 30, 2015 to June 30, 2016. The HSBC facility includes the following in RM: (1) overdraft of RM 500,000 ($116,000 at 12/31/2015); (2) an import/export line (ECR) of RM 10,460,000 ($2,434,000 at 12/31/2015); and (3) a foreign exchange contract limit of RM 5,000,000 ($1,163,000 at 12/31/2015). At December 31, 2015, the outstanding balance on the ECR and the foreign exchange contract were RM 4,761,000 ($1,108,000 at 12/31/2015) and RM 769,000 ($179,000 at 12/31/2015), respectively, and at a current interest rates of 4.96% and 2.506% respectively. 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. TMM is currently negotiating with RHB to extend the maturity date to April 21, 2016. The RHB facility includes the following: (1) an overdraft line of credit up to RM 1,000,000 ($233,000 at 12/31/2015); (2) an ECR of RM 7,300,000 ($1,700,000 at 12/31/2015); (3) a bank guarantee of RM 1,200,000 ($279,000 at 12/31/2015); and (4) a foreign exchange contract limit of RM 25,000,000 ($5,817,000 at 12/31/2015). At December 31, 2015, no funds were outstanding on the RHB facility. 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, which are a government supported financing arrangement specifically for exporters, are used by TMM for short-term financing of up to 180 days against customers and inter-company shipments. 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 provides that the banks may demand repayment at any time. A demand provision is customary in Malaysia for such facilities. The loan agreements are secured by TMMs 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. The following is a summary of the future maturities of long-term debt to financial institutions as of December 31, 2015: Years Ending December 31, (In thousands) 2016 $ 1,485 2017 661 2018 661 2019 661 2020 660 Thereafter 836 Total $ 4,964 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements on a recurring basis at December 31, 2015 or 2014. The fair value measurements consist of the following three levels: Level 1 inputs: . ., Level 2 inputs: Level 3 inputs: Fair Value Measurements (In thousands) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liability December 31, 2015 Currency forward contracts $ 6 $ - $ 6 $ - December 31, 2014 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 Companys 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 Companys debt is based on estimates using standard pricing models and Level 2 inputs, including the Companys 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 Companys long-term debt, including current maturities, are summarized below: December 31, 2015 December 31, 2014 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current portion $ 4,964 $ 4,438 $ 2,720 $ 2,558 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. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4 . Inventories A summary of inventories follows: (In thousands) December 31, 2015 2014 Raw materials $ 6,310 $ 8,465 Work in progress 4,168 6,126 Finished goods 3,552 4,800 Supplies 784 915 Total Inventories 14,814 20,306 Inventory reserve (826) (131) Net Inventories $ 13,988 $ 20,175 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, Plant and Equipment Major classifications and expected lives of property, plant and equipment are summarized below: (In thousands) December 31, Expected Life 2015 2014 Land -- $ 300 $ 339 Office buildings 39 years 4,400 3,709 Production facilities 10 - 20 years 10,321 9,345 Machinery and equipment 3 - 15 years 22,412 30,683 Furniture and fixtures 3 - 20 years 1,494 1,509 Total 38,927 45,585 Less accumulated depreciation (23,973) (28,286) Property, plant and equipment, net 14,954 17,299 Construction in progress 2,518 1,590 $ 17,472 $ 18,889 The amounts of depreciation expense calculated on the Companys property, plant and equipment for the year ended December 31, 2015 and 2014 was $2,863,000 and $3,445,000, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 6. Segment Information The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments United States, European and Asian. United States European Asian The accounting policies of the segments are the same as those described in the Summary of Significant Policies (See Note 1). Product sales of inventory between the U.S., European and Asian operations are based on inter-company pricing, which includes an inter-company profit margin. The segment profit (loss),included in the table below, from each location 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 Companys 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. Our chief operating decision maker, or CODM, regularly reviews financial information about our segments in order to allocate resources and evaluate performance. Our CODM assesses segment performance based on Segment sales and Segment Adjusted EBITDA which we define as net income (loss) before depreciation and amortization, interest expense, bad debt expense, foreign currency gains and losses, income taxes, and other items which management does not believe reflect the underlying performance of the segment. For the year ended December 31, 2015, the U.S. operations received approximately 25% of its total third party sales revenue from a single customer. The European operations received approximately 28% of its total third party sales revenue from two customers (16% and 12%), and the Asian operations received approximately 34% of its total third party sales revenue from three customers customer (12%, 11% and 11%). 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. 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 36% and 28%, respectively, of net consolidated sales in 2015 and approximately 39% and 28%, respectively in 2014. 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 59% and 58% for the years ended December 31, 2015 and 2014, respectively. For the year ended December 31, 2015 and 2014, sales to customers in Germany represented approximately 23% and 25%, respectively, of our total foreign sales. Approximately 12% of the Company's employees are represented by an in-house collective bargaining agreement during 2015 as compared to approximately 20% in 2014. A summary of the Companys manufacturing operations by geographic segment is presented below: (In thousands) United States (Corpus Christi) European (TPT) Asian (TMM) Inter-Company Eliminations Consolidated As of and for the years ended: December 31, 2015 Net Sales: Customer sales $ 25,646 8,619 2,794 $ - $ 37,059 Intercompany sales 37 4,309 5,832 (10,178) - Total Net Sales $ 25,683 $ 12,928 $ 8,626 $ (10,178) $ 37,059 Share based compensation $ 133 $ - $ - $ - $ 133 Depreciation $ 1,011 $ 1,174 $ 678 $ - $ 2,863 Interest expense $ 13 $ 25 $ 170 $ - $ 208 Income tax (benefit) expense $ (318) $ (69) $ 681 $ 16 $ 310 Location profit (loss) $ (760) $ (225) $ (5,437) $ 58 $ (6,364) Capital expenditures $ 1,335 $ 4,676 $ 6 $ - $ 6,017 Location long-lived assets $ 5,904 $ 10,618 $ 950 $ - $ 17,472 Location assets $ 15,982 $ 13,190 $ 7,536 $ - $ 36,708 December 31, 2014 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 $ 19,564 $ 10,393 $ 18,169 $ - $ 48,126 Following is a summary of the adjusted EBITDA by segment and consolidated for the years ended December 31, 2015 and 2014. (In thousands) United States (Corpus Christi) European (TPT) Asian (TMM) Inter-Company Eliminations Consolidated As of and for the years ended: December 31, 2015 Net Loss $ (760) $ (225) $ (5,437) $ 58 $ (6,364) Adjustments: Depreciation and amortization 1,011 1,174 678 - 2,863 Interest expense, net 13 25 170 - 208 Bad debt expense - 254 43 - 297 (Gain)/loss on foreign currency exchange rate (149) 52 234 - 137 Income tax (benefit) expense (318) (69) 681 16 310 Non-cash inventory impairment 393 20 1,336 - 1,749 Non-Cash loss on disposal/impairment of assets 48 - 2,902 - 2,950 Adjusted EBITDA $ 238 $ 1,231 $ 607 $ 74 $ 2,150 December 31, 2014 Net Loss $ (41) $ 1,620 $ (2,188) $ 55 $ (554) Adjustments: Depreciation and amortization 980 1,310 1,155 - 3,445 Interest expense 34 55 265 - 354 Bad debt expense - (27) (27) (Gain)/loss on foreign currency exchange rate (182) 59 9 - (114) Income tax (benefit) expense 120 468 (737) (38) (187) Non-cash inventory impairment - - - - - Non-cash loss on disposal/impairment of assets - - 2,140 - 2,140 Adjusted EBITDA $ 911 $ 3,485 $ 644 $ 17 $ 5,057 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 7. Quarterly Data (Unaudited) 2015 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total NET SALES $ 10,115 $ 9,963 $ 8,988 $ 7,993 $ 37,059 Cost of sales 9,221 9,010 7,877 9,075 35,183 GROSS MARGIN 894 953 1,111 (1,082) 1,876 Technical services and research & development 55 44 44 35 178 Selling, general and administrative expenses 1,052 1,039 943 1,447 4,481 Loss on disposal/impairment of assets - - 38 2,912 2,950 OPERATING INCOME (LOSS) (213) (130) 86 (5,476) (5,733) OTHER INCOME (EXPENSE): Interest expense, net (80) (60) (37) (31) (208) Gain (loss) on foreign currency exchange rate 22 1 (157) (3) (137) Other income (expense), net - 9 9 6 24 Total Other Expense (58) (50) (185) (28) (321) LOSS BEFORE INCOME TAX (271) (180) (99) (5,504) (6,054) Income tax (benefit) expense (81) (73) 22 442 310 NET LOSS $ (190) $ (107) $ (121) $ (5,946) $ (6,364) Loss per common share: Basic and diluted $ (0.06) $ (0.04) $ (0.04) $ (1.97) $ (2.11) Weighted average common shares outstanding: Basic and diluted 3,014 3,014 3,014 3,014 3,014 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 & development 46 54 50 49 199 Selling, general and administrative expenses 1,113 1,114 1,092 1,490 4,809 Loss on disposal/impairment of assets - - - 2,140 2,140 OPERATING INCOME (LOSS) 993 339 366 (2,227) (529) OTHER INCOME (EXPENSE): Interest expense, net (95) (95) (85) (79) (354) Gain (loss) on foreign currency exchange rate (4) (57) 71 104 114 Other income (expense), 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 $ 0.10 $ (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 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Loss per common share: | |
Calculation of Basic and Diluted Earnings per Share | 8. Calculation of Basic and Diluted Earnings per Share (in thousands, except per share amounts) Years Ended December 31, 2015 2014 Numerator: Net Loss - basic and diluted $ (6,364) $ (554) Denominator: Denominator for basic earnings per share - weighted-average shares 3,014 3,014 Dilutive potential common shares - - Denominator for diluted earnings per share - weighted-average shares and assumed conversions 3,014 3,014 Basic and diluted earnings per common share $ (2.11) $ (0.18) For the years ended December 31, 2015 and 2014, 528,304 detachable warrants (the Warrants), which have an exercise price of $2.65 and a maturity date of May 4, 2016, were excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The Warrants were issued in May 2009 with our six percent (6%) convertible subordinated debentures. The debentures were converted to common stock on May 4, 2012. For the years ended December 31, 2015 and 2014, approximately 146,300 and 147,700, 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. 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, 2015, our U.S. operation had federal NOL carry-forwards of approximately $1,217,000 which resulted in a deferred tax asset (DTA) of approximately $414,000 which will begin to expire in 2033. We have determined that it is not necessary to provide a valuation allowance for our U.S. NOL as we believe the DTA is fully recoverable. At December 31, 2015, our Asian operation, TMM, had NOL carry-forwards of approximately $3,395,000 and certain other deferred tax assets of approximately $3,445,000 which resulted in a DTA of approximately $1,700,000. Due to the uncertainties regarding TMMs ability to utilize these DTAs, the Company established a valuation allowance to fully reserve against these DTAs. The undistributed earnings of the Companys 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 $4,000,000 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) 2015 2014 Domestic $ (1,078) $ 132 Foreign (4,976) (873) Pretax (loss) $ (6,054) $ (741) Components of Income Tax Expense (Benefit) Years Ended December 31, 2015 2014 (In thousands) Current Deferred Total Current Deferred Total Federal $ - $ (318) $ (318) $ - $ 94 $ 94 State 5 - 5 8 - 8 Foreign (73) 696 623 455 (744) (289) Total Income Tax Expense (Benefit) $ (68) $ 378 $ 310 $ 463 $ (650) $ (187) 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) 2015 2014 Expense (benefit) computed at statutory rate $ (2,059) $ (252) Change in valuation allowance - Foreign 1,703 - Effect of items deductible for book not tax, net Share based compensation 45 44 Other 5 (64) Effect of foreign tax credit 34 - Effect of foreign tax rate differential 578 80 State income taxes, net of Federal benefit 4 5 $ 310 $ (187) Significant Components of Deferred Taxes Year Ended December 31, (In thousands) 2015 2014 Deferred Tax Assets: Net operating loss carry-forwards - Domestic $ 414 $ 241 Net operating loss carry-forwards - Foreign 849 824 Intercompany profit 43 59 Alternative minimum tax credit carry-forwards 65 65 Domestic reserves 31 16 Foreign tax credits 675 506 Unrealized foreign currency losses - Foreign 68 4 Other deferred assets - Domestic 21 35 Other deferred assets - Foreign 118 154 $ 2,284 $ 1,904 Valuation Allowance - Foreign (1,703) - Total deferred tax assets 581 1,904 Deferred Tax Liabilities: PP&E - Domestic $ 732 $ 924 PP&E - Foreign 30 826 Unrealized gain on derivatives - 5 Unrealized foreign currency gains - Domestic 59 11 Other 3 3 Total deferred tax liabilities 824 1,769 Net deferred tax asset (liability) $ (243) $ 135 |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | 10. 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 Companys 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. For the years ended December 31, 2015 and 2014, the Company recorded $133,000 and $128,000, 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 6,000 and 20,500 shares of common stock during the years ended December 31, 2015 and 2014. The weighted average fair value per option at the date of grant for options granted in the years ended December 31, 2015 and 2014 was $4.06 and $10.34, respectively, as valued using the Black-Scholes option-pricing model with the following weighted average assumptions: Twelve Months Ended December 31, 2015 2014 Risk-free interest rate 2.00 % 2.18 % Expected dividend yield 0.00 % 0.00 % Expected volatility 0.66 0.65 Expected term (in years) 7.00 7.00 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 Reserved Outstanding Weighted Avg Exercise Price Range of Exercise Prices 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 Granted 6,000 $6.34 $6.34 - $6.34 Forfeited or expired (7,400) $30.27 $29.50 - $30.55 Balances at December 31, 2015 385,369 146,305 $13.24 $2.70 - $18.22 Of the 500,000 shares included in the Plan, there have been 114,631 options exercised. At December 31, 2015, there were 146,305 options outstanding and 239,064 were available for future issuance. The number of shares of common stock underlying options exercisable at December 31, 2015 was 110,805. The weighted-average remaining contractual life of those options is 5.08 years. Exercise prices on options outstanding at December 31, 2015, ranged from $2.70 to $19.99 per share as noted in the following table. Options Outstanding at December 31, 2015 2014 Range of Exercise Prices 19,189 13,189 $ 2.70 - $ 9.99 103,616 103,616 $ 10.00 - $ 14.99 23,500 23,500 $ 15.00 - $ 19.99 -- 7,400 $ 20.00 - $ 30.55 146,305 147,705 As of December 31, 2015, there was approximately $256,000 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 1.67 years. |
Profit Sharing Plan
Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Profit Sharing Plan | 11. 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 years ended December 31, 2015 and 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 years ended December 31, 2015 and 2014 was approximately $72,000 and $63,000, respectively. |
Derivatives and Other Financial
Derivatives and Other Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Other Financial Instruments | 12. 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, 2015 and 2014, we marked these contracts to market, recording $6,000 and $26,000, respectively, as a current liability on the consolidated balance sheets. For the years ended December 31, 2015 and 2014, we recorded a net loss on these contracts of $80,000 and $8,000, respectively, as a component of our net loss. The following table summarizes the gross fair market value of all derivative instruments, in thousands, which are not designated as hedging instruments and their location in our consolidated balance sheets: Liability Derivatives Derivative Instrument Location December 31, 2015 December 31, 2014 Foreign Currency Exchange Contracts Accrued Expenses $ 6 $ 26 The following table summarizes the impact of the Companys derivatives, in thousands, on the consolidated financial statements of operations for the years ended December 31, 2015 and 2014: Amount of Loss Recognized in Operations Derivative Location of Loss on Year Ended December 31, Instrument Derivative Instrument 2015 2014 Foreign Currency Exchange Contracts Loss on foreign currency exchange rate $ 80 $ 8 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. 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 last equalization valuation was July 2012 at which time the annual lease increased from approximately $54,000 to $95,000. 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 for non-cancelable leases as of December 31, 2015 for the next five years ending December 31 and in total thereafter are as follows: Years Ending December 31, (In thousands) 2016 $ 115 2017 115 2018 95 2019 95 2020 95 Thereafter 621 Total minimum lease payments $ 1,136 Rent expense under these leases was approximately $115,000 and $117,000 for the years ended December 31, 2015 and 2014, 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, 2015 | |
Risks and Uncertainties [Abstract] | |
Significant Customers | 15. Significant Customers For the years ended December 31, 2015 and 2014, one customer accounted for approximately 18% and 23%, respectively, of our total consolidated sales revenue. |
Foreign Customer Sales
Foreign Customer Sales | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Foreign Customer Sales | 16. Foreign Customer Sales Revenues from sales to customers located outside the U.S. for the years ended December 31, 2015 and 2014 are as follows: Year Ended December 31, (In thousands) 2015 2014 Canada, Mexico & South/Central America $ 3,894 $ 4,627 Pacific Rim 2,906 4,630 Europe, Africa & Middle East 8,461 10,323 Total Foreign Sales $ 15,261 $ 19,580 For the years ended December 31, 2015 and 2014, Germany represented 23% and 25%, respectively, of our foreign sales. |
Sales by Product
Sales by Product | 12 Months Ended |
Dec. 31, 2015 | |
Revenue Recognition [Abstract] | |
Sales by Product | 17. Sales by Product Revenues from sales by product for the years ended December 31, 2015 and 2014 are as follows (in thousands): Product 2015 2014 ALUPREM $ 13,319 36% $ 18,516 39% HITOX 10,392 28% 13,265 28% BARTEX / BARYPREM 8,417 23% 8,848 20% HALTEX / OPTILOAD 3,462 9% 3,182 7% TIOPREM 718 2% 856 2% SR 14 <1% 1,365 3% OTHER 737 2% 698 1% Total $ 37,059 100% $ 46,730 100% |
Description of Business (Polici
Description of Business (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates: In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, we evaluate our estimates, including those related to bad debt, inventories, investments, intangible assets, income taxes, financing operations, contingencies and litigation. TOR bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: |
Foreign Currency | Foreign Currency: 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, 2015, the cumulative translation adjustment included on the consolidated balance sheets totaled negative $1,479,000. TPTs 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 sheets. As of December 31, 2015, the cumulative translation adjustment included on the consolidated balance sheets totaled $97,000. |
Inventories | Inventories: 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 years ended December 31, 2015 and 2014, the Company recorded approximately $642,000 and $847,000, respectively, related to idle facility expense primarily at the Malaysian operations and is included in the Consolidated Statement of Operations as a component of Cost of sales. |
Property, Plant and Equipment | Property, Plant and Equipment: |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: |
Revenue Recognition | Revenue Recognition: |
Shipping and Handling | Shipping and Handling: |
Earnings Per Share | Earnings Per Share: |
Income Taxes | Income Taxes: 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, 2012 through December 31, 2015. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2011 through December 31, 2015. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2009. As of January 1, 2015, we did not have any unrecognized tax benefits and there was no change during the year ended December 31, 2015. In addition, we did not recognize any interest and penalties in our consolidated financial statements during the year ended December 31, 2015. 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: |
Derivatives | Derivatives: (See Note 14, Derivatives and Other Financial Instruments). |
Reclassifications | Reclassifications: |
New Accounting Standards | New Accounting Standards In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesnt convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern: Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . Revenue Recognition Revenue from Contracts with Customers Revenue from Contracts with Customers, Deferral of the Effective Date |
Debt and Notes Payable (Tables)
Debt and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt to Financial Institutions | Below is a summary of our long-term debt to financial institutions as of December 31, 2015 and 2014: (In thousands) December 31, 2015 2014 Fixed rate term note payable to a U.S. bank, with an interest rate of 5.5%, due January 1, 2016, secured by real estate, leasehold improvements, property, plant and equipment, inventory and accounts receivable of the Company's U.S. Operation. Paid in full November 4, 2015. $ - $ 486 Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at December 31, 2015, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at December 31, 2015, 217) 235 286 Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at December 31, 2015, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at December 31, 2015, 243) 264 316 Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at December 31, 2015, 1,000) 1,087 - Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by TPT's assets. (Balance in Euro at December 31, 2015, 2,350) 2,554 - Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at December 31, 2015, due March 1, 2016, secured by TMM's property, plant and equipment. (Balance in Ringgit ("RM") at December 31, 2015, RM 292) 68 417 Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at December 31, 2015, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at December 31, 2015, RM 3,250) 756 1,215 Total 4,964 2,720 Less current maturities 1,485 1,113 Total long-term debt - financial institutions $ 3,479 $ 1,607 |
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, 2015: Years Ending December 31, (In thousands) 2016 $ 1,485 2017 661 2018 661 2019 661 2020 660 Thereafter 836 Total $ 4,964 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements on a recurring basis at December 31, 2015 or 2014. Fair Value Measurements (In thousands) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liability December 31, 2015 Currency forward contracts $ 6 $ - $ 6 $ - December 31, 2014 Currency forward contracts $ 26 $ - $ 26 $ - |
Schedule of Carrying Amounts and Estimated Fair Values | The carrying amounts and estimated fair values of the Companys long-term debt, including current maturities, are summarized below: December 31, 2015 December 31, 2014 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current portion $ 4,964 $ 4,438 $ 2,720 $ 2,558 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | A summary of inventories follows: (In thousands) December 31, 2015 2014 Raw materials $ 6,310 $ 8,465 Work in progress 4,168 6,126 Finished goods 3,552 4,800 Supplies 784 915 Total Inventories 14,814 20,306 Inventory reserve (826) (131) Net Inventories $ 13,988 $ 20,175 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Land -- $ 300 $ 339 Office buildings 39 years 4,400 3,709 Production facilities 10 - 20 years 10,321 9,345 Machinery and equipment 3 - 15 years 22,412 30,683 Furniture and fixtures 3 - 20 years 1,494 1,509 Total 38,927 45,585 Less accumulated depreciation (23,973) (28,286) Property, plant and equipment, net 14,954 17,299 Construction in progress 2,518 1,590 $ 17,472 $ 18,889 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | A summary of the Companys manufacturing operations by geographic segment is presented below: (In thousands) United States (Corpus Christi) European (TPT) Asian (TMM) Inter-Company Eliminations Consolidated As of and for the years ended: December 31, 2015 Net Sales: Customer sales $ 25,646 8,619 2,794 $ - $ 37,059 Intercompany sales 37 4,309 5,832 (10,178) - Total Net Sales $ 25,683 $ 12,928 $ 8,626 $ (10,178) $ 37,059 Share based compensation $ 133 $ - $ - $ - $ 133 Depreciation $ 1,011 $ 1,174 $ 678 $ - $ 2,863 Interest expense $ 13 $ 25 $ 170 $ - $ 208 Income tax (benefit) expense $ (318) $ (69) $ 681 $ 16 $ 310 Location profit (loss) $ (760) $ (225) $ (5,437) $ 58 $ (6,364) Capital expenditures $ 1,335 $ 4,676 $ 6 $ - $ 6,017 Location long-lived assets $ 5,904 $ 10,618 $ 950 $ - $ 17,472 Location assets $ 15,982 $ 13,190 $ 7,536 $ - $ 36,708 December 31, 2014 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 $ 19,564 $ 10,393 $ 18,169 $ - $ 48,126 Following is a summary of the adjusted EBITDA by segment and consolidated for the years ended December 31, 2015 and 2014. (In thousands) United States (Corpus Christi) European (TPT) Asian (TMM) Inter-Company Eliminations Consolidated As of and for the years ended: December 31, 2015 Net Loss $ (760) $ (225) $ (5,437) $ 58 $ (6,364) Adjustments: Depreciation and amortization 1,011 1,174 678 - 2,863 Interest expense, net 13 25 170 - 208 Bad debt expense - 254 43 - 297 (Gain)/loss on foreign currency exchange rate (149) 52 234 - 137 Income tax (benefit) expense (318) (69) 681 16 310 Non-cash inventory impairment 393 20 1,336 - 1,749 Non-Cash loss on disposal/impairment of assets 48 - 2,902 - 2,950 Adjusted EBITDA $ 238 $ 1,231 $ 607 $ 74 $ 2,150 December 31, 2014 Net Loss $ (41) $ 1,620 $ (2,188) $ 55 $ (554) Adjustments: Depreciation and amortization 980 1,310 1,155 - 3,445 Interest expense 34 55 265 - 354 Bad debt expense - (27) (27) (Gain)/loss on foreign currency exchange rate (182) 59 9 - (114) Income tax (benefit) expense 120 468 (737) (38) (187) Non-cash inventory impairment - - - - - Non-cash loss on disposal/impairment of assets - - 2,140 - 2,140 Adjusted EBITDA $ 911 $ 3,485 $ 644 $ 17 $ 5,057 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2015 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total NET SALES $ 10,115 $ 9,963 $ 8,988 $ 7,993 $ 37,059 Cost of sales 9,221 9,010 7,877 9,075 35,183 GROSS MARGIN 894 953 1,111 (1,082) 1,876 Technical services and research & development 55 44 44 35 178 Selling, general and administrative expenses 1,052 1,039 943 1,447 4,481 Loss on disposal/impairment of assets - - 38 2,912 2,950 OPERATING INCOME (LOSS) (213) (130) 86 (5,476) (5,733) OTHER INCOME (EXPENSE): Interest expense, net (80) (60) (37) (31) (208) Gain (loss) on foreign currency exchange rate 22 1 (157) (3) (137) Other income (expense), net - 9 9 6 24 Total Other Expense (58) (50) (185) (28) (321) LOSS BEFORE INCOME TAX (271) (180) (99) (5,504) (6,054) Income tax (benefit) expense (81) (73) 22 442 310 NET LOSS $ (190) $ (107) $ (121) $ (5,946) $ (6,364) Loss per common share: Basic and diluted $ (0.06) $ (0.04) $ (0.04) $ (1.97) $ (2.11) Weighted average common shares outstanding: Basic and diluted 3,014 3,014 3,014 3,014 3,014 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 & development 46 54 50 49 199 Selling, general and administrative expenses 1,113 1,114 1,092 1,490 4,809 Loss on disposal/impairment of assets - - - 2,140 2,140 OPERATING INCOME (LOSS) 993 339 366 (2,227) (529) OTHER INCOME (EXPENSE): Interest expense, net (95) (95) (85) (79) (354) Gain (loss) on foreign currency exchange rate (4) (57) 71 104 114 Other income (expense), 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 $ 0.10 $ (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 |
Calculation of Basic and Dilu31
Calculation of Basic and Diluted Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loss per common share: | |
Schedule of Computation of Basic and Diluted Earnings Per Share | (in thousands, except per share amounts) Years Ended December 31, 2015 2014 Numerator: Net Loss - basic and diluted $ (6,364) $ (554) Denominator: Denominator for basic earnings per share - weighted-average shares 3,014 3,014 Dilutive potential common shares - - Denominator for diluted earnings per share - weighted-average shares and assumed conversions 3,014 3,014 Basic and diluted earnings per common share $ (2.11) $ (0.18) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Components of Pretax Income (Loss) Years Ended December 31, (In thousands) 2015 2014 Domestic $ (1,078) $ 132 Foreign (4,976) (873) Pretax (loss) $ (6,054) $ (741) |
Schedule of Components of Income Tax Expense (Benefit) | Components of Income Tax Expense (Benefit) Years Ended December 31, 2015 2014 (In thousands) Current Deferred Total Current Deferred Total Federal $ - $ (318) $ (318) $ - $ 94 $ 94 State 5 - 5 8 - 8 Foreign (73) 696 623 455 (744) (289) Total Income Tax Expense (Benefit) $ (68) $ 378 $ 310 $ 463 $ (650) $ (187) |
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) 2015 2014 Expense (benefit) computed at statutory rate $ (2,059) $ (252) Change in valuation allowance - Foreign 1,703 - Effect of items deductible for book not tax, net Share based compensation 45 44 Other 5 (64) Effect of foreign tax credit 34 - Effect of foreign tax rate differential 578 80 State income taxes, net of Federal benefit 4 5 $ 310 $ (187) |
Schedule of Deferred Tax Assets and Liabilities | Significant Components of Deferred Taxes Year Ended December 31, (In thousands) 2015 2014 Deferred Tax Assets: Net operating loss carry-forwards - Domestic $ 414 $ 241 Net operating loss carry-forwards - Foreign 849 824 Intercompany profit 43 59 Alternative minimum tax credit carry-forwards 65 65 Domestic reserves 31 16 Foreign tax credits 675 506 Unrealized foreign currency losses - Foreign 68 4 Other deferred assets - Domestic 21 35 Other deferred assets - Foreign 118 154 $ 2,284 $ 1,904 Valuation Allowance - Foreign (1,703) - Total deferred tax assets 581 1,904 Deferred Tax Liabilities: PP&E - Domestic $ 732 $ 924 PP&E - Foreign 30 826 Unrealized gain on derivatives - 5 Unrealized foreign currency gains - Domestic 59 11 Other 3 3 Total deferred tax liabilities 824 1,769 Net deferred tax asset (liability) $ (243) $ 135 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 6,000 and 20,500 shares of common stock during the years ended December 31, 2015 and 2014. The weighted average fair value per option at the date of grant for options granted in the years ended December 31, 2015 and 2014 was $4.06 and $10.34, respectively, as valued using the Black-Scholes option-pricing model with the following weighted average assumptions: Twelve Months Ended December 31, 2015 2014 Risk-free interest rate 2.00 % 2.18 % Expected dividend yield 0.00 % 0.00 % Expected volatility 0.66 0.65 Expected term (in years) 7.00 7.00 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes certain information regarding stock option activity: Options Total Reserved Outstanding Weighted Avg Exercise Price Range of Exercise Prices 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 Granted 6,000 $6.34 $6.34 - $6.34 Forfeited or expired (7,400) $30.27 $29.50 - $30.55 Balances at December 31, 2015 385,369 146,305 $13.24 $2.70 - $18.22 |
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, 2015 was 110,805. The weighted-average remaining contractual life of those options is 5.08 years. Exercise prices on options outstanding at December 31, 2015, ranged from $2.70 to $19.99 per share as noted in the following table. Options Outstanding at December 31, 2015 2014 Range of Exercise Prices 19,189 13,189 $ 2.70 - $ 9.99 103,616 103,616 $ 10.00 - $ 14.99 23,500 23,500 $ 15.00 - $ 19.99 -- 7,400 $ 20.00 - $ 30.55 146,305 147,705 |
Derivatives and Other Financi34
Derivatives and Other Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, in thousands, which are not designated as hedging instruments and their location in our consolidated balance sheets: Liability Derivatives Derivative Instrument Location December 31, 2015 December 31, 2014 Foreign Currency Exchange Contracts Accrued Expenses $ 6 $ 26 |
Schedule of Derivative Instruments | The following table summarizes the impact of the Companys derivatives, in thousands, on the consolidated financial statements of operations for the years ended December 31, 2015 and 2014: Amount of Loss Recognized in Operations Derivative Location of Loss on Year Ended December 31, Instrument Derivative Instrument 2015 2014 Foreign Currency Exchange Contracts Loss on foreign currency exchange rate $ 80 $ 8 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum future rental payments for non-cancelable leases as of December 31, 2015 for the next five years ending December 31 and in total thereafter are as follows: Years Ending December 31, (In thousands) 2016 $ 115 2017 115 2018 95 2019 95 2020 95 Thereafter 621 Total minimum lease payments $ 1,136 |
Foreign Customer Sales (Tables)
Foreign Customer Sales (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 are as follows: Year Ended December 31, (In thousands) 2015 2014 Canada, Mexico & South/Central America $ 3,894 $ 4,627 Pacific Rim 2,906 4,630 Europe, Africa & Middle East 8,461 10,323 Total Foreign Sales $ 15,261 $ 19,580 |
Sales by Product (Tables)
Sales by Product (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Revenue Recognition [Abstract] | |
Revenue from External Customers by Products and Services | Revenues from sales by product for the years ended December 31, 2015 and 2014 are as follows (in thousands): Product 2015 2014 ALUPREM $ 13,319 36% $ 18,516 39% HITOX 10,392 28% 13,265 28% BARTEX / BARYPREM 8,417 23% 8,848 20% HALTEX / OPTILOAD 3,462 9% 3,182 7% TIOPREM 718 2% 856 2% SR 14 <1% 1,365 3% OTHER 737 2% 698 1% Total $ 37,059 100% $ 46,730 100% |
Description of Business (Detail
Description of Business (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reserve for doubtful accounts | $ 366 | $ 83 |
Write down inventory | 1,749 | |
Reserve for obsolescence and unmarketable inventory | 826 | $ 131 |
Idle facility expense, freight and handling costs | 642 | 847 |
Loss on disposal of assets | 2,900 | $ 2,140 |
HITOX [Member] | ||
Write down inventory | 1,749 | |
TOR Minerals Malaysia [Member] | ||
Cumulative translation adjustment | 1,479 | |
TOR Processing and Trade, BV [Member] | ||
Cumulative translation adjustment | $ 97 |
Debt and Notes Payable (Details
Debt and Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total | $ 4,964 | $ 2,720 |
Less current maturities | 1,485 | 1,113 |
Total long-term debt - financial institutions | $ 3,479 | 1,607 |
Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 486 | |
Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total | $ 235 | 286 |
Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 264 | $ 316 |
Fixed Rate Notes Payable to Rabobank Due December 31, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 1,087 | |
Fixed rate Notes Payable to Rabobank [Member] | ||
Debt Instrument [Line Items] | ||
Total | 2,554 | |
Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 68 | $ 417 |
Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total | $ 756 | $ 1,215 |
Debt and Notes Payable (Detai40
Debt and Notes Payable (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 1,485 |
2,017 | 661 |
2,018 | 661 |
2,019 | 661 |
2,020 | 660 |
Thereafter | 836 |
Total | $ 4,964 |
Debt and Notes Payable (Detai41
Debt and Notes Payable (Details Narrative) - USD ($) $ in Thousands | Jul. 13, 2015 | Oct. 25, 2014 | Mar. 02, 2013 | Mar. 01, 2013 | Jul. 05, 2012 | Mar. 02, 2012 | Mar. 20, 2008 | Jul. 19, 2006 | Jan. 03, 2005 | Jul. 07, 2004 | Jan. 17, 2014 | Dec. 31, 2010 | Dec. 31, 2015 | Dec. 31, 2011 | Jul. 14, 2005 |
Line Of Credit American Bank, N.A.[Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Short term line of credit | $ 2,000 | ||||||||||||||
Line Of Credit Rabobank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Short term line of credit | $ 590 | ||||||||||||||
EURO [Member] | Line Of Credit Rabobank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Short term line of credit | $ 650 | 487 | |||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | RM [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | $ 3,250 | ||||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | 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 periodic monthly payment | $ 23,820 | ||||||||||||||
Maturity term | 5 years | ||||||||||||||
Description of interest rate terms | The interest rate is 2.0% per annum above the HSBCs base lending rate, which is currently 5.2% per annum. | ||||||||||||||
Description of debt instrument purpose | The funds will be used to finance part of the cost of plant improvements to increase efficiency and production capacity. | ||||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | RM [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt - financial institutions | $ 5,000 | ||||||||||||||
Long term debt periodic monthly payment | $ 83,333 | ||||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due October 25, 2018 [Member] | USD [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 756 | ||||||||||||||
Long term debt periodic monthly payment | $ 19,391 | ||||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | 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. | ||||||||||||||
Long term debt periodic monthly payment | $ 22,617 | ||||||||||||||
Description of covenant compliance | P5Y | ||||||||||||||
Description of interest rate terms | The interest rate is 2.0% per annum above the HSBCs base lending rate, which is currently 5.2% per annum and is payable monthly. | ||||||||||||||
Description of debt instrument purpose | The purpose of upgrading the operations SR production process. | ||||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2016 [Member] | RM [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | $ 292 | ||||||||||||||
Long-term debt - financial institutions | $ 3,500 | ||||||||||||||
Long term debt periodic monthly payment | $ 97,223 | 97,195 | |||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2016 [Member] | USD [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 68 | ||||||||||||||
Long-term debt - financial institutions | 814 | ||||||||||||||
Term Notes Payable to HSBC Bank Malaysia Berhad Due March 1, 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long term debt periodic monthly payment | 22,623 | ||||||||||||||
Term Loan Notes Payable to Rabobank Due December 31, 2020 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | ||||||||||||||
Long term debt date of first Required payment | Jan. 31, 2016 | ||||||||||||||
Maturity term | 5 years | ||||||||||||||
Description of interest rate terms | The interest rate, set for a period of three months, is based on the relevant EURIBOR rate plus the bank margin of 2.3 percentage point per annum, which was 2.184% at December 31, 2015. | ||||||||||||||
Maturity date | Dec. 31, 2020 | ||||||||||||||
Term Loan Notes Payable to Rabobank Due December 31, 2020 [Member] | USD [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 2,554 | ||||||||||||||
Long term debt periodic monthly payment | 42,567 | ||||||||||||||
Term Loan Notes Payable to Rabobank Due December 31, 2020 [Member] | EURO [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 2,350 | ||||||||||||||
Long-term debt - financial institutions | $ 2,350 | 2,554 | |||||||||||||
Long term debt periodic monthly payment | $ 39,167 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due December 31, 2025 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | ||||||||||||||
Long term debt date of first Required payment | Jan. 31, 2016 | ||||||||||||||
Maturity term | 10 years | ||||||||||||||
Description of interest rate terms | Interest rate, currently fixed at 3% is to be adjusted every five years. Thereafter, the rate will change to Rabobank prime plus 1.75%. | ||||||||||||||
Maturity date | Dec. 31, 2025 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due December 31, 2025 [Member] | USD [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 1,087 | ||||||||||||||
Long-term debt - financial institutions | 1,087 | ||||||||||||||
Long term debt periodic monthly payment | 9,056 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due December 31, 2025 [Member] | EURO [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 1,000 | ||||||||||||||
Long-term debt - financial institutions | $ 1,000 | ||||||||||||||
Long term debt periodic monthly payment | $ 8,333 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | ||||||||||||||
Long term debt date of first Required payment | Feb. 28, 2005 | ||||||||||||||
Description of collateral | Secured by the land and building purchased by TPT on January 3, 2005 | ||||||||||||||
Maturity term | 25 years | ||||||||||||||
Description of interest rate terms | 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%. | ||||||||||||||
Description of debt instrument purpose | Acquisition of a 10,000 square foot warehouse with a loading dock that is located adjacent to TPTs existing production facility. | ||||||||||||||
Maturity date | Jan. 31, 2030 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | USD [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 264 | ||||||||||||||
Long-term debt - financial institutions | 511 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due January 31, 2030 [Member] | EURO [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 243 | ||||||||||||||
Long-term debt - financial institutions | $ 470 | ||||||||||||||
Long term debt periodic monthly payment | $ 1,566 | 1,702 | |||||||||||||
Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | ||||||||||||||
Long term debt date of first Required payment | Sep. 1, 2004 | ||||||||||||||
Description of collateral | Secured by the land and office building purchased on July 7, 2004 | ||||||||||||||
Maturity term | 25 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%. | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | USD [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 235 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due July 1, 2029 [Member] | EURO [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan balance | 217 | ||||||||||||||
Long-term debt - financial institutions | $ 485 | 527 | |||||||||||||
Long term debt periodic monthly payment | $ 1,616 | 1,756 | |||||||||||||
Long term debt first portion utilize | 353 | $ 325 | |||||||||||||
Long term debt second portion utilize | $ 174 | $ 160 | |||||||||||||
Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt - financial institutions | $ 2,000 | ||||||||||||||
Interest rate (in percent) | 5.50% | ||||||||||||||
Description of collateral | Secured by certain assets of the Company which are located in the United States or which arise from the Companys operations in the United States. Collateral under the Agreement does not include the Companys ownership or other interests in TMM and TPT, any assets or operations of either TMM or TPT or any proceeds thereof. | ||||||||||||||
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. | ||||||||||||||
Fixed Rate Notes Payable to American Bank, N.A. Due January 1, 2016 [Member] | Line Of Credit American Bank, N.A.[Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Short term line of credit | $ 2,000 | ||||||||||||||
Interest rate (in percent) | 5.50% | ||||||||||||||
Fixed rate Notes Payable to Rabobank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (in percent) | 4.25% | ||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | ||||||||||||||
Long term debt date of first Required payment | Aug. 5, 2011 | ||||||||||||||
Description of collateral | Secured by TPTs assets | ||||||||||||||
Maturity term | 3 years | ||||||||||||||
Description of debt instrument purpose | To fund TPTs plant expansion. | ||||||||||||||
Maturity date | Jul. 5, 2014 | ||||||||||||||
Fixed Rate Notes Payable to Rabobank Due December 31, 2025 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Description of frequency of payment | Monthly principal and interest payments | ||||||||||||||
Long term debt date of first Required payment | Aug. 31, 2005 | ||||||||||||||
Maturity term | 10 years | ||||||||||||||
Description of interest rate terms | 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%. | ||||||||||||||
Description of debt instrument purpose | To fund the completion of its building expansion. | ||||||||||||||
Maturity date | Jul. 31, 2015 |
Debt and Notes Payable (Detai42
Debt and Notes Payable (Details Narrative 1) - USD ($) $ in Thousands | Aug. 15, 2015 | Jul. 13, 2015 | May. 15, 2014 | Mar. 01, 2013 | Jul. 13, 2010 | Mar. 20, 2008 | Aug. 24, 2015 | Dec. 31, 2010 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||||||
Proceeds from lines of credit | $ 6,578 | $ 3,051 | ||||||||
Line Of Credit HSBC Facility & RHB Bank Berhad [Member] | Import & Export Line (ECR facilities) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 2,777 | |||||||||
Description of interest rate terms | Bear interest at 1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad. | |||||||||
Line Of Credit HSBC Facility & RHB Bank Berhad [Member] | Bank Overdrafts [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of interest rate terms | 1.25% over bank prime | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Import & Export Line (ECR facilities) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 1,700 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Import & Export Line (ECR facilities) [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 7,300 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Bank Overdrafts [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 233 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Bank Overdrafts [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 1,000 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Foreign Exchange Contract [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 25,000 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Foreign Exchange Contract [Member] | USD [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 5,817 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Bank Guarantee [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 279 | |||||||||
Line Of Credit RHB Bank Berhad [Member] | Bank Guarantee [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 1,200 | |||||||||
Line Of Credit HSBC Facility [Member] | Import & Export Line (ECR facilities) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 2,434 | |||||||||
Line Of Credit HSBC Facility [Member] | Import & Export Line (ECR facilities) [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 10,460 | |||||||||
Line Of Credit HSBC Facility [Member] | Bank Overdrafts [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 116 | |||||||||
Line Of Credit HSBC Facility [Member] | Bank Overdrafts [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 500 | |||||||||
Line Of Credit HSBC Facility [Member] | Foreign Exchange Contract [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 1,163 | |||||||||
Line Of Credit HSBC Facility [Member] | Foreign Exchange Contract [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 5,000 | |||||||||
Line Of Credit HSBC Facility [Member] | ECR and the foreign exchange [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
ECR outstanding balance | 1,108 | |||||||||
Short term line of credit | $ 179 | |||||||||
Lines of credit interest rate (in percent) | 2.506% | |||||||||
Line Of Credit HSBC Facility [Member] | ECR and the foreign exchange [Member] | RM [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
ECR outstanding balance | 4,761 | |||||||||
Short term line of credit | $ 769 | |||||||||
Lines of credit interest rate (in percent) | 4.96% | |||||||||
Line Of Credit Rabobank [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 590 | |||||||||
Line Of Credit Rabobank [Member] | USD [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 543 | |||||||||
Line Of Credit Rabobank [Member] | USD [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | 1,195 | |||||||||
Line Of Credit Rabobank [Member] | EURO [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 650 | $ 487 | ||||||||
Description of variable rate basis | Variable interest rate of bank prime plus 2.8% to the average 1-month EURIBOR plus the bank margin of 3.3%, which was 3.139% at December 31, 2015. | |||||||||
Line Of Credit Rabobank [Member] | EURO [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 500 | |||||||||
Line Of Credit Rabobank [Member] | EURO [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 1,100 | |||||||||
Line Of Credit American Bank, N.A.[Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 2,000 | |||||||||
Lines of credit interest rate (in percent) | 5.50% | |||||||||
Line Of Credit American Bank, N.A.[Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 1,000 | |||||||||
Lines of credit interest rate (in percent) | 4.50% | |||||||||
Lines of credit expiration date | Oct. 15, 2015 | |||||||||
Line Of Credit American Bank, N.A.[Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short term line of credit | $ 2,000 | |||||||||
Lines of credit interest rate (in percent) | 5.50% | |||||||||
Lines of credit expiration date | Oct. 15, 2016 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liability | ||
Currency forward contracts | $ 6 | $ 26 |
Level 1 [Member] | ||
Liability | ||
Currency forward contracts | ||
Level 2 [Member] | ||
Liability | ||
Currency forward contracts | $ 6 | $ 26 |
Level 3 [Member] | ||
Liability | ||
Currency forward contracts |
Fair Value Measurements (Deta44
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 4,964 | $ 2,720 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 4,438 | $ 2,558 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 6,310 | $ 8,465 |
Work in progress | 4,168 | 6,126 |
Finished goods | 3,552 | 4,800 |
Supplies | 784 | 915 |
Total Inventories | 14,814 | 20,306 |
Inventory reserve | (826) | (131) |
Net Inventories | $ 13,988 | $ 20,175 |
Property, Plant and Equipment46
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 38,927 | $ 45,585 |
Less accumulated depreciation | (23,973) | (28,286) |
Property, plant and equipment, net | 14,954 | 17,299 |
Construction in progress | 2,518 | 1,590 |
Property, plant and equipment, net plus construction in progress | 17,472 | 18,889 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 300 | 339 |
Office buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Life | 39 years | |
Total | $ 4,400 | 3,709 |
Production facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 10,321 | 9,345 |
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 | $ 22,412 | 30,683 |
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 | $ 1,494 | $ 1,509 |
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 Equipment47
Property, Plant and Equipment (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 2,863 | $ 3,445 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Sales: | ||||||||||
Customer sales | $ 37,059 | $ 46,730 | ||||||||
Intercompany sales | ||||||||||
Total Net Sales | $ 7,993 | $ 8,988 | $ 9,963 | $ 10,115 | $ 9,889 | $ 11,317 | $ 12,392 | $ 13,132 | $ 37,059 | $ 46,730 |
Share based compensation | 133 | 128 | ||||||||
Depreciation | 2,863 | 3,445 | ||||||||
Interest expense | 208 | 354 | ||||||||
Income tax (benefit) expense | $ 442 | $ 22 | $ (73) | $ (81) | $ (474) | $ 61 | $ 34 | $ 192 | 310 | (187) |
Location profit (loss) | (6,364) | (554) | ||||||||
Capital expenditures | 5,662 | 2,064 | ||||||||
Location long-lived assets | 17,472 | 18,889 | ||||||||
Location assets | 36,708 | 48,126 | ||||||||
United States (Corpus Christi) [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | 25,646 | 31,777 | ||||||||
Intercompany sales | 37 | 111 | ||||||||
Total Net Sales | 25,683 | 31,888 | ||||||||
Share based compensation | 133 | 128 | ||||||||
Depreciation | 1,011 | 980 | ||||||||
Interest expense | 13 | 34 | ||||||||
Income tax (benefit) expense | (318) | 120 | ||||||||
Location profit (loss) | (760) | (41) | ||||||||
Capital expenditures | 1,335 | 804 | ||||||||
Location long-lived assets | 5,904 | 5,627 | ||||||||
Location assets | 15,982 | 19,564 | ||||||||
European (TPT) [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | 8,619 | 10,154 | ||||||||
Intercompany sales | 4,309 | 7,977 | ||||||||
Total Net Sales | $ 12,928 | $ 18,131 | ||||||||
Share based compensation | ||||||||||
Depreciation | $ 1,174 | $ 1,310 | ||||||||
Interest expense | 25 | 55 | ||||||||
Income tax (benefit) expense | (69) | 468 | ||||||||
Location profit (loss) | (225) | 1,620 | ||||||||
Capital expenditures | 4,676 | 1,199 | ||||||||
Location long-lived assets | 10,618 | 7,894 | ||||||||
Location assets | 13,190 | 10,393 | ||||||||
Asian (TMM) [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | 2,794 | 4,799 | ||||||||
Intercompany sales | 5,832 | 7,445 | ||||||||
Total Net Sales | $ 8,626 | $ 12,244 | ||||||||
Share based compensation | ||||||||||
Depreciation | $ 678 | $ 1,155 | ||||||||
Interest expense | 170 | 265 | ||||||||
Income tax (benefit) expense | 681 | (737) | ||||||||
Location profit (loss) | (5,437) | (2,188) | ||||||||
Capital expenditures | 6 | 61 | ||||||||
Location long-lived assets | 950 | 5,368 | ||||||||
Location assets | $ 7,536 | $ 18,169 | ||||||||
Inter-Company Eliminations [Member] | ||||||||||
Net Sales: | ||||||||||
Customer sales | ||||||||||
Intercompany sales | $ (10,178) | $ (15,533) | ||||||||
Total Net Sales | $ (10,178) | $ (15,533) | ||||||||
Share based compensation | ||||||||||
Depreciation | ||||||||||
Interest expense | ||||||||||
Income tax (benefit) expense | $ 16 | $ (38) | ||||||||
Location profit (loss) | $ 58 | $ 55 | ||||||||
Capital expenditures | ||||||||||
Location long-lived assets | ||||||||||
Location assets |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (5,946) | $ (121) | $ (107) | $ (190) | $ (1,710) | $ 296 | $ 153 | $ 707 | $ (6,364) | $ (554) |
Adjustments: | ||||||||||
Depreciation and amortization | 2,863 | 3,445 | ||||||||
Interest expense, net | 31 | 37 | 60 | 80 | 79 | 85 | 95 | 95 | 208 | 354 |
Bad debt expense | 297 | (27) | ||||||||
(Gain)/loss on foreign currency exchange rate | (3) | (157) | 1 | 22 | 104 | 71 | (57) | (4) | (137) | 114 |
Income tax (benefit) expense | $ 442 | $ 22 | $ (73) | $ (81) | $ (474) | $ 61 | $ 34 | $ 192 | 310 | $ (187) |
Non-cash inventory impairment | 1,749 | |||||||||
Non-Cash loss on disposal/impairment of assets | (2,950) | $ (2,140) | ||||||||
Adjusted EBITDA | 2,150 | 5,057 | ||||||||
United States (Corpus Christi) [Member] | ||||||||||
Net loss | (760) | (41) | ||||||||
Adjustments: | ||||||||||
Depreciation and amortization | 1,011 | 980 | ||||||||
Interest expense, net | $ 13 | $ 34 | ||||||||
Bad debt expense | ||||||||||
(Gain)/loss on foreign currency exchange rate | $ (149) | $ (182) | ||||||||
Income tax (benefit) expense | (318) | $ 120 | ||||||||
Non-cash inventory impairment | 393 | |||||||||
Non-Cash loss on disposal/impairment of assets | 48 | |||||||||
Adjusted EBITDA | 238 | $ 911 | ||||||||
European (TPT) [Member] | ||||||||||
Net loss | (225) | 1,620 | ||||||||
Adjustments: | ||||||||||
Depreciation and amortization | 1,174 | 1,310 | ||||||||
Interest expense, net | 25 | 55 | ||||||||
Bad debt expense | 254 | (27) | ||||||||
(Gain)/loss on foreign currency exchange rate | 52 | 59 | ||||||||
Income tax (benefit) expense | (69) | $ 468 | ||||||||
Non-cash inventory impairment | $ 20 | |||||||||
Non-Cash loss on disposal/impairment of assets | ||||||||||
Adjusted EBITDA | $ 1,231 | $ 3,485 | ||||||||
Asian (TMM) [Member] | ||||||||||
Net loss | (5,437) | (2,188) | ||||||||
Adjustments: | ||||||||||
Depreciation and amortization | 678 | 1,155 | ||||||||
Interest expense, net | 170 | 265 | ||||||||
Bad debt expense | 43 | |||||||||
(Gain)/loss on foreign currency exchange rate | 234 | 9 | ||||||||
Income tax (benefit) expense | 681 | $ (737) | ||||||||
Non-cash inventory impairment | 1,336 | |||||||||
Non-Cash loss on disposal/impairment of assets | 2,902 | $ 2,140 | ||||||||
Adjusted EBITDA | 607 | 644 | ||||||||
Inter-Company Eliminations [Member] | ||||||||||
Net loss | $ 58 | $ 55 | ||||||||
Adjustments: | ||||||||||
Depreciation and amortization | ||||||||||
Interest expense, net | ||||||||||
Bad debt expense | ||||||||||
(Gain)/loss on foreign currency exchange rate | ||||||||||
Income tax (benefit) expense | $ 16 | $ (38) | ||||||||
Non-cash inventory impairment | ||||||||||
Non-Cash loss on disposal/impairment of assets | ||||||||||
Adjusted EBITDA | $ 74 | $ 17 |
Segment Information (Details Na
Segment Information (Details Narrative) - N | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 100.00% | 100.00% |
Percentage of sales to external customers | 59.00% | 58.00% |
Percentage of employees in-house collective bargaining agreement | 12.00% | 20.00% |
HITOX [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 28.00% | 28.00% |
ALUPREM [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 36.00% | 39.00% |
Asian Operation [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 23.00% | 22.00% |
Number of customer | 3 | 1 |
Percentage of sales to external customers | 34.00% | 25.00% |
Asian (TMM) [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 8.00% | 10.00% |
European operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 68.00% | 61.00% |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 23.00% | 25.00% |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 69.00% | 68.00% |
Number of customer | 1 | 1 |
Percentage of sales to external customers | 25.00% | 34.00% |
European [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of total third party sales revenue | 33.00% | 44.00% |
Number of customer | 2 | 2 |
Percentage of sales to external customers | 28.00% | 33.00% |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
NET SALES | $ 7,993 | $ 8,988 | $ 9,963 | $ 10,115 | $ 9,889 | $ 11,317 | $ 12,392 | $ 13,132 | $ 37,059 | $ 46,730 |
Cost of sales | 9,075 | 7,877 | 9,010 | 9,221 | 8,437 | 9,809 | 10,885 | 10,980 | 35,183 | 40,111 |
GROSS MARGIN | (1,082) | 1,111 | 953 | 894 | 1,452 | 1,508 | 1,507 | 2,152 | 1,876 | 6,619 |
Technical services and research & development | 35 | 44 | 44 | 55 | 49 | 50 | 54 | 46 | 178 | 199 |
Selling, general and administrative expenses | 1,447 | 943 | $ 1,039 | $ 1,052 | 1,490 | $ 1,092 | $ 1,114 | $ 1,113 | 4,481 | 4,809 |
Loss on disposal/impairment of assets | 2,912 | 38 | 2,140 | 2,950 | 2,140 | |||||
OPERATING INCOME (LOSS) | (5,476) | 86 | $ (130) | $ (213) | (2,227) | $ 366 | $ 339 | $ 993 | (5,733) | (529) |
OTHER INCOME (EXPENSE): | ||||||||||
Interest expense, net | (31) | (37) | (60) | (80) | (79) | (85) | (95) | (95) | (208) | (354) |
Gain (loss) on foreign currency exchange rate | (3) | (157) | 1 | $ 22 | 104 | 71 | $ (57) | (4) | (137) | 114 |
Other income (expense), net | 6 | 9 | 9 | 18 | 5 | 5 | 24 | 28 | ||
Total Other Expense | (28) | (185) | (50) | $ (58) | 43 | (9) | $ (152) | (94) | (321) | (212) |
LOSS BEFORE INCOME TAX | (5,504) | (99) | (180) | (271) | (2,184) | 357 | 187 | 899 | (6,054) | (741) |
Income tax (benefit) expense | 442 | 22 | (73) | (81) | (474) | 61 | 34 | 192 | 310 | (187) |
Net loss | $ (5,946) | $ (121) | $ (107) | $ (190) | $ (1,710) | $ 296 | $ 153 | $ 707 | $ (6,364) | $ (554) |
Loss per common share: | ||||||||||
Basic and diluted | $ (0.57) | $ 0.10 | $ 0.05 | $ 0.23 | $ (0.18) | |||||
Diluted (in dollars per share) | $ (0.57) | $ 0.09 | $ 0.04 | $ 0.21 | (0.18) | |||||
Basic and diluted | $ (1.97) | $ (0.04) | $ (0.04) | $ (0.06) | $ (2.11) | $ (0.18) | ||||
Weighted average common shares outstanding: | ||||||||||
Basic (in dollars per share) | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | ||||
Diluted (in dollars per share) | 3,014 | 3,394 | 3,402 | 3,413 | 3,014 | 3,014 | ||||
Basic and diluted | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 |
Calculation of Basic and Dilu52
Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | ||||||||||
Net Loss | $ (5,946) | $ (121) | $ (107) | $ (190) | $ (1,710) | $ 296 | $ 153 | $ 707 | $ (6,364) | $ (554) |
Denominator: | ||||||||||
Denominator for basic earnings per share- weighted-average shares | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | 3,014 | ||||
Dilutive potential common shares | ||||||||||
Denominator for diluted earnings per share - weighted-average shares and assumed conversions | 3,014 | 3,394 | 3,402 | 3,413 | 3,014 | 3,014 | ||||
Basic and diluted earnings per common share | $ (1.97) | $ (0.04) | $ (0.04) | $ (0.06) | $ (2.11) | $ (0.18) |
Calculation of Basic and Dilu53
Calculation of Basic and Diluted Earnings per Share (Details Narrative) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Detachable Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 528,304 | |
Warrants exercise price | $ 2.65 | |
Employee stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 146,300 | 147,700 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Statutory U.S. federal income tax rate (in percent) | 34.00% |
Income taxes or foreign withholding taxes | $ 4,000 |
Federal Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry-forwards | 1,217 |
Deferred tax asset net operating loss carry-forwards | $ 414 |
Expiration year | 2,033 |
Malaysia Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry-forwards | $ 3,395 |
Deferred tax asset net operating loss carry-forwards | 1,700 |
Other Deferred tax asset net operating loss carry-forwards | $ 3,445 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||||||
Domestic | $ (1,078) | $ 132 | ||||||||
Foreign | (4,976) | (873) | ||||||||
Pretax (loss) | $ (5,504) | $ (99) | $ (180) | $ (271) | $ (2,184) | $ 357 | $ 187 | $ 899 | $ (6,054) | $ (741) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | ||||||||||
Federal | ||||||||||
State | $ 5 | $ 8 | ||||||||
Foreign | (73) | 455 | ||||||||
Total Income Tax Expense (Benefit) | (68) | 463 | ||||||||
Deferred | ||||||||||
Federal | $ (318) | $ 94 | ||||||||
State | ||||||||||
Foreign | $ 696 | $ (744) | ||||||||
Total Income Tax Expense (Benefit) | 378 | (650) | ||||||||
Total | ||||||||||
Federal | (318) | 94 | ||||||||
State | 5 | 8 | ||||||||
Foreign | 623 | (289) | ||||||||
Income Tax Expense (Benefit) | $ 442 | $ 22 | $ (73) | $ (81) | $ (474) | $ 61 | $ 34 | $ 192 | $ 310 | $ (187) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||||||
Expense (benefit) computed at statutory rate | $ (2,059) | $ (252) | ||||||||
Change in valuation allowance - Foreign | 1,703 | |||||||||
Effect of items deductible for book not tax, net | ||||||||||
Share based compensation | 45 | $ 44 | ||||||||
Other | 5 | $ (64) | ||||||||
Effect of foreign tax credit | 34 | |||||||||
Effect of foreign tax rate differential | 578 | $ 80 | ||||||||
State income taxes, net of Federal benefit | 4 | 5 | ||||||||
Income Tax Expense (Benefit) | $ 442 | $ 22 | $ (73) | $ (81) | $ (474) | $ 61 | $ 34 | $ 192 | $ 310 | $ (187) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets: | ||
Net operating loss carry-forwards - Domestic | $ 414 | $ 241 |
Net operating loss carry-forwards - Foreign | 849 | 824 |
Intercompany profit | 43 | 59 |
Alternative minimum tax credit carry-forwards | 65 | 65 |
Domestic reserves | 31 | 16 |
Foreign tax credits | 675 | 506 |
Unrealized foreign currency losses - Foreign | 68 | 4 |
Other deferred assets - Domestic | 21 | 35 |
Other deferred assets - Foreign | 118 | 154 |
Total deferred tax assets, Gross | 2,284 | $ 1,904 |
Valuation Allowance - Foreign | (1,703) | |
Total deferred tax assets | 581 | $ 1,904 |
Deferred Tax Liabilities: | ||
PP&E - Domestic | 732 | 924 |
PP&E - Foreign | $ 30 | 826 |
Unrealized gain on derivatives | 5 | |
Unrealized foreign currency gains - Domestic | $ 59 | 11 |
Other | 3 | 3 |
Total deferred tax liabilities | 824 | 1,769 |
Net deferred tax asset (liability) | $ (243) | $ 135 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | May. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 146,305 | 147,705 | 131,164 | |
Number of shares execised | 1,839 | |||
Number of shares granted | 6,000 | 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 | May 23, 2022 | |||
Number of shares outstanding | 146,305 | |||
Number of shares execised | 114,631 | |||
Number of shares available for future issuance | 239,064 | |||
Number of shares granted | 6,000 | 20,500 | ||
Weighted average grant date fair value grant in period | $ 4.06 | $ 10.34 | ||
Compensation expense related to non-vested awards | $ 256 | |||
Compensation expense recognized over a weighted average period | 1 year 8 months 1 day | |||
Number of shares exercisable | 110,805 | |||
Exercisable weighted-average remaining contractual life | 5 years 29 days | |||
2000 Incentive Stock Option Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable exercise prices | $ 2.70 | |||
2000 Incentive Stock Option Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable exercise prices | $ 19.99 | |||
General and Administrative Expense [Member] | 2000 Incentive Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based employee compensation | $ 133 | |||
Cost of Sales [Member] | 2000 Incentive Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based employee compensation | $ 128 |
Stock Options (Details)
Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 2.00% | 2.18% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 0.66% | 0.65% |
Expected term (in years) | 7 years | 7 years |
Stock Options (Details 1)
Stock Options (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Capital Shares Reserved for Future Issuance [Roll Forward] | ||
Balances | 385,369 | 387,208 |
Exercised | (1,839) | |
Balances | 385,369 | 385,369 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Balances | 147,705 | 131,164 |
Granted | 6,000 | 20,500 |
Exercised | (1,839) | |
Forfeited or expired | (7,400) | (2,120) |
Balances | 146,305 | 147,705 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Balances | $ 13.24 | $ 13.24 |
Granted | 6.34 | 10.34 |
Exercised | 6.25 | |
Forfeited or expired | 30.27 | 21.22 |
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 | 6.34 | 11.27 |
Exercised | 2.70 | |
Forfeited or expired | 29.50 | 19.95 |
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 | 6.34 | 11.39 |
Exercised | 7.50 | |
Forfeited or expired | 30.55 | 21.30 |
Balances | $ 18.22 | $ 30.55 |
Stock Options (Details 2)
Stock Options (Details 2) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 146,305 | 147,705 |
$2.70 - $9.99 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 19,189 | 13,189 |
$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 | 103,616 |
$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 | 23,500 |
$20.00 - $30.55 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices of options outstanding | 7,400 |
Profit Sharing Plan (Details Na
Profit Sharing Plan (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | 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 | $ 72 | $ 63 |
Derivatives and Other Financi64
Derivatives and Other Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses [Member] | Foreign Currency Exchange Contracts [Member] | Nondesignated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 6 | $ 26 |
Derivatives and Other Financi65
Derivatives and Other Financial Instruments (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency Exchange Contracts [Member] | Nondesignated [Member] | Foreign Currency Gain (Loss) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Loss Recognized in Operations | $ 80 | $ 8 |
Commitments and Contingencies66
Commitments and Contingencies (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | |
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 | |
Increased amount of annual lease | $54,000 to $95,000 | |
Lease expiration date | Jun. 30, 2027 | |
Rent expense | $ | $ 115 | $ 117 |
Commitments and Contingencies67
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 115 |
2,017 | 115 |
2,018 | 95 |
2,019 | 95 |
2,020 | 95 |
Thereafter | 621 |
Total minimum lease payments | $ 1,136 |
Significant Customers (Details
Significant Customers (Details Narrative) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 18.00% | 23.00% |
Foreign Customer Sales (Details
Foreign Customer Sales (Details Narrative) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | ||
Total consolidated sales revenue | 100.00% | 100.00% |
Foreign Customer Sales (Detai70
Foreign Customer Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | ||
Total Sales | $ 15,261 | $ 19,580 |
Sales Revenue [Member] | Canada, Mexico & South/Central America [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Sales | 3,894 | 4,627 |
Sales Revenue [Member] | Pacific Rim [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Sales | 2,906 | 4,630 |
Sales Revenue [Member] | Europe Africa And Middle East [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Sales | $ 8,461 | $ 10,323 |
Sales by Product (Details)
Sales by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Information [Line Items] | ||||||||||
Total Sales | $ 7,993 | $ 8,988 | $ 9,963 | $ 10,115 | $ 9,889 | $ 11,317 | $ 12,392 | $ 13,132 | $ 37,059 | $ 46,730 |
Revenues from sales by product, percentage | 100.00% | 100.00% | ||||||||
ALUPREM [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 13,319 | $ 18,516 | ||||||||
Revenues from sales by product, percentage | 36.00% | 39.00% | ||||||||
HITOX [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 10,392 | $ 13,265 | ||||||||
Revenues from sales by product, percentage | 28.00% | 28.00% | ||||||||
BARTEX / BARYPREM [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 8,417 | $ 8,848 | ||||||||
Revenues from sales by product, percentage | 23.00% | 20.00% | ||||||||
HALTEX / OPTILOAD [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 3,462 | $ 3,182 | ||||||||
Revenues from sales by product, percentage | 9.00% | 7.00% | ||||||||
TIOPREM [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 718 | $ 856 | ||||||||
Revenues from sales by product, percentage | 2.00% | 2.00% | ||||||||
SR [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 14 | $ 1,365 | ||||||||
Revenues from sales by product, percentage | 1.00% | 3.00% | ||||||||
OTHER [Member] | ||||||||||
Product Information [Line Items] | ||||||||||
Total Sales | $ 737 | $ 698 | ||||||||
Revenues from sales by product, percentage | 2.00% | 1.00% |