Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 16, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FUEL TECH, INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 22,860,398 | ||
Entity Public Float | $78,356 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 846913 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $18,637 | $27,738 |
Marketable securities | 36 | 30 |
Accounts receivable, net | 31,910 | 36,974 |
Inventories | 1,111 | 443 |
Prepaid expenses and other current assets | 4,094 | 2,196 |
Income taxes receivable | 597 | 1,407 |
Deferred income taxes | 1,953 | 477 |
Total current assets | 58,338 | 69,265 |
Property and equipment, net | 13,527 | 13,027 |
Goodwill | 2,116 | 21,051 |
Other intangible assets, net | 10,464 | 4,305 |
Deferred income taxes | 5,649 | 0 |
Other assets | 1,377 | 2,410 |
Total assets | 91,471 | 110,058 |
Current liabilities: | ||
Short-term debt | 1,625 | 1,636 |
Accounts payable | 7,310 | 9,920 |
Accrued liabilities: | ||
Employee compensation | 2,007 | 4,460 |
Other accrued liabilities | 7,708 | 4,630 |
Total current liabilities | 18,650 | 20,646 |
Deferred income taxes | 0 | 59 |
Other liabilities | 520 | 730 |
Total liabilities | 19,170 | 21,435 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $.01 par value, 40,000,000 shares authorized, 23,027,704 and 22,701,613 shares issued, and 22,860,398 and 22,592,956 outstanding in 2014 and 2013, respectively | 230 | 227 |
Additional paid-in capital | 134,985 | 132,796 |
Accumulated deficit | -61,752 | -44,027 |
Accumulated other comprehensive (loss) income | -448 | 37 |
Nil coupon perpetual loan notes | 76 | 76 |
Treasury stock, 167,306 and 108,657 shares in 2014 and 2013, respectively, at cost | -790 | -486 |
Total stockholders’ equity | 72,301 | 88,623 |
Total liabilities and stockholders’ equity | $91,471 | $110,058 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 23,027,704 | 22,701,613 |
Common stock outstanding | 22,860,398 | 22,592,956 |
Treasury stock, shares | 167,306 | 108,657 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenues | $79,017 | $109,338 | $97,644 |
Costs and expenses: | |||
Cost of sales | 43,889 | 62,521 | 56,899 |
Selling, general and administrative | 35,432 | 36,375 | 32,682 |
Research and development | 1,459 | 2,442 | 2,863 |
Goodwill impairment | 23,400 | 0 | 0 |
Costs and Expenses | 104,180 | 101,338 | 92,444 |
Operating (loss) income | -25,163 | 8,000 | 5,200 |
Interest expense | -125 | -56 | -93 |
Interest income | 29 | 58 | 78 |
Other expense | -544 | -137 | -107 |
(Loss) Income before taxes | -25,803 | 7,865 | 5,078 |
Income tax benefit (expense) | 8,078 | -2,764 | -2,302 |
Net (loss) income | ($17,725) | $5,101 | $2,776 |
Net income per common share: (in dollars per share) | |||
Basic | ($0.78) | $0.23 | $0.12 |
Diluted | ($0.01) | $0.23 | $0.12 |
Weighted-average number of common shares outstanding: | |||
Basic | 22,782,000 | 22,286,000 | 22,709,000 |
Diluted | 22,782,000 | 22,579,000 | 23,535,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | ($17,725) | $5,101 | $2,776 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | -489 | 438 | -765 |
Unrealized gains/(losses) from marketable securities, net of tax | 4 | -9 | -8 |
Total other comprehensive (loss) income | -485 | 429 | -773 |
Comprehensive (loss) income | ($18,210) | $5,530 | $2,003 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Nil Coupon Perpetual Loan Notes | Treasury Stock |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2011 | $89,013 | $237 | $132,350 | ($44,031) | $381 | $76 | $0 |
Balance (in Shares) at Dec. 31, 2011 | 23,644,000 | ||||||
Net (loss) income | 2,776 | 2,776 | |||||
Foreign currency translation adjustments | -765 | -765 | |||||
Unrealized gains/(losses) from marketable securities, net of tax | -8 | -8 | |||||
Stock compensation expense | 1,248 | 1,248 | |||||
Issuance of deferred shares of stock | 58 | 58 | |||||
Tax effect of expired vested options | -57 | -57 | |||||
Repurchases and retirement of common shares (in Shares) | -1,605,000 | ||||||
Repurchases and retirement of common shares | -7,889 | -16 | -7,873 | ||||
Common shares issued upon vesting of restricted stock units | -101 | -101 | |||||
Common shares issued upon vesting of restricted stock units | 72,000 | ||||||
Treasury shares withheld (in shares) | -9,000 | ||||||
Treasury shares withheld | -39 | -39 | |||||
Balance at Dec. 31, 2012 | 84,236 | 221 | 133,498 | -49,128 | -392 | 76 | -39 |
Balance (in Shares) at Dec. 31, 2012 | 22,102,000 | ||||||
Net (loss) income | 5,101 | 5,101 | |||||
Foreign currency translation adjustments | 438 | 438 | |||||
Unrealized gains/(losses) from marketable securities, net of tax | -9 | -9 | |||||
Exercise of stock options (in shares) | 195,000 | ||||||
Exercise of stock options | 811 | 2 | 809 | ||||
Stock compensation expense | 67 | 67 | |||||
Issuance of deferred shares of stock | 1,798 | 1,798 | |||||
Tax effect of expired vested options | -121 | -121 | |||||
Common shares issued upon vesting of restricted stock units | -3,251 | 4 | -3,255 | ||||
Common shares issued upon vesting of restricted stock units | 395,000 | ||||||
Treasury shares withheld (in shares) | -99,531 | -99,000 | |||||
Treasury shares withheld | -447 | -447 | |||||
Balance at Dec. 31, 2013 | 88,623 | 227 | 132,796 | -44,027 | 37 | 76 | -486 |
Balance (in Shares) at Dec. 31, 2013 | 22,593,000 | ||||||
Net (loss) income | -17,725 | -17,725 | |||||
Foreign currency translation adjustments | -489 | -489 | |||||
Unrealized gains/(losses) from marketable securities, net of tax | 4 | 4 | |||||
Exercise of stock options | 297 | 297 | |||||
Tax benefit from stock compensation expense | 7 | 7 | |||||
Stock compensation expense | 2,322 | 2,322 | |||||
Issuance of deferred shares of stock (in shares) | 60,000 | ||||||
Tax effect of expired vested options | -379 | -379 | |||||
Repurchases and retirement of common shares (in Shares) | -2,306,590 | ||||||
Common shares issued upon vesting of restricted stock units | -55 | 3 | -58 | ||||
Common shares issued upon vesting of restricted stock units | 266,000 | ||||||
Treasury shares withheld (in shares) | -58,649 | -59,000 | |||||
Treasury shares withheld | -304 | -304 | |||||
Balance at Dec. 31, 2014 | $72,301 | $230 | $134,985 | ($61,752) | ($448) | $76 | ($790) |
Balance (in Shares) at Dec. 31, 2014 | 22,860,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net (loss) income | ($17,725) | $5,101 | $2,776 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation | 1,922 | 2,175 | 2,191 |
Amortization | 2,384 | 839 | 898 |
Gain on equipment disposals/impaired assets | 0 | 0 | -72 |
Unrealized holding loss on marketable securities | 0 | 0 | 13 |
Allowance for doubtful accounts | 762 | 707 | 26 |
Deferred income taxes | -9,524 | 1,252 | -458 |
Stock compensation expense | 2,322 | 1,798 | 1,306 |
Goodwill impairment | 23,400 | 0 | 0 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 6,117 | -6,970 | 4,249 |
Inventories | -616 | 77 | -202 |
Prepaid expenses, other current assets and other noncurrent assets | -913 | 2,118 | -1,808 |
Accounts payable | -3,600 | -2,968 | 2,327 |
Accrued liabilities and other noncurrent liabilities | 906 | -1,287 | -2,579 |
Net cash provided by operating activities | 5,435 | 2,842 | 8,667 |
INVESTING ACTIVITIES | |||
Purchases of property, equipment and patents | -2,808 | -1,754 | -2,534 |
Purchases of other intangible assest | -3,010 | 0 | 0 |
Payment for acquisitions, net of cash acquired | -8,079 | 0 | 0 |
Net cash used in investing activities | -13,897 | -1,754 | -2,534 |
FINANCING ACTIVITIES | |||
Net proceeds (payments) of short-term debt | 0 | 1,614 | -1,187 |
Proceeds from exercises of stock options | 297 | 811 | 0 |
Excess tax benefit from exercises of stock options | 7 | 67 | 0 |
Repurchases of common stock | 0 | 0 | -7,889 |
Treasury shares withheld | -304 | -447 | -39 |
Net cash provided by (used in) financing activities | 0 | 2,045 | -9,115 |
Effect of exchange rate fluctuations on cash | -639 | 152 | -794 |
Net (decrease) increase in cash and cash equivalents | -9,101 | 3,285 | -3,776 |
Cash and cash equivalents at beginning of year | 27,738 | 24,453 | 28,229 |
Cash and cash equivalents at end of year | 18,637 | 27,738 | 24,453 |
Cash paid for: | |||
Interest | 125 | 56 | 93 |
Income taxes paid | $0 | $2,901 | $2,043 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||
Organization and significant accounting policies | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||||
Organization | |||||||||||||||||||||||||||
We provide advanced engineered solutions for the optimization of combustion systems in utility and industrial applications. Our primary focus is on the worldwide marketing and sale of NOx reduction technologies as well as our FUEL CHEM program. The Company’s NOx reduction technologies reduce nitrogen oxide emissions from boilers, furnaces and other stationary combustion sources. | |||||||||||||||||||||||||||
Our FUEL CHEM program is based on proprietary TIFI® Targeted In-Furnace™ Injection technology, in combination with advanced Computational Fluid Dynamics (CFD) and Chemical Kinetics Modeling (CKM) boiler modeling, in the unique application of specialty chemicals to improve the efficiency, reliability and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in the boiler. | |||||||||||||||||||||||||||
Our business is materially dependent on the continued existence and enforcement of air quality regulations, particularly in the United States. We have expended significant resources in the research and development of new technologies in building our proprietary portfolio of air pollution control, fuel and boiler treatment chemicals, computer modeling and advanced visualization technologies. | |||||||||||||||||||||||||||
International revenues were $28,116, $46,063, and $27,219 for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts represented 36%, 42%, and 28% of Fuel Tech’s total revenues for the respective periods of time. Foreign currency changes did not have a material impact on the calculation of these percentages. We have foreign offices in Beijing, China and Gallarate, Italy. | |||||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||
The consolidated financial statements include the accounts of Fuel Tech and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. | |||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, income tax provisions and warranty expenses. Actual results could differ from those estimates. | |||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||
The carrying values of cash and cash equivalents, accounts receivable, and accounts payable are reasonable estimates of their fair value due to their short-term nature. The carrying amount of our short-term debt under our revolving line of credit facility approximates fair value due to its short-term nature and because the amount outstanding accrues interest at a variable market-based rate. Our marketable securities are carried at fair value based on quoted market prices in an active market. | |||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||
We include cash and investments having an original maturity of three months or less at the time of acquisition in cash and cash equivalents. We have never incurred realized or unrealized holdings gains or losses on securities classified as cash equivalents. Income resulting from short-term investments is recorded as interest income. At December 31, 2014, we had cash on hand of approximately $1,639 at our Beijing, China subsidiary that is subject to certain local regulations that may limit the immediate availability of these funds outside of China. | |||||||||||||||||||||||||||
Foreign Currency Risk Management | |||||||||||||||||||||||||||
Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. We do not enter into foreign currency forward contracts or into foreign currency option contracts to manage this risk due to the nature of the transactions involved. | |||||||||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||||||||
Accounts receivable consist of amounts due to us in the normal course of our business, are not collateralized, and normally do not bear interest. Accounts receivable includes unbilled receivables, representing costs and estimated earnings in excess of billings on uncompleted contracts under the percentage of completion method. At December 31, 2014 and 2013, unbilled receivables were approximately $9,904 and $12,599, respectively. | |||||||||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||||||||
The allowance for doubtful accounts is our management's best estimate of the amount of credit losses in accounts receivable. In order to control and monitor the credit risk associated with our customer base, we review the credit worthiness of customers on a recurring basis. Factors influencing the level of scrutiny include the level of business the customer has with Fuel Tech, the customer’s payment history, and the customer’s financial stability. Receivables are considered past due if payment is not received by the date agreed upon with the customer, which is normally 30 days. Representatives of our management team review all past due accounts on a weekly basis to assess collectability. At the end of each reporting period, the allowance for doubtful accounts balance is reviewed relative to management’s collectability assessment and is adjusted if deemed necessary through a corresponding charge or credit to bad debts expense, which is included in selling, general, and administrative expenses in the consolidated statements of operations. Bad debt write-offs are made when management believes it is probable a receivable will not be recovered. The table below sets forth the components of the Allowance for Doubtful Accounts for the years ended December 31. | |||||||||||||||||||||||||||
Year | Balance at | Provision charged | Write-offs / | Balance at | |||||||||||||||||||||||
January 1 | to expense | Recoveries | December 31 | ||||||||||||||||||||||||
2012 | $ | 430 | $ | 246 | $ | (216 | ) | $ | 460 | ||||||||||||||||||
2013 | $ | 460 | $ | 1,175 | $ | (446 | ) | $ | 1,189 | ||||||||||||||||||
2014 | $ | 1,189 | $ | 1,099 | $ | (366 | ) | $ | 1,922 | ||||||||||||||||||
Inventories | |||||||||||||||||||||||||||
Inventories consist primarily of spare parts and are stated at the lower of cost or market using the first-in, first-out method. Usage is recorded in cost of sales in the period that parts were issued to a project or used to service equipment. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable. | |||||||||||||||||||||||||||
Foreign Currency Translation and Transactions | |||||||||||||||||||||||||||
Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year end. Revenues and expenses are translated at average exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders’ equity as part of accumulated other comprehensive income. | |||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||
The changes in accumulated other comprehensive (loss) income by component were as follows: | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Foreign currency translation | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 18 | $ | (420 | ) | ||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | (489 | ) | 438 | ||||||||||||||||||||||||
Balance at end of period | $ | (471 | ) | $ | 18 | ||||||||||||||||||||||
Available-for-sale marketable securities | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 19 | $ | 28 | |||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||
Net unrealized holding gain (loss) (2) | 4 | (14 | ) | ||||||||||||||||||||||||
Deferred income taxes (2) | — | 5 | |||||||||||||||||||||||||
Total other comprehensive income (loss) | 4 | (9 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 23 | $ | 19 | |||||||||||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (448 | ) | $ | 37 | ||||||||||||||||||||||
-1 | In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. | ||||||||||||||||||||||||||
-2 | In all periods presented, there were no realized holding gains or losses and therefore no amounts were reclassified to earnings. | ||||||||||||||||||||||||||
Research and Development | |||||||||||||||||||||||||||
Research and development costs are expensed as incurred. Research and development projects funded by customer contracts are reported as part of cost of goods sold. Internally funded research and development expenses are reported as operating expenses. | |||||||||||||||||||||||||||
Product/System Warranty | |||||||||||||||||||||||||||
We typically warrant our air pollution control products and systems against defects in design, materials and workmanship for one to two years. A provision for estimated future costs relating to warranty expense is recorded when the products/systems become commercially operational. | |||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized, but are reviewed annually or more frequently if indicators arise, for impairment. Our evaluation of goodwill impairment involves first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may bypass this qualitative assessment, or determine that based on our qualitative assessment considering the totality of events and circumstances including macroeconomic factors, industry and market considerations, current and projected financial performance, a sustained decrease in our share price, or other factors, that additional impairment analysis is necessary. This additional analysis involves comparing the current fair value of our reporting units to their carrying values. We use a discounted cash flow (DCF) model to determine the current fair value of our two reporting units. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce and working capital changes. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. However, actual fair values that could be realized in an actual transaction may differ from those used to evaluate the impairment of goodwill. | |||||||||||||||||||||||||||
Goodwill is allocated to each of our reporting units, which is defined as an operating segment or one level below an operating segment, upon acquisition after considering the nature of the net assets giving rise to the goodwill and how each reporting unit would enjoy the benefits and synergies of the net assets acquired. Goodwill is also evaluated for impairment at the reporting unit level. We have two reporting units: the FUEL CHEM technology segment and the APC technology segment. | |||||||||||||||||||||||||||
During the fourth quarter of 2014, we experienced a decrease in our stock price that caused our market capitalization to fall below the equity value on our consolidated balance sheet, which can be a potential indicator of goodwill impairment. This, along with an overall slowdown in APC technology segment orders and corresponding downward adjustments to our financial forecasts, was considered during a detailed evaluation of the fair value of our reporting units. Fuel Tech performed its annual goodwill impairment analysis for each of its reporting units as of October 1, 2014 and determined that no impairment of goodwill existed within the FUEL CHEM technology segment. At the same time, we determined that our APC technology reporting unit failed the first step test because the estimated fair value of the reporting unit was less than its carrying value, thus requiring additional analysis of the segment. Based on this additional analysis, Fuel Tech determined that the current fair value of the APC technology reporting unit was less than the fair value of the assets and liabilities of the unit, resulting in an implied fair value of goodwill of zero, and accordingly we recorded a non-cash goodwill impairment charge of $23,400 representing the full carrying value of goodwill related to this reporting unit. | |||||||||||||||||||||||||||
The following table shows our goodwill activity by reporting unit during the periods ending December 31, 2014 and 2013: | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
Reporting Unit | Beginning Carrying Amount | Acquired Goodwill | Impairment Charge | Ending Carrying Amount | |||||||||||||||||||||||
FUEL CHEM Technology Segment | $ | 2,116 | $ | — | $ | — | $ | 2,116 | |||||||||||||||||||
APC Technology Segment | 18,935 | 4,465 | (23,400 | ) | — | ||||||||||||||||||||||
$ | 21,051 | $ | 4,465 | $ | (23,400 | ) | $ | 2,116 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||||
Reporting Unit | Beginning Carrying Amount | Acquired Goodwill | Impairment Charge | Ending Carrying Amount | |||||||||||||||||||||||
FUEL CHEM Technology Segment | $ | 2,116 | $ | — | $ | — | $ | 2,116 | |||||||||||||||||||
APC Technology Segment | 18,935 | — | — | 18,935 | |||||||||||||||||||||||
$ | 21,051 | $ | — | $ | — | $ | 21,051 | ||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||||
Management reviews other finite-lived intangible assets, which include customer lists and relationships, covenants not to compete, patent assets, trade names, and acquired technologies, for impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. In the event that impairment indicators exist, a further analysis is performed and if the sum of the expected undiscounted future cash flows resulting from the use of the asset or asset group is less than the carrying amount of the asset or asset group, an impairment loss equal to the excess of the asset or asset group's carrying value over its fair value is recorded. Management considers historical experience and all available information at the time the estimates of future cash flows are made, however, the actual cash values that could be realized may differ from those that are estimated. After performing additional analysis based on an undiscounted future cash flows test relating to the assets attributable to our APC technology segment, it was determined that no impairment losses for any assets or asset group relating to this segment existed. In addition, there were no indications of impairment for any assets or asset group associated with our FUEL CHEM technology segment. As a result, no impairment losses for the years ended December 31, 2014, 2013 and 2012 were recorded. | |||||||||||||||||||||||||||
Third-party costs related to the development of patents are included within other intangible assets on the consolidated balance sheets. As of December 31, 2014 and 2013, the net patent asset balance, excluding patents acquired in business acquisitions, was $1,583 and $1,273, respectively. The third-party costs capitalized as patent costs during the years ended December 31, 2014 and 2013 were $376 and $305, respectively. Third-party costs are comprised of legal fees that relate to the review and preparation of patent disclosures and filing fees incurred to present the patents to the required governing body. | |||||||||||||||||||||||||||
Our intellectual property portfolio has been a significant building block for the Air Pollution Control and FUEL CHEM technology segments. The patents are essential to the generation of revenue for our businesses and are essential to protect us from competition in the markets in which we serve. These costs are being amortized on the straight-line method over the period beginning with the patent issuance date and ending on the patent expiration date. Patent maintenance fees are charged to operations as incurred. | |||||||||||||||||||||||||||
In 2014 we acquired intangible assets as a result of the business acquisitions described in Note 2 in the amount of $5,158. In addition, we acquired intellectual property rights and know-how that was not part of a business acquisition in the amount of $3,010 related to the CARBONITE® fuel conversion process that has an estimated useful life of 5 years. | |||||||||||||||||||||||||||
Amortization expense for intangible assets was $2,384, $839 and $898 for the years ended December 31, 2014, 2013 and 2012, respectively. The table below shows the amortization period and other intangible asset cost by intangible asset as of December 31, 2014 and 2013, and the accumulated amortization and net intangible asset value in total for all other intangible assets. | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Description of Other Intangible | Amortization | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Period | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||
Customer relationships | 4-15 years | $ | 5,087 | $ | (2,690 | ) | $ | 2,397 | $ | 4,567 | $ | (2,541 | ) | $ | 2,026 | ||||||||||||
Trademarks and trade names | 4-8 years | 441 | (293 | ) | 148 | 351 | (219 | ) | 132 | ||||||||||||||||||
Patent assets | 1-15 years | 2,764 | (987 | ) | 1,777 | 2,388 | (822 | ) | 1,566 | ||||||||||||||||||
Acquired technologies | 5-8 years | 7,974 | (1,832 | ) | 6,142 | 1,731 | (1,150 | ) | 581 | ||||||||||||||||||
Total | $ | 16,266 | $ | (5,802 | ) | $ | 10,464 | $ | 9,037 | $ | (4,732 | ) | $ | 4,305 | |||||||||||||
The table below shows the estimated future amortization expense for intangible assets: | |||||||||||||||||||||||||||
Year | Estimated | ||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||
2015 | $ | 2,072 | |||||||||||||||||||||||||
2016 | 2,020 | ||||||||||||||||||||||||||
2017 | 1,695 | ||||||||||||||||||||||||||
2018 | 1,530 | ||||||||||||||||||||||||||
2019 | 1,247 | ||||||||||||||||||||||||||
Thereafter | 1,900 | ||||||||||||||||||||||||||
Total | $ | 10,464 | |||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||||
Property and equipment is stated at historical cost. Provisions for depreciation are computed by the straight-line method, using estimated useful lives that range based on the nature of the asset. Leasehold improvements are depreciated over the shorter of the associated lease term or the estimated useful life of the asset. Depreciation expense was $1,922, $2,175, and $2,191 for the years ended December 31, 2014, 2013 and 2012, respectively. The table below shows the depreciable life and cost by asset class as of December 31, 2014 and 2013, and the accumulated depreciation and net book value in total for all classes of assets. | |||||||||||||||||||||||||||
Description of Property and Equipment | Depreciable | 2014 | 2013 | ||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||
Land | $ | 1,440 | $ | 1,440 | |||||||||||||||||||||||
Building | 39 years | 4,535 | 4,535 | ||||||||||||||||||||||||
Building and leasehold improvements | 3-39 years | 5,115 | 4,898 | ||||||||||||||||||||||||
Field equipment | 3-4 years | 19,796 | 18,006 | ||||||||||||||||||||||||
Computer equipment and software | 2-3 years | 3,005 | 2,677 | ||||||||||||||||||||||||
Furniture and fixtures | 3-10 years | 1,525 | 1,512 | ||||||||||||||||||||||||
Vehicles | 5 years | 36 | 36 | ||||||||||||||||||||||||
Total cost | 35,452 | 33,104 | |||||||||||||||||||||||||
Less accumulated depreciation | (21,925 | ) | (20,077 | ) | |||||||||||||||||||||||
Total net book value | $ | 13,527 | $ | 13,027 | |||||||||||||||||||||||
Property and equipment is reviewed for impairment when events and circumstances indicate that the carrying amount of the assets (or asset group) may not be recoverable. If impairment indicators exists, we perform a more detailed analysis and an impairment loss is recognized when estimated future undiscounted cash flows expected to result from the use of the asset (or asset group) and its eventual disposition are less than the carrying amount. This process of analyzing impairment involves examining the operating condition of individual assets (or asset group) and estimating a fair value based upon current condition, relevant market factors and remaining estimated operational life compared to the asset’s remaining depreciable life. Quoted market prices and other valuation techniques are used to determine expected cash flows. Due to the existence of impairment indicators as more fully described above, we performed a more detailed analysis of potential long-lived asset impairment in the APC technology asset group during the fourth quarter of 2014 using the aforementioned undiscounted cash flows analysis and concluded that no impairment of our long-lived assets exists. A significant portion of our property and equipment is comprised of assets deployed at customer locations relating to our FUEL CHEM technology asset group, and due to the shorter-term duration over which this equipment is depreciated, the likelihood of impairment is mitigated. The discontinuation of a FUEL CHEM program at a customer site would most likely result in the re-deployment of all or most of the affected assets to another customer location rather than an impairment. | |||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||
Revenues from the sales of chemical products are recorded when title transfers, either at the point of shipment or at the point of destination, depending on the contract with the customer. | |||||||||||||||||||||||||||
We utilize the percentage of completion method of accounting for equipment construction and license contracts that are sold within the Air Pollution Control technology segment. Under the percentage of completion method, revenues are recognized as work is performed based on the relationship between actual construction costs incurred and total estimated costs at completion. Construction costs include all direct costs such as materials, labor, subcontracting costs, and indirect costs allocable to the particular contract such as indirect labor, tools and equipment, and supplies. Revisions in completion estimates and contract values are made in the period in which the facts giving rise to the revisions become known and can influence the timing of when revenues are recognized under the percentage of completion method of accounting. Such revisions have historically not had a material effect on the amount of revenue recognized. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. The completed contract method is used for certain contracts when reasonably dependable estimates of the percentage of completion cannot be made. When the completed contract method is used, revenue and costs are deferred until the contract is substantially complete, which usually occurs upon customer acceptance of the installed product. | |||||||||||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||||
Cost of sales includes all internal and external engineering costs, equipment and chemical charges, inbound and outbound freight expenses, internal and site transfer costs, installation charges, purchasing and receiving costs, inspection costs, warehousing costs, project personnel travel expenses and other direct and indirect expenses specifically identified as project- or product line-related, as appropriate (e.g., test equipment depreciation and certain insurance expenses). Certain depreciation and amortization expenses related to tangible and intangible assets, respectively, are allocated to cost of sales. | |||||||||||||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||
Selling, general and administrative expenses primarily include the following categories except where an allocation to the cost of sales line item is warranted due to the project- or product-line nature of a portion of the expense category: salaries and wages, employee benefits, non-project travel, insurance, legal, rent, accounting and auditing, recruiting, telephony, employee training, Board of Directors’ fees, auto rental, office supplies, dues and subscriptions, utilities, real estate taxes, commissions and bonuses, marketing materials, postage and business taxes. Departments comprising the selling, general and administrative line item primarily include the functions of executive management, finance and accounting, investor relations, regulatory affairs, marketing, business development, information technology, human resources, sales, legal and general administration. | |||||||||||||||||||||||||||
Distribution Costs | |||||||||||||||||||||||||||
We classify shipping and handling costs in cost of sales in the consolidated statements of operations. | |||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and our experience with similar operations. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances. | |||||||||||||||||||||||||||
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitation has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||
Our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 Long-Term Incentive Plan (Incentive Plan), was adopted in May 2014 and allows for awards to be granted to participants in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and bonuses or other forms of share-based or non-share-based awards or combinations thereof. Participants in the Incentive Plan may be our directors, officers, employees, consultants or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business. There are a maximum of 4,483,525 shares that may be issued or reserved for awards to participants under the Incentive Plan as of December 31, 2014. | |||||||||||||||||||||||||||
Basic and Diluted Earnings per Common Share | |||||||||||||||||||||||||||
Basic earnings per share excludes the antidilutive effects of stock options, restricted stock units (RSUs) and the nil coupon non-redeemable convertible unsecured loan notes (see Note 7). Diluted earnings per share includes the dilutive effect of the nil coupon non-redeemable convertible unsecured loan notes, RSUs, and unexercised in-the-money stock options, except in periods of net loss where the effect of these instruments is antidilutive. Out-of-the-money stock options are excluded from diluted earnings per share because they are anti-dilutive. At December 31, 2014, 2013 and 2012, we had outstanding equity awards of 1,628,000, 1,623,000 and 1,507,000, respectively, that were antidilutive for the purpose of inclusion in the diluted earnings per share calculation because the exercise prices of the options were greater than the average market price of our common stock. As of December 31, 2014, we had an additional 280,000 equity awards that were antidilutive because of the net loss in the year then ended. These equity awards could potentially dilute basic EPS in future years. | |||||||||||||||||||||||||||
The table below sets forth the weighted-average shares used at December 31 in calculating earnings (loss) per share: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Basic weighted-average shares | 22,782,000 | 22,286,000 | 22,709,000 | ||||||||||||||||||||||||
Conversion of unsecured loan notes | — | 7,000 | 7,000 | ||||||||||||||||||||||||
Unexercised options and unvested restricted stock units | — | 286,000 | 819,000 | ||||||||||||||||||||||||
Diluted weighted-average shares | 22,782,000 | 22,579,000 | 23,535,000 | ||||||||||||||||||||||||
Risk Concentrations | |||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of its primary depository institution where a significant portion of its deposits are held. | |||||||||||||||||||||||||||
For the year ended December 31, 2014, we had two customers which individually represented greater than 10% of revenues. One of these customers contributed primarily to our FUEL CHEM technology segment and represented 20% of consolidated revenues. The other customer contributed to our APC technology segment and represented 11% of our consolidated revenues. had no customers that accounted for greater than 10% of our current assets as of December 31, 2014. | |||||||||||||||||||||||||||
For the year ended December 31, 2013, we had two customers which individually represented greater than 10% of revenues. One of these customers contributed primarily to our FUEL CHEM technology segment and represented 14% of consolidated revenues. The other customer contributed to our APC technology segment and represented 18% of our consolidated revenues. We had no customers that accounted for greater than 10% of our current assets as of December 31, 2013. | |||||||||||||||||||||||||||
For the year ended December 31, 2012, we had one customer which individually represented greater than 10% of revenues. The customer contributed primarily to our FUEL CHEM technology segment and represented 16% of consolidated revenues. We had no customers that accounted for greater than 10% of our current assets as of December 31, 2012. | |||||||||||||||||||||||||||
We control credit risk through requiring milestone payments on long-term contracts, performing ongoing credit evaluations of its customers, and in some cases obtaining security for payment through bank guarantees and letters of credit. | |||||||||||||||||||||||||||
Available-for-Sale Marketable Securities | |||||||||||||||||||||||||||
At the time of purchase, marketable securities are classified as available-for-sale as management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell available-for-sale securities would be based on various factors, including, but not limited to asset/liability management strategies, changes in interest rates or prepayment risks and liquidity needs. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded in equity as a separate component of other comprehensive income (OCI). Our marketable securities consist of a single equity investment with a fair value of $36 and $30 at December 31, 2014 and December 31, 2013, respectively. Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in other income/(expense) in the Consolidated Statements of Operations. The cost of securities sold is based on the specific identification method. On a quarterly basis, we make an assessment to determine if there have been any events or circumstances to indicate whether a security with an unrealized loss is impaired on an other-than-temporary (OTTI) basis. This determination requires significant judgment. OTTI is considered to have occurred (1) if management intends to sell the security, (2) if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis. The credit-related OTTI, represented by the expected loss in principal, is recognized in non-interest income, while noncredit-related OTTI is recognized in OCI. For securities which we do expect to sell, all OTTI is recognized in earnings. Presentation of OTTI is made in the income statement on a gross basis with a reduction for the amount of OTTI recognized in OCI. Once an other-than-temporary impairment is recorded, when future cash flows can be reasonably estimated, future cash flows are re-allocated between interest and principal cash flows to provide for a level-yield on the security. We have not experienced any other-than-temporary impairments during the periods ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||||||
We use the cost method to account for its common stock repurchases. During the years ended December 31, 2014 and 2013, we withheld 58,649 and 99,531 shares of our Common Shares, valued at approximately $304 and $447, respectively, to settle personal tax withholding obligations that arose as a result of restricted stock units that vested. Refer to Note 6, “Treasury Stock,” for further discussion. | |||||||||||||||||||||||||||
Recently Issued and Adopted Accounting Standards | |||||||||||||||||||||||||||
On January 1, 2014, Fuel Tech adopted changes issued by the FASB to a parent entity’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. A parent entity is required to release any related cumulative foreign currency translation adjustment from accumulated other comprehensive income into net income in the following circumstances: (i) a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an investment in a foreign entity. The adoption of these changes had no impact on the Consolidated Financial Statements. Th. uidance will need to be considered in the event Fuel Tech initiates any of the transactions described above. | |||||||||||||||||||||||||||
On January 1, 2014, Fuel Tech adopted changes issued by the FASB to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. . se changes require an entity to present an unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in practice as no explicit guidance existed. The adoption of these changes did not result in a significant impact on the Consolidated Financial Statements. | |||||||||||||||||||||||||||
In April 2014, the FASB issued changes to reporting discontinued operations and disclosures of disposals of components of an entity. These changes require a disposal of a component to meet a higher threshold in order to be reported as a discontinued operation in an entity’s financial statements. The threshold is defined as a strategic shift that has, or will have, a major effect on an entity’s operations and financial results such as a disposal of a major geographical area or a major line of business. Additionally, the following two criteria have been removed from consideration of whether a component meets the requirements for discontinued operations presentation: (i) the operations and cash flows of a disposal component have been or will be eliminated from the ongoing operations of an entity as a result of the disposal transaction, and (ii) an entity will not have any significant continuing involvement in the operations of the disposal component after the disposal transaction. Furthermore, equity method investments now may qualify for discontinued operations presentation. These changes also require expanded disclosures for all disposals of components of an entity, whether or not the threshold for reporting as a discontinued operation is met, related to profit or loss information and/ or asset and liability information of the component. These changes become effective for Fuel Tech on January 1, 2015. Management has determined that the adoption of these changes will not have an immediate impact on the Consolidated Financial Statements. This guidance will need to be considered in the event Fuel Tech initiates a disposal transaction. | |||||||||||||||||||||||||||
In May 2014, the FASB issued changes to the recognition of revenue from contracts with customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. These changes become effective for Fuel Tech on January 1, 2017. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements. | |||||||||||||||||||||||||||
In August 2014, the FASB issued changes to the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Even if an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. Because there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related note disclosures, there is diversity in practice whether, when, and how an entity discloses the relevant conditions and events in its financial statements. As a result, these changes require an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. If management has concluded that substantial doubt exists, then the following disclosures should be made in the financial statements: (i) principal conditions or events that raised the substantial doubt, (ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, (iii) management’s plans that alleviated the initial substantial doubt or, if substantial doubt was not alleviated, management’s plans that are intended to at least mitigate the conditions or events that raise substantial doubt, and (iv) if the latter in (iii) is disclosed, an explicit statement that there is substantial doubt about the entity’s ability to continue as a going concern. These changes become effective for Fuel Tech for the 2016 annual period. Management has determined that the adoption of these changes will not have an impact on the Consolidated Financial Statements. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the Consolidated Financial Statements in a given reporting period. |
Business_Acquisitions_Notes
Business Acquisitions (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Combinations [Abstract] | |||||||||||
Business Acquisitions | BUSINESS ACQUISITIONS | ||||||||||
On April 30, 2014 Fuel Tech acquired 100% of the capital stock of Cleveland Roll Forming Environmental Division, Inc. d/b/a PECO (“PECO”), and FGC, Inc. ("FGC"), both Ohio corporations. Pursuant to the stock purchase agreements, PECO and FGC became wholly owned subsidiaries of Fuel Tech. Fuel Tech paid to the sellers total net cash consideration of $8,079, which consisted of the agreed upon purchase price of $8,250 plus a working capital adjustment of $391, less cash acquired of $562. The stock purchase agreements contain customary representations, warranties, and indemnities. | |||||||||||
PECO specializes in electrostatic precipitator (ESP) rebuilds, retrofits and associated products and services. FGC specializes in flue gas conditioning to enhance electrostatic precipitator and fabric filter performance in boilers. These acquisitions broaden our APC product portfolio and grants us immediate access into the fast-growing particulate control market, creating opportunities both domestically and abroad. | |||||||||||
The PECO and FGC acquisitions are being accounted for using the acquisition method of accounting whereby the total purchase price is allocated to tangible and intangible assets and liabilities based on their estimated fair market values on the date of acquisition. These fair value estimates are based on third party valuations. | |||||||||||
The fair value of identifiable intangible assets was measured based upon significant inputs that were not observable in the market, and therefore are classified as Level 3. The key assumptions include: (i) management's projection of future cash flows based upon past experience and future expectations, and (ii) an assumed discount rate of 18.5% for PECO and 33.5% for FGC. | |||||||||||
The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of acquisition and incorporates the measurement period adjustments since they were originally reported in our Form 10-Q for the period ended June 30, 2014. The fair value of the assets and liabilities assumed, and the related tax balances, are based on their estimated fair values as of the acquisition date. | |||||||||||
As Reported on June 30, 2014 | Measurement Adjustments | Final Purchase Price Allocation | |||||||||
Current assets | $ | 2,365 | $ | 26 | $ | 2,391 | |||||
Property, plant and equipment | 281 | (281 | ) | — | |||||||
Identifiable intangible assets | — | 5,158 | 5,158 | ||||||||
Current and long-term liabilities assumed | (2,035 | ) | (1,900 | ) | (3,935 | ) | |||||
Total identifiable net assets acquired | 611 | 3,003 | 3,614 | ||||||||
Goodwill | 7,468 | (3,003 | ) | 4,465 | |||||||
Total assets acquired | $ | 8,079 | $ | — | $ | 8,079 | |||||
The goodwill recorded in connection with the above acquisition is primarily attributable to the strong cash flow expected from the acquisitions as a result of the synergies with our APC technology segment expected to arise after the Company's acquisition of the businesses. However, as a result of factors not related to these acquisitions, all goodwill related to the APC technology segment was written off during 2014, as more fully described in Note 1. The goodwill and identifiable intangibles are not deductible for tax purposes. | |||||||||||
The fair value assigned to finite lived intangible assets as a result of the acquisitions was as follows: | |||||||||||
Description | Amount | Useful Life (Years) | |||||||||
Order backlog | $ | 1,172 | 1 | ||||||||
Trademarks | 90 | 2 | |||||||||
Customer relationships | 870 | 4 | |||||||||
Developed technology | 3,230 | 7 | |||||||||
Net assumed contractual obligations | (204 | ) | 1 | ||||||||
Total identifiable assets acquired | $ | 5,158 | 5.3 | ||||||||
The following table summarizes the net sales and earnings after income taxes of PECO and FGC since the acquisition date, April 30, 2014, which is included in the consolidated statements of operations for the year ended December 31, 2014: | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Revenue | $ | 4,193 | |||||||||
Net loss | (120 | ) | |||||||||
Net loss per Common Share | |||||||||||
Basic | $ | — | |||||||||
Diluted | $ | — | |||||||||
The following unaudited pro-forma information represents the Company's results of operations as if the acquisition date had occurred on January 1, 2013: | |||||||||||
Year Ended December 31, 2014 | |||||||||||
2014 | 2013 | ||||||||||
Revenue | $ | 84,713 | $ | 122,723 | |||||||
Net income / (loss) | (15,596 | ) | 6,508 | ||||||||
Net income / (loss) per Common Share | |||||||||||
Basic | $ | (0.68 | ) | $ | 0.29 | ||||||
Diluted | $ | (0.68 | ) | $ | 0.29 | ||||||
The pro-forma results have been prepared for informational purposes only and include adjustments to eliminate acquisition related expenses of $59 and $0, amortization of acquired intangible assets with finite lives in the amount of $1,449 and $0, inter-company transactions resulting in a decrease in pro-forma gross margin of $70 and $500, and to record the income tax consequences of the pro-forma adjustments resulting in additional pro-forma tax expense of $561 and $242 in the years ended December 31, 2014 and 2013, respectively. These pro-forma results do not purport to be indicative of the results of operations that would have occurred had the purchases been made as of the beginning of the periods presented or of the results of operations that may occur in the future. | |||||||||||
Transaction costs incurred related to the acquisition were $59 and are included in general and administrative expenses in the Consolidated Statement of Operations for the year ended December 31, 2014. |
Construction_Contracts_in_Prog
Construction Contracts in Progress | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
LongTermContractsOrProgramsDisclosureTextBlockAbstract | |||||||||
Construction Contracts in Progress | CONSTRUCTION CONTRACTS IN PROGRESS | ||||||||
The status of contracts in progress as of December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
Costs incurred on uncompleted contracts | $ | 92,190 | $ | 74,242 | |||||
Estimated earnings | 47,510 | 41,130 | |||||||
Earned revenue | 139,700 | 115,372 | |||||||
Less billings to date | (132,790 | ) | (104,679 | ) | |||||
Total | $ | 6,910 | $ | 10,693 | |||||
Classified as follows: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 9,904 | $ | 11,899 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (2,994 | ) | (1,206 | ) | |||||
Total | $ | 6,910 | $ | 10,693 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts are included in accounts receivable on the consolidated balance sheet, while billings in excess of costs and estimated earnings on uncompleted contracts are included in other accrued liabilities on the consolidated balance sheet. | |||||||||
As of December 31, 2014 we had one construction contract in progress that was identified as loss contracts and a provision for losses of $4 was recorded in other accrued liabilities on the consolidated balance sheet. As of December 31, 2013, we had three construction contracts in progress that were identified as loss contracts and a provision for losses of $68 was recorded in other accrued liabilities on the consolidated balance sheet. |
Taxation
Taxation | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
IncomeTaxDisclosureTextBlockAbstract | |||||||||||||||
Taxation | TAXATION | ||||||||||||||
The components of (loss) income before taxes for the years ended December 31 are as follows: | |||||||||||||||
Origin of income before taxes | 2014 | 2013 | 2012 | ||||||||||||
United States | $ | (25,142 | ) | $ | 6,025 | $ | 5,655 | ||||||||
Foreign | (661 | ) | 1,840 | (577 | ) | ||||||||||
(Loss) income before taxes | $ | (25,803 | ) | $ | 7,865 | $ | 5,078 | ||||||||
Significant components of income tax (benefit) expense for the years ended December 31 are as follows: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Current: | |||||||||||||||
Federal | $ | 158 | $ | 1,114 | $ | 1,529 | |||||||||
State | (34 | ) | 334 | 425 | |||||||||||
Foreign | 1,108 | 836 | 471 | ||||||||||||
Total current | 1,232 | 2,284 | 2,425 | ||||||||||||
Deferred: | |||||||||||||||
Federal | (7,260 | ) | 642 | 9 | |||||||||||
State | (959 | ) | (78 | ) | 1 | ||||||||||
Foreign | (1,091 | ) | (84 | ) | (133 | ) | |||||||||
Total deferred | (9,310 | ) | 480 | (123 | ) | ||||||||||
Income tax (benefit) expense | $ | (8,078 | ) | $ | 2,764 | $ | 2,302 | ||||||||
A reconciliation between the provision for income taxes calculated at the U.S. federal statutory income tax rate and the consolidated income tax expense in the consolidated statements of operations for the years ended December 31 is as follows: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Provision at the U.S. federal statutory rate | (34.0 | )% | 34 | % | 34 | % | |||||||||
State taxes, net of federal benefit | (3.6 | )% | 1.9 | % | 4.2 | % | |||||||||
Foreign tax rate differential | 0.1 | % | (2.5 | )% | — | % | |||||||||
Valuation allowance | 1.2 | % | 2.9 | % | 10.5 | % | |||||||||
Research credits | (0.4 | )% | (4.2 | )% | (10.0 | )% | |||||||||
Stock-based compensation | — | % | (0.4 | )% | 0.3 | % | |||||||||
Goodwill impairment | 5.9 | % | — | % | — | % | |||||||||
Other | (0.5 | )% | 3.4 | % | 6.3 | % | |||||||||
Income tax expense effective rate | (31.3 | )% | 35.1 | % | 45.3 | % | |||||||||
The deferred tax assets and liabilities at December 31 are as follows: | |||||||||||||||
2014 | 2013 | ||||||||||||||
Deferred tax assets: | |||||||||||||||
Stock compensation expense | $ | 4,631 | $ | 4,922 | |||||||||||
Goodwill | 3,110 | — | |||||||||||||
Intangible assets | — | 921 | |||||||||||||
Other | 2,419 | 902 | |||||||||||||
Net operating loss carryforwards | 2,006 | 1,833 | |||||||||||||
Total deferred tax assets | 12,166 | 8,578 | |||||||||||||
Deferred tax liabilities: | |||||||||||||||
Equipment | (1,096 | ) | (1,610 | ) | |||||||||||
Intangible assets | (1,156 | ) | — | ||||||||||||
Goodwill | — | (3,792 | ) | ||||||||||||
Other | (306 | ) | (925 | ) | |||||||||||
Total deferred tax liabilities | (2,558 | ) | (6,327 | ) | |||||||||||
Net deferred tax asset before valuation allowance | 9,608 | 2,251 | |||||||||||||
Valuation allowances for deferred tax assets | (2,006 | ) | (1,833 | ) | |||||||||||
Net deferred tax asset | $ | 7,602 | $ | 418 | |||||||||||
Net deferred tax assets and liabilities are recorded as follows within the consolidated balance sheets: | |||||||||||||||
Current assets | $ | 1,953 | $ | 477 | |||||||||||
Long-term assets (liabilities) | 5,649 | (59 | ) | ||||||||||||
Net deferred tax asset | $ | 7,602 | $ | 418 | |||||||||||
The change in the valuation allowance for deferred tax assets for the years ended December 31 is as follows: | |||||||||||||||
Year | Balance at | Charged to costs | (Deductions)/Other | Balance at | |||||||||||
January 1 | and expenses | December 31 | |||||||||||||
2012 | $ | 1,327 | — | 541 | $ | 1,868 | |||||||||
2013 | $ | 1,868 | — | (35 | ) | $ | 1,833 | ||||||||
2014 | $ | 1,833 | — | 173 | $ | 2,006 | |||||||||
For the years ended December 31, 2014, 2013 and 2012, we recorded tax benefits from the exercise of stock options in the amount of $7, $67 and $0, respectively. This amount was recorded as an increase in additional paid-in capital on the consolidated balance sheet and as cash from financing activities on the consolidated statements of cash flows. We also reduced the deferred tax asset related to stock-based compensation by $379 and $121 for fully vested options that expired unexercised and by $58 and $3,255 for the excess of stock-based compensation over the related tax benefit recognized for restricted stock units that vested during 2014 and 2013, respectively. These reductions in deferred tax assets were recorded against additional paid-in capital and had no impact on our results from operations. | |||||||||||||||
As required by ASC 740, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||||||||||||||
The following table summarizes our unrecognized tax benefit activity (excluding interest and penalties) during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Description | 2014 | 2013 | 2012 | ||||||||||||
Balance at beginning of period | $ | 65 | $ | 39 | $ | 505 | |||||||||
Increases in positions taken in a current period | 52 | 65 | 39 | ||||||||||||
Decreases due to settlements | — | (39 | ) | (202 | ) | ||||||||||
Decreases due to lapse of statute of limitations | — | — | (303 | ) | |||||||||||
Balance at end of period | $ | 117 | $ | 65 | $ | 39 | |||||||||
We recognize interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The amount of interest and penalties that we recognized in income tax expense during the years ended December 31, 2014, 2013 and 2012 was $0, $0 and $3, respectively. The total amount of unrecognized tax benefits as of December 31, 2014, 2013 and 2012, including interest and penalties, was $117, $65 and $42, respectively, all of which if ultimately recognized will reduce our annual effective tax rate. None of the unrecognized tax benefit will be recognized into income in 2015 due to the lapsing of statutes of limitations. | |||||||||||||||
We are subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2012. We underwent examination for federal tax and state of Illinois purposes for the 2010 and 2011 tax years, and any potential tax obligations in those jurisdictions have been settled, or effectively settled, and are no longer subject to tax examination. | |||||||||||||||
Management periodically estimates our probable tax obligations using historical experience in tax jurisdictions and informed judgments. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which we transact business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, as well as changes to or further interpretations of regulations. If such changes take place, there is a risk that the tax rate may increase or decrease in any period. Tax accruals for tax liabilities related to potential changes in judgments and estimates for both federal and state tax issues are included in current liabilities on the consolidated balance sheet. | |||||||||||||||
The investment in our foreign subsidiaries is considered to be indefinite in duration and therefore we have not provided a provision for deferred U.S. income taxes on the unremitted earnings from those subsidiaries. A provision has not been established because it is not practicable to determine the amount of unrecognized deferred tax liability for such unremitted foreign earnings and because it is our present intention to reinvest the undistributed earnings indefinitely. | |||||||||||||||
At December 31, 2014, we have tax loss carry-forwards of approximately $7,294 available to offset future foreign income in Italy. We have recorded a full valuation allowance against the resulting $2,006 deferred tax asset because we cannot anticipate when or if this entity will have taxable income sufficient to use the net operating losses in the future. There is no expiration of the net operating loss carry-forwards related to tax losses generated in prior years. |
Common_Shares
Common Shares | 12 Months Ended |
Dec. 31, 2014 | |
CommonSharesTextBlockAbstract | |
Common Shares | COMMON SHARES |
At December 31, 2014, we had 23,027,704 Common Shares issued and 22,860,398 outstanding, with an additional 6,715 shares reserved for issuance upon conversion of the nil coupon non-redeemable convertible unsecured loan notes (see Note 7) and 4,483,525 shares reserved for issuance upon the exercise or vesting of equity awards, of which 1,546,500 are stock options that are currently exercisable (see Note 8). | |
At December 31, 2013, we had 22,701,613 Common Shares issued and 22,592,956 outstanding, with an additional 6,715 shares reserved for issuance upon conversion of the nil coupon non-redeemable convertible unsecured loan notes and 2,460,516 shares reserved for issuance upon the exercise or vesting of equity awards, of which 1,678,000 are stock options that are currently exercisable. |
Treasury_Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2014 | |
TreasuryStockTextBlockAbstract | |
Treasury Stock | TREASURY STOCK |
Common shares held in treasury totaled 167,306 and 108,657 with a cost of $790 and $486 at December 31, 2014 and 2013, respectively. These shares were withheld from employees to settle personal tax withholding obligations that arose as a result of restricted stock units that vested during the current and prior years. |
Nil_Coupon_NonRedeemable_Conve
Nil Coupon Non-Redeemable Convertible Unsecured Loan Notes Nil Coupon Non-Redeemable Convertible Unsecured Loan Notes | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Nil Coupon Non-Redeemable Convertible Unsecured Loan Notes | NIL COUPON NON-REDEEMABLE CONVERTIBLE UNSECURED LOAN NOTES |
At December 31, 2014 and 2013, respectively, we had a principal amount of $76 of nil coupon non-redeemable convertible unsecured perpetual loan notes (the “Loan Notes”) outstanding. The Loan Notes are convertible at any time into Common Shares at rates of $6.50 and $11.43 per share, depending on the note. As of December 31, 2014, the nil coupon loan notes were convertible into 6,715 common shares. Based on our closing stock price of $3.83 at December 31, 2014, the aggregate fair value of the common shares that the holders would receive if all the loan notes were converted would be approximately $26, which is less than the principal amount of the loans outstanding as of that date. The Loan Notes bear no interest and have no maturity date. They are repayable in the event of our dissolution and the holders do not have the option to cash-settle the notes. Accordingly, they have been classified within stockholders’ equity in the accompanying balance sheet. The notes do not hold distribution or voting rights unless and until converted into common shares. | |
In 2014, 2013 and 2012, there were no Loan Notes repurchased by the Company. | |
DEBT FINANCING | |
On June 30, 2013, we amended our existing revolving credit facility (the Facility) with JPMorgan Chase Bank, N.A (JPM Chase) to extend the maturity date through June 30, 2015. The total borrowing base of the facility is $15,000 and contains a provision to increase the facility up to a total principal amount of $25,000 upon approval from JPM Chase. The Facility is unsecured, bears interest at a rate of LIBOR plus a spread range of 250 basis points to 375 basis points, as determined by a formula related to our leverage ratio, and is guaranteed by our Italian subsidiary, Fuel Tech Srl. We are allowed to use this Facility for cash advances and standby letters of credit. As of December 31, 2014 and 2013, there were no outstanding borrowings on the amended credit facilities. | |
The Facility contains several debt covenants with which we must comply on a quarterly or annual basis, including a maximum Funded Debt to EBITDA Ratio (or “Leverage Ratio”, as defined in the Facility) of 2.0:1.0 based on the four trailing quarterly periods. Maximum funded debt is defined as all borrowed funds, outstanding standby letters of credit and bank guarantees. EBITDA includes after tax earnings with add backs for interest expense, income taxes, depreciation and amortization, and stock-based compensation expenses. This covenant was waived by our bank through the maturity date of the credit facility. In addition, the Facility covenants include an annual capital expenditure limit of $10,000 and a minimum tangible net worth of $50,000, adjusted upward for 50% of net income generated and 100% of all capital issuances. At December 31, 2014 we were in compliance with all active financial covenants specified by the Facility. | |
At December 31, 2014 and 2013, we had outstanding standby letters of credit and bank guarantees totaling approximately $8,284 and $3,478, respectively, on our domestic credit facility in connection with contracts in process. We are committed to reimbursing the issuing bank for any payments made by the bank under these instruments. At December 31, 2014 and 2013, there were no cash borrowings under the domestic revolving credit facility and approximately $6,716 and $11,522, respectively, was available for future borrowings. We pay a commitment fee of 0.25% per year on the unused portion of the revolving credit facility. | |
On June 27, 2014, our wholly-owned subsidiary, Beijing Fuel Tech Environmental Technologies Company, Ltd. (Beijing Fuel Tech) entered into a new revolving credit facility (the China Facility) agreement with JPM Chase for RMB 35 million (approximately $5,688), which expires on June 26, 2015. This new credit facility replaced the previous RMB 35 million facility that expired on June 27, 2014. The facility is unsecured, bears interest at a rate of 125% of the People’s Bank of China (PBOC) Base Rate, and we have guaranteed BJFT's obligations under this facility. Beijing Fuel Tech can use this facility for cash advances and bank guarantees. As of December 31, 2014 and 2013, Beijing Fuel Tech had borrowings outstanding in the amount of $1,625 and $1,636, respectively. These borrowings were subject to interest rates of 7.0% at December 31, 2014 and 2013. | |
At December 31, 2014 and 2013, we had outstanding standby letters of credit and bank guarantees totaling approximately $336 and $646, respectively, on its Beijing Fuel Tech revolving credit facility in connection with contracts in process. At December 31, 2014 and 2013, approximately $3,727 and $3,443 was available for future borrowings. | |
In the event of default on either the domestic facility or the China facility, the cross default feature in each allows the lending bank to accelerate the payments of any amounts outstanding and may, under certain circumstances, allow the bank to cancel the facility. If we were unable to obtain a waiver for a breach of covenant and the bank accelerated the payment of any outstanding amounts, such acceleration may cause our cash position to deteriorate or, if cash on hand were insufficient to satisfy the payment due, may require us to obtain alternate financing to satisfy the accelerated payment. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract | ||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | |||||||||||||||||||||
Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 Long-Term Incentive Plan (Incentive Plan), awards may be granted to participants in the form of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (“RSUs”), Performance Awards, Bonuses or other forms of share-based or non-share-based awards or combinations thereof. Participants in the Incentive Plan may be our directors, officers, employees, consultants or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business. There are a maximum of 4,483,525 shares that may be issued or reserved for awards to participants under the Incentive Plan. At December 31, 2014, we had approximately 1,960,000 equity awards available for issuance under the Incentive Plan. | ||||||||||||||||||||||
Stock-based compensation is included in selling, general and administrative costs in our consolidated statements of operations. | ||||||||||||||||||||||
The components of stock-based compensation for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Stock options | 236 | (245 | ) | (66 | ) | |||||||||||||||||
Restricted stock units | 2,086 | 2,043 | 1,314 | |||||||||||||||||||
Deferred directors fees | — | — | 58 | |||||||||||||||||||
Total stock-based compensation expense | 2,322 | 1,798 | 1,306 | |||||||||||||||||||
Tax benefit of stock-based compensation expense | (892 | ) | (671 | ) | (472 | ) | ||||||||||||||||
After-tax effect of stock based compensation | 1,430 | 1,127 | 834 | |||||||||||||||||||
As of December 31, 2014, there was $2,462 of total unrecognized compensation cost related to all non-vested share-based compensation arrangements granted under the Incentive Plan. That cost is expected to be recognized over the remaining requisite service period of 1.8 years. | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
The stock options granted to employees under the Incentive Plan have a 10-year life and they vest as follows: 50% after the second anniversary of the award date, 25% after the third anniversary, and the final 25% after the fourth anniversary of the award date. Fuel Tech calculates stock compensation expense for employee option awards based on the grant date fair value of the award, less expected annual forfeitures, and recognizes expense on a straight-line basis over the four-year service period of the award. Stock options granted to members of our Board of Directors vest immediately. Stock compensation for these awards is based on the grant date fair value of the award and is recognized in expense immediately. | ||||||||||||||||||||||
Fuel Tech uses the Black-Scholes option pricing model to estimate the grant date fair value of employee stock options. The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include: (1) risk-free interest rate – an estimate based on the yield of zero–coupon treasury securities with a maturity equal to the expected life of the option; (2) expected volatility – an estimate based on the historical volatility of Fuel Tech’s Common Stock for a period equal to the expected life of the option; and (3) expected life of the option – an estimate based on historical experience including the effect of employee terminations. | ||||||||||||||||||||||
Based on the results of the model, the weighted-average fair value of the stock options granted during the 12-month periods ended December 31, 2014, 2013 and 2012, respectively, were $2.20, $1.79 and $1.72 per share using the following weighted average assumptions: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||||||||||
Risk-free interest rate | 1.55 | % | 1.01 | % | 0.67 | % | ||||||||||||||||
Expected volatility | 47.4 | % | 55.2 | % | 58.6 | % | ||||||||||||||||
Expected life of option | 4.9 years | 4.7 years | 4.8 years | |||||||||||||||||||
The following table presents a summary of our stock option activity and related information for the years ended December 31: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Number | Weighted- | Number | Weighted- | Number | Weighted- | |||||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||||
Options | Exercise Price | Options | Exercise Price | Options | Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 1,688,500 | $ | 11.88 | 1,914,000 | $ | 11.38 | 1,902,000 | $ | 11.51 | |||||||||||||
Granted | 94,500 | 5.22 | 80,000 | 3.85 | 70,000 | 3.55 | ||||||||||||||||
Exercised | (60,000 | ) | 4.96 | (195,000 | ) | 4.16 | — | — | ||||||||||||||
Expired or forfeited | (176,500 | ) | 13.01 | (110,500 | ) | 10.93 | (58,000 | ) | 6.33 | |||||||||||||
Outstanding at end of year | 1,546,500 | $ | 11.62 | 1,688,500 | $ | 11.88 | 1,914,000 | $ | 11.38 | |||||||||||||
Exercisable at end of year | 1,546,500 | $ | 11.62 | 1,678,500 | $ | 11.92 | 1,833,500 | $ | 11.48 | |||||||||||||
Weighted-average fair value of options granted during the year | $ | 2.2 | $ | 1.79 | $ | 1.72 | ||||||||||||||||
The following table provides additional information regarding our stock option activity for the 12 months ended December 31, 2014: | ||||||||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | |||||||||||||||||||
of | Average | Average | Intrinsic Value | |||||||||||||||||||
Options | Exercise Price | Remaining | ||||||||||||||||||||
Contractual | ||||||||||||||||||||||
Life | ||||||||||||||||||||||
Outstanding on January 1, 2014 | 1,688,500 | $ | 11.88 | |||||||||||||||||||
Granted | 94,500 | 5.22 | ||||||||||||||||||||
Exercised | (60,000 | ) | 4.96 | |||||||||||||||||||
Expired or forfeited | (176,500 | ) | 13.01 | |||||||||||||||||||
Outstanding on December 31, 2014 | 1,546,500 | $ | 11.62 | 3.5 years | $ | 14 | ||||||||||||||||
Exercisable on December 31, 2014 | 1,546,500 | $ | 11.62 | 3.5 years | $ | 14 | ||||||||||||||||
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $3.83 as of December 31, 2014, which would have been received by the option holders had those options holders exercised their stock options as of that date. | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2014: | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of | Number of | Weighted- | Weighted- | Number of | Weighted- | |||||||||||||||||
Exercise Prices | Options | Average | Average | Options | Average | |||||||||||||||||
Remaining | Exercise Price | Exercise Price | ||||||||||||||||||||
Contractual Life | ||||||||||||||||||||||
$ 3.55 - $ 5.51 | 296,500 | 7.6 years | $ | 4.57 | 296,500 | $ | 4.57 | |||||||||||||||
$ 5.52 - $11.03 | 735,875 | 3.1 years | 8.94 | 735,875 | 8.94 | |||||||||||||||||
$11.04 - $22.06 | 267,250 | 1.2 years | 14.57 | 267,250 | 14.57 | |||||||||||||||||
$22.07 - $27.57 | 246,875 | 1.9 years | 24.87 | 246,875 | 24.87 | |||||||||||||||||
$ 3.55 - $27.57 | 1,546,500 | 3.5 years | $ | 11.62 | 1,546,500 | $ | 11.62 | |||||||||||||||
Non-vested stock option activity for the 12 months ended December 31, 2014 was as follows: | ||||||||||||||||||||||
Non-Vested Stock | Weighted-Average | |||||||||||||||||||||
Options | Grant Date | |||||||||||||||||||||
Outstanding | Fair Value | |||||||||||||||||||||
Outstanding on January 1, 2014 | 10,000 | $ | 3.58 | |||||||||||||||||||
Granted | 94,500 | 2.2 | ||||||||||||||||||||
Vested | (104,500 | ) | 2.33 | |||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||
Outstanding on December 31, 2014 | — | — | ||||||||||||||||||||
As of December 31, 2014, there was $0 of total unrecognized compensation cost related to non-vested stock options granted under the Incentive Plan. Fuel Tech received proceeds from the exercise of stock options of $297, $811 and $0 in the years ended December 31, 2014, 2013 and 2012, respectively. The intrinsic value of options exercised in the years ended December 31, 2014, 2013 and 2012 was $103, $520 and $0, respectively. It is our policy to issue new shares upon option exercises, loan conversions, and vesting of restricted stock units. We have not used cash and do not anticipate any future use of cash to settle equity instruments granted under share-based payment arrangements. | ||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||
Restricted stock units (RSUs) granted to employees vest over time based on continued service (typically vesting over a period between two and four years). Such time-vested RSUs are valued at the date of grant using the intrinsic value method based on the closing price of the Common Shares on the grant date. Compensation cost, adjusted for estimated forfeitures, is amortized on a straight-line basis over the requisite service period. | ||||||||||||||||||||||
In addition to the time vested RSUs described above, performance-based RSU agreements (the Agreements) are issued annually to our President/Chief Executive Officer, Chief Operating Officer, Chief Financial Officer/Treasurer, Executive Vice President of Marketing & Sales, and Senior Vice President/General Counsel/Secretary. The Agreements provide each participating executive the opportunity to earn three types of awards with each award type specifying a targeted number of RSUs that may be granted to each executive based on either the individual performance of the executive or our relative performance compared to a peer group, as determined by the award type. The Compensation Committee of our Board of Directors (the Committee) determines the extent to which, if any, RSUs will be granted based on the achievement of the applicable performance criteria specified in the Agreement. This determination will be made following the completion of the applicable performance period (each a Determination Date). Such performance based awards include the following: | ||||||||||||||||||||||
• | The first type of award is based on individual performance during the respective calendar year as determined by the Committee based on performance criteria specified in the Agreement. These awards will vest over a three-year period beginning on the Determination Date. We estimated the fair value of these performance-based RSU awards on the date of the Agreement using the trading price of the Company’s stock and our estimate of the probability that the specified performance criteria will be met. The fair value measurement and probability estimate will be re-measured each reporting date until the Determination Date, at which time the final award amount will be known. For these job performance-based awards, we amortize compensation costs over the requisite service period, adjusted for estimated forfeitures, for each separately vesting tranche of the award. | |||||||||||||||||||||
• | The second type of RSU award contains a targeted number of RSUs to be granted based on our revenue growth relative to a specified peer group during a period of two calendar years. These awards vest 67% on the second anniversary of the Agreement date and 33% on the third anniversary of the Agreement date. We estimated the fair value of these performance-based RSU awards on the Agreement date using the trading price of the Company’s stock and our estimate of the probability that the specified performance criteria will be met. For these revenue growth performance-based awards, we amortize compensation costs over the requisite service period, adjusted for estimated forfeitures, for each separately vesting tranche of the award. | |||||||||||||||||||||
• | The third type of RSU award contains a targeted number of RSUs to be granted based on the total shareholder return (TSR) of our Common Shares relative to a specified peer group during a period of two calendar years. These awards vest 67% on the second anniversary of the Agreement date and 33% on the third anniversary of the Agreement date. We estimated the fair value of these market-based RSU awards on the Agreement date using a Monte Carlo valuation methodology and amortize the fair value over the requisite service period for each separately vesting tranche of the award. The principal variable assumptions utilized in valuing these RSUs under this valuation methodology include the risk-free interest rate, stock volatility and correlations between our stock price and the stock prices of the peer group of companies. | |||||||||||||||||||||
We recorded expense of approximately $2,086, $2,043 and $1,314 associated with our restricted stock unit awards in 2014, 2013 and 2012, respectively. At December 31, 2014 there was $2,462 of unrecognized compensation costs related to restricted stock unit awards to be recognized over a weighted average period of 1.8 years. During the years ended December 31, 2014 and 2013, there were 266,091 and 394,938 restricted stock units that vested with a fair value of $1,553 and $1,728, respectively. | ||||||||||||||||||||||
A summary of restricted stock unit activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||
Shares | Weighted Average | |||||||||||||||||||||
Grant Date | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||
Unvested restricted stock units at January 1, 2012 | 487,165 | $ | 7.59 | |||||||||||||||||||
Granted | 349,000 | 4.82 | ||||||||||||||||||||
Forfeited | (11,891 | ) | 7.15 | |||||||||||||||||||
Vested | (72,250 | ) | 8.63 | |||||||||||||||||||
Unvested restricted units at December 31, 2012 | 752,024 | 6.21 | ||||||||||||||||||||
Granted | 485,000 | 4.62 | ||||||||||||||||||||
Forfeited | (70,070 | ) | 5.58 | |||||||||||||||||||
Vested | (394,938 | ) | 2.94 | |||||||||||||||||||
Unvested restricted stock units at December 31, 2013 | 772,016 | 5.35 | ||||||||||||||||||||
Granted | 484,450 | 5.63 | ||||||||||||||||||||
Forfeited | (13,306 | ) | 5.27 | |||||||||||||||||||
Vested | (266,091 | ) | 5.84 | |||||||||||||||||||
Unvested restricted stock units at December 31, 2014 | 977,069 | 5.36 | ||||||||||||||||||||
Deferred Directors Fees | ||||||||||||||||||||||
In addition to the Incentive Plan, Fuel Tech has a Deferred Compensation Plan for Directors (Deferred Plan). Under the terms of the Deferred Plan, Directors can elect to defer Directors’ fees for shares of Fuel Tech Common Stock that are issuable at a future date as defined in the agreement. In accordance with ASC 718, Fuel Tech accounts for these awards as equity awards as opposed to liability awards. In 2014, 2013 and 2012, we recorded $0, $0 and $58 respectively, of stock-based compensation expense under the Deferred Plan. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
CommitmentsAndContingenciesDisclosureTextBlockAbstract | |||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | ||||||||||||
Operating Leases | |||||||||||||
We lease office space, automobiles and certain equipment under agreements expiring on various dates through 2020. Future minimum lease payments under non-cancellable operating leases that have initial or remaining lease terms in excess of one year as of December 31, 2014 are as follows: | |||||||||||||
Year of Payment | Amount | ||||||||||||
2015 | $ | 1,023 | |||||||||||
2016 | 1,025 | ||||||||||||
2017 | 735 | ||||||||||||
2018 | 375 | ||||||||||||
2019 | 366 | ||||||||||||
Thereafter | 74 | ||||||||||||
Total | $ | 3,598 | |||||||||||
For the years ended December 31, 2014, 2013 and 2012, rent expense approximated $1,041, $1,010, and $964, respectively. | |||||||||||||
We are party to a sublease agreement with American Bailey Corporation (ABC) that obligates ABC to reimburse us for its share of lease and lease-related expenses under our February 1, 2010 lease of executive offices in Stamford, Connecticut. Please refer to Note 11 to the consolidated financial statements for a discussion of our relationship with ABC. The future minimum lease income under this non-cancellable sublease as of December 31, 2014 is as follows: | |||||||||||||
Year of Payment | Amount | ||||||||||||
2015 | $ | 155 | |||||||||||
2016 | 155 | ||||||||||||
2017 | 155 | ||||||||||||
2018 | 155 | ||||||||||||
2019 | 155 | ||||||||||||
Thereafter | — | ||||||||||||
Total | $ | 775 | |||||||||||
The terms of the Company’s four primary lease arrangements are as follows: | |||||||||||||
• | The Stamford, Connecticut building lease, for approximately 6,440 square feet, runs from February 1, 2010 to December 31, 2019. The facility houses certain administrative functions such as Investor Relations and certain APC sales functions. | ||||||||||||
• | The Beijing, China building lease, for approximately 8,000 square feet, runs from September 1, 2014 to August 31, 2017. This facility serves as the operating headquarters for our Beijing Fuel Tech operation. | ||||||||||||
• | The Durham, North Carolina building lease, for approximately 16,000 square feet, runs from May 1, 2014 to April 30, 2017. This facility houses engineering operations. | ||||||||||||
• | The Gallarate, Italy building lease, for approximately 1,300 square feet, runs from May 1, 2013 to April 30, 2019. This facility serves as the operating headquarters for our European operations. | ||||||||||||
• | The Westlake, Ohio building lease, for approximately 5,000 square feet, runs from May 1, 2014 to April 30, 2017. This facility houses engineering operations. | ||||||||||||
Performance Guarantees | |||||||||||||
The majority of Fuel Tech’s long-term equipment construction contracts contain language guaranteeing that the performance of the system that is being sold to the customer will meet specific criteria. On occasion, performance surety bonds and bank performance guarantees/letters of credit are issued to the customer in support of the construction contracts as follows: | |||||||||||||
• | in support of the warranty period defined in the contract; or | ||||||||||||
• | in support of the system performance criteria that are defined in the contract. | ||||||||||||
As of December 31, 2014, we had outstanding bank performance guarantees and letters of credit in the amount of $8,620 and performance surety bonds in the amount of $12,389 in support of equipment construction contracts that have not completed their final acceptance test or that are still operating under a warranty period. The performance guarantees expire in dates ranging from January 2015 through September 2016. The expiration dates may be extended if the project completion dates are extended. Our management believes it is probable that these projects will be successfully completed and that there will not be a material adverse impact on our operations from these bank performance guarantees and letters of credit. As a result, no liability has been recorded for these performance guarantees. | |||||||||||||
Product Warranties | |||||||||||||
We issue a standard product warranty with the sale of our products to customers. Our recognition of warranty liability is based primarily on analyses of warranty claims experience in the preceding years as the nature of our historical product sales for which we offer a warranty are substantially unchanged. This approach provides an aggregate warranty accrual that is historically aligned with actual warranty claims experienced. Changes in the warranty liability in 2014, 2013 and 2012 are summarized below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Aggregate product warranty liability at beginning of year | $ | 596 | $ | 776 | $ | 313 | |||||||
Net aggregate expense (income) related to product warranties | (311 | ) | (68 | ) | 1,208 | ||||||||
Aggregate reductions for payments | (17 | ) | (112 | ) | (745 | ) | |||||||
Aggregate product warranty liability at end of year | $ | 268 | $ | 596 | $ | 776 | |||||||
Debt_Financing
Debt Financing | 12 Months Ended |
Dec. 31, 2014 | |
DebtDisclosureTextBlockAbstract | |
Debt Financing | NIL COUPON NON-REDEEMABLE CONVERTIBLE UNSECURED LOAN NOTES |
At December 31, 2014 and 2013, respectively, we had a principal amount of $76 of nil coupon non-redeemable convertible unsecured perpetual loan notes (the “Loan Notes”) outstanding. The Loan Notes are convertible at any time into Common Shares at rates of $6.50 and $11.43 per share, depending on the note. As of December 31, 2014, the nil coupon loan notes were convertible into 6,715 common shares. Based on our closing stock price of $3.83 at December 31, 2014, the aggregate fair value of the common shares that the holders would receive if all the loan notes were converted would be approximately $26, which is less than the principal amount of the loans outstanding as of that date. The Loan Notes bear no interest and have no maturity date. They are repayable in the event of our dissolution and the holders do not have the option to cash-settle the notes. Accordingly, they have been classified within stockholders’ equity in the accompanying balance sheet. The notes do not hold distribution or voting rights unless and until converted into common shares. | |
In 2014, 2013 and 2012, there were no Loan Notes repurchased by the Company. | |
DEBT FINANCING | |
On June 30, 2013, we amended our existing revolving credit facility (the Facility) with JPMorgan Chase Bank, N.A (JPM Chase) to extend the maturity date through June 30, 2015. The total borrowing base of the facility is $15,000 and contains a provision to increase the facility up to a total principal amount of $25,000 upon approval from JPM Chase. The Facility is unsecured, bears interest at a rate of LIBOR plus a spread range of 250 basis points to 375 basis points, as determined by a formula related to our leverage ratio, and is guaranteed by our Italian subsidiary, Fuel Tech Srl. We are allowed to use this Facility for cash advances and standby letters of credit. As of December 31, 2014 and 2013, there were no outstanding borrowings on the amended credit facilities. | |
The Facility contains several debt covenants with which we must comply on a quarterly or annual basis, including a maximum Funded Debt to EBITDA Ratio (or “Leverage Ratio”, as defined in the Facility) of 2.0:1.0 based on the four trailing quarterly periods. Maximum funded debt is defined as all borrowed funds, outstanding standby letters of credit and bank guarantees. EBITDA includes after tax earnings with add backs for interest expense, income taxes, depreciation and amortization, and stock-based compensation expenses. This covenant was waived by our bank through the maturity date of the credit facility. In addition, the Facility covenants include an annual capital expenditure limit of $10,000 and a minimum tangible net worth of $50,000, adjusted upward for 50% of net income generated and 100% of all capital issuances. At December 31, 2014 we were in compliance with all active financial covenants specified by the Facility. | |
At December 31, 2014 and 2013, we had outstanding standby letters of credit and bank guarantees totaling approximately $8,284 and $3,478, respectively, on our domestic credit facility in connection with contracts in process. We are committed to reimbursing the issuing bank for any payments made by the bank under these instruments. At December 31, 2014 and 2013, there were no cash borrowings under the domestic revolving credit facility and approximately $6,716 and $11,522, respectively, was available for future borrowings. We pay a commitment fee of 0.25% per year on the unused portion of the revolving credit facility. | |
On June 27, 2014, our wholly-owned subsidiary, Beijing Fuel Tech Environmental Technologies Company, Ltd. (Beijing Fuel Tech) entered into a new revolving credit facility (the China Facility) agreement with JPM Chase for RMB 35 million (approximately $5,688), which expires on June 26, 2015. This new credit facility replaced the previous RMB 35 million facility that expired on June 27, 2014. The facility is unsecured, bears interest at a rate of 125% of the People’s Bank of China (PBOC) Base Rate, and we have guaranteed BJFT's obligations under this facility. Beijing Fuel Tech can use this facility for cash advances and bank guarantees. As of December 31, 2014 and 2013, Beijing Fuel Tech had borrowings outstanding in the amount of $1,625 and $1,636, respectively. These borrowings were subject to interest rates of 7.0% at December 31, 2014 and 2013. | |
At December 31, 2014 and 2013, we had outstanding standby letters of credit and bank guarantees totaling approximately $336 and $646, respectively, on its Beijing Fuel Tech revolving credit facility in connection with contracts in process. At December 31, 2014 and 2013, approximately $3,727 and $3,443 was available for future borrowings. | |
In the event of default on either the domestic facility or the China facility, the cross default feature in each allows the lending bank to accelerate the payments of any amounts outstanding and may, under certain circumstances, allow the bank to cancel the facility. If we were unable to obtain a waiver for a breach of covenant and the bank accelerated the payment of any outstanding amounts, such acceleration may cause our cash position to deteriorate or, if cash on hand were insufficient to satisfy the payment due, may require us to obtain alternate financing to satisfy the accelerated payment. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
RelatedPartyTransactionsDisclosureTextBlockAbstract | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
Persons now or formerly associated with American Bailey Corporation (ABC), including our Chief Executive Officer, currently own approximately 29% of our outstanding Common Shares. On January 1, 2004, we entered into an agreement whereby ABC reimburses us for services that certain employees provide to ABC. In addition, ABC is a sub-lessee under our February 1, 2010 lease of its offices in Stamford, Connecticut, which runs through December 31, 2019. ABC reimburses us for its share of lease and lease-related expenses under the sublease agreement. The Stamford facility houses certain administrative functions. The amounts earned from ABC related to both compensation and the subleases for the years ended December 31, 2014, 2013 and 2012, were $144, $147 and $149, respectively. The amount due from ABC related to both compensation and the sublease agreement was $13, $13 and $16 at December 31, 2014, 2013 and 2012 respectively. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2014 | |
PensionAndOtherPostretirementBenefitsDisclosureTextBlockAbstract | |
Defined Contribution Plan | DEFINED CONTRIBUTION PLAN |
We have a retirement savings plan available for all our U.S. employees who have met minimum length-of-service requirements. Our contributions are determined based upon amounts contributed by the employees with additional contributions made at the discretion of the Board of Directors. Costs related to this plan were $464, $728 and $455 in 2014, 2013 and 2012, respectively. |
Business_Segment_Geographic_an
Business Segment, Geographic and Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SegmentReportingDisclosureTextBlockAbstract | |||||||||||||||||
Business Segment, Geographic and Quarterly Financial Data | BUSINESS SEGMENT, GEOGRAPHIC AND QUARTERLY FINANCIAL DATA | ||||||||||||||||
Business Segment Financial Data | |||||||||||||||||
We segregate our financial results into two reportable segments representing two broad technology segments as follows: | |||||||||||||||||
• | The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. These include Low and Ultra Low NOx Burners (LNB and ULNB), Over-Fire Air (OFA) systems, NOxOUT® and HERT™ Selective Non-Catalytic Reduction (SNCR) systems, and Advanced Selective Catalytic Reduction (ASCR™) systems. Our ASCR systems include ULNB, OFA, and SNCR components, along with a downsized SCR catalyst, Ammonia Injection Grid (AIG), and Graduated Straightening Grid GSG™ systems to provide high NOx reductions at significantly lower capital and operating costs than conventional SCR systems. The NOxOUT CASCADE® and NOxOUT-SCR® processes are more basic, using just SNCR and SCR catalyst components. ULTRA™ technology creates ammonia at a plant site using safe urea for use with any SCR application. Flue Gas Conditioning systems are chemical injection systems offered in markets outside the U.S. and Canada to enhance electrostatic precipitator and fabric filter performance in controlling particulate emissions. | ||||||||||||||||
• | The FUEL CHEM® technology segment, which uses chemical processes in combination with advanced CFD and CKM boiler modeling, for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace using TIFI® Targeted In-Furnace Injection™ technology. | ||||||||||||||||
The “Other” classification includes those profit and loss items not allocated to either reportable segment.There are no intersegment sales that require elimination. | |||||||||||||||||
We evaluate performance and allocate resources based on gross margin by reportable segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. We do not review assets by reportable segment, but rather, in aggregate for the company as a whole. | |||||||||||||||||
Information about reporting segment net sales and gross margin are provided below: | |||||||||||||||||
For the year ended December 31, 2014 | Air Pollution | FUEL CHEM | Other | Total | |||||||||||||
Control Segment | Segment | ||||||||||||||||
Revenues from external customers | $ | 42,031 | $ | 36,986 | $ | — | $ | 79,017 | |||||||||
Cost of sales | (26,586 | ) | (17,303 | ) | — | (43,889 | ) | ||||||||||
Gross margin | 15,445 | 19,683 | — | 35,128 | |||||||||||||
Selling, general and administrative | — | — | (35,432 | ) | (35,432 | ) | |||||||||||
Research and development | — | — | (1,459 | ) | (1,459 | ) | |||||||||||
Goodwill impairment | (23,400 | ) | — | — | (23,400 | ) | |||||||||||
Operating (loss) income | $ | (7,955 | ) | $ | 19,683 | $ | (36,891 | ) | $ | (25,163 | ) | ||||||
For the year ended December 31, 2013 | Air Pollution | FUEL CHEM | Other | Total | |||||||||||||
Control Segment | Segment | ||||||||||||||||
Revenues from external customers | $ | 72,552 | $ | 36,786 | $ | — | $ | 109,338 | |||||||||
Cost of sales | (45,138 | ) | (17,383 | ) | — | (62,521 | ) | ||||||||||
Gross margin | 27,414 | 19,403 | — | 46,817 | |||||||||||||
Selling, general and administrative | — | — | (36,375 | ) | (36,375 | ) | |||||||||||
Research and development | — | — | (2,442 | ) | (2,442 | ) | |||||||||||
Operating income | $ | 27,414 | $ | 19,403 | $ | (38,817 | ) | $ | 8,000 | ||||||||
For the year ended December 31, 2012 | Air Pollution | FUEL CHEM | Other | Total | |||||||||||||
Control Segment | Segment | ||||||||||||||||
Revenues from external customers | $ | 62,441 | $ | 35,203 | $ | — | $ | 97,644 | |||||||||
Cost of sales | (40,146 | ) | (16,753 | ) | — | (56,899 | ) | ||||||||||
Gross margin | 22,295 | 18,450 | — | 40,745 | |||||||||||||
Selling, general and administrative | — | — | (32,682 | ) | (32,682 | ) | |||||||||||
Research and development | — | — | (2,863 | ) | (2,863 | ) | |||||||||||
Operating income | $ | 22,295 | $ | 18,450 | $ | (35,545 | ) | $ | 5,200 | ||||||||
Geographic Segment Financial Data | |||||||||||||||||
Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area. | |||||||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 50,901 | $ | 63,275 | $ | 70,425 | |||||||||||
Foreign | 28,116 | 46,063 | 27,219 | ||||||||||||||
$ | 79,017 | $ | 109,338 | $ | 97,644 | ||||||||||||
As of December 31, | 2014 | 2013 | |||||||||||||||
Assets: | |||||||||||||||||
United States | $ | 64,324 | $ | 83,464 | |||||||||||||
Foreign | 27,147 | 26,594 | |||||||||||||||
$ | 91,471 | $ | 110,058 | ||||||||||||||
Unaudited Quarterly Financial Data | |||||||||||||||||
Set forth below are the unaudited quarterly financial data for the fiscal years ended December 31, 2014 and 2013. | |||||||||||||||||
For the quarters ended | March 31 | June 30 | September 30 | December 31 | |||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 18,661 | $ | 20,190 | $ | 21,482 | $ | 18,684 | |||||||||
Cost of sales | 10,810 | 11,677 | 11,582 | 9,820 | |||||||||||||
Net (loss) income | (1,086 | ) | (720 | ) | 1,192 | (17,111 | ) | ||||||||||
Net (loss) income per common share: | |||||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.75 | ) | ||||||
Diluted | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.75 | ) | ||||||
2013 | |||||||||||||||||
Revenues | $ | 22,484 | $ | 29,092 | $ | 33,555 | $ | 24,207 | |||||||||
Cost of sales | 13,052 | 17,227 | 18,455 | 13,787 | |||||||||||||
Net (loss) income | (21 | ) | 1,236 | 3,480 | 406 | ||||||||||||
Net (loss) income per common share: | |||||||||||||||||
Basic | $ | — | $ | 0.06 | $ | 0.16 | $ | 0.02 | |||||||||
Diluted | $ | — | $ | 0.05 | $ | 0.15 | $ | 0.02 | |||||||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | FAIR VALUE | |||||||||||||||
We apply authoritative accounting guidance for fair value measurements of financial and nonfinancial assets and liabilities. This guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis and clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
• | Level 1 – Observable inputs to the valuation methodology such as quoted prices in active markets for identical assets or liabilities | |||||||||||||||
• | Level 2 – Inputs to the valuation methodology including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means | |||||||||||||||
• | Level 3 – Significant unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own estimates and assumptions or those expected to be used by market participants. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows, option pricing models, and other commonly used valuation techniques | |||||||||||||||
The fair value of our marketable securities was $36 and $30 at December 31, 2014 and 2013, respectively, and was determined using quoted prices in active markets for identical assets (level 1 fair value measurements). Transfers between levels of the fair value hierarchy are recognized based on the actual date of the event or change in circumstances that caused the transfer. We had no assets or liabilities that were valued using level 2 or level 3 inputs and therefore there were no transfers between levels of the fair value hierarchy during the periods ended December 31, 2014 and 2013. | ||||||||||||||||
The carrying amount of our short-term debt and revolving line of credit approximates fair value due to its short-term nature and because the amounts outstanding accrue interest at variable market-based rates. | ||||||||||||||||
The following table summarizes the Company's assets measured at fair value on a non-recurring basis relating to a goodwill impairment charge recognized during 2014 for the full carrying value of goodwill in the APC technology segment, as more fully described in Note 1. | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Impairment Losses | Fair Value at December 31, 2014 | ||||||||||||
Goodwill | $ | — | $ | — | $ | 23,400 | $ | (23,400 | ) | $ | — | |||||
$ | — | $ | — | $ | 23,400 | $ | (23,400 | ) | $ | — | ||||||
There were no assets or liabilities measured at fair value on a non-recurring basis in 2013. |
Share_Repurchase_Program
Share Repurchase Program | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
ShareRepurchaseProgramTextBlockAbstract | ||||||||||||||||
Share Repurchase Program | SHARE REPURCHASE PROGRAM | |||||||||||||||
In August 2011, our Board of Directors authorized the repurchase of up to $6 million of outstanding common shares through December 31, 2012. This initial program was completed in the quarter ended March 31, 2012. In May 2012, the Board of Directors authorized a second repurchase program, authorizing the repurchase up to an additional $6 million of outstanding common shares through June 30, 2013 and this repurchase program was completed in September 2012. The share repurchase programs were funded through the our existing cash on hand. Purchases made pursuant to the programs were made in the open market. The timing, manner, price and amount of any repurchases were determined using our discretion and were subject to economic and market conditions, stock price, applicable legal requirements, and other factors. | ||||||||||||||||
During the course of the share repurchase programs, we repurchased an aggregate of 2,306,590 common shares for a total cost of approximately $12,000 including commissions of approximately $76. The Common Shares acquired shares have been retired and are no longer shown as issued or outstanding shares. | ||||||||||||||||
The following table summarizes our share repurchase programs since their inception: | ||||||||||||||||
Period | Total Number | Average Price | Total Cost | Maximum Dollar | ||||||||||||
of Shares | Paid Per Share | Value of Shares | ||||||||||||||
Purchased | That May Yet Be | |||||||||||||||
Purchased Under | ||||||||||||||||
the Program | ||||||||||||||||
Phase One Program | ||||||||||||||||
August 25, 2011 through September 30, 2011 | 571,554 | $ | 5.89 | $ | 3,367 | $ | 2,633 | |||||||||
October 1, 2011 through December 31, 2011 | 130,160 | 5.71 | 744 | 1,889 | ||||||||||||
January 1, 2012 through March 31, 2012 | 334,636 | 5.64 | 1,889 | — | ||||||||||||
Phase Two Program | ||||||||||||||||
April 1, 2012 through June 30, 2012 | 1,124,797 | 4.7 | 5,290 | 710 | ||||||||||||
July 1, 2012 through September 30, 2012 | 145,443 | 4.88 | 710 | — | ||||||||||||
Total | 2,306,590 | $ | 5.2 | $ | 12,000 | $ | — | |||||||||
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||
The consolidated financial statements include the accounts of Fuel Tech and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. | |||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company uses estimates in accounting for, among other items, revenue recognition, allowance for doubtful accounts, income tax provisions and warranty expenses. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||
The carrying values of cash and cash equivalents, accounts receivable, and accounts payable are reasonable estimates of their fair value due to their short-term nature. The carrying amount of our short-term debt under our revolving line of credit facility approximates fair value due to its short-term nature and because the amount outstanding accrues interest at a variable market-based rate. Our marketable securities are carried at fair value based on quoted market prices in an active market. | |||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||
We include cash and investments having an original maturity of three months or less at the time of acquisition in cash and cash equivalents. We have never incurred realized or unrealized holdings gains or losses on securities classified as cash equivalents. Income resulting from short-term investments is recorded as interest income. At December 31, 2014, we had cash on hand of approximately $1,639 at our Beijing, China subsidiary that is subject to certain local regulations that may limit the immediate availability of these funds outside of China. | |||||||||||||||||
Foreign Currency Risk Management | Foreign Currency Risk Management | ||||||||||||||||
Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. We do not enter into foreign currency forward contracts or into foreign currency option contracts to manage this risk due to the nature of the transactions involved. | |||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable | ||||||||||||||||
Accounts receivable consist of amounts due to us in the normal course of our business, are not collateralized, and normally do not bear interest. Accounts receivable includes unbilled receivables, representing costs and estimated earnings in excess of billings on uncompleted contracts under the percentage of completion method. At December 31, 2014 and 2013, unbilled receivables were approximately $9,904 and $12,599, respectively. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
The allowance for doubtful accounts is our management's best estimate of the amount of credit losses in accounts receivable. In order to control and monitor the credit risk associated with our customer base, we review the credit worthiness of customers on a recurring basis. Factors influencing the level of scrutiny include the level of business the customer has with Fuel Tech, the customer’s payment history, and the customer’s financial stability. Receivables are considered past due if payment is not received by the date agreed upon with the customer, which is normally 30 days. Representatives of our management team review all past due accounts on a weekly basis to assess collectability. At the end of each reporting period, the allowance for doubtful accounts balance is reviewed relative to management’s collectability assessment and is adjusted if deemed necessary through a corresponding charge or credit to bad debts expense, which is included in selling, general, and administrative expenses in the consolidated statements of operations. Bad debt write-offs are made when management believes it is probable a receivable will not be recovered | |||||||||||||||||
Inventories | Inventories | ||||||||||||||||
Inventories consist primarily of spare parts and are stated at the lower of cost or market using the first-in, first-out method. Usage is recorded in cost of sales in the period that parts were issued to a project or used to service equipment. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable. | |||||||||||||||||
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions | ||||||||||||||||
Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year end. Revenues and expenses are translated at average exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders’ equity as part of accumulated other comprehensive income. | |||||||||||||||||
Research and Development | Research and Development | ||||||||||||||||
Research and development costs are expensed as incurred. Research and development projects funded by customer contracts are reported as part of cost of goods sold. Internally funded research and development expenses are reported as operating expenses. | |||||||||||||||||
Product/System Warranty | Product/System Warranty | ||||||||||||||||
We typically warrant our air pollution control products and systems against defects in design, materials and workmanship for one to two years. A provision for estimated future costs relating to warranty expense is recorded when the products/systems become commercially operational. | |||||||||||||||||
Goodwill and Other Intangibles | . Third-party costs are comprised of legal fees that relate to the review and preparation of patent disclosures and filing fees incurred to present the patents to the required governing body. | ||||||||||||||||
Our intellectual property portfolio has been a significant building block for the Air Pollution Control and FUEL CHEM technology segments. The patents are essential to the generation of revenue for our businesses and are essential to protect us from competition in the markets in which we serve. These costs are being amortized on the straight-line method over the period beginning with the patent issuance date and ending on the patent expiration date. Patent maintenance fees are charged to operations as incurred. | |||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized, but are reviewed annually or more frequently if indicators arise, for impairment. Our evaluation of goodwill impairment involves first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may bypass this qualitative assessment, or determine that based on our qualitative assessment considering the totality of events and circumstances including macroeconomic factors, industry and market considerations, current and projected financial performance, a sustained decrease in our share price, or other factors, that additional impairment analysis is necessary. This additional analysis involves comparing the current fair value of our reporting units to their carrying values. We use a discounted cash flow (DCF) model to determine the current fair value of our two reporting units. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce and working capital changes. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. However, actual fair values that could be realized in an actual transaction may differ from those used to evaluate the impairment of goodwill. | |||||||||||||||||
Goodwill is allocated to each of our reporting units, which is defined as an operating segment or one level below an operating segment, upon acquisition after considering the nature of the net assets giving rise to the goodwill and how each reporting unit would enjoy the benefits and synergies of the net assets acquired. Goodwill is also evaluated for impairment at the reporting unit level. We have two reporting units: the FUEL CHEM technology segment and the APC technology segment. | |||||||||||||||||
During the fourth quarter of 2014, we experienced a decrease in our stock price that caused our market capitalization to fall below the equity value on our consolidated balance sheet, which can be a potential indicator of goodwill impairment. This, along with an overall slowdown in APC technology segment orders and corresponding downward adjustments to our financial forecasts, was considered during a detailed evaluation of the fair value of our reporting units. Fuel Tech performed its annual goodwill impairment analysis for each of its reporting units as of October 1, 2014 and determined that no impairment of goodwill existed within the FUEL CHEM technology segment. At the same time, we determined that our APC technology reporting unit failed the first step test because the estimated fair value of the reporting unit was less than its carrying value, thus requiring additional analysis of the segment. Based on this additional analysis, Fuel Tech determined that the current fair value of the APC technology reporting unit was less than the fair value of the assets and liabilities of the unit, resulting in an implied fair value of goodwill of zero, and accordingly we recorded a non-cash goodwill impairment charge of $23,400 representing the full carrying value of goodwill related to this reporting unit. | |||||||||||||||||
The following table shows our goodwill activity by reporting unit during the periods ending December 31, 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
Reporting Unit | Beginning Carrying Amount | Acquired Goodwill | Impairment Charge | Ending Carrying Amount | |||||||||||||
FUEL CHEM Technology Segment | $ | 2,116 | $ | — | $ | — | $ | 2,116 | |||||||||
APC Technology Segment | 18,935 | 4,465 | (23,400 | ) | — | ||||||||||||
$ | 21,051 | $ | 4,465 | $ | (23,400 | ) | $ | 2,116 | |||||||||
2013 | |||||||||||||||||
Reporting Unit | Beginning Carrying Amount | Acquired Goodwill | Impairment Charge | Ending Carrying Amount | |||||||||||||
FUEL CHEM Technology Segment | $ | 2,116 | $ | — | $ | — | $ | 2,116 | |||||||||
APC Technology Segment | 18,935 | — | — | 18,935 | |||||||||||||
$ | 21,051 | $ | — | $ | — | $ | 21,051 | ||||||||||
Other Intangible Assets | |||||||||||||||||
Management reviews other finite-lived intangible assets, which include customer lists and relationships, covenants not to compete, patent assets, trade names, and acquired technologies, for impairment when events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. In the event that impairment indicators exist, a further analysis is performed and if the sum of the expected undiscounted future cash flows resulting from the use of the asset or asset group is less than the carrying amount of the asset or asset group, an impairment loss equal to the excess of the asset or asset group's carrying value over its fair value is recorded. Management considers historical experience and all available information at the time the estimates of future cash flows are made, however, the actual cash values that could be realized may differ from those that are estimated. After performing additional analysis based on an undiscounted future cash flows test relating to the assets attributable to our APC technology segment, it was determined that no impairment losses for any assets or asset group relating to this segment existed. In addition, there were no indications of impairment for any assets or asset group associated with our FUEL CHEM technology segment. As a result, no impairment losses for the years ended December 31, 2014, 2013 and 2012 were recorded. | |||||||||||||||||
Third-party costs related to the development of patents are included within other intangible assets on the consolidated balance sheets | |||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||
Property and equipment is stated at historical cost. Provisions for depreciation are computed by the straight-line method, using estimated useful lives that range based on the nature of the asset. Leasehold improvements are depreciated over the shorter of the associated lease term or the estimated useful life of the asset. Depreciation expense was $1,922, $2,175, and $2,191 for the years ended December 31, 2014, 2013 and 2012, respectively. The table below shows the depreciable life and cost by asset class as of December 31, 2014 and 2013, and the accumulated depreciation and net book value in total for all classes of assets. | |||||||||||||||||
Description of Property and Equipment | Depreciable | 2014 | 2013 | ||||||||||||||
Life | |||||||||||||||||
Land | $ | 1,440 | $ | 1,440 | |||||||||||||
Building | 39 years | 4,535 | 4,535 | ||||||||||||||
Building and leasehold improvements | 3-39 years | 5,115 | 4,898 | ||||||||||||||
Field equipment | 3-4 years | 19,796 | 18,006 | ||||||||||||||
Computer equipment and software | 2-3 years | 3,005 | 2,677 | ||||||||||||||
Furniture and fixtures | 3-10 years | 1,525 | 1,512 | ||||||||||||||
Vehicles | 5 years | 36 | 36 | ||||||||||||||
Total cost | 35,452 | 33,104 | |||||||||||||||
Less accumulated depreciation | (21,925 | ) | (20,077 | ) | |||||||||||||
Total net book value | $ | 13,527 | $ | 13,027 | |||||||||||||
Property and equipment is reviewed for impairment when events and circumstances indicate that the carrying amount of the assets (or asset group) may not be recoverable. If impairment indicators exists, we perform a more detailed analysis and an impairment loss is recognized when estimated future undiscounted cash flows expected to result from the use of the asset (or asset group) and its eventual disposition are less than the carrying amount. This process of analyzing impairment involves examining the operating condition of individual assets (or asset group) and estimating a fair value based upon current condition, relevant market factors and remaining estimated operational life compared to the asset’s remaining depreciable life. Quoted market prices and other valuation techniques are used to determine expected cash flows. Due to the existence of impairment indicators as more fully described above, we performed a more detailed analysis of potential long-lived asset impairment in the APC technology asset group during the fourth quarter of 2014 using the aforementioned undiscounted cash flows analysis and concluded that no impairment of our long-lived assets exists. A significant portion of our property and equipment is comprised of assets deployed at customer locations relating to our FUEL CHEM technology asset group, and due to the shorter-term duration over which this equipment is depreciated, the likelihood of impairment is mitigated. The discontinuation of a FUEL CHEM program at a customer site would most likely result in the re-deployment of all or most of the affected assets to another customer location rather than an impairment. | |||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||
Revenues from the sales of chemical products are recorded when title transfers, either at the point of shipment or at the point of destination, depending on the contract with the customer. | |||||||||||||||||
We utilize the percentage of completion method of accounting for equipment construction and license contracts that are sold within the Air Pollution Control technology segment. Under the percentage of completion method, revenues are recognized as work is performed based on the relationship between actual construction costs incurred and total estimated costs at completion. Construction costs include all direct costs such as materials, labor, subcontracting costs, and indirect costs allocable to the particular contract such as indirect labor, tools and equipment, and supplies. Revisions in completion estimates and contract values are made in the period in which the facts giving rise to the revisions become known and can influence the timing of when revenues are recognized under the percentage of completion method of accounting. Such revisions have historically not had a material effect on the amount of revenue recognized. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. The completed contract method is used for certain contracts when reasonably dependable estimates of the percentage of completion cannot be made. When the completed contract method is used, revenue and costs are deferred until the contract is substantially complete, which usually occurs upon customer acceptance of the installed product. | |||||||||||||||||
Cost of Sales | Cost of Sales | ||||||||||||||||
Cost of sales includes all internal and external engineering costs, equipment and chemical charges, inbound and outbound freight expenses, internal and site transfer costs, installation charges, purchasing and receiving costs, inspection costs, warehousing costs, project personnel travel expenses and other direct and indirect expenses specifically identified as project- or product line-related, as appropriate (e.g., test equipment depreciation and certain insurance expenses). Certain depreciation and amortization expenses related to tangible and intangible assets, respectively, are allocated to cost of sales. | |||||||||||||||||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | ||||||||||||||||
Selling, general and administrative expenses primarily include the following categories except where an allocation to the cost of sales line item is warranted due to the project- or product-line nature of a portion of the expense category: salaries and wages, employee benefits, non-project travel, insurance, legal, rent, accounting and auditing, recruiting, telephony, employee training, Board of Directors’ fees, auto rental, office supplies, dues and subscriptions, utilities, real estate taxes, commissions and bonuses, marketing materials, postage and business taxes. Departments comprising the selling, general and administrative line item primarily include the functions of executive management, finance and accounting, investor relations, regulatory affairs, marketing, business development, information technology, human resources, sales, legal and general administration. | |||||||||||||||||
Distribution Costs | Distribution Costs | ||||||||||||||||
We classify shipping and handling costs in cost of sales in the consolidated statements of operations | |||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and our experience with similar operations. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances. | |||||||||||||||||
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitation has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||
Our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 Long-Term Incentive Plan (Incentive Plan), was adopted in May 2014 and allows for awards to be granted to participants in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and bonuses or other forms of share-based or non-share-based awards or combinations thereof. Participants in the Incentive Plan may be our directors, officers, employees, consultants or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business | |||||||||||||||||
Basic and Diluted Earnings per Common Share | Basic and Diluted Earnings per Common Share | ||||||||||||||||
Basic earnings per share excludes the antidilutive effects of stock options, restricted stock units (RSUs) and the nil coupon non-redeemable convertible unsecured loan notes (see Note 7). Diluted earnings per share includes the dilutive effect of the nil coupon non-redeemable convertible unsecured loan notes, RSUs, and unexercised in-the-money stock options, except in periods of net loss where the effect of these instruments is antidilutive. Out-of-the-money stock options are excluded from diluted earnings per share because they are anti-dilutive. At December 31, 2014, 2013 and 2012, we had outstanding equity awards of 1,628,000, 1,623,000 and 1,507,000, respectively, that were antidilutive for the purpose of inclusion in the diluted earnings per share calculation because the exercise prices of the options were greater than the average market price of our common stock. As of December 31, 2014, we had an additional 280,000 equity awards that were antidilutive because of the net loss in the year then ended. These equity awards could potentially dilute basic EPS in future years. | |||||||||||||||||
Risk Concentration | Risk Concentrations | ||||||||||||||||
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of its primary depository institution where a significant portion of its deposits are held. | |||||||||||||||||
For the year ended December 31, 2014, we had two customers which individually represented greater than 10% of revenues. One of these customers contributed primarily to our FUEL CHEM technology segment and represented 20% of consolidated revenues. The other customer contributed to our APC technology segment and represented 11% of our consolidated revenues. had no customers that accounted for greater than 10% of our current assets as of December 31, 2014. | |||||||||||||||||
For the year ended December 31, 2013, we had two customers which individually represented greater than 10% of revenues. One of these customers contributed primarily to our FUEL CHEM technology segment and represented 14% of consolidated revenues. The other customer contributed to our APC technology segment and represented 18% of our consolidated revenues. We had no customers that accounted for greater than 10% of our current assets as of December 31, 2013. | |||||||||||||||||
For the year ended December 31, 2012, we had one customer which individually represented greater than 10% of revenues. The customer contributed primarily to our FUEL CHEM technology segment and represented 16% of consolidated revenues. We had no customers that accounted for greater than 10% of our current assets as of December 31, 2012. | |||||||||||||||||
We control credit risk through requiring milestone payments on long-term contracts, performing ongoing credit evaluations of its customers, and in some cases obtaining security for payment through bank guarantees and letters of credit. | |||||||||||||||||
Available-for-Sale Marketable Securities | Available-for-Sale Marketable Securities | ||||||||||||||||
At the time of purchase, marketable securities are classified as available-for-sale as management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell available-for-sale securities would be based on various factors, including, but not limited to asset/liability management strategies, changes in interest rates or prepayment risks and liquidity needs. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded in equity as a separate component of other comprehensive income (OCI). Our marketable securities consist of a single equity investment with a fair value of $36 and $30 at December 31, 2014 and December 31, 2013, respectively. Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in other income/(expense) in the Consolidated Statements of Operations. The cost of securities sold is based on the specific identification method. On a quarterly basis, we make an assessment to determine if there have been any events or circumstances to indicate whether a security with an unrealized loss is impaired on an other-than-temporary (OTTI) basis. This determination requires significant judgment. OTTI is considered to have occurred (1) if management intends to sell the security, (2) if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis. The credit-related OTTI, represented by the expected loss in principal, is recognized in non-interest income, while noncredit-related OTTI is recognized in OCI. For securities which we do expect to sell, all OTTI is recognized in earnings. Presentation of OTTI is made in the income statement on a gross basis with a reduction for the amount of OTTI recognized in OCI. Once an other-than-temporary impairment is recorded, when future cash flows can be reasonably estimated, future cash flows are re-allocated between interest and principal cash flows to provide for a level-yield on the security. We have not experienced any other-than-temporary impairments during the periods ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Treasury Stock | Treasury Stock | ||||||||||||||||
We use the cost method to account for its common stock repurchases. During the years ended December 31, 2014 and 2013, we withheld 58,649 and 99,531 shares of our Common Shares, valued at approximately $304 and $447, respectively, to settle personal tax withholding obligations that arose as a result of restricted stock units that vested. Refer to Note 6, “Treasury Stock,” for further discussion. | |||||||||||||||||
Recently Issued and Adopted Accounting Standards | Recently Issued and Adopted Accounting Standards | ||||||||||||||||
On January 1, 2014, Fuel Tech adopted changes issued by the FASB to a parent entity’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. A parent entity is required to release any related cumulative foreign currency translation adjustment from accumulated other comprehensive income into net income in the following circumstances: (i) a parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an investment in a foreign entity. The adoption of these changes had no impact on the Consolidated Financial Statements. Th. uidance will need to be considered in the event Fuel Tech initiates any of the transactions described above. | |||||||||||||||||
On January 1, 2014, Fuel Tech adopted changes issued by the FASB to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. . se changes require an entity to present an unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in practice as no explicit guidance existed. The adoption of these changes did not result in a significant impact on the Consolidated Financial Statements. | |||||||||||||||||
In April 2014, the FASB issued changes to reporting discontinued operations and disclosures of disposals of components of an entity. These changes require a disposal of a component to meet a higher threshold in order to be reported as a discontinued operation in an entity’s financial statements. The threshold is defined as a strategic shift that has, or will have, a major effect on an entity’s operations and financial results such as a disposal of a major geographical area or a major line of business. Additionally, the following two criteria have been removed from consideration of whether a component meets the requirements for discontinued operations presentation: (i) the operations and cash flows of a disposal component have been or will be eliminated from the ongoing operations of an entity as a result of the disposal transaction, and (ii) an entity will not have any significant continuing involvement in the operations of the disposal component after the disposal transaction. Furthermore, equity method investments now may qualify for discontinued operations presentation. These changes also require expanded disclosures for all disposals of components of an entity, whether or not the threshold for reporting as a discontinued operation is met, related to profit or loss information and/ or asset and liability information of the component. These changes become effective for Fuel Tech on January 1, 2015. Management has determined that the adoption of these changes will not have an immediate impact on the Consolidated Financial Statements. This guidance will need to be considered in the event Fuel Tech initiates a disposal transaction. | |||||||||||||||||
In May 2014, the FASB issued changes to the recognition of revenue from contracts with customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. These changes become effective for Fuel Tech on January 1, 2017. Management is currently evaluating the potential impact of these changes on the Consolidated Financial Statements. | |||||||||||||||||
In August 2014, the FASB issued changes to the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Even if an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. Because there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related note disclosures, there is diversity in practice whether, when, and how an entity discloses the relevant conditions and events in its financial statements. As a result, these changes require an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. If management has concluded that substantial doubt exists, then the following disclosures should be made in the financial statements: (i) principal conditions or events that raised the substantial doubt, (ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, (iii) management’s plans that alleviated the initial substantial doubt or, if substantial doubt was not alleviated, management’s plans that are intended to at least mitigate the conditions or events that raise substantial doubt, and (iv) if the latter in (iii) is disclosed, an explicit statement that there is substantial doubt about the entity’s ability to continue as a going concern. These changes become effective for Fuel Tech for the 2016 annual period. Management has determined that the adoption of these changes will not have an impact on the Consolidated Financial Statements. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the Consolidated Financial Statements in a given reporting period. |
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | The table below sets forth the components of the Allowance for Doubtful Accounts for the years ended December 31. | ||||||||||||||||||||||||||
Year | Balance at | Provision charged | Write-offs / | Balance at | |||||||||||||||||||||||
January 1 | to expense | Recoveries | December 31 | ||||||||||||||||||||||||
2012 | $ | 430 | $ | 246 | $ | (216 | ) | $ | 460 | ||||||||||||||||||
2013 | $ | 460 | $ | 1,175 | $ | (446 | ) | $ | 1,189 | ||||||||||||||||||
2014 | $ | 1,189 | $ | 1,099 | $ | (366 | ) | $ | 1,922 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive (loss) income by component were as follows: | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Foreign currency translation | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 18 | $ | (420 | ) | ||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | (489 | ) | 438 | ||||||||||||||||||||||||
Balance at end of period | $ | (471 | ) | $ | 18 | ||||||||||||||||||||||
Available-for-sale marketable securities | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 19 | $ | 28 | |||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||
Net unrealized holding gain (loss) (2) | 4 | (14 | ) | ||||||||||||||||||||||||
Deferred income taxes (2) | — | 5 | |||||||||||||||||||||||||
Total other comprehensive income (loss) | 4 | (9 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 23 | $ | 19 | |||||||||||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (448 | ) | $ | 37 | ||||||||||||||||||||||
-1 | In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. | ||||||||||||||||||||||||||
-2 | In all periods presented, there were no realized holding gains or losses and therefore no amounts were reclassified to earnings. | ||||||||||||||||||||||||||
Schedule of Goodwill | The following table shows our goodwill activity by reporting unit during the periods ending December 31, 2014 and 2013: | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
Reporting Unit | Beginning Carrying Amount | Acquired Goodwill | Impairment Charge | Ending Carrying Amount | |||||||||||||||||||||||
FUEL CHEM Technology Segment | $ | 2,116 | $ | — | $ | — | $ | 2,116 | |||||||||||||||||||
APC Technology Segment | 18,935 | 4,465 | (23,400 | ) | — | ||||||||||||||||||||||
$ | 21,051 | $ | 4,465 | $ | (23,400 | ) | $ | 2,116 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||||
Reporting Unit | Beginning Carrying Amount | Acquired Goodwill | Impairment Charge | Ending Carrying Amount | |||||||||||||||||||||||
FUEL CHEM Technology Segment | $ | 2,116 | $ | — | $ | — | $ | 2,116 | |||||||||||||||||||
APC Technology Segment | 18,935 | — | — | 18,935 | |||||||||||||||||||||||
$ | 21,051 | $ | — | $ | — | $ | 21,051 | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The table below shows the amortization period and other intangible asset cost by intangible asset as of December 31, 2014 and 2013, and the accumulated amortization and net intangible asset value in total for all other intangible assets. | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Description of Other Intangible | Amortization | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Period | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||
Customer relationships | 4-15 years | $ | 5,087 | $ | (2,690 | ) | $ | 2,397 | $ | 4,567 | $ | (2,541 | ) | $ | 2,026 | ||||||||||||
Trademarks and trade names | 4-8 years | 441 | (293 | ) | 148 | 351 | (219 | ) | 132 | ||||||||||||||||||
Patent assets | 1-15 years | 2,764 | (987 | ) | 1,777 | 2,388 | (822 | ) | 1,566 | ||||||||||||||||||
Acquired technologies | 5-8 years | 7,974 | (1,832 | ) | 6,142 | 1,731 | (1,150 | ) | 581 | ||||||||||||||||||
Total | $ | 16,266 | $ | (5,802 | ) | $ | 10,464 | $ | 9,037 | $ | (4,732 | ) | $ | 4,305 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The table below shows the estimated future amortization expense for intangible assets: | ||||||||||||||||||||||||||
Year | Estimated | ||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||
2015 | $ | 2,072 | |||||||||||||||||||||||||
2016 | 2,020 | ||||||||||||||||||||||||||
2017 | 1,695 | ||||||||||||||||||||||||||
2018 | 1,530 | ||||||||||||||||||||||||||
2019 | 1,247 | ||||||||||||||||||||||||||
Thereafter | 1,900 | ||||||||||||||||||||||||||
Total | $ | 10,464 | |||||||||||||||||||||||||
Property, Plant and Equipment | The table below shows the depreciable life and cost by asset class as of December 31, 2014 and 2013, and the accumulated depreciation and net book value in total for all classes of assets. | ||||||||||||||||||||||||||
Description of Property and Equipment | Depreciable | 2014 | 2013 | ||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||
Land | $ | 1,440 | $ | 1,440 | |||||||||||||||||||||||
Building | 39 years | 4,535 | 4,535 | ||||||||||||||||||||||||
Building and leasehold improvements | 3-39 years | 5,115 | 4,898 | ||||||||||||||||||||||||
Field equipment | 3-4 years | 19,796 | 18,006 | ||||||||||||||||||||||||
Computer equipment and software | 2-3 years | 3,005 | 2,677 | ||||||||||||||||||||||||
Furniture and fixtures | 3-10 years | 1,525 | 1,512 | ||||||||||||||||||||||||
Vehicles | 5 years | 36 | 36 | ||||||||||||||||||||||||
Total cost | 35,452 | 33,104 | |||||||||||||||||||||||||
Less accumulated depreciation | (21,925 | ) | (20,077 | ) | |||||||||||||||||||||||
Total net book value | $ | 13,527 | $ | 13,027 | |||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The table below sets forth the weighted-average shares used at December 31 in calculating earnings (loss) per share: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Basic weighted-average shares | 22,782,000 | 22,286,000 | 22,709,000 | ||||||||||||||||||||||||
Conversion of unsecured loan notes | — | 7,000 | 7,000 | ||||||||||||||||||||||||
Unexercised options and unvested restricted stock units | — | 286,000 | 819,000 | ||||||||||||||||||||||||
Diluted weighted-average shares | 22,782,000 | 22,579,000 | 23,535,000 | ||||||||||||||||||||||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Combinations [Abstract] | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | |||||||||||
As Reported on June 30, 2014 | Measurement Adjustments | Final Purchase Price Allocation | |||||||||
Current assets | $ | 2,365 | $ | 26 | $ | 2,391 | |||||
Property, plant and equipment | 281 | (281 | ) | — | |||||||
Identifiable intangible assets | — | 5,158 | 5,158 | ||||||||
Current and long-term liabilities assumed | (2,035 | ) | (1,900 | ) | (3,935 | ) | |||||
Total identifiable net assets acquired | 611 | 3,003 | 3,614 | ||||||||
Goodwill | 7,468 | (3,003 | ) | 4,465 | |||||||
Total assets acquired | $ | 8,079 | $ | — | $ | 8,079 | |||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value assigned to finite lived intangible assets as a result of the acquisitions was as follows: | ||||||||||
Description | Amount | Useful Life (Years) | |||||||||
Order backlog | $ | 1,172 | 1 | ||||||||
Trademarks | 90 | 2 | |||||||||
Customer relationships | 870 | 4 | |||||||||
Developed technology | 3,230 | 7 | |||||||||
Net assumed contractual obligations | (204 | ) | 1 | ||||||||
Total identifiable assets acquired | $ | 5,158 | 5.3 | ||||||||
Business Acquisition, Pro Forma Information | The following table summarizes the net sales and earnings after income taxes of PECO and FGC since the acquisition date, April 30, 2014, which is included in the consolidated statements of operations for the year ended December 31, 2014: | ||||||||||
Year Ended December 31, 2014 | |||||||||||
Revenue | $ | 4,193 | |||||||||
Net loss | (120 | ) | |||||||||
Net loss per Common Share | |||||||||||
Basic | $ | — | |||||||||
Diluted | $ | — | |||||||||
The following unaudited pro-forma information represents the Company's results of operations as if the acquisition date had occurred on January 1, 2013: | |||||||||||
Year Ended December 31, 2014 | |||||||||||
2014 | 2013 | ||||||||||
Revenue | $ | 84,713 | $ | 122,723 | |||||||
Net income / (loss) | (15,596 | ) | 6,508 | ||||||||
Net income / (loss) per Common Share | |||||||||||
Basic | $ | (0.68 | ) | $ | 0.29 | ||||||
Diluted | $ | (0.68 | ) | $ | 0.29 | ||||||
Construction_Contracts_in_Prog1
Construction Contracts in Progress (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
LongTermContractsOrProgramsDisclosureTextBlockAbstract | |||||||||
Contracts in Progress | The status of contracts in progress as of December 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | ||||||||
Costs incurred on uncompleted contracts | $ | 92,190 | $ | 74,242 | |||||
Estimated earnings | 47,510 | 41,130 | |||||||
Earned revenue | 139,700 | 115,372 | |||||||
Less billings to date | (132,790 | ) | (104,679 | ) | |||||
Total | $ | 6,910 | $ | 10,693 | |||||
Classified as follows: | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 9,904 | $ | 11,899 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (2,994 | ) | (1,206 | ) | |||||
Total | $ | 6,910 | $ | 10,693 | |||||
Taxation_Tables
Taxation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
IncomeTaxDisclosureTextBlockAbstract | |||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The components of (loss) income before taxes for the years ended December 31 are as follows: | ||||||||||||||
Origin of income before taxes | 2014 | 2013 | 2012 | ||||||||||||
United States | $ | (25,142 | ) | $ | 6,025 | $ | 5,655 | ||||||||
Foreign | (661 | ) | 1,840 | (577 | ) | ||||||||||
(Loss) income before taxes | $ | (25,803 | ) | $ | 7,865 | $ | 5,078 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) | Significant components of income tax (benefit) expense for the years ended December 31 are as follows: | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Current: | |||||||||||||||
Federal | $ | 158 | $ | 1,114 | $ | 1,529 | |||||||||
State | (34 | ) | 334 | 425 | |||||||||||
Foreign | 1,108 | 836 | 471 | ||||||||||||
Total current | 1,232 | 2,284 | 2,425 | ||||||||||||
Deferred: | |||||||||||||||
Federal | (7,260 | ) | 642 | 9 | |||||||||||
State | (959 | ) | (78 | ) | 1 | ||||||||||
Foreign | (1,091 | ) | (84 | ) | (133 | ) | |||||||||
Total deferred | (9,310 | ) | 480 | (123 | ) | ||||||||||
Income tax (benefit) expense | $ | (8,078 | ) | $ | 2,764 | $ | 2,302 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the provision for income taxes calculated at the U.S. federal statutory income tax rate and the consolidated income tax expense in the consolidated statements of operations for the years ended December 31 is as follows: | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Provision at the U.S. federal statutory rate | (34.0 | )% | 34 | % | 34 | % | |||||||||
State taxes, net of federal benefit | (3.6 | )% | 1.9 | % | 4.2 | % | |||||||||
Foreign tax rate differential | 0.1 | % | (2.5 | )% | — | % | |||||||||
Valuation allowance | 1.2 | % | 2.9 | % | 10.5 | % | |||||||||
Research credits | (0.4 | )% | (4.2 | )% | (10.0 | )% | |||||||||
Stock-based compensation | — | % | (0.4 | )% | 0.3 | % | |||||||||
Goodwill impairment | 5.9 | % | — | % | — | % | |||||||||
Other | (0.5 | )% | 3.4 | % | 6.3 | % | |||||||||
Income tax expense effective rate | (31.3 | )% | 35.1 | % | 45.3 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities at December 31 are as follows: | ||||||||||||||
2014 | 2013 | ||||||||||||||
Deferred tax assets: | |||||||||||||||
Stock compensation expense | $ | 4,631 | $ | 4,922 | |||||||||||
Goodwill | 3,110 | — | |||||||||||||
Intangible assets | — | 921 | |||||||||||||
Other | 2,419 | 902 | |||||||||||||
Net operating loss carryforwards | 2,006 | 1,833 | |||||||||||||
Total deferred tax assets | 12,166 | 8,578 | |||||||||||||
Deferred tax liabilities: | |||||||||||||||
Equipment | (1,096 | ) | (1,610 | ) | |||||||||||
Intangible assets | (1,156 | ) | — | ||||||||||||
Goodwill | — | (3,792 | ) | ||||||||||||
Other | (306 | ) | (925 | ) | |||||||||||
Total deferred tax liabilities | (2,558 | ) | (6,327 | ) | |||||||||||
Net deferred tax asset before valuation allowance | 9,608 | 2,251 | |||||||||||||
Valuation allowances for deferred tax assets | (2,006 | ) | (1,833 | ) | |||||||||||
Net deferred tax asset | $ | 7,602 | $ | 418 | |||||||||||
Schedule of Amounts Recognized in Balance Sheet | Net deferred tax assets and liabilities are recorded as follows within the consolidated balance sheets: | ||||||||||||||
Current assets | $ | 1,953 | $ | 477 | |||||||||||
Long-term assets (liabilities) | 5,649 | (59 | ) | ||||||||||||
Net deferred tax asset | $ | 7,602 | $ | 418 | |||||||||||
Summary of Valuation Allowance | The change in the valuation allowance for deferred tax assets for the years ended December 31 is as follows: | ||||||||||||||
Year | Balance at | Charged to costs | (Deductions)/Other | Balance at | |||||||||||
January 1 | and expenses | December 31 | |||||||||||||
2012 | $ | 1,327 | — | 541 | $ | 1,868 | |||||||||
2013 | $ | 1,868 | — | (35 | ) | $ | 1,833 | ||||||||
2014 | $ | 1,833 | — | 173 | $ | 2,006 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes our unrecognized tax benefit activity (excluding interest and penalties) during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
Description | 2014 | 2013 | 2012 | ||||||||||||
Balance at beginning of period | $ | 65 | $ | 39 | $ | 505 | |||||||||
Increases in positions taken in a current period | 52 | 65 | 39 | ||||||||||||
Decreases due to settlements | — | (39 | ) | (202 | ) | ||||||||||
Decreases due to lapse of statute of limitations | — | — | (303 | ) | |||||||||||
Balance at end of period | $ | 117 | $ | 65 | $ | 39 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract | ||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The components of stock-based compensation for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Stock options | 236 | (245 | ) | (66 | ) | |||||||||||||||||
Restricted stock units | 2,086 | 2,043 | 1,314 | |||||||||||||||||||
Deferred directors fees | — | — | 58 | |||||||||||||||||||
Total stock-based compensation expense | 2,322 | 1,798 | 1,306 | |||||||||||||||||||
Tax benefit of stock-based compensation expense | (892 | ) | (671 | ) | (472 | ) | ||||||||||||||||
After-tax effect of stock based compensation | 1,430 | 1,127 | 834 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Based on the results of the model, the weighted-average fair value of the stock options granted during the 12-month periods ended December 31, 2014, 2013 and 2012, respectively, were $2.20, $1.79 and $1.72 per share using the following weighted average assumptions: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||||||||||
Risk-free interest rate | 1.55 | % | 1.01 | % | 0.67 | % | ||||||||||||||||
Expected volatility | 47.4 | % | 55.2 | % | 58.6 | % | ||||||||||||||||
Expected life of option | 4.9 years | 4.7 years | 4.8 years | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides additional information regarding our stock option activity for the 12 months ended December 31, 2014: | |||||||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | |||||||||||||||||||
of | Average | Average | Intrinsic Value | |||||||||||||||||||
Options | Exercise Price | Remaining | ||||||||||||||||||||
Contractual | ||||||||||||||||||||||
Life | ||||||||||||||||||||||
Outstanding on January 1, 2014 | 1,688,500 | $ | 11.88 | |||||||||||||||||||
Granted | 94,500 | 5.22 | ||||||||||||||||||||
Exercised | (60,000 | ) | 4.96 | |||||||||||||||||||
Expired or forfeited | (176,500 | ) | 13.01 | |||||||||||||||||||
Outstanding on December 31, 2014 | 1,546,500 | $ | 11.62 | 3.5 years | $ | 14 | ||||||||||||||||
Exercisable on December 31, 2014 | 1,546,500 | $ | 11.62 | 3.5 years | $ | 14 | ||||||||||||||||
The following table presents a summary of our stock option activity and related information for the years ended December 31: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Number | Weighted- | Number | Weighted- | Number | Weighted- | |||||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||||
Options | Exercise Price | Options | Exercise Price | Options | Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 1,688,500 | $ | 11.88 | 1,914,000 | $ | 11.38 | 1,902,000 | $ | 11.51 | |||||||||||||
Granted | 94,500 | 5.22 | 80,000 | 3.85 | 70,000 | 3.55 | ||||||||||||||||
Exercised | (60,000 | ) | 4.96 | (195,000 | ) | 4.16 | — | — | ||||||||||||||
Expired or forfeited | (176,500 | ) | 13.01 | (110,500 | ) | 10.93 | (58,000 | ) | 6.33 | |||||||||||||
Outstanding at end of year | 1,546,500 | $ | 11.62 | 1,688,500 | $ | 11.88 | 1,914,000 | $ | 11.38 | |||||||||||||
Exercisable at end of year | 1,546,500 | $ | 11.62 | 1,678,500 | $ | 11.92 | 1,833,500 | $ | 11.48 | |||||||||||||
Weighted-average fair value of options granted during the year | $ | 2.2 | $ | 1.79 | $ | 1.72 | ||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding at December 31, 2014: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of | Number of | Weighted- | Weighted- | Number of | Weighted- | |||||||||||||||||
Exercise Prices | Options | Average | Average | Options | Average | |||||||||||||||||
Remaining | Exercise Price | Exercise Price | ||||||||||||||||||||
Contractual Life | ||||||||||||||||||||||
$ 3.55 - $ 5.51 | 296,500 | 7.6 years | $ | 4.57 | 296,500 | $ | 4.57 | |||||||||||||||
$ 5.52 - $11.03 | 735,875 | 3.1 years | 8.94 | 735,875 | 8.94 | |||||||||||||||||
$11.04 - $22.06 | 267,250 | 1.2 years | 14.57 | 267,250 | 14.57 | |||||||||||||||||
$22.07 - $27.57 | 246,875 | 1.9 years | 24.87 | 246,875 | 24.87 | |||||||||||||||||
$ 3.55 - $27.57 | 1,546,500 | 3.5 years | $ | 11.62 | 1,546,500 | $ | 11.62 | |||||||||||||||
Schedule of Nonvested Share Activity | Non-vested stock option activity for the 12 months ended December 31, 2014 was as follows: | |||||||||||||||||||||
Non-Vested Stock | Weighted-Average | |||||||||||||||||||||
Options | Grant Date | |||||||||||||||||||||
Outstanding | Fair Value | |||||||||||||||||||||
Outstanding on January 1, 2014 | 10,000 | $ | 3.58 | |||||||||||||||||||
Granted | 94,500 | 2.2 | ||||||||||||||||||||
Vested | (104,500 | ) | 2.33 | |||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||
Outstanding on December 31, 2014 | — | — | ||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of restricted stock unit activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
Shares | Weighted Average | |||||||||||||||||||||
Grant Date | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||
Unvested restricted stock units at January 1, 2012 | 487,165 | $ | 7.59 | |||||||||||||||||||
Granted | 349,000 | 4.82 | ||||||||||||||||||||
Forfeited | (11,891 | ) | 7.15 | |||||||||||||||||||
Vested | (72,250 | ) | 8.63 | |||||||||||||||||||
Unvested restricted units at December 31, 2012 | 752,024 | 6.21 | ||||||||||||||||||||
Granted | 485,000 | 4.62 | ||||||||||||||||||||
Forfeited | (70,070 | ) | 5.58 | |||||||||||||||||||
Vested | (394,938 | ) | 2.94 | |||||||||||||||||||
Unvested restricted stock units at December 31, 2013 | 772,016 | 5.35 | ||||||||||||||||||||
Granted | 484,450 | 5.63 | ||||||||||||||||||||
Forfeited | (13,306 | ) | 5.27 | |||||||||||||||||||
Vested | (266,091 | ) | 5.84 | |||||||||||||||||||
Unvested restricted stock units at December 31, 2014 | 977,069 | 5.36 | ||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
CommitmentsAndContingenciesDisclosureTextBlockAbstract | |||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancellable operating leases that have initial or remaining lease terms in excess of one year as of December 31, 2014 are as follows: | ||||||||||||
Year of Payment | Amount | ||||||||||||
2015 | $ | 1,023 | |||||||||||
2016 | 1,025 | ||||||||||||
2017 | 735 | ||||||||||||
2018 | 375 | ||||||||||||
2019 | 366 | ||||||||||||
Thereafter | 74 | ||||||||||||
Total | $ | 3,598 | |||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | The future minimum lease income under this non-cancellable sublease as of December 31, 2014 is as follows: | ||||||||||||
Year of Payment | Amount | ||||||||||||
2015 | $ | 155 | |||||||||||
2016 | 155 | ||||||||||||
2017 | 155 | ||||||||||||
2018 | 155 | ||||||||||||
2019 | 155 | ||||||||||||
Thereafter | — | ||||||||||||
Total | $ | 775 | |||||||||||
Schedule of Product Warranty Liability | Changes in the warranty liability in 2014, 2013 and 2012 are summarized below: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Aggregate product warranty liability at beginning of year | $ | 596 | $ | 776 | $ | 313 | |||||||
Net aggregate expense (income) related to product warranties | (311 | ) | (68 | ) | 1,208 | ||||||||
Aggregate reductions for payments | (17 | ) | (112 | ) | (745 | ) | |||||||
Aggregate product warranty liability at end of year | $ | 268 | $ | 596 | $ | 776 | |||||||
Business_Segment_Geographic_an1
Business Segment, Geographic and Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SegmentReportingDisclosureTextBlockAbstract | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Information about reporting segment net sales and gross margin are provided below: | ||||||||||||||||
For the year ended December 31, 2014 | Air Pollution | FUEL CHEM | Other | Total | |||||||||||||
Control Segment | Segment | ||||||||||||||||
Revenues from external customers | $ | 42,031 | $ | 36,986 | $ | — | $ | 79,017 | |||||||||
Cost of sales | (26,586 | ) | (17,303 | ) | — | (43,889 | ) | ||||||||||
Gross margin | 15,445 | 19,683 | — | 35,128 | |||||||||||||
Selling, general and administrative | — | — | (35,432 | ) | (35,432 | ) | |||||||||||
Research and development | — | — | (1,459 | ) | (1,459 | ) | |||||||||||
Goodwill impairment | (23,400 | ) | — | — | (23,400 | ) | |||||||||||
Operating (loss) income | $ | (7,955 | ) | $ | 19,683 | $ | (36,891 | ) | $ | (25,163 | ) | ||||||
For the year ended December 31, 2013 | Air Pollution | FUEL CHEM | Other | Total | |||||||||||||
Control Segment | Segment | ||||||||||||||||
Revenues from external customers | $ | 72,552 | $ | 36,786 | $ | — | $ | 109,338 | |||||||||
Cost of sales | (45,138 | ) | (17,383 | ) | — | (62,521 | ) | ||||||||||
Gross margin | 27,414 | 19,403 | — | 46,817 | |||||||||||||
Selling, general and administrative | — | — | (36,375 | ) | (36,375 | ) | |||||||||||
Research and development | — | — | (2,442 | ) | (2,442 | ) | |||||||||||
Operating income | $ | 27,414 | $ | 19,403 | $ | (38,817 | ) | $ | 8,000 | ||||||||
For the year ended December 31, 2012 | Air Pollution | FUEL CHEM | Other | Total | |||||||||||||
Control Segment | Segment | ||||||||||||||||
Revenues from external customers | $ | 62,441 | $ | 35,203 | $ | — | $ | 97,644 | |||||||||
Cost of sales | (40,146 | ) | (16,753 | ) | — | (56,899 | ) | ||||||||||
Gross margin | 22,295 | 18,450 | — | 40,745 | |||||||||||||
Selling, general and administrative | — | — | (32,682 | ) | (32,682 | ) | |||||||||||
Research and development | — | — | (2,863 | ) | (2,863 | ) | |||||||||||
Operating income | $ | 22,295 | $ | 18,450 | $ | (35,545 | ) | $ | 5,200 | ||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Assets are those directly associated with operations of the geographic area. | ||||||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 50,901 | $ | 63,275 | $ | 70,425 | |||||||||||
Foreign | 28,116 | 46,063 | 27,219 | ||||||||||||||
$ | 79,017 | $ | 109,338 | $ | 97,644 | ||||||||||||
As of December 31, | 2014 | 2013 | |||||||||||||||
Assets: | |||||||||||||||||
United States | $ | 64,324 | $ | 83,464 | |||||||||||||
Foreign | 27,147 | 26,594 | |||||||||||||||
$ | 91,471 | $ | 110,058 | ||||||||||||||
Schedule of Quarterly Financial Information | Set forth below are the unaudited quarterly financial data for the fiscal years ended December 31, 2014 and 2013. | ||||||||||||||||
For the quarters ended | March 31 | June 30 | September 30 | December 31 | |||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 18,661 | $ | 20,190 | $ | 21,482 | $ | 18,684 | |||||||||
Cost of sales | 10,810 | 11,677 | 11,582 | 9,820 | |||||||||||||
Net (loss) income | (1,086 | ) | (720 | ) | 1,192 | (17,111 | ) | ||||||||||
Net (loss) income per common share: | |||||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.75 | ) | ||||||
Diluted | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.75 | ) | ||||||
2013 | |||||||||||||||||
Revenues | $ | 22,484 | $ | 29,092 | $ | 33,555 | $ | 24,207 | |||||||||
Cost of sales | 13,052 | 17,227 | 18,455 | 13,787 | |||||||||||||
Net (loss) income | (21 | ) | 1,236 | 3,480 | 406 | ||||||||||||
Net (loss) income per common share: | |||||||||||||||||
Basic | $ | — | $ | 0.06 | $ | 0.16 | $ | 0.02 | |||||||||
Diluted | $ | — | $ | 0.05 | $ | 0.15 | $ | 0.02 | |||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table summarizes the Company's assets measured at fair value on a non-recurring basis relating to a goodwill impairment charge recognized during 2014 for the full carrying value of goodwill in the APC technology segment, as more fully described in Note 1. | |||||||||||||||
Level 1 | Level 2 | Level 3 | Impairment Losses | Fair Value at December 31, 2014 | ||||||||||||
Goodwill | $ | — | $ | — | $ | 23,400 | $ | (23,400 | ) | $ | — | |||||
$ | — | $ | — | $ | 23,400 | $ | (23,400 | ) | $ | — | ||||||
Share_Repurchase_Program_Table
Share Repurchase Program (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
ShareRepurchaseProgramTextBlockAbstract | ||||||||||||||||
Schedule of Treasury Stock by Class | The following table summarizes our share repurchase programs since their inception: | |||||||||||||||
Period | Total Number | Average Price | Total Cost | Maximum Dollar | ||||||||||||
of Shares | Paid Per Share | Value of Shares | ||||||||||||||
Purchased | That May Yet Be | |||||||||||||||
Purchased Under | ||||||||||||||||
the Program | ||||||||||||||||
Phase One Program | ||||||||||||||||
August 25, 2011 through September 30, 2011 | 571,554 | $ | 5.89 | $ | 3,367 | $ | 2,633 | |||||||||
October 1, 2011 through December 31, 2011 | 130,160 | 5.71 | 744 | 1,889 | ||||||||||||
January 1, 2012 through March 31, 2012 | 334,636 | 5.64 | 1,889 | — | ||||||||||||
Phase Two Program | ||||||||||||||||
April 1, 2012 through June 30, 2012 | 1,124,797 | 4.7 | 5,290 | 710 | ||||||||||||
July 1, 2012 through September 30, 2012 | 145,443 | 4.88 | 710 | — | ||||||||||||
Total | 2,306,590 | $ | 5.2 | $ | 12,000 | $ | — | |||||||||
Organization_and_Significant_A3
Organization and Significant Accounting Policies (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | ||||
unit | ||||
Revenues from external customers | $79,017 | $109,338 | $97,644 | |
Treasury Stock, Shares, Acquired | 58,649 | 99,531 | ||
Revenues | 79,017 | 109,338 | 97,644 | |
Percentage Of Net Income, Foreign | 36.00% | 42.00% | 28.00% | |
Restricted Cash and Cash Equivalents | 1,639 | |||
Unbilled Contracts Receivable | 6,910 | 10,693 | ||
Number of Reportable Segments | 2 | |||
Number of Reporting Units | 2 | |||
Finite-Lived Patents, Gross | 1,583 | 1,273 | ||
Identifiable intangible assets | 5,158 | |||
Payments to Acquire Intangible Assets | 3,010 | 0 | 0 | |
Useful Life (Yrs) | 5 years | |||
Amortization of Intangible Assets | 2,384 | 839 | 898 | |
Depreciation | 1,922 | 2,175 | 2,191 | |
Stock Awards Available for Issuance Under the Incentive Plan (in shares) | 1,960,000 | |||
Options, Outstanding, Number (in shares) | 1,546,500 | 1,688,500 | 1,914,000 | 1,902,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 280,000 | |||
Available-for-sale Securities, Fair Value Disclosure | 36 | 30 | ||
Treasury Stock, Value, Acquired, Cost Method | 304 | 447 | 39 | |
Sales Revenue, Services, Net | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |
Number of Customers | 2 | 2 | 1 | |
Accounts Receivable | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | |
Number of Customers | 0 | 0 | 0 | |
Capitalized Third-party Costs | ||||
Finite-Lived Patents, Gross | 376 | 305 | ||
Minimum | ||||
Standard Product Warranty Description (in years) | 1 year | |||
Maximum | ||||
Standard Product Warranty Description (in years) | 2 years | |||
Antidilutive | ||||
Options, Outstanding, Number (in shares) | 1,628,000 | 1,623,000 | 1,507,000 | |
FUEL CHEM Segment | ||||
Revenues from external customers | 36,986 | 36,786 | 35,203 | |
Revenues | 36,986 | 36,786 | 35,203 | |
FUEL CHEM Segment | Sales Revenue, Services, Net | ||||
Concentration Risk, Percentage | 20.00% | |||
Number of Customers | 1 | |||
APC Technology Segment | Sales Revenue, Services, Net | ||||
Concentration Risk, Percentage | 11.00% | |||
Customer One | FUEL CHEM Segment | Sales Revenue, Services, Net | ||||
Concentration Risk, Percentage | 14.00% | 16.00% | ||
Customer One | APC Technology Segment | Sales Revenue, Services, Net | ||||
Concentration Risk, Percentage | 18.00% | |||
Project and Non-Project | ||||
Unbilled Contracts Receivable | 9,904 | 12,599 | ||
Foreign | ||||
Revenues from external customers | 28,116 | 46,063 | 27,219 | |
Revenues | $28,116 | $46,063 | $27,219 | |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,483,525 | 2,460,516 |
Organization_and_Significant_A4
Organization and Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at January 1 | $1,189 | $460 | $430 |
Provision charged to expense | -762 | -707 | -26 |
Write-offs / Recoveries | -366 | -446 | -216 |
Balance at December 31 | 1,922 | 1,189 | 460 |
Including Foreign Currency Translation | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Provision charged to expense | $1,099 | $1,175 | $246 |
Organization_and_Significant_A5
Organization and Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | $37 | ||||
Other comprehensive income (loss), net of tax | -485 | 429 | -773 | ||
Balance, end of period | -448 | 37 | |||
Foreign currency translation | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | 18 | -420 | |||
Other comprehensive income (loss), net of tax | -489 | [1] | 438 | [1] | |
Balance, end of period | -471 | 18 | |||
Available-for-sale marketable securities | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | 19 | 28 | |||
Other comprehensive income (loss), before tax | 4 | [2] | -14 | [2] | |
Deferred income taxes | 0 | [2] | 5 | [2] | |
Other comprehensive income (loss), net of tax | 4 | -9 | |||
Balance, end of period | $23 | $19 | |||
[1] | In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. | ||||
[2] | In all periods presented, there were no realized holding gains or losses and therefore no amounts were reclassified to earnings. |
Organization_and_Significant_A6
Organization and Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Beginning Carrying Amount | $21,051 | $21,051 | |
Acquired Goodwill | 4,465 | 0 | |
Impairment Charge | -23,400 | 0 | 0 |
Ending Carrying Amount | 2,116 | 21,051 | 21,051 |
FUEL CHEM Segment | |||
Goodwill [Roll Forward] | |||
Beginning Carrying Amount | 2,116 | 2,116 | |
Acquired Goodwill | 0 | 0 | |
Impairment Charge | 0 | 0 | |
Ending Carrying Amount | 2,116 | 2,116 | |
APC Technology Segment | |||
Goodwill [Roll Forward] | |||
Beginning Carrying Amount | 18,935 | 18,935 | |
Acquired Goodwill | 4,465 | 0 | |
Impairment Charge | -23,400 | 0 | |
Ending Carrying Amount | $0 | $18,935 |
Organization_and_Significant_A7
Organization and Significant Accounting Policies - Summary of Intangible Asset Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross Carrying Amount | 16,266 | $9,037 |
Accumulated Amortization | -5,802 | -4,732 |
Net Carrying Amount | 10,464 | 4,305 |
Customer relationships | ||
Gross Carrying Amount | 5,087 | 4,567 |
Accumulated Amortization | -2,690 | -2,541 |
Net Carrying Amount | 2,397 | 2,026 |
Trademarks and tradenames | ||
Gross Carrying Amount | 441 | 351 |
Accumulated Amortization | -293 | -219 |
Net Carrying Amount | 148 | 132 |
Patent assets | ||
Gross Carrying Amount | 2,764 | 2,388 |
Accumulated Amortization | -987 | -822 |
Net Carrying Amount | 1,777 | 1,566 |
Acquired technologies | ||
Gross Carrying Amount | 7,974 | 1,731 |
Accumulated Amortization | -1,832 | -1,150 |
Net Carrying Amount | 6,142 | $581 |
Minimum | Customer relationships | ||
Amortization Period | 4 years | |
Minimum | Trademarks and tradenames | ||
Amortization Period | 4 years | |
Minimum | Patent assets | ||
Amortization Period | 1 year | |
Minimum | Acquired technologies | ||
Amortization Period | 5 years | |
Maximum | Customer relationships | ||
Amortization Period | 15 years | |
Maximum | Trademarks and tradenames | ||
Amortization Period | 8 years | |
Maximum | Patent assets | ||
Amortization Period | 15 years | |
Maximum | Acquired technologies | ||
Amortization Period | 8 years |
Organization_and_Significant_A8
Organization and Significant Accounting Policies - Estimated Future Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
2015 | $2,072 | |
2016 | 2,020 | |
2017 | 1,695 | |
2018 | 1,530 | |
2019 | 1,247 | |
Thereafter | 1,900 | |
Net Carrying Amount | $10,464 | $4,305 |
Organization_and_Significant_A9
Organization and Significant Accounting Policies - Property and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Total cost | $35,452 | $33,104 |
Less accumulated depreciation | -21,925 | -20,077 |
Total net book value | 13,527 | 13,027 |
Land | ||
Total cost | 1,440 | 1,440 |
Building | ||
Depreciable Life | 39 years | |
Total cost | 4,535 | 4,535 |
Building and leasehold improvements | ||
Total cost | 5,115 | 4,898 |
Building and leasehold improvements | Minimum | ||
Depreciable Life | 3 years | |
Building and leasehold improvements | Maximum | ||
Depreciable Life | 39 years | |
Field equipment | ||
Total cost | 19,796 | 18,006 |
Field equipment | Minimum | ||
Depreciable Life | 3 years | |
Field equipment | Maximum | ||
Depreciable Life | 4 years | |
Computer equipment and software | ||
Total cost | 3,005 | 2,677 |
Computer equipment and software | Minimum | ||
Depreciable Life | 2 years | |
Computer equipment and software | Maximum | ||
Depreciable Life | 3 years | |
Furniture and fixtures | ||
Total cost | 1,525 | 1,512 |
Furniture and fixtures | Minimum | ||
Depreciable Life | 3 years | |
Furniture and fixtures | Maximum | ||
Depreciable Life | 10 years | |
Vehicles | ||
Depreciable Life | 5 years | |
Total cost | $36 | $36 |
Recovered_Sheet1
Organization and Significant Accounting Policies - Summary of Earnings (Loss) Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||
Basic weighted-average shares | 22,782,000 | 22,286,000 | 22,709,000 |
Conversion of unsecured loan notes | 0 | 7,000 | 7,000 |
Unexercised options and unvested restricted stock units | 0 | 286,000 | 819,000 |
Diluted weighted-average shares | 22,782,000 | 22,579,000 | 23,535,000 |
Business_Acquisitions_Narrativ
Business Acquisitions Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Dec. 31, 2014 |
PECO and FGC Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Business Combination, Acquisition Related Costs | $59 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 8,079 | |
Business Combination, Consideration Transferred | 8,250 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 391 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $562 | |
Cleveland Roll Forming Environmental Division, Inc. d/b/a PECO [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value Inputs, Discount Rate | 18.50% | |
FGC, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value Inputs, Discount Rate | 33.50% |
Business_Acquisitions_Purchase
Business Acquisitions Purchase Price (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | $5,158 | |||
Goodwill | 2,116 | 21,051 | 21,051 | |
PECO and FGC Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 2,391 | |||
Property, plant and equipment | 0 | |||
Identifiable intangible assets | 5,158 | |||
Current and long-term liabilities assumed | -3,935 | |||
Total identifiable net assets acquired | 3,614 | |||
Goodwill | 4,465 | |||
Total assets acquired | 8,079 | |||
Scenario, Previously Reported [Member] | PECO and FGC Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 2,365 | |||
Property, plant and equipment | 281 | |||
Identifiable intangible assets | 0 | |||
Current and long-term liabilities assumed | -2,035 | |||
Total identifiable net assets acquired | 611 | |||
Goodwill | 7,468 | |||
Total assets acquired | 8,079 | |||
Scenario, Adjustment [Member] | PECO and FGC Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 26 | |||
Property, plant and equipment | -281 | |||
Identifiable intangible assets | 5,158 | |||
Current and long-term liabilities assumed | -1,900 | |||
Total identifiable net assets acquired | 3,003 | |||
Goodwill | -3,003 | |||
Total assets acquired | $0 |
Business_Acquisitions_Acquired
Business Acquisitions Acquired Intangible Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Apr. 30, 2014 |
Business Acquisition [Line Items] | ||
Useful Life (Yrs) | 5 years | |
PECO and FGC Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Amount | $5,158 | |
Useful Life (Yrs) | 5 years 3 months 18 days | |
PECO and FGC Acquisitions [Member] | Order backlog [Member] | ||
Business Acquisition [Line Items] | ||
Amount | 1,172 | |
Useful Life (Yrs) | 1 year | |
PECO and FGC Acquisitions [Member] | Trademarks [Member] | ||
Business Acquisition [Line Items] | ||
Amount | 90 | |
Useful Life (Yrs) | 2 years | |
PECO and FGC Acquisitions [Member] | Customer relationships [Member] | ||
Business Acquisition [Line Items] | ||
Amount | 870 | |
Useful Life (Yrs) | 4 years | |
PECO and FGC Acquisitions [Member] | Developed technology rights [Member] | ||
Business Acquisition [Line Items] | ||
Amount | 3,230 | |
Useful Life (Yrs) | 7 years | |
PECO and FGC Acquisitions [Member] | Net assumed contractual obligations [Member] | ||
Business Acquisition [Line Items] | ||
Amount | ($204) | |
Useful Life (Yrs) | 1 year |
Business_Acquisitions_Sales_an
Business Acquisitions Sales and Earnings (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||||||
Revenues from external customers | $79,017 | $109,338 | $97,644 | ||||||||
Net income / (loss) | -25,803 | 7,865 | 5,078 | ||||||||
Basic (in dollars per share) | ($0.75) | $0.02 | $0.05 | ($0.03) | ($0.05) | $0.16 | $0.06 | $0 | ($0.78) | $0.23 | $0.12 |
Diluted (in dollars per share) | ($0.75) | $0.02 | $0.05 | ($0.03) | ($0.05) | $0.15 | $0.05 | $0 | ($0.01) | $0.23 | $0.12 |
PECO and FGC Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues from external customers | 4,193 | ||||||||||
Net income / (loss) | ($120) | ||||||||||
Basic (in dollars per share) | $0 | ||||||||||
Diluted (in dollars per share) | $0 |
Business_Acquisitions_Pro_Form
Business Acquisitions Pro Forma Data (Details) (PECO and FGC Acquisitions [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
PECO and FGC Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | $84,713 | $122,723 |
Net income / (loss) | ($15,596) | $6,508 |
Basic (in dollars per share) | ($0.68) | $0.29 |
Diluted (in dollars per share) | ($0.68) | $0.29 |
Construction_Contracts_in_Prog2
Construction Contracts in Progress (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | contract | contract |
LongTermContractsOrProgramsDisclosureTextBlockAbstract | ||
Number of Contracts | 1 | 3 |
Provision for Loss on Contracts (in Dollars) | $4 | $68 |
Construction_Contracts_in_Prog3
Construction Contracts in Progress - Summary of Contracts in Progress (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Contracts in Progress [Abstract] | ||
Costs incurred on uncompleted contracts | $92,190 | $74,242 |
Estimated earnings | 47,510 | 41,130 |
Earned revenue | 139,700 | 115,372 |
Less billings to date | -132,790 | -104,679 |
Total | 6,910 | 10,693 |
Classified as follows: | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | 9,904 | 11,899 |
Billings in excess of costs and estimated earnings on uncompleted contracts | ($2,994) | ($1,206) |
Taxation_Detail
Taxation (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax Benefit from Stock Options Exercised | $7 | $67 | $0 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 4,631 | 4,922 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | 3 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 117 | 65 | 42 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 7,294 | |||
Deferred Tax Assets, Valuation Allowance | 2,006 | 1,833 | 1,868 | 1,327 |
Fully Vested Options Expired Unexercised | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 379 | 121 | ||
Restricted Stock | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $58 | $3,255 |
Taxation_Components_of_Income_
Taxation - Components of Income (Loss) Domestic and Foreign (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income (Loss) Domestic and Foreign [Abstract] | |||
United States | ($25,142) | $6,025 | $5,655 |
Foreign | -661 | 1,840 | -577 |
(Loss) income before taxes | ($25,803) | $7,865 | $5,078 |
Taxation_Components_of_Income_1
Taxation - Components of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $158 | $1,114 | $1,529 |
State | -34 | 334 | 425 |
Foreign | 1,108 | 836 | 471 |
Total current | 1,232 | 2,284 | 2,425 |
Deferred: | |||
Federal | -7,260 | 642 | 9 |
State | -959 | -78 | 1 |
Foreign | -1,091 | -84 | -133 |
Total deferred | -9,310 | 480 | -123 |
Income tax (benefit) expense | ($8,078) | $2,764 | $2,302 |
Taxation_Income_Tax_Rate_Recon
Taxation - Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Rate Reconciliation [Abstract] | |||
Provision at the U.S. federal statutory rate | -34.00% | 34.00% | 34.00% |
State taxes, net of federal benefit | -3.60% | 1.90% | 4.20% |
Foreign tax rate differential | 0.10% | -2.50% | 0.00% |
Valuation allowance | 1.20% | 2.90% | 10.50% |
Research credits | -0.40% | -4.20% | -10.00% |
Stock-based compensation | 0.00% | -0.40% | 0.30% |
Goodwill impairment | 5.90% | 0.00% | 0.00% |
Other | -0.50% | 3.40% | 6.30% |
Income tax expense effective rate | -31.30% | 35.10% | 45.30% |
Taxation_Summary_of_Deferred_T
Taxation - Summary of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets: | ||||
Stock compensation expense | $4,631 | $4,922 | ||
Goodwill | 3,110 | 0 | ||
Intangible assets | 0 | 921 | ||
Other | 2,419 | 902 | ||
Net operating loss carryforwards | 2,006 | 1,833 | ||
Total deferred tax assets | 12,166 | 8,578 | ||
Deferred tax liabilities: | ||||
Equipment | -1,096 | -1,610 | ||
Intangible assets | -1,156 | 0 | ||
Goodwill | 0 | -3,792 | ||
Other | -306 | -925 | ||
Total deferred tax liabilities | -2,558 | -6,327 | ||
Net deferred tax asset before valuation allowance | 9,608 | 2,251 | ||
Valuation allowances for deferred tax assets | -2,006 | -1,833 | -1,868 | -1,327 |
Net deferred tax asset | $7,602 | $418 |
Taxation_Balance_Sheet_Classif
Taxation - Balance Sheet Classifications of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Classifications of Deferred Tax Assets and Liabilities [Abstract] | ||
Current assets | $1,953 | $477 |
Long-term assets (liabilities) | 5,649 | -59 |
Net deferred tax asset | $7,602 | $418 |
Taxation_Valuation_Allowances_
Taxation - Valuation Allowances (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $1,833 | $1,868 | $1,327 |
Charged to costs and expenses | 0 | 0 | 0 |
(Deductions)/Other | 173 | -35 | 541 |
Balance at end of period | $2,006 | $1,833 | $1,868 |
Taxation_Summary_of_Unrecogniz
Taxation - Summary of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $65 | $39 | $505 |
Increases in positions taken in a current period | 52 | 65 | 39 |
Decreases due to settlements | 0 | -39 | -202 |
Decreases due to lapse of statute of limitations | 0 | 0 | -303 |
Balance at end of period | $117 | $65 | $39 |
Common_Shares_Detail
Common Shares (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, Shares, Issued | 23,027,704 | 22,701,613 |
Common Stock, Shares, Outstanding | 22,860,398 | 22,592,956 |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards | ||
Common Stock, Capital Shares Reserved for Future Issuance | 4,483,525 | 2,460,516 |
Stock options | Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,546,500 | 1,678,000 |
Nil Coupon Perpetual Loan Notes | ||
Common Stock, Capital Shares Reserved for Future Issuance | 6,715 | 6,715 |
Treasury_Stock_Detail
Treasury Stock (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
TreasuryStockTextBlockAbstract | ||
Treasury stock, shares | 167,306 | 108,657 |
Treasury Stock, Value | $790 | $486 |
Nil_Coupon_NonRedeemable_Conve1
Nil Coupon Non-Redeemable Convertible Unsecured Loan Notes (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Principal Amount | $76 | $76 |
Number of Equity Instruments (in shares) | 6,715 | |
Share Price (in dollars per share) | $3.83 | |
Carrying Amount of Equity Component | $26 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Conversion Price | $6.50 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Conversion Price | $11.43 |
StockBased_Compensation_Detail
Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,960,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $2,462 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition (in years) | 1 year 9 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 60,000 | 195,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (in years) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (in years) | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $2.20 | $1.79 | $1.72 |
Share Price (in dollars per share) | $3.83 | ||
Proceeds from Stock Options Exercised | 297 | 811 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 103 | 1 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 266,091 | 394,938 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value (in Dollars per share) | 1,553 | 1,728 | |
Allocated Share-based Compensation Expense | 2,322 | 1,798 | 1,306 |
Second Anniversary of Award Date | |||
Percent of Options Vesting | 50.00% | ||
Third Anniversary of Award Date | |||
Percent of Options Vesting | 25.00% | ||
Fourth Anniversary of Award Date | |||
Percent of Options Vesting | 25.00% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (in years) | 2 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (in years) | 4 years | ||
Non-Vested Stock Options | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $2.20 | ||
The First Type of Restriced Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (in years) | 3 years | ||
The Second Type of Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (in years) | 2 years | ||
The Second Type of Restricted Stock Units | Second Anniversary of Award Date | |||
Percent of Options Vesting | 67.00% | ||
The Second Type of Restricted Stock Units | Third Anniversary of Award Date | |||
Percent of Options Vesting | 33.00% | ||
The Third Type of Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (in years) | 2 years | ||
The Third Type of Restricted Stock Units | Second Anniversary of Award Date | |||
Percent of Options Vesting | 67.00% | ||
The Third Type of Restricted Stock Units | Third Anniversary of Award Date | |||
Percent of Options Vesting | 33.00% | ||
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,462 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition (in years) | 1 year 10 months 0 days | ||
Allocated Share-based Compensation Expense | 2,086 | 2,043 | 1,314 |
Deferred directors fees | |||
Allocated Share-based Compensation Expense | $0 | $0 | $58 |
Reserved For Issuance Upon Exercise Or Vesting Of Equity Awards | |||
Common Stock, Capital Shares Reserved for Future Issuance | 4,483,525 | 2,460,516 |
StockBased_Compensation_Compon
Stock-Based Compensation - Components of Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total stock-based compensation expense | $2,322 | $1,798 | $1,306 |
Tax benefit of stock-based compensation expense | -892 | -671 | -472 |
After-tax effect of stock based compensation | 1,430 | 1,127 | 834 |
Stock options | |||
Total stock-based compensation expense | 236 | -245 | -66 |
Restricted stock units | |||
Total stock-based compensation expense | 2,086 | 2,043 | 1,314 |
Deferred directors fees | |||
Total stock-based compensation expense | $0 | $0 | $58 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted Average Fair Value Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Fair Value Assumptions [Abstract] | |||
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Risk-free interest rate (as a percent) | 1.55% | 1.01% | 0.67% |
Expected volatility (as a percent) | 47.40% | 55.20% | 58.60% |
Expected life of option (years) | 4 years 11 months 10 days | 4 years 8 months 12 days | 4 years 9 months 18 days |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Options (in shares) | |||
Outstanding at beginning of year | 1,688,500 | 1,914,000 | 1,902,000 |
Granted | 94,500 | 80,000 | 70,000 |
Exercised | -60,000 | -195,000 | 0 |
Expired or forfeited | -176,500 | -110,500 | -58,000 |
Outstanding at end of year | 1,546,500 | 1,688,500 | 1,914,000 |
Exercisable at end of year | 1,546,500 | 1,678,500 | 1,833,500 |
Weighted- Average Exercise Price (in dollars per share) | |||
Outstanding at beginning of year | $11.88 | $11.38 | $11.51 |
Granted | $5.22 | $3.85 | $3.55 |
Exercised | $4.96 | $4.16 | $0 |
Expired or forfeited | $13.01 | $10.93 | $6.33 |
Outstanding at end of year | $11.62 | $11.88 | $11.38 |
Exercisable at end of year | $11.62 | $11.92 | $11.48 |
Weighted-average fair value of options granted during the year | $2.20 | $1.79 | $1.72 |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Option Activity Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Options (in shares) | |||
Outstanding at beginning of year | 1,688,500 | 1,914,000 | 1,902,000 |
Granted | 94,500 | 80,000 | 70,000 |
Exercised | -60,000 | -195,000 | 0 |
Expired or forfeited | -176,500 | -110,500 | -58,000 |
Outstanding at end of year | 1,546,500 | 1,688,500 | 1,914,000 |
Exercisable at end of year | 1,546,500 | 1,678,500 | 1,833,500 |
Weighted- Average Exercise Price (in dollars per share) | |||
Outstanding at beginning of year | $11.88 | $11.38 | $11.51 |
Granted | $5.22 | $3.85 | $3.55 |
Exercised | $4.96 | $4.16 | $0 |
Expired or forfeited | $13.01 | $10.93 | $6.33 |
Outstanding at end of year | $11.62 | $11.88 | $11.38 |
Exercisable at end of year | $11.62 | $11.92 | $11.48 |
Weighted- Average Remaining Contractual Term (in years) | |||
Outstanding at end of year | 3 years 6 months 0 days | ||
Exercisable at end of year | 3 years 6 months 0 days | ||
Aggregate Intrinsic Value | |||
Outstanding at end of year | $14 | ||
Exercisable at end of year | $14 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Outstanding Stock Options by Exercise Price Range (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options (in shares) | 1,546,500 |
Weighted- Average Remaining Contractual Life (in years) | 3 years 6 months 0 days |
Weighted- Average Exercise Price (in dollars per share) | $11.62 |
Number of Options (in shares) | 1,546,500 |
Weighted- Average Exercise Price (in dollars per share) | $11.62 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $2.76 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $27.57 |
$ 3.55 - $ 5.51 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options (in shares) | 296,500 |
Weighted- Average Remaining Contractual Life (in years) | 7 years 7 months 15 days |
Weighted- Average Exercise Price (in dollars per share) | $4.57 |
Number of Options (in shares) | 296,500 |
Weighted- Average Exercise Price (in dollars per share) | $4.57 |
$ 3.55 - $ 5.51 | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $3.55 |
$ 3.55 - $ 5.51 | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $5.51 |
$ 5.52 - $11.03 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options (in shares) | 735,875 |
Weighted- Average Remaining Contractual Life (in years) | 3 years 1 month 0 days |
Weighted- Average Exercise Price (in dollars per share) | $8.94 |
Number of Options (in shares) | 735,875 |
Weighted- Average Exercise Price (in dollars per share) | $8.94 |
$ 5.52 - $11.03 | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $5.52 |
$ 5.52 - $11.03 | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $11.03 |
$11.04 - $22.06 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options (in shares) | 267,250 |
Weighted- Average Remaining Contractual Life (in years) | 1 year 2 months 12 days |
Weighted- Average Exercise Price (in dollars per share) | $14.57 |
Number of Options (in shares) | 267,250 |
Weighted- Average Exercise Price (in dollars per share) | $14.57 |
$11.04 - $22.06 | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $11.04 |
$11.04 - $22.06 | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $22.06 |
$22.07 - $27.57 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options (in shares) | 246,875 |
Weighted- Average Remaining Contractual Life (in years) | 1 year 11 months 5 days |
Weighted- Average Exercise Price (in dollars per share) | $24.87 |
Number of Options (in shares) | 246,875 |
Weighted- Average Exercise Price (in dollars per share) | $24.87 |
$22.07 - $27.57 | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $22.07 |
$22.07 - $27.57 | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices (in dollars per share) | $27.57 |
StockBased_Compensation_Nonves
Stock-Based Compensation - Non-vested Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Options (in shares) | |||
Outstanding at beginning of year | 1,688,500 | 1,914,000 | 1,902,000 |
Granted | 94,500 | 80,000 | 70,000 |
Outstanding at end of year | 1,546,500 | 1,688,500 | 1,914,000 |
Weighted- Average Exercise Price (in dollars per share) | |||
Granted | $2.20 | $1.79 | $1.72 |
Non-Vested Stock Options | |||
Number of Options (in shares) | |||
Outstanding at beginning of year | 10,000 | ||
Granted | 94,500 | ||
Vested | -104,500 | ||
Forfeited | 0 | ||
Outstanding at end of year | 0 | ||
Weighted- Average Exercise Price (in dollars per share) | |||
Outstanding at beginning of year | $3.58 | ||
Granted | $2.20 | ||
Vested | $2.33 | ||
Forfeited | $0 | ||
Outstanding at end of year | $0 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Unit Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shares | |||
Vested | -266,091 | -394,938 | |
Restricted Stock | |||
Shares | |||
Balance at beginning of year | 772,016 | 752,024 | 487,165 |
Granted | 484,450 | 485,000 | 349,000 |
Forfeited | -13,306 | -70,070 | -11,891 |
Vested | -266,091 | -394,938 | -72,250 |
Balance at end of year | 977,069 | 772,016 | 752,024 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $5.35 | $6.21 | $7.59 |
Granted | $5.63 | $4.62 | $4.82 |
Forfeited | $5.27 | $5.58 | $7.15 |
Vested | $5.84 | $2.94 | $8.63 |
Balance at end of year | $5.36 | $5.35 | $6.21 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases, Rent Expense | $1,041 | $1,010 | $964 |
Equipment Construction Contracts | Performance Guarantee | |||
Other Commitment | 8,620 | ||
Equipment Construction Contracts | Surety Bond | |||
Other Commitment | $12,389 | ||
Office Building | Stamford, Connecticut | |||
Area of Real Estate Property (in square feet) | 6,440 | ||
Office Building | Beijing, China | |||
Area of Real Estate Property (in square feet) | 8,000 | ||
Office Building | Durham, North Carolina | |||
Area of Real Estate Property (in square feet) | 16,000 | ||
Office Building | Gallarate, Italy | |||
Area of Real Estate Property (in square feet) | 1,300 | ||
Office Building | Westlake, Ohio | |||
Area of Real Estate Property (in square feet) | 5,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Future Operating Lease Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum Future Opertating Lease Obligations [Abstract] | |
2015 | $1,023 |
2016 | 1,025 |
2017 | 735 |
2018 | 375 |
2019 | 366 |
Thereafter | 74 |
Total | $3,598 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Future Minimum Lease Income (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Income [Abstract] | |
2015 | $155 |
2016 | 155 |
2017 | 155 |
2018 | 155 |
2019 | 155 |
Thereafter | 0 |
Total | $775 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Warranty Liability (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Warranty Liability [Abstract] | |||
Aggregate product warranty liability at beginning of year | $596 | $776 | $313 |
Net aggregate expense (income) related to product warranties | -311 | -68 | 1,208 |
Aggregate reductions for payments | -17 | -112 | -745 |
Aggregate product warranty liability at end of year | $268 | $596 | $776 |
Debt_Financing_Detail
Debt Financing (Detail) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2011 | Jun. 28, 2012 | |
USD ($) | USD ($) | Amount Available for Increase Upon Approval of Lender | Leverage Ratio | China Facility | China Facility | China Facility | China Facility | People's Bank of China Base Rate | Minimum | Maximum | Original Amount | Original Amount | ||
USD ($) | USD ($) | USD ($) | USD ($) | CNY | China Facility | USD ($) | China Facility | |||||||
CNY | ||||||||||||||
Line of Credit Facility, Expiration Date | 30-Jun-15 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $25,000,000 | $5,688,000 | 35,000,000 | $15,000,000 | 35,000,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 125.00% | 250.00% | 375.00% | |||||||||||
Short-term debt | 1,625,000 | 1,636,000 | ||||||||||||
Line of Credit Facility, Covenant Terms | 2.0:1.0 | |||||||||||||
Annual Capital Expenditure Limit | 10,000,000 | |||||||||||||
Minimum Tangible Net Worth | 50,000,000 | |||||||||||||
Percentage of Net Income (as a percent) | 50.00% | |||||||||||||
Percentage of Capital Issuances | 100.00% | |||||||||||||
Letters of Credit Outstanding, Amount | 8,284,000 | 3,478,000 | 336,000 | 646,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $6,716,000 | $11,522,000 | $3,727,000 | $3,443,000 | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||||||||
Line of Credit Facility, Interest Rate at Period End (as a percent) | 7.00% | 7.00% |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
RelatedPartyTransactionsDisclosureTextBlockAbstract | |||
Equity Method Investment, Ownership Percentage | 29.00% | ||
Revenue from Related Parties | $144 | $147 | $149 |
Due from Related Parties | $13 | $13 | $16 |
Defined_Contribution_Plan_Deta
Defined Contribution Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PensionAndOtherPostretirementBenefitsDisclosureTextBlockAbstract | |||
Defined Contribution Plan, Cost Recognized | $464 | $728 | $455 |
Business_Segment_Geographic_an2
Business Segment, Geographic and Quarterly Financial Data (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
SegmentReportingDisclosureTextBlockAbstract | |
Number of Reportable Segments | 2 |
Business_Segment_Geographic_an3
Business Segment, Geographic and Quarterly Financial Data - Reporting Segment Net Sales and Gross Margin (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from external customers | $79,017 | $109,338 | $97,644 |
Cost of sales | -43,889 | -62,521 | -56,899 |
Gross margin | 35,128 | 46,817 | 40,745 |
Selling, general and administrative | -35,432 | -36,375 | -32,682 |
Research and development | -1,459 | -2,442 | -2,863 |
Goodwill impairment | -23,400 | 0 | 0 |
Operating (loss) income | -25,163 | 8,000 | 5,200 |
Air Pollution Control Segment | |||
Revenues from external customers | 42,031 | 72,552 | 62,441 |
Cost of sales | -26,586 | -45,138 | -40,146 |
Gross margin | 15,445 | 27,414 | 22,295 |
Selling, general and administrative | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 |
Goodwill impairment | -23,400 | ||
Operating (loss) income | -7,955 | 27,414 | 22,295 |
FUEL CHEM Segment | |||
Revenues from external customers | 36,986 | 36,786 | 35,203 |
Cost of sales | -17,303 | -17,383 | -16,753 |
Gross margin | 19,683 | 19,403 | 18,450 |
Selling, general and administrative | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 |
Goodwill impairment | 0 | 0 | |
Operating (loss) income | 19,683 | 19,403 | 18,450 |
Other | |||
Revenues from external customers | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Selling, general and administrative | -35,432 | -36,375 | -32,682 |
Research and development | -1,459 | -2,442 | -2,863 |
Goodwill impairment | 0 | ||
Operating (loss) income | ($36,891) | ($38,817) | ($35,545) |
Business_Segment_Geographic_an4
Business Segment, Geographic and Quarterly Financial Data - Operations by Geographic Area (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Revenues | $79,017 | $109,338 | $97,644 |
Assets | |||
Assets: | 91,471 | 110,058 | |
United States | |||
Revenues: | |||
Revenues | 50,901 | 63,275 | 70,425 |
Assets | |||
Assets: | 64,324 | 83,464 | |
Foreign | |||
Revenues: | |||
Revenues | 28,116 | 46,063 | 27,219 |
Assets | |||
Assets: | $27,147 | $26,594 |
Business_Segment_Geographic_an5
Business Segment, Geographic and Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $18,684 | $24,207 | $21,482 | $20,190 | $18,661 | $33,555 | $29,092 | $22,484 | |||
Cost of sales | 9,820 | -13,787 | 11,582 | 11,677 | 10,810 | -18,455 | -17,227 | -13,052 | |||
Net (loss) income | ($17,111) | $406 | $1,192 | ($720) | ($1,086) | $3,480 | $1,236 | ($21) | ($17,725) | $5,101 | $2,776 |
Net (loss) income per common share: | |||||||||||
Basic | ($0.75) | $0.02 | $0.05 | ($0.03) | ($0.05) | $0.16 | $0.06 | $0 | ($0.78) | $0.23 | $0.12 |
Diluted | ($0.75) | $0.02 | $0.05 | ($0.03) | ($0.05) | $0.15 | $0.05 | $0 | ($0.01) | $0.23 | $0.12 |
Fair_Value_Detail
Fair Value (Detail) (USD $) | 8 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 |
Fair Value Disclosures [Abstract] | |||
Marketable Securities, Current | $36 | $30 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Impairment Losses | -23,400 | ||
Fair Value, Measurements, Nonrecurring | Goodwill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Impairment Losses | -23,400 | ||
Fair Value, Measurements, Nonrecurring | Intangibles | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 5,158 | ||
Impairment Losses | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | Goodwill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | Intangibles | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | Goodwill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | Intangibles | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 23,400 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Goodwill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 23,400 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Intangibles | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $5,158 |
Share_Repurchase_Program_Detai
Share Repurchase Program (Detail) (USD $) | 12 Months Ended | 13 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Aug. 31, 2011 | 31-May-11 | |
ShareRepurchaseProgramTextBlockAbstract | |||||
Stock Repurchase Program, Authorized Amount | $6,000,000 | $6,000,000 | |||
Stock Repurchased During Period, Shares (in Shares) | 2,306,590 | 2,306,590 | |||
Stock Repurchased and Retired During Period, Shares (in Shares) | 12,000 | ||||
Sales Commissions and Fees | $76,000 |
Share_Repurchase_Program_Share
Share Repurchase Program - Share Repurchase Programs (Detail) (USD $) | 12 Months Ended | 13 Months Ended | 1 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2012 |
Phase One Program | ||||||||
Total Number of Shares Purchased | 2,306,590 | 2,306,590 | ||||||
Average Price Paid Per Share | $5.20 | |||||||
Total Cost | $7,889 | $12,000 | ||||||
August 25, 2011 through September 30, 2011 | ||||||||
Phase One Program | ||||||||
Total Number of Shares Purchased | 571,554 | |||||||
Average Price Paid Per Share | $5.89 | |||||||
Total Cost | 3,367 | |||||||
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program | 2,633 | |||||||
October 1, 2011 through December 31, 2011 | ||||||||
Phase One Program | ||||||||
Total Number of Shares Purchased | 130,160 | |||||||
Average Price Paid Per Share | $5.71 | |||||||
Total Cost | 744 | |||||||
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program | 1,889 | |||||||
January 1, 2012 through March 31, 2012 | ||||||||
Phase One Program | ||||||||
Total Number of Shares Purchased | 334,636 | |||||||
Average Price Paid Per Share | $5.64 | |||||||
Total Cost | 1,889 | |||||||
April 1, 2012 through June 30, 2012 | ||||||||
Phase One Program | ||||||||
Total Number of Shares Purchased | 1,124,797 | |||||||
Average Price Paid Per Share | $4.70 | |||||||
Total Cost | 5,290 | |||||||
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program | 710 | |||||||
Period | ||||||||
Phase One Program | ||||||||
Total Number of Shares Purchased | 145,443 | |||||||
Average Price Paid Per Share | $4.88 | |||||||
Total Cost | $710 |