Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ALPHA PRO TECH LTD | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 18,348,554 | ||
Entity Public Float | $32,284,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 884269 | ||
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_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash | $5,495,000 | $8,215,000 |
Investments | 2,840,000 | 1,606,000 |
Accounts receivable, net of allowance for doubtful accounts of $60,000 and $85,000 as of December 31, 2014 and 2013, respectively | 5,333,000 | 4,815,000 |
Accounts receivable, related party | 333,000 | 256,000 |
Inventories | 16,544,000 | 14,140,000 |
Prepaid expenses | 4,472,000 | 2,968,000 |
Deferred income tax assets | 486,000 | 640,000 |
Total current assets | 35,503,000 | 32,640,000 |
Property and equipment, net | 3,315,000 | 3,068,000 |
Goodwill | 55,000 | 55,000 |
Definite-lived intangible assets, net | 71,000 | 92,000 |
Equity investments in and advances to unconsolidated affiliate | 3,008,000 | 2,708,000 |
Total assets | 41,952,000 | 38,563,000 |
Current liabilities: | ||
Accounts payable | 1,099,000 | 689,000 |
Accrued liabilities | 1,195,000 | 1,036,000 |
Total current liabilities | 2,294,000 | 1,725,000 |
Deferred income tax liabilities | 1,752,000 | 1,257,000 |
Total liabilities | 4,046,000 | 2,982,000 |
Shareholders' equity: | ||
Common stock, $.01 par value: 50,000,000 shares authorized; 18,348,556 and 18,878,109 shares outstanding as of December 31, 2014 and 2013, respectively | 183,000 | 189,000 |
Additional paid-in capital | 17,833,000 | 18,994,000 |
Accumulated other comprehensive income | 1,375,000 | 625,000 |
Retained earnings | 18,515,000 | 15,773,000 |
Total shareholders' equity | 37,906,000 | 35,581,000 |
Total liabilities and shareholders' equity | $41,952,000 | $38,563,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts (in Dollars) | $60,000 | $85,000 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares outstanding | 18,348,556 | 18,878,109 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $47,649,000 | $43,806,000 |
Cost of goods sold, excluding depreciation and amortization | 30,197,000 | 27,574,000 |
Gross profit | 17,452,000 | 16,232,000 |
Selling, general and administrative | 13,513,000 | 13,115,000 |
Depreciation and amortization | 721,000 | 722,000 |
Total operating expenses | 14,234,000 | 13,837,000 |
Income from operations | 3,218,000 | 2,395,000 |
Other income: | ||
Equity in income of unconsolidated affiliate | 300,000 | 210,000 |
Gain on sale of marketable securities and investment in common stock warrants | 409,000 | 350,000 |
Interest, net | 16,000 | 9,000 |
Total other income | 725,000 | 569,000 |
Income before provision for income taxes | 3,943,000 | 2,964,000 |
Provision for income taxes | 1,201,000 | 885,000 |
Net income | $2,742,000 | $2,079,000 |
Basic earnings per common share (in Dollars per share) | $0.15 | $0.11 |
Diluted earnings per common share (in Dollars per share) | $0.15 | $0.11 |
Basic weighted average common shares outstanding (in Shares) | 18,414,775 | 19,203,406 |
Diluted weighted average common shares outstanding (in Shares) | 18,724,185 | 19,227,867 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $2,742,000 | $2,079,000 |
Other comprehensive income: | ||
Change in unrealized gain on marketable securities, net of tax | 995,000 | 601,000 |
Reclassification adjustment for gains included in net income | -245,000 | |
Total other comprehensive income | 750,000 | 601,000 |
Comprehensive income | $3,492,000 | $2,680,000 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2012 | $200,000 | $20,915,000 | $13,694,000 | $24,000 | $34,833,000 |
Balance (in Shares) at Dec. 31, 2012 | 20,044,457 | ||||
Options exercised | 8,000 | 1,044,000 | 1,052,000 | ||
Options exercised (in Shares) | 765,002 | 765,002 | |||
Common stock repurchased and retired | -19,000 | -3,115,000 | -3,134,000 | ||
Common stock repurchased and retired (in Shares) | -1,931,350 | -1,931,350 | |||
Share-based compensation expense | 150,000 | 150,000 | |||
Net income | 2,079,000 | 2,079,000 | |||
Other comprehensive income | 601,000 | 601,000 | |||
Balance at Dec. 31, 2013 | 189,000 | 18,994,000 | 15,773,000 | 625,000 | 35,581,000 |
Balance (in Shares) at Dec. 31, 2013 | 18,878,109 | 18,878,109 | |||
Options exercised | 5,000 | 770,000 | 775,000 | ||
Options exercised (in Shares) | 490,000 | 490,000 | |||
Common stock repurchased and retired | -11,000 | -2,195,000 | -2,206,000 | ||
Common stock repurchased and retired (in Shares) | -1,019,553 | -1,019,553 | |||
Excess tax benefit from stock options exercised | 231,000 | 231,000 | |||
Share-based compensation expense | 33,000 | 33,000 | |||
Net income | 2,742,000 | 2,742,000 | |||
Other comprehensive income | 750,000 | 750,000 | |||
Balance at Dec. 31, 2014 | $183,000 | $17,833,000 | $18,515,000 | $1,375,000 | $37,906,000 |
Balance (in Shares) at Dec. 31, 2014 | 18,348,556 | 18,348,556 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | ||
Net income | $2,742,000 | $2,079,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Share-based compensation expense | 33,000 | 150,000 |
Depreciation and amortization | 721,000 | 722,000 |
Equity in income of unconsolidated affiliate | -300,000 | -210,000 |
Gain on investment in common stock warrants | -30,000 | -350,000 |
Gain on sale of marketable securities | -379,000 | |
Deferred income taxes | 267,000 | -3,000 |
Changes in assets and liabilities: | ||
Accounts receivable, net | -518,000 | 660,000 |
Accounts receivable, related party | -77,000 | 619,000 |
Inventories | -2,404,000 | 3,024,000 |
Prepaid expenses | -1,504,000 | -669,000 |
Accounts payable and accrued liabilities | 570,000 | 71,000 |
Net cash (used in) provided by operating activities | -879,000 | 6,093,000 |
Cash Flows From Investing Activities: | ||
Purchase of property and equipment | -947,000 | -349,000 |
Purchase of intangible assets | -1,000 | |
Purchase of investments | -134,000 | |
Proceeds from sale of investments | 440,000 | 0 |
Net cash used in investing activities | -641,000 | -350,000 |
Cash Flows From Financing Activities: | ||
Proceeds from exercise of stock options | 775,000 | 1,052,000 |
Repurchase of common stock | -2,206,000 | -3,134,000 |
Excess tax benefit on stock options exercised | 231,000 | |
Net cash used in financing activities | -1,200,000 | -2,082,000 |
Increase (decrease) in cash | -2,720,000 | 3,661,000 |
Cash, beginning of the year | 8,215,000 | 4,554,000 |
Cash, end of the year | 5,495,000 | 8,215,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $968,000 | $798,000 |
Note_1_The_Company
Note 1 - The Company | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. The Company |
Alpha Pro Tech, Ltd. (“Alpha Pro Tech” or the “Company”) is in the business of protecting people, products and environments. The Company accomplishes this by developing, manufacturing and marketing a line of disposable protective apparel for the cleanroom, the industrial markets and the pharmaceutical markets; a line of building supply products for the new home and re-roofing markets; and a line of infection control products for the medical and dental markets. | |
The Building Supply segment consists of construction weatherization products, such as housewrap and synthetic roof underlayment as well as other woven material. | |
The Disposable Protective Apparel segment consists of a complete line of shoecovers, bouffant caps, coveralls, gowns, frocks and lab coats. | |
The Infection Control segment consists of a line of face masks and eye shields. | |
The Company’s products are sold under the "Alpha Pro Tech" brand name, and under private label, and are predominantly sold in the United States of America (“US”). |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||
Events that occurred after December 31, 2014 through the date that these financial statements were filed with the Securities and Exchange Commission (“SEC”) were considered in the preparation of these financial statements. | |||||||||||||||||
Periods Presented | |||||||||||||||||
All amounts have been rounded to the nearest thousand with the exception of the share data. The Company qualified as a smaller reporting company at the measurement date for determining such qualification during 2014. According to the disclosure requirements for smaller reporting companies, the Company has included balance sheets as of the end of the two most recent years and statements of income, comprehensive income, shareholders’ equity and cash flows for each of the two most recent years. | |||||||||||||||||
Investments | |||||||||||||||||
The Company periodically invests a portion of its cash in excess of short-term operating needs in marketable debt and equity securities. These investments are classified as available-for-sale in accordance with US generally accepted accounting principles (“US GAAP”). The Company does not have any investments in securities that are classified as held-to-maturity or trading. Available-for-sale investments are carried at their fair values using quoted prices in active markets for identical securities, with unrealized gains and losses, net of deferred income taxes, reported as a component of accumulated other comprehensive income. Realized gains and losses, and declines in value deemed to be other-than-temporary on available-for-sale investments, are recognized in net income. The cost of securities sold is based on the specific identification method. Investments that the Company intends to hold for more than one year are classified as long-term investments in the accompanying balance sheets. | |||||||||||||||||
The Company had an investment in non-trading warrants to purchase common stock in a publicly traded entity. These warrants were derivatives that were carried at fair value in the accompanying balance sheets. Gains or losses from changes in the fair value of the warrants are recognized in the accompanying statements of income in the period in which they occurred. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable are recorded at the invoice amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. The Company determines the allowance based upon historical write-off experience and known conditions about its customers’ current ability to pay. Account balances are charged against the allowance when management determines that the probability for collection is remote. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost or market. Allowances are recorded for slow-moving, obsolete or unusable inventories. The Company assesses inventories for estimated obsolescence or unmarketable products and writes down the difference between the cost of the inventories and the estimated market values based upon assumptions about future sales and supplies on-hand. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Property and equipment are depreciated or amortized using the straight-line method over the shorter of the respective useful lives of the assets or the related lease terms as follows: | |||||||||||||||||
Buildings (years) | 25 | ||||||||||||||||
Machinery and equipment (years) | 5 | - | 15 | ||||||||||||||
Office furniture and equipment (years) | 2 | - | 7 | ||||||||||||||
Leasehold improvements (year) | 4 | - | 5 | ||||||||||||||
Expenditures for renewals and betterments are capitalized, whereas costs of maintenance and repairs are charged to operations in the period incurred. | |||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
The Company accounts for goodwill and definite-lived intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other. Goodwill is not amortized, but rather is tested annually for impairment. Intangible assets with finite lives are amortized over their useful lives (see Note 6). The Company’s patents and trademarks are recorded at cost and are amortized using the straight-line method over their estimated useful lives of 5-17 years. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The estimated fair values of financial instruments are determined based on relevant market information and cannot be determined with precision. The Company’s financial instruments consist primarily of cash, marketable securities and non-trading common stock warrants. | |||||||||||||||||
The Company’s marketable securities are classified as available-for-sale and are carried at fair market value based on quoted market prices. | |||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in its business circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If it is determined that the undiscounted future net cash flows are not sufficient to recover the carrying values of the assets, an impairment loss is recognized for the excess of the carrying values over the fair values of the assets. The Company believes that the future undiscounted net cash flows to be received from its long-lived assets exceed the assets’ carrying values and, accordingly, the Company has not recognized any impairment losses for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Sales are recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) title transfers and the customer assumes the risk of loss; (3) the selling price is fixed or determinable; and (4) collection of the resulting receivable is reasonably assured. These criteria are satisfied upon shipment of product. | |||||||||||||||||
Sales are reduced for any anticipated sales returns, rebates and allowances based on historical data. | |||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||
The costs of shipping products to distributors are classified in cost of goods sold. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company maintains a stock option plan under which the Company may grant incentive stock options and non-qualified stock options to employees and non-employee directors. Stock options have been granted with exercise prices at or above the fair market value of the underlying shares of common stock on the date of grant. Options vest and expire according to terms established at the grant date. | |||||||||||||||||
The Company accounts for stock-based awards in accordance with ASC 718, Stock Compensation. ASC 718 requires companies to record compensation expense for the value of all outstanding and unvested share-based awards, including employee stock options. | |||||||||||||||||
For the years ended December 31, 2014 and 2013, there were zero and 120,000 stock options granted, respectively, under the Company’s option plan. The Company recognized $33,000 and $150,000 in share-based compensation expense for the years ended December 31, 2014 and 2013, respectively, related to issued options. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accounts for income taxes using the asset and liability method. A valuation allowance is recorded to reduce the carrying amounts of deferred income tax assets unless it is more likely than not that such assets will be realized. The Company’s policy is to classify any interest and penalties assessed by the Internal Revenue Service as a component of the provision for income taxes. The Company presents taxes assessed by governmental authorities on revenue-producing activities (i.e., sales tax) on a net basis in the accompanying statements of income. The Company provides allowances for uncertain income tax positions when it is more likely than not that the position will not be sustained upon examination by the tax authority. | |||||||||||||||||
The Company and its subsidiaries file income tax returns in the US federal jurisdiction, and in various states and foreign jurisdictions. The Company is no longer subject to US federal, state or local income tax examination by tax authorities for years before 2011. The Company is not currently under examination in any of the jurisdictions in which it operates. | |||||||||||||||||
Earnings Per Common Share | |||||||||||||||||
The following table provides a reconciliation of both net income and the number of shares used in the computations of “basic” earnings per common share (“EPS”), which utilizes the weighted average number of common shares outstanding without regard to common stock equivalents, and “diluted” EPS, which includes all common stock equivalents which are dilutive for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income (numerator) | $ | 2,742,000 | $ | 2,079,000 | |||||||||||||
Shares (denominator): | |||||||||||||||||
Basic weighted average common shares outstanding | 18,414,775 | 19,203,406 | |||||||||||||||
Add: Dilutive effect of common stock options | 309,410 | 24,461 | |||||||||||||||
Diluted weighted average common shares outstanding | 18,724,185 | 19,227,867 | |||||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.15 | $ | 0.11 | |||||||||||||
Diluted | $ | 0.15 | $ | 0.11 | |||||||||||||
Translation of Foreign Currencies | |||||||||||||||||
Transactions in foreign currencies are translated into US dollars at the exchange rate prevailing at the transaction date. Monetary assets and liabilities in foreign currencies at each period end are translated at the exchange rate in effect at that date. Transaction gains or losses on foreign currencies are reflected in selling, general and administrative expenses and were not material for the years ended December 31, 2014 and 2013. | |||||||||||||||||
The Company does not have a material foreign currency exposure due to the fact that all purchase agreements with companies in Asia and Mexico are in US dollars. In addition, all sales transactions are in US dollars. The Company’s only foreign currency exposure is with its Canadian branch office. The foreign currency exposure is not material due to the fact that the Company does not manufacture in Canada. The exposure primarily relates to payroll expenses in the Company’s administrative branch office in Canada. | |||||||||||||||||
Research and Development Costs | |||||||||||||||||
Research and development costs are expensed as incurred and are included in selling, general and administrative expenses. Such costs were not material for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
The Company expenses advertising costs as incurred. These costs are included in selling, general and administrative expenses and were $38,000 and $49,000 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
FASB ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value in accordance with US GAAP, clarifies the definition of fair value within that framework and expands disclosures about the use of fair value measurements. On a quarterly basis, the Company measures at fair value certain financial assets using a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's own assumptions. The following fair value hierarchy prioritizes the inputs into three broad levels. | |||||||||||||||||
This hierarchy requires the Company to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. The fair values of the Company's financial assets as of December 31, 2014 and 2013 were determined using the following levels of inputs: | |||||||||||||||||
• Level 1—Quoted prices for identical instruments in active markets; | |||||||||||||||||
• Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and | |||||||||||||||||
• Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||
Fair Value Measurements as of December 31, | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities - 2014 | $ | 2,840,000 | $ | 2,840,000 | $ | - | $ | - | |||||||||
Marketable securities - 2013 | 1,256,000 | 1,256,000 | - | - | |||||||||||||
Investment in common stock warrants - 2013 | 350,000 | - | 350,000 | - | |||||||||||||
The fair values for the marketable securities, classified as Level 1, were obtained from quoted market prices. The fair value of the instrument in non-trading common stock warrants was calculated using the Black-Scholes pricing model. The significant assumptions as of December 31, 2013 were as follows: risk-free rate of 0.13%, term 0.75 years, volatility of 48% and a dividend yield of 0.0%. The significant assumptions prior to the exercise of these warrants in March 2014 were as follows: risk-free rate of 0.13%, term .58 years, volatility of 50% and a dividend yield of 0.0%. | |||||||||||||||||
New Accounting Standards | |||||||||||||||||
Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within an annual reporting period beginning after December 15, 2016, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of 2017. Management is evaluating the provisions of this update and has not determined the impact its adoption will have on the Company’s financial position or results of operations. | |||||||||||||||||
Management periodically reviews new accounting standards that are issued. Management has not identified any other new standards that it believes merit further discussion. |
Note_3_Investments
Note 3 - Investments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investments | ||||||||
As of December 31, 2014, investments totaled $2,840,000 which consisted of marketable securities. As of December 31, 2013, investments totaled $1,606,000 which consisted of marketable securities of $1,256,000 and common stock warrants of $350,000. | |||||||||
The following provides information regarding the Company’s marketable securities as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Cost basis | $ | 327,000 | $ | 255,000 | |||||
Gains previously recognized on warrants | 380,000 | - | |||||||
Gains included in accumulated other comprehensive income | 2,133,000 | 1,001,000 | |||||||
Fair value | $ | 2,840,000 | $ | 1,256,000 | |||||
Marketable securities were sold during the year ended December 31, 2014, which resulted in $440,000 of proceeds and realized gains included in earnings of $379,000, $245,000 net of tax compared to no marketable securities being sold for the year ended December 31, 2013. The change in unrealized gains of $995,000 and $601,000 in the statements of comprehensive income are presented net of tax. Taxes on the unrealized gains were $536,000 and $361,000, respectively, in 2014 and 2013. | |||||||||
The Company held warrants to purchase common stock in an entity that were exercisable up to 167,500 shares of the entity. During 2014, all warrants were exercised. The following provides information regarding the Company’s investment in common stock warrants during the years ended December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 350,000 | $ | - | |||||
Fair value change in common stock warrants | 30,000 | 350,000 | |||||||
Fair value of warrants exercised | (380,000 | ) | - | ||||||
Ending balance | $ | - | $ | 350,000 | |||||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 4. Inventories | ||||||||
Inventories consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,436,000 | $ | 5,876,000 | |||||
Work in process | 4,834,000 | 2,178,000 | |||||||
Finished goods | 5,274,000 | 6,086,000 | |||||||
$ | 16,544,000 | $ | 14,140,000 | ||||||
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5 | Property and Equipment | |||||||
Property and equipment consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Buildings | $ | 355,000 | $ | 355,000 | |||||
Machinery and equipment | 10,622,000 | 9,706,000 | |||||||
Office furniture and equipment | 1,027,000 | 1,005,000 | |||||||
Leasehold improvements | 463,000 | 454,000 | |||||||
12,467,000 | 11,520,000 | ||||||||
Less accumulated depreciation and amortization | (9,152,000 | ) | (8,452,000 | ) | |||||
$ | 3,315,000 | $ | 3,068,000 | ||||||
Depreciation and amortization expense for property and equipment was $701,000 and $700,000 for the years ended December 31, 2014 and 2013, respectively. |
Note_6_Goodwill_and_Intangible
Note 6 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 6 | Goodwill and Intangible Assets | |||||||||||||||||||||||||||||||
Management evaluates goodwill for impairment on an annual basis (fourth quarter), and no impairment charge was identified for the years presented. | |||||||||||||||||||||||||||||||||
Definite-lived intangible assets, consisting of patents and trademarks, are amortized over their useful lives. Intangible assets consisted of the following: | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Patents and Trademarks | 5 | $ | 474,000 | $ | (403,000 | ) | $ | 71,000 | 6 | $ | 474,000 | $ | (382,000 | ) | $ | 92,000 | |||||||||||||||||
Amortization expense for intangible assets was $20,000 and $22,000 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Estimated future amortization expense related to definite-lived intangible assets is as follows: | |||||||||||||||||||||||||||||||||
Years ending December 31, | |||||||||||||||||||||||||||||||||
2015 | $ | 20,000 | |||||||||||||||||||||||||||||||
2016 | 18,000 | ||||||||||||||||||||||||||||||||
2017 | 11,000 | ||||||||||||||||||||||||||||||||
2018 | 6,000 | ||||||||||||||||||||||||||||||||
2019 | 4,000 | ||||||||||||||||||||||||||||||||
Thereafter | 12,000 | ||||||||||||||||||||||||||||||||
$ | 71,000 | ||||||||||||||||||||||||||||||||
Note_7_Equity_Investments_in_a
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Equity Investments in and Advances to Unconsolidated Affiliate |
In 2005, Alpha ProTech Engineered Products, Inc. (a subsidiary of Alpha Pro Tech, Ltd.) entered into a joint venture with a manufacturer in India for the production of building products. Under the terms of the joint venture agreement, a private company, Harmony Plastics Private Limited (“Harmony”), was created with ownership interests of 41.66% by Alpha ProTech Engineered Products, Inc. and 58.34% by Maple Industries and Associates. Alpha ProTech Engineered Products, Inc. contributed $508,000 for its equity position, and Maple Industries and Associates contributed $708,000 for its equity position. | |
This joint venture positions Alpha ProTech Engineered Products, Inc. to respond to current and expected increased product demand for housewrap and synthetic roof underlayment and provides future capacity for sales of specialty roofing component products and custom products for industrial applications requiring high quality extrusion coated fabrics. In addition, the joint venture now supplies products for the Disposable Protective Apparel segment. | |
The capital from the initial funding and a bank loan, which loan is guaranteed exclusively by the individual shareholders of Maple Industries and Associates and collateralized by the assets of Harmony, were utilized to purchase the original manufacturing facility in India. Harmony currently has four facilities in India (three owned and one rented), consisting of: (1) a 102,000 square foot building for manufacturing housewrap and synthetic roof underlayment; (2) a 71,500 square foot building for manufacturing coated material and sewing proprietary disposable protective apparel; (3) a 16,000 square foot facility for sewing proprietary disposable protective apparel; and (4) a 12,000 square foot rented facility that coats material. All additions have been financed by Harmony with no guarantees from the Company and its subsidiaries. | |
In accordance with ASC 810, Consolidation, the Company assesses whether or not related entities are variable interest entities (“VIEs”). For those related entities that qualify as VIEs, ASC 810 requires the Company to determine whether or not the Company is the primary beneficiary of the VIE, and, if so, to consolidate the VIE. The Company has determined that Harmony is not a VIE and is, therefore, considered to be an unconsolidated affiliate. | |
The Company records its investment in Harmony as “equity investments in and advances to unconsolidated affiliate” in the accompanying balance sheets. The Company records its equity interest in Harmony’s results of operations as “equity in income of unconsolidated affiliate” in the accompanying statements of income. The Company reviews annually its investment in Harmony for impairment. Management has determined that no impairment existed as of December 31, 2014 and 2013. | |
For the years ended December 31, 2014 and 2013, the Company purchased $19,040,000 and $12,772,000 of inventories, respectively, from Harmony. For the years ended December 31, 2014 and 2013, the Company recorded equity in income of unconsolidated affiliate of $300,000 and $210,000, respectively. | |
As of December 31, 2014, the Company’s investment in Harmony is $3,008,000, which consists of its original $1,450,000 investment and cumulative equity in income of unconsolidated affiliate of $2,577,000, less $942,000 in repayments of the advance and payments of $77,000 in dividends. |
Note_8_Accrued_Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Payroll expenses | $ | 192,000 | $ | 178,000 | |||||
Bonuses payable | 809,000 | 664,000 | |||||||
Uncertain tax position liability (Note 11) | 194,000 | 194,000 | |||||||
$ | 1,195,000 | $ | 1,036,000 | ||||||
Note_9_Notes_Payable
Note 9 - Notes Payable | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. Notes Payable |
The Company maintains a credit facility with Wells Fargo Bank that expires in May 2016. Pursuant to the terms of the credit facility, the Company has borrowing capacity up to $3,500,000 based on eligible accounts receivable and inventories. The Company had no borrowings on the line of credit as of December 31, 2014. The credit facility bears interest at prime plus 0.5% (prime rate was 3.25% as of December 31, 2014 and 2013) and is collateralized by accounts receivable, inventories, trademarks, patents and property and equipment. Under the terms of the facility, the Company pays a 0.6% unused loan fee, on a quarterly basis. | |
As of December 31, 2014, the Company had no outstanding borrowings on its line of credit and no other debt. |
Note_10_Shareholders_Equity
Note 10 - Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | 10. Shareholders' Equity | ||||||||||||||||||||||||||||||||||||
Repurchase Program | |||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company repurchased and retired 1,019,553 shares of its common stock for $2,206,000. During the year ended December 31, 2013, the Company repurchased and retired 1,931,350 shares of its common stock for $3,134,000. As of December 31, 2014, the Company had $1,389,000 available to repurchase common shares under the repurchase program. | |||||||||||||||||||||||||||||||||||||
Option Activity | |||||||||||||||||||||||||||||||||||||
The 2004 Stock Option Plan (the “2004 Plan”) is an equity compensation plan that provides for grants of both incentive stock options and non-qualified stock options to eligible individuals. The 2004 Plan is intended to recognize the contributions made to the Company by key employees of the Company and its subsidiaries, provide key employees with additional incentive to devote themselves to the future success of the Company and improve the ability of the Company to attract, retain and motivate individuals. The 2004 Plan also is intended as an incentive to certain members of the Board of Directors of the Company to continue to serve on the Board of Directors and to devote themselves to the future success of the Company. | |||||||||||||||||||||||||||||||||||||
The 2004 Plan provides for a total of 5,000,000 common shares eligible for issuance. | |||||||||||||||||||||||||||||||||||||
Under the 2004 Plan, approximately 3,230,000 options had been granted as of December 31, 2014. Under the 2004 Plan, option grants have a three-year vesting period and, since 2005, expire no later than the fifth anniversary from the date of grant. In 2004 and 2005, options granted had an expiration date of 10 years after the date of grant. The exercise price of the options is determined based on the fair value of the stock on the date of grant. | |||||||||||||||||||||||||||||||||||||
The following table summarizes option activity for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||||||||||||
Shares | Per Option | ||||||||||||||||||||||||||||||||||||
Options outstanding, December 31, 2012 | 1,790,002 | $ | 1.49 | ||||||||||||||||||||||||||||||||||
Granted to employees and non-employee directors | 120,000 | 1.51 | |||||||||||||||||||||||||||||||||||
Exercised | (765,002 | ) | 1.38 | ||||||||||||||||||||||||||||||||||
Canceled/expired/forfeited | (75,000 | ) | 1.48 | ||||||||||||||||||||||||||||||||||
Options outstanding, December 31, 2013 | 1,070,000 | 1.58 | |||||||||||||||||||||||||||||||||||
Granted to employees and non-employee directors | - | - | |||||||||||||||||||||||||||||||||||
Exercised | (490,000 | ) | 1.58 | ||||||||||||||||||||||||||||||||||
Canceled/expired/forfeited | - | - | |||||||||||||||||||||||||||||||||||
Options outstanding, December 31, 2014 | 580,000 | 1.58 | |||||||||||||||||||||||||||||||||||
Options exercisable, December 31, 2014 | 480,000 | 1.6 | |||||||||||||||||||||||||||||||||||
Stock options to purchase 580,000 and 1,070,000 shares of common stock were outstanding as of December 31, 2014 and 2013, respectively. All of the stock options were included in the computation of the weighted-average number of dilutive common shares outstanding for the year ended December 31, 2014. All except 30,000 of the stock options were included in the computation of the weighted-average number of dilutive common shares outstanding for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
The fair values of the share-based compensation awards granted were estimated using the Black-Scholes option-pricing model with the following assumptions and weighted average fair values: | |||||||||||||||||||||||||||||||||||||
Stock Options (1) | |||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Exercise price | - | $ | 1.51 | ||||||||||||||||||||||||||||||||||
Risk-free interest rate | - | 1.39 | % | ||||||||||||||||||||||||||||||||||
Expected volatility | - | 46.8 | % | ||||||||||||||||||||||||||||||||||
Expected life in years | - | 4.25 | |||||||||||||||||||||||||||||||||||
Dividend rate | - | - | |||||||||||||||||||||||||||||||||||
Black-Scholes fair value | - | $ | 0.59 | ||||||||||||||||||||||||||||||||||
-1 | The fair value calculation was based on the stock options granted during the year. | ||||||||||||||||||||||||||||||||||||
The Company used the Black-Scholes option-pricing model to value the options. The Company uses historical data to estimate the expected term of the options. The risk-free interest rate for periods within the contractual life of the award is based on the US Treasury rates in effect at the time of grant. The expected volatility is based on historical volatility. The Company uses an estimated dividend payout ratio of zero, as the Company has not paid dividends in the past and, at this time, does not expect to do so in the future. | |||||||||||||||||||||||||||||||||||||
The following table summarizes information about stock options as of December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||||||||
Range of Exercise Prices | Options | Weighted Average Exercise Price | Weighted Average Remaining Contract Life (years) | Aggregate Intrinsic Value | Options | Weighted Average Exercise Price | Weighted Average Remaining Contract Life (years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||
$1.15 | - | $1.98 | 580,000 | $ | 1.58 | 1.21 | $ | 573,000 | 480,000 | $ | 1.6 | 0.7 | $ | 467,000 | |||||||||||||||||||||||
The intrinsic value is the amount by which the market value of the underlying common stock exceeds the exercise price of the respective stock options. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2014 and 2013 was $1,057,000 and $297,000, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014, $70,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average remaining period of 1.75 years. Cash received from 490,000 options exercised for the year ended December 31, 2014 was $775,000. |
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | 11 | Income Taxes | |||||||
The provision for income taxes consisted of the following: | |||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Current | $ | 934,000 | $ | 888,000 | |||||
Deferred | 267,000 | (3,000 | ) | ||||||
$ | 1,201,000 | $ | 885,000 | ||||||
Deferred income tax assets (liabilities) consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current deferred income taxes: | |||||||||
Foreign tax credits | $ | 16,000 | $ | 51,000 | |||||
Temporary differences: | |||||||||
Inventory reserve | 158,000 | 204,000 | |||||||
Accrued expenses and inventory | 312,000 | 385,000 | |||||||
Current deferred income tax assets, net | $ | 486,000 | $ | 640,000 | |||||
Non-current deferred income taxes: | |||||||||
Temporary differences: | |||||||||
Property and equipment | $ | (755,000 | ) | $ | (696,000 | ) | |||
Intangible assets | (3,000 | ) | (3,000 | ) | |||||
Marketable securities | (758,000 | ) | (374,000 | ) | |||||
Basis difference in investments | (129,000 | ) | (119,000 | ) | |||||
Foreign exchange | (35,000 | ) | (21,000 | ) | |||||
State income taxes | (72,000 | ) | (44,000 | ) | |||||
Non-current deferred tax liabilities | (1,752,000 | ) | (1,257,000 | ) | |||||
Net deferred income tax liability | $ | (1,266,000 | ) | $ | (617,000 | ) | |||
The provision for income taxes differs from the amount that would be obtained by applying the US statutory rate to income before income taxes as a result of the following: | |||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Income taxes based on US statutory rate of 34% | $ | 1,340,000 | $ | 1,008,000 | |||||
Non-deductible meals and entertainment | 5,000 | 5,000 | |||||||
Domestic manufacturer's deduction | (41,000 | ) | (53,000 | ) | |||||
Foreign taxes | (102,000 | ) | (71,000 | ) | |||||
State taxes | 88,000 | 70,000 | |||||||
Other | (89,000 | ) | (74,000 | ) | |||||
$ | 1,201,000 | $ | 885,000 | ||||||
In 2012, the Company modified its tax reporting for Harmony, which lowered the Company’s effective tax rate for the year ended December 31, 2013. The Company recorded an uncertain tax position liability of approximately $342,000 as of December 31, 2012. The uncertain tax position liability was reduced during 2013 after it was determined that certain tax returns could not be amended. | |||||||||
Unrecognized tax benefits during the years ended December 31, 2014 and 2013 were as follows: | |||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Balance as of January 1 | $ | 194,000 | $ | 342,000 | |||||
Gross increase from tax positions taken during the year | - | - | |||||||
Gross increase from tax positions taken during prior periods | - | - | |||||||
Reductions to unrecognized tax benefits | - | (148,000 | ) | ||||||
Balance as of December 31 | $ | 194,000 | $ | 194,000 | |||||
Note_12_Operating_Lease_Commit
Note 12 - Operating Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | 12 | Operating Lease Commitments | |||
The Company leases its facilities under non-cancelable operating leases expiring on various dates through January 1, 2024. | |||||
The following summarizes future minimum lease payments required under non-cancelable operating lease agreements: | |||||
Future Minimum | |||||
Years Ending December 31, | Lease Payments | ||||
2015 | $ | 1,009,000 | |||
2016 | 639,000 | ||||
2017 | 505,000 | ||||
2018 | 444,000 | ||||
2019 | 450,000 | ||||
Thereafter | 1,838,000 | ||||
$ | 4,885,000 | ||||
Total rent expense under operating leases for the years ended December 31, 2014 and 2013 was $1,018,000 and $1,001,000, respectively. |
Note_13_Employee_Benefit_Plans
Note 13 - Employee Benefit Plans | 12 Months Ended | ||
Dec. 31, 2014 | |||
Compensation and Retirement Disclosure [Abstract] | |||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 13 | Employee Benefit Plans | |
The Company has a 401(k) defined contribution profit sharing plan. Under the plan, employees may contribute up to 12% of their gross earnings subject to certain limitations. The Company contributes an additional 0.5% of gross earnings for those employees contributing 1% of their gross earnings and contributes an additional 1% of gross earnings for those employees contributing 2% to 12% of their gross earnings. The Company contributions become fully vested after five years. The amounts contributed to the plan by the Company were $38,000 and $37,000 for the years ended December 31, 2014 and 2013, respectively. | |||
The Company does not have any other significant pension, profit sharing or similar plans established for its employees. The Chief Executive Officer and President are each entitled to a bonus equal to 5% of the pre-tax profits of the Company, excluding bonus expense. Executive bonuses of $438,000 and $329,000 were accrued as of December 31, 2014 and 2013, respectively. |
Note_14_Activity_of_Business_S
Note 14 - Activity of Business Segments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | 14 | Activity of Business Segments | |||||||
The Company operates through three segments: | |||||||||
Building Supply: consisting of a line of construction supply weatherization products. The construction supply weatherization products consist of housewrap and synthetic roof underlayment as well as other woven material. The Company’s equity in income of unconsolidated affiliate (Harmony) is included in the total segment income for Building Supply. | |||||||||
Disposable Protective Apparel: consisting of a complete line of disposable protective clothing, such as shoecovers (including the Aqua Trak® and spunbond shoecovers), bouffant caps, coveralls, frocks, lab coats, gowns and hoods for the pharmaceutical, cleanroom, industrial and medical markets. | |||||||||
Infection Control: consisting of a line of face masks and eye shields. | |||||||||
The accounting policies of the segments are the same as those described previously under Summary of Significant Accounting Policies (see Note 2). Segment data excludes charges allocated to the principal executive office and other corporate unallocated expenses and income taxes. The Company evaluates the performance of its segments and allocates resources to them based primarily on net sales. | |||||||||
The following table presents net sales for each segment: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Building Supply | $ | 27,549,000 | $ | 26,373,000 | |||||
Disposable Protective Apparel | 14,670,000 | 13,191,000 | |||||||
Infection Control | 5,430,000 | 4,242,000 | |||||||
Consolidated net sales | $ | 47,649,000 | $ | 43,806,000 | |||||
The following table presents the reconciliation of total segment income to total consolidated net income: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Building Supply | $ | 4,750,000 | $ | 4,709,000 | |||||
Disposable Protective Apparel | 1,601,000 | 1,534,000 | |||||||
Infection Control | 1,953,000 | 1,144,000 | |||||||
Total segment income | 8,304,000 | 7,387,000 | |||||||
Gain on sale of marketable securities and investment in common stock warrants | 409,000 | 350,000 | |||||||
Unallocated corporate overhead expenses | 4,770,000 | 4,773,000 | |||||||
Provision for income taxes | 1,201,000 | 885,000 | |||||||
Consolidated net income | $ | 2,742,000 | $ | 2,079,000 | |||||
The following table presents net sales and long-lived asset information by geographic area: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net sales by geographic region | |||||||||
United States | $ | 45,714,000 | $ | 41,644,000 | |||||
International | 1,935,000 | 2,162,000 | |||||||
Consolidated net sales | $ | 47,649,000 | $ | 43,806,000 | |||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Long-lived assets by geographic region | |||||||||
United States | $ | 2,944,000 | $ | 2,668,000 | |||||
International | 371,000 | 400,000 | |||||||
Consolidated total long-lived assets | $ | 3,315,000 | $ | 3,068,000 | |||||
Net sales by geographic region are based on the countries in which the customers are located. For the years ended December 31, 2014 and 2013, the Company did not generate sales from any country, except the United States, that were significant to the Company’s consolidated net sales. | |||||||||
The following table presents the consolidated net property, equipment, goodwill and intangible assets by segment: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Disposable Protective Apparel | $ | 450,000 | $ | 483,000 | |||||
Building Supply | 2,613,000 | 2,144,000 | |||||||
Infection Control | 368,000 | 568,000 | |||||||
Total segment assets | 3,431,000 | 3,195,000 | |||||||
Unallocated corporate assets | 10,000 | 20,000 | |||||||
Total consolidated assets | $ | 3,441,000 | $ | 3,215,000 | |||||
Note_15_Concentration_of_Risk
Note 15 - Concentration of Risk | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Concentration Risk Disclosure [Text Block] | 15. Concentration of Risk | ||||||||
The Company maintains its cash in various bank accounts, the balances of which at times may exceed federally insured limits. The Company has not experienced any losses related to these accounts, and management does not believe that the Company is exposed to significant credit risk. | |||||||||
The Company’s investments in marketable securities and common stock warrants are in one publicly traded entity. The Company has recognized gain on investment in common stock warrants and unrealized gain in comprehensive income. The Company is exposed to the fluctuation in the stock price of this investment. | |||||||||
Management believes that adequate provision has been made for risk of loss on all credit transactions. | |||||||||
The Company buys a significant amount of its disposable protective apparel products from a limited number of subcontractors located in Asia and, to a much lesser extent, a subcontractor in Mexico. Management believes that other suppliers could provide similar products at comparable terms. A change in suppliers, however, could cause a delay in shipment and a possible loss of sales, which would affect operating results adversely. | |||||||||
The Building Supply segment buys semi-finished housewrap and synthetic roof underlayment from its joint venture, Harmony, located in India. Although there are a limited number of manufacturers of the particular product, management believes that other suppliers could provide similar products at comparable terms. A change in suppliers, however, could cause a delay in shipment and a possible loss of sales, which would affect operating results adversely. | |||||||||
The Company provides products to customers located primarily in the US. Customers accounting for 10% or more of accounts receivable as of December 31, 2014 and 2013, and 10% or more of net sales for the years ended December 31, 2014 and 2013, were as follows: | |||||||||
Accounts receivable: | 2014 | 2013 | |||||||
Customer A | * | 11% | |||||||
Customer B | 17% | 21% | |||||||
Customer C | 17% | * | |||||||
Net Sales: | |||||||||
Customer A | * | 14% | |||||||
Customer B | 15% | 18% | |||||||
Customer C | * | * | |||||||
* Customer’s balances were below the 10% threshold for accounts receivable or net sales for 2014 or 2013, as applicable. |
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | 16 | Subsequent Events |
The Company has reviewed and evaluated whether any additional material subsequent events have occurred from December 31, 2014 through the filing date of the Company’s Annual Report on Form 10-K. All appropriate subsequent event disclosures have been made in the consolidated financial statements. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||||||||||
The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||
Events that occurred after December 31, 2014 through the date that these financial statements were filed with the Securities and Exchange Commission (“SEC”) were considered in the preparation of these financial statements. | |||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Periods Presented | ||||||||||||||||
All amounts have been rounded to the nearest thousand with the exception of the share data. The Company qualified as a smaller reporting company at the measurement date for determining such qualification during 2014. According to the disclosure requirements for smaller reporting companies, the Company has included balance sheets as of the end of the two most recent years and statements of income, comprehensive income, shareholders’ equity and cash flows for each of the two most recent years. | |||||||||||||||||
Marketable Securities, Policy [Policy Text Block] | Investments | ||||||||||||||||
The Company periodically invests a portion of its cash in excess of short-term operating needs in marketable debt and equity securities. These investments are classified as available-for-sale in accordance with US generally accepted accounting principles (“US GAAP”). The Company does not have any investments in securities that are classified as held-to-maturity or trading. Available-for-sale investments are carried at their fair values using quoted prices in active markets for identical securities, with unrealized gains and losses, net of deferred income taxes, reported as a component of accumulated other comprehensive income. Realized gains and losses, and declines in value deemed to be other-than-temporary on available-for-sale investments, are recognized in net income. The cost of securities sold is based on the specific identification method. Investments that the Company intends to hold for more than one year are classified as long-term investments in the accompanying balance sheets. | |||||||||||||||||
The Company had an investment in non-trading warrants to purchase common stock in a publicly traded entity. These warrants were derivatives that were carried at fair value in the accompanying balance sheets. Gains or losses from changes in the fair value of the warrants are recognized in the accompanying statements of income in the period in which they occurred. | |||||||||||||||||
Receivables, Policy [Policy Text Block] | Accounts Receivable | ||||||||||||||||
Accounts receivable are recorded at the invoice amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. The Company determines the allowance based upon historical write-off experience and known conditions about its customers’ current ability to pay. Account balances are charged against the allowance when management determines that the probability for collection is remote. | |||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||||||
Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost or market. Allowances are recorded for slow-moving, obsolete or unusable inventories. The Company assesses inventories for estimated obsolescence or unmarketable products and writes down the difference between the cost of the inventories and the estimated market values based upon assumptions about future sales and supplies on-hand. | |||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Property and equipment are depreciated or amortized using the straight-line method over the shorter of the respective useful lives of the assets or the related lease terms as follows: | |||||||||||||||||
Buildings (years) | 25 | ||||||||||||||||
Machinery and equipment (years) | 5 | - | 15 | ||||||||||||||
Office furniture and equipment (years) | 2 | - | 7 | ||||||||||||||
Leasehold improvements (year) | 4 | - | 5 | ||||||||||||||
Expenditures for renewals and betterments are capitalized, whereas costs of maintenance and repairs are charged to operations in the period incurred. | |||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets | ||||||||||||||||
The Company accounts for goodwill and definite-lived intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other. Goodwill is not amortized, but rather is tested annually for impairment. Intangible assets with finite lives are amortized over their useful lives (see Note 6). The Company’s patents and trademarks are recorded at cost and are amortized using the straight-line method over their estimated useful lives of 5-17 years. | |||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | ||||||||||||||||
The estimated fair values of financial instruments are determined based on relevant market information and cannot be determined with precision. The Company’s financial instruments consist primarily of cash, marketable securities and non-trading common stock warrants. | |||||||||||||||||
The Company’s marketable securities are classified as available-for-sale and are carried at fair market value based on quoted market prices. | |||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets | ||||||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in its business circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If it is determined that the undiscounted future net cash flows are not sufficient to recover the carrying values of the assets, an impairment loss is recognized for the excess of the carrying values over the fair values of the assets. The Company believes that the future undiscounted net cash flows to be received from its long-lived assets exceed the assets’ carrying values and, accordingly, the Company has not recognized any impairment losses for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||||||
Sales are recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) title transfers and the customer assumes the risk of loss; (3) the selling price is fixed or determinable; and (4) collection of the resulting receivable is reasonably assured. These criteria are satisfied upon shipment of product. | |||||||||||||||||
Sales are reduced for any anticipated sales returns, rebates and allowances based on historical data. | |||||||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs | ||||||||||||||||
The costs of shipping products to distributors are classified in cost of goods sold. | |||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | ||||||||||||||||
The Company maintains a stock option plan under which the Company may grant incentive stock options and non-qualified stock options to employees and non-employee directors. Stock options have been granted with exercise prices at or above the fair market value of the underlying shares of common stock on the date of grant. Options vest and expire according to terms established at the grant date. | |||||||||||||||||
The Company accounts for stock-based awards in accordance with ASC 718, Stock Compensation. ASC 718 requires companies to record compensation expense for the value of all outstanding and unvested share-based awards, including employee stock options. | |||||||||||||||||
For the years ended December 31, 2014 and 2013, there were zero and 120,000 stock options granted, respectively, under the Company’s option plan. The Company recognized $33,000 and $150,000 in share-based compensation expense for the years ended December 31, 2014 and 2013, respectively, related to issued options. | |||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||||||||||
The Company accounts for income taxes using the asset and liability method. A valuation allowance is recorded to reduce the carrying amounts of deferred income tax assets unless it is more likely than not that such assets will be realized. The Company’s policy is to classify any interest and penalties assessed by the Internal Revenue Service as a component of the provision for income taxes. The Company presents taxes assessed by governmental authorities on revenue-producing activities (i.e., sales tax) on a net basis in the accompanying statements of income. The Company provides allowances for uncertain income tax positions when it is more likely than not that the position will not be sustained upon examination by the tax authority. | |||||||||||||||||
The Company and its subsidiaries file income tax returns in the US federal jurisdiction, and in various states and foreign jurisdictions. The Company is no longer subject to US federal, state or local income tax examination by tax authorities for years before 2011. The Company is not currently under examination in any of the jurisdictions in which it operates. | |||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share | ||||||||||||||||
The following table provides a reconciliation of both net income and the number of shares used in the computations of “basic” earnings per common share (“EPS”), which utilizes the weighted average number of common shares outstanding without regard to common stock equivalents, and “diluted” EPS, which includes all common stock equivalents which are dilutive for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income (numerator) | $ | 2,742,000 | $ | 2,079,000 | |||||||||||||
Shares (denominator): | |||||||||||||||||
Basic weighted average common shares outstanding | 18,414,775 | 19,203,406 | |||||||||||||||
Add: Dilutive effect of common stock options | 309,410 | 24,461 | |||||||||||||||
Diluted weighted average common shares outstanding | 18,724,185 | 19,227,867 | |||||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.15 | $ | 0.11 | |||||||||||||
Diluted | $ | 0.15 | $ | 0.11 | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies | ||||||||||||||||
Transactions in foreign currencies are translated into US dollars at the exchange rate prevailing at the transaction date. Monetary assets and liabilities in foreign currencies at each period end are translated at the exchange rate in effect at that date. Transaction gains or losses on foreign currencies are reflected in selling, general and administrative expenses and were not material for the years ended December 31, 2014 and 2013. | |||||||||||||||||
The Company does not have a material foreign currency exposure due to the fact that all purchase agreements with companies in Asia and Mexico are in US dollars. In addition, all sales transactions are in US dollars. The Company’s only foreign currency exposure is with its Canadian branch office. The foreign currency exposure is not material due to the fact that the Company does not manufacture in Canada. The exposure primarily relates to payroll expenses in the Company’s administrative branch office in Canada. | |||||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs | ||||||||||||||||
Research and development costs are expensed as incurred and are included in selling, general and administrative expenses. Such costs were not material for the years ended December 31, 2014 and 2013. | |||||||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs | ||||||||||||||||
The Company expenses advertising costs as incurred. These costs are included in selling, general and administrative expenses and were $38,000 and $49,000 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. | |||||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements | ||||||||||||||||
FASB ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value in accordance with US GAAP, clarifies the definition of fair value within that framework and expands disclosures about the use of fair value measurements. On a quarterly basis, the Company measures at fair value certain financial assets using a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's own assumptions. The following fair value hierarchy prioritizes the inputs into three broad levels. | |||||||||||||||||
This hierarchy requires the Company to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. The fair values of the Company's financial assets as of December 31, 2014 and 2013 were determined using the following levels of inputs: | |||||||||||||||||
• Level 1—Quoted prices for identical instruments in active markets; | |||||||||||||||||
• Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and | |||||||||||||||||
• Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||
Fair Value Measurements as of December 31, | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities - 2014 | $ | 2,840,000 | $ | 2,840,000 | $ | - | $ | - | |||||||||
Marketable securities - 2013 | 1,256,000 | 1,256,000 | - | - | |||||||||||||
Investment in common stock warrants - 2013 | 350,000 | - | 350,000 | - | |||||||||||||
The fair values for the marketable securities, classified as Level 1, were obtained from quoted market prices. The fair value of the instrument in non-trading common stock warrants was calculated using the Black-Scholes pricing model. The significant assumptions as of December 31, 2013 were as follows: risk-free rate of 0.13%, term 0.75 years, volatility of 48% and a dividend yield of 0.0%. The significant assumptions prior to the exercise of these warrants in March 2014 were as follows: risk-free rate of 0.13%, term .58 years, volatility of 50% and a dividend yield of 0.0%. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards | ||||||||||||||||
Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within an annual reporting period beginning after December 15, 2016, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of 2017. Management is evaluating the provisions of this update and has not determined the impact its adoption will have on the Company’s financial position or results of operations. | |||||||||||||||||
Management periodically reviews new accounting standards that are issued. Management has not identified any other new standards that it believes merit further discussion. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Buildings (years) | 25 | |||||||||||||||
Machinery and equipment (years) | 5 | - | 15 | ||||||||||||||
Office furniture and equipment (years) | 2 | - | 7 | ||||||||||||||
Leasehold improvements (year) | 4 | - | 5 | ||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income (numerator) | $ | 2,742,000 | $ | 2,079,000 | |||||||||||||
Shares (denominator): | |||||||||||||||||
Basic weighted average common shares outstanding | 18,414,775 | 19,203,406 | |||||||||||||||
Add: Dilutive effect of common stock options | 309,410 | 24,461 | |||||||||||||||
Diluted weighted average common shares outstanding | 18,724,185 | 19,227,867 | |||||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.15 | $ | 0.11 | |||||||||||||
Diluted | $ | 0.15 | $ | 0.11 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of December 31, | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities - 2014 | $ | 2,840,000 | $ | 2,840,000 | $ | - | $ | - | |||||||||
Marketable securities - 2013 | 1,256,000 | 1,256,000 | - | - | |||||||||||||
Investment in common stock warrants - 2013 | 350,000 | - | 350,000 | - |
Note_3_Investments_Tables
Note 3 - Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Cost basis | $ | 327,000 | $ | 255,000 | |||||
Gains previously recognized on warrants | 380,000 | - | |||||||
Gains included in accumulated other comprehensive income | 2,133,000 | 1,001,000 | |||||||
Fair value | $ | 2,840,000 | $ | 1,256,000 | |||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 350,000 | $ | - | |||||
Fair value change in common stock warrants | 30,000 | 350,000 | |||||||
Fair value of warrants exercised | (380,000 | ) | - | ||||||
Ending balance | $ | - | $ | 350,000 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,436,000 | $ | 5,876,000 | |||||
Work in process | 4,834,000 | 2,178,000 | |||||||
Finished goods | 5,274,000 | 6,086,000 | |||||||
$ | 16,544,000 | $ | 14,140,000 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property and Equipment Carrying Value [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Buildings | $ | 355,000 | $ | 355,000 | |||||
Machinery and equipment | 10,622,000 | 9,706,000 | |||||||
Office furniture and equipment | 1,027,000 | 1,005,000 | |||||||
Leasehold improvements | 463,000 | 454,000 | |||||||
12,467,000 | 11,520,000 | ||||||||
Less accumulated depreciation and amortization | (9,152,000 | ) | (8,452,000 | ) | |||||
$ | 3,315,000 | $ | 3,068,000 |
Note_6_Goodwill_and_Intangible1
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Patents and Trademarks | 5 | $ | 474,000 | $ | (403,000 | ) | $ | 71,000 | 6 | $ | 474,000 | $ | (382,000 | ) | $ | 92,000 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, | ||||||||||||||||||||||||||||||||
2015 | $ | 20,000 | |||||||||||||||||||||||||||||||
2016 | 18,000 | ||||||||||||||||||||||||||||||||
2017 | 11,000 | ||||||||||||||||||||||||||||||||
2018 | 6,000 | ||||||||||||||||||||||||||||||||
2019 | 4,000 | ||||||||||||||||||||||||||||||||
Thereafter | 12,000 | ||||||||||||||||||||||||||||||||
$ | 71,000 |
Note_8_Accrued_Liabilities_Tab
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll expenses | $ | 192,000 | $ | 178,000 | |||||
Bonuses payable | 809,000 | 664,000 | |||||||
Uncertain tax position liability (Note 11) | 194,000 | 194,000 | |||||||
$ | 1,195,000 | $ | 1,036,000 |
Note_10_Shareholders_Equity_Ta
Note 10 - Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | ||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||||||||||||
Shares | Per Option | ||||||||||||||||||||||||||||||||||||
Options outstanding, December 31, 2012 | 1,790,002 | $ | 1.49 | ||||||||||||||||||||||||||||||||||
Granted to employees and non-employee directors | 120,000 | 1.51 | |||||||||||||||||||||||||||||||||||
Exercised | (765,002 | ) | 1.38 | ||||||||||||||||||||||||||||||||||
Canceled/expired/forfeited | (75,000 | ) | 1.48 | ||||||||||||||||||||||||||||||||||
Options outstanding, December 31, 2013 | 1,070,000 | 1.58 | |||||||||||||||||||||||||||||||||||
Granted to employees and non-employee directors | - | - | |||||||||||||||||||||||||||||||||||
Exercised | (490,000 | ) | 1.58 | ||||||||||||||||||||||||||||||||||
Canceled/expired/forfeited | - | - | |||||||||||||||||||||||||||||||||||
Options outstanding, December 31, 2014 | 580,000 | 1.58 | |||||||||||||||||||||||||||||||||||
Options exercisable, December 31, 2014 | 480,000 | 1.6 | |||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Options (1) | ||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Exercise price | - | $ | 1.51 | ||||||||||||||||||||||||||||||||||
Risk-free interest rate | - | 1.39 | % | ||||||||||||||||||||||||||||||||||
Expected volatility | - | 46.8 | % | ||||||||||||||||||||||||||||||||||
Expected life in years | - | 4.25 | |||||||||||||||||||||||||||||||||||
Dividend rate | - | - | |||||||||||||||||||||||||||||||||||
Black-Scholes fair value | - | $ | 0.59 | ||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||
Range of Exercise Prices | Options | Weighted Average Exercise Price | Weighted Average Remaining Contract Life (years) | Aggregate Intrinsic Value | Options | Weighted Average Exercise Price | Weighted Average Remaining Contract Life (years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||
$1.15 | - | $1.98 | 580,000 | $ | 1.58 | 1.21 | $ | 573,000 | 480,000 | $ | 1.6 | 0.7 | $ | 467,000 |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Current | $ | 934,000 | $ | 888,000 | |||||
Deferred | 267,000 | (3,000 | ) | ||||||
$ | 1,201,000 | $ | 885,000 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Current deferred income taxes: | |||||||||
Foreign tax credits | $ | 16,000 | $ | 51,000 | |||||
Temporary differences: | |||||||||
Inventory reserve | 158,000 | 204,000 | |||||||
Accrued expenses and inventory | 312,000 | 385,000 | |||||||
Current deferred income tax assets, net | $ | 486,000 | $ | 640,000 | |||||
Non-current deferred income taxes: | |||||||||
Temporary differences: | |||||||||
Property and equipment | $ | (755,000 | ) | $ | (696,000 | ) | |||
Intangible assets | (3,000 | ) | (3,000 | ) | |||||
Marketable securities | (758,000 | ) | (374,000 | ) | |||||
Basis difference in investments | (129,000 | ) | (119,000 | ) | |||||
Foreign exchange | (35,000 | ) | (21,000 | ) | |||||
State income taxes | (72,000 | ) | (44,000 | ) | |||||
Non-current deferred tax liabilities | (1,752,000 | ) | (1,257,000 | ) | |||||
Net deferred income tax liability | $ | (1,266,000 | ) | $ | (617,000 | ) | |||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Income taxes based on US statutory rate of 34% | $ | 1,340,000 | $ | 1,008,000 | |||||
Non-deductible meals and entertainment | 5,000 | 5,000 | |||||||
Domestic manufacturer's deduction | (41,000 | ) | (53,000 | ) | |||||
Foreign taxes | (102,000 | ) | (71,000 | ) | |||||
State taxes | 88,000 | 70,000 | |||||||
Other | (89,000 | ) | (74,000 | ) | |||||
$ | 1,201,000 | $ | 885,000 | ||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Balance as of January 1 | $ | 194,000 | $ | 342,000 | |||||
Gross increase from tax positions taken during the year | - | - | |||||||
Gross increase from tax positions taken during prior periods | - | - | |||||||
Reductions to unrecognized tax benefits | - | (148,000 | ) | ||||||
Balance as of December 31 | $ | 194,000 | $ | 194,000 |
Note_12_Operating_Lease_Commit1
Note 12 - Operating Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future Minimum | ||||
Years Ending December 31, | Lease Payments | ||||
2015 | $ | 1,009,000 | |||
2016 | 639,000 | ||||
2017 | 505,000 | ||||
2018 | 444,000 | ||||
2019 | 450,000 | ||||
Thereafter | 1,838,000 | ||||
$ | 4,885,000 |
Note_14_Activity_of_Business_S1
Note 14 - Activity of Business Segments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Building Supply | $ | 27,549,000 | $ | 26,373,000 | |||||
Disposable Protective Apparel | 14,670,000 | 13,191,000 | |||||||
Infection Control | 5,430,000 | 4,242,000 | |||||||
Consolidated net sales | $ | 47,649,000 | $ | 43,806,000 | |||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Building Supply | $ | 4,750,000 | $ | 4,709,000 | |||||
Disposable Protective Apparel | 1,601,000 | 1,534,000 | |||||||
Infection Control | 1,953,000 | 1,144,000 | |||||||
Total segment income | 8,304,000 | 7,387,000 | |||||||
Gain on sale of marketable securities and investment in common stock warrants | 409,000 | 350,000 | |||||||
Unallocated corporate overhead expenses | 4,770,000 | 4,773,000 | |||||||
Provision for income taxes | 1,201,000 | 885,000 | |||||||
Consolidated net income | $ | 2,742,000 | $ | 2,079,000 | |||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Net sales by geographic region | |||||||||
United States | $ | 45,714,000 | $ | 41,644,000 | |||||
International | 1,935,000 | 2,162,000 | |||||||
Consolidated net sales | $ | 47,649,000 | $ | 43,806,000 | |||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Long-lived assets by geographic region | |||||||||
United States | $ | 2,944,000 | $ | 2,668,000 | |||||
International | 371,000 | 400,000 | |||||||
Consolidated total long-lived assets | $ | 3,315,000 | $ | 3,068,000 | |||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Disposable Protective Apparel | $ | 450,000 | $ | 483,000 | |||||
Building Supply | 2,613,000 | 2,144,000 | |||||||
Infection Control | 368,000 | 568,000 | |||||||
Total segment assets | 3,431,000 | 3,195,000 | |||||||
Unallocated corporate assets | 10,000 | 20,000 | |||||||
Total consolidated assets | $ | 3,441,000 | $ | 3,215,000 |
Note_15_Concentration_of_Risk_
Note 15 - Concentration of Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Accounts receivable: | 2014 | 2013 | ||||||
Customer A | * | 11% | |||||||
Customer B | 17% | 21% | |||||||
Customer C | 17% | * | |||||||
Net Sales: | |||||||||
Customer A | * | 14% | |||||||
Customer B | 15% | 18% | |||||||
Customer C | * | * |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 120,000 |
Allocated Share-based Compensation Expense (in Dollars) | $33,000 | $150,000 |
Advertising Expense (in Dollars) | $38,000 | $49,000 |
Fair Value Assumptions, Risk Free Interest Rate | 0.13% | 0.13% |
Fair Value Assumptions, Expected Term | 211 days | 9 months |
Fair Value Assumptions, Expected Volatility Rate | 50.00% | 48.00% |
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Minimum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 17 years |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Property and Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 25 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 2 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 4 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 5 years |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Reconciliation of Net Income and Number of Shares Used in Computations of Basic and Diluted EPS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Net Income and Number of Shares Used in Computations of Basic and Diluted EPS [Abstract] | ||
Net income (numerator) (in Dollars) | $2,742,000 | $2,079,000 |
Shares (denominator): | ||
Basic weighted average common shares outstanding | 18,414,775 | 19,203,406 |
Add: Dilutive effect of common stock options | 309,410 | 24,461 |
Diluted weighted average common shares outstanding | 18,724,185 | 19,227,867 |
Earnings per common share: | ||
Basic (in Dollars per share) | $0.15 | $0.11 |
Diluted (in Dollars per share) | $0.15 | $0.11 |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value of Financial Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||
Investment | $2,840,000 | $1,606,000 |
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment | 2,840,000 | 1,256,000 |
Marketable Securities [Member] | ||
Assets: | ||
Investment | 2,840,000 | 1,256,000 |
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment | 350,000 | |
Warrant [Member] | ||
Assets: | ||
Investment | $350,000 |
Note_3_Investments_Details
Note 3 - Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 3 - Investments (Details) [Line Items] | ||
Available-for-sale Securities, Current | $2,840,000 | $1,606,000 |
Proceeds from Sale and Maturity of Marketable Securities | 440,000 | 0 |
Marketable Securities, Realized Gain (Loss) | 379,000 | |
Marketable Securities, Realized Gain (Loss), Net of Tax | 245,000 | |
Marketable Securities, Unrealized Gain (Loss) | 995,000 | 601,000 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 536,000 | 361,000 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 167,500 | |
Marketable Securities [Member] | ||
Note 3 - Investments (Details) [Line Items] | ||
Available-for-sale Securities, Current | 2,840,000 | 1,256,000 |
Warrant [Member] | ||
Note 3 - Investments (Details) [Line Items] | ||
Available-for-sale Securities, Current | $350,000 |
Note_3_Investments_Details_Ava
Note 3 - Investments (Details) - Available-for-Sale Marketable Securities (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 3 - Investments (Details) - Available-for-Sale Marketable Securities [Line Items] | ||
Fair value | $2,840,000 | $1,606,000 |
Marketable Securities [Member] | ||
Note 3 - Investments (Details) - Available-for-Sale Marketable Securities [Line Items] | ||
Cost basis | 327,000 | 255,000 |
Gains previously recognized on warrants | 380,000 | |
Gains included in accumulated other comprehensive income | 2,133,000 | 1,001,000 |
Fair value | $2,840,000 | $1,256,000 |
Note_3_Investments_Details_Inv
Note 3 - Investments (Details) - Investment in Common Stock Warrants (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ||
Beginning balance | $1,606,000 | |
Fair value change in common stock warrants | -30,000 | -350,000 |
Ending balance | 2,840,000 | 1,606,000 |
Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Beginning balance | 350,000 | |
Fair value change in common stock warrants | 30,000 | 350,000 |
Fair value of warrants exercised | -380,000 | |
Ending balance | $350,000 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventories [Abstract] | ||
Raw materials | $6,436,000 | $5,876,000 |
Work in process | 4,834,000 | 2,178,000 |
Finished goods | 5,274,000 | 6,086,000 |
$16,544,000 | $14,140,000 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization, Nonproduction | $701,000 | $700,000 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property and Equipment [Abstract] | ||
Buildings | $355,000 | $355,000 |
Machinery and equipment | 10,622,000 | 9,706,000 |
Office furniture and equipment | 1,027,000 | 1,005,000 |
Leasehold improvements | 463,000 | 454,000 |
12,467,000 | 11,520,000 | |
Less accumulated depreciation and amortization | -9,152,000 | -8,452,000 |
$3,315,000 | $3,068,000 |
Note_6_Goodwill_and_Intangible2
Note 6 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Impairment Loss | $0 | $0 |
Amortization of Intangible Assets | $20,000 | $22,000 |
Note_6_Goodwill_and_Intangible3
Note 6 - Goodwill and Intangible Assets (Details) - Definite-lived Intangible Assets (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||
Patents and Trademarks | $71,000 | $92,000 |
Patents and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Patents and Trademarks | 5 years | 6 years |
Patents and Trademarks | 474,000 | 474,000 |
Patents and Trademarks | -403,000 | -382,000 |
Patents and Trademarks | $71,000 | $92,000 |
Note_6_Goodwill_and_Intangible4
Note 6 - Goodwill and Intangible Assets (Details) - Estimated Future Amortization Expense Related to Definite-Lived Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Estimated Future Amortization Expense Related to Definite-Lived Intangible Assets [Abstract] | ||
2015 | $20,000 | |
2016 | 18,000 | |
2017 | 11,000 | |
2018 | 6,000 | |
2019 | 4,000 | |
Thereafter | 12,000 | |
$71,000 | $92,000 |
Note_7_Equity_Investments_in_a1
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2005 | |
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate (Details) [Line Items] | |||
Expense To Acquire Inventory | $19,040,000 | $12,772,000 | |
Income (Loss) from Equity Method Investments | 300,000 | 210,000 | |
Proceeds from Equity Method Investment, Dividends or Distributions | 77,000 | ||
Harmony [Member] | Alpha ProTech Engineered Products [Member] | |||
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 41.66% | ||
Equity Method Investment, Aggregate Cost | 508,000 | ||
Harmony [Member] | Maple Industries And Associates [Member] | |||
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 58.34% | ||
Equity Method Investment, Aggregate Cost | 708,000 | ||
Harmony [Member] | |||
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate (Details) [Line Items] | |||
Equity Method Investment, Aggregate Cost | 1,450,000 | ||
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | |
Equity Method Investments | 3,008,000 | ||
Cumulative Equity In Income of Unconsolidated Affiliate | 2,577,000 | ||
Long Term Advance For Materials [Member] | Alpha ProTech Engineered Products [Member] | |||
Note 7 - Equity Investments in and Advances to Unconsolidated Affiliate (Details) [Line Items] | |||
Equity Method Investment, Aggregate Cost | $942,000 |
Note_8_Accrued_Liabilities_Det
Note 8 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Liabilities [Abstract] | ||
Payroll expenses | $192,000 | $178,000 |
Bonuses payable | 809,000 | 664,000 |
Uncertain tax position liability (Note 11) | 194,000 | 194,000 |
$1,195,000 | $1,036,000 |
Note_9_Notes_Payable_Details
Note 9 - Notes Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 9 - Notes Payable (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $3,500,000 | |
Prime Rate | 3.25% | 3.25% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.60% | |
Long-term Line of Credit (in Dollars) | 0 | |
Other Long-term Debt (in Dollars) | $0 | |
Prime Rate [Member] | ||
Note 9 - Notes Payable (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note_10_Shareholders_Equity_De
Note 10 - Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Note 10 - Shareholders' Equity (Details) [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 1,019,553 | 1,931,350 | |||
Payments for Repurchase of Common Stock (in Dollars) | $2,206,000 | $3,134,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | 1,389,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 120,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 580,000 | 1,070,000 | 1,790,002 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | [1] | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | 1,057,000 | 297,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 70,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 490,000 | 765,002 | |||
Proceeds from Stock Options Exercised (in Dollars) | $775,000 | $1,052,000 | |||
Granted in 2004 and 2005 [Member] | The 2004 Plan [Member] | |||||
Note 10 - Shareholders' Equity (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 10 years | ||||
The 2004 Plan [Member] | |||||
Note 10 - Shareholders' Equity (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,230,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
[1] | The fair value calculation was based on the stock options granted during the year. |
Note_10_Shareholders_Equity_De1
Note 10 - Shareholders' Equity (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Shareholders' Equity (Details) - Stock Option Activity [Line Items] | ||
Options, Shares | 1,070,000 | 1,790,002 |
Options, Weighted Average Exercise Price Per Option | $1.58 | $1.49 |
Options exercisable, December 31, 2014 | 480,000 | |
Options exercisable, December 31, 2014 | $1.60 | |
Granted to employees and non-employee directors, Shares | 0 | 120,000 |
Exercised, Shares | -490,000 | -765,002 |
Exercised, Weighted Average Exercise Price Per Option | $1.58 | $1.38 |
Canceled/expired/forfeited, Shares | -75,000 | |
Canceled/expired/forfeited, Weighted Average Exercise Price Per Option | $1.48 | |
Options, Shares | 580,000 | 1,070,000 |
Options, Weighted Average Exercise Price Per Option | $1.58 | $1.58 |
Employees and Non-employee Directors [Member] | ||
Note 10 - Shareholders' Equity (Details) - Stock Option Activity [Line Items] | ||
Granted to employees and non-employee directors, Shares | 120,000 | |
Granted to employees and non-employee directors, Weighted Average Exercise Price Per Option | $1.51 |
Note_10_Shareholders_Equity_De2
Note 10 - Shareholders' Equity (Details) - Stock Option Valuation Assumptions (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Stock Option Valuation Assumptions [Abstract] | ||||
Exercise price (in Dollars per share) | [1] | $1.51 | [1] | |
Risk-free interest rate | [1] | 1.39% | [1] | |
Expected volatility | [1] | 46.80% | [1] | |
Expected life in years | [1] | 4 years 3 months | [1] | |
Dividend rate | 0.00% | [1] | [1] | |
Black-Scholes fair value (in Dollars) | [1] | $0.59 | [1] | |
[1] | The fair value calculation was based on the stock options granted during the year. |
Note_10_Shareholders_Equity_De3
Note 10 - Shareholders' Equity (Details) - Information about Stock Options (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Information about Stock Options [Abstract] | |
$1.15 | |
$1.98 | |
(in Shares) | 580,000 |
$1.58 | |
1 year 76 days | |
(in Dollars) | $573,000 |
(in Shares) | 480,000 |
$1.60 | |
255 days | |
(in Dollars) | $467,000 |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |
Liability for Uncertain Tax Positions, Current | $342,000 |
Note_11_Income_Taxes_Details_P
Note 11 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for Income Taxes [Abstract] | ||
Current | $934,000 | $888,000 |
Deferred | 267,000 | -3,000 |
$1,201,000 | $885,000 |
Note_11_Income_Taxes_Details_D
Note 11 - Income Taxes (Details) - Deferred Income Tax Assets (Liabilities) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Income Tax Assets (Liabilities) [Abstract] | ||
Foreign tax credits | $16,000 | $51,000 |
Temporary differences: | ||
Inventory reserve | 158,000 | 204,000 |
Accrued expenses and inventory | 312,000 | 385,000 |
Current deferred income tax assets, net | 486,000 | 640,000 |
Non-current deferred income taxes: | ||
Property and equipment | -755,000 | -696,000 |
Intangible assets | -3,000 | -3,000 |
Marketable securities | -758,000 | -374,000 |
Basis difference in investments | -129,000 | -119,000 |
Foreign exchange | -35,000 | -21,000 |
State income taxes | -72,000 | -44,000 |
Non-current deferred tax liabilities | -1,752,000 | -1,257,000 |
Net deferred income tax liability | ($1,266,000) | ($617,000) |
Note_11_Income_Taxes_Details_I
Note 11 - Income Taxes (Details) - Income Tax Reconciliation (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation [Abstract] | ||
Income taxes based on US statutory rate of 34% | $1,340,000 | $1,008,000 |
Non-deductible meals and entertainment | 5,000 | 5,000 |
Domestic manufacturer's deduction | -41,000 | -53,000 |
Foreign taxes | -102,000 | -71,000 |
State taxes | 88,000 | 70,000 |
Other | -89,000 | -74,000 |
$1,201,000 | $885,000 |
Note_11_Income_Taxes_Details_I1
Note 11 - Income Taxes (Details) - Income Tax Reconciliation (Parentheticals) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation [Abstract] | ||
Statutory Rate | 34.00% | 34.00% |
Note_11_Income_Taxes_Details_U
Note 11 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Unrecognized Tax Benefits [Abstract] | ||
Balance as of January 1 | $342,000 | $194,000 |
Reductions to unrecognized tax benefits | -148,000 | |
Balance as of December 31 | $194,000 | $194,000 |
Note_12_Operating_Lease_Commit2
Note 12 - Operating Lease Commitments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | ||
Operating Leases, Rent Expense | $1,018,000 | $1,001,000 |
Note_12_Operating_Lease_Commit3
Note 12 - Operating Lease Commitments (Details) - Future Minimum Lease Payments Required under Non-cancelable Operating Lease (USD $) | Dec. 31, 2014 |
Future Minimum Lease Payments Required under Non-cancelable Operating Lease [Abstract] | |
2015 | $1,009,000 |
2016 | 639,000 |
2017 | 505,000 |
2018 | 444,000 |
2019 | 450,000 |
Thereafter | 1,838,000 |
$4,885,000 |
Note_13_Employee_Benefit_Plans1
Note 13 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 13 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 12.00% | |
Defined Contribution Plan, Employers Matching Contribution, Vesting Period | 5 years | |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $38,000 | $37,000 |
Accrued Bonuses, Current (in Dollars) | 809,000 | 664,000 |
Chief Executive Officer [Member] | ||
Note 13 - Employee Benefit Plans (Details) [Line Items] | ||
Bonus Percentage | 5.00% | |
Accrued Bonuses, Current (in Dollars) | $438,000 | $329,000 |
President [Member] | ||
Note 13 - Employee Benefit Plans (Details) [Line Items] | ||
Bonus Percentage | 5.00% | |
For Employees Contributing 1 Percent of Gross Earnings [Member] | ||
Note 13 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 0.50% | |
For Employees Contributing 2 to12 Percent of Gross Earnings [Member] | ||
Note 13 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% |
Note_14_Activity_of_Business_S2
Note 14 - Activity of Business Segments (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Note_14_Activity_of_Business_S3
Note 14 - Activity of Business Segments (Details) - Consolidated Net Sales (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||
Consolidated net sales | $47,649,000 | $43,806,000 |
Operating Segments [Member] | Building Supply [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated net sales | 27,549,000 | 26,373,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated net sales | 14,670,000 | 13,191,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated net sales | $5,430,000 | $4,242,000 |
Note_14_Activity_of_Business_S4
Note 14 - Activity of Business Segments (Details) - Reconciliation of Total Segment Income to Total Consolidated Net Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Consolidated net income | $2,742,000 | $2,079,000 |
Provision for income taxes | 1,201,000 | 885,000 |
Gain on sale of marketable securities and investment in common stock warrants | 379,000 | |
Common Stock [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Gain on sale of marketable securities and investment in common stock warrants | 409,000 | 350,000 |
Operating Segments [Member] | Building Supply [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Consolidated net income | 4,750,000 | 4,709,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Consolidated net income | 1,601,000 | 1,534,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Consolidated net income | 1,953,000 | 1,144,000 |
Operating Segments [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Consolidated net income | 8,304,000 | 7,387,000 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Consolidated net income | $4,770,000 | $4,773,000 |
Note_14_Activity_of_Business_S5
Note 14 - Activity of Business Segments (Details) - Consolidated Net Sales and Long-lived Asset Information by Geographic Area (Reportable Geographical Components [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales by geographic region | ||
Consolidated sales | $47,649,000 | $43,806,000 |
Long-lived assets by geographic region | ||
Consolidated long-lived assets | 3,315,000 | 3,068,000 |
UNITED STATES | ||
Net sales by geographic region | ||
Consolidated sales | 45,714,000 | 41,644,000 |
Long-lived assets by geographic region | ||
Consolidated long-lived assets | 2,944,000 | 2,668,000 |
International [Member] | ||
Net sales by geographic region | ||
Consolidated sales | 1,935,000 | 2,162,000 |
Long-lived assets by geographic region | ||
Consolidated long-lived assets | $371,000 | $400,000 |
Note_14_Activity_of_Business_S6
Note 14 - Activity of Business Segments (Details) - Consolidated Net Property and Equipment, Goodwill and Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | $3,441,000 | $3,215,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 450,000 | 483,000 |
Operating Segments [Member] | Building Supply [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 2,613,000 | 2,144,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 368,000 | 568,000 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 3,431,000 | 3,195,000 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | $10,000 | $20,000 |
Note_15_Concentration_of_Risk_1
Note 15 - Concentration of Risk (Details) (Customer Concentration Risk [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable [Member] | ||
Note 15 - Concentration of Risk (Details) [Line Items] | ||
Concentration Risk Threshold Percentage | 10.00% | 10.00% |
Sales Revenue, Goods, Net [Member] | ||
Note 15 - Concentration of Risk (Details) [Line Items] | ||
Concentration Risk Threshold Percentage | 10.00% | 10.00% |
Note_15_Concentration_of_Risk_2
Note 15 - Concentration of Risk (Details) - Customer Concentration (Customer Concentration Risk [Member]) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Customer A [Member] | Accounts Receivable [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Customer | [1] | 11.00% | ||
Customer A [Member] | Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Customer | [1] | 14.00% | ||
Customer B [Member] | Accounts Receivable [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Customer | 17.00% | 21.00% | ||
Customer B [Member] | Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Customer | 15.00% | 18.00% | ||
Customer C [Member] | Accounts Receivable [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Customer | 17.00% | [1] | ||
Customer C [Member] | Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Customer | [1] | [1] | ||
[1] | Customer's balances were below the 10% threshold for accounts receivable or net sales for 2014 or 2013, as applicable. |