Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Oct. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SYPRIS SOLUTIONS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 20,510,077 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000864240 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Net revenue: | ' | ' | ' | ' |
Outsourced services | $82,417,000 | $66,237,000 | $242,170,000 | $212,693,000 |
Products | 7,787,000 | 10,041,000 | 25,391,000 | 24,162,000 |
Total net revenue | 90,204,000 | 76,278,000 | 267,561,000 | 236,855,000 |
Cost of sales: | ' | ' | ' | ' |
Outsourced services | 74,965,000 | 60,589,000 | 216,762,000 | 193,179,000 |
Products | 7,030,000 | 8,428,000 | 21,199,000 | 20,003,000 |
Total cost of sales | 81,995,000 | 69,017,000 | 237,961,000 | 213,182,000 |
Gross profit | 8,209,000 | 7,261,000 | 29,600,000 | 23,673,000 |
Selling, general and administrative | 8,273,000 | 7,689,000 | 25,406,000 | 22,445,000 |
Research and development | 116,000 | 547,000 | 277,000 | 2,843,000 |
Amortization of intangible assets | 0 | 0 | 0 | 30,000 |
Impairment of goodwill | 0 | 0 | 0 | 6,900,000 |
Operating (loss) income | -180,000 | -975,000 | 3,917,000 | -8,545,000 |
Interest expense, net | 179,000 | 124,000 | 466,000 | 390,000 |
Other (income) expense, net | -397,000 | 38,000 | -850,000 | -1,416,000 |
Income (loss) before taxes | 38,000 | -1,137,000 | 4,301,000 | -7,519,000 |
Income tax expense | 1,197,000 | 858,000 | 3,438,000 | 2,429,000 |
Net (loss) income | ($1,159,000) | ($1,995,000) | $863,000 | ($9,948,000) |
(Loss) income per share: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.06) | ($0.10) | $0.04 | ($0.52) |
Diluted (in Dollars per share) | ($0.06) | ($0.10) | $0.04 | ($0.52) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 19,612 | 19,373 | 19,564 | 19,303 |
Diluted (in Shares) | 19,612 | 19,373 | 19,607 | 19,303 |
Dividends declared per common share (in Dollars per share) | $0.02 | $0.02 | $0.06 | $0.06 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Net (loss) income | ($1,159) | ($1,995) | $863 | ($9,948) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -657 | 63 | -558 | 515 |
Total comprehensive (loss) income | ($1,816) | ($1,932) | $305 | ($9,433) |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $19,261 | $18,674 |
Accounts receivable, net | 61,597 | 38,533 |
Inventory, net | 35,490 | 34,422 |
Other current assets | 6,515 | 5,403 |
Total current assets | 122,863 | 97,032 |
Property, plant and equipment, net | 40,708 | 44,683 |
Other assets | 4,266 | 4,568 |
Total assets | 167,837 | 146,283 |
Current liabilities: | ' | ' |
Accounts payable | 59,686 | 36,684 |
Accrued liabilities | 23,007 | 23,806 |
Total current liabilities | 82,693 | 60,490 |
Long-term debt | 25,000 | 24,000 |
Other liabilities | 4,342 | 5,541 |
Total liabilities | 112,035 | 90,031 |
Stockholders’ equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 206 | 204 |
Additional paid-in capital | 151,029 | 150,569 |
Retained deficit | -77,140 | -76,786 |
Accumulated other comprehensive loss | -18,292 | -17,734 |
Treasury stock, 69,692 and 48,358 shares in 2014 and 2013, respectively | -1 | -1 |
Total stockholders’ equity | 55,802 | 56,252 |
Total liabilities and stockholders’ equity | 167,837 | 146,283 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock | $0 | $0 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 975,150 | 975,150 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 20,591,541 | 20,448,007 |
Common stock, shares outstanding | 20,521,849 | 20,399,649 |
Treasury stock | 69,692 | 48,358 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 24,850 | 24,850 |
Preferred stock, shares issued | 0 | 0 |
Nonvoting Common Stock [Member] | ' | ' |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 0 |
Consolidated_Cash_Flow_Stateme
Consolidated Cash Flow Statements (Unaudited) (USD $) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $863,000 | ($9,948,000) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 7,987,000 | 9,355,000 |
Stock-based compensation expense | 1,235,000 | 1,452,000 |
Deferred revenue recognized | -6,493,000 | -6,000,000 |
Deferred loan costs recognized | 58,000 | 58,000 |
Gain on sale of assets | -4,000 | -1,645,000 |
Provision for excess and obsolete inventory | 897,000 | 1,021,000 |
Goodwill impairment | 0 | 6,900,000 |
Other noncash items | -135,000 | 549,000 |
Contributions to pension plans | -907,000 | -477,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -23,041,000 | -7,931,000 |
Inventory | -1,955,000 | -4,656,000 |
Other current assets | -835,000 | 535,000 |
Accounts payable | 22,993,000 | 9,888,000 |
Accrued and other liabilities | 5,376,000 | 31,000 |
Net cash provided by (used in) operating activities | 6,039,000 | -868,000 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, net | -4,462,000 | -3,092,000 |
Proceeds from sale of assets | 8,000 | 2,265,000 |
Net cash used in investing activities | -4,454,000 | -827,000 |
Cash flows from financing activities: | ' | ' |
Net change in debt under revolving credit agreements | 1,000,000 | -5,974,000 |
Common stock repurchases | -357,000 | -9,000 |
Indirect repurchase of shares of minimum statutory tax withholdings | -420,000 | -565,000 |
Cash dividends paid | -1,225,000 | -808,000 |
Proceeds from issuance of common stock | 4,000 | 0 |
Net cash used in financing activities | -998,000 | -7,356,000 |
Net increase (decrease) in cash and cash equivalents | 587,000 | -9,051,000 |
Cash and cash equivalents at beginning of period | 18,674,000 | 18,664,000 |
Cash and cash equivalents at end of period | $19,261,000 | $9,613,000 |
Note_1_Nature_of_Business
Note 1 - Nature of Business | 9 Months Ended | |
Sep. 28, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
-1 | Nature of Business | |
All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of outsourced services and specialty products. The Company performs a wide range of manufacturing, engineering, design, and other technical services, typically under multi-year, sole-source contracts with corporations and government agencies in the markets for truck components and assemblies and aerospace and defense electronics. The Company provides such services through its Industrial and Electronics Groups (see Note 12 “Segment Data” to the consolidated financial statements). |
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 9 Months Ended | |
Sep. 28, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | |
-2 | Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries, and have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission. The Company’s operations are domiciled in the United States (U.S.), Mexico, Denmark and the United Kingdom (“U.K.”) and serve a variety of domestic and international customers. All intercompany transactions and accounts have been eliminated. These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not misleading. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Actual results for the three and nine months ended September 28, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2013 as presented in the Company’s Annual Report on Form 10-K. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 28, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |
-3 | Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which states that entities should present the unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss (“NOL”) or similar tax loss or tax credit carryforward rather than as a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law. The Company will be required to adopt this new standard on a prospective basis in the first interim reporting period of fiscal 2015, though early adoption is permitted as is a retrospective application. We do not anticipate that the adoption of this standard will have a material effect on the Company’s results of operations, financial position or cash flows. | ||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU supersedes the revenue recognition requirements in “Accounting Standard Codification 605 - Revenue Recognition” and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its results of operations, financial position and cash flows. |
Note_4_Customer_Contract_Negot
Note 4 - Customer Contract Negotiations | 9 Months Ended | |
Sep. 28, 2014 | ||
Risks and Uncertainties [Abstract] | ' | |
Concentration Risk Disclosure [Text Block] | ' | |
-4 | Customer Contract Negotiations | |
Our supply agreement with Dana Holding Corporation (“Dana”) expires on December 31, 2014, and our supply agreements with Meritor, Inc. (“Meritor”) expire on December 31, 2014 and May 2, 2015. For the nine months ended September 28, 2014, Dana and Meritor represented approximately 59% and 16% of our net revenue, respectively. | ||
In July 2013, Sypris and Dana signed an amended and restated supply agreement, the binding effect of which is currently in dispute. Dana has repudiated this agreement and purported to exercise its rights under the parties’ prior agreement to begin exploring alternative supply relationships with third parties, including the right to sign new supply agreements, authorize tooling expenditures and engage in certain production part approval processes (“PPAP”) with respect to the goods currently supplied by Sypris. Sypris disputes Dana’s ability to exercise such rights. | ||
The parties have also asserted various damages claims against each other arising out of their prior supply agreement and have sought the assistance of a mediator and an arbitrator in connection with these disputes. Dana initiated an ancillary action in Ohio state court challenging the arbitrability of the existence and enforceability of the amended and restated supply agreement on January 17, 2014. The parties have conducted discovery; an arbitration hearing has been scheduled for January 2015, and a trial in the Ohio court has been scheduled for March 2015. In addition, Dana has notified us that it intends to terminate its supply relationship with us effective December 31, 2014 and to transition over 2,000 active part numbers, which we currently manufacture for Dana, to alternative suppliers at the expiration date of the original supply agreement. While we continue to communicate with Dana on a variety of potential resolutions to this dispute, we believe that it is unlikely that the arbitration or the Ohio state court action will be resolved prior to December 31, 2014. The failure to resolve this dispute with Dana on acceptable terms would have a material adverse effect on our financial condition and financial performance. Even if we prevail on the merits in the arbitration or litigation proceedings, there can be no assurance as to the size or timing of any monetary damages awarded, we may be unable to continue our supply relationship with Dana or we could continue our supply relationship with significantly reduced volumes or prices, any of which could have a material adverse effect on our financial condition and financial performance. | ||
In addition, the failure to enter into an agreement with Meritor on acceptable terms, or the entry into agreements for fewer products or reduced volumes or prices would have a material adverse effect on our financial condition and financial performance. | ||
The Company is exploring alternatives to address the various range of potential outcomes for both the Dana and Meritor supply agreements, including the complete or partial renewal of either or both supply relationships, pursuing new business opportunities with existing and potential customers, identifying alternative uses for the related assets and certain other contingency plans. The Company expects to have plans established and initiated prior to December 31, 2014 to mitigate the impact of the potential loss of a significant amount of business and to support the Company’s operations and provide sufficient liquidity to finance its operations for at least the next 12 months. However, there can be no assurance that our plans to mitigate the loss and to provide sufficient liquidity will be successful. |
Note_5_Goodwill
Note 5 - Goodwill | 9 Months Ended | |
Sep. 28, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Goodwill Disclosure [Text Block] | ' | |
-5 | Goodwill | |
Goodwill is tested for impairment annually as of December 31 or more frequently if impairment indicators arise. If impairment indicators arise, a step one assessment is performed to identify any possible goodwill impairment in the period in which the indicator is identified. Beginning in March 2013, we noted certain indicators relating to our Electronics Group reporting unit that were significant enough to conclude that an impairment indicator existed as of March 31, 2013. Specifically, the Company experienced emerging uncertainty regarding certain key programs within the Electronics Group’s space business beginning in the latter part of the first quarter of 2013, as one key customer communicated its strategic sourcing decision to begin insourcing programs that had been previously outsourced to the Electronics Group. As a result, the Electronics Group’s short term revenue forecasts were materially affected. Further, the Company experienced a decline in the market value of its equity subsequent to March 31, 2013. | ||
The first step of the impairment test indicated that the estimated fair value for the Electronics Group was less than its carrying value as of March 31, 2013. We performed step two of the impairment test and determined that the implied goodwill for the reporting unit was lower than its value as of March 31, 2013. As a result, a non-cash impairment charge of $6,900,000 was recorded during the three months ended March 31, 2013 to impair the goodwill associated with the Electronics Group reporting unit. The impairment charge has been presented separately in the consolidated statement of operations and fully impairs the carrying amount of goodwill related to the Electronics Group. The fair value of the Electronics Group and the assets and liabilities identified in the step two impairment test were determined using a combination of the income approach and the market approach, which are Level 3 and Level 2 inputs, respectively. |
Note_6_Milestone_Revenue_Recog
Note 6 - Milestone Revenue Recognition | 9 Months Ended | |
Sep. 28, 2014 | ||
Milestone Revenue Recognition [Abstract] | ' | |
Milestone Revenue Recognition [Text Block] | ' | |
-6 | Milestone Revenue Recognition | |
The Company periodically enters into research and development contracts with customers related primarily to key encryption products. When the contracts provide for milestone or other interim payments, the Company will recognize revenue under the milestone method in accordance with Accounting Standards Codification (“ASC”) 605-28, Revenue Recognition – Milestone Method. The Company had one contract in process as of September 28, 2014 being accounted for under the milestone method. The milestone method requires the Company to deem all milestone payments within each contract as either substantive or non-substantive. That conclusion is determined based upon a thorough review of each contract and the deliverables to which the Company has committed in each contract. For substantive milestones, the Company concludes that upon achievement of each milestone, the amount of the corresponding defined payment is commensurate with the effort required to achieve such milestone or the value of the delivered item. The payment associated with each milestone relates solely to past performance and is deemed reasonable upon consideration of the deliverables and the payment terms within the contract. Milestones may include, for example, the successful completion of design review or technical review, the submission and acceptance of technical drawings, delivery of hardware, software or regulatory agency certifications. All milestones under the contract in process as of September 28, 2014 were deemed substantive. During the three and nine months ended September 28, 2014, revenue recognized through the achievement of multiple milestones amounted to $75,000 and $2,375,000, respectively. During the three and nine months ended September 29, 2013, revenue recognized through the achievement of milestones amounted to $150,000. There are no performance, cancellation, termination or refund provisions in the arrangement that contain material financial consequences to the Company. |
Note_7_Dana_Claim
Note 7 - Dana Claim | 9 Months Ended | |
Sep. 28, 2014 | ||
Extraordinary and Unusual Items [Abstract] | ' | |
Extraordinary Items Disclosure [Text Block] | ' | |
-7 | Dana Claim | |
On March 3, 2006, Dana and 40 of its U.S. subsidiaries, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. On August 7, 2007, the Company entered into a comprehensive settlement agreement with Dana to resolve all outstanding disputes between the parties, terminate previously approved arbitration payments and replace three existing supply agreements with a single, revised contract running through 2014. In addition, Dana provided the Company with an allowed general unsecured non-priority claim in the face amount of $89,900,000 (the “Claim”). | ||
The Claim provided to the Company was agreed to by the Company and Dana as consideration for the aggregate economic impact of the various elements the two parties were negotiating. After the aggregate Claim value of $89,900,000 was established, the Company recorded the claim at the estimated fair value of $76,483,000 and allocated the estimated fair value to each commercial issue negotiated. The revenues and resulting net income associated with each of those issues requiring the Company’s continued involvement was deferred and recognized over the applicable period of the involvement. For the nine months ended September 28, 2014 and September 29, 2013, the Company recognized into revenue $6,493,000 and $6,000,000, respectively, related to the Claim. The Claim will be fully amortized as of December 31, 2014. |
Note_8_Other_Income_Expense_Ne
Note 8 - Other (Income) Expense, Net | 9 Months Ended | |
Sep. 28, 2014 | ||
Other Income and Expenses [Abstract] | ' | |
Other Income and Other Expense Disclosure [Text Block] | ' | |
-8 | Other (Income) Expense, Net | |
During the nine months ended September 28, 2014, the Company recognized net gains of $714,000 within the Industrial Group from the receipt of federal grant funds for improvements made under a flood relief program. Additionally, the Company recognized foreign currency related gains of $314,000 and $219,000 for the three and nine months ended September 28, 2014, respectively, related to the U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency. For the three and nine months ended September 29, 2013, the Company recognized net losses of $37,000 and net gains of $1,645,000, respectively, related to the disposition of idle assets and foreign currency related losses of $69,000 and $455,000, respectively. These gains and losses are included in other (income) expense, net on the consolidated statements of operations. |
Note_9_Earnings_Loss_Per_Commo
Note 9 - Earnings (Loss) Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
-9 | Earnings (Loss) Per Common Share | ||||||||||||||||
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends. | |||||||||||||||||
Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. There were 786,000 potential common shares excluded from diluted earnings per share for the nine months ended September 28, 2014. For the three months ended September 28, 2014 and for the three and nine months ended September 29, 2013, diluted weighted average common shares does not include the impact of outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive. | |||||||||||||||||
A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted earnings (loss) per common share is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
(Loss) income attributable to stockholders: | |||||||||||||||||
Net (loss) income as reported | $ | (1,159 | ) | $ | (1,995 | ) | $ | 863 | $ | (9,948 | ) | ||||||
Less dividends declared attributable to restricted award holders | (15 | ) | (12 | ) | (46 | ) | (35 | ) | |||||||||
Net income (loss) allocable to common stockholders | $ | (1,174 | ) | $ | (2,007 | ) | $ | 817 | $ | (9,983 | ) | ||||||
Income (loss) per common share attributable to stockholders: | |||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.10 | ) | $ | 0.04 | $ | (0.52 | ) | ||||||
Diluted | $ | (0.06 | ) | $ | (0.10 | ) | $ | 0.04 | $ | (0.52 | ) | ||||||
Weighted average shares outstanding – basic | 19,612 | 19,373 | 19,564 | 19,303 | |||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 0 | 43 | 0 | |||||||||||||
Weighted average shares outstanding – diluted | 19,612 | 19,373 | 19,607 | 19,303 | |||||||||||||
Note_10_Inventory
Note 10 - Inventory | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
-10 | Inventory | ||||||||
Inventory consisted of the following (in thousands): | |||||||||
September 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Raw materials | $ | 20,577 | $ | 19,372 | |||||
Work in process | 16,387 | 16,436 | |||||||
Finished goods | 5,260 | 5,017 | |||||||
Reserve for excess and obsolete inventory | (6,734 | ) | (6,403 | ) | |||||
$ | 35,490 | $ | 34,422 | ||||||
Note_11_Property_Plant_and_Equ
Note 11 - Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
-11 | Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following (in thousands): | |||||||||
September 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Land and land improvements | $ | 2,952 | $ | 2,999 | |||||
Buildings and building improvements | 26,548 | 26,053 | |||||||
Machinery, equipment, furniture and fixtures | 164,148 | 161,207 | |||||||
Construction in progress | 2,149 | 2,133 | |||||||
195,797 | 192,392 | ||||||||
Accumulated depreciation | (155,089 | ) | (147,709 | ) | |||||
$ | 40,708 | $ | 44,683 | ||||||
The Industrial Group performed an asset recoverability test for its fixed asset group totaling approximately $36,016,000 of carrying value as of September 28, 2014. The Company concluded that the undiscounted sum of estimated future cash flows exceeded the carrying value for such asset group, and accordingly, no impairment was recognized. Additionally, the Company received fair market value appraisals for the Industrial Group’s personal property from an independent third party during the third quarter of 2014, which exceeds the carrying value for the Industrial Group’s fixed asset group as of September 28, 2014. |
Note_12_Segment_Data
Note 12 - Segment Data | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
-12 | Segment Data | ||||||||||||||||
The Company is organized into two business groups, the Industrial Group and the Electronics Group. The segments are each managed separately because of the distinctions between products, services, markets, customers, technologies and workforce skills of the segments. The Industrial Group provides manufacturing services for a variety of customers that outsource forged and finished steel components and subassemblies. The Industrial Group also manufactures high-pressure closures and other fabricated products. The Electronics Group provides manufacturing and technical services as an outsourced service provider to and manufactures complex data storage systems for customers in the market for aerospace and defense electronics. There was no intersegment net revenue recognized in any of the periods presented. | |||||||||||||||||
The following table presents financial information for the reportable segments of the Company (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Net revenue from unaffiliated customers: | |||||||||||||||||
Industrial Group | $ | 82,555 | $ | 66,650 | $ | 242,104 | $ | 212,231 | |||||||||
Electronics Group | 7,649 | 9,628 | 25,457 | 24,624 | |||||||||||||
$ | 90,204 | $ | 76,278 | $ | 267,561 | $ | 236,855 | ||||||||||
Gross profit (loss): | |||||||||||||||||
Industrial Group | $ | 9,299 | $ | 7,417 | $ | 31,836 | $ | 24,385 | |||||||||
Electronics Group | (1,090 | ) | (156 | ) | (2,236 | ) | (712 | ) | |||||||||
$ | 8,209 | $ | 7,261 | $ | 29,600 | $ | 23,673 | ||||||||||
Operating income (loss): | |||||||||||||||||
Industrial Group | $ | 5,373 | $ | 4,628 | $ | 20,526 | $ | 15,989 | |||||||||
Electronics Group | (3,645 | ) | (3,521 | ) | (9,890 | ) | (18,116 | ) | |||||||||
General, corporate and other | (1,908 | ) | (2,082 | ) | (6,719 | ) | (6,418 | ) | |||||||||
$ | (180 | ) | $ | (975 | ) | $ | 3,917 | $ | (8,545 | ) | |||||||
September 28, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
Total assets: | |||||||||||||||||
Industrial Group | $ | 119,396 | $ | 100,593 | |||||||||||||
Electronics Group | 30,509 | 29,689 | |||||||||||||||
General, corporate and other | 17,932 | 16,001 | |||||||||||||||
$ | 167,837 | $ | 146,283 | ||||||||||||||
Note_13_Commitments_and_Contin
Note 13 - Commitments and Contingencies | 9 Months Ended | |
Sep. 28, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
-13 | Commitments and Contingencies | |
The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets as of September 28, 2014 and December 31, 2013, was $1,035,000 and $1,439,000, respectively. The Company’s warranty expense for the nine months ended September 28, 2014 and September 29, 2013 was $108,000 and $579,000, respectively. | ||
Additionally, the Company sells three and five-year extended warranties for one of its link encryption products. The revenue from the extended warranties is deferred and recognized ratably over the contractual term. As of September 28, 2014 and December 31, 2013, the Company had deferred $938,000 and $1,567,000, respectively, related to extended warranties. | ||
The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third-party plan administrators, historical claims experience, expected costs of claims incurred but not paid, and expected costs to settle unpaid claims. The Company monitors its estimated insurance-related liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated results of operations and financial condition. The Company believes that its present insurance coverage and level of accrued liabilities are adequate. | ||
The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company. | ||
As of September 28, 2014, the Company had outstanding purchase commitments of approximately $7,232,000, primarily for the acquisition of inventory and manufacturing equipment. As of September 28, 2014, the Company also had outstanding letters of credit of $768,000 primarily under the aforementioned captive insurance program. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 9 Months Ended | |
Sep. 28, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
-14 | Income Taxes | |
The provision for income taxes includes federal, state, local and foreign taxes. The Company’s effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 35% and for its foreign operations at a statutory rate of 30% in 2014 and 2013. The Company’s foreign operations were also subject to minimum income taxes in periods prior to 2014 where positive cash flows exceeded taxable income. Reconciling items between the federal statutory rate and the effective tax rate also include the expected usage of federal net operating loss carryforwards, state income taxes, valuation allowances and certain other permanent differences. | ||
The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, Income Taxes. These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of assets or liabilities are recovered or settled. ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company evaluates its deferred tax position on a quarterly basis and valuation allowances are provided as necessary. During this evaluation, the Company reviews its forecast of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred tax assets to determine if a valuation allowance is needed. Based on its current forecast, the Company has established a valuation allowance against the domestic net deferred tax asset. Until an appropriate level and characterization of profitability is attained, the Company expects to continue to maintain a valuation allowance on its net deferred tax assets related to future U.S. and certain non-U.S. tax benefits. | ||
The Company expects to repatriate available non-U.S. cash holdings in 2014 and 2015 to support management’s strategic objectives and fund ongoing U.S. operational cash flow requirements; therefore current earnings from non-U.S. operations are not treated as permanently reinvested. The U.S. income tax expense recorded in 2014 on these non-U.S. earnings is expected to be offset by the benefit of a partial release of a valuation allowance on U.S. net operating loss carryforwards. Should the U.S. valuation allowance be released at some future date, the U.S. tax expense on foreign earnings not permanently reinvested might have a material effect on our effective tax rate. For the year ending December 31, 2014, the Company expects any additional tax expense from non-U.S. withholding and other taxes expected to be incurred on repatriation of current earnings would not be material. |
Note_15_Employee_Benefit_Plans
Note 15 - Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
-15 | Employee Benefit Plans | ||||||||||||||||
Pension expense (benefit) consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Service cost | $ | 3 | $ | 6 | $ | 9 | $ | 18 | |||||||||
Interest cost on projected benefit obligation | 447 | 413 | 1,342 | 1,239 | |||||||||||||
Net amortizations, deferrals and other costs | 133 | 206 | 398 | 618 | |||||||||||||
Expected return on plan assets | (599 | ) | (631 | ) | (1,798 | ) | (1,892 | ) | |||||||||
$ | (16 | ) | $ | (6 | ) | $ | (49 | ) | $ | (17 | ) | ||||||
Note_16_Accumulated_Other_Comp
Note 16 - Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||
-16 | Accumulated Other Comprehensive Loss | ||||||||
The Company’s accumulated other comprehensive loss consists of employee benefit-related adjustments and foreign currency translation adjustments. | |||||||||
Accumulated other comprehensive loss consisted of the following (in thousands): | |||||||||
September 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Foreign currency translation adjustments | $ | (4,993 | ) | $ | (4,435 | ) | |||
Employee benefit related adjustments – U.S. | (12,996 | ) | (12,996 | ) | |||||
Employee benefit related adjustments – Mexico | (303 | ) | (303 | ) | |||||
Accumulated other comprehensive loss | $ | (18,292 | ) | $ | (17,734 | ) | |||
Note_17_Fair_Value_of_Financia
Note 17 - Fair Value of Financial Instruments | 9 Months Ended | |
Sep. 28, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | |
-17 | Fair Value of Financial Instruments | |
Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount, which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at September 28, 2014 and December 31, 2013 under the Company’s credit facility entered into on May 12, 2011 (the “Credit Facility”) approximates fair value because the borrowing interest rates are for terms of less than six months and have rates that reflect currently available terms and conditions for similar debt. |
Note_9_Earnings_Loss_Per_Commo1
Note 9 - Earnings (Loss) Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
(Loss) income attributable to stockholders: | |||||||||||||||||
Net (loss) income as reported | $ | (1,159 | ) | $ | (1,995 | ) | $ | 863 | $ | (9,948 | ) | ||||||
Less dividends declared attributable to restricted award holders | (15 | ) | (12 | ) | (46 | ) | (35 | ) | |||||||||
Net income (loss) allocable to common stockholders | $ | (1,174 | ) | $ | (2,007 | ) | $ | 817 | $ | (9,983 | ) | ||||||
Income (loss) per common share attributable to stockholders: | |||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.10 | ) | $ | 0.04 | $ | (0.52 | ) | ||||||
Diluted | $ | (0.06 | ) | $ | (0.10 | ) | $ | 0.04 | $ | (0.52 | ) | ||||||
Weighted average shares outstanding – basic | 19,612 | 19,373 | 19,564 | 19,303 | |||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 0 | 43 | 0 | |||||||||||||
Weighted average shares outstanding – diluted | 19,612 | 19,373 | 19,607 | 19,303 |
Note_10_Inventory_Tables
Note 10 - Inventory (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Raw materials | $ | 20,577 | $ | 19,372 | |||||
Work in process | 16,387 | 16,436 | |||||||
Finished goods | 5,260 | 5,017 | |||||||
Reserve for excess and obsolete inventory | (6,734 | ) | (6,403 | ) | |||||
$ | 35,490 | $ | 34,422 |
Note_11_Property_Plant_and_Equ1
Note 11 - Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
September 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Land and land improvements | $ | 2,952 | $ | 2,999 | |||||
Buildings and building improvements | 26,548 | 26,053 | |||||||
Machinery, equipment, furniture and fixtures | 164,148 | 161,207 | |||||||
Construction in progress | 2,149 | 2,133 | |||||||
195,797 | 192,392 | ||||||||
Accumulated depreciation | (155,089 | ) | (147,709 | ) | |||||
$ | 40,708 | $ | 44,683 |
Note_12_Segment_Data_Tables
Note 12 - Segment Data (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Net revenue from unaffiliated customers: | |||||||||||||||||
Industrial Group | $ | 82,555 | $ | 66,650 | $ | 242,104 | $ | 212,231 | |||||||||
Electronics Group | 7,649 | 9,628 | 25,457 | 24,624 | |||||||||||||
$ | 90,204 | $ | 76,278 | $ | 267,561 | $ | 236,855 | ||||||||||
Gross profit (loss): | |||||||||||||||||
Industrial Group | $ | 9,299 | $ | 7,417 | $ | 31,836 | $ | 24,385 | |||||||||
Electronics Group | (1,090 | ) | (156 | ) | (2,236 | ) | (712 | ) | |||||||||
$ | 8,209 | $ | 7,261 | $ | 29,600 | $ | 23,673 | ||||||||||
Operating income (loss): | |||||||||||||||||
Industrial Group | $ | 5,373 | $ | 4,628 | $ | 20,526 | $ | 15,989 | |||||||||
Electronics Group | (3,645 | ) | (3,521 | ) | (9,890 | ) | (18,116 | ) | |||||||||
General, corporate and other | (1,908 | ) | (2,082 | ) | (6,719 | ) | (6,418 | ) | |||||||||
$ | (180 | ) | $ | (975 | ) | $ | 3,917 | $ | (8,545 | ) | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
Total assets: | |||||||||||||||||
Industrial Group | $ | 119,396 | $ | 100,593 | |||||||||||||
Electronics Group | 30,509 | 29,689 | |||||||||||||||
General, corporate and other | 17,932 | 16,001 | |||||||||||||||
$ | 167,837 | $ | 146,283 |
Note_15_Employee_Benefit_Plans1
Note 15 - Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Service cost | $ | 3 | $ | 6 | $ | 9 | $ | 18 | |||||||||
Interest cost on projected benefit obligation | 447 | 413 | 1,342 | 1,239 | |||||||||||||
Net amortizations, deferrals and other costs | 133 | 206 | 398 | 618 | |||||||||||||
Expected return on plan assets | (599 | ) | (631 | ) | (1,798 | ) | (1,892 | ) | |||||||||
$ | (16 | ) | $ | (6 | ) | $ | (49 | ) | $ | (17 | ) |
Note_16_Accumulated_Other_Comp1
Note 16 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
September 28, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Foreign currency translation adjustments | $ | (4,993 | ) | $ | (4,435 | ) | |||
Employee benefit related adjustments – U.S. | (12,996 | ) | (12,996 | ) | |||||
Employee benefit related adjustments – Mexico | (303 | ) | (303 | ) | |||||
Accumulated other comprehensive loss | $ | (18,292 | ) | $ | (17,734 | ) |
Note_4_Customer_Contract_Negot1
Note 4 - Customer Contract Negotiations (Details) (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 9 Months Ended |
Sep. 28, 2014 | |
Dana [Member] | ' |
Note 4 - Customer Contract Negotiations (Details) [Line Items] | ' |
Concentration Risk, Percentage | 59.00% |
Meritor [Member] | ' |
Note 4 - Customer Contract Negotiations (Details) [Line Items] | ' |
Concentration Risk, Percentage | 16.00% |
Note_5_Goodwill_Details
Note 5 - Goodwill (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2014 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | $0 | $0 | $6,900,000 | $0 | $6,900,000 |
Note_6_Milestone_Revenue_Recog1
Note 6 - Milestone Revenue Recognition (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Milestone Revenue Recognition [Abstract] | ' | ' | ' | ' |
Revenue Recognition, Milestone Method, Revenue Recognized | $75,000 | $150,000 | $2,375,000 | $150,000 |
Note_7_Dana_Claim_Details
Note 7 - Dana Claim (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Aug. 07, 2007 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 03, 2006 | |
Note 7 - Dana Claim (Details) [Line Items] | ' | ' | ' | ' |
Number Of Subsidiaries Of Client | ' | ' | ' | 40 |
Number of Supply Commitments Replaced | 3 | ' | ' | ' |
Bankruptcy Claims, Amount of Claims Filed | $89,900,000 | ' | ' | ' |
Litigation Settlement, Amount | 89,900,000 | ' | ' | ' |
Deferred Revenue, Revenue Recognized | ' | 6,493,000 | 6,000,000 | ' |
Fair Value [Member] | ' | ' | ' | ' |
Note 7 - Dana Claim (Details) [Line Items] | ' | ' | ' | ' |
Litigation Settlement, Amount | $76,483,000 | ' | ' | ' |
Note_8_Other_Income_Expense_Ne1
Note 8 - Other (Income) Expense, Net (Details) (Other Nonoperating Income (Expense) [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Other Nonoperating Income (Expense) [Member] | ' | ' | ' | ' |
Note 8 - Other (Income) Expense, Net (Details) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | ' | ($37,000) | $714,000 | $1,645,000 |
Foreign Currency Transaction Gain (Loss), Realized | ($314,000) | ($69,000) | ($219,000) | ($455,000) |
Note_9_Earnings_Loss_Per_Commo2
Note 9 - Earnings (Loss) Per Common Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 786,000 | 0 |
Note_9_Earnings_Loss_Per_Commo3
Note 9 - Earnings (Loss) Per Common Share (Details) - Reconciliation of Basic and Diluted Earnings (Loss) Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Reconciliation of Basic and Diluted Earnings (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Net (loss) income as reported | ($1,159) | ($1,995) | $863 | ($9,948) |
Less dividends declared attributable to restricted award holders | -15 | -12 | -46 | -35 |
Net income (loss) allocable to common stockholders | ($1,174) | ($2,007) | $817 | ($9,983) |
Income (loss) per common share attributable to stockholders: | ' | ' | ' | ' |
Basic | ($0.06) | ($0.10) | $0.04 | ($0.52) |
Diluted | ($0.06) | ($0.10) | $0.04 | ($0.52) |
Weighted average shares outstanding – basic | 19,612 | 19,373 | 19,564 | 19,303 |
Weighted average additional shares assuming conversion of potential common shares | 0 | 0 | 43 | 0 |
Weighted average shares outstanding – diluted | 19,612 | 19,373 | 19,607 | 19,303 |
Note_10_Inventory_Details_Summ
Note 10 - Inventory (Details) - Summary of Inventory (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Inventory [Abstract] | ' | ' |
Raw materials | $20,577 | $19,372 |
Work in process | 16,387 | 16,436 |
Finished goods | 5,260 | 5,017 |
Reserve for excess and obsolete inventory | -6,734 | -6,403 |
$35,490 | $34,422 |
Note_11_Property_Plant_and_Equ2
Note 11 - Property, Plant and Equipment (Details) (Subject to Asset Recoverability Test [Member], USD $) | Sep. 28, 2014 |
Subject to Asset Recoverability Test [Member] | ' |
Note 11 - Property, Plant and Equipment (Details) [Line Items] | ' |
Long-Lived Assets | $36,016,000 |
Note_11_Property_Plant_and_Equ3
Note 11 - Property, Plant and Equipment (Details) - Components of Property, Plant and Equipment (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, plant and equipment | $195,797 | $192,392 |
Accumulated depreciation | -155,089 | -147,709 |
40,708 | 44,683 | |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, plant and equipment | 2,952 | 2,999 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, plant and equipment | 26,548 | 26,053 |
Property, Plant and Equipment, Other Types [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, plant and equipment | 164,148 | 161,207 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, plant and equipment | $2,149 | $2,133 |
Note_12_Segment_Data_Details
Note 12 - Segment Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Note 12 - Segment Data (Details) [Line Items] | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 2 | ' |
Revenues | $90,204,000 | $76,278,000 | $267,561,000 | $236,855,000 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Note 12 - Segment Data (Details) [Line Items] | ' | ' | ' | ' |
Revenues | $0 | $0 | $0 | $0 |
Note_12_Segment_Data_Details_F
Note 12 - Segment Data (Details) - Financial Information From Reportable Segments - Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Net revenue from unaffiliated customers: | ' | ' | ' | ' |
Net revenue | $90,204,000 | $76,278,000 | $267,561,000 | $236,855,000 |
Gross profit (loss): | ' | ' | ' | ' |
Gross profit | 8,209,000 | 7,261,000 | 29,600,000 | 23,673,000 |
Operating income (loss): | ' | ' | ' | ' |
Operating Income (loss) | -180,000 | -975,000 | 3,917,000 | -8,545,000 |
Industrial Group [Member] | ' | ' | ' | ' |
Net revenue from unaffiliated customers: | ' | ' | ' | ' |
Net revenue | 82,555,000 | 66,650,000 | 242,104,000 | 212,231,000 |
Gross profit (loss): | ' | ' | ' | ' |
Gross profit | 9,299,000 | 7,417,000 | 31,836,000 | 24,385,000 |
Operating income (loss): | ' | ' | ' | ' |
Operating Income (loss) | 5,373,000 | 4,628,000 | 20,526,000 | 15,989,000 |
Electronics Group [Member] | ' | ' | ' | ' |
Net revenue from unaffiliated customers: | ' | ' | ' | ' |
Net revenue | 7,649,000 | 9,628,000 | 25,457,000 | 24,624,000 |
Gross profit (loss): | ' | ' | ' | ' |
Gross profit | -1,090,000 | -156,000 | -2,236,000 | -712,000 |
Operating income (loss): | ' | ' | ' | ' |
Operating Income (loss) | -3,645,000 | -3,521,000 | -9,890,000 | -18,116,000 |
General, Corporate and Other [Member] | ' | ' | ' | ' |
Operating income (loss): | ' | ' | ' | ' |
Operating Income (loss) | ($1,908,000) | ($2,082,000) | ($6,719,000) | ($6,418,000) |
Note_12_Segment_Data_Details_F1
Note 12 - Segment Data (Details) - Financial Information From Reportable Segments - Balance Sheet (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total assets: | ' | ' |
Assets | $167,837 | $146,283 |
Industrial Group [Member] | ' | ' |
Total assets: | ' | ' |
Assets | 119,396 | 100,593 |
Electronics Group [Member] | ' | ' |
Total assets: | ' | ' |
Assets | 30,509 | 29,689 |
General, Corporate and Other [Member] | ' | ' |
Total assets: | ' | ' |
Assets | $17,932 | $16,001 |
Note_13_Commitments_and_Contin1
Note 13 - Commitments and Contingencies (Details) (USD $) | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Product Warranty Accrual | $1,035,000 | ' | $1,439,000 |
Product Warranty Expense | 108,000 | 579,000 | ' |
Period of Extended Product Warranty Two | '5 years | ' | ' |
Extended Product Warranty Accrual | 938,000 | ' | 1,567,000 |
Purchase Obligation | 7,232,000 | ' | ' |
Letters of Credit Outstanding, Amount | $768,000 | ' | ' |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate | 30.00% | 30.00% |
Note_15_Employee_Benefit_Plans2
Note 15 - Employee Benefit Plans (Details) - Components of Pension (Income) Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Components of Pension (Income) Expense [Abstract] | ' | ' | ' | ' |
Service cost | $3 | $6 | $9 | $18 |
Interest cost on projected benefit obligation | 447 | 413 | 1,342 | 1,239 |
Net amortizations, deferrals and other costs | 133 | 206 | 398 | 618 |
Expected return on plan assets | -599 | -631 | -1,798 | -1,892 |
($16) | ($6) | ($49) | ($17) |
Note_16_Accumulated_Other_Comp2
Note 16 - Accumulated Other Comprehensive Loss (Details) - Accumulated Other Comprehensive Loss (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Foreign currency translation adjustments | ($4,993) | ($4,435) |
Accumulated other comprehensive loss | -18,292 | -17,734 |
UNITED STATES | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Employee benefit related adjustments | -12,996 | -12,996 |
MEXICO | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Employee benefit related adjustments | ($303) | ($303) |