Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 16, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MICRONET ENERTEC TECHNOLOGIES, INC. | |
Entity Central Index Key | 854,800 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,878,721 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 964 | $ 2,361 |
Restricted cash | 4,667 | 4,135 |
Marketable securities | 5,770 | 5,643 |
Trade account receivables, net | 13,316 | 12,353 |
Inventories | 7,258 | 7,457 |
Other accounts receivable | 1,653 | 1,585 |
Total current assets | 33,628 | 33,534 |
Property and equipment, net | 1,790 | 1,816 |
Intangible assets and others, net | 3,017 | 3,297 |
Long term deposit | 29 | 30 |
Goodwill | 1,466 | 1,466 |
Total long term assets | 6,302 | 6,609 |
Total assets | 39,930 | 40,143 |
Current Liabilities: | ||
Short term bank credit and current portion of long term bank loans | 12,593 | 11,012 |
Short term credit from others and current portion of long term loans from others | 1,252 | 1,037 |
Trade accounts payable | 4,407 | 5,710 |
Other accounts payable | 2,284 | 2,484 |
Total current liabilities | 20,536 | 20,243 |
Long term loans from banks | 1,861 | 1,978 |
Long term notes | 188 | 375 |
Finance lease | 15 | 22 |
Accrued severance pay, net | 55 | 52 |
Deferred tax liabilities, net | 14 | 17 |
Total long term liabilities | $ 2,133 | $ 2,444 |
Stockholders' Equity: | ||
Preferred stock; $.001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock; $.001 par value, 25,000,000 shares authorized, 5,865,221 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | $ 6 | $ 6 |
Additional paid in capital | 7,894 | 7,812 |
Accumulated other comprehensive income (loss) | 86 | (196) |
Retained earnings | 3,478 | 3,817 |
Micronet Enertec stockholders' equity | 11,464 | 11,439 |
Non-controlling interests | 5,797 | 6,017 |
Total equity | 17,261 | 17,456 |
Total Liabilities and equity | $ 39,930 | $ 40,143 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 5,865,221 | 5,865,221 |
Common stock, shares outstanding | 5,865,221 | 5,865,221 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 6,482 | $ 5,679 |
Cost of revenues | 4,403 | 3,928 |
Gross profit | 2,079 | 1,751 |
Operating expenses: | ||
Research and development | 700 | 743 |
Selling and marketing | 358 | 469 |
General and administrative | 1,136 | 1,111 |
Amortization of intangible assets | 228 | 302 |
Total operating expenses | 2,422 | 2,625 |
Loss from operations | (343) | (874) |
Financial expenses, net | 130 | 92 |
Loss before provision for income taxes | (473) | (966) |
Provision (benefit) for income taxes | 31 | (130) |
Net loss | (504) | (836) |
Net loss attributable to non-controlling interests | (165) | (131) |
Net loss attributable to Micronet Enertec Technologies, Inc. | $ (339) | $ (705) |
Loss per share attributable to Micronet Enertec Technologies, Inc. | ||
Basic | $ (0.06) | $ (0.12) |
Weighted average common shares outstanding: | ||
Basic | 5,865,221 | 5,856,246 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net Loss | $ (504) | $ (836) |
Other comprehensive loss, net of tax: | ||
Currency translation adjustment | 228 | (201) |
Total comprehensive Loss | (276) | (1,037) |
Comprehensive income (loss) attributable to the non-controlling interests | 219 | (285) |
Comprehensive loss attributable to Micronet Enertec Technologies, Inc. | $ (57) | $ (1,322) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (504) | $ (836) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 337 | 421 |
Marketable securities | (105) | 196 |
Change in fair value of derivatives, net | (14) | (5) |
Change in deferred taxes, net | (39) | (132) |
Accrued interest and exchange rate differences on bank loans | 482 | $ (25) |
Accrued interest and exchange rate differences on loans from others | 24 | |
Stock-based compensation | 82 | $ 69 |
Decrease (increase) in trade account receivables | (882) | 1,170 |
Decrease in inventories | 240 | 158 |
Increase (decrease) in accrued severance pay, net | 3 | (4) |
Decrease in other accounts receivables | 27 | 137 |
Decrease in trade accounts payables | (1,303) | (2,443) |
Decrease in other accounts payables | (194) | (438) |
Net cash used in operating activities | (1,846) | (1,732) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (32) | (100) |
Restricted cash | (532) | 691 |
Marketable securities | (22) | (14) |
Net cash provided by (used in) investing activities | (586) | 577 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Short term bank credit | 1,419 | $ 807 |
Short term credit from others, net | 4 | |
Repayment of short term loans | (256) | |
Repayment of long term bank loans | $ (181) | $ (288) |
Repayment of long term notes | (1,000) | |
Net cash provided by (used in) financing activities | $ 986 | (481) |
NET CASH DECREASE IN CASH AND CASH EQUIVALENTS | (1,446) | (1,636) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,361 | 4,211 |
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS | 49 | (214) |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 964 | $ 2,361 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2016 | |
DESCRIPTION OF BUSINESS [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 DESCRIPTION OF BUSINESS Overview A. Micronet Enertec Technologies, Inc., a U.S.-based Delaware corporation, was formed on January 31, 2002. On March 14, 2013, we changed our corporate name from Lapis Technologies, Inc. to Micronet Enertec Technologies, Inc. (we, Micronet Enertec or the Company). We operate through two Israel-based companies, Enertec Systems 2001 Ltd (Enertec), our wholly-owned subsidiary, and Micronet Ltd (Micronet), in which we held 62.9% as of March 31, 2016 and is controlled by us. Micronet is a publicly traded company on the Tel Aviv Stock Exchange and operates in the growing commercial Mobile Resource Management (MRM) market. Micronet through both its Israeli and U.S. operational offices designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments. Micronets vehicle cabin installed and portable tablets increase workforce productivity and enhance corporate efficiency by offering computing power and communication capabilities that provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage. Micronets customers consist primarily of application service providers and solution providers specializing in the MRM market. Enertec operates in the Defense and Aerospace markets and designs, develops, manufactures and supplies various customized military computer-based systems, simulators, automatic test equipment and electronic instruments. Enertecs solutions and systems are designed according to major aerospace integrators requirements and are integrated by them into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for use by the Israeli Air Force and Navy and by foreign defense entities. B. Micronet Acquisition of Beijer U.S. Vehicle Operations On June 2, 2014, the Company, through Micronet, completed the acquisition of certain assets and liabilities (the Transaction), of Beijer Electronics Incs. (the Seller) U.S. vehicle business and operations related to the supply of panels to various transportation sectors (the Vehicle Business). The total purchase price of the Transaction was $7,105. The Vehicle Business results of operations were included in our consolidated reports commencing on the closing date. Upon the closing of the Transaction, Micronet incorporated a wholly-owned U.S.-based subsidiary in the state of Utah under the name Micronet Inc., through which the purchased business is conducted. The Transaction was financed through, among other funds, a loan granted to Micronet pursuant to a loan agreement (the Loan Agreement), entered between Micronet and the First International Bank of Israel (the Bank and the Loan, respectively). Under the Loan Agreement, the Bank loaned Micronet $4,850 for the financing of the Transaction. The purchase consideration was allocated to tangible assets and intangible assets acquired based on their estimated fair values using a purchase price allocation made by an independent third party appraisal. The fair value assigned to identifiable intangible assets acquired has been determined by using valuation methods that discount expected future cash flows to present value using estimates and assumptions determined by management. The Company determined that the fair values of assets acquired exceeded the purchase price by approximately $1,466, which is recognized as goodwill. Upon the purchase price allocation, an amount of $1,680 was allocated to technology to be amortized over a 5-year period, and an amount of $2,552 was allocated to estimated fair value of the customer relations intangible asset to be amortized over a 5-year period. The table below summarizes the estimates of the fair value of assets acquired at the purchase date. Inventories $ 1,360 Property and equipment 47 Identifiable intangible assets: Customer relations 2,552 Core technology 1,680 Goodwill 1,466 Total assets acquired $ 7,105 |
BASIS OF PRESENTATION AND CONSO
BASIS OF PRESENTATION AND CONSOLIDATION | 3 Months Ended |
Mar. 31, 2016 | |
BASIS OF PRESENTATION AND CONSOLIDATION [Abstract] | |
BASIS OF PRESENTATION AND CONSOLIDATION | NOTE 2 - BASIS OF PRESENTATION AND CONSOLIDATION Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission, or SEC. Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Companys management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2016 and the results of operations and cash flows for the periods presented. The results of operations for the periods ended March 31, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2015. The Companys accounting policies are described in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2015, and updated, as necessary, in this Quarterly Report on Form 10-Q. All the amounts included in the notes are denominated in thousand US Dollars. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Principles of consolidation The consolidated financial statements comprise the results and position of the Company and its subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. In assessing control, legal and contractual rights are taken into account. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that control is achieved until the date that control is ceased. Intercompany transactions and balances are eliminated upon consolidation. Recent Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, which revises the guidance in ASC 718, "Compensation- Stock Compensation", and will change how companies account for certain aspects of share-based payments to employees, including the income tax impact , classification on statement of cash flows and forfeitures. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its consolidated financial statements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 3 FAIR VALUE MEASUREMENTS The accounting guidance establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 Observable inputs such as quoted prices for similar instruments and quoted prices in markets that are not active, and inputs that are directly observable or can be corroborated by observable market data. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, such as treasury securities with pricing interpolated from recent trades of similar securities, or priced with models using highly observable inputs, such as commodity options priced using observable forward prices and volatilities. Level 3 Significant inputs to pricing that have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as the complex and subjective models and forecasts used to determine the fair value of financial instruments. Items carried at fair value as of March 31, 2016 and December 31, 2015, are summarized below: Fair value measurements using input type March 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 964 $ - $ - $ 964 Restricted cash 4,667 - - 4,667 Marketable securities 5,770 - - 5,770 Derivative assets - 82 - 82 Derivative liabilities - Phantom option - (27 ) - (27 ) $ 11,401 $ 55 $ - $ 11,456 Fair value measurements using input type December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,361 $ - $ - $ 2,361 Restricted cash 4,135 - - 4,135 Marketable securities 5,643 - - 5,643 Derivative liabilities - Phantom option (41 ) - (41 ) $ 12,139 $ (41 ) $ - $ 12,098 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2016 | |
INVENTORIES [Abstract] | |
INVENTORIES | NOTE 4 INVENTORIES Inventories are stated at the lower of cost or market, computed using the first-in, first-out method. Inventories consist of the following: March 31, 2016 December 31, 2015 Raw materials $ 6,515 $ 6,303 Work in process 743 1,154 $ 7,258 $ 7,457 |
SEGMENTS
SEGMENTS | 3 Months Ended |
Mar. 31, 2016 | |
SEGMENTS [Abstract] | |
SEGMENTS | NOTE 5 SEGMENTS Operating segments are based upon our internal organization structure, the manner in which our operations are managed and the availability of separate financial information. We have two operating segments: a defense and aerospace segment operated by Enertec and a mobile resource management segment operated by Micronet. The following table summarizes the financial performance of our operating segments: Three months ended March 31, 2016 Defense and aerospace Mobile resource management Consolidated Revenues from external customers $ 2,531 $ 3,951 $ 6,482 Segment operating income (loss) 159 (1)(290 ) (131 ) Non allocated expenses (212 ) Finance expenses and other (130 ) Consolidated loss before provision for income taxes $ (473 ) Three months ended March 31, 2015 Defense and aerospace Mobile resource management Consolidated Revenues from external customers $ 2,033 $ 3,646 $ 5,679 Segment operating loss (89 ) (2)(555 ) (644 ) Non allocated expenses (230 ) Finance expenses (92 ) Consolidated loss before provision for income taxes $ (966 ) (1) Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. (2) Includes $302 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 SUBSEQUENT EVENTS On May 3, 2016, Seller filed a complaint in the Superior District Court of the State of Delaware naming the Company as the defendant. The complaint alleges, among other things, that the Company breached the terms of the Asset Purchase Agreement and seeks, among other things, the payment of the termination fee equal to $250,000, plus interest as well as all costs and expenses associated with the commencement of the lawsuit. The Company rejects the claim and intends to vigorously defend against the claims in the litigation. |
BASIS OF PRESENTATION AND CON13
BASIS OF PRESENTATION AND CONSOLIDATION (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission, or SEC. Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Companys management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2016 and the results of operations and cash flows for the periods presented. The results of operations for the periods ended March 31, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2015. The Companys accounting policies are described in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2015, and updated, as necessary, in this Quarterly Report on Form 10-Q. All the amounts included in the notes are denominated in thousand US Dollars. |
Use of Estimate | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of consolidation The consolidated financial statements comprise the results and position of the Company and its subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. In assessing control, legal and contractual rights are taken into account. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that control is achieved until the date that control is ceased. Intercompany transactions and balances are eliminated upon consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, which revises the guidance in ASC 718, "Compensation- Stock Compensation", and will change how companies account for certain aspects of share-based payments to employees, including the income tax impact , classification on statement of cash flows and forfeitures. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017, for public companies. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its consolidated financial statements. |
DESCRIPTION OF BUSINESS (Tables
DESCRIPTION OF BUSINESS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
DESCRIPTION OF BUSINESS [Abstract] | |
Schedule of Assets Acquired | Inventories $ 1,360 Property and equipment 47 Identifiable intangible assets: Customer relations 2,552 Core technology 1,680 Goodwill 1,466 Total assets acquired $ 7,105 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Schedule of Fair Value Measurements | Fair value measurements using input type March 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 964 $ - $ - $ 964 Restricted cash 4,667 - - 4,667 Marketable securities 5,770 - - 5,770 Derivative assets - 82 - 82 Derivative liabilities - Phantom option - (27 ) - (27 ) $ 11,401 $ 55 $ - $ 11,456 Fair value measurements using input type December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,361 $ - $ - $ 2,361 Restricted cash 4,135 - - 4,135 Marketable securities 5,643 - - 5,643 Derivative liabilities - Phantom option (41 ) - (41 ) $ 12,139 $ (41 ) $ - $ 12,098 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
INVENTORIES [Abstract] | |
Schedule of Inventories | March 31, 2016 December 31, 2015 Raw materials $ 6,515 $ 6,303 Work in process 743 1,154 $ 7,258 $ 7,457 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
SEGMENTS [Abstract] | |
Schedule of Operating Segments | Three months ended March 31, 2016 Defense and aerospace Mobile resource management Consolidated Revenues from external customers $ 2,531 $ 3,951 $ 6,482 Segment operating income (loss) 159 (1)(290 ) (131 ) Non allocated expenses (212 ) Finance expenses and other (130 ) Consolidated loss before provision for income taxes $ (473 ) Three months ended March 31, 2015 Defense and aerospace Mobile resource management Consolidated Revenues from external customers $ 2,033 $ 3,646 $ 5,679 Segment operating loss (89 ) (2)(555 ) (644 ) Non allocated expenses (230 ) Finance expenses (92 ) Consolidated loss before provision for income taxes $ (966 ) (1) Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. (2) Includes $302 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. |
DESCRIPTION OF BUSINESS (Narrat
DESCRIPTION OF BUSINESS (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Jun. 02, 2014 | Mar. 31, 2016 | |
Micronet Limited [Member] | ||
Business Acquisition [Line Items] | ||
Ownership percentage | 62.90% | |
Vehicle Business [Member] | ||
Business Acquisition [Line Items] | ||
Receipt of long term loans from banks | $ 4,850 | |
Goodwill | 1,466 | |
Purchase price | 7,105 | |
Vehicle Business [Member] | Technology-Based Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 1,680 | |
Amortization period | 5 years | |
Vehicle Business [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 2,552 | |
Amortization period | 5 years |
DESCRIPTION OF BUSINESS (Schedu
DESCRIPTION OF BUSINESS (Schedule of Assets Acquired) (Details) - Vehicle Business [Member] $ in Thousands | Jun. 02, 2014USD ($) |
Business Acquisition [Line Items] | |
Inventories | $ 1,360 |
Property and equipment | 47 |
Goodwill | 1,466 |
Total assets acquired | 7,105 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 2,552 |
Technology-Based Intangible Assets [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 1,680 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 964 | $ 2,361 |
Restricted cash | 4,667 | 4,135 |
Marketable securities | 5,770 | 5,643 |
Derivative asset | 82 | |
Derivative liability - phantom option | (27) | (41) |
Financial assets and liabilities measured at fair value | 11,456 | 12,098 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 964 | 2,361 |
Restricted cash | 4,667 | 4,135 |
Marketable securities | $ 5,770 | $ 5,643 |
Derivative asset | ||
Derivative liability - phantom option | ||
Financial assets and liabilities measured at fair value | $ 11,401 | $ 12,139 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Restricted cash | ||
Marketable securities | ||
Derivative asset | $ 82 | |
Derivative liability - phantom option | (27) | $ (41) |
Financial assets and liabilities measured at fair value | $ 55 | $ (41) |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Restricted cash | ||
Marketable securities | ||
Derivative asset | ||
Derivative liability - phantom option | ||
Financial assets and liabilities measured at fair value |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
INVENTORIES [Abstract] | ||
Raw materials | $ 6,515 | $ 6,303 |
Work in process and finished product | 743 | 1,154 |
Inventories | $ 7,258 | $ 7,457 |
SEGMENT REPORTING (Schedule of
SEGMENT REPORTING (Schedule of Segment Reporting) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | $ (343) | $ (874) | ||
Consolidated loss before provision for income taxes | (473) | (966) | ||
Amortization of intangible assets | 228 | 302 | ||
Defense And Aerospace [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 2,531 | 2,033 | ||
Segment operating income (loss) | 159 | (89) | ||
Mobile Resource Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 3,951 | 3,646 | ||
Segment operating income (loss) | (290) | [1] | (555) | [2] |
Amortization of intangible assets | 228 | 302 | ||
Consolidated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 6,482 | 5,679 | ||
Segment operating income (loss) | (131) | (644) | ||
Non allocated expenses | (212) | (230) | ||
Finance expenses, net | (130) | (92) | ||
Consolidated loss before provision for income taxes | $ (473) | $ (966) | ||
[1] | Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. | |||
[2] | Includes $302 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | May. 03, 2016USD ($) |
Subsequent Event [Member] | |
Termination fee | $ 250,000 |