Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Mar. 10, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SYPRIS SOLUTIONS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 20,456,044 | ||
Entity Public Float | $62,343,462 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 864240 | ||
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 | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue: | ||
Outsourced services | $322,159,000 | $276,471,000 |
Products | 32,617,000 | 34,243,000 |
Total net revenue | 354,776,000 | 310,714,000 |
Cost of sales: | ||
Outsourced services | 288,081,000 | 252,663,000 |
Products | 27,865,000 | 27,998,000 |
Total cost of sales | 315,946,000 | 280,661,000 |
Gross profit | 38,830,000 | 30,053,000 |
Selling, general and administrative | 35,531,000 | 30,464,000 |
Research and development | 579,000 | 3,047,000 |
Amortization of intangible assets | 0 | 30,000 |
Impairment of goodwill | 0 | 6,900,000 |
Operating income (loss) | 2,720,000 | -10,388,000 |
Interest expense, net | 617,000 | 522,000 |
Other (income), net | -1,282,000 | -930,000 |
Income (loss) before income taxes | 3,385,000 | -9,980,000 |
Income tax expense (benefit), net | 4,569,000 | -93,000 |
Net loss | ($1,184,000) | ($9,887,000) |
Loss per common share: | ||
Basic (in Dollars per share) | ($0.06) | ($0.51) |
Diluted (in Dollars per share) | ($0.06) | ($0.51) |
Cash dividends per common share (in Dollars per share) | $0.08 | $0.08 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net loss | ($1,184) | ($9,887) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments, net of tax of $153 in 2013 | -2,830 | 240 |
Employee benefit related, net of tax of $2,284 in 2013 | -4,471 | 3,588 |
Other comprehensive (loss) income, net of tax | -7,301 | 3,828 |
Total comprehensive loss | ($8,485) | ($6,059) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Foreign currency translation adjustments | $153 |
Employee benefit related | $2,284 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $7,003 | $18,674 |
Accounts receivable, net | 47,666 | 38,533 |
Inventory, net | 29,031 | 34,422 |
Other current assets | 5,666 | 5,403 |
Total current assets | 89,366 | 97,032 |
Property, plant and equipment, net | 37,654 | 44,683 |
Other assets | 2,661 | 4,568 |
Total assets | 129,681 | 146,283 |
Current liabilities: | ||
Accounts payable | 39,027 | 36,684 |
Accrued liabilities | 18,775 | 23,806 |
Current portion of long-term debt | 17,000 | 0 |
Total current liabilities | 74,802 | 60,490 |
Long-term debt | 0 | 24,000 |
Other liabilities | 7,991 | 5,541 |
Total liabilities | 82,793 | 90,031 |
Stockholders’ equity: | ||
Common stock | 206 | 204 |
Additional paid-in capital | 151,314 | 150,569 |
Retained deficit | -79,596 | -76,786 |
Accumulated other comprehensive loss | -25,035 | -17,734 |
Treasury stock, 82,692 and 48,358 shares in 2014 and 2013, respectively | -1 | -1 |
Total stockholders’ equity | 46,888 | 56,252 |
Total liabilities and stockholders’ equity | $129,681 | $146,283 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 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 | 20,567,735 | 20,448,007 |
Common stock, shares outstanding | 20,485,043 | 20,399,649 |
Treasury stock | 82,692 | 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 $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net loss | ($1,184,000) | ($9,887,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 10,409,000 | 12,401,000 |
Deferred income taxes | 1,050,000 | -1,286,000 |
Non-cash compensation | 1,597,000 | 1,689,000 |
Deferred revenue recognized | -8,657,000 | -8,000,000 |
Deferred loan costs recognized | 78,000 | 78,000 |
Gain on sale of assets | -19,000 | -1,516,000 |
Provision for excess and obsolete inventory | 1,150,000 | 1,251,000 |
Goodwill impairment | 0 | 6,900,000 |
Other noncash items | -993,000 | 565,000 |
Contributions to pension plans | -1,090,000 | -663,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -9,091,000 | -19,000 |
Inventory | 4,276,000 | -1,708,000 |
Prepaid expenses and other assets | -143,000 | -556,000 |
Accounts payable | 2,425,000 | 705,000 |
Accrued and other liabilities | 3,237,000 | -247,000 |
Net cash provided by (used in) operating activities | 3,045,000 | -293,000 |
Cash flows from investing activities: | ||
Capital expenditures | -5,259,000 | -5,053,000 |
Proceeds from sale of assets | 30,000 | 2,265,000 |
Net cash used in investing activities | -5,229,000 | -2,788,000 |
Cash flows from financing activities: | ||
Net change in debt under Credit Facility | -7,000,000 | 5,000,000 |
Common stock repurchases | -426,000 | -36,000 |
Indirect repurchase of shares for minimum statutory tax withholdings | -429,000 | -657,000 |
Cash dividends paid | -1,635,000 | -1,216,000 |
Proceeds from issuance of common stock | 3,000 | 0 |
Net cash (used in) provided by financing activities | -9,487,000 | 3,091,000 |
Net (decrease) increase in cash and cash equivalents | -11,671,000 | 10,000 |
Cash and cash equivalents at beginning of year | 18,674,000 | 18,664,000 |
Cash and cash equivalents at end of year | $7,003,000 | $18,674,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2012 | $202 | $149,576 | ($65,282) | ($21,562) | ($1) | |
Balance (in Shares) at Dec. 31, 2012 | 20,155,268 | |||||
Net loss | 0 | 0 | -9,887 | 0 | 0 | -9,887 |
Net loss (in Shares) | 0 | |||||
Employee benefit related | 0 | 0 | 0 | 3,588 | 0 | 3,588 |
Employee benefit related (in Shares) | 0 | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 240 | 0 | |
Foreign currency translation adjustment (in Shares) | 0 | |||||
Comprehensive | 0 | 0 | -9,887 | 3,828 | 0 | -6,059 |
Comprehensive (in Shares) | 0 | |||||
Cash dividends, $0.08 per common share | 0 | 0 | -1,623 | 0 | 0 | |
Cash dividends, $0.08 per common share (in Shares) | 0 | |||||
Common stock repurchases | 0 | -36 | 0 | 0 | 0 | 36 |
Common stock repurchases (in Shares) | -11,675 | |||||
Restricted common stock grant | 3 | -3 | 0 | 0 | 0 | |
Restricted common stock grant (in Shares) | 288,000 | |||||
Noncash compensation | 0 | 1,689 | 6 | 0 | 0 | |
Noncash compensation (in Shares) | 42,000 | |||||
Exercise of stock options | 0 | 0 | 0 | 0 | 0 | |
Exercise of stock options (in Shares) | 97,608 | 208,000 | ||||
Treasury stock | 0 | 0 | 0 | 0 | 0 | |
Treasury stock (in Shares) | -57,000 | |||||
Retire treasury stock | -1 | -657 | 0 | 0 | 0 | |
Retire treasury stock (in Shares) | -114,552 | |||||
Balance at Dec. 31, 2013 | 204 | 150,569 | -76,786 | -17,734 | -1 | 56,252 |
Balance (in Shares) at Dec. 31, 2013 | 20,339,649 | |||||
Net loss | 0 | 0 | -1,184 | 0 | 0 | -1,184 |
Net loss (in Shares) | 0 | |||||
Employee benefit related | 0 | 0 | 0 | -4,471 | 0 | -4,471 |
Employee benefit related (in Shares) | 0 | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | -2,830 | 0 | |
Foreign currency translation adjustment (in Shares) | 0 | |||||
Comprehensive | 0 | 0 | -1,184 | -7,301 | 0 | -8,485 |
Comprehensive (in Shares) | 0 | |||||
Cash dividends, $0.08 per common share | 0 | 0 | -1,637 | 0 | 0 | |
Cash dividends, $0.08 per common share (in Shares) | 0 | |||||
Common stock repurchases | 0 | -426 | 0 | 0 | 0 | 426 |
Common stock repurchases (in Shares) | -104,501 | |||||
Restricted common stock grant | 3 | 0 | 0 | 0 | 0 | |
Restricted common stock grant (in Shares) | 283,000 | |||||
Noncash compensation | 0 | 1,597 | 11 | 0 | 0 | |
Noncash compensation (in Shares) | 48,000 | |||||
Exercise of stock options | 0 | 3 | 0 | 0 | 0 | |
Exercise of stock options (in Shares) | 56,217 | 201,589 | ||||
Treasury stock | 0 | 0 | 0 | 0 | 0 | |
Treasury stock (in Shares) | -98,000 | |||||
Retire treasury stock | -1 | -429 | 0 | 0 | 0 | |
Retire treasury stock (in Shares) | -99,322 | |||||
Balance at Dec. 31, 2014 | $206 | $151,314 | ($79,596) | ($25,035) | ($1) | $46,888 |
Balance (in Shares) at Dec. 31, 2014 | 20,485,043 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends per common share | $0.08 | $0.08 |
Retained Earnings [Member] | ||
Cash dividends per common share | $0.08 | $0.08 |
Note_1_Organization_and_Signif
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | (1) Organization and Significant Accounting Policies |
Consolidation Policy | |
The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) 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 U.K. and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated. | |
Nature of Business | |
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, often under 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 20 for additional information regarding our segments. | |
Use of Estimates | |
The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates. | |
Fair Value Estimates | |
The Company estimates fair value of its financial instruments utilizing an established three-level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements. | |
Cash Equivalents | |
Cash equivalents include all highly liquid investments with a maturity of three months or less when purchased. | |
Inventory | |
Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first-in, first-out method. Indirect inventories, which include perishable tooling, repair parts and other materials consumed in the manufacturing process but not incorporated into finished products are classified as raw materials. | |
The Company’s reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made. | |
Property, Plant and Equipment | |
Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 years. Estimated economic lives range from three to fifteen years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of their economic life or the respective lease term using the straight-line method. Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major rebuilds and improvements are capitalized. | |
Long-lived Assets | |
The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held for sale and held for use is measured by a comparison of the carrying amount of the asset to the undiscounted future net cash flows expected to be generated by the asset. If facts and circumstances indicate that the carrying value of an asset or groups of assets, as applicable, is impaired, the long-lived asset or groups of long-lived assets are written down to their estimated fair value. | |
The Industrial Group performed an asset recoverability test for one of its asset groups totaling approximately $33,118,000 as of December 31, 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. | |
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. Specifically, one key customer within the Electronics Group’s space business communicated its strategic sourcing decision to begin insourcing programs that had been previously outsourced to the Electronics Group. Overall, the Electronics Group has been more impacted by declines in the overall government defense market than originally anticipated as the effects of sequestration have become clearer since its initial effective date on March 1, 2013. For example, sales of certain data recording products were significantly reduced due to the impact of sequestration on our customers, and the loss of commercial space business was due in part to our customer’s efforts to offset unrelated losses of government business due to sequestration. Consequently, the Electronics Group’s short term revenue forecasts were materially affected. As a result of the analysis, the Electronics Group’s goodwill was deemed to be impaired, resulting in a non-cash impairment charge of $6,900,000 for the year ended December 31, 2013, representing the segment’s entire goodwill balance. | |
Deferred Revenue | |
Deferred revenue for the Electronics Group is recorded when payments are received in advance for service agreements and extended warranties on certain products and is amortized into revenue on a straight-line basis over the contractual term. Deferred revenue for the Electronics Group also includes prepayments received prior to the time when products are shipped. When the related products are shipped, the related amount recorded as deferred revenue is recognized as revenue. Deferred revenue for the Industrial Group is generally associated with the Dana settlement and was amortized into income on a units-of-production basis over the term of the related supply agreement period. See Note 3 for information regarding the Dana settlement, and see Note 10 for the amount of deferred revenue included in accrued liabilities at December 31, 2014 and 2013. | |
Income Taxes | |
The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. | |
In the ordinary course of business there is inherent uncertainty in quantifying the Company’s income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized. | |
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. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. | |
The Company expects to repatriate available non-U.S. cash holdings in 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 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 deferred tax assets associated with our U.S. net operating loss carryforwards. Should the U.S. valuation allowance be eliminated at some future date, the U.S. tax on foreign earnings not permanently reinvested may 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 the repatriation of current earnings will not be material. | |
Net Revenue and Cost of Sales | |
Net revenue of products and services under commercial terms and conditions are recorded upon delivery and passage of title, or when services are rendered. Related shipping and handling costs, if any, are included in costs of sales. | |
Net revenue on fixed-price contracts is recognized as services are performed. Revenue is deferred until all of the following have occurred (1) there is a contract in place, (2) delivery has occurred, (3) the price is fixed or determinable, and (4) collectability is reasonably assured. Contract profits are taken into earnings based on actual cost of sales for units shipped. Amounts representing contract change orders or claims are included in revenue when such costs are invoiced to the customer. | |
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 December 31, 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 to 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 December 31, 2014 were deemed substantive. Revenue recognized through the achievement of multiple milestones during 2014 and 2013 amounted to $3,050,000 and $675,000, respectively. There are no performance, cancellation, termination or refund provisions in the arrangement that contain material financial consequences to the Company. | |
Product Warranty Costs | |
The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2014 and 2013, was $825,000 and $1,439,000, respectively. The Company’s warranty expense for the years ended December 31, 2014 and 2013 was $43,000 and $660,000, respectively. | |
Additionally, the Company sells three and five-year extended warranties for certain link encryption products. The revenue from the extended warranties is deferred and recognized ratably over the contractual term. As of December 31, 2014 and 2013, the Company had deferred $839,000 and $1,567,000, respectively, related to extended warranties. At December 31, 2014, $344,000 is included in accrued liabilities and $495,000 is included in other liabilities in the accompanying balance sheets. At December 31, 2013, $751,000 is included in accrued liabilities and $816,000 is included in other liabilities in the accompanying balance sheets. | |
Concentrations of Credit Risk | |
Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company’s customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, various departments or agencies of the U.S. Government, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral on its commercial accounts receivable. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. Approximately 79% and 69% of accounts receivable outstanding at December 31, 2014 and 2013, respectively, are due from the Company’s two largest customers. More specifically, Dana and Meritor comprise 57% and 22%, respectively, of December 31, 2014 outstanding accounts receivables. Similar amounts at December 31, 2013 were 47% and 22%, respectively. | |
The Industrial Group’s largest customers for the year ended December 31, 2014 were Dana and Meritor, which represented approximately 59% and 16%, respectively, of the Company’s total net revenue. Dana and Meritor were also the Company’s largest customers for the year ended December 31, 2013, which represented approximately 58% and 15%, respectively, of the Company’s total net revenue. The Company recognized revenue from contracts with the U.S. Government and its agencies approximating 2% and 3% of net revenue for the years ended December 31, 2014 and 2013, respectively. No other single customer accounted for more than 10% of the Company’s total net revenue for the years ended December 31, 2014 or 2013. | |
Sypris and Dana have signed an amended and restated supply agreement, the binding effect of which is currently in dispute. Dana has repudiated this agreement and ceased purchasing goods supplied by Sypris. Sypris disputes Dana’s ability to exercise such rights. Meritor, and Meritor’s Brazilian subsidiary have awarded us with sole-source supply agreements for certain parts that run through at least 2015, and 2016 respectively. | |
Foreign Currency Translation | |
The functional currency for the Company’s Mexican subsidiaries is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive (loss) income as a separate component of stockholders’ equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company’s Mexican subsidiaries are included in other (income), net. | |
Collective Bargaining Agreements | |
Approximately 683, or 51% of the Company’s employees, all in the Industrial Group, were covered by collective bargaining agreements at December 31, 2014. Excluding certain Mexico employees covered under an annually ratified agreement, there are no collective bargaining agreements that expire within the next 12 months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 36% of the Company’s workforce, or 474 employees as of December 31, 2014. | |
Adoption of Recently Issued Accounting Standards | |
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. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years and early adoption is not permitted. The guidance allows for either a full retrospective or a modified retrospective transition method. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its results of operations, financial position and cash flows. | |
In April 2014, the FASB issued guidance that revises the definition of a discontinued operation. The revised definition limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on operations and financial results. The guidance also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance will apply to covered transactions that occur after 2014 and was optional for the initial reporting of disposals completed or approved in 2014. |
Note_2_Loss_of_a_Key_Customer_
Note 2 - Loss of a Key Customer and Management's Recovery Plans | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | (2) Loss of a Key Customer and Management's Recovery Plans |
Our supply agreement with Dana Holding Corporation (“Dana”) was originally scheduled to expire on December 31, 2014. For the year ended December 31, 2014, Dana represented approximately 59% of our net revenue. | |
In July 2013, Sypris and Dana signed an amended and restated supply agreement to extend the supply agreement term beyond December 31, 2014, the binding effect of which is currently in dispute. Dana has repudiated this July 2013 agreement, and Dana has ceased ordering any components from us effective December 31, 2014. Sypris disputes Dana’s ability to do so and is seeking to recover its lost margins and additional remedies with respect to the revenues to which Sypris was entitled under the renewed agreement. | |
Dana initiated an ancillary action in Ohio state court challenging the arbitrability of the existence and enforceability of the amended and restated July 2013 supply agreement on January 17, 2014. The parties have conducted discovery, and the Ohio trial court has granted an initial motion for judgment on the pleadings or summary judgment, which Sypris has appealed. If the case goes to trial and if ruled in the Company’s favor, the dispute would revert to the arbitrator to determine damages. | |
The parties have also asserted various damages claims against each other arising out of their prior supply agreement and have sought the assistance of an arbitrator in connection with these disputes. The parties have had an arbitration hearing in January 2015, but the arbitrator has yet to rule. 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. | |
As a result of the dispute with Dana and the loss of the Dana business, the Company has taken significant actions during the fourth quarter of 2014 and the first quarter of 2015, including but not limited to the following: (i) quoting new business opportunities with existing and potential customers resulting from the strength of the commercial vehicle market and a perceived shift in market share among tier one suppliers, (ii) reduced workforce at the locations most impacted by the loss of Dana, (iii) reduced employment costs by reduced work schedules, senior management pay reductions, deferral of merit increases and certain benefit payments, and (iv) utilized labor for preventative maintenance on equipment and facilities, deployment of Toyota Production System and refurbishing the overall appearance of facilities to attract customers. The Company has engaged an investment banking firm to provide financial advisory services in connection with its effort to secure new subordinated debt. The Company has also engaged a commercial real estate firm to provide advisory and brokerage services related to a potential transaction involving certain real property owned by the Company. However, there can be no assurance that our plans to mitigate the loss and to effectively manage our costs during the transition will be successful. Additionally, the Company amended its Credit Facility in March 2015 to support management’s plans and provide liquidity through January 2016. (See Note 12 “Credit Facility” for further discussion on liquidity). | |
As of December 31, 2014, the Company had net accounts receivable and net accounts payable specifically related to Dana of $27,363,000 and $18,912,000, respectively. |
Note_3_Dana_Claim
Note 3 - Dana Claim | 12 Months Ended |
Dec. 31, 2014 | |
Extraordinary and Unusual Items [Abstract] | |
Extraordinary Items Disclosure [Text Block] | (3) 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 (the “Settlement Agreement”) 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. The revenues and resulting net income associated with the Company’s continued involvement were deferred and were recognized over the remaining period of the Company’s supply agreement with Dana, through December 31, 2014. For the years ended December 31, 2014 and 2013, the Company recognized revenue of $8,657,000 and $8,000,000, respectively, related to the Claim. The Claim has been fully amortized as of December 31, 2014. |
Note_4_Other_Income_Net
Note 4 - Other (Income), Net | 12 Months Ended |
Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | (4) Other (Income), Net |
During the year ended December 31, 2014, the Industrial Group received $714,000 from the receipt of federal grant funds for improvements made under a flood relief program. Additionally, the Company recognized foreign currency transaction gains of $655,000 for the year ended December 31, 2014 related to the net U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency. For the year ended December 31, 2013, the Company recognized net gains of $1,516,000 related to the disposition of idle assets and foreign currency transaction losses of $298,000. These gains and losses are included in other (income), net on the consolidated statements of operations. |
Note_5_Accounts_Receivable
Note 5 - Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (5) Accounts Receivable | ||||||||
Accounts receivable consists of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Commercial | $ | 47,228 | $ | 36,245 | |||||
U.S. Government | 727 | 2,620 | |||||||
47,955 | 38,865 | ||||||||
Allowance for doubtful accounts | (289 | ) | (332 | ) | |||||
$ | 47,666 | $ | 38,533 | ||||||
Accounts receivable from the U.S. Government includes amounts due under long-term contracts, all of which are billed at December 31, 2014 and 2013, of $727,000 and $2,620,000 respectively. |
Note_6_Inventory
Note 6 - Inventory | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | (6) Inventory | ||||||||
Inventory consists of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 16,687 | $ | 19,372 | |||||
Work in process | 11,702 | 16,436 | |||||||
Finished goods | 6,991 | 5,017 | |||||||
Reserve for excess and obsolete inventory | (6,349 | ) | (6,403 | ) | |||||
$ | 29,031 | $ | 34,422 | ||||||
Note_7_Other_Current_Assets
Note 7 - Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Current Assets [Text Block] | (7) Other Current Assets | ||||||||
Other current assets consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 1,499 | $ | 1,690 | |||||
Other | 4,167 | 3,713 | |||||||
$ | 5,666 | $ | 5,403 | ||||||
Included in other current assets are deferred taxes for the Company’s Mexican subsidiaries, income taxes refundable, deferred software development costs and other items, none of which exceed 5% of total current assets. |
Note_8_Property_Plant_and_Equi
Note 8 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | (8) Property, Plant and Equipment | ||||||||
Property, plant and equipment consists of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 2,770 | $ | 2,999 | |||||
Buildings and building improvements | 26,055 | 26,053 | |||||||
Machinery, equipment, furniture and fixtures | 158,816 | 161,207 | |||||||
Construction in progress | 2,100 | 2,133 | |||||||
189,741 | 192,392 | ||||||||
Accumulated depreciation | (152,087 | ) | (147,709 | ) | |||||
$ | 37,654 | $ | 44,683 | ||||||
Depreciation expense totaled approximately $10,409,000 and $12,371,000 for the years ended December 31, 2014 and 2013, respectively. In addition, there were capital expenditures of approximately $52,000 and $135,000 included in accounts payable or accrued liabilities at December 31, 2014 and 2013, respectively. |
Note_9_Other_Assets
Note 9 - Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Assets Disclosure [Text Block] | (9) Other Assets | ||||||||
Other assets consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets, net | 1,575 | 2,401 | |||||||
Other | 1,086 | 2,167 | |||||||
$ | 2,661 | $ | 4,568 | ||||||
Deferred tax assets, net relate to the Company’s Mexico operations. Other assets at December 31, 2014 and 2013 includes unamortized loan costs of approximately $109,000 and $187,000, respectively. |
Note_10_Accrued_Liabilities
Note 10 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities [Abstract] | |||||||||
Accrued Liabilities [Text Block] | (10) Accrued Liabilities | ||||||||
Accrued liabilities consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Salaries, wages, employment taxes and withholdings | $ | 2,758 | $ | 4,696 | |||||
Employee benefit plans | 1,437 | 1,244 | |||||||
Income, property and other taxes | 2,439 | 532 | |||||||
Deferred revenue | 6,120 | 12,357 | |||||||
Other | 6,021 | 4,977 | |||||||
$ | 18,775 | $ | 23,806 | ||||||
Included in other accrued liabilities are accrued operating expenses, accrued warranty expenses, accrued interest, accrued legal fees and other items, none of which exceed 5% of total current liabilities. Deferred revenue at December 31, 2013 included $8,657,000 related to the Dana settlement. |
Note_11_Other_Liabilities
Note 11 - Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Other Liabilities Disclosure [Text Block] | (11) Other Liabilities | ||||||||
Other liabilities consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Noncurrent pension liability | $ | 7,400 | $ | 4,620 | |||||
Other | 591 | 921 | |||||||
$ | 7,991 | $ | 5,541 | ||||||
Included in other liabilities are accrued long-term warranty expenses and other items, none of which exceed 5% of total liabilities. |
Note_12_Cedit_Facility
Note 12 - Cedit Facility | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | (12) Credit Facility |
On May 12, 2011, the Company entered into a Credit Facility that provided potential total availability up to $50,000,000 to support short-term funding needs and letters of credit. Loans made under the Credit Facility were scheduled to mature with the commitments thereunder to terminate in May 2016. The Credit Facility originally provided for an option, subject to certain conditions, to increase potential total availability to $60,000,000 in the future. Borrowing availability under the Credit Facility is also determined by a monthly borrowing base collateral calculation that is based on specified percentages of the value of eligible accounts receivable, inventory and machinery and equipment, less certain reserves and subject to certain other adjustments. | |
Based on the above mentioned calculation, at December 31, 2014, the Company had actual total availability for borrowings and letters of credit under the Credit Facility of $28,337,000 of which we had drawn $17,000,000, leaving $10,582,000 still available for borrowing, after accounting for the letter of credit. Along with an unrestricted cash balance of $7,003,000, we had total cash and available borrowing capacity of $17,585,000 as of December 31, 2014. Approximately $4,652,000 of the unrestricted cash balance relates to the Company’s Mexican subsidiaries. Standby letters of credit up to a maximum of $5,000,000 could be issued under the Credit Facility of which $755,000 and $806,000 were issued at December 31, 2014 and 2013, respectively. | |
Obligations under the Credit Facility are guaranteed by all of our U.S. subsidiaries and are secured by a first priority lien on substantially all domestic assets of the Company. | |
The weighted average interest rate for outstanding borrowings at December 31, 2014 was 2.6%. The weighted average interest rates for borrowings during the years ended December 31, 2014 and 2013 were 2.5% and 2.4%, respectively. The Company had no capitalized interest in 2014 or 2013. Interest paid during the years ended December 31, 2014 and 2013 totaled approximately $397,000 and $333,000, respectively. | |
The Credit Facility contains a number of covenants that, among other things, limit or restrict our ability to dispose of assets, incur additional indebtedness, incur guarantee obligations, engage in sale and leaseback transactions, prepay other indebtedness, modify organizational documents and certain other agreements, create restrictions affecting subsidiaries, make dividends and other restricted payments without bank approval, create liens, make investments, make acquisitions, engage in mergers, change the nature of our business and engage in certain transactions with affiliates. In addition, if the Company’s availability under the Credit Facility fell below $6,000,000 (or $8,000,000 for a period of five or more consecutive days), the Company was required to maintain a fixed charge coverage ratio of at least 1.15 to 1.00. | |
As of December 31, 2014, the Company was in compliance with all covenants. However, during the first quarter of 2015, the Company faced potential defaults under certain covenants of the Credit Facility caused primarily by the loss of Dana as a customer (See Note 2). The Company’s Credit Facility also contains a subjective acceleration clause which allows the lender to accelerate payments on current borrowings and discontinue availability under the Credit Facility based on its subjective assessment of the Company’s operations. At December 31, 2014, management did not expect that the lender would exercise this clause of the agreement after the loss of the Dana revenues and in fact the lender has not done so. However, due to the existence of this subjective acceleration clause within the Credit Facility and the loss of Dana as a customer, the Company determined that the risk of such acceleration, while unlikely, was no longer remote, and the Company’s debt was classified as current as of December 31, 2014. The Credit Facility was amended during the first quarter of 2015 to, among other things: (i) waive certain existing or potential events of default, (ii) limit total borrowings to $25,000,000, (iii) restrict the payment of dividends, (iv) increase the applicable margin on borrowings which will result in an initial interest rate of approximately 6% and increasing by 50 basis points beginning June 2015 and each month thereafter to an estimated interest rate of 10% in January 2016, (v) revise the maturity date to January 15, 2016, (vi) revise certain financial covenants to include a minimum cumulative free cash flow covenant, (vii) establish minimum excess availability of $1,000,000 initially, through May 31, 2015, and then in the amount of $5,000,000 on or before September 30, 2015, and (viii) require the Company to raise new capital by securing subordinated debt or divesting certain real property or a combination thereof on or before September 30, 2015 (and, if earlier than September 30, 2015, to maintain minimum excess availability of $5,000,000 thereafter). | |
The Company engaged an investment banking firm on March 20, 2015 to provide financial advisory services in connection with its effort to secure new subordinated debt. The Company also engaged a commercial real estate firm to provide advisory and brokerage services related to a potential transaction involving certain real property owned by the Company. | |
The Credit Facility is secured by substantially all domestic assets of the Company. In addition to the aforementioned pursuit of capital sources, the Company is also considering opportunities to support its cash flow from operations in 2015 through sources of cash from either investing or financing activities. The Company is exploring alternatives to monetize certain assets of the Company for values in excess of the availability being provided under the Credit facility, thereby generating additional sources of capital to the Company. | |
In connection with the Amendment, the Company has received the proceeds of subordinated indebtedness from Gill Family Capital Management in an amount of $4,000,000. Gill Family Capital Management is an entity controlled by our president and chief executive officer, Jeffrey T. Gill and one of our directors, R. Scott Gill. Gill Family Capital Management, Inc., Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders in the Company. The promissory note bears interest at a rate of 8.00% per year and matures on April 12, 2016. All principal and interest on the promissory note will be due and payable on the maturity date. | |
Based on the current forecast for 2015, the Company expects to be able to meet the financial covenants of its amended Credit Facility and have sufficient liquidity to finance its operations. Although the Company believes the assumptions underlying its current forecast are realistic, the Company has considered the possibility of even lower revenues and other risk factors such as its ability to onboard new business within the Industrial Group, continued delays in program bookings within our Electronics Group, or its ability to execute its current contingency plans. | |
Non-compliance with the covenants would provide the debt holder with the ability to demand immediate repayment of all outstanding borrowings under the amended Credit Facility. Accordingly, the inability to comply with covenants, obtain waivers for non-compliance, or obtain alternative financing would have a material adverse effect on the Company’s financial position, results of operations and cash flows. | |
Based upon the Company’s current level of operations and its 2015 business plan, the Company believes that cash flow from operations, available cash and available borrowings under its amended Credit Facility will be adequate to meet its liquidity needs for at least the next twelve months. |
Note_13_Fair_Value_of_Financia
Note 13 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | (13) 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 December 31, 2014 under the Credit Facility approximates fair value because borrowings on the Credit Facility mature January 2016. |
Note_14_Employee_Benefit_Plans
Note 14 - Employee Benefit Plans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | (14) Employee Benefit Plans | ||||||||
The Industrial Group sponsors noncontributory defined benefit pension plans (the Pension Plans) covering certain of its employees. The Pension Plans covering salaried and management employees provide pension benefits that are based on the employees’ highest five-year average compensation within ten years before retirement. The Pension Plans covering hourly employees and union members generally provide benefits at stated amounts for each year of service. All of the Company’s pension plans are frozen to new participants and certain plans are frozen to additional benefit accruals. The Company’s funding policy is to make the minimum annual contributions required by the applicable regulations. The Pension Plans’ assets are primarily invested in equity securities and fixed income securities. | |||||||||
The following table details the components of pension (income) expense (in thousands): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Service cost | $ | 13 | $ | 24 | |||||
Interest cost on projected benefit obligation | 1,789 | 1,652 | |||||||
Net amortization of actuarial loss | 531 | 824 | |||||||
Expected return on plan assets | (2,390 | ) | (2,522 | ) | |||||
$ | (57 | ) | $ | (22 | ) | ||||
The following are summaries of the changes in the benefit obligations and plan assets and of the funded status of the Pension Plans (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Change in benefit obligation: | |||||||||
Benefit obligation at beginning of year | $ | 40,526 | $ | 45,561 | |||||
Service cost | 13 | 24 | |||||||
Interest cost | 1,789 | 1,652 | |||||||
Actuarial loss (gain) | 6,231 | (3,534 | ) | ||||||
Benefits paid | (3,121 | ) | (3,177 | ) | |||||
Benefit obligation at end of year | $ | 45,438 | $ | 40,526 | |||||
Change in plan assets: | |||||||||
Fair value of plan assets at beginning of year | $ | 36,566 | $ | 35,067 | |||||
Actual return on plan assets | 3,503 | 4,013 | |||||||
Company contributions | 1,090 | 663 | |||||||
Benefits paid | (3,121 | ) | (3,177 | ) | |||||
Fair value of plan assets at end of year | $ | 38,038 | $ | 36,566 | |||||
Underfunded status of the plans | $ | (7,400 | ) | $ | (3,960 | ) | |||
Balance sheet assets (liabilities): | |||||||||
Other assets | $ | 0 | $ | 660 | |||||
Other liabilities | (7,400 | ) | (4,620 | ) | |||||
Net amount recognized | $ | (7,400 | ) | $ | (3,960 | ) | |||
Pension plans with accumulated benefit obligation in excess of plan assets: | |||||||||
Projected benefit obligation | $ | 45,438 | $ | 26,773 | |||||
Accumulated benefit obligation | 45,428 | 26,760 | |||||||
Fair value of plan assets | 38,038 | 22,153 | |||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Projected benefit obligation and net periodic pension cost assumptions: | |||||||||
Discount rate | 3.9 | % | 4.65 | ||||||
Rate of compensation increase | 4 | 4 | |||||||
Expected long-term rate of return on plan assets | 6.75 | 7.5 | |||||||
Weighted average asset allocation: | |||||||||
Equity securities | 32 | % | 46 | % | |||||
Debt securities | 68 | 54 | |||||||
Total | 100 | % | 100 | % | |||||
The fair values of our pension plan assets as of December 31, 2014, are as follows (in thousands): | |||||||||
Significant | |||||||||
Quoted Prices | Other | ||||||||
In Active | Observable | ||||||||
Markets | Inputs | ||||||||
(Level 1) | (Level 2) | ||||||||
Asset categories: | |||||||||
Cash and cash equivalents | $ | 1,270 | $ | 0 | |||||
Equity investments: | |||||||||
U.S. Large Cap | 8,105 | 0 | |||||||
U.S. Mid Cap | 1,245 | 0 | |||||||
U.S. Small Cap | 504 | 0 | |||||||
World Equity | 1,596 | 0 | |||||||
Real estate | 292 | 0 | |||||||
Other | 266 | 0 | |||||||
Fixed income securities | 11,710 | 13,050 | |||||||
Total Plan Assets | $ | 24,988 | $ | 13,050 | |||||
The fair values of our pension plan assets as of December 31, 2013, are as follows (in thousands): | |||||||||
Significant | |||||||||
Quoted Prices | Other | ||||||||
In Active | Observable | ||||||||
Markets | Inputs | ||||||||
(Level 1) | (Level 2) | ||||||||
Asset categories: | |||||||||
Cash and cash equivalents | $ | 1,047 | $ | 0 | |||||
Equity investments: | |||||||||
U.S. Large Cap | 9,926 | 0 | |||||||
U.S. Mid Cap | 1,552 | 0 | |||||||
U.S. Small Cap | 788 | 0 | |||||||
World Equity | 3,152 | 0 | |||||||
Real estate | 911 | 0 | |||||||
Other | 637 | 0 | |||||||
Fixed income securities | 8,405 | 10,148 | |||||||
Total Plan Assets | $ | 26,418 | $ | 10,148 | |||||
Investments in our defined benefit plans are stated at fair value. The following valuation methods were used to value our pension assets: | |||||||||
Equity securities | The fair value of equity securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges. | ||||||||
Fixed income securities | The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges. | ||||||||
Cash and cash equivalents | The fair value of cash and cash equivalents is set equal to its cost. | ||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||
The Company uses December 31 as the measurement date for the Pension Plans. Total estimated contributions expected to be paid to the plans during 2015 is approximately $800,000, which represents the minimum funding amounts required by federal law. The expected long-term rates of return on plan assets for determining net periodic pension cost for 2014 and 2013 were chosen by the Company from a best estimate range determined by applying anticipated long-term returns and long-term volatility for various assets categories to the target asset allocation of the plan. The target asset allocation of plan assets is equity securities ranging 0-55%, fixed income securities ranging 35-100% and non-traditional/other of 0-10% of total investments. | |||||||||
Accumulated other comprehensive loss at December 31, 2014 includes $17,814,000 of unrecognized actuarial losses that have not yet been recognized in net periodic pension cost. The actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2015 is $717,000. The actual loss reclassified from accumulated other comprehensive loss for 2014 and 2013 was $531,000 and $824,000, respectively. | |||||||||
At December 31, 2014, the benefits expected to be paid in each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are as follows (in thousands): | |||||||||
2015 | $ | 3,185 | |||||||
2016 | 3,181 | ||||||||
2017 | 3,158 | ||||||||
2018 | 3,122 | ||||||||
2019 | 3,085 | ||||||||
2020-2025 | 14,563 | ||||||||
$ | 30,294 | ||||||||
The Company sponsors a defined contribution plan (the Defined Contribution Plan) for substantially all domestic employees of the Company. The Defined Contribution Plan is intended to meet the requirements of Section 401(k) of the Internal Revenue Code. The Defined Contribution Plan allows the Company to match participant contributions up to 3% and provide discretionary contributions. Contributions to the Defined Contribution Plan by the Company in 2014 and 2013 totaled approximately $1,137,000 and $973,000, respectively. | |||||||||
The Company has self-insured medical plans (the Medical Plans) covering substantially all domestic employees. The number of employees participating in the Medical Plans was approximately 670 and 668 at December 31, 2014 and 2013, respectively. The Medical Plans limit the Company’s annual obligations to fund claims to specified amounts per participant. The Company is insured for amounts in excess of these limits. Employees are responsible for payment of a portion of the premiums. During 2014 and 2013, the Company charged approximately $4,967,000 and $3,909,000, respectively, to operations related to medical claims incurred and estimated, reinsurance premiums, and administrative costs for the Medical Plans. | |||||||||
In addition, certain of the Company’s non-U.S. employees are covered by various defined benefit and defined contribution plans. The Company’s expenses for these plans totaled approximately $26,000 and $247,000 in 2014 and 2013, respectively. The aggregate benefit plan assets and accumulated benefit obligation of these plans are not significant. |
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | (15) Commitments and Contingencies | ||||
The Company leases certain of its real property and certain equipment, vehicles and computer hardware under operating leases with terms ranging from month-to-month to ten years and which contain various renewal and rent escalation clauses. Future minimum annual lease commitments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 2,260 | |||
2016 | 2,041 | ||||
2017 | 442 | ||||
2018 | 455 | ||||
2019 | 360 | ||||
2020 and thereafter | 1,031 | ||||
$ | 6,589 | ||||
Rent expense for the years ended December 31, 2014 and 2013 totaled approximately $2,849,000 and $2,601,000, respectively. | |||||
As of December 31, 2014, the Company had outstanding purchase commitments of approximately $7,369,000 primarily for the acquisition of inventory and manufacturing equipment. | |||||
The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs, a self-insured worker’s compensation program 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 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, although the loss of the Dana business which is the subject of current litigation could have such an effect (see Note 2 “Loss of a Significant Customer and Management’s Recovery Plans” to the consolidated financial statements in this Form 10-K). | |||||
The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. As of December 31, 2014 and 2013, no amounts were accrued for any environmental matters. See “Legal Proceedings” in Part I, Item 3 of this Annual Report on Form 10-K. |
Note_16_Stock_Option_and_Purch
Note 16 - Stock Option and Purchase Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (16) Stock Option and Purchase Plans | ||||||||||||||||
The Company’s stock compensation program provides for the grant of restricted stock (including performance-based restricted stock), unrestricted stock, stock options and stock appreciation rights. A total of 3,000,000 shares of common stock were reserved for issuance under the 2004 Equity Plan. On May 11, 2010, the 2004 Equity Plan was replaced with the 2010 Sypris Omnibus Plan. A total of 3,655,088 shares of common stock were registered for issuance under the 2010 Omnibus Plan. Additionally, awards under the 2004 Plan that are cancelled without having been fully exercised or vested are available again for new awards under the 2010 Omnibus Plan. The aggregate number of shares available for future grant as of December 31, 2014 and 2013 was 1,052,021 and 1,551,521, respectively. | |||||||||||||||||
The 2004 Equity Plan provides for restrictions which lapse after one, two, three or four years for certain grants or for certain other shares, one-third of the restriction is removed after three, five and seven years, respectively. The 2010 Omnibus Plan provides for restrictions which lapse after three years. During the restricted period, which is commensurate with each vesting period, the recipient has the right to receive dividends and voting rights for the shares. Generally, if a recipient leaves the Company before the end of the restricted period or if performance requirements, if any, are not met, the shares will be forfeited. | |||||||||||||||||
The Company has certain stock compensation plans under which options to purchase common stock may be granted to officers, key employees and non-employee directors. Options may be granted at not less than the market price on the date of grant. Stock option grants under the 2004 Equity Plan include both six and ten year lives along with graded vesting over three, four and five years of service. Stock option grants under the 2010 Omnibus Plan include a five year life along with vesting after three years of service. | |||||||||||||||||
Compensation expense is measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. Fair value for restricted shares is equal to the stock price on the date of grant, while the fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing method. The Company uses historical Company and industry data to estimate the expected price volatility, the expected option life, the expected forfeiture rate and the expected dividend yield. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. | |||||||||||||||||
The following weighted average assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected life (years) | 4 | 4 | |||||||||||||||
Expected volatility | 53.3 | % | 81.1 | % | |||||||||||||
Risk-free interest rates | 1.73 | % | 0.77 | % | |||||||||||||
Expected dividend yield | 2.67 | 1.97 | |||||||||||||||
A summary of the restricted stock activity is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Nonvested shares at January 1, 2014 | 978,715 | $ | 4 | ||||||||||||||
Granted | 283,000 | 2.8 | |||||||||||||||
Vested | (274,814 | ) | 4.16 | ||||||||||||||
Forfeited | (98,000 | ) | 3.72 | ||||||||||||||
Nonvested shares at December 31, 2014 | 888,901 | $ | 3.6 | ||||||||||||||
The total fair value of shares vested during 2014 and 2013 was $773,000 and $1,344,000, respectively. In conjunction with the vesting of restricted shares and payment of taxes thereon, the Company received into treasury 98,251 and 114,552 restricted shares, respectively, at an average price of $2.81 and $4.22 per share, respectively, the closing market price on the date the restricted stock vested. Such repurchased shares were immediately cancelled. | |||||||||||||||||
The following table summarizes option activity for the year ended December 31, 2014: | |||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
average | average | Aggregate | |||||||||||||||
Number of | Exercise Price | Remaining | Intrinsic | ||||||||||||||
Shares | Per Share | Term | Value | ||||||||||||||
Outstanding at January 1, 2014 | 1,075,400 | $ | 3.95 | ||||||||||||||
Granted | 294,000 | 2.8 | |||||||||||||||
Exercised | (201,589 | ) | 2.56 | ||||||||||||||
Forfeited | (37,500 | ) | 3.52 | ||||||||||||||
Expired | (74,311 | ) | 6.74 | ||||||||||||||
Outstanding at December 31, 2014 | 1,056,000 | $ | 3.72 | 2.85 | $ | 15,000 | |||||||||||
Exercisable at December 31, 2014 | 233,000 | $ | 4.16 | 1.2 | $ | 14,800 | |||||||||||
The weighted average grant date fair value based on the Black-Scholes option pricing model for options granted in the years ended December 31, 2014 and 2013 was $0.99 and $2.08 per share, respectively. There were 201,589 and 208,000 options exercised in 2014 and 2013, respectively. The total intrinsic value of options exercised was $417,000 and $488,000 during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
As of December 31, 2014, there was $1,395,000 of total unrecognized compensation cost, after estimated forfeitures, related to unvested share-based compensation granted under the plans. That cost is expected to be recognized over a weighted-average period of 0.9 years. The total fair value of option shares vested was $9,000 and $67,000 during the years ended December 31, 2014 and 2013, respectively. |
Note_17_Stockholders_Equity
Note 17 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Stockholders' Equity Note Disclosure [Text Block] | (17) Stockholders’ Equity | ||||||||
As of December 31, 2014 and 2013, 24,850 shares of the Company’s preferred stock were designated as Series A Preferred Stock in accordance with the terms of our stockholder rights plan, which expired in October 2011. There are no shares of Series A Preferred Stock currently outstanding, and we have no current plans to issue any such shares. Any future holders of Series A Preferred Stock, as currently designated, would have voting rights, be entitled to receive dividends based on a defined formula and have certain rights in the event of the Company’s dissolution. Any such shares of Series A Preferred Stock would not be redeemable. However, the Company would be entitled to purchase shares of Series A Preferred Stock in the open market or pursuant to an offer to a holder or holders. | |||||||||
The holders of our common stock were not entitled to any payment as a result of the expiration of the rights plan and the rights issued thereunder. | |||||||||
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): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Foreign currency translation adjustments | $ | (7,265 | ) | $ | (4,435 | ) | |||
Employee benefit related adjustments – U.S. | (17,584 | ) | (12,996 | ) | |||||
Employee benefit related adjustments – Mexico | (186 | ) | (303 | ) | |||||
Accumulated other comprehensive loss | $ | (25,035 | ) | $ | (17,734 | ) | |||
Note_18_Income_Taxes
Note 18 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | (18) Income Taxes | ||||||||
The Company accounts for income taxes under the liability method. Accordingly, deferred income taxes have been provided for temporary differences between the recognition of revenue and expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. | |||||||||
The components of income (loss) before taxes are as follows (in thousands): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Domestic | $ | (11,924 | ) | $ | (19,952 | ) | |||
Foreign | 15,309 | 9,972 | |||||||
$ | 3,385 | $ | (9,980 | ) | |||||
The components of income tax expense (benefit) applicable to continuing operations are as follows (in thousands): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | 0 | $ | 0 | |||||
State | 102 | 116 | |||||||
Foreign | 3,417 | 1,077 | |||||||
Total current income tax expense | 3,519 | 1,193 | |||||||
Deferred: | |||||||||
Federal | 0 | (2,061 | ) | ||||||
State | 0 | (376 | ) | ||||||
Foreign | 1,050 | 1,151 | |||||||
Total deferred income tax expense (benefit) | 1,050 | (1,286 | ) | ||||||
$ | 4,569 | $ | (93 | ) | |||||
Income tax (benefit) expense for each year is allocated to continuing operations, discontinued operations, extraordinary items, other comprehensive income, the cumulative effects of accounting changes, and other charges or credits recorded directly to shareholders’ equity. ASC 740-20-45 Income Taxes, Intraperiod Tax Allocation, Other Presentation Matters includes an exception to the general principle of intraperiod tax allocations. The codification source states that the tax effect of pretax income or loss from continuing operations generally should be determined by a computation that considers only the tax effects of items that are included in continuing operations. The exception to that incremental approach is that all items (i.e. other comprehensive income, discontinued operations, etc.) be considered in determining the amount of tax benefit that results from a loss from continuing operations and that benefit should be allocated to continuing operations. That is, when a company has a current period loss from continuing operations, management must consider income recorded in other categories in determining the tax benefit that is allocated to continuing operations. This includes situations in which a company has recorded a full valuation allowance at the beginning and end of the period, and the overall tax provision for the year is zero. The intraperiod tax allocation is performed once the overall tax provision has been computed and allocates that provision to various income statement (continuing operations, discontinued operations), other comprehensive income and balance sheet captions. While the intraperiod tax allocation does not change the overall tax provision, it results in a gross-up of the individual components. Additionally, tax jurisdictions must be considered separately; therefore the allocation to the U.S. and Mexico must be looked at separately. | |||||||||
As the Company experienced a loss from continuing operations in the U.S. for the year ended December 31, 2013 and other comprehensive income from employee benefit and foreign currency translation adjustments, the Company allocated income tax expense against the components of other comprehensive income in 2013 using a 38.9% effective tax rate. Income tax benefit related to continuing operations for the year ended December 31, 2013 includes a benefit of $2,437,000 due to the required intraperiod tax allocation. Conversely, other comprehensive income for the year ended December 31, 2013 includes income tax expense of $2,437,000. | |||||||||
The Company files a consolidated federal income tax return which includes all domestic subsidiaries. State income taxes paid in the U.S. during 2014 and 2013 totaled $33,000 and $120,000, respectively. Foreign income taxes paid during 2014 and 2013 totaled $1,063,000 and $1,523,000, respectively. There were no foreign refunds received in 2014 and 2013. There were no federal taxes paid in 2014 and 2013, and there were no federal refunds received in 2014 and 2013. At December 31, 2014, the Company had $112,448,000 of federal net operating loss carryforwards available to offset future federal taxable income, which will expire in various amounts from 2024 to 2034. | |||||||||
At December 31, 2014, the Company had $49,508,000 of state net operating loss carryforwards available to offset future state taxable income, the majority of which relates to Florida. These carryforwards expire in various amounts from 2018 to 2034. | |||||||||
The following is a reconciliation of income tax (benefit) expense applicable to continuing operations to that computed by applying the federal statutory rate to (loss) income from continuing operations before income taxes (in thousands): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Federal tax expense at the statutory rate | $ | 1,185 | $ | (3,517 | ) | ||||
Current year permanent differences | 61 | 50 | |||||||
Goodwill impairment | 0 | 1,373 | |||||||
State income taxes, net of federal tax impact | (772 | ) | (1,118 | ) | |||||
Foreign repatriation, net of foreign tax credits | 4,077 | 2,768 | |||||||
Mexican minimum taxes | 0 | 46 | |||||||
Effect of tax rates of foreign subsidiaries | (733 | ) | (486 | ) | |||||
Currency translation effect on temporary differences | (71 | ) | 38 | ||||||
Valuation allowance | 297 | 729 | |||||||
Prior year adjustment | 531 | 22 | |||||||
Other | (6 | ) | 2 | ||||||
$ | 4,569 | $ | (93 | ) | |||||
ASC 740, Income Taxes, 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 net cumulative domestic loss for the current and prior two years represents negative evidence under the provisions of ASC 740 requiring the Company to establish a valuation allowance against domestic deferred tax assets. 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 gross deferred tax asset for the Company’s Mexican subsidiaries was $2,556,000 and $3,973,000 as of December 31, 2014 and 2013, respectively. | |||||||||
Therefore, the net deferred tax asset balances of $2,556,000 and $3,973,000 at December 31, 2014 and 2013, respectively, are attributable to the Mexican subsidiaries. The Company has been profitable in Mexico in the past, and while we do not expect to be profitable in 2015 due to the loss of the Dana business, we expect to be profitable in 2016 and thereafter. | |||||||||
Deferred income tax assets and liabilities are as follows (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Compensation and benefit accruals | $ | 1,665 | $ | 1,905 | |||||
Inventory valuation | 3,124 | 3,176 | |||||||
Federal and state net operating loss carryforwards | 46,835 | 44,139 | |||||||
Deferred revenue | 2,573 | 3,180 | |||||||
Accounts receivable allowance | 113 | 129 | |||||||
Defined benefit pension plan | 2,304 | 873 | |||||||
Foreign deferred revenue and other provisions | 2,556 | 3,973 | |||||||
AMT credits | 185 | 185 | |||||||
Other | 974 | 1,339 | |||||||
60,329 | 58,899 | ||||||||
Domestic valuation allowance | (51,914 | ) | (49,832 | ) | |||||
Total deferred tax assets | 8,415 | 9,067 | |||||||
Deferred tax liabilities: | |||||||||
Foreign subsidiaries – unrepatriated earnings | (3,773 | ) | (2,665 | ) | |||||
Depreciation | (2,086 | ) | (2,429 | ) | |||||
Total deferred tax liabilities | (5,859 | ) | (5,094 | ) | |||||
Net deferred tax asset | $ | 2,556 | $ | 3,973 | |||||
The ASC Income Tax topic includes guidance for the accounting for uncertainty in income taxes recognized in an enterprise’s financials. Specifically, the guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The total amount of gross unrecognized tax benefits as of December 31, 2014 and 2013 was $200,000. There were no changes to the unrecognized tax benefit balance during the years ended December 31, 2014 and 2013. | |||||||||
If the Company’s positions are sustained by the taxing authority in favor of the Company, the entire balance at December 31, 2014 would reduce the Company’s effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2014 and 2013, the Company does not have an accrual for the payment of tax-related interest and penalties. | |||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Internal Revenue Service (IRS) is not currently examining the Company’s U.S. income tax returns for 2010 through 2013, for which the statute has yet to expire. In addition, open tax years related to state and foreign jurisdictions remain subject to examination. | |||||||||
As of December 31, 2014, the Company has no undistributed earnings of foreign subsidiaries that are classified as permanently reinvested. The Company expects to repatriate available non-U.S. cash holdings during 2015. The Company will utilize its net operating loss carryforward in the U.S. to offset the taxable income generated in 2014 in the U.S. as a result of the repatriation and has therefore recognized a deferred income tax benefit equal to the amount of the U.S deferred tax liability and a corresponding reduction in the deferred tax asset valuation allowance. |
Note_19_Earnings_Loss_Per_Comm
Note 19 - Earnings (Loss) Per Common Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | (19) 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. All potential common shares were excluded from diluted earnings per share for the year ended December 31, 2014 and 2013 because the effect of inclusion would be anti-dilutive. | |||||||||
A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Loss attributable to stockholders: | |||||||||
Net loss as reported | $ | (1,184 | ) | $ | (9,887 | ) | |||
Less dividends declared attributable to restricted award holders | (53 | ) | (45 | ) | |||||
Net loss allocable to common stockholders | $ | (1,237 | ) | $ | (9,932 | ) | |||
Loss per common share attributable to stockholders: | |||||||||
Basic | $ | (0.06 | ) | $ | (0.51 | ) | |||
Diluted | $ | (0.06 | ) | $ | (0.51 | ) | |||
Weighted average shares outstanding – basic | 19,586 | 19,345 | |||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 0 | |||||||
Weighted average shares outstanding – diluted | 19,586 | 19,345 | |||||||
Note_20_Segment_Information
Note 20 - Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | (20) Segment Information | ||||||||
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 the 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 and manufactures complex data storage systems. Revenue derived from outsourced services for the Industrial Group accounted for 85% and 82% of total net revenue in 2014 and 2013, respectively. Revenue derived from outsourced services for the Electronics Group accounted for 6% and 7% of total net revenue in 2014 and 2013, respectively. There was no intersegment net revenue recognized for any year presented. | |||||||||
The following table presents financial information for the reportable segments of the Company (in thousands): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net revenue from unaffiliated customers: | |||||||||
Industrial Group | $ | 322,262 | $ | 276,136 | |||||
Electronics Group | 32,514 | 34,578 | |||||||
$ | 354,776 | $ | 310,714 | ||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Gross profit (loss): | |||||||||
Industrial Group | $ | 42,021 | $ | 31,638 | |||||
Electronics Group | (3,191 | ) | (1,585 | ) | |||||
$ | 38,830 | $ | 30,053 | ||||||
Operating income (loss): | |||||||||
Industrial Group | $ | 25,160 | $ | 20,021 | |||||
Electronics Group | (13,479 | ) | (21,851 | ) | |||||
General, corporate and other | (8,961 | ) | (8,558 | ) | |||||
$ | 2,720 | $ | (10,388 | ) | |||||
Income (loss) before income taxes: | |||||||||
Industrial Group | $ | 26,454 | $ | 20,985 | |||||
Electronics Group | (13,476 | ) | (21,858 | ) | |||||
General, corporate and other | (9,593 | ) | (9,107 | ) | |||||
$ | 3,385 | $ | (9,980 | ) | |||||
Depreciation and amortization: | |||||||||
Industrial Group | $ | 9,374 | $ | 11,261 | |||||
Electronics Group | 945 | 999 | |||||||
General, corporate and other | 90 | 141 | |||||||
$ | 10,409 | $ | 12,401 | ||||||
Capital expenditures: | |||||||||
Industrial Group | $ | 3,725 | $ | 4,547 | |||||
Electronics Group | 811 | 444 | |||||||
General, corporate and other | 723 | 62 | |||||||
$ | 5,259 | $ | 5,053 | ||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Total assets: | |||||||||
Industrial Group | $ | 95,105 | $ | 100,593 | |||||
Electronics Group | 26,874 | 29,689 | |||||||
General, corporate and other | 7,699 | 16,001 | |||||||
$ | 129,681 | $ | 146,283 | ||||||
Total liabilities: | |||||||||
Industrial Group | $ | 55,505 | $ | 54,232 | |||||
Electronics Group | 8,697 | 9,216 | |||||||
General, corporate and other | 18,601 | 26,583 | |||||||
$ | 82,793 | $ | 90,031 | ||||||
The Company’s export sales from the U.S. totaled $58,498,000 and $45,163,000 in 2014 and 2013, respectively. Approximately $111,177,000 and $95,392,000 of net revenue in 2014 and 2013, respectively, and $13,033,000 and $16,656,000 of long lived assets at December 31, 2014 and 2013, respectively, and net assets of $20,388,000 and $20,779,000 at December 31, 2014 and 2013 relate to the Company’s international operations. |
Note_21_Subsequent_Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (21) Subsequent Events |
The Credit Facility was amended during the first quarter of 2015 to, among other things, (i) waive certain existing or potential events of default, (ii) limit total borrowings to $25,000,000, (iii) restrict the payment of dividends, (iv) increase the applicable margin on borrowings which will result in an initial interest rate of approximately 6% and increasing by 50 basis points beginning June 2015 and each month thereafter to an estimated interest rate of 10% in January 2016, (v) revise the maturity date to January 15, 2016, (vi) revise certain financial covenants to include a minimum cumulative free cash flow covenant, (vii) establish minimum excess availability of $1,000,000 initially, through May 31, 2015, and then in the amount of $5,000,000 on or before September 30, 2015, and (viii) require the Company to raise new capital by securing subordinated debt or divesting certain real property or a combination thereof on or before September 30, 2015 (and, if earlier than September 30, 2015, to maintain minimum excess availability of $5,000,000 thereafter). | |
In connection with the Amendment, the Company has received the proceeds of subordinated indebtedness from Gill Family Capital Management in an amount of $4,000,000. Gill Family Capital Management is an entity controlled by our president and chief executive officer, Jeffrey T. Gill and one of our directors, R. Scott Gill. Gill Family Capital Management, Inc., Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders in the Company. The promissory note bears interest at a rate of 8.00% per year and matures on April 12, 2016. All principal and interest on the promissory note will be due and payable on the maturity date. The Board of Directors (“Board”) appointed the Audit and Finance Committee of the Board (“Committee”) as an independent committee of the Board to review the fairness of and negotiate the terms of the foregoing transactions including the promissory note with Gill Family Capital Management. The Committee reviewed, negotiated and approved the promissory note as fair and in the Company’s best interests on March 10, 2015 and the Board subsequently approved the transaction upon the Committee’s recommendation. Gill Family Capital Management, Jeffrey T. Gill and R. Scott Gill are significant, long term beneficial stockholders in the Company and have expressed a continuing interest in opportunities that are fair and reasonable to the Company and to the Gill family. | |
On March 26, 2015, the Company amended the vesting dates of certain outstanding restricted stock awards, including awards held by our named executive officers; their original vesting dates of March 31, 2015 and April 1, 2015 have been revised to October 1, 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy |
The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) 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 U.K. and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated. | |
Nature Of Business [Policy Text Block] | Nature of Business |
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, often under 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 20 for additional information regarding our segments. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates. | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Estimates |
The Company estimates fair value of its financial instruments utilizing an established three-level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents |
Cash equivalents include all highly liquid investments with a maturity of three months or less when purchased. | |
Inventory, Policy [Policy Text Block] | Inventory |
Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first-in, first-out method. Indirect inventories, which include perishable tooling, repair parts and other materials consumed in the manufacturing process but not incorporated into finished products are classified as raw materials. | |
The Company’s reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment |
Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 years. Estimated economic lives range from three to fifteen years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of their economic life or the respective lease term using the straight-line method. Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major rebuilds and improvements are capitalized. | |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-lived Assets |
The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held for sale and held for use is measured by a comparison of the carrying amount of the asset to the undiscounted future net cash flows expected to be generated by the asset. If facts and circumstances indicate that the carrying value of an asset or groups of assets, as applicable, is impaired, the long-lived asset or groups of long-lived assets are written down to their estimated fair value. | |
The Industrial Group performed an asset recoverability test for one of its asset groups totaling approximately $33,118,000 as of December 31, 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. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | 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. Specifically, one key customer within the Electronics Group’s space business communicated its strategic sourcing decision to begin insourcing programs that had been previously outsourced to the Electronics Group. Overall, the Electronics Group has been more impacted by declines in the overall government defense market than originally anticipated as the effects of sequestration have become clearer since its initial effective date on March 1, 2013. For example, sales of certain data recording products were significantly reduced due to the impact of sequestration on our customers, and the loss of commercial space business was due in part to our customer’s efforts to offset unrelated losses of government business due to sequestration. Consequently, the Electronics Group’s short term revenue forecasts were materially affected. As a result of the analysis, the Electronics Group’s goodwill was deemed to be impaired, resulting in a non-cash impairment charge of $6,900,000 for the year ended December 31, 2013, representing the segment’s entire goodwill balance. | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenue |
Deferred revenue for the Electronics Group is recorded when payments are received in advance for service agreements and extended warranties on certain products and is amortized into revenue on a straight-line basis over the contractual term. Deferred revenue for the Electronics Group also includes prepayments received prior to the time when products are shipped. When the related products are shipped, the related amount recorded as deferred revenue is recognized as revenue. Deferred revenue for the Industrial Group is generally associated with the Dana settlement and was amortized into income on a units-of-production basis over the term of the related supply agreement period. See Note 3 for information regarding the Dana settlement, and see Note 10 for the amount of deferred revenue included in accrued liabilities at December 31, 2014 and 2013. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. | |
In the ordinary course of business there is inherent uncertainty in quantifying the Company’s income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized. | |
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. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. | |
The Company expects to repatriate available non-U.S. cash holdings in 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 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 deferred tax assets associated with our U.S. net operating loss carryforwards. Should the U.S. valuation allowance be eliminated at some future date, the U.S. tax on foreign earnings not permanently reinvested may 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 the repatriation of current earnings will not be material. | |
Cost of Sales, Policy [Policy Text Block] | Net Revenue and Cost of Sales |
Net revenue of products and services under commercial terms and conditions are recorded upon delivery and passage of title, or when services are rendered. Related shipping and handling costs, if any, are included in costs of sales. | |
Net revenue on fixed-price contracts is recognized as services are performed. Revenue is deferred until all of the following have occurred (1) there is a contract in place, (2) delivery has occurred, (3) the price is fixed or determinable, and (4) collectability is reasonably assured. Contract profits are taken into earnings based on actual cost of sales for units shipped. Amounts representing contract change orders or claims are included in revenue when such costs are invoiced to the customer. | |
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 December 31, 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 to 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 December 31, 2014 were deemed substantive. Revenue recognized through the achievement of multiple milestones during 2014 and 2013 amounted to $3,050,000 and $675,000, respectively. There are no performance, cancellation, termination or refund provisions in the arrangement that contain material financial consequences to the Company. | |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Costs |
The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2014 and 2013, was $825,000 and $1,439,000, respectively. The Company’s warranty expense for the years ended December 31, 2014 and 2013 was $43,000 and $660,000, respectively. | |
Additionally, the Company sells three and five-year extended warranties for certain link encryption products. The revenue from the extended warranties is deferred and recognized ratably over the contractual term. As of December 31, 2014 and 2013, the Company had deferred $839,000 and $1,567,000, respectively, related to extended warranties. At December 31, 2014, $344,000 is included in accrued liabilities and $495,000 is included in other liabilities in the accompanying balance sheets. At December 31, 2013, $751,000 is included in accrued liabilities and $816,000 is included in other liabilities in the accompanying balance sheets. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company’s customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, various departments or agencies of the U.S. Government, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral on its commercial accounts receivable. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. Approximately 79% and 69% of accounts receivable outstanding at December 31, 2014 and 2013, respectively, are due from the Company’s two largest customers. More specifically, Dana and Meritor comprise 57% and 22%, respectively, of December 31, 2014 outstanding accounts receivables. Similar amounts at December 31, 2013 were 47% and 22%, respectively. | |
The Industrial Group’s largest customers for the year ended December 31, 2014 were Dana and Meritor, which represented approximately 59% and 16%, respectively, of the Company’s total net revenue. Dana and Meritor were also the Company’s largest customers for the year ended December 31, 2013, which represented approximately 58% and 15%, respectively, of the Company’s total net revenue. The Company recognized revenue from contracts with the U.S. Government and its agencies approximating 2% and 3% of net revenue for the years ended December 31, 2014 and 2013, respectively. No other single customer accounted for more than 10% of the Company’s total net revenue for the years ended December 31, 2014 or 2013. | |
Sypris and Dana have signed an amended and restated supply agreement, the binding effect of which is currently in dispute. Dana has repudiated this agreement and ceased purchasing goods supplied by Sypris. Sypris disputes Dana’s ability to exercise such rights. Meritor, and Meritor’s Brazilian subsidiary have awarded us with sole-source supply agreements for certain parts that run through at least 2015, and 2016 respectively. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
The functional currency for the Company’s Mexican subsidiaries is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive (loss) income as a separate component of stockholders’ equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company’s Mexican subsidiaries are included in other (income), net. | |
Collective Bargaining Agreements [Policy Text Block] | Collective Bargaining Agreements |
Approximately 683, or 51% of the Company’s employees, all in the Industrial Group, were covered by collective bargaining agreements at December 31, 2014. Excluding certain Mexico employees covered under an annually ratified agreement, there are no collective bargaining agreements that expire within the next 12 months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 36% of the Company’s workforce, or 474 employees as of December 31, 2014. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of Recently Issued Accounting Standards |
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. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years and early adoption is not permitted. The guidance allows for either a full retrospective or a modified retrospective transition method. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its results of operations, financial position and cash flows. | |
In April 2014, the FASB issued guidance that revises the definition of a discontinued operation. The revised definition limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on operations and financial results. The guidance also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance will apply to covered transactions that occur after 2014 and was optional for the initial reporting of disposals completed or approved in 2014. |
Note_5_Accounts_Receivable_Tab
Note 5 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Commercial | $ | 47,228 | $ | 36,245 | |||||
U.S. Government | 727 | 2,620 | |||||||
47,955 | 38,865 | ||||||||
Allowance for doubtful accounts | (289 | ) | (332 | ) | |||||
$ | 47,666 | $ | 38,533 |
Note_6_Inventory_Tables
Note 6 - Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 16,687 | $ | 19,372 | |||||
Work in process | 11,702 | 16,436 | |||||||
Finished goods | 6,991 | 5,017 | |||||||
Reserve for excess and obsolete inventory | (6,349 | ) | (6,403 | ) | |||||
$ | 29,031 | $ | 34,422 |
Note_7_Other_Current_Assets_Ta
Note 7 - Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Current Assets [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 1,499 | $ | 1,690 | |||||
Other | 4,167 | 3,713 | |||||||
$ | 5,666 | $ | 5,403 |
Note_8_Property_Plant_and_Equi1
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 2,770 | $ | 2,999 | |||||
Buildings and building improvements | 26,055 | 26,053 | |||||||
Machinery, equipment, furniture and fixtures | 158,816 | 161,207 | |||||||
Construction in progress | 2,100 | 2,133 | |||||||
189,741 | 192,392 | ||||||||
Accumulated depreciation | (152,087 | ) | (147,709 | ) | |||||
$ | 37,654 | $ | 44,683 |
Note_9_Other_Assets_Tables
Note 9 - Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Assets [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets, net | 1,575 | 2,401 | |||||||
Other | 1,086 | 2,167 | |||||||
$ | 2,661 | $ | 4,568 |
Note_10_Accrued_Liabilities_Ta
Note 10 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Salaries, wages, employment taxes and withholdings | $ | 2,758 | $ | 4,696 | |||||
Employee benefit plans | 1,437 | 1,244 | |||||||
Income, property and other taxes | 2,439 | 532 | |||||||
Deferred revenue | 6,120 | 12,357 | |||||||
Other | 6,021 | 4,977 | |||||||
$ | 18,775 | $ | 23,806 |
Note_11_Other_Liabilities_Tabl
Note 11 - Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Schedule Of Other Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Noncurrent pension liability | $ | 7,400 | $ | 4,620 | |||||
Other | 591 | 921 | |||||||
$ | 7,991 | $ | 5,541 |
Note_14_Employee_Benefit_Plans1
Note 14 - Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | Year ended December 31, | ||||||||
2014 | 2013 | ||||||||
Service cost | $ | 13 | $ | 24 | |||||
Interest cost on projected benefit obligation | 1,789 | 1,652 | |||||||
Net amortization of actuarial loss | 531 | 824 | |||||||
Expected return on plan assets | (2,390 | ) | (2,522 | ) | |||||
$ | (57 | ) | $ | (22 | ) | ||||
Schedule of Net Funded Status [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Change in benefit obligation: | |||||||||
Benefit obligation at beginning of year | $ | 40,526 | $ | 45,561 | |||||
Service cost | 13 | 24 | |||||||
Interest cost | 1,789 | 1,652 | |||||||
Actuarial loss (gain) | 6,231 | (3,534 | ) | ||||||
Benefits paid | (3,121 | ) | (3,177 | ) | |||||
Benefit obligation at end of year | $ | 45,438 | $ | 40,526 | |||||
Change in plan assets: | |||||||||
Fair value of plan assets at beginning of year | $ | 36,566 | $ | 35,067 | |||||
Actual return on plan assets | 3,503 | 4,013 | |||||||
Company contributions | 1,090 | 663 | |||||||
Benefits paid | (3,121 | ) | (3,177 | ) | |||||
Fair value of plan assets at end of year | $ | 38,038 | $ | 36,566 | |||||
Underfunded status of the plans | $ | (7,400 | ) | $ | (3,960 | ) | |||
Balance sheet assets (liabilities): | |||||||||
Other assets | $ | 0 | $ | 660 | |||||
Other liabilities | (7,400 | ) | (4,620 | ) | |||||
Net amount recognized | $ | (7,400 | ) | $ | (3,960 | ) | |||
Pension plans with accumulated benefit obligation in excess of plan assets: | |||||||||
Projected benefit obligation | $ | 45,438 | $ | 26,773 | |||||
Accumulated benefit obligation | 45,428 | 26,760 | |||||||
Fair value of plan assets | 38,038 | 22,153 | |||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Projected benefit obligation and net periodic pension cost assumptions: | |||||||||
Discount rate | 3.9 | % | 4.65 | ||||||
Rate of compensation increase | 4 | 4 | |||||||
Expected long-term rate of return on plan assets | 6.75 | 7.5 | |||||||
Weighted average asset allocation: | |||||||||
Equity securities | 32 | % | 46 | % | |||||
Debt securities | 68 | 54 | |||||||
Total | 100 | % | 100 | % | |||||
Schedule of Allocation of Plan Assets [Table Text Block] | Significant | ||||||||
Quoted Prices | Other | ||||||||
In Active | Observable | ||||||||
Markets | Inputs | ||||||||
(Level 1) | (Level 2) | ||||||||
Asset categories: | |||||||||
Cash and cash equivalents | $ | 1,270 | $ | 0 | |||||
Equity investments: | |||||||||
U.S. Large Cap | 8,105 | 0 | |||||||
U.S. Mid Cap | 1,245 | 0 | |||||||
U.S. Small Cap | 504 | 0 | |||||||
World Equity | 1,596 | 0 | |||||||
Real estate | 292 | 0 | |||||||
Other | 266 | 0 | |||||||
Fixed income securities | 11,710 | 13,050 | |||||||
Total Plan Assets | $ | 24,988 | $ | 13,050 | |||||
Significant | |||||||||
Quoted Prices | Other | ||||||||
In Active | Observable | ||||||||
Markets | Inputs | ||||||||
(Level 1) | (Level 2) | ||||||||
Asset categories: | |||||||||
Cash and cash equivalents | $ | 1,047 | $ | 0 | |||||
Equity investments: | |||||||||
U.S. Large Cap | 9,926 | 0 | |||||||
U.S. Mid Cap | 1,552 | 0 | |||||||
U.S. Small Cap | 788 | 0 | |||||||
World Equity | 3,152 | 0 | |||||||
Real estate | 911 | 0 | |||||||
Other | 637 | 0 | |||||||
Fixed income securities | 8,405 | 10,148 | |||||||
Total Plan Assets | $ | 26,418 | $ | 10,148 | |||||
Schedule of Expected Benefit Payments [Table Text Block] | 2015 | $ | 3,185 | ||||||
2016 | 3,181 | ||||||||
2017 | 3,158 | ||||||||
2018 | 3,122 | ||||||||
2019 | 3,085 | ||||||||
2020-2025 | 14,563 | ||||||||
$ | 30,294 |
Note_15_Commitments_and_Contin1
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Operating Leases of Lessee Disclosure [Table Text Block] | 2015 | $ | 2,260 | ||
2016 | 2,041 | ||||
2017 | 442 | ||||
2018 | 455 | ||||
2019 | 360 | ||||
2020 and thereafter | 1,031 | ||||
$ | 6,589 |
Note_16_Stock_Option_and_Purch1
Note 16 - Stock Option and Purchase Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year ended December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected life (years) | 4 | 4 | |||||||||||||||
Expected volatility | 53.3 | % | 81.1 | % | |||||||||||||
Risk-free interest rates | 1.73 | % | 0.77 | % | |||||||||||||
Expected dividend yield | 2.67 | 1.97 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Nonvested shares at January 1, 2014 | 978,715 | $ | 4 | ||||||||||||||
Granted | 283,000 | 2.8 | |||||||||||||||
Vested | (274,814 | ) | 4.16 | ||||||||||||||
Forfeited | (98,000 | ) | 3.72 | ||||||||||||||
Nonvested shares at December 31, 2014 | 888,901 | $ | 3.6 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- | Weighted- | |||||||||||||||
average | average | Aggregate | |||||||||||||||
Number of | Exercise Price | Remaining | Intrinsic | ||||||||||||||
Shares | Per Share | Term | Value | ||||||||||||||
Outstanding at January 1, 2014 | 1,075,400 | $ | 3.95 | ||||||||||||||
Granted | 294,000 | 2.8 | |||||||||||||||
Exercised | (201,589 | ) | 2.56 | ||||||||||||||
Forfeited | (37,500 | ) | 3.52 | ||||||||||||||
Expired | (74,311 | ) | 6.74 | ||||||||||||||
Outstanding at December 31, 2014 | 1,056,000 | $ | 3.72 | 2.85 | $ | 15,000 | |||||||||||
Exercisable at December 31, 2014 | 233,000 | $ | 4.16 | 1.2 | $ | 14,800 |
Note_17_Stockholders_Equity_Ta
Note 17 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Foreign currency translation adjustments | $ | (7,265 | ) | $ | (4,435 | ) | |||
Employee benefit related adjustments – U.S. | (17,584 | ) | (12,996 | ) | |||||
Employee benefit related adjustments – Mexico | (186 | ) | (303 | ) | |||||
Accumulated other comprehensive loss | $ | (25,035 | ) | $ | (17,734 | ) |
Note_18_Income_Taxes_Tables
Note 18 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, | ||||||||
2014 | 2013 | ||||||||
Domestic | $ | (11,924 | ) | $ | (19,952 | ) | |||
Foreign | 15,309 | 9,972 | |||||||
$ | 3,385 | $ | (9,980 | ) | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, | ||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | 0 | $ | 0 | |||||
State | 102 | 116 | |||||||
Foreign | 3,417 | 1,077 | |||||||
Total current income tax expense | 3,519 | 1,193 | |||||||
Deferred: | |||||||||
Federal | 0 | (2,061 | ) | ||||||
State | 0 | (376 | ) | ||||||
Foreign | 1,050 | 1,151 | |||||||
Total deferred income tax expense (benefit) | 1,050 | (1,286 | ) | ||||||
$ | 4,569 | $ | (93 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, | ||||||||
2014 | 2013 | ||||||||
Federal tax expense at the statutory rate | $ | 1,185 | $ | (3,517 | ) | ||||
Current year permanent differences | 61 | 50 | |||||||
Goodwill impairment | 0 | 1,373 | |||||||
State income taxes, net of federal tax impact | (772 | ) | (1,118 | ) | |||||
Foreign repatriation, net of foreign tax credits | 4,077 | 2,768 | |||||||
Mexican minimum taxes | 0 | 46 | |||||||
Effect of tax rates of foreign subsidiaries | (733 | ) | (486 | ) | |||||
Currency translation effect on temporary differences | (71 | ) | 38 | ||||||
Valuation allowance | 297 | 729 | |||||||
Prior year adjustment | 531 | 22 | |||||||
Other | (6 | ) | 2 | ||||||
$ | 4,569 | $ | (93 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Compensation and benefit accruals | $ | 1,665 | $ | 1,905 | |||||
Inventory valuation | 3,124 | 3,176 | |||||||
Federal and state net operating loss carryforwards | 46,835 | 44,139 | |||||||
Deferred revenue | 2,573 | 3,180 | |||||||
Accounts receivable allowance | 113 | 129 | |||||||
Defined benefit pension plan | 2,304 | 873 | |||||||
Foreign deferred revenue and other provisions | 2,556 | 3,973 | |||||||
AMT credits | 185 | 185 | |||||||
Other | 974 | 1,339 | |||||||
60,329 | 58,899 | ||||||||
Domestic valuation allowance | (51,914 | ) | (49,832 | ) | |||||
Total deferred tax assets | 8,415 | 9,067 | |||||||
Deferred tax liabilities: | |||||||||
Foreign subsidiaries – unrepatriated earnings | (3,773 | ) | (2,665 | ) | |||||
Depreciation | (2,086 | ) | (2,429 | ) | |||||
Total deferred tax liabilities | (5,859 | ) | (5,094 | ) | |||||
Net deferred tax asset | $ | 2,556 | $ | 3,973 |
Note_19_Earnings_Loss_Per_Comm1
Note 19 - Earnings (Loss) Per Common Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, | ||||||||
2014 | 2013 | ||||||||
Loss attributable to stockholders: | |||||||||
Net loss as reported | $ | (1,184 | ) | $ | (9,887 | ) | |||
Less dividends declared attributable to restricted award holders | (53 | ) | (45 | ) | |||||
Net loss allocable to common stockholders | $ | (1,237 | ) | $ | (9,932 | ) | |||
Loss per common share attributable to stockholders: | |||||||||
Basic | $ | (0.06 | ) | $ | (0.51 | ) | |||
Diluted | $ | (0.06 | ) | $ | (0.51 | ) | |||
Weighted average shares outstanding – basic | 19,586 | 19,345 | |||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 0 | |||||||
Weighted average shares outstanding – diluted | 19,586 | 19,345 |
Note_20_Segment_Information_Ta
Note 20 - Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Statement [Member] | |||||||||
Note 20 - Segment Information (Tables) [Line Items] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, | ||||||||
2014 | 2013 | ||||||||
Net revenue from unaffiliated customers: | |||||||||
Industrial Group | $ | 322,262 | $ | 276,136 | |||||
Electronics Group | 32,514 | 34,578 | |||||||
$ | 354,776 | $ | 310,714 | ||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Gross profit (loss): | |||||||||
Industrial Group | $ | 42,021 | $ | 31,638 | |||||
Electronics Group | (3,191 | ) | (1,585 | ) | |||||
$ | 38,830 | $ | 30,053 | ||||||
Operating income (loss): | |||||||||
Industrial Group | $ | 25,160 | $ | 20,021 | |||||
Electronics Group | (13,479 | ) | (21,851 | ) | |||||
General, corporate and other | (8,961 | ) | (8,558 | ) | |||||
$ | 2,720 | $ | (10,388 | ) | |||||
Income (loss) before income taxes: | |||||||||
Industrial Group | $ | 26,454 | $ | 20,985 | |||||
Electronics Group | (13,476 | ) | (21,858 | ) | |||||
General, corporate and other | (9,593 | ) | (9,107 | ) | |||||
$ | 3,385 | $ | (9,980 | ) | |||||
Depreciation and amortization: | |||||||||
Industrial Group | $ | 9,374 | $ | 11,261 | |||||
Electronics Group | 945 | 999 | |||||||
General, corporate and other | 90 | 141 | |||||||
$ | 10,409 | $ | 12,401 | ||||||
Capital expenditures: | |||||||||
Industrial Group | $ | 3,725 | $ | 4,547 | |||||
Electronics Group | 811 | 444 | |||||||
General, corporate and other | 723 | 62 | |||||||
$ | 5,259 | $ | 5,053 | ||||||
Balance Sheet [Member] | |||||||||
Note 20 - Segment Information (Tables) [Line Items] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Total assets: | |||||||||
Industrial Group | $ | 95,105 | $ | 100,593 | |||||
Electronics Group | 26,874 | 29,689 | |||||||
General, corporate and other | 7,699 | 16,001 | |||||||
$ | 129,681 | $ | 146,283 | ||||||
Total liabilities: | |||||||||
Industrial Group | $ | 55,505 | $ | 54,232 | |||||
Electronics Group | 8,697 | 9,216 | |||||||
General, corporate and other | 18,601 | 26,583 | |||||||
$ | 82,793 | $ | 90,031 |
Note_1_Organization_and_Signif1
Note 1 - Organization and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Asset Recoverability Test Amount (in Dollars) | $33,118,000 | |
Goodwill, Impairment Loss (in Dollars) | 0 | 6,900,000 |
Revenue Recognition, Milestone Method, Revenue Recognized (in Dollars) | 3,050,000 | 675,000 |
Product Warranty Accrual (in Dollars) | 825,000 | 1,439,000 |
Product Warranty Expense (in Dollars) | 43,000 | 660,000 |
Extended Product Warranty Accrual, Warranties Issued (in Dollars) | 839,000 | 1,567,000 |
Extended Product Warranty Accrual (in Dollars) | 344,000 | 751,000 |
Other Liabilities (in Dollars) | $495,000 | $816,000 |
Concentration Risk, Percentage | 3.00% | |
Multi Employer Plans Collective Bargaining Arrangement Number Of Participants | 683 | |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 51.00% | |
Land, Buildings and Improvements [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 40 | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | three | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | fifteen | |
Customer Dana [Member] | Credit Concentration Risk [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Entity Wide Accounts Receivable Due From Major Customer Percentage | 57.00% | 47.00% |
Customer Dana [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 59.00% | 58.00% |
Customer Meritor [Member] | Credit Concentration Risk [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Entity Wide Accounts Receivable Due From Major Customer Percentage | 22.00% | 22.00% |
Customer Meritor [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 15.00% |
US Government [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 2.00% | |
Employee Benefit Related Adjustments Mexico [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Multi Employer Plans Collective Bargaining Arrangement Number Of Participants | 474 | |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 36.00% | |
Credit Concentration Risk [Member] | ||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||
Entity Wide Accounts Receivable Due From Major Customer Percentage | 79.00% | 69.00% |
Number Of Major Customers | 2 |
Note_2_Loss_of_a_Key_Customer_1
Note 2 - Loss of a Key Customer and Management's Recovery Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Note 2 - Loss of a Key Customer and Management's Recovery Plans (Details) [Line Items] | ||
Concentration Risk, Percentage | 3.00% | |
Dana [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Note 2 - Loss of a Key Customer and Management's Recovery Plans (Details) [Line Items] | ||
Concentration Risk, Percentage | 59.00% | |
Dana [Member] | ||
Note 2 - Loss of a Key Customer and Management's Recovery Plans (Details) [Line Items] | ||
Accounts Receivable, Net | 27,363,000 | |
Accounts Payable | 18,912,000 |
Note_3_Dana_Claim_Details
Note 3 - Dana Claim (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Aug. 07, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 03, 2006 | |
Note 3 - Dana Claim (Details) [Line Items] | ||||
Number Of Subsidiaries Of Client | 40 | |||
Number Of Supply Commitments Replaced | 3 | |||
Litigation Settlement, Amount | $89,900,000 | |||
Deferred Revenue, Revenue Recognized | 8,657,000 | 8,000,000 | ||
Fair Value [Member] | ||||
Note 3 - Dana Claim (Details) [Line Items] | ||||
Litigation Settlement, Amount | $76,483,000 |
Note_4_Other_Income_Net_Detail
Note 4 - Other (Income), Net (Details) (Other Nonoperating Income (Expense) [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Other Nonoperating Income (Expense) [Member] | ||
Note 4 - Other (Income), Net (Details) [Line Items] | ||
Gain (Loss) on Disposition of Assets | $714,000 | $1,516,000 |
Foreign Currency Transaction Gain (Loss), Realized | $655,000 | $298,000 |
Note_5_Accounts_Receivable_Det
Note 5 - Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 5 - Accounts Receivable (Details) [Line Items] | ||
Receivables, Long-term Contracts or Programs | $47,955,000 | $38,865,000 |
US Government [Member] | ||
Note 5 - Accounts Receivable (Details) [Line Items] | ||
Receivables, Long-term Contracts or Programs | $727,000 | $2,620,000 |
Note_5_Accounts_Receivable_Det1
Note 5 - Accounts Receivable (Details) - Accounts Receivable Detail (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Account Receivable Types | $47,955,000 | $38,865,000 |
Allowance for doubtful accounts | -289,000 | -332,000 |
47,666,000 | 38,533,000 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Account Receivable Types | 47,228,000 | 36,245,000 |
US Government [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Account Receivable Types | $727,000 | $2,620,000 |
Note_6_Inventory_Details_Summa
Note 6 - Inventory (Details) - Summary of Inventory (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Inventory [Abstract] | ||
Raw materials | $16,687 | $19,372 |
Work in process | 11,702 | 16,436 |
Finished goods | 6,991 | 5,017 |
Reserve for excess and obsolete inventory | -6,349 | -6,403 |
$29,031 | $34,422 |
Note_7_Other_Current_Assets_De
Note 7 - Other Current Assets (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Percentage Of Current Assets Included In Other Current Assets | 5.00% |
Note_7_Other_Current_Assets_De1
Note 7 - Other Current Assets (Details) - Other Current Assets Consist of the Following (in thousands) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets Consist of the Following (in thousands) [Abstract] | ||
Prepaid expenses | $1,499 | $1,690 |
Other | 4,167 | 3,713 |
$5,666 | $5,403 |
Note_8_Property_Plant_and_Equi2
Note 8 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $10,409,000 | $12,371,000 |
Capital Expenditures Incurred but Not yet Paid | $52,000 | $135,000 |
Note_8_Property_Plant_and_Equi3
Note 8 - Property, Plant and Equipment (Details) - Components of Property, Plant and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $189,741 | $192,392 |
Accumulated depreciation | -152,087 | -147,709 |
37,654 | 44,683 | |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 2,770 | 2,999 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 26,055 | 26,053 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 158,816 | 161,207 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $2,100 | $2,133 |
Note_9_Other_Assets_Details
Note 9 - Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Text Block Supplement [Abstract] | ||
Deferred Finance Costs, Net | $109,000 | $187,000 |
Note_9_Other_Assets_Details_Su
Note 9 - Other Assets (Details) - Summary of Other Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Other Assets [Abstract] | ||
Deferred tax assets, net | $1,575 | $2,401 |
Other | 1,086 | 2,167 |
$2,661 | $4,568 |
Note_10_Accrued_Liabilities_De
Note 10 - Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 |
Dana Settlement [Member] | |
Note 10 - Accrued Liabilities (Details) [Line Items] | |
Deferred Revenue Accrued Liabilities | $8,657,000 |
Maximum [Member] | |
Note 10 - Accrued Liabilities (Details) [Line Items] | |
Accrued Operating Expenses Accrued Warranty Expenses Accrued Interest And Other Items | 5.00% |
Note_10_Accrued_Liabilities_De1
Note 10 - Accrued Liabilities (Details) - Summary of Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Accrued Liabilities [Abstract] | ||
Salaries, wages, employment taxes and withholdings | $2,758 | $4,696 |
Employee benefit plans | 1,437 | 1,244 |
Income, property and other taxes | 2,439 | 532 |
Deferred revenue | 6,120 | 12,357 |
Other | 6,021 | 4,977 |
$18,775 | $23,806 |
Note_11_Other_Liabilities_Deta
Note 11 - Other Liabilities (Details) | Dec. 31, 2014 |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Accrued Long Term Warranty Expenses And Other Items | 5.00% |
Note_11_Other_Liabilities_Deta1
Note 11 - Other Liabilities (Details) - Other Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Abstract] | ||
Noncurrent pension liability | $7,400 | $4,620 |
Other | 591 | 921 |
$7,991 | $5,541 |
Note_12_Cedit_Facility_Details
Note 12 - Cedit Facility (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 12, 2015 | 12-May-11 | Mar. 31, 2015 | Jan. 31, 2016 | Jun. 01, 2015 | |
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 28,337,000 | ||||||
Letters of Credit Outstanding, Amount | 17,000,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 10,582,000 | ||||||
Unrestricted Cash Balance And Borrowing Capacity | 17,585,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | ||||||
Long-term Debt, Weighted Average Interest Rate | 2.50% | 2.40% | |||||
Interest Costs Capitalized | 0 | 0 | |||||
Interest Paid, Net | 397,000 | 333,000 | |||||
Debt Instrument, Covenant, Availability Threshold Requiring Minimum Fixed Charge Coverage Ratio | 6,000,000 | ||||||
Gill Family Capital Management [Member] | Subsequent Event [Member] | Promissory Note [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Proceeds from Issuance of Debt | 4,000,000 | ||||||
Subsequent Event [Member] | Minimum [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Subsequent Event [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | ||||||
Debt Instrument Incremental Basis Point Monthly Increase | 0.50% | ||||||
Line of Credit Facility, Minimum Availability | 1,000,000 | ||||||
Subject To Certain Conditions [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000,000 | ||||||
Five or More Consecutive Days [Member] | Minimum [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Fixed Charge Coverage Ratio | 1.15 | ||||||
Five or More Consecutive Days [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Debt Instrument, Covenant, Availability Threshold Requiring Minimum Fixed Charge Coverage Ratio | 8,000,000 | ||||||
Scenario, Forecast [Member] | Maximum [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |||||
Scenario, Forecast [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Line of Credit Facility, Minimum Availability | 5,000,000 | ||||||
Standby Letters of Credit [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | ||||||
Letters of Credit Outstanding, Amount | 755,000 | 806,000 | |||||
Cash [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Unrestricted Cash Balance | 7,003,000 | ||||||
Mexican Subsidiaries [Member] | |||||||
Note 12 - Cedit Facility (Details) [Line Items] | |||||||
Unrestricted Cash Balance | $4,652,000 |
Note_14_Employee_Benefit_Plans2
Note 14 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan Highest Average Compensation Period | 5 years | |
Defined Benefit Plan Maximum Period Allocated For Calculating Average Compensation | 10 years | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Rolling Twelve Months | $800,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | -17,814,000 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 717,000 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 531,000 | 824,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Cost Recognized | 4,967,000 | 3,909,000 |
Defined Contribution Plan, Number of Employees Covered | 670 | 668 |
Equity Securities [Member] | ||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 55.00% | |
Fixed Income Securities [Member] | ||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 35.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 100.00% | |
Non Traditional Securities [Member] | ||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | |
Defined Contribution Plan [Member] | ||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Contribution Plan, Cost Recognized | 1,137,000 | 973,000 |
Non US Employees Defined Benefit Plan [Member] | ||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Administration Expenses | $26,000 | $247,000 |
Note_14_Employee_Benefit_Plans3
Note 14 - Employee Benefit Plans (Details) - Components of Pension (Income) Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Components of Pension (Income) Expense [Abstract] | ||
Service cost | $13 | $24 |
Interest cost on projected benefit obligation | 1,789 | 1,652 |
Net amortization of actuarial loss | 531 | 824 |
Expected return on plan assets | -2,390 | -2,522 |
($57) | ($22) |
Note_14_Employee_Benefit_Plans4
Note 14 - Employee Benefit Plans (Details) - Summaries of Changes in Benefit Obligations and Plan Assets and of Funded Status of Pension Plans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $40,526 | $45,561 |
Service cost | 13 | 24 |
Interest cost | 1,789 | 1,652 |
Actuarial loss (gain) | 6,231 | -3,534 |
Benefits paid | -3,121 | -3,177 |
Benefit obligation at end of year | 45,438 | 40,526 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 36,566 | 35,067 |
Actual return on plan assets | 3,503 | 4,013 |
Company contributions | 1,090 | 663 |
Benefits paid | -3,121 | -3,177 |
Fair value of plan assets at end of year | 38,038 | 36,566 |
Underfunded status of the plans | -7,400 | -3,960 |
Balance sheet assets (liabilities): | ||
Other assets | 0 | 660 |
Other liabilities | -7,400 | -4,620 |
Net amount recognized | -7,400 | -3,960 |
Pension plans with accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 45,438 | 26,773 |
Accumulated benefit obligation | 45,428 | 26,760 |
Fair value of plan assets | $38,038 | $22,153 |
Projected benefit obligation and net periodic pension cost assumptions: | ||
Discount rate | 3.90% | 4.65% |
Rate of compensation increase | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 6.75% | 7.50% |
Weighted average asset allocation: | ||
Weighted average asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Weighted average asset allocation: | ||
Weighted average asset allocations | 32.00% | 46.00% |
Debt Securities [Member] | ||
Weighted average asset allocation: | ||
Weighted average asset allocations | 68.00% | 54.00% |
Note_14_Employee_Benefit_Plans5
Note 14 - Employee Benefit Plans (Details) - Summary of Fair Values of Pension Plan Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Asset categories: | |||
Plan asset categories | $38,038 | $36,566 | $35,067 |
US Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 8,105 | 9,926 | |
US Large Cap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
US Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 1,245 | 1,552 | |
US Mid Cap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
US Small Cap [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 504 | 788 | |
US Small Cap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
World Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 1,596 | 3,152 | |
World Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 266 | 637 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 11,710 | 8,405 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 13,050 | 10,148 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 1,270 | 1,047 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 292 | 911 | |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Asset categories: | |||
Plan asset categories | 24,988 | 26,418 | |
Fair Value, Inputs, Level 2 [Member] | |||
Asset categories: | |||
Plan asset categories | $13,050 | $10,148 |
Note_14_Employee_Benefit_Plans6
Note 14 - Employee Benefit Plans (Details) - Benefits Expected to be Paid (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Benefits Expected to be Paid [Abstract] | |
2015 | $3,185 |
2016 | 3,181 |
2017 | 3,158 |
2018 | 3,122 |
2019 | 3,085 |
2020-2025 | 14,563 |
$30,294 |
Note_15_Commitments_and_Contin2
Note 15 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases Maximum Expiration Period | 10 years | |
Operating Leases, Rent Expense | $2,849,000 | $2,601,000 |
Purchase Obligation | $7,369,000 |
Note_15_Commitments_and_Contin3
Note 15 - Commitments and Contingencies (Details) - Future Minimum Annual Lease Commitment Under Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Annual Lease Commitment Under Operating Leases [Abstract] | |
2015 | $2,260 |
2016 | 2,041 |
2017 | 442 |
2018 | 455 |
2019 | 360 |
2020 and thereafter | 1,031 |
$6,589 |
Note_16_Stock_Option_and_Purch2
Note 16 - Stock Option and Purchase Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,052,021 | 1,551,521 |
Treasury Stock, Shares (in Shares) | 82,692 | 48,358 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $0.99 | $2.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 201,589 | 208,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | $417,000 | $488,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | 1,395,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 328 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | 9,000 | 67,000 |
Employee Stock Option [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 3,000,000 | |
Employee Stock Option [Member] | Two Thousand Ten Sypris Omnibus Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 3,655,088 | |
Restricted Stock [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | $773,000 | $1,344,000 |
Treasury Stock, Shares (in Shares) | 98,251 | 114,552 |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $2.81 | $4.22 |
One Year [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 1 year | |
Two Year [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 2 years | |
Three Year [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 3 years | |
Share Based Compensation Arrangement By Share Based Payment Award Award One Third Restrictions Removed Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Four Year [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Five Year [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award One Third Restrictions Removed Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Seven Year [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award One Third Restrictions Removed Period | 7 years | |
Minimum [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |
Maximum [Member] | Two Thousand Four Equity Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Two Thousand Ten Sypris Omnibus Plan [Member] | ||
Note 16 - Stock Option and Purchase Plans (Details) [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note_16_Stock_Option_and_Purch3
Note 16 - Stock Option and Purchase Plans (Details) - Estimate Fair Value of Options Granted | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Estimate Fair Value of Options Granted [Abstract] | ||
Expected life (years) | 4 years | 4 years |
Expected volatility | 53.30% | 81.10% |
Risk-free interest rates | 1.73% | 0.77% |
Expected dividend yield | 2.67% | 1.97% |
Note_16_Stock_Option_and_Purch4
Note 16 - Stock Option and Purchase Plans (Details) - Summary of Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Note 16 - Stock Option and Purchase Plans (Details) - Summary of Restricted Stock Activity [Line Items] | |
Nonvested shares at January 1, 2014 | 978,715 |
Nonvested shares at January 1, 2014 | $4 |
Nonvested shares at December 31, 2014 | 888,901 |
Nonvested shares at December 31, 2014 | $3.60 |
Granted | 283,000 |
Granted | $2.80 |
Vested | -274,814 |
Vested | $4.16 |
Forfeited | -98,000 |
Forfeited | $3.72 |
Note_16_Stock_Option_and_Purch5
Note 16 - Stock Option and Purchase Plans (Details) - Summary of Option Activity (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Option Activity [Abstract] | ||
Outstanding at January 1, 2014 | 1,075,400 | |
Outstanding at January 1, 2014 | $3.95 | |
Outstanding at December 31, 2014 | 1,056,000 | 1,075,400 |
Outstanding at December 31, 2014 | $3.72 | $3.95 |
Outstanding at December 31, 2014 | 2 years 310 days | |
Outstanding at December 31, 2014 | $15,000 | |
Exercisable at December 31, 2014 | 233,000 | |
Exercisable at December 31, 2014 | $4.16 | |
Exercisable at December 31, 2014 | 1 year 73 days | |
Exercisable at December 31, 2014 | $14,800 | |
Granted | 294,000 | |
Granted | $2.80 | |
Exercised | -201,589 | -208,000 |
Exercised | $2.56 | |
Forfeited | -37,500 | |
Forfeited | $3.52 | |
Expired | -74,311 | |
Expired | $6.74 |
Note_17_Stockholders_Equity_De
Note 17 - Stockholders' Equity (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 17 - Stockholders' Equity (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 975,150 | 975,150 |
Series A Preferred Stock [Member] | ||
Note 17 - Stockholders' Equity (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 24,850 | 24,850 |
Note_17_Stockholders_Equity_De1
Note 17 - Stockholders' Equity (Details) - Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | ($7,265) | ($4,435) |
Accumulated other comprehensive loss | -25,035 | -17,734 |
UNITED STATES | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Employee related adjustments | -17,584 | -12,996 |
MEXICO | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Employee related adjustments | ($186) | ($303) |
Note_18_Income_Taxes_Details
Note 18 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Income Taxes (Details) [Line Items] | ||
Provision For Income Tax | $0 | |
Effective Income Tax Rate Reconciliation, Percent | 38.90% | |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | -2,437,000 | |
Other Comprehensive Income (Loss), Tax | 2,437,000 | |
State and Local Income Tax Expense (Benefit), Continuing Operations | 33,000 | 120,000 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 1,063,000 | 1,523,000 |
Deferred Tax Assets Foreign Deferred Revenue And Other Provision | 2,556,000 | 3,973,000 |
Deferred Tax Assets, Net | 2,556,000 | 3,973,000 |
Unrecognized Tax Benefits | 200,000 | 200,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | 0 |
Undistributed Earnings of Foreign Subsidiaries | 0 | |
Domestic Tax Authority [Member] | ||
Note 18 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 112,448,000 | |
State and Local Jurisdiction [Member] | ||
Note 18 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 49,508,000 | |
Mexican Subsidiaries [Member] | ||
Note 18 - Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets Foreign Deferred Revenue And Other Provision | 2,556,000 | 3,973,000 |
Deferred Tax Assets, Net | $2,556,000 | $3,973,000 |
Note_18_Income_Taxes_Details_C
Note 18 - Income Taxes (Details) - Components of Income (Loss) From Continuing Operations Before Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Components of Income (Loss) From Continuing Operations Before Taxes [Abstract] | ||
Domestic | ($11,924) | ($19,952) |
Foreign | 15,309 | 9,972 |
$3,385 | ($9,980) |
Note_18_Income_Taxes_Details_C1
Note 18 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) Applicable to Continuing Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Current: | |||
Federal | $0 | $0 | |
State | 102 | 116 | |
Foreign | 3,417 | 1,077 | |
Total current income tax expense | 3,519 | 1,193 | |
Deferred: | |||
Federal | 0 | -2,061 | |
State | 0 | -376 | |
Foreign | 1,050 | 1,151 | |
Total deferred income tax expense (benefit) | 1,050 | 1,050 | -1,286 |
$4,569 | $4,569 | ($93) |
Note_18_Income_Taxes_Details_S
Note 18 - Income Taxes (Details) - Summary of Reconciliation of Income Tax Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Reconciliation of Income Tax Expense [Abstract] | |||
Federal tax expense at the statutory rate | $1,185 | ($3,517) | |
Current year permanent differences | 61 | 50 | |
Goodwill impairment | 0 | 1,373 | |
State income taxes, net of federal tax impact | -772 | -1,118 | |
Foreign repatriation, net of foreign tax credits | 4,077 | 2,768 | |
Mexican minimum taxes | 0 | 46 | |
Effect of tax rates of foreign subsidiaries | -733 | -486 | |
Currency translation effect on temporary differences | -71 | 38 | |
Valuation allowance | 297 | 729 | |
Prior year adjustment | 531 | 22 | |
Other | -6 | 2 | |
$4,569 | $4,569 | ($93) |
Note_18_Income_Taxes_Details_S1
Note 18 - Income Taxes (Details) - Summary of Deferred Income Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Compensation and benefit accruals | $1,665 | $1,905 |
Inventory valuation | 3,124 | 3,176 |
Federal and state net operating loss carryforwards | 46,835 | 44,139 |
Deferred revenue | 2,573 | 3,180 |
Accounts receivable allowance | 113 | 129 |
Defined benefit pension plan | 2,304 | 873 |
Foreign deferred revenue and other provisions | 2,556 | 3,973 |
AMT credits | 185 | 185 |
Other | 974 | 1,339 |
60,329 | 58,899 | |
Domestic valuation allowance | -51,914 | -49,832 |
Total deferred tax assets | 8,415 | 9,067 |
Foreign subsidiaries – unrepatriated earnings | -3,773 | -2,665 |
Depreciation | -2,086 | -2,429 |
Total deferred tax liabilities | -5,859 | -5,094 |
Net deferred tax asset | $2,556 | $3,973 |
Note_19_Earnings_Loss_Per_Comm2
Note 19 - Earnings (Loss) Per Common Share (Details) - Reconciliation of Basic and Diluted Earnings (Loss) Per Share (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Basic and Diluted Earnings (Loss) Per Share [Abstract] | ||
Net loss as reported | ($1,184) | ($9,887) |
Less dividends declared attributable to restricted award holders | -53 | -45 |
Net loss allocable to common stockholders | ($1,237) | ($9,932) |
Loss per common share attributable to stockholders: | ||
Basic | ($0.06) | ($0.51) |
Diluted | ($0.06) | ($0.51) |
Weighted average shares outstanding – basic | 19,586 | 19,345 |
Weighted average additional shares assuming conversion of potential common shares | 0 | 0 |
Weighted average shares outstanding – diluted | 19,586 | 19,345 |
Note_20_Segment_Information_De
Note 20 - Segment Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 20 - Segment Information (Details) [Line Items] | ||
Number of Operating Segments | 2 | |
Concentration Risk, Percentage | 3.00% | |
Revenues | $354,776,000 | $310,714,000 |
Industrial Group [Member] | Sales Revenue, Segment [Member] | ||
Note 20 - Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 85.00% | 82.00% |
Industrial Group [Member] | ||
Note 20 - Segment Information (Details) [Line Items] | ||
Revenues | 322,262,000 | 276,136,000 |
Electronics Group [Member] | Sales Revenue, Segment [Member] | ||
Note 20 - Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 6.00% | 7.00% |
Electronics Group [Member] | ||
Note 20 - Segment Information (Details) [Line Items] | ||
Revenues | 32,514,000 | 34,578,000 |
International Operation [Member] | ||
Note 20 - Segment Information (Details) [Line Items] | ||
Export Sales | 58,498,000 | 45,163,000 |
Revenues | 111,177,000 | 95,392,000 |
Long-Lived Assets | 13,033,000 | 16,656,000 |
Net Assets | $20,388,000 | $20,779,000 |
Note_20_Segment_Information_De1
Note 20 - Segment Information (Details) - Financial Information From Reportable Segments - Income Statement (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue from unaffiliated customers: | ||
Net revenue | $354,776,000 | $310,714,000 |
Gross profit (loss): | ||
Gross profit | 38,830,000 | 30,053,000 |
Operating income (loss): | ||
Operating income (loss) | 2,720,000 | -10,388,000 |
Income (loss) before income taxes: | ||
Income (loss) from continuing operations before income taxes | 3,385,000 | -9,980,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 10,409,000 | 12,401,000 |
Capital expenditures: | ||
Capital expenditures | 5,259,000 | 5,053,000 |
Industrial Group [Member] | ||
Net revenue from unaffiliated customers: | ||
Net revenue | 322,262,000 | 276,136,000 |
Gross profit (loss): | ||
Gross profit | 42,021,000 | 31,638,000 |
Operating income (loss): | ||
Operating income (loss) | 25,160,000 | 20,021,000 |
Income (loss) before income taxes: | ||
Income (loss) from continuing operations before income taxes | 26,454,000 | 20,985,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 9,374,000 | 11,261,000 |
Capital expenditures: | ||
Capital expenditures | 3,725,000 | 4,547,000 |
Electronics Group [Member] | ||
Net revenue from unaffiliated customers: | ||
Net revenue | 32,514,000 | 34,578,000 |
Gross profit (loss): | ||
Gross profit | -3,191,000 | -1,585,000 |
Operating income (loss): | ||
Operating income (loss) | -13,479,000 | -21,851,000 |
Income (loss) before income taxes: | ||
Income (loss) from continuing operations before income taxes | -13,476,000 | -21,858,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 945,000 | 999,000 |
Capital expenditures: | ||
Capital expenditures | 811,000 | 444,000 |
General, Corporate and Other [Member] | ||
Operating income (loss): | ||
Operating income (loss) | -8,961,000 | -8,558,000 |
Income (loss) before income taxes: | ||
Income (loss) from continuing operations before income taxes | -9,593,000 | -9,107,000 |
Depreciation and amortization: | ||
Depreciation and amortization | 90,000 | 141,000 |
Capital expenditures: | ||
Capital expenditures | $723,000 | $62,000 |
Note_20_Segment_Information_De2
Note 20 - Segment Information (Details) - Financial Information From Reportable Segments - Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total assets: | ||
Assets | $129,681 | $146,283 |
Total liabilities: | ||
Liabilities | 82,793 | 90,031 |
Industrial Group [Member] | ||
Total assets: | ||
Assets | 95,105 | 100,593 |
Total liabilities: | ||
Liabilities | 55,505 | 54,232 |
Electronics Group [Member] | ||
Total assets: | ||
Assets | 26,874 | 29,689 |
Total liabilities: | ||
Liabilities | 8,697 | 9,216 |
General, Corporate and Other [Member] | ||
Total assets: | ||
Assets | 7,699 | 16,001 |
Total liabilities: | ||
Liabilities | $18,601 | $26,583 |
Note_21_Subsequent_Events_Deta
Note 21 - Subsequent Events (Details) (USD $) | 0 Months Ended | ||||
Mar. 12, 2015 | 12-May-11 | Mar. 31, 2015 | Jan. 31, 2016 | Jun. 01, 2015 | |
Note 21 - Subsequent Events (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $50,000,000 | ||||
Gill Family Capital Management [Member] | Subsequent Event [Member] | Promissory Note [Member] | |||||
Note 21 - Subsequent Events (Details) [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Proceeds from Issuance of Debt | 4,000,000 | ||||
Subsequent Event [Member] | Minimum [Member] | |||||
Note 21 - Subsequent Events (Details) [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||
Subsequent Event [Member] | |||||
Note 21 - Subsequent Events (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | ||||
Debt Instrument Incremental Basis Point Monthly Increase | 0.50% | ||||
Line of Credit Facility, Minimum Availability | 1,000,000 | ||||
Scenario, Forecast [Member] | Maximum [Member] | |||||
Note 21 - Subsequent Events (Details) [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |||
Scenario, Forecast [Member] | |||||
Note 21 - Subsequent Events (Details) [Line Items] | |||||
Line of Credit Facility, Minimum Availability | $5,000,000 |